Document:

AMENDED AND RESTATED MASTER ISSUER           EXHIBIT 10.7
                     DEFINITIONS AND CONSTRUCTION SCHEDULE

                               21 NOVEMBER 2007

                          PERMANENT MASTER ISSUER PLC

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                                   CONTENTS

CLAUSE                                                                     PAGE

1.       Accession of New Parties.............................................1
2.       Definitions..........................................................1
3.       Interpretation and Construction.....................................25
4.       Counterparts........................................................28
5.       Governing Law and Jurisdiction......................................28

SCHEDULE

1.       Accession Agreement.................................................29

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THIS AMENDED AND RESTATED MASTER ISSUER MASTER DEFINITIONS AND CONSTRUCTION
SCHEDULE is made on 21 November 2007.

1.       ACCESSION OF NEW PARTIES

1.1      If, after the date hereof, an entity which is not party to this Master
         Issuer Master Definitions and Construction Schedule (each, a NEW
         PARTY) has agreed to enter into any Master Issuer Transaction Document
         which incorporates this Master Issuer Master Definitions and
         Construction Schedule, the Master Issuer shall procure (before that
         new Master Issuer Transaction Document becomes effective) that such
         New Party becomes a party to this Master Issuer Master Definitions and
         Construction Schedule by delivering to the parties to this Master
         Issuer Master Definitions and Construction Schedule (including any
         previous New Party) (each, an EXISTING PARTY) an Accession Agreement
         (in the form set out in Schedule 1 (an ACCESSION AGREEMENT) duly
         executed by that entity.

1.2      Upon execution and delivery of an Accession Agreement, the New Party
         will become a party to this Master Issuer Master Definitions and
         Construction Schedule.

1.3      No Existing Party is responsible to a New Party for:

         (a)     the execution, genuineness, validity, enforceability or
                 sufficiency of any Master Issuer Transaction Document or any
                 other document;

         (b)     the collectability of amounts payable under any Master Issuer
                 Transaction Document; or

         (c)     the accuracy of any statements (whether written or oral) made
                 in or in connection with any Master Issuer Transaction
                 Document.

1.4      Each New Party confirms to the existing parties that, upon execution
         and delivery of an Accession Agreement in accordance with Clause 1.1,
         it:

         (a)     has made its own independent investigation and assessment of
                 the financial condition and affairs of the Master Issuer in
                 connection with the entry into the Master Issuer Transaction
                 Document referred to in Clause 1.1; and

         (b)     will continue to make its own independent investigation and
                 assessment of the financial condition and affairs of the
                 Master Issuer while the Master Issuer Transaction Document
                 referred to in Clause 1.1 is in force.

2.       DEFINITIONS

         In any agreement, instrument or deed expressly and specifically
         incorporating by reference this Amended and Restated Master Issuer
         Master Definitions and Construction Schedule, the undersigned hereby
         agree that the following words and expressions shall, unless otherwise
         defined therein or unless the context otherwise requires, have the
         following meanings:

         A LOAN TRANCHE means any Loan Tranche made available by the Master
         Issuer to Funding 2 under the Master Intercompany Loan Agreement from
         the proceeds of an issue of a Series and Class of Class M Notes;

         AA LOAN TRANCHE means any Loan Tranche made available by the Master
         Issuer to Funding 2 under the Master Intercompany Loan Agreement from
         the proceeds of an issue of a Series and Class of Class B Notes;

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         AAA LOAN TRANCHE means any Loan Tranche made available by the Master
         Issuer to Funding 2 under the Master Intercompany Loan Agreement from
         the proceeds of an issue of a Series and Class of Class A Notes;

         ACCESSION DEED means a deed in, or in substantially, the form set out
         in Schedule 3 to the Master Issuer Deed of Charge;

         ADVANCE DATE means, in relation to a Master Issuer Subordinated Loan,
         the date on which such Master Issuer Subordinated Loan is advanced by
         the Master Issuer Subordinated Loan Provider;

         ADDITIONAL INTEREST has the meaning given in Condition 4.4 of the
         Notes;

         ADDITIONAL MASTER ISSUER ACCOUNT means an account opened pursuant to
         Clause 3.1 of the Master Issuer Bank Account Agreement in the name of
         the Master Issuer and to be held with the Master Issuer Account Bank
         in accordance with the Master Issuer Bank Account Agreement;

         AGENT BANK means Citibank, N.A. London Branch of Citigroup Centre,
         Canada Square, Canary Wharf, London E14 5LB, or such other person for
         the time being acting as agent bank under the Master Issuer Paying
         Agent and Agent Bank Agreement;

         AGENTS means the Principal Paying Agent, the US Paying Agent, the
         Registrar, the Transfer Agent and the Agent Bank;

         AGREEMENT DATE means, in respect of an issue of a Series and Class of
         Notes, the date on which the Subscription Agreement is signed by or on
         behalf of all the parties to it;

         ARRANGER means Bank of Scotland;

         ASSIGNMENT DATE means each date on which there is a completion of the
         sale and purchase of a Portfolio pursuant to and in accordance with
         clause 3 or 4 (as applicable) of the Mortgage Sale Agreement;

         AUDITORS means KPMG Audit Plc of 1 Canada Square, Canary Wharf, London
         E14 5AG or such other internationally recognised independent firm of
         auditors selected from time to time by the Master Issuer with the
         prior consent of the Note Trustee;

         AUTHORISED DENOMINATIONS means:

         (a)     in respect of the US Notes, $100,000 and integral multiples of
                 $1,000 in excess thereof;

         (b)     in relation to a Series and Class of Notes (other than Dollar
                 Notes), as otherwise specified in the applicable Final Terms;
                 or

         (c)     in relation to Notes issued with a maturity of less than one
                 year, [POUND]100,000 (or its equivalent in any other currency
                 as at the date of issue of such Notes).

         AUTHORISED INVESTMENTS means:

         (a)     Sterling gilt-edged securities; and

         (b)     Sterling demand or time deposits, certificates of deposit and
                 short-term debt obligations (including commercial paper)
                 provided that in all cases such investments have a maturity
                 date of 90 days or less and mature on or before the next
                 Quarterly Interest Payment Date and the short-term unsecured,
                 unguaranteed and unsubordinated debt obligations of the
                 issuing or guaranteeing entity or the entity with which the
                 demand or time deposits are made (being

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                 an authorised person under the FSMA) are rated A-1+ by
                 Standard & Poor's, P-1 by Moody's and F1 by Fitch or their
                 equivalents by three other internationally recognised rating
                 agencies or which are otherwise acceptable to the rating
                 agencies (if they are notified in advance) to maintain the
                 then current ratings of the Notes;

         AUTHORISED SIGNATORY means any authorised signatory referred to in any
         Master Issuer Account Mandate;

         BANK OF SCOTLAND means Bank of Scotland plc (formerly The Governor and
         Company of the Bank of Scotland) incorporated under the laws of
         Scotland and registered as a public company under the Companies Act
         1985 on the Reorganisation Date in accordance with the HBOS Group
         Reorganisation Act 2006;

         BASE PROSPECTUS means, in relation to the Notes, the prospectus of the
         Master Issuer from time to time, the first being the base prospectus
         dated 11 October 2006 relating to the establishment of the Programme
         that has been approved by the UK Listing Authority as an approved
         prospectus for the purposes of Section 85(2) of the FSMA;

         BASIC TERMS MODIFICATION has the meaning given in paragraph 5 of
         Schedule 4 to the Master Issuer Trust Deed;

         BB LOAN TRANCHE means any Loan Tranche made available by the Master
         Issuer to Funding 2 under the Master Intercompany Loan Agreement from
         the proceeds of an issue of a Series and Class of Class D Notes;

         BBB LOAN TRANCHE means any Loan Tranche made available by the Master
         Issuer to Funding 2 under the Master Intercompany Loan Agreement from
         the proceeds of an issue of a Series and Class of Class C Notes;

         BOOK-ENTRY INTEREST means a beneficial interest in a global note
         representing the relevant class of Notes shown on records maintained
         in book-entry form by DTC, Euroclear, Clearstream, Luxembourg or any
         alternative clearing system as specified in the applicable Final
         Terms, as the case may be;

         BUSINESS DAY has the meaning given in Condition 4.2(a);

         BUSINESS DAY CONVENTION has the meaning given to that term in the
         applicable Final Terms;

         CANADIAN BANKERS ACCEPTANCES (or CAD-BA) will be determined by the
         Agent Bank on the following basis:

         (a)     on the Determination Date applicable to the relevant Series
                 and Class of Notes, the Agent Bank will calculate the
                 arithmetic mean, rounded upwards to five decimal places, of
                 the offered quotations to leading banks for Canadian dollar
                 deposits for the relevant period as specified in the relevant
                 Final Terms (or, in the case of the first Interest Period, a
                 linear interpolation of such rates for deposits as indicated
                 in the applicable Final Terms).

                 This will be determined by reference to the display as quoted
                 on the Reuters Screen CDOR page (the display designated as the
                 CDOR page on the Reuters Monitor Money Rate Service for the
                 purpose of displaying, among other things, Canadian dollar
                 bankers' acceptance rates) as of 10:00 Toronto time on that
                 Determination Date. If the Reuters Screen CDOR page stops
                 providing these quotations, the replacement service for the
                 purposes of displaying this information will be used. If the
                 replacement service stops displaying the information,

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                 another page as determined by the Master Issuer with the
                 approval of the Note Trustee will be used. This is called the
                 screen rate for the applicable Series and Class of Notes;

         (b)     if, on any such Determination Date, the screen rate is
                 unavailable, the Agent Bank will:

                 (i)     request the principal Toronto office of each of the
                         Reference Banks to provide the Agent Bank with its bid
                         rate per annum for Canadian dollar bankers'
                         acceptances of the equivalent amount and for the
                         relevant period for settlement on that date; and

                 (ii)    calculate the arithmetic mean, rounded upwards to five
                         decimal places, of those quotations;

         (c)     if, on any such Determination Date, the screen rate is
                 unavailable and only two or three of the Reference Banks
                 provide bid rates, the relevant rate for that Interest Period
                 will be the arithmetic mean of the quotations as calculated in
                 paragraph (b);

         (d)     if, on any such Determination Date, fewer than two Reference
                 Banks provide quotations, the Agent Bank will consult with the
                 Note Trustee and the Master Issuer for the purpose of agreeing
                 a total of two banks to provide such quotations and the
                 relevant rate for that Interest Period will be the arithmetic
                 mean of the quotations as calculated in paragraph (b). If no
                 such banks are agreed then the relevant rate for that Interest
                 Period will be the rate in effect for the last preceding
                 Interest Period for which paragraph (a) or (b) was applicable;
                 and

         (e)     for the purpose of disclosure pursuant to the Interest Act
                 (Canada), the yearly rate of interest to which any rate of
                 interest payable hereunder that is to be calculated on the
                 basis of a year of 365 days is equivalent may be determined by
                 multiplying such rate by a fraction the numerator of which is
                 the actual number of days in the calendar year in which such
                 yearly rate of interest is to be ascertained and the
                 denominator of which is 365;

         CLASS means each single class of the Class A notes, the Class B Notes,
         the Class M Notes, the Class C Notes and the Class D Notes or their
         respective holders thereof as the context requires and except where
         otherwise specified;

         CLASS A NOTE ACCELERATION NOTICE means a notice issued by the Note
         Trustee to the Master Issuer and the Master Issuer Security Trustee
         declaring the Class A Notes to be due and repayable pursuant to
         Condition 9.1 of the Notes;

         CLASS A NOTEHOLDERS means the holders for the time being of the Class
         A Notes;

         CLASS A NOTES means the Notes of any Series designated as such in the
         applicable Final Terms;

         CLASS B NOTE ACCELERATION NOTICE means a notice issued by the Note
         Trustee to the Master Issuer and the Master Issuer Security Trustee
         declaring the Class B Notes to be due and repayable pursuant to
         Condition 9.2 of the Notes;

         CLASS B NOTEHOLDERS means the holders for the time being of the Class
         B Notes;

         CLASS B NOTES means the Notes of any Series designated as such in the
         applicable Final Terms;

         CLASS C NOTE ACCELERATION NOTICE means a notice issued by the Note
         Trustee to the Master Issuer and the Master Issuer Security Trustee
         declaring the Class C Notes to be due and repayable pursuant to
         Condition 9.4 of the Notes;

         CLASS C NOTEHOLDERS means the holders for the time being of the Class
         C Notes;

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         CLASS C NOTES means the Notes of any Series designated as such in the
         applicable Final Terms;

         CLASS D NOTE ACCELERATION NOTICE means a notice issued by the Note
         Trustee to the Master Issuer and the Master Issuer Security Trustee
         declaring the Class D Notes to be due and repayable pursuant to
         Condition 9.5 of the Notes;

         CLASS D NOTEHOLDERS means the holders for the time being of the Class
         D Notes;

         CLASS D NOTES means the Notes of any Series designated as such in the
         applicable Final Terms;

         CLASS M NOTE ACCELERATION NOTICE means a notice issued by the Note
         Trustee to the Master Issuer and the Master Issuer Security Trustee
         declaring the Class M Notes to be due and repayable pursuant to
         Condition 9.2 of the Notes;

         CLASS M NOTEHOLDERS means the holders for the time being of the Class
         M Notes;

         CLASS M NOTES means the Notes of any Series designated as such in the
         applicable Final Terms;

         CLEARSTREAM, LUXEMBOURG means Clearstream Banking, societe anonyme
         or the successor for the time being to its business;

         CLOSING DATE means the closing date for the issuance of any Notes
         comprising one or more Series and Classes of Notes as specified in the
         applicable Final Terms;

         COMMON DEPOSITARY means Citibank, N.A., in its capacity as common
         depositary for Euroclear and Clearstream, Luxembourg;

         CONDITIONS or TERMS AND CONDITIONS means the terms and conditions to
         be endorsed on the Notes in or substantially in the form set out in
         the Schedule 3 to the Master Issuer Trust Deed, as any of the same may
         from time to time be amended, varied or restated in accordance with
         the provisions of the Trust Deed and any reference to a numbered
         Condition shall be construed accordingly;

         CONFIRMATION LETTER means a letter as set forth in Part 2 or Part 4 of
         Appendix 3 of the Programme Agreement;

         COUPONHOLDERS means the several persons who are for the time being
         holders of the Coupons and shall, unless the context otherwise
         requires, include the holders of Talons;

         COUPONS means an interest coupon appertaining to a Definitive Note
         (other than a Zero Coupon Note), and includes, where applicable, the
         Talon(s) appertaining to the relevant Note and any replacements for
         Coupons and Talons;

         CURRENCY EXCHANGE RATE means the exchange rate set out in each Master
         Issuer Swap Agreement dated on or about the relevant Closing Date;

         DEALER ACCESSION LETTER means a letter as set forth in Part 1 or Part
         3 of Appendix 3 of the Programme Agreement;

         DEALERS means the institutions specified in the Final Terms relating
         to any Series and Class of Notes and DEALER means any one of them;

         DEFAULTING PARTY has the meaning given to it in the applicable Master
         Issuer Swap Agreement;

         DEFERRED INTEREST has the meaning given in Condition 4.4;

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         DEFINITIVE NOTES means the Notes in definitive form;

         DESIGNATED SUBSIDIARY has the meaning given in Clause 2.2 of the
         Master Issuer Post-Enforcement Call Option Agreement;

         DETERMINATION DATE means, in respect of a Series and Class of Notes,
         the date specified as such in the applicable Final Terms;

         DETERMINATION PERIOD means, in respect of any relevant Fixed Rate
         Notes, the period from the most recent Determination Date for such
         Fixed Rate Notes to (but excluding) the relevant Determination Date;

         DISCLOSURE RULES means, in the case of Reg S Notes which are, or are
         to be, admitted to the Official List, the disclosure rules made under
         section 73A of the FSMA;

         DISTRIBUTION COMPLIANCE PERIOD means the period until and including
         the 40th day after the later of the commencement of the offering of
         any Notes and the relevant Closing Date;

         DTC means The Depository Trust Company;

         EARLY TERMINATION DATE means has the meaning given to it in the
         applicable Master Issuer Swap Agreement;

         EURIBOR will be determined by the Agent Bank on the following basis:

         (a)     on the Determination Date applicable to the relevant Series
                 and Class of Notes, the Agent Bank will calculate the
                 arithmetic mean, rounded upwards to five decimal places, of
                 the offered quotations to leading banks for euro deposits (or,
                 in the case of the first Interest Period, a linear
                 interpolation of such rates for deposits as indicated in the
                 applicable Final Terms).

