Document:

C L I F F O R D                                    LIMITED LIABILITY PARTNERSHIP

C H A N C E
                                                                  CONFORMED COPY

                                Dated 7 July 2000

                                BARCLAYS BANK PLC
                                 (as Transferor)

                                     - and -

                     GRACECHURCH RECEIVABLES TRUSTEE LIMITED
                            (as Receivables Borrower)

             ------------------------------------------------------
                       AMENDMENT AND RESTATEMENT AGREEMENT
                                   Relating to
                      RECEIVABLES SECURITISATION AGREEMENT
             ------------------------------------------------------

<PAGE>

                                    CONTENTS

CLAUSE                                                                      PAGE

1.     Interpretation..........................................................I

2.     Amendment...............................................................I

3.     Costs and Expenses......................................................I

4.     Governing Law and Jurisdiction..........................................I

5.     Counterparts............................................................I

THE SCHEDULE Amended Form of Receivables Securitisation Agreement............III

<PAGE>

THIS AMENDMENT AGREEMENT is made on 7 July 2000

BETWEEN

(1)     BARCLAYS BANK PLC, an institution authorised under the Banking Act 1987,
        acting through its business unit "Barclaycard", having its principal
        place of business at 1234 Pavillion Drive, Northampton NN4 7SG (the
        "Transferor"); and

(2)     GRACECHURCH RECEIVABLES TRUSTEE LIMITED, a company incorporated in
        Jersey having its registered office at 26 New Street, St. Helier, Jersey
        JE2 3RA, Channel Islands in its capacity as Receivables Trustee.

WHEREAS

(A)     On 23 November 1999, the Transferor and the Receivables Trustee entered
        into a receivables securitisation agreement (the "RSA");

(B)     The parties hereto have agreed to amend and restate the RSA with effect
        from the date hereof.

IT IS HEREBY AGREED as follows:

1.      INTERPRETATION

1.1     Unless otherwise defined herein, terms defined in (or incorporated by
        reference into) the RSA shall bear the same meaning herein.

1.2     The headings in this Agreement shall not affect its interpretation.

1.3     A person who is not a party to this Agreement has no right under the
        Contract (Rights of Third Parties) Act 1999 to enforce any term of this
        Agreement.

2.      AMENDMENT

        Without prejudice to any accrued rights, the RSA shall, with effect from
        the date hereof, stand amended in the form attached hereto as the
        Schedule.

3.      COSTS AND EXPENSES

        The Transferor shall, from time to time on demand of the Receivables
        Trustee, reimburse the Receivables Trustee for all costs and expenses
        (including legal fees) (together with any VAT chargeable thereon) that
        are incurred by the Receivables Trustee in or in connection with the
        preparation and execution of this Agreement.

4.      GOVERNING LAW AND JURISDICTION

        The provisions of clauses 28 and 29 of the RSA shall apply mutatis
        mutandis as if set out in full herein.

5.      COUNTERPARTS

        This Agreement may be executed in any number of counterparts each of
        which when executed and delivered shall be an original, but all the
        counterparts together shall constitute one and the same instrument.

                                      -I-
<PAGE>

IN WITNESS WHEREOF the parties hereto have executed this Agreement on the date
first referred to above.

                                      -II-
<PAGE>

                                  THE SCHEDULE
              AMENDED FORM OF RECEIVABLES SECURITISATION AGREEMENT

                                     -III-
<PAGE>

                      RECEIVABLES SECURITISATION AGREEMENT

                                     BETWEEN

                                BARCLAYS BANK PLC

                                  AS TRANSFEROR

                                       AND

                     GRACECHURCH RECEIVABLES TRUSTEE LIMITED

                             AS RECEIVABLES TRUSTEE

<PAGE>

                                    CONTENTS

CLAUSE                                                                      PAGE

1.     Interpretation..........................................................1

2.     Offer of Receivables....................................................3

3.     Acceptance of Offer and Payment for Existing Receivables................8

4.     Assignment of Receivables...............................................8

5.     Payment for Future Receivables..........................................9

6.     Perfection and Directions as to Payment................................11

7.     Redesignation and Removal of Accounts..................................12

8.     Discount Percentage, Special Fees, Annual Fees and Acquired
       Interchange............................................................15

9.     Trust..................................................................16

10.    Reductions in Receivables,  Early  Collections,  Credit
       Adjustments and reassignment of defaulted receivables..................17

11.    Breach of Warranty.....................................................18

12.    Currency of Account and Payment........................................20

13.    Payments by the Transferor, Additional Transferors and the
       Receivables Trustee....................................................20

14.    The Collection Agent...................................................22

15.    Barclaycard Operating Account and Barclaycard Proceeds Account.........22

16.    The Trustee Collection Account.........................................22

17.    Representations........................................................22

18.    Covenants..............................................................23

19.    Stamp Duty.............................................................25

20.    Non-Petition...........................................................27

21.    Benefit of Agreement...................................................28

22.    Disclosure of Information..............................................28

23.    Remedies and Waivers...................................................29

24.    Partial Invalidity.....................................................29

25.    Counterparts...........................................................29

26.    Notices................................................................29

27.    Termination of Declaration of Trust and Trust Cash Management
       Agreement..............................................................30

28.    Law....................................................................30

29.    Jurisdiction...........................................................30

SCHEDULE 1 Eligible Account Criteria..........................................31

SCHEDULE 2 Eligible Receivables Criteria......................................33

<PAGE>

SCHEDULE 3 Form of Offer......................................................35

SCHEDULE 4 Conditions Precedent to the Subsequent Offers......................41

SCHEDULE 5 Part 1 Representations as to Matters of Law........................42

SCHEDULE 6 Notification Events................................................45

SCHEDULE 7 Form of Solvency Certificate.......................................46

SCHEDULE 8 Form of Notice of Assignment.......................................48

SCHEDULE 9 Form of Offer - Sale of Receivables in Defaulted Accounts..........49

SCHEDULE 10 Form of Future Receivables Transfer...............................50

<PAGE>

THIS AGREEMENT is made the 23rd day of November, 1999

BETWEEN

(1)     BARCLAYS BANK PLC, an institution authorised under the Banking Act 1987,
        acting through its business unit "Barclaycard", having its principal
        place of business at 1234 Pavillion Drive, Northampton NN4 7SG (the
        "TRANSFEROR"); and

(2)     GRACECHURCH RECEIVABLES TRUSTEE LIMITED, a company incorporated in
        Jersey having its registered office at 26 New Street, St. Helier, Jersey
        JE2 3RA, Channel Islands in its capacity as Receivables Trustee.

WHEREAS

(A)     The Transferor has owed to it at present and expects to have owed to it
        in the future Receivables arising in the course of its business.

(B)     The Transferor and the Receivables Trustee have agreed, upon the terms
        and subject to the conditions of this Agreement, that the Transferor may
        from time to time offer to assign all Receivables arising on Designated
        Accounts (both Existing Receivables and Future Receivables) to the
        Receivables Trustee and the Receivables Trustee may from time to time
        accept any such offer in the manner provided for in Clause 3.4.

(C)     The Transferor and the Receivables Trustee have agreed, upon the terms
        and subject to the conditions of this Agreement, that the Transferor may
        assign all Future Receivables arising on Designated Accounts to the
        Receivables Trustee by executing a transfer in the form set out in
        Schedule 10.

(D)     The Transferor and the Receivables Trustee have agreed, that subject to
        the delivery of an Accession Notice, any member of the Barclays Group
        which from time to time originates Accounts or to whom legal and
        beneficial title to all or any Accounts is transferred (an "ADDITIONAL
        TRANSFEROR") may from time to time offer to assign all Existing
        Receivables and Future Receivables arising on such transferred Accounts
        subject to and in accordance with the conditions hereof.

(E)     It is acknowledged by all the parties hereto that any assignment made or
        to be made under this Agreement will take effect at all times as an
        equitable assignment unless and until a Notice of Assignment is given in
        respect of it in accordance with Clause 6.7.

NOW IT IS HEREBY AGREED  as follows:

1.      INTERPRETATION

1.1     Whenever used in this Agreement, the words and phrases defined in the
        Master Definitions Schedule of even date herewith (as amended and
        restated from time to time) and signed by the parties hereto shall,
        unless otherwise defined herein or the context requires otherwise, bear
        the same meanings herein (including the recitals hereto).