                 This will be determined by reference to the display as quoted
                 on the Moneyline Telerate Screen No. 248. If the Telerate
                 Screen No. 248 stops providing these quotations, the
                 replacement service for the purposes of displaying this
                 information will be used. If the replacement service stops
                 displaying the information, another page as determined by the
                 Master Issuer with the approval of the Note Trustee will be
                 used.

                 In each of these cases, the determination will be made as at
                 or about 11.00 a.m., Brussels time, on that date. This is
                 called the screen rate for the relevant Series and Class of
                 Notes;

         (b)     if, on any such Determination Date, the screen rate is
                 unavailable, the Agent Bank will:

                 (i)     request the principal London office of each of the
                         Reference Banks to provide the Agent Bank with its
                         offered quotation to prime banks for euro deposits of
                         the equivalent amount, and for the relevant period, in
                         the Eurozone inter-bank market as at or about 11.00
                         a.m. (Brussels time); and

                 (ii)    calculate the arithmetic mean, rounded upwards to five
                         decimal places, of those quotations;

         (c)     if, on any such Determination Date, the screen rate is
                 unavailable and only two or three of the Reference Banks
                 provide offered quotations, the relevant rate for that
                 Interest Period will be the arithmetic mean of the quotations
                 as calculated in paragraph (a); and

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         (d)     if, on any such Determination Date, fewer than two Reference
                 Banks provide quotations, the Agent Bank will consult with the
                 Note Trustee and the Master Issuer for the purpose of agreeing
                 a total of two banks to provide such quotations and the
                 relevant rate for that Interest Period will be the arithmetic
                 mean of the quotations as calculated in paragraph (b). If no
                 such banks are agreed then the relevant rate for that Interest
                 Period will be the rate in effect for the last preceding
                 Interest Period for which paragraph (a) or (b) was applicable;

         EUROCLEAR means Euroclear Bank S.A./N.V., as operator of the Euroclear
         System or the successor for the time being to such business;

         EVENT OF DEFAULT has the same meaning as Note Event of Default;

         EXCESS SWAP COLLATERAL means an amount (which will be transferred
         directly to the relevant Master Issuer Swap Provider in accordance
         with the relevant Master Issuer Swap Agreement) equal to the value of
         the collateral (or the applicable part of any collateral) provided by
         an Master Issuer Swap Provider to the Master Issuer in respect of that
         Master Issuer Swap Provider's obligations to transfer collateral to
         the Master Issuer under the relevant Master Issuer Swap Agreement
         which is in excess of that Master Issuer Swap Provider's liability
         under the relevant Master Issuer Swap Agreement as at the date of
         termination of the relevant Master Issuer Swap Agreement or which it
         is otherwise entitled to have returned to it under the terms of the
         relevant Master Issuer Swap Agreement;

         EXCHANGE ACT means the United States Securities Exchange Act of 1934,
         as amended;

         EXCHANGE RATE has the same meaning as the Currency Exchange Rate;

         EXTRAORDINARY RESOLUTION has the meaning set out in paragraph 27 of
         Schedule 4 to the Master Issuer Trust Deed;

         FINAL MATURITY DATE means, in respect of any Series and Class of
         Notes, the date specified as such for such Series and Class of Notes
         in the related Final Terms;

         FINAL OFFERING CIRCULAR has the same meaning as Base Prospectus;

         FINAL REDEMPTION means the date on which all monies and other
         liabilities for the time being due or owing by the Master Issuer to
         the Note Trustee on behalf of the Noteholders have been paid in full;

         FINAL REPAYMENT DATE means, in relation to a Loan Tranche, the date
         specified as such in the related Loan Tranche Supplement and Final
         Terms;

         FINAL TERMS means, in relation to any Series of Notes, the final terms
         issued in relation to such Series of Notes as a supplement to the
         Conditions and giving details of, inter alia, the amount and price of
         such Series of Notes and which forms part of the Base Prospectus in
         relation to such Series of Notes;

         FINANCIAL PERIOD means a Financial Year or any other period in respect
         of which accounts are required to be prepared and certified by the
         auditors of the relevant company to enable it to comply with all
         relevant legal and accounting requirements and all requirements of any
         stock exchange on which securities of the company are listed;

         FINANCIAL YEAR means, in the case of the Master Issuer, each 12 month
         period ending on the last day of the calendar year;

         FIRST SUPPLEMENTAL MASTER ISSUER TRUST DEED means, the First
         Supplemental to the Master Issuer Trust Deed dated 12 January 2007;

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         FITCH means Fitch Ratings Limited and any successor to its ratings
         business;

         FIXED RATE NOTE means a Note, the interest basis of which is specified
         in the applicable Final Terms as being fixed rate;

         FLOATING RATE NOTE means a Note, the interest basis of which is
         specified in the applicable Final Terms as being floating rate;

         FSMA means the Financial Services and Market Act 2000 (as amended from
         time to time);

         GLOBAL NOTES means the Reg S Global Notes and the US Global Notes as
         applicable;

         HALIFAX means Halifax plc (registered number 02367076), a public
         limited company incorporated under the laws of England and Wales,
         whose registered office is at Trinity Road, Halifax, West Yorkshire
         HX1 2RG and whose business was transferred to Bank of Scotland in
         accordance with the HBOS Group Reorganisation Act 2006 on the
         Reorganisation Date;

         HBOSTS means HBOS Treasury Services plc (registered number 02692890),
         a public limited company incorporated under the laws of England and
         Wales, whose registered office is at 33 Old Broad Street, London EC2N
         1HZ and whose business was transferred to Bank of Scotland in
         accordance with the HBOS Group Reorganisation Act 2006 on the
         Reorganisation Date;

         INDEPENDENT CERTIFICATES means certificates of independent parties
         furnished by the Master Issuer to the Note Trustee and/or the Master
         Issuer Security Trustee (as appropriate) and in accordance with
         sections 314(c) and 314(d)(1) of the Trust Indenture Act;

         INITIAL CLOSING DATE means, in respect of an issue of Notes, 17
         October 2006, being the date of the first issue of Notes;

         INITIAL DOCUMENTATION LIST means the list of documents attached as
         Appendix 1 to the Programme Agreement;

         INTEREST AMOUNT has the meaning given to that term in Condition
         4.2(d);

         INTEREST COMMENCEMENT DATE means:

         (a)     in relation to a Series and Class of Notes, the relevant
                 Closing Date of such Series and Class of Notes or such other
                 date as may be specified as such in the applicable Final
                 Terms;

         (b)     in relation to a Master Issuer Subordinated Loan or a Master
                 Issuer Start-up Loan (as applicable), the relevant Advance
                 Date of such Master Issuer Subordinated Loan or Master Issuer
                 Start-up Loan (as applicable) or such other date as may be
                 specified as such in the applicable Master Issuer Subordinated
                 Loan Agreement or Master Issuer Start-up Loan Agreement (as
                 applicable);

         (c)     in respect of a Loan Tranche, the relevant Closing Date of the
                 related Series and Class of Notes or the relevant Advance Date
                 of the related Master Issuer Subordinated Loan or Master
                 Issuer Start-up Loan (as applicable) or such other date as may
                 be specified as such in the applicable Loan Tranche
                 Supplement;

         INTEREST DETERMINATION DATE has the same meaning as Determination
         Date;

         INTEREST PAYMENT DATE means, in respect of a Series and Class of Notes
         (other than Money Market Notes) or a Master Issuer Subordinated Loan
         or Master Issuer Start-up Loan (as applicable), the

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         Quarterly Interest Payment Dates and (in respect of Money Market
         Notes), the Monthly Interest Payment Dates, subject (in each case) to
         the Conditions of the Notes;

         INTEREST PERIOD means:

         (a)     in respect of a Series and Class of Notes or a Master Issuer
                 Subordinated Loan or Master Issuer Start-up Loan (as
                 applicable), (i) with respect to the first Interest Payment
                 Date, the period from (and including) the applicable Interest
                 Commencement Date to (but excluding) such first Interest
                 Payment Date and (ii) thereafter, with respect to each
                 Interest Payment Date, the period from and including the
                 preceding Interest Payment Date to (but excluding) that
                 Interest Payment Date;

         (b)     in respect of a Loan Tranche, (i) with respect to the first
                 Loan Payment Date, the period from (and including) the
                 applicable Interest Commencement Date to (but excluding) such
                 first Loan Payment Date and (ii) thereafter, the period from
                 and including the preceding Loan Payment Date to (but
                 excluding) that Loan Payment Date; and

         (c)     in relation to a Master Issuer Subordinated Loan or a Master
                 Issuer Start-up Loan (as applicable), the period from (and
                 including) the applicable Interest Commencement Date to (but
                 excluding) such first Interest Payment Date and, thereafter,
                 with respect to each Interest Payment Date, the period from
                 and including the preceding Interest Payment Date to (but
                 excluding) that Interest Payment Date.

         LETTER OF REPRESENTATIONS means the letter of representations to DTC
         dated on or about the Programme Date from the Principal Paying Agent
         and the Master Issuer;

         LIBOR shall have the same meaning as Sterling LIBOR;

         LISTING RULES means:

         (a)     in the case of Reg S Notes which are, or are to be admitted to
                 the Official List, the listing rules made under section 73A of
                 the FSMA; and

         (b)     in the case of Reg S Notes which are, or are to be, listed on
                 a Stock Exchange other than the London Stock Exchange, the
                 listing rules and regulations for the time being in force for
                 that Stock Exchange;

         LOAN PAYMENT DATE means, in respect of a Loan Tranche, the Quarterly
         Interest Payment Date(s) specified in Loan Tranche Supplement for the
         payment of interest and/or principal, subject to the terms of the
         Master Intercompany Loan Agreement;

         LOAN TRANCHE SUPPLEMENT means, in relation to any Loan Tranche, the
         document between, amongst others, Funding 2 and the Master Issuer
         recording the principal terms of such Loan Tranche;

         LOAN TRANCHES means the AAA Loan Tranches, the AA Loan Tranches, the A
         Loan Tranches, the BBB Loan Tranches, the BB Loan Tranches, the
         Subordinated Loan Tranches and the Start-Up Loan Tranches and such
         other Loan Tranches as shall be introduced from time to time (subject
         to certain conditions) being the advances made by the Master Issuer to
         Funding 2 pursuant to the Master Intercompany Loan Agreement, each
         being funded from proceeds received by the Master Issuer from the
         issue of a Series and Class of Notes, the borrowing by the Master
         Issuer of a Master Issuer Subordinated Loan or, as applicable, the
         borrowing by the Master Issuer of a Master Issuer Start-Up Loan;

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         LONDON BUSINESS DAY means a day (other than a Saturday or Sunday) on
         which banks are generally open for business in London;

         LONDON STOCK EXCHANGE means the London Stock Exchange plc;

         LP (MP) ACT means the Law of Property (Miscellaneous Provisions) Act
         1994;

         MANAGERS means the institutions specified in the Final Terms relating
         to any Series and Class of Notes;

         MARGIN means, in respect of any Series and Class of Notes, the amount
         specified as such in the related Final Terms;

         MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE means the amended and
         restated master definitions schedule signed by the parties to the
         Transaction Documents and dated on or about 21 November 2007, as the
         same may be further amended, restated and supplemented from time to
         time;

         MASTER INTERCOMPANY LOAN means the loan of the Loan Tranches made by
         the Master Issuer to Funding 1 under the Master Intercompany Loan
         Agreement on each Closing Date;

         MASTER INTERCOMPANY LOAN ACCELERATION NOTICE means an acceleration
         notice served by the Master Issuer Security Trustee in relation to the
         enforcement of the Funding 2 Security following a Master Intercompany
         Loan Event of Default under the Master Intercompany Loan Agreement;

         MASTER INTERCOMPANY LOAN AGREEMENT means the amended and restated
         intercompany loan agreement dated 21 November 2007 between the Master
         Issuer, Funding 2, the Master Issuer Security Trustee and the Agent
         Bank;

         MASTER INTERCOMPANY LOAN EVENT OF DEFAULT means the occurrence of an
         event of default by Funding 2 as specified in Clause 15 of the Master
         Intercompany Loan Agreement;

         MASTER ISSUER means Permanent Master Issuer PLC (registered
         no.5922774), a public limited company incorporated under the laws of
         England and Wales, whose registered office is at 35 Great St. Helen's,
         London EC3A 6AP;

         MASTER ISSUER ACCOUNT BANK means the Master Issuer Non-Sterling
         Account Bank and the Master Issuer Sterling Account Bank;

         MASTER ISSUER ACCOUNT MANDATE means an account mandate delivered to
         the Master Issuer Account Bank pursuant to the Master Issuer Bank
         Account Agreement;

         MASTER ISSUER ACCOUNTS means the Master Issuer Transaction Account,
         any Additional Master Issuer Account, any Master Issuer Swap
         Collateral Account and such other bank account(s) held in the name of
         the Master Issuer with the prior written approval of the Master Issuer
         Security Trustee from time to time;

         MASTER ISSUER AVAILABLE FUNDS means, together, Master Issuer Revenue
         Receipts and Master Issuer Principal Receipts;

         MASTER ISSUER BANK ACCOUNT AGREEMENT means the amended and restated
         bank account agreement dated 21 November 2007 between the Master
         Issuer, the Master Issuer Cash Manager, the Master Issuer Account Bank
         and the Master Issuer Security Trustee (as the same may be amended,
         restated, supplemented, replaced or novated from time to time);

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         MASTER ISSUER BANK ACCOUNTS has the same meaning as MASTER ISSUER
         ACCOUNTS;

         MASTER ISSUER CASH MANAGEMENT AGREEMENT means the amended and restated
         cash management agreement dated 21 November 2007 between the Master
         Issuer, the Master Issuer Cash Manager and the Master Issuer Security
         Trustee (as the same may be amended, restated, supplemented, replaced
         or novated from time to time);

         MASTER ISSUER CASH MANAGEMENT SERVICES means the services to be
         provided to the Master Issuer and the Master Issuer Security Trustee
         pursuant to the Master Issuer Cash Management Agreement;

         MASTER ISSUER CASH MANAGER means initially Halifax and, as of the
         Reorganisation Date, Bank of Scotland acting pursuant to the Master
         Issuer Cash Management Agreement as agent for the Master Issuer and
         the Master Issuer Security Trustee, to manage all cash transactions
         and maintain certain ledgers on behalf of the Master Issuer;

         MASTER ISSUER CASH MANAGER TERMINATION EVENT has the meaning given in
         Clause 11.1 of the Master Issuer Cash Management Agreement;

         MASTER ISSUER CHARGED PROPERTY means the property charged by the
         Master Issuer pursuant to Clause 3 of the Master Issuer Deed of
         Charge;