1.2     In this Agreement:

        1.2.1   a "CLAUSE" or "SCHEDULE" is, subject to any contrary indication,
                a reference to a clause hereof or a schedule hereto;

<PAGE>

        1.2.2   "STAMP DUTY" shall be construed as a reference to any stamp,
                registration or other transaction or documentary tax (including,
                without limitation, any penalty or interest payable in
                connection with any failure to pay or any delay in paying any of
                the same);

        1.2.3   a "SUBSIDIARY" of a company or corporation shall be construed as
                a reference to any company or corporation:

                (a)     which is controlled, directly or indirectly, by the
                        first-mentioned company or corporation;

                (b)     more than half the issued share capital of which is
                        beneficially owned, directly or indirectly, by the
                        first-mentioned company or corporation; or

                (c)     which is a subsidiary of another subsidiary of the
                        first-mentioned company or corporation

                and, for these purposes, a company or corporation shall be
                treated as being controlled by another if that other company or
                corporation is able to direct its affairs and/or to control the
                composition of its board of directors or equivalent body; and

        1.2.4   the "ADMINISTRATION", "BANKRUPTCY", "DISSOLUTION", "INSOLVENCY",
                "LIQUIDATION", "RECEIVERSHIP" or "WINDING-UP" of any person
                shall be construed so as to include any equivalent or analogous
                proceedings under the laws of the jurisdiction in which such
                person is incorporated (or, if not a company or corporation,
                domiciled) or any jurisdiction in which such person carries on
                business.

1.3     "(POUND)" and "STERLING" denote lawful currency for the time being of
        the United Kingdom of Great Britain and Northern Ireland.

1.4     Save where the contrary is indicated, any reference in this Agreement
        to:

        1.4.1   this Agreement or any other agreement or document shall be
                construed as a reference to this Agreement or, as the case may
                be, such other agreement or document as the same may have been,
                or may from time to time be, amended, varied, novated or
                supplemented;

        1.4.2   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; and

        1.4.3   a time of day (including opening and closing of business) shall
                be construed as a reference to London time.

1.5     Clause and Schedule headings are for ease of reference only.

1.6     Save where the context otherwise requires, all sums payable by any party
        to any other party pursuant hereto are inclusive of any VAT which is
        chargeable on the supply or supplies for which such sums (or any part
        thereof) are the whole or part of the consideration for VAT purposes and
        section 89 of the Value Added Tax Act 1994 shall not apply to affect the
        amount of such sums.

<PAGE>

        Any reference herein to any fee, cost, disbursement, expense or
        liability incurred by any party and in respect of which such party is to
        be reimbursed (or indemnified) by any other person or the amount of
        which is to be taken into account in any calculation or computation
        shall, save where the context otherwise requires, include a reference to
        such part of such cost or expense as represents VAT.

2.      OFFER OF RECEIVABLES

2.1     The Transferor, or any Additional Transferor in respect of the first
        Offer made by such Additional Transferor following its execution of an
        Accession Notice, may (subject to receipt by the Receivables Trustee of
        the documents referred to in the Closing Documents List in form and
        substance satisfactory to the Receivables Trustee), by delivering to the
        Receivables Trustee an Offer substantially in the form set out in the
        Third Schedule:

        2.1.1   nominate all existing Accounts of a Specified Product Line to be
                Designated Accounts (but excluding those existing Accounts which
                have been identified on the Transferor's system as being
                excluded from such nomination); and/or

        2.1.2   nominate all future Accounts in respect of a Specified Product
                Line which come into existence under that Specified Product Line
                during the next Monthly Period to be Designated Accounts (unless
                and to the extent that such Accounts have been and are
                individually identified on the Transferor's system as being
                excluded from such nomination from the relevant Account Creation
                Date),

        and offer to the Receivables Trustee in respect of the Initial Offer
        Date an assignment of:

        (A)     in respect of existing Accounts on a Specified Product Line so
                nominated as Designated Accounts:

                (a)     all Existing Receivables under each Account nominated in
                        such Offer;

                (b)     all Future Receivables under each such Account which are
                        not Finance Charge Receivables until the earliest of:

                        (i)     in respect of each such Account, such time (if
                                any) as such Account becomes a Redesignated
                                Account;

                        (ii)    the termination of the Receivables Trust; or

                        (iii)   the occurrence of an Insolvency Event;

                (c)     all Future Receivables under each Account nominated in
                        such Offer which are Finance Charge Receivables in
                        respect of Receivables which are assigned (or purported
                        to be assigned) pursuant to paragraphs (a) and (b)
                        above;

                (d)     (to the extent such are capable of assignment) the
                        benefit of each guarantee or insurance policy obtained
                        by the Transferor in respect of the obligations of an
                        Obligor to make payments on any such Account,

<PAGE>

        (B)     in respect of future Accounts arising on a Specified Product
                Line during the next Monthly Period nominated as Designated
                Accounts:

                (a)     all Future Receivables under each such Account which are
                        not Finance Charge Receivables until the earliest of:

                        (i)     in respect of each such Account, such time (if
                                any) as such Account becomes a Redesignated
                                Account;

                        (ii)    the termination of the Receivables Trust; or

                        (iii)   the occurrence of an Insolvency Event;

                (b)     all Future Receivables under each Account nominated in
                        such Offer which are Finance Charge Receivables in
                        respect of Receivables which are assigned (or purported
                        to be assigned) pursuant to paragraph (a) above; and

                (c)     (to the extent such are capable of assignment) the
                        benefit of each guarantee or insurance policy obtained
                        by the Transferor in respect of the obligations of an
                        Obligor to make payments on any such Account; and

        (C)     the benefit of all amounts representing Acquired Interchange in
                respect of each Monthly Period.

2.2     The Transferor or any Additional Transferor may on any Offer Date
        falling prior to the termination of the Receivables Trust, or on any
        other Business Day with the written consent of the Beneficiaries, by
        delivering to the Receivables Trustee an Offer substantially in the form
        set out in the Third Schedule:

        2.2.1   nominate all existing Accounts of a Specified Product Line to be
                Designated Accounts (but excluding those existing Accounts which
                have been identified on the Transferor's or, as the case may be,
                such Additional Transferor's system as being excluded from such
                nomination); and/or

        2.2.2   nominate all future Accounts in respect of a Specified Product
                Line which come into existence under that Specified Product Line
                during the Relevant Monthly Period in respect of such Offer Date
                to be Designated Accounts or, if the Offer is not made on an
                Offer Date, during the current or (if specified) the next
                following Monthly Period (unless and to the extent that such
                Accounts have been individually identified on the Transferor's
                system or, as the case may be, the relevant Additional
                Transferor's system, as being excluded from such nomination from
                the relevant Account Creation Date).

        and offer to the Receivables Trustee in respect of that Offer Date an
        assignment of:

        (A)     in respect of existing Accounts on a Specified Product Line
                nominated as Designated Accounts:

                (a)     all Existing Receivables under each Account nominated in
                        such Offer;

<PAGE>

                (b)     all Future Receivables under each such Account which are
                        not Finance Charge Receivables until the earliest of:

                        (i)     in respect of each such Account, such time (if
                                any) as such Account becomes a Redesignated
                                Account;

                        (ii)    the termination of the Receivables Trust; or

                        (iii)   the occurrence of an Insolvency Event;

                (c)     all Future Receivables under each such Account which are
                        Finance Charge Receivables in respect of Receivables
                        which are assigned (or purported to be assigned)
                        pursuant to paragraphs (a) and (b) above; and

                (d)     (to the extent such are capable of assignment) the
                        benefit of each guarantee or insurance policy obtained
                        by the Transferor in respect of the obligations of an
                        Obligor to make payments on any such Account,

        (B)     in respect of future Accounts arising on a Specified Product
                Line during the Relevant Monthly Period (or current or specified
                (as appropriate) Monthly Period if the Offer is not made on an
                Offer Date) nominated as Designated Accounts:

                (a)     all Future Receivables under each such Account which are
                        not Finance Charge Receivables until the earliest of:

                        (i)     in respect of each such Account, such time (if
                                any) as such Account becomes a Redesignated
                                Account;

                        (ii)    the termination of the Receivables Trust; or

                        (iii)   the occurrence of an Insolvency Event;

                (b)     all Future Receivables under each such Account which are
                        Finance Charge Receivables in respect of Receivables
                        which are assigned (or purported to be assigned)
                        pursuant to paragraph (a) above; and

                (c)     (to the extent such are capable of assignment) the
                        benefit of each guarantee or insurance policy obtained
                        by the Transferor in respect of the obligations of an
                        Obligor to make payments on any such Account.