         MASTER ISSUER CORPORATE SERVICES AGREEMENT means the agreement dated
         on or about the Programme Date and made between the Master Issuer
         Corporate Services Provider, the Master Issuer, Halifax, Holdings and
         the Master Issuer Security Trustee and to which Bank of Scotland
         became a party in place of Halifax as of the Reorganisation Date
         pursuant to the HBOS Group Reorganisation Act 2006 for the provision
         by the Master Issuer Corporate Services Provider of certain corporate
         services and personnel to the Master Issuer (as the same may be
         amended, restated, supplemented, replaced or novated from time to
         time);

         MASTER ISSUER CORPORATE SERVICES FEE LETTER means the letter dated the
         date of the Master Issuer Corporate Services Agreement between, inter
         alios, the Master Issuer, the Master Issuer Security Trustee and the
         Master Issuer Corporate Services Provider, setting out the amount of
         fees payable to the Master Issuer Corporate Services Provider by the
         Master Issuer;

         MASTER ISSUER CORPORATE SERVICES PROVIDER means Structured Finance
         Management Limited or such other person or persons for the time being
         acting as corporate services provider to the Master Issuer under the
         Master Issuer Corporate Services Agreement;

         MASTER ISSUER CURRENCY EXCHANGE RATE has the same meaning as Currency
         Exchange Rate;

         MASTER ISSUER DEED OF CHARGE means the deed of charge entered into on
         or about the Programme Date between, among others, the Master Issuer
         and the Master Issuer Security Trustee under which the Master Issuer
         charges the Master Issuer Security in favour of the Master Issuer
         Security Trustee for the benefit of the Master Issuer Secured
         Creditors as amended by a supplemental deed of charge dated 22
         November 2007 (as the same may be further amended and/or supplemented
         from time to time);

         MASTER ISSUER EXPENSE LEDGER means the ledger maintained by the Master
         Issuer Cash Manger pursuant to the Master Issuer Cash Management
         Agreement to record payments of fees received from Funding 2 under the
         Master Intercompany Loan Agreement and payments out in accordance with
         the Master Issuer Priorities of Payments;

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         MASTER ISSUER LEDGERS means the Master Issuer Revenue Ledger, the
         Master Issuer Principal Ledger, the Master Issuer Swap Collateral
         Ledger, the Master Issuer Expense Ledger and the Master Issuer Note
         Ledger;

         MASTER ISSUER MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE means this
         Master Issuer Master Definitions and Construction Schedule dated 21
         November 2007, as the same may be amended, restated and supplemented
         from time to time;

         MASTER ISSUER NON-STERLING ACCOUNT means any account in a Specified
         Currency other than Sterling to be opened pursuant to Clause 3.1 of
         the Master Issuer Bank Account Agreement in the name of the Master
         Issuer and to be held with the Master Issuer Non-Sterling Account Bank
         in accordance with the Master Issuer Bank Account Agreement;

         MASTER ISSUER NON-STERLING ACCOUNT BANK means Bank of Scotland, in its
         capacity as holder of the relevant Master Issuer Non-Sterling Account,
         in accordance with the Master Issuer Bank Account Agreement;

         MASTER ISSUER NOTE LEDGER means the ledger maintained by the Master
         Issuer Cash Manger pursuant to the Master Issuer Cash Management
         Agreement to record payments made under each Series and Class of
         Notes;

         MASTER ISSUER ORDER means a written order or request signed in the
         name of the Master Issuer by two directors of the Master Issuer;

         MASTER ISSUER PAYING AGENT AND AGENT BANK AGREEMENT means the paying
         agent and agent bank agreement entered into on or about the Programme
         Date between the Master Issuer, the Principal Paying Agent, the Agent
         Bank, the US Paying Agent, the Registrar, the Transfer Agent, the Note
         Trustee and the Master Issuer Security Trustee which sets out the
         appointment of the Paying Agents, the Registrar, the Transfer Agent
         and the Agent Bank for the Notes (as the same may be amended,
         restated, supplemented, replaced or novated from time to time);

         MASTER ISSUER PRE-ENFORCEMENT PRINCIPAL PRIORITY OF PAYMENTS means the
         order of priority of payments in which the Master Issuer Principal
         Receipts will be applied until enforcement of the Master Issuer
         Security and as set out in paragraph 4 of Schedule 2 to the Master
         Issuer Cash Management Agreement;

         MASTER ISSUER POST-ENFORCEMENT CALL OPTION AGREEMENT means the master
         issuer post-enforcement call option agreement entered into on or about
         the Programme Date between the Master Issuer, the Master Issuer
         Post-Enforcement Call Option Holder and the Note Trustee under which
         the Note Trustee agrees on behalf of the Noteholders that following
         enforcement of the Master Issuer Security, the Master Issuer
         Post-Enforcement Call Option Holder may call for the Notes (as the
         same may be amended, restated, supplemented replaced or novated from
         time to time);

         MASTER ISSUER POST-ENFORCEMENT CALL OPTION HOLDER means Permanent
         PECOH Limited;

         MASTER ISSUER POST-ENFORCEMENT PRIORITY OF PAYMENTS means the order of
         priority of payments in which the Master Issuer Available Funds will
         be applied following the service of a Note Acceleration Notice and a
         Master Intercompany Loan Acceleration Notice, as describe in Clause
         7.2 of the Master Issuer Deed of Charge;

         MASTER ISSUER PRE-ENFORCEMENT PRIORITY OF PAYMENTS means the Master
         Issuer Pre-Enforcement Principal Priority of Payments and the Master
         Issuer Pre-Enforcement Revenue Priority of Payments;

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         MASTER ISSUER PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS means the
         order of priority of payments in which the Master Issuer Revenue
         Receipts will be applied until enforcement of the Master Issuer
         Security and as set out in paragraph 3 of Schedule 2 to the Master
         Issuer Cash Management Agreement;

         MASTER ISSUER PRINCIPAL LEDGER means the ledger maintained by the
         Master Issuer Cash Manager pursuant to the Master Issuer Cash
         Management Agreement to record the Master Issuer Principal Receipts
         standing to the credit of the Master Issuer Transaction Account from
         time to time (excluding amounts with respect to the Start-up Loan
         Tranches);

         MASTER ISSUER PRINCIPAL RECEIPTS means the sum of all principal
         amounts repaid by Funding 2 to the Master Issuer under the terms of
         the Master Intercompany Loan Agreement during the relevant Interest
         Period (excluding amounts with respect to the Start-up Loan Tranches),
         and/or the sum otherwise recovered by the Master Issuer Security
         Trustee (or the receiver appointed on its behalf) in relation to the
         principal balance;

         MASTER ISSUER PRIORITY OF PAYMENTS means, the Master Issuer
         Pre-Enforcement Revenue Priority of Payments, the Master Issuer
         Pre-Enforcement Principal Priority of Payments and the Master Issuer
         Post-Enforcement Priority of Payments;

         MASTER ISSUER REVENUE LEDGER means the ledger maintained by the Master
         Issuer Cash Manager pursuant to the Master Issuer Cash Management
         Agreement to record the Master Issuer Revenue Receipts standing to the
         credit of the Master Issuer Transaction Account from time to time;

         MASTER ISSUER REVENUE RECEIPTS means an amount equal to the sum of:

         (a)     interest paid by Funding 2 on the relevant Funding 2 Interest
                 Payment Date in respect of the Loan Tranches under the Master
                 Intercompany Loan Agreement;

         (b)     principal to be repaid by Funding 2 on the relevant Funding 2
                 Interest Payment Date in respect of the Master Issuer Start-Up
                 Loan Tranches under the Master Intercompany Loan Agreement;

         (c)     fees to be paid by Funding 2 on the relevant Funding 2
                 Interest Payment Date under the terms of the Master
                 Intercompany Loan Agreement;

         (d)     interest payable on the Master Issuer Accounts and any
                 Authorised Investments in respect thereof which will be
                 received on or before the relevant Quarterly Interest Payment
                 Date in respect of the Notes;

         (e)     other net income of the Master Issuer including amounts
                 received or to be received under the Master Issuer Swap
                 Agreements on or before the relevant Quarterly Interest
                 Payment Date (including any amounts received by the Master
                 Issuer in consideration of it entering into a replacement
                 Master Issuer Swap Agreement but excluding (i) any Excess Swap
                 Collateral which shall be returned directly to the relevant
                 Master Issuer Swap Provider, as set out under any Master
                 Issuer Swap Agreement and (ii) in respect of each Master
                 Issuer Swap Provider, prior to the designation of an early
                 termination date under the relevant Master Issuer Swap
                 Agreement and the resulting application of the collateral by
                 way of netting or set-off, an amount equal to the value of all
                 collateral (other than Excess Swap Collateral) provided by
                 such Master Issuer Swap Provider to the Master Issuer pursuant
                 to the relevant Master Issuer Swap Agreement (and any interest
                 or distributions in respect thereof)); and

                                      13

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         (f)     any additional amount the Master Issuer receives from any
                 taxing authority on account of amounts paid to that taxing
                 authority for and on account of tax by an Master Issuer Swap
                 Provider under an Master Issuer Swap Agreement;

         MASTER ISSUER SECURED CREDITORS means the Master Issuer Security
         Trustee, any Receiver appointed by it, the Noteholders (including any
         Couponholders, Talonholders and Receiptholders), the Master Issuer
         Swap Providers, the Note Trustee, the Master Issuer Account Bank, the
         Paying Agents, the Registrar, the Transfer Agent, the Agent Bank, the
         Master Issuer Corporate Services Provider, the Master Issuer Cash
         Manager, the Master Issuer Subordinated Loan Provider, the Master
         Issuer Start-Up Loan Provider and any new creditor who accedes to the
         Master Issuer Deed of Charge from time to time under a deed of
         accession or a supplemental deed;

         MASTER ISSUER SECURED LIABILITIES means all present and future
         obligations and liabilities (whether actual or contingent and whether
         owed jointly or severally or in any other capacity) of the Master
         Issuer to the Master Issuer Secured Creditors under each Master Issuer
         Transaction Document;

         MASTER ISSUER SECURITY means the security granted by the Master Issuer
         under the Master Issuer Deed of Charge in favour of the Master Issuer
         Secured Creditors;

         MASTER ISSUER SECURITY PERIOD means the period beginning on the
         Programme Date and ending on the date on which all the Master Issuer
         Secured Liabilities have been unconditionally and irrevocably paid and
         discharged in full;

         MASTER ISSUER SECURITY POWER OF ATTORNEY means the power of attorney
         granted by the Master Issuer in favour of the Master Issuer Security
         Trustee under the Master Issuer Deed of Charge on the Programme Date
         substantially in the form set out in Schedule 4 to the Master Issuer
         Deed of Charge;

         MASTER ISSUER SECURITY TRUSTEE means The Bank of New York whose London
         branch address is at 48th Floor, One Canada Square, London E14 5AL or
         such other person as may from time to time be appointed as Master
         Issuer Security Trustee (or co-trustee) pursuant to the Master Issuer
         Deed of Charge;

         MASTER ISSUER START-UP LOAN means a loan to be advanced by the Master
         Issuer Start-Up Loan Provider to the Master Issuer on a Closing Date
         following the Reorganisation Date pursuant to the Master Issuer
         Start-Up Loan Agreement dated such Closing Date;

         MASTER ISSUER START-UP LOAN AGREEMENT means each agreement to be
         entered into on a Closing Date following the Reorganisation Date
         between, among others, the Master Issuer and the Master Issuer
         Start-Up Loan Provider pursuant to which the Master Issuer Start-Up
         Loan Provider will advance a Master Issuer Start-Up Loan to the Master
         Issuer on such Closing Date;

         MASTER ISSUER START-UP LOAN INTEREST AMOUNT means the amount of
         interest to be paid by Funding 2 to the Master Issuer under a Master
         Issuer Start-Up Loan Agreement in respect of a Funding 2 Interest
         Payment Date;

         MASTER ISSUER START-UP LOAN INTEREST COMMENCEMENT DATE means, in
         respect of a Master Issuer Start-Up Loan, the relevant Closing Date of
         the related Series and Class of Notes or such other date as may be
         specified as such in the applicable Loan Tranche Supplement and the
         applicable Final Terms;

         MASTER ISSUER START-UP LOAN INTEREST DETERMINATION DATE means, in
         respect of a Series and Class of Notes, the date specified as the
         Interest Determination Date in the applicable Final Terms;

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<PAGE>

         MASTER ISSUER START-UP LOAN INTEREST PAYMENT DATE means, in respect of
         a Master Issuer Start-Up Loan, the Quarterly Interest Payment Date(s)
         specified in the applicable Loan Tranche Supplement and the applicable
         Final Terms for the payment of interest and/or principal, subject to
         the terms of the Master Issuer Start-Up Loan Agreement;

         MASTER ISSUER START-UP LOAN INTEREST PERIOD means, with respect to the
         first Master Issuer Start-Up Loan Interest Payment Date, the period
         from (and including) the applicable Master Issuer Start-Up Loan
         Interest Commencement Date to (but excluding) such first Master Issuer
         Start-Up Loan Interest Payment Date and (ii) thereafter, the period
         from and including the preceding Master Issuer Start-Up Loan Interest
         Payment Date to (but excluding) that Master Issuer Start-Up Loan
         Interest Payment Date;

         MASTER ISSUER START-UP LOAN PROVIDER means Bank of Scotland, in its
         capacity as provider of each Master Issuer Start-Up Loan to be
         advanced to the Master Issuer on a Closing Date following the
         Reorganisation Date pursuant to a Master Issuer Start-Up Loan
         Agreement;

         MASTER ISSUER START-UP LOAN RATE OF INTEREST means the rate of
         interest to be paid by Funding 2 to the Master Issuer under a Master
         Issuer Start-Up Loan Agreement;

         MASTER ISSUER STERLING ACCOUNT means the Master Issuer Transaction
         Account, or any Additional Master Issuer Account to be opened pursuant
         to Clause 3.1 of the Master Issuer Bank Account Agreement in the name
         of the Master Issuer and to be held with the Master Issuer Sterling
         Account Bank in accordance with the Master Issuer Bank Account
         Agreement;

         MASTER ISSUER STERLING ACCOUNT BANK means the Bank of Scotland, in its
         capacity as holder of the Master Issuer Transaction Account, situated
         at 116 Wellington Street, Leeds LS1 4LT and any Additional Master
         Issuer Account and such other account bank as may be appointed from
         time to time pursuant to the Master Issuer Bank Account Agreement;

         MASTER ISSUER SUBORDINATED LOAN means a loan to be advanced by the
         Master Issuer Subordinated Loan Provider to the Master Issuer pursuant
         to a Master Issuer Subordinated Loan Agreement;

         MASTER ISSUER SUBORDINATED LOAN AGREEMENT means an agreement to be
         entered into between, among others, the Master Issuer and the Master
         Issuer Subordinated Loan Provider on an Advance Date following the
         Reorganisation Date pursuant to which the Master Issuer Subordinated
         Loan Provider will advance a Master Issuer Subordinated Loan to the
         Master Issuer;

         MASTER ISSUER SUBORDINATED LOAN PROVIDER means Bank of Scotland, in
         its capacity as provider of a Master Issuer Subordinated Loan to be
         advanced to the Master Issuer on a Closing Date following the
         Reorganisation Date;

         MASTER ISSUER SWAP AGREEMENT means, in respect of a Series and Class
         of Notes, the ISDA Master Agreement, schedules and confirmations
         relating to the relevant Master Issuer Swaps entered into or to be
         entered into on or before the relevant Closing Date in respect of such
         Series and Class of Notes between the Master Issuer, the relevant
         Master Issuer Swap Provider and Master Issuer Security Trustee (as
         amended, restated, supplemented, replaced and/or novated from time to
         time);

         MASTER ISSUER SWAP COLLATERAL ACCOUNT means any bank account opened
         with HBOSTS or, following the Reorganisation Date, Bank of Scotland
         for the purposes of holding collateral posted by a Master Issuer Swap
         Provider pursuant to any of the Master Issuer Swap Agreements in
         accordance with the provisions of clause 3.3 of the Master Issuer Bank
         Account Agreement and governed by an agreement on substantially the
         same terms as the Master Issuer Bank Account Agreement;

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<PAGE>

         MASTER ISSUER SWAP COLLATERAL ANCILLARY DOCUMENTS means any document
         (including, without limitation, any custodial agreement or bank
         account agreement but excluding the Master Issuer Swap Agreements, the
         Master Issuer Cash Management Agreement and the Master Issuer Deed of
         Charge) as may be entered into by the Master Issuer from time to time
         in connection with the Swap Collateral;

         MASTER ISSUER SWAP COLLATERAL CASH ACCOUNT means any Master Issuer
         Swap Collateral Account opened for the purpose of holding Swap
         Collateral in cash and maintained in accordance with the terms of the
         Master Issuer Cash Management Agreement;

         MASTER ISSUER SWAP COLLATERAL LEDGER means the ledger maintained by
         the Master Issuer Cash Manager pursuant to the Master Issuer Cash
         Management Agreement to record the Issuer Swap Collateral standing to
         the credit of the Master Issuer Swap Collateral Account from time to
         time;

         MASTER ISSUER SWAP COLLATERAL SECURITIES ACCOUNT means any Master
         Issuer Swap Collateral Account opened for the purpose of holding Swap
         Collateral in the form of securities and maintained in accordance with
         the terms of the Master Issuer Cash Management Agreement;

         MASTER ISSUER SWAP EXCLUDED TERMINATION AMOUNT means, in relation to
         any Master Issuer Swap Agreement, an amount equal to:

         (a)     the amount of any termination payment due and payable to the
                 relevant Master Issuer Swap Provider as a result of a Master
                 Issuer Swap Provider Default or to the relevant Master Issuer
                 Swap Provider following a Master Issuer Swap Provider
                 Downgrade Termination Event;

                 less

         (b)     the amount, if any, received by the Master Issuer from a
                 replacement swap provider upon entry by the Master Issuer into
                 an agreement with such replacement swap provider to replace
                 such Master Issuer Swap Agreement which has terminated as a
                 result of such Master Issuer Swap Provider Default or
                 following the occurrence of such Master Issuer Swap Provider
                 Downgrade Termination Event;

         MASTER ISSUER SWAP GUARANTEE means any guarantee given in further
         security of the obligations of a Master Issuer Swap Provider under a
         Master Issuer Swap Agreement.

         MASTER ISSUER SWAP PROVIDER means, in respect of a Series and Class of
         Notes, any entity identified as such in the relevant Final Terms;

         MASTER ISSUER SWAP PROVIDER DEFAULT means the occurrence of an Event
         of Default (as defined in the relevant Master Issuer Swap Agreement)
         where a Master Issuer Swap Provider is the Defaulting Party (as
         defined in the relevant Master Issuer Swap Agreement);

         MASTER ISSUER SWAP PROVIDER DOWNGRADE TERMINATION EVENT means the
         occurrence of an Additional Termination Event (as defined in the
         relevant Master Issuer Swap Agreement) following the failure by a
         Master Issuer Swap Provider to comply with the requirements of the
         ratings downgrade provisions set out in the relevant Master Issuer
         Swap Agreement;

         MASTER ISSUER SWAP PROVIDERS means the institutions identified in
         respect of each Master Issuer Swap in the Final Terms related to the
         relevant Series and Class of Notes;

         MASTER ISSUER SWAPS means the Swap Transactions which will entitle the
         Master Issuer to receive and pay amounts under the Master Intercompany
         Loan in Sterling and to receive and pay amounts under the Issuer Notes
         not denominated in Sterling in the applicable Specified Currency
         and/or

                                      16

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         which will hedge the Master Issuer's payment obligations against
         movements in interest rates where there is a possible difference
         between an interest rate applicable to amounts received by the Master
         Issuer under a Loan Tranche and the interest rate applicable to
         amounts to be paid by the Master Issuer in respect of the related
         Series and Class of Notes;

         MASTER ISSUER TRANSACTION ACCOUNT means the sterling account in the
         name of the Master Issuer (account number 06052794, Permanent Master
         Issuer PLC, sort code 12-08-83) held with the Master Issuer Account
         Bank or such other account at such other Master Issuer Account Bank
         and/or other banks as may for the time being be in place with the
         prior consent of the Master Issuer Security Trustee and designated as
         such;

         MASTER ISSUER TRANSACTION ACCOUNT MANDATE means the Mandate pursuant
         to which the Master Issuer Transaction Account has been established;

         MASTER ISSUER TRANSACTION DOCUMENTS means those Transaction Documents
         to which the Master Issuer is a party, including the Master
         Intercompany Loan Agreement (including each Loan Tranche Supplement),
         the Master Issuer Trust Deed (including each supplemental trust deed
         supplemental thereto, any other trust deed constituting any Note at
         any time), the Master Issuer Paying Agent and Agent Bank Agreement,
         the Master Issuer Deed of Charge, the Master Issuer Cash Management
         Agreement, each Master Issuer Swap Agreement, the Master Issuer Bank
         Account Agreement, the Master Issuer Post-Enforcement Call Option
         Agreement, the Master Issuer Corporate Services Agreement, any Swap
         Disclosure Agreements, any Master Issuer Swap Collateral Ancillary
         Document, the Programme Agreement, each Subscription Agreement, each
         Underwriting Agreement and each other document entered into or to be
         entered into by the Master Issuer pursuant to or in connection with
         any of the above documents (including each document under which the
         Master Issuer assumes any obligations to any New Master Issuer Secured
         Creditor and any agreement entered into by the Master Issuer as a
         replacement of any of the above agreements upon the termination
         thereof;

         MASTER ISSUER TRUST DEED means the trust deed entered into on or about
         the Programme Date between the Master Issuer and the Note Trustee
         constituting the Notes as supplemented and amended on 12 January 2007
         and 21 November 2007 (as the same may be further amended and/or
         supplemented from time to time);

         MASTER ISSUER'S CERTIFICATE means a certificate signed in the name of
         the Master Issuer by two directors of the Master Issuer;

         MONEY MARKET NOTES means notes which will be "Eligible Securities"
         within the meaning of Rule 2a-7 under the United States Investment
         Company Act of 1940, as amended;

         MONTHLY INTEREST PAYMENT DATE means, in respect of any Money Market
         Notes, each monthly date specified in the applicable Final Terms for
         the payment of interest and/or principal until the occurrence of a
         Pass-Through Trigger Event and, following such occurrence, the
         Quarterly Interest Payment Dates as specified in the applicable Final
         Terms for the payment of interest and/or principal subject, in each
         case, to the appropriate Business Day Convention, if any, specified in
         the applicable Final Terms;

         MOODY'S means Moody's Investors Service Limited and any successor to
         its rating business;

         NEW DEALER means any entity appointed as an additional Dealer in
         accordance with Clause 11 of the Programme Agreement;

         NEW YORK BUSINESS DAY means a day (other than a Saturday or a Sunday)
         on which banks are generally open for business in the city of New
         York;

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         NOTE ACCELERATION NOTICE has the meaning given to that term in
         Condition 9;

         NOTE DETERMINATION DATE shall have the meaning given to that term in
         the Conditions;

         NOTE EVENT OF DEFAULT has the meaning given to that term in Condition
         9;

         NOTEHOLDERS means the holders for the time being of the Notes;

         NOTE PRINCIPAL PAYMENT means the amount of each principal payment
         payable on each Note;

         NOTES means the Class A Notes, the Class B Notes, the Class M Notes,
         the Class C Notes and the Class D Notes, in each case of any Series;

         NOTE TRUSTEE means The Bank of New York having its principal office at
         One Canada Square, London E14 5AL acting as Note Trustee under the
         terms of the Master Issuer Trust Deed, or such other person as may
         from time to time be appointed as Note Trustee (or co-trustee)
         pursuant to the Master Issuer Trust Deed;

         NOTICE means, in respect of notice being given to the Noteholders, a
         notice duly given in accordance with Condition 14;

         OFFERING CIRCULAR has the same meaning as Base Prospectus;

         OFFICERS' CERTIFICATE means an officers certificate furnished by the
         Master Issuer to the Note Trustee and/or the Master Issuer Security
         Trustee (as appropriate) and complying with the provisions of section
         314 of the Trust Indenture Act;

         OFFICIAL LIST means has the meaning given that term in section 103 of
         the FSMA;

         OPINION OF COUNSEL means an opinion of counsel furnished by the Master
         Issuer to the Note Trustee and/or the Master Issuer Security Trustee
         (as appropriate) and complying with the provisions of section 314 of
         the Trust Indenture Act;

         OPTION has the meaning given to it in Clause 2.2 of the Master Issuer
         Post-Enforcement Call Option Agreement;

         OPTION EXERCISE DATE has the meaning ascribed to that expression in
         Clause 2.1 of the Master Issuer Post-Enforcement Call Option
         Agreement;

         OUTSTANDING means, in relation to the Notes of the relevant Series and
         Class/es, all the Notes issued other than:

         (a)     those Notes which have been redeemed in full pursuant to the
                 Master Issuer Trust Deed;

         (b)     those Notes in respect of which the date for redemption in
                 accordance with the Conditions has occurred and the redemption
                 moneys (including premium (if any) and all interest payable
                 thereon) have been duly paid to the Note Trustee or to the
                 Principal Paying Agent or the Registrar, as applicable, in the
                 manner provided in the Master Issuer Paying Agent and Agent
                 Bank Agreement (and where appropriate notice to that effect
                 has been given to the relevant Noteholders in accordance with
                 the Conditions) and remain available for payment against
                 presentation of the relevant Notes;

         (c)     those Notes which have become void under Condition 7
                 (Prescription);

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<PAGE>

         (d)     those mutilated or defaced Notes which have been surrendered
                 and cancelled and in respect of which replacements have been
                 issued pursuant to Condition 13 (Replacement of Notes);

         (e)     (for the purpose only of ascertaining the Principal Amount
                 Outstanding of the Notes outstanding and without prejudice to
                 the status for any other purpose of the relevant Notes) those
                 Notes which are alleged to have been lost, stolen or destroyed
                 and in respect of which replacements have been issued pursuant
                 to Condition 13 (Replacement of Notes); and

         (f)     any Global Note to the extent that it shall have been
                 exchanged for another Global Note in respect of the Notes of
                 the relevant Series and Class/es or for the Notes of the
                 relevant Series and Class/es in definitive form pursuant to
                 its provisions,

         provided that for each of the following purposes, namely:

         (i)     the right to attend and vote at any meeting of the Noteholders
                 of any Series and/or Class/es, an Extraordinary Resolution in
                 writing as envisaged by paragraph 1 of Schedule 4 of the
                 Master Issuer Trust Deed and any direction or request by the
                 holders of Notes of any Series and/or Class/es;

         (ii)    the determination of how many and which Notes are for the time
                 being outstanding for the purposes of Clause 10.1 of the
                 Master Issuer Trust Deed, Conditions 9 (Events of Default) and
                 10 (Enforcement of Notes) and paragraphs 2, 5 and 6 of
                 Schedule 4 to the Master Issuer Trust Deed;

         (iii)   any right, discretion, power or authority (whether contained
                 in the Master Issuer Trust Deed, any other Transaction
                 Document or vested by operation of law) which the Note Trustee
                 is required, expressly or impliedly, to exercise in or by
                 reference to the interests of the Noteholders or any Series
                 and/or Class/es thereof; and

         (iv)    the determination by the Note Trustee whether any event,
                 circumstance, matter or thing is, in its opinion, materially
                 prejudicial to the interests of the Noteholders or any Class
                 or Classes thereof,

         those Notes (if any) which are for the time being held by or on behalf
         of or for the benefit of the Master Issuer, Funding 2, the Mortgages
         Trustee or the Seller, any holding company of any of them or any other
         Subsidiary of any such holding company, in each case as beneficial
         owner, shall (unless and until ceasing to be so held) be deemed not to
         remain outstanding;

         PAYING AGENTS means the Principal Paying Agent and the US Paying
         Agent;

         POOL FACTOR has the meaning given to it in Condition 5.3;

         POTENTIAL NOTE EVENT OF DEFAULT means any condition, event or act
         which, with the lapse of time and/or the giving of any notice, would
         constitute a Note Event of Default;

         PRINCIPAL AMOUNT OUTSTANDING is calculated as set out in Condition
         5.3;

         PRINCIPAL PAYING AGENT means Citibank, N.A. London Branch of Citigroup
         Centre, Canada Square, Canary Wharf, London E14 5LB in its capacity as
         principal paying agent in the United Kingdom pursuant to the Master
         Issuer Paying Agent and Agent Bank Agreement;

         PROGRAMME means the residential mortgage backed note programme
         established by or otherwise contemplated in the Programme Agreement
         and the Master Issuer Trust Deed;

                                      19

<PAGE>

         PROGRAMME AGREEMENT means the agreement entered into on 12 October
         2006, as amended and restated on 22 November 2007, between the Master
         Issuer, Funding 2, the Mortgages Trustee and the Dealers named therein
         (or deemed named therein) as the same may be further amended and
         restated from time to time;

         PROGRAMME DATE means 17 October 2006;

         PROGRAMME RESOLUTION has the meaning set out in paragraph 27 of
         Schedule 4 to the Master Issuer Trust Deed;

         PROSPECTUS means, in relation to the Notes, the prospectus of the
         Master Issuer from time to time, the first being the prospectus dated
         on or about 11 October 2006 relating to the establishment of the
         Programme as supplemented by the Final Terms relating to each Series
         and Class of Notes;

         PURCHASE OPTION has the meaning given in Condition 5.6;

         QUARTERLY INTEREST PAYMENT DATE means in respect of a Series and Class
         of Notes (other than Money Market Notes), each quarterly date
         specified in the applicable Final Terms for the payment of interest
         and/or principal subject to the appropriate Business Day Convention,
         if any, specified in the applicable Final Terms;

         RATE OF INTEREST means, in relation to any Series and Class of Notes,
         the rate or rates (expressed as a percentage per annum) of interest
         payable in respect of such Notes specified in the applicable Final
         Terms or calculated and determined in accordance with the applicable
         Final Terms;

         RATED LOAN TRANCHE means a Loan Tranche that corresponds to a Series
         and Class of Notes;

         RATING AGENCIES means Standard & Poor's Rating Services, a division of
         the McGraw-Hill Companies Inc., Moody's Investors Service Limited and
         Fitch Ratings Ltd.;

         RECEIPTHOLDERS means the several persons who are for the time being
         holders of the Receipts;

         RECEIPTS means a receipt appertaining to a Definitive Note that is
         repayable in instalments in respect of the payment of the instalments
         of principal (other than the final instalment);

         RECEIVER means any person or persons appointed (and any additional
         person or persons appointed or substituted) as an administrative
         receiver, receiver, manager, or receiver and manager of the Master
         Issuer Charged Property by the Master Issuer Security Trustee pursuant
         to the Master Issuer Deed of Charge and/or of the Funding 2 Charged
         Property by the Funding 2 Security Trustee pursuant to the Funding 2
         Deed of Charge;