        PROVIDED, HOWEVER, that prior to or simultaneously with the making of
        each such Offer in respect of an Offer Date, the Transferor or, as the
        case may be, such Additional Transferor shall have satisfied the
        conditions precedent set out in paragraphs 1, 2 and 3 of the Fourth
        Schedule unless such conditions precedent have been waived in writing by
        the Receivables Trustee (if, and only if, it has received written
        confirmation from each relevant Rating Agency that such waiver will not
        result in such Rating Agency reducing or withdrawing its then current
        rating on any outstanding Related Debt).

2.3     The Transferor may, at any time, by entering into a transfer with the
        Receivables Trustee in the form set out in the Schedule 10, sell and
        assign to the Receivables Trustee absolutely all of the Transferor's
        right, title and interest in and to the Relevant Receivables (as defined
        in the Future Receivables Transfer) on the terms and conditions

<PAGE>

        of the Future Receivables Transfer and this Agreement, together with (to
        the extent such are capable of assignment) the benefit of each guarantee
        or insurance policy obtained by the Transferor in respect of the
        obligations of an Obligor to make payments on any such Receivables
        PROVIDED, HOWEVER, that prior to or simultaneously with such transfer,
        the Transferor shall have satisfied the conditions precedent set out in
        paragraphs 1 and 4 of the Fourth Schedule unless such conditions
        precedent have been waived in writing by the Receivables Trustee (if,
        and only if, it has received written confirmation from each relevant
        Rating Agency that such waiver will not result in such Rating Agency
        reducing or withdrawing its then current rating on any outstanding
        Related Debt).

2.4     Every Offer delivered by the Transferor pursuant to Clause 2.1 or by the
        Transferor or an Additional Transferor pursuant to Clause 2.2 shall:

        2.4.1   (i) specify that the Accounts nominated pursuant to Clauses
                2.1(A) or 2.2(A) have been identified by the Transferor or, as
                the case may be, such Additional Transferor, on its system,
                and/or (ii) undertake that its system will identify those
                Accounts nominated pursuant to Clauses 2.1.2(B) or 2.2.2(B), as
                from the relevant Account Creation Date, as Designated Accounts
                in respect of which an assignment of Existing Receivables and
                Future Receivables is being offered to the Receivables Trustee;

        2.4.2   in respect of Existing Receivables arising in Designated
                Accounts nominated under Clauses 2.1(A)(a) or 2.2(A)(a):

                (a)     specify the aggregate amount of the Eligible Receivables
                        comprised therein;

                (b)     specify the total Outstanding Face Amount of the
                        Principal Receivables and the total outstanding balance
                        of the Finance Charge Receivables comprised in such
                        Eligible Receivables; and

                (c)     specify the aggregate amount of the Ineligible
                        Receivables comprised therein;

        2.4.3   be delivered no later than 12.00 noon on the Offer Date relating
                thereto; and

        2.4.4   constitute an offer by the Transferor or, as the case may be,
                such Additional Transferor to sell and assign to the Receivables
                Trustee absolutely all of the Transferor's or relevant
                Additional Transferor's right, title and interest in and to the
                Existing Receivables and Future Receivables arising on each
                Account nominated in the Offer (including, for the avoidance of
                doubt, any future Accounts nominated under Clause 2.2(B)) at the
                related Purchase Price therefor on the terms and conditions of
                this Agreement, together with (to the extent such are capable of
                assignment) the benefit of each guarantee or insurance policy
                obtained by the Transferor or, as the case may be, such
                Additional Transferor, in respect of the obligations of an
                Obligor to make payments on any such Receivables and, in the
                case of an Offer delivered pursuant to Clause 2.1, the benefit
                of all amounts representing Acquired Interchange in respect of
                each Monthly Period.

<PAGE>

2.5     The Transferor and, upon execution of an Accession Notice, each
        Additional Transferor agrees to maintain a system which, during the term
        of this Agreement, will individually identify any Accounts which are
        excluded from nomination as Designated Accounts in an Offer made
        pursuant to Clause 2.1 or Clause 2.2. On or before the twentieth
        Business Day (or within such period as may otherwise be agreed between
        the Transferor or any Additional Transferor, as the case may be, and the
        Servicer) following a request in writing from the Servicer (or any
        Co-Servicer), on behalf of the Receivables Trustee, to the Transferor or
        Additional Transferor (as applicable) the Transferor, and upon execution
        of an Accession Notice each Additional Transferor, agrees to deliver to
        the extent permitted by applicable law a computer file or microfiche
        list containing a true and complete list of all Designated Accounts each
        identified by a specific number identifying such Designated Account.
        PROVIDED HOWEVER, that the Servicer on behalf of the Receivables Trustee
        may not request such list or information more than once during any
        calendar year unless an Insolvency Event has occurred and is subsisting,
        in which case such request may be made at any time with reasonable
        frequency.

2.6     The Transferor and upon execution of an Accession Notice, each
        Additional Transferor agrees not to alter the file designation with
        respect to any Designated Account during the term of this Agreement
        unless and until such Designated Account becomes a Removed Account.

2.7     The Transferor and, upon execution of an Accession Notice, each
        Additional Transferor agrees that if any Offer shall lapse before it is
        accepted in accordance with Clause 3.4 it will ensure the Accounts which
        are nominated in such lapsed Offer are identified (either at the time of
        such lapse or the relevant Account Creation Date, as applicable) as not
        being Designated Accounts in its system.

2.8     The Transferor may, at any time after the Initial Offer Date, designate
        any subsidiary of the Transferor which originates Accounts in the course
        of its business and/or to which the Transferor's right, title and
        interest in and to Designated Accounts have been assigned as an
        Additional Transferor for the purpose of making Offers under this
        Agreement, by delivering or procuring the delivery to the Receivables
        Trustee of an Accession Notice duly executed by the Transferor and such
        nominated subsidiary of the Transferor in such form as the Receivables
        Trustee may require together with such other documents (including legal
        opinions) as the Receivables Trustee shall require and such nominated
        subsidiary shall not be admitted as an Additional Transferor for the
        purposes of this Agreement until such time as the Receivables Trustee
        shall have confirmed to the Transferor and the Additional Beneficiary
        that it has received the Accession Notice and such other prescribed
        documents in form and substance satisfactory to the Receivables Trustee.

2.9     Any Offer which nominates Accounts on Specified Product Lines as
        mentioned in Clause 2.1 or (as the case may be) Clause 2.2 above shall
        set out (or incorporate by reference for the purpose of identification)
        all of the express terms of the Card Agreement relating to Accounts on
        the Specified Product Line in question. Where the Offer is made in
        relation to future Accounts on the Specified Product Line in question
        (with or without existing Accounts) the Offer shall be treated as being
        made in relation to (and only in relation to) all future Accounts which
        come into existence during the relevant Monthly Period and which are the
        subject of Card Agreements incorporating all

<PAGE>

        of the said express terms (except for any such Accounts which are
        excluded as mentioned in Clause 2.1.2 or 2.2.2).

3.      ACCEPTANCE OF OFFER AND PAYMENT FOR EXISTING RECEIVABLES

3.1     Following the receipt of the required funds by the Receivables Trustee
        from or on behalf of the relevant Beneficiaries in respect of any
        amounts of Purchase Price payable in cash in accordance with Clause 3.4,
        the Receivables Trustee may accept any Offer made in accordance with
        Clause 2.3 in the manner specified in Clause 3.4.

3.2     Each Offer shall be accepted by the Receivables Trustee only with
        respect to the Existing Receivables and Future Receivables on Accounts
        nominated therein and any purported form of acceptance of an Offer
        otherwise than in the manner specified in Clause 3.4 shall be null and
        void and of no effect (and for the avoidance of doubt nothing in this
        Agreement or in any Offer shall of itself operate so as to convey or
        transfer to any person any beneficial interest in any Receivables).