         RECORD DATE in respect of the Definitive Notes means the 15th day
         prior to each Interest Payment Date;

         REDEMPTION OPTION has the meaning given in Condition 5.6;

         REFERENCE BANKS means the principal London office of each of ABN AMRO
         Bank N.V., Barclays Bank PLC, Citibank, N.A. and the Royal Bank of
         Scotland plc and/or such other bank as may be appointed as agent bank
         from time to time pursuant to the Master Issuer Paying Agent and Agent
         Bank Agreement;

         REGISTER means the register of noteholders kept by the Registrar and
         which records the identity of each Noteholder and the number of Notes
         of any Series and Class which each Noteholder owns;

                                      20

<PAGE>

         REGISTRAR means Citibank, N.A. London Branch of Citigroup Centre,
         Canada Square, Canary Wharf, London E14 5LB in its capacity as the
         registrar appointed by the Master Issuer under the Master Issuer
         Paying Agent and Agent Bank Agreement to record the holders of Notes;

         REGISTRATION STATEMENT means the registration statement on Form S-3
         (No. 333-137495) of Funding 2 filed under the Securities Act of 1933,
         as amended, with the United States Securities and Exchange Commission
         on 21 September 2006, as amended or supplemented from time to time;

         REG S means Regulation S under the Securities Act;

         REG S DEFINITIVE NOTES are, where Definitive Notes are issued, the
         Notes issued by the Master Issuer in exchange for the beneficial
         interests represented by the Reg S Global Note of each Series and
         Class;

         REG S GLOBAL NOTES means the Reg S Notes in global form;

         REG S NOTES means, the Notes admitted to the Official List and
         admitted to trading on the Gilt Edged and Fixed Interest Market of the
         London Stock Exchange (but not including the US Notes);

         REG S PROSPECTUS means the Base Prospectus (including any
         supplementary prospectus) when read with the applicable Final Terms
         (which shall include any applicable Preliminary Final Terms) and, in
         the case of the 2006-1 Issue only, the Preliminary Base Prospectus;

         REGULATIONS means as the context may require either (i) the Unfair
         Terms in Consumer Contracts Regulations 1999 and/or, as applicable,
         the Unfair Terms in Consumer Contracts Regulations 1994 or (ii) the
         Regulations set out in Schedule 2 to the Master Issuer Paying Agent
         and Agent Bank Agreement;

         REORGANISATION DATE means 17 September 2007;

         REQUIRED SUBORDINATED LOAN TRANCHE PRINCIPAL OUTSTANDING AMOUNT means,
         at any date, the amount specified as such in the most recent Loan
         Tranche Supplement and (if applicable) Final Terms or such other
         amount (which may be higher or lower) that Funding 2 and the Master
         Issuer may designate and have notified to the Cash Manager, the
         Funding 2 Security Trustee, the Master Issuer Cash Manager and the
         Master Issuer Security Trustee, at any time, without the consent of
         Noteholders so long as the Funding 2 Security Trustee and/or Funding 2
         obtain confirmation from each of S&P and Fitch that such adjusted
         amount will not cause a reduction, qualification or withdrawal of its
         then ratings of any outstanding Notes;

         SCHEDULED AMORTISATION INSTALMENT means, in respect of each Loan
         Tranche that is a Scheduled Amortisation Loan Tranche and in respect
         of the corresponding Series and Class of Scheduled Redemption Notes,
         the instalment amounts specified as applying to such Loan Tranche and
         related Series and Class of Notes in the applicable Final Terms;

         SCHEDULED AMORTISATION LOAN TRANCHE means any Loan Tranche that is
         scheduled to be repaid in instalments on more than one Funding 2
         Interest Payment Dates, namely those Loan Tranches designated as a
         "Scheduled Amortisation" Loan Tranches in the relevant Final Terms;

         SCHEDULED REDEMPTION DATES means, in respect of a Series and Class of
         Notes, the Quarterly Interest Payment Dates, if any, specified as such
         for such Notes in the applicable Final Terms for the repayment of
         principal, subject to the Conditions;

                                      21

<PAGE>

         SCHEDULED REPAYMENT DATES means, in respect of any Scheduled Repayment
         Loan Tranche, the Quarterly Interest Payment Dates specified as such
         in the applicable Loan Tranche Supplement for the repayment of
         principal;

         SEC means the United States Securities and Exchange Commission;

         SECURITIES ACT means the United States Securities Act of 1933, as
         amended;

         SECURITY INTEREST means any mortgage, sub-mortgage, standard security,
         charge, sub-charge, assignment, assignation in security, pledge, lien,
         right of set-off or other encumbrance or security interest;

         SELLER means initially Halifax and, as of the Reorganisation Date,
         Bank of Scotland in its capacity as seller of the Loans and their
         Related Security to the Mortgages Trustee pursuant to the terms of the
         Mortgage Sale Agreement;

         SENIOR LIABILITIES means the items listed in paragraphs (a) and (c) to
         (i) (inclusive) of the Master Issuer Pre-Enforcement Revenue Priority
         of Payments;

         SERIES means all Classes of Notes issued on a given day and any Class
         of Notes issued on any other day which: (a) is expressed to be
         consolidated; and (b) is identical in all respects (including as to
         listing) except for Closing Date, Interest Commencement Date and issue
         price with any Class of Notes issued on such given day;

         SERIES AND CLASS means a particular Class of Notes of a given Series;

         SPECIFIED CURRENCY means, in respect of any Series or Class of Notes,
         the currency or currencies specified as such for such Notes in the
         applicable Final Terms;

         SPECIFIED OFFICE means, as the context may require, in relation to any
         of the Agents, the office specified against the name of such Agent in
         the Master Issuer Paying Agent and Agent Bank Agreement or such other
         specified notice as may be notified to the Master Issuer and the Note
         Trustee pursuant to the Master Issuer Paying Agent and Agent Bank
         Agreement;

         STANDARD & POOR'S means Standard & Poor's Rating Services, a division
         of The McGraw-Hill Companies, Inc. and any successor to its ratings
         business;

         START-UP LOAN TRANCHE means a Loan Tranche made by the Master Issuer
         to Funding 2 under the Master Intercompany Loan Agreement from the
         proceeds of the advance by the Master Issuer Start-Up Loan Provider or
         a new Master Issuer Start-Up Loan Provider to the Master Issuer of a
         Master Issuer Start-Up Loan;

         STERLING-LIBOR means the London Interbank Offered Rate for sterling
         deposits, as determined by the Agent Bank on the following basis:

         (a)     on the applicable Determination Date, the Agent Bank will
                 determine the arithmetic mean, rounded upwards to five decimal
                 places, of the offered quotations to leading banks in the
                 London inter-bank market for sterling deposits for the
                 relevant period specified in the applicable Final Terms (or,
                 in the case of the first Interest Period, the linear
                 interpolation of the arithmetic mean of such offered
                 quotations for such period as specified in the applicable
                 Final Terms for sterling deposits (rounded upwards, if
                 necessary, to five decimal places)).

                 This will be determined by reference to the display as quoted
                 on the Moneyline Telerate Screen No. 3750. If the Telerate
                 Screen No. 3750 stops providing these quotations, the

                                      22

<PAGE>

                 replacement service for the purposes of displaying this
                 information will be used. If the replacement service stops
                 displaying the information, another page as determined by the
                 Master Issuer with the approval of the Note Trustee will be
                 used.

                 In each of these cases, the determination will be made as at
                 or about 11.00 a.m., London time, on that date; This is called
                 the screen rate for LIBOR or Sterling LIBOR;

         (b)     if, on any such Determination Date, the screen rate is
                 unavailable, the Agent Bank will:

                 (i)     request the principal London office of each of the
                         Reference Banks to provide the Agent Bank with its
                         offered quotation to leading banks for sterling
                         deposits of the equivalent amount, and for the
                         relevant period, in the London inter-bank market as at
                         or about 11.00 a.m. (London time); and

                 (ii)    calculate the arithmetic mean, rounded upwards to five
                         decimal places, of those quotations;

         (c)     if, on any such Determination Date, the screen rate is
                 unavailable and only two or three of the Reference Banks
                 provide offered quotations, the relevant rate for that
                 Interest Period will be the arithmetic mean of the quotations
                 as calculated in paragraph (b); and

         (d)     if, on any such Determination Date, fewer than two Reference
                 Banks provide quotations, the Agent Bank will consult with the
                 Note Trustee and the Master Issuer for the purpose of agreeing
                 a total of two banks to provide such quotations and the
                 relevant rate for that Interest Period will be the arithmetic
                 mean of the quotations as calculated in paragraph (b). If no
                 such banks are agreed then the relevant rate for that Interest
                 Period will be the rate in effect for the last preceding
                 Interest Period for which paragraph (a) or (b) was applicable;

         SUBORDINATED LOAN PRINCIPAL DEFICIENCY SUB-LEDGER means a sub-ledger
         on the Funding 2 Principal Deficiency Ledger which specifically
         records any Principal Deficiency in respect of the Subordinated Loan
         Tranches;

         SUBORDINATED LOAN TRANCHE means a Loan Tranche made by the Master
         Issuer to Funding 2 under the Master Intercompany Loan Agreement from
         the proceeds of the advance by the Master Issuer Subordinated Loan
         Provider or a new Master Issuer Subordinated Loan Provider to the
         Master Issuer of a Master Issuer Subordinated Loan;

         SUBORDINATED LOAN TRANCHE REPAYMENT REQUIREMENT means the aggregate of
         all amounts that will be payable by Funding 2 on the next Funding 2
         Interest Payment Date as described in item (i) of the Funding 2
         Pre-Enforcement Principal Priority of Payments on the basis that the
         Subordinated Loan Tranches after such repayment will equal or exceed
         the Required Subordinated Loan Tranche Principal Amount Outstanding;

         SUBSCRIPTION AGREEMENT means an agreement supplemental to the
         Programme Agreement or substantially in the form set out in the
         Programme Agreement or such other form as may be agreed between the
         Master Issuer and the Dealers;

         SUBSIDIARY means (a) a subsidiary within the meaning of section 736 of
         the Companies Act 1985, and (b) unless the context requires otherwise,
         a subsidiary undertaking within the meaning of section 258 of the
         Companies Act 1985;

         SUCCESSOR AGENT means any successor to any Agent who may be appointed
         by the Master Issuer under the Master Issuer Paying Agent and Agent
         Bank Agreement;

                                      23

<PAGE>

         SUCCESSOR AGENT BANK means any successor to the Agent Bank who may be
         appointed by the Master Issuer under the Master Issuer Paying Agent
         and Agent Bank Agreement;

         SUCCESSOR PAYING AGENT means any successor to any Paying Agent who may
         be appointed by the Master Issuer under the Master Issuer Paying Agent
         and Agent Bank Agreement;

         SUCCESSOR PRINCIPAL PAYING AGENT means any successor to the Principal
         Paying Agent who may be appointed by the Master Issuer under the
         Master Issuer Paying Agent and Agent Bank Agreement;

         SWAP COLLATERAL means, at any time, any asset (including without
         limitation, cash and/or securities) which is paid or transferred by a
         Master Issuer Swap Provider to, or held by, the Master Issuer or to
         Funding 2, as applicable, as collateral to secure the performance by
         such Master Issuer Swap Provider of its obligations under the relevant
         Master Issuer Swap Agreement together with any income or distribution
         received in respect of such asset (if the Master Issuer or Funding 2,
         as applicable, is entitled to remain the same);

         SWAP DISCLOSURE AGREEMENT means any agreement between inter alios, a
         Master Issuer Swap Provider and the Master Issuer for the purposes of
         agreeing such Master Issuer Swap Provider's reporting requirements in
         respect of information contained in the US Prospectus;

         TALON means a talon attached on issue to a Definitive Note (other than
         a Zero Coupon Note) which is exchangeable in accordance with its
         provisions for further Coupons appertaining to the Note and includes
         any replacements for Talons;

         TALONHOLDERS means the several persons who are for the time being
         holders of the Talons;

         TARGET BUSINESS DAY means a day on which the TransEuropean Automated
         Realtime Gross Settlement Express Transfer (TARGET) system is open;

         TERMS AND CONDITIONS has the same meaning as Conditions;

         TRANSACTION means the transaction contemplated by the Transaction
         Documents;

         TRANSFER AGENT means Citibank, N.A. London Branch of Citigroup Centre,
         Canada Square, Canary Wharf, London E14 5LB in its capacity as the
         transfer agent appointed by the Master Issuer under the Paying Agent
         and Agent Bank Agreement to administer the transfer of Notes;

         UK LISTING AUTHORITY means the Financial Services Authority in its
         capacity as competent authority under the Financial Services and
         Markets Act 2000;

         UNDERWRITERS means the institutions specified in the US Prospectus
         Supplement related to any Series and Class of US Notes;

         UNDERWRITING AGREEMENT means the underwriting agreement relating to
         the sale of a Series and Class of US Notes between, inter alios, the
         Master Issuer and the Underwriters;

         USD-LIBOR means the London Interbank Offered Rate for dollar deposits,
         as determined by the Agent Bank on the following basis:

         (a)     on the Determination Date applicable to the relevant Series
                 and Class of Notes as specified in the relevant Final Terms,
                 the Agent Bank will determine the arithmetic mean, rounded
                 upwards to five decimal places, of the offered quotations to
                 leading banks for US dollar deposits for the relevant period
                 as specified in the relevant Final Terms. The USD-LIBOR for
                 the first Interest Period shall be the linear interpolation of
                 the arithmetic mean of such

                                      24

<PAGE>

                 offered quotations for such period in respect of such Notes as
                 specified in the relevant Final Terms for US dollar deposits
                 (rounded upwards, if necessary, to five decimal places).

                 This will be determined by reference to the display as quoted
                 on the Moneyline Telerate Screen No. 3750. If the Telerate
                 Screen No. 3750 stops providing these quotations, the
                 replacement service for the purposes of displaying this
                 information will be used. If the replacement service stops
                 displaying the information, another page as determined by the
                 Master Issuer with the approval of the Note Trustee will be
                 used. In each of these cases, the determination will be made
                 as at or about 11.00 a.m., London time, on that date. This is
                 called the screen rate for the applicable Series and Class of
                 Notes;

         (b)     if, on any such Note Determination Date, the screen rate is
                 unavailable, the agent bank will:

                 (i)     request the principal London office of each of the
                         Reference Banks to provide the Agent Bank with its
                         offered quotation to leading banks for US dollar
                         deposits of the equivalent amount and for the relevant
                         period, in the London inter-bank market as at or about
                         11.00 a.m. (London time); and

                 (ii)    calculate the arithmetic mean, rounded upwards to five
                         decimal places, of those quotations;

         (c)     if, on any such Note Determination Date, the screen rate is
                 unavailable and only two or three of the Reference Banks
                 provide offered quotations, the relevant rate for that
                 Interest Period will be the arithmetic mean of the quotations
                 as calculated in (b); and

         (d)     if, on any such Note Determination Date, fewer than two
                 Reference Banks provide quotations, the Agent Bank will
                 consult with the Note Trustee and the Master Issuer for the
                 purpose of agreeing a total of two banks to provide such
                 quotations and the relevant rate for that Interest Period will
                 be the arithmetic mean of the quotations as calculated in (b).
                 If no such banks are agreed then the relevant rate for that
                 Interest Period will be the rate in effect for the last
                 preceding interest period for which (a) or (b) was
                 applicable.

         US GLOBAL NOTES means the US Notes in global form.

         US NOTES means each Series and Class of Notes which are registered
         with the SEC under the Securities Act;

         US PAYING AGENT means Citibank, N.A., New York Branch of 14th Floor,
         388 Greenwich Street, New York, New York 10013, as paying agent in the
         United States of America;

         US PROSPECTUS means the prospectus of the Master Issuer from time to
         time, the first prospectus being the prospectus dated 11 October 2006,
         related to the offer and sale of the US Notes;

         US PROSPECTUS SUPPLEMENT means the prospectus supplement of the Master
         Issuer from time to time, the first prospectus supplement being the
         prospectus supplement to the Prospectus dated 11 October 2006, related
         to the offer and sale of the US Notes;

         ZERO COUPON NOTE means a Note, the interest basis of which is
         specified in the applicable Final Terms as being zero coupon.

3.       INTERPRETATION AND CONSTRUCTION

3.1      Any reference in this Amended and Restated Master Issuer Master
         Definitions and Construction Schedule or any Master Issuer Transaction
         Document to:

                                      25

<PAGE>

         AFFILIATE of any person shall be construed as a reference to the
         ultimate holding company of that person or an entity of which that
         person or its ultimate holding company (a) has direct or indirect
         control or (b) owns directly or indirectly more than fifty per cent.
         (50%) of the share capital or similar rights of ownership;

         the ASSETS of any person shall be construed as a reference to the
         whole or any part of its business, undertakings, property,
         intellectual property, shares, securities, debts, accounts, revenues
         (including any right to receive revenues), goodwill, shareholdings and
         uncalled capital including premium whether now or hereafter acquired
         and any other assets whatsoever;

         DISPOSAL shall be construed as any sale, lease, transfer, conveyance,
         assignment, assignation, licence, sub-licence or other disposal and
         DISPOSE shall be construed accordingly;

         a GUARANTEE means any guarantee, bond, indemnity, letter of credit,
         third party security or other legally binding assurance against
         financial loss granted by one person in respect of any indebtedness of
         another person, or any agreement to assume any indebtedness of any
         other person or to supply funds or to invest in any manner whatsoever
         in such other person by reason of, or otherwise in relation to,
         indebtedness of such other person;

         HOLDING COMPANY means a holding company within the meaning of section
         736 of the Companies Act 1985;

         INDEBTEDNESS shall be construed so as to include any obligation
         (whether incurred as principal or as surety) for the payment or
         repayment of money, whether present or future, actual or contingent;

         a MONTH is a reference to a period starting on one day in a calendar
         month and ending on the numerically corresponding day in the next
         calendar month save that, where any such period would otherwise end on
         a day which is not a Business Day, it shall end on the next Business
         Day, unless that day falls in the calendar month succeeding that in
         which it would otherwise have ended, in which case it shall end on the
         preceding Business Day Provided that, if a period starts on the last
         Business Day in a calendar month or if there is no numerically
         corresponding day in the month in which that period ends, that period
         shall end on the last Business Day in that later month (and references
         to MONTHS shall be construed accordingly);

         PARTY shall be construed as a party to a particular agreement, as the
         case may be;

         SUBSIDIARY means, (a) a subsidiary within the meaning of section 736
         of the Companies Act 1985, and (b) unless the context requires
         otherwise, a subsidiary undertaking within the meaning of section 258
         of the Companies Act 1985;

         VAT means value added tax imposed by the United Kingdom as referred to
         in the Value Added Tax Act 1994 and legislation (whether delegated or
         otherwise) replacing the same or supplemental thereto or in any
         primary or subordinate legislation promulgated by the European Union
         or any official body or agency thereof, and any similar turnover tax
         replacing or introduced in addition to any of the same;

         a WHOLLY-OWNED SUBSIDIARY of a company or corporation shall be
         construed as a reference to any company or corporation which has no
         other members except that other company or corporation and that other
         company's or corporation's wholly-owned subsidiaries or persons acting
         on behalf of that other company or corporation or its wholly-owned
         subsidiaries; and

         the WINDING-UP, DISSOLUTION or ADMINISTRATION of a company or
         corporation shall be construed so as to include any equivalent or
         analogous proceedings under the law of the jurisdiction in which such
         company or corporation is incorporated or any jurisdiction in which
         such company or corporation

                                      26

<PAGE>

         carries on business including the seeking of liquidation, winding-up,
         bankruptcy, reorganisation, dissolution, administration, arrangement,
         adjustment, protection or relief of debtors.

3.2      [POUND], STERLING or POUNDS STERLING denotes the lawful currency for
         the time being of the United Kingdom; $, US$, DOLLAR or USD denotes
         the lawful currency for the time being of the United States of America
         and [EURO], EURO or EURO denotes the single currency introduced at the
         start of the third stage of European Economic Monetary Union pursuant
         to the Treaty of Rome of 25 March 1957, as amended by, inter alia, the
         Single European Act of 1986 and the Treaty of European Union of 7
         February 1992 and the Treaty of Amsterdam of 2 October 1997
         establishing the European Community, as further amended from time to
         time.

3.3      In this Amended and Restated Master Issuer Master Definitions and
         Construction Schedule and in any of the Transaction Documents in which
         this Amended and Restated Master Issuer Master Definitions and
         Construction Schedule is expressed to be incorporated or to which this
         Amended and Restated Master Issuer Master Definitions and Construction
         Schedule is expressed to apply:

         (a)     words denoting the singular number only shall include the
                 plural number also and vice versa;

         (b)     words denoting one gender only shall include the other
                 genders;

         (c)     words denoting persons only shall include firms and
                 corporations and vice versa;

         (d)     references to any statutory provision shall be deemed also to
                 refer to any statutory modification or re-enactment thereof or
                 any statutory instrument, order or regulation made thereunder
                 or under any such re-enactment;

         (e)     references to any agreement or other document (including any
                 of the Transaction Documents) shall be deemed also to refer to
                 such agreement or document as amended, varied, supplemented or
                 novated from time to time;

         (f)     clause, paragraph and schedule headings are for ease of
                 reference only;

         (g)     reference to a statute shall be construed as a reference to
                 such statute as the same may have been, or may from time to
                 time be, amended or re-enacted to the extent such amendment or
                 re-enactment is substantially to the same effect as such
                 statute on the date hereof;

         (h)     reference to a time of day shall be construed as a reference
                 to London time; and

         (i)     references to any person shall include references to his
                 successors, transferees and assigns and any person deriving
                 title under or through him.

3.4      Any definition that appears in the Master Issuer Transaction Documents
         that does not appear in this Amended and Restated Master Issuer Master
         Definitions and Construction Schedule, shall have the meaning given in
         the Master Definitions and Construction Schedule (as the same may be
         amended or varied from time to time), unless otherwise defined therein
         and unless the context otherwise requires. In the event of a conflict
         between the definitions set out in this Amended and Restated Master
         Issuer Master Definitions and Construction Schedule and the
         definitions set out in the Master Definitions and Construction
         Schedule, unless contrary intention appears, the definitions in the
         Amended and Restated Master Issuer Master Definitions and Construction
         Schedule shall prevail.

                                      27

<PAGE>

4.       COUNTERPARTS

         This Amended and Restated Master Issuer Master Definitions and
         Construction Schedule may be signed in any number of counterparts each
         of which, when signed, shall constitute one and the same instrument.

5.       GOVERNING LAW AND JURISDICTION

         This Amended and Restated Master Issuer Master Definitions and
         Construction Schedule is governed by, and shall be construed in
         accordance with, the laws of England, and the parties hereto
         irrevocably submit to the jurisdiction of the courts of England.

                                      28

<PAGE>

                                  SCHEDULE 1

                              ACCESSION AGREEMENT

To:      The existing parties to the Master Issuer Master Definitions and
         Construction Schedule (the EXISTING PARTIES)

From:    [Name of Company] (the NEW PARTY)

                                                                       Date:[ ]

 MASTER ISSUER MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE DATED 1 MARCH 2007
                 AND AMENDED AND RESTATED ON 21 NOVEMBER 2007

       (the MASTER ISSUER MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE)

We refer to Clause 1 (Accession of New Parties) of the Master Issuer Master
Definitions and Construction Schedule.

We, [name of company] of [registered office] (registered no. [ ]) agree to
become a party to the Master Issuer Master Definitions and Construction
Schedule and to be bound by the terms of the Master Issuer Master Definitions
and Construction Schedule in accordance with Clause 1 (Accession of New
Parties) thereof.

This Accession Agreement is entered into by way of deed and is governed by
English law.

[EXECUTED as a DEED by                       )
                                             )
[NEW PARTY]                                  )     Director
                                             )
acting by [NAME of DIRECTOR]                 )
and [NAME of DIRECTOR/SECRETARY]]            )     Director/Secretary

                                      29

<PAGE>

                                  SIGNATORIES

MASTER ISSUER

EXECUTED for and on behalf of                )
PERMANENT MASTER ISSUER PLC                  )     /s/ CLAUDIA WALLACE
By                                           )

MASTER ISSUER SECURITY TRUSTEE

EXECUTED for and on behalf of                )
THE BANK OF NEW YORK                         )
acting by its authorised signatory           )     /s/ VINCENT GIRAUD
Authorised signatory                         )

NOTE TRUSTEE

EXECUTED for and on behalf of                )
THE BANK OF NEW YORK                         )
acting by its authorised signatory           )     /s/ VINCENT GIRAUD
Authorised signatory                         )

PRINCIPAL PAYING AGENT

EXECUTED for and on behalf of                )
CITIBANK N.A., a company incorporated        )
In the United States of America              )     /s/ GEORGIA MITCHELL

by                                           )

being a person who, in
accordance with the laws
of that territory, is acting under
the authority of the company

REGISTRAR

EXECUTED for and on behalf of                )
CITIBANK N.A., a company incorporated        )
In the United States of America              )     /s/ GEORGIA MITCHELL

by                                           )

being a person who, in
accordance with the laws
of that territory, is acting under
the authority of
the company

                                      30

<PAGE>

TRANSFER AGENT

EXECUTED for and on behalf of                )
CITIBANK N.A., a company incorporated        )     /s/ GEORGIA MITCHELL
In the United States of America              )

by                                           )

being a person who, in
accordance with the laws
of that territory, is acting under
the authority of
the company

                                      31

<PAGE>

AGENT BANK

EXECUTED for and on behalf of                ) /S/ GEORGIA MITCHELL
CITIBANK N.A., a company incorporated        )
In the United States of America              )

by                                           )

being a person who, in
accordance with the laws
of that territory, is acting under
the authority of
the company

U.S. PAYING AGENT

EXECUTED for and on behalf of                ) /S/ GEORGIA MITCHELL
CITIBANK N.A.                                )
SIGNED for and on its behalf by one of its   )
duly authorised attorneys/signatories        )

being a person who, in
accordance with the laws
of that territory, is acting
under the authority of the company

MASTER ISSUER CASH MANAGER AND MASTER ISSUER
ACCOUNT BANK

EXECUTED for and on behalf of                )
BANK OF SCOTLAND PLC                         )
acting by its duly authorised attorney       )

By:                                            /S/ IAN STEWART
                                               /S/ DAVID WILKINSON

Name:

MASTER ISSUER CORPORATE SERVICES PROVIDER

EXECUTED for and on behalf of                )
STRUCTURED FINANCE MANAGEMENT                ) /S/ CLAUDIA WALLACE
LIMITED                                      )
acting by its duly authorised attorney       )

By:

Name:

MASTER ISSUER POST-ENFORCEMENT CALL OPTION HOLDER

EXECUTED for and on behalf of                )
PERMANENT PECOH LIMITED                      )

                                      32

<PAGE>

By
Name:                                        ) /S/ HELENA WHITAKER

2006-1 SERIES 1 MASTER ISSUER SWAP PROVIDER, 2006-1 SERIES 2 MASTER ISSUER
SWAP PROVIDER AND 2006-1 SERIES 5 MASTER ISSUER SWAP PROVIDER

EXECUTED for and on behalf of                )
DEUTSCHE BANK AG, LONDON                     )
BRANCH                                       )
acting by its duly authorised attorney       ) /S/ MEGAN WALLIS

By:                                            /S/ DAVID BUNTY
Name:

                                      33

<PAGE>

2006-1 SERIES 3 MASTER ISSUER SWAP PROVIDER

EXECUTED for and on behalf of                )
CREDIT SUISSE INTERNATIONAL                  ) /S/ ULRIKE SCHEFE
signed for and on its behalf by one of its   ) /S/ PARMINDER BAINS
duly authorised attorneys/signatories        )

By:

Name:

2006-1 SERIES 4 MASTER ISSUER SWAP PROVIDER

EXECUTED for and on behalf of                )
BARCLAYS BANK PLC                            )
acting by its duly                           )
authorised attorney                          )

By:                                            /S/ STEWART BROWN

Name:

2007-1 SERIES 3 CLASS A MASTER ISSUER SWAP PROVIDER

EXECUTED for and on behalf of                )
CITIBANK N.A., LONDON                        ) /S/ STEPHANE CARRIER
BRANCH                                       )
acting by its attorney)

2007-1 SERIES 1 MASTER ISSUER SWAP PROVIDER AND 2007-1 SERIES 2 MASTER ISSUER
SWAP PROVIDER

EXECUTED for and on behalf of                )
CREDIT SUISSE, LONDON BRANCH                 ) /S/ URIKE SCHEFE
acting by                                    ) /S/ PARMINDER BAINS

2007-1 SERIES 4 MASTER ISSUER SWAP PROVIDER

EXECUTED for and on behalf of                )
DEUTSCHE BANK AG, LONDON                     ) /S/ MEGAN WALLIS
BRANCH                                       ) /S/ DAVID BUNTY
acting by its authorised signatories         )

                                      34PERMANENT MORTGAGES TRUSTEE LIMITED                                EXHIBIT 10.10

and

SFM OFFSHORE LIMITED

AND

THE BANK OF NEW YORK

_______________________________________________________________________________

AMENDED AND RESTATED MORTGAGES TRUSTEE CORPORATE SERVICES AGREEMENT
_______________________________________________________________________________

21 November 2007

<PAGE>

THIS AGREEMENT is made the 21 day of November 2007

BETWEEN

(1)      PERMANENT MORTGAGES TRUSTEE LIMITED, a company incorporated under the
         laws of Jersey, registered number 83116, whose registered office is at
         47 Esplanade, St. Helier, Jersey, JE1 0BD, Channel Islands (the
         COMPANY);

(2)      SFM OFFSHORE LIMITED, a company incorporated under the laws of Jersey,
         registered number 76015, whose registered office is at 47 Esplanade,
         St. Helier, Jersey, JE1 0BD, Channel Islands (in its capacity as the
         MORTGAGES TRUSTEE CORPORATE SERVICES PROVIDER); and

(3)      THE BANK OF NEW YORK, a New York banking corporation acting through
         its office at One Canada Square, London E14 5AL (in its capacities as
         FUNDING 1 SECURITY TRUSTEE and FUNDING 2 SECURITY TRUSTEE, together
         the SECURITY TRUSTEE).

WHEREAS

(A)      The Company has undertaken to hold the benefit of all the Trust
         Property from time to time transferred to it or acquired by it from
         the Seller (initially Halifax plc and as of the Reorganisation Date,
         Bank of Scotland plc) upon trust for the Seller and Funding 1 and, as
         of the Programme Date, Funding 2 in accordance with the terms of the
         Mortgages Trust Deed.

(B)      Pursuant to a declaration of trust dated 7 May 2002 constituting a
         charitable trust known as the Permanent Mortgages Jersey Charitable
         Trust, the Mortgages Trustee Corporate Services Provider and Dominion
         Corporate Nominees Limited (as nominee of the Mortgages Trustee
         Corporate Services Provider) hold on trust the entire issued share
         capital of the Company.