3.3     Each Offer shall be irrevocable and binding on the Transferor or, as the
        case may be, an Additional Transferor, until (if not accepted before
        such time) close of business on the Business Day immediately succeeding
        the Offer Date relating thereto or, if the Offer is not made on an Offer
        Date, the Business Day immediately succeeding the day the Offer is made
        (or such longer period of time for acceptance as may be agreed upon by
        the Transferor or, as the case may be, an Additional Transferor, and the
        Receivables Trustee), when that Offer shall lapse.

3.4     Each Offer may be accepted only by way of payment of the greater of (i)
        (pound)1.00 and (ii) the relevant amount of the Purchase Price in
        respect of Existing Receivables the subject of such Offer to be paid in
        cash in respect of such Offer being made by or on behalf of the
        Receivables Trustee to the Transferor or, as the case may be, the
        Additional Transferor in accordance with the terms of Clause 6.1, or in
        the case of an Additional Transferor the relevant Accession Notice, by
        no later than close of business on the Business Day immediately
        succeeding the relevant Offer Date, or such longer period of time for
        acceptance as may be agreed upon by the Transferor (or, as the case may
        be, the Additional Transferor) and the Receivables Trustee PROVIDED,
        HOWEVER, that the Offer made on the Initial Offer Date shall be accepted
        by no later than close of business on the Initial Offer Date.

4.      ASSIGNMENT OF RECEIVABLES

4.1     Upon acceptance of an Offer pursuant to Clause 3.4, all of the
        Transferor's or, as the case may be, the Additional Transferor's,
        rights, title and interest in and to:

        4.1.1   the Existing Receivables under each Designated Account nominated
                in that Offer; and

        4.1.2   the Future Receivables under each such Designated Account which
                are not Finance Charge Receivables in respect of Principal
                Receivables, until the earliest of:

                (a)     in respect of each Designated Account, such time (if
                        any), as such Account becomes a Redesignated Account;

<PAGE>

                (b)     the termination of the Receivables Trust; or

                (c)     the occurrence of an Insolvency Event;

        4.1.3   all Future Receivables under each Account nominated in such
                Offer which are Finance Charge Receivables in respect of
                Receivables which are assigned (or purported to be assigned) to
                the Receivables Trustee pursuant to paragraphs 4.1.1 and 4.1.2
                above;

        4.1.4   (to the extent such are capable of assignment) the benefit of
                each guarantee or insurance policy obtained by the Transferor
                or, as the case may be, the Additional Transferor, in respect of
                the obligations of an Obligor to make payments on any such
                Designated Account; and

        4.1.5   (in respect of the Offer made on the Initial Offer Date) the
                benefit of all amounts representing Acquired Interchange in
                respect of each Monthly Period,

        shall thereupon vest in the Receivables Trustee on the terms and
        conditions of this Agreement and the Offer.

4.2     It is hereby agreed, for the avoidance of doubt, that no transfer or
        purported transfer of Receivables pursuant to this Clause or the Future
        Receivables Transfer shall be rendered ineffective or void or otherwise
        impaired by reason only of it being subsequently discovered that the
        Account(s) relating to such Receivables either:

        4.2.1   did not arise under the relevant Specified Product Line relating
                to such Account(s), as named in the relevant Offer; or

        4.2.2   did arise under the Specified Product Line relating to such
                Account(s) in the relevant Offer but were subsequently removed
                from such Specified Product Line without having been
                redesignated or removed in accordance with Clause 7.

4.3     For the avoidance of doubt, any assignment made under this Clause 4 or
        the Future Receivables Transfer will take effect in equity only unless
        and until a Notice of Assignment is given in respect of it in accordance
        with the provisions of Clause 6.7.

5.      PAYMENT FOR FUTURE RECEIVABLES

5.1     In consideration of the assignment by the Transferor or any Additional
        Transferor to the Receivables Trustee of Future Receivables coming into
        existence on any day (including any Future Receivables assigned pursuant
        to the Future Receivables Transfer) (which Receivables will have vested
        in equity in the Receivables Trustee) and the benefit of Acquired
        Interchange in respect of each Monthly Period, the Receivables Trustee
        shall pay to the Transferor or, as the case may be, such Additional
        Transferor (and, in respect of the amount to be paid in cash, in
        accordance with Clause 6.2 or Clause 6.4, as applicable), not later than
        the Business