(C)      The Company has requested the Mortgages Trustee Corporate Services
         Provider to provide administrative and secretarial services to the
         Company upon the terms set out in this Agreement in order to carry out
         its obligations under the Transaction Documents. The Mortgages Trustee
         Corporate Services Provider is willing to provide such service to the
         Company upon such terms.

NOW IT IS HEREBY AGREED as follows:-

1.       INTERPRETATION

         1.1.    The amended and restated master definitions and construction
                 schedule signed by, amongst others, the parties to this
                 Agreement and dated 21 November 2007 (as the same may be
                 amended, restated or supplemented from time to time with the
                 consent of the parties to this Agreement) (the MASTER
                 DEFINITIONS AND CONSTRUCTION SCHEDULE) and the master issuer
                 master definitions and construction schedule signed

<PAGE>

                 for the purposes of identification by Allen & Overy LLP and
                 Sidley Austin on 21 November 2007 (as the same may be amended,
                 varied or supplemented from time to time with the consent of
                 the parties to this Agreement) (the MASTER ISSUER MASTER
                 DEFINITIONS AND CONSTRUCTION SCHEDULE) are expressly and
                 specifically incorporated into this Agreement and,
                 accordingly, the expressions defined in the Master Definitions
                 and Construction Schedule and the Master Issuer Master
                 Definitions and Construction Schedule (as so amended, varied
                 or supplemented from time to time) shall, except where the
                 context otherwise requires and save where otherwise defined
                 herein, have the meanings in this Agreement, including the
                 Recitals hereto, and this Agreement shall be construed in
                 accordance with the interpretation provisions set out in
                 CLAUSE 2 (Interpretation and Construction) of the Master
                 Definitions and Construction Schedule and the Master Issuer
                 Master Definitions and Construction Schedule.

         1.2.    In this Agreement each reference to a party shall be deemed to
                 include its successors and permitted assigns. For this purpose
                 SUCCESSOR means in relation to a party an assignee or
                 successor in title of such party or any person who, under the
                 laws of its jurisdiction of incorporation or domicile has
                 assumed the rights and/or obligations of such party or to whom
                 under such laws the same have been transferred.

         1.3.    This Agreement amends and restates the Mortgages Trustee
                 Corporate Services Agreement dated 14 June 2002 (the PRINCIPAL
                 AGREEMENT). As of the date of this Agreement, any future
                 rights or obligations (excluding such rights and obligations
                 accrued to the date of this Agreement) of a party to the
                 Principal Agreement shall be extinguished and shall instead be
                 governed by this Agreement.

2.       ADMINISTRATIVE SERVICES

         2.1     The Mortgages Trustee Corporate Services Provider shall
                 provide the following services (the SERVICES) in Jersey:-

                 2.1.1   a registered office and administrative office for the
                         Company;

                 2.1.2   the services of two individuals who are residents of
                         the Island of Jersey for tax purposes who will accept
                         office as directors of the Company;

                 2.1.3   the services of a secretary to the Company to perform
                         all the duties properly required of a secretary by the
                         directors of the Company and the Companies (Jersey)
                         Law 1991 (the LAW);

                 2.1.4   the arrangement of an annual meeting of directors and
                         shareholders of the Company on the Island of Jersey
                         and the preparation of minutes of such meetings;

                 2.1.5   the maintenance of the statutory books of the Company
                         and any other books and records required by law or
                         ordinarily required by a Jersey company and

<PAGE>

                         the preparation and issue of share certificates;

                 2.1.6   the preparation and submission of annual returns of
                         the Company and procuring that the Company pays the
                         fee required to be paid to the Jersey authorities in
                         connection therewith;

                 2.1.7   the preparation and submission of any other documents
                         required by law to be prepared or filed by the
                         Company;

                 2.1.8   the instruction of the Company's auditors (if any) to
                         prepare the annual audited financial statements;

                 2.1.9   the safekeeping of the common seal of the Company and
                         arranging for sealing of documents as authorised by
                         the directors of the Company;

                 2.1.10  the provision (if necessary) of nominees to hold the
                         issued shares of the Company;

                 2.1.11  the execution of all such agreements, documents and
                         undertakings as shall be necessary in connection with
                         the business of the Company if so authorised by a
                         valid resolution of the Board of Directors of the
                         Company;

                 2.1.12  the acceptance of service of process and any other
                         documents or notices to be served on the Company;

                 2.1.13  in respect of the Company, as and when requested under
                         the terms of any agreements to which the Company is
                         party, the delivery to any person entitled to it under
                         such terms of such information or documents which is
                         (i) provided for under such agreements, and (ii) in
                         the possession of the Mortgages Trustee Corporate
                         Services Provider or is reasonably obtainable by it;

                 2.1.14  in respect of the Company, the response to
                         correspondence and communication thereof with
                         directors and shareholders as necessary;

                 2.1.15  the delivery, at the request of the relevant board of
                         directors, of any directions and information to any
                         providers of services (such as auditors, accountants,
                         financial or management advisers or attorneys) or
                         other agents appointed by the board of directors
                         pursuant to the Articles of Association of the
                         Company; and

                 2.1.16  the use of its best efforts to cause the Company (to
                         the extent that the Company has sufficient funds and
                         other resources and is otherwise able to do so) to
                         comply with its obligations under any agreement by
                         which the Company is bound and under all relevant
                         laws.

         2.2.    The Mortgages Trustee Corporate Services Provider shall also
                 provide other

<PAGE>

                 supplementary services as agreed between the Company or
                 Security Trustee and the Mortgages Trustee Corporate Services
                 Provider, or that the Mortgages Trustee Corporate Services
                 Provider deems necessary as being ancillary to the Services,
                 from time to time (the ADDITIONAL SERVICES).

3.       Mortgages Trustee Corporate Services Provider's DUTIES

         3.1.    The Mortgages Trustee Corporate Services Provider shall at all
                 times (subject to Clause 4 hereof) act in accordance with all
                 reasonable and proper directions, orders and instructions
                 given by the Board of Directors of the Company.

         3.2.    The Mortgages Trustee Corporate Services Provider shall not
                 knowingly do or knowingly omit to do anything which would
                 constitute a breach of any provisions of the Articles of
                 Association of the Company or of any legally binding
                 restrictions applying to the Company. This includes but is not
                 limited to any legally binding restrictions applying to the
                 Company as a consequence of its being a party to the
                 Transaction Documents.

4.       ACCELERATION NOTICE

                 Entitlement to Nominate

         4.1.    Prior to the service of a Note Acceleration Notice or an
                 Intercompany Loan Acceleration Notice (an ACCELERATION
                 NOTICE):

                 (a)     the Seller is entitled to, and shall, nominate one
                         person willing to serve in the capacity of director of
                         the Company;

                 (b)     the Mortgages Trustee Corporate Services Provider is
                         entitled to, and shall, nominate two Jersey resident
                         persons willing to serve in the capacity of a director
                         of the Company; and

                 (c)     the Mortgages Trustee Corporate Services Provider is
                         entitled to, and shall, nominate one person willing to
                         serve in the capacity of secretary of the Company and
                         has nominated itself in such capacity.

                 Appointor

         4.2.    In relation to any person nominated or deemed to be nominated
                 under Clause 4.1 (Entitlement to Nominate) above or Clause 4.3
                 (Resignation or Retirement of Director) below, whichever of
                 the Seller or the Mortgages Trustee Corporate Services
                 Provider nominated that person is referred to below as that
                 person's APPOINTOR.

                 Resignation or Retirement of Director

         4.3.    Each appointor hereby confirms to the other that, if the
                 person nominated or deemed to be nominated by it should resign
                 or retire or for any other reason cease to act as

<PAGE>

                 director of the Company, it will promptly: (i) procure that
                 such director shall acknowledge in writing that he has no
                 claim of any nature whatsoever against the Company; (ii)
                 nominate another person willing to act in the relevant
                 capacity; and (iii) procure the consent of that other person
                 to act in that capacity.

                 Acceptance of Appointment and Payment

         4.4.    Each appointor shall procure that each of the persons
                 respectively nominated or deemed to be nominated by it from
                 time to time as provided above accepts the relevant
                 appointment and acts in the relevant capacity without fee or
                 remuneration (including, for the avoidance of doubt, upon
                 resignation or retirement) from the Company, save that nothing
                 in this Agreement shall prejudice the right of the Mortgages
                 Trustee Corporate Services Provider to be remunerated for its
                 services under Clause 14 (Remuneration) below.

                 Composition of Boards

         4.5.    The Mortgages Trustee Corporate Services Provider undertakes
                 and agrees as follows:

                 (a)     subject to its duties and obligations as share trustee
                         under the Permanent Mortgages Jersey Charitable Trust
                         and subject to Clause 4.6 (Service of an Acceleration
                         Notice) below, that it shall exercise its rights as a
                         shareholder of the Company and all rights and powers
                         vested in it under the Articles of Association of the
                         Company so as to procure that the board of directors
                         of the Company comprises at all times one nominee of
                         the Seller (provided that the Seller shall have
                         nominated a person to such office) and two nominees of
                         the Mortgages Trustee Corporate Services Provider, as
                         provided under Clause 4.1 above; and

                 (b)     SFM Offshore Limited and the Seller shall confirm that
                         at all times a majority (by number) of the directors
                         nominated by them under Clause 4.1 above will be
                         resident in Jersey and have been confirmed by an
                         officer of the Jersey Financial Services Commission
                         (the COMMISSION) as being acceptable to the
                         Commission.

                 Service of an Acceleration Notice

         4.6.    The Company shall notify the Mortgages Trustee Corporate
                 Services Provider forthwith upon its being notified of a Note
                 Acceleration Notice being served on the Issuer or of an
                 Intercompany Loan Acceleration Notice being served on Funding
                 1. In the event that the Mortgages Trustee Corporate Services
                 Provider has received notification pursuant to this Clause
                 4.6, the Mortgages Trustee Corporate Services Provider shall
                 act only in accordance with the directions of the Security
                 Trustee.

<PAGE>

5.       STATUTORY ACCOUNTS

         5.1.    The Mortgages Trustee Corporate Services Provider shall,
                 subject to all applicable laws, provide all information and
                 access to books and records as the Auditors (if any) may
                 reasonably require for the purpose of auditing the annual
                 accounts of the Company;

         5.2.    Subject to the approval of the Company, the Mortgages Trustee
                 Corporate Services Provider shall cause the annual accounts of
                 the Company to be audited by the Auditors (if any) and shall
                 procure, so far as it is able to do so, that the Auditors
                 shall make a report thereon as required by law;

         5.3.    The Mortgages Trustee Corporate Services Provider shall
                 arrange for the Cash Manager and the Security Trustee to
                 receive such copies of the accounts (audited if required) as
                 shall be required by the Transaction Documents within 120 days
                 of the end of each accounting reference period. It shall also
                 send copies of the audited accounts to such other parties as
                 either the Cash Manager or the Security Trustee shall request;

         5.4.    The Mortgages Trustee Corporate Services Provider shall take
                 all reasonable steps to procure that, within 120 days of the
                 end of each accounting reference period, the Auditors (if any)
                 provide to the Cash Manager for submission to the Financial
                 Services Authority, the London Stock Exchange plc, the Jersey
                 Registrar of Companies, the Rating Agencies and to any other
                 persons as the Cash Manager may deem necessary, a copy of the
                 Auditors' report.

6.       DATA PROTECTION AND CONSUMER CREDIT

         The Company confirms that it has filed a notification under the Data
         Protection Act 1998 in the United Kingdom, has registered as a data
         user under the Data Protection (Jersey) Law 2005 and has obtained a
         licence under the Consumer Credit Act 1974 in the United Kingdom. The
         Mortgages Trustee Corporate Services Provider will use its best
         endeavours to procure that the Company maintains such registrations
         and that the Company obtains and maintains all necessary
         registrations, licences and authorities required to enable the Company
         to perform its obligations under the Transaction Documents subject to
         the correct adherence to their obligations of any other parties to the
         Transaction Documents and any legal obligation brought to the notice
         of the Mortgages Trustee Corporate Services Provider.

7.       DESIGNATED RESOURCES - DESIGNATED CSP STAFF

         7.1.    The Mortgages Trustee Corporate Services Provider shall
                 procure that from the Initial Closing Date until the date of
                 termination of this Agreement (the CSP STAFF PERIOD), two of
                 its officers and one manager (the DESIGNATED CSP STAFF, each
                 officer or manager being a DESIGNATED CSP STAFF MEMBER) are
                 available on a non-exclusive and part time basis to the
                 Company.

<PAGE>

         7.2.    The Mortgages Trustee Corporate Services Provider may
                 designate an alternative individual or individuals to be a
                 Designated CSP Staff Member, PROVIDED THAT if the Mortgages
                 Trustee Corporate Services Provider becomes aware of any
                 notice of termination of the contract of employment given or
                 received from a Designated CSP Staff Member, the Mortgages
                 Trustee Corporate Services Provider will promptly notify the
                 Security Trustee and shall ensure that an alternative
                 individual is designated as a replacement Designated CSP Staff
                 Member.

         7.3.    This Agreement is a contract for services and is not intended
                 to constitute and nothing in this Agreement shall have the
                 effect of constituting any relationship of employer and
                 employee between the Company (as employer) and the Designated
                 CSP Staff Members (as employee). Notwithstanding the
                 designation of the Designated CSP Staff as available on a
                 non-exclusive basis to provide Services or the Additional
                 Services, the Designated CSP Staff will not, at any time, be
                 under the control or management of the Company. None of the
                 Designated CSP Staff will be employed by the Mortgages Trustee
                 Corporate Services Provider (or such other company as the
                 Mortgages Trustee Corporate Services Provider may designate
                 for this purpose) exclusively to perform the Services or the
                 Additional Services.

         7.4.    This Agreement is not intended to and nothing in this
                 Agreement shall have the effect of constituting a Designated
                 CSP Staff Member as agent of the Company. No Designated CSP
                 Staff Member shall have the authority or right to contract on
                 behalf of the Company or to bind it in any way in relation to
                 third parties, save as specifically authorised by the Company
                 from time to time or, as applicable, where the Designated CSP
                 Staff Member is acting solely in his capacity as a director of
                 the Company and has been duly authorised in that regard by the
                 board of directors of the Company. Nothing in this Agreement
                 shall constitute a partnership or joint venture between the
                 parties.

         7.5.    For the avoidance of doubt, the Mortgages Trustee Corporate
                 Services Provider may at its discretion, and shall where
                 necessary, use other persons in the performance of the
                 Services or the Additional Services where needed in supplement
                 to, or substitution of the Designated CSP Staff PROVIDED THAT
                 such persons are resident in Jersey.

8.       DESIGNATED RESOURCES - OFFICE SPACE

         8.1.    The Mortgages Trustee Corporate Services Provider agrees to
                 designate a specific area (the DESIGNATED OFFICE SPACE) within
                 the premises of the Mortgages Trustee Corporate Services
                 Provider as the office from which the Designated CSP Staff may
                 perform the Services or the Additional Services, and where the
                 Mortgages Trustee Corporate Services Provider may (but is not
                 required to) store files, records and correspondence referred
                 to in Clause 9 below.

         8.2.    The Designated Office Space will not be used exclusively by
                 the Mortgages Trustee Corporate Services Provider to provide
                 the Services or the Additional Services.

<PAGE>

         8.3.    The Mortgages Trustee Corporate Services Provider may provide
                 services to other companies managed and administered by the
                 Mortgages Trustee Corporate Services Provider from the
                 Designated Office Space.

         8.4.    The Mortgages Trustee Corporate Services Provider will retain
                 possession and control of the Designated Office Space and the
                 Company will not have possession or control of either:

                 (a)     the Designated Office Space itself; or

                 (b)     any means of access thereto or egress therefrom; or

                 (c)     any plant or substance in the Designated Office Space;
                         or

                 (d)     any equipment or files in the Designated Office Space.

                 For the avoidance of doubt, nothing in this Agreement shall be
                 taken as granting a lease, licence or other interest in the
                 Designated Office Space which shall remain the property of the
                 Mortgages Trustee Corporate Services Provider.

9.       DESIGNATED RESOURCES

         9.1.    The Mortgages Trustee Corporate Services Provider further
                 agrees that non-dedicated communication facilities may be
                 provided to the Company, which facilities may include a shared
                 telephone line with the Mortgages Trustee Corporate Services
                 Provider and be (but shall not be required to be) provided in
                 the Designated Office Space and which may be (but shall not be
                 required to be) manned by the Designated CSP Staff.

         9.2.    The Mortgages Trustee Corporate Services Provider shall
                 maintain files, records and correspondence relating to the
                 Company and may do so, but shall not be required to, in the
                 Designated Office Space.

10.      WARRANTIES AND UNDERTAKINGS OF THE MORTGAGES TRUSTEE CORPORATE
         SERVICES PROVIDER

         10.1.   The Mortgages Trustee Corporate Services Provider warrants to
                 the Company:

                 (a)     it is duly registered as a company limited by shares
                         under Jersey Law;

                 (b)     it has power under its Memorandum and Articles of
                         Association, and all necessary corporate authority has
                         been obtained and action taken for it to sign and
                         deliver and perform the transactions contemplated in
                         this Agreement; and

                 (c)     the signing and delivery of this Agreement does or
                         will not contravene or constitute a default under, or
                         cause to be exceeded any limitation on it or the
                         powers of its directors, imposed by or contained in,
                         (1) any law by which it or any of its assets is bound
                         or affected, (2) its Memorandum and Articles of

<PAGE>

                         Association, or (3) any agreement to which it is a
                         party or by which any of its assets its bound.

         10.2.   The Mortgages Trustee Corporate Services Provider undertakes
                 generally to provide or procure such human and other resources
                 as is appropriate to perform all the Services or the
                 Additional Services described in this Agreement to the
                 appropriate standard.

11.      NON-PETITION AND LIMITED RECOURSE

         The Mortgages Trustee Corporate Services Provider agrees that it will
         not initiate or join any person in initiating an Insolvency Event in
         relation to the Company.

         In relation to the Company, any amount payable under this Agreement by
         the Company to any other party to this Agreement, not being an amount
         payable out of the Trust Property in accordance with the terms of the
         Mortgages Trust Deed, shall only be payable to the extent that, on
         that date, the Company has sufficient funds to pay such amount out of
         the fees paid to it under the Mortgages Trust Deed.

12.      ASSIGNMENT

         Except with the consent of the Security Trustee, the Mortgages Trustee
         Corporate Services Provider may not assign or transfer or purport to
         assign or transfer a right or obligation under this Agreement.

13.      INFORMATION AND DATA REGARDING THE COMPANY

         13.1.   The Mortgages Trustee Corporate Services Provider hereby
                 agrees that all information and data held by it in respect of
                 the Company on any computer system of the Mortgages Trustee
                 Corporate Services Provider is the sole property of the
                 Company.

         13.2.   The Mortgages Trustee Corporate Services Provider agrees that
                 all such information and data and all other information
                 relating to the services provided under this Agreement shall
                 be kept safely and treated as confidential and shall use its
                 best endeavours to prevent disclosure of such information to
                 any third party, provided however that the provisions of this
                 Clause 13.2 shall not apply:

                 (a)     to the disclosure of any information already known to
                         the recipient otherwise than as a result of a breach
                         of this Clause 13.2;

                 (b)     to the disclosure of any information which is or
                         becomes public knowledge otherwise than as a result of
                         such disclosure being made in breach of this Clause
                         13.2, or as a result of the unauthorised or improper
                         conduct of the recipient;

                 (c)     to the extent that disclosure is required pursuant to
                         any law or order of any court or pursuant to any
                         direction, request or requirement (whether or not
                         having the force of law) of any central bank or any
                         governmental or other regulatory or taxation authority
                         (including, without limitation, any

<PAGE>

                         official bank examiners or regulators or the Financial
                         Services Authority in its capacity as the UK Listing
                         Authority);

                 (d)     to the disclosure of any information to professional
                         advisers to, or agents of, the Mortgages Trustee
                         Corporate Services Provider, the Seller or any of the
                         Rating Agencies who receive the same under a duty of
                         confidentiality;

                 (e)     to the disclosure of any information with the consent
                         of all the parties hereto or to the Security Trustee;

                 (f)     to the disclosure of any information in respect of the
                         Issuer to the Security Trustee; and

                 (g)     to disclosure on behalf of the Issuer of any
                         information required by the terms of any Transaction
                         Documents to which the Issuer is now or becomes a
                         party, to the persons to whom such disclosure is
                         required by the terms of the relevant Transaction
                         Document,

                 the Mortgages Trustee Corporate Services Provider agrees to
                 use said information solely for the purposes of this Agreement
                 and hereby agrees to indemnify and hold harmless the Seller,
                 the Security Trustee and the Company on an after tax basis for
                 all losses, damages, expenses, costs, claims and charges
                 arising from or caused by any disclosure of information by the
                 Mortgages Trustee Corporate Services Provider or any agent
                 appointed by it or any director nominated or deemed to be
                 nominated by it or any agent appointed by it, which disclosure
                 is made contrary to the provisions of this Clause 13.2. The
                 agreement constituted by the terms of this Clause 13.2 shall
                 continue even after the termination of this Agreement.

         13.3.   After termination of this Agreement the Mortgages Trustee
                 Corporate Services Provider shall deliver up to the Company,
                 within 2 working days of the Company's request therefore, all
                 such information and data, or, at the request of the Company,
                 destroy the same.

14.      REMUNERATION

         14.1.   The Company shall remunerate the Mortgages Trustee Corporate
                 Services Provider in accordance with the fees set out in a
                 corporate services fee letter dated the date hereof for the
                 supply of services to the Company pursuant to this Agreement.

         14.2.   In addition to the scale of fees, the Mortgages Trustee
                 Corporate Services Provider, its officers, employees, and any
                 person to whom it has delegated its duties hereunder shall be
                 entitled to reimbursement of all out of pocket expenses
                 reasonably incurred by them in the proper performance of such
                 services hereunder.

15.      INDEMNITY

         15.1.   The Company shall at all times keep the Mortgages Trustee
                 Corporate Services Provider, its directors, officers,
                 employees, agents and nominees fully and effectively
                 indemnified and saved harmless against all actions,
                 proceedings, claims, demands, damages, costs and other
                 liabilities whatsoever arising out of the performance of its

<PAGE>

                 or their duties under this Agreement save only liabilities
                 arising as a consequence of gross negligence, bad faith,
                 fraud, wilful default, dishonesty or wilful misconduct on the
                 part of such persons. This indemnity shall continue after the
                 termination of the duties of the Mortgages Trustee Corporate
                 Services Provider under this Agreement and the benefit shall
                 extend to all directors, officers, employees agents and
                 nominees of the Mortgages Trustee Corporate Services Provider
                 from time to time and to the successors in title of the
                 Mortgages Trustee Corporate Services Provider.

         15.2.   The Mortgages Trustee Corporate Services Provider shall at all
                 times keep the Company, its directors, officers, employees,
                 agents and nominees fully and effectively indemnified and
                 saved harmless against all actions, proceedings, claims,
                 demands, damages, costs and other liabilities whatsoever
                 arising out of any breach by the Mortgages Trustee Corporate
                 Services Provider in its duties under this Agreement or
                 arising as a consequence of negligence, bad faith, fraud,
                 wilful default, dishonesty or wilful misconduct on the part of
                 the Mortgages Trustee Corporate Services Provider. This
                 indemnity shall continue after the termination of the duties
                 of the Mortgages Trustee Corporate Services Provider under
                 this Agreement and the benefit shall extend to all directors,
                 officers, employees, agents and nominees of the Company from
                 time to time and to the successors in title of the Company.

16.      LIABILITY OF THE MORTGAGES TRUSTEE CORPORATE SERVICES PROVIDER

         16.1.   The Mortgages Trustee Corporate Services Provider shall not be
                 liable for any loss to the Company arising in consequence of
                 the failure, depreciation or loss of any investments (of the
                 Company) made in accordance with instructions and guidelines
                 given by the Board of Directors of the Company except by
                 reason of fraud, wilful misconduct or gross negligence on the
                 part of the Mortgages Trustee Corporate Services Provider.

         16.2.   Without prejudice to the generality of clause 16.1 of this
                 Agreement the Mortgages Trustee Corporate Services Provider
                 shall not incur any liability whatsoever arising from:

                 (a)     the negligence or fraud of any delegate or agent
                         appointed or employed with the consent, or on the
                         instructions of, the Board of Directors of the
                         Company; or

                 (b)     anything done or omitted in conformity with any advice
                         given or purporting to have been given by any agent
                         appointed or employed in connection with the affairs
                         of the Company with the consent of the Board of
                         Directors of the Company.

17.      SCOPE OF OBLIGATIONS

         17.1.   The Mortgages Trustee Corporate Services Provider, its
                 directors, officers, employees, agents and nominees shall not
                 be obliged to act in any manner which may be contrary

<PAGE>

                 to law.

         17.2.   The Mortgages Trustee Corporate Services Provider shall not be
                 required to take any legal action on behalf of the Company
                 unless fully indemnified to its satisfaction.

         17.3.   When deemed necessary for the proper performance of its
                 administrative duties, the Mortgages Trustee Corporate
                 Services Provider may, on behalf of the Company seek legal,
                 tax, financial, administrative or other advice as well as
                 employ third parties to provide services.

         17.4.   The Mortgages Trustee Corporate Services Provider's
                 obligations hereunder to procure that the Company make all
                 payments required of it shall be subject to the availability
                 of the Company's funds to do so and in no circumstances shall
                 the Mortgages Trustee Corporate Services Provider be required
                 to make payments in connection with the Business of the
                 Company out of its own funds.

         17.5.   The obligations of the Mortgages Trustee Corporate Services
                 Provider and the Company under this Agreement are solely the
                 corporate obligations of the Mortgages Trustee Corporate
                 Services Provider and the Company respectively. No recourse
                 shall be had in respect of any obligation or claim arising out
                 of or based upon this Agreement against any employee, officer,
                 of the Share Trustee, the Mortgages Trustee Corporate Services
                 Provider or any employee, officer, director or secretary of
                 the Company except where the claim, demand, liability, cost or
                 expense in connection therewith arises from the gross
                 negligence, bad faith or wilful default of such employee,
                 officer, director or secretary of the Share Trustee, the
                 Mortgages Trustee Corporate Services Provider or the Company.

18.      TERMINATION

         18.1.   The appointment of the Mortgages Trustee Corporate Services
                 Provider hereunder shall terminate:-

                 (a)     upon the expiration of 90 days notice in writing given
                         by the Mortgages Trustee Corporate Services Provider
                         or by the Company and provided that a substitute
                         administrator acceptable to the Company and (if
                         applicable) the Jersey Financial Services Commission
                         (if required under any consent granted pursuant to the
                         Control of Borrowing (Jersey) Order 1958 as amended)
                         has been appointed on terms substantially the same as
                         those set out in this Agreement and that such
                         appointment will be effective not later than the date
                         of the termination;

                 (b)     immediately if:

                         (i)     an order has been made or a resolution has
                                 been passed to put the

<PAGE>

                                 Mortgages Trustee Corporate Services Provider
                                 into liquidation (except a voluntary
                                 liquidation for the purpose of reconstruction
                                 or amalgamation); or

                         (ii)    the Mortgages Trustee Corporate Services
                                 Provider has broken or is in breach of any of
                                 the terms of this Agreement and shall not have
                                 remedied such breach within 30 days after
                                 service of notice requiring the same to be
                                 remedied; or

                         (iii)   the Mortgages Trustee Corporate Services
                                 Provider is declared en desastre or has
                                 committed any act or omission indicative of
                                 insolvency; or

                         (iv)    the Mortgages Trustee Corporate Services
                                 Provider ceases or threatens to cease to carry
                                 on its business or a substantial part of its
                                 business or stops payment or threatens to stop
                                 payment of its debts.

         18.2.   Termination of the appointment of the Mortgages Trustee
                 Corporate Services Provider under this Clause shall be without
                 prejudice to the rights of any party in respect of any
                 antecedent claim against or breach of the terms of this
                 Agreement by the Mortgages Trustee Corporate Services
                 Provider.

19.      THE SECURITY TRUSTEE

         The Security Trustee has agreed to become a party to this Agreement
         for the better preservation and enforcement of its rights under this
         Agreement but shall have no obligation or liability whatsoever to the
         Mortgages Trustee Corporate Services Provider or the Company under or
         arising from or by virtue of the Security Trustee joining as a party
         to this Agreement.

20.      NOTICES

         Notices to be given hereunder shall be delivered by hand or mailed to
         the address of the relevant party set out herein and where mailed
         shall be deemed to be duly given on the third day after the day of
         mailing.

21.      NO RESTRICTIONS

         Nothing in this Agreement shall limit or restrict the right of any
         director, officer or employee of the Mortgages Trustee Corporate
         Services Provider or any director, officer, employee or partner of any
         of its subsidiaries or its affiliates to engage in any other business
         or to devote his time and attention to the management or other aspects
         of any other business, whether of a similar or dissimilar nature, nor
         to limit or restrict the right of the Mortgages Trustee Corporate
         Services Provider or any of its subsidiaries or affiliates to engage
         in any other business or to render services of any kind to any other
         corporation, firm, individual or association.

22.      COUNTERPARTS

         The Agreement may be signed in any number of counterparts which, taken
         together, shall constitute one and the same Agreement.

<PAGE>

23.      GOVERNING LAW

         This Agreement shall be governed by and construed in accordance with
         the laws of Jersey.

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly
executed this day and year first above written.

SIGNED by                               ) /S/ ABU KAPADIA
For and on behalf of                    )
PERMANENT MORTGAGES TRUSTEE             )
LIMITED

SIGNED by                               ) /S/ ABU KAPADIA
for and on behalf of                    )
SFM OFFSHORE LIMITED                    )

SIGNED by                               ) /S/ VINCENT GIRAUD
for and on behalf of                    )
THE BANK OF NEW YORK                    )

<PAGE>

                                   CONTENTS

CLAUSE                                                                  PAGE NO

1.       Interpretation.......................................................2

2.       Administrative Services..............................................2

3.       Mortgages Trustee Corporate Services Provider's Duties...............4

4.       Acceleration Notice..................................................4

5.       Statutory Accounts...................................................6

6.       Data Protection and Consumer Credit..................................7

7.       Designated Resources - Designated CSP Staff..........................7

8.       Designated Resources - Office Space..................................8

9.       Designated Resources.................................................9

10.      Warranties and Undertakings of the Mortgages Trustee Corporate
         Services Provider....................................................9

11.      Non - Petition and Limited Recourse.................................10

12.      Assignment..........................................................10

13.      Information and Data regarding the Company..........................10

14.      Remuneration........................................................11

15.      Indemnity...........................................................12

16.      Liability of the Mortgages Trustee Corporate Services Provider......12

17.      Scope of Obligations................................................13

18.      Termination.........................................................13

19.      The Security Trustee................................................14

20.      Notices.............................................................14

21.      No Restriction......................................................14

22.      Counterparts........................................................14

23.      Governing Law.......................................................14

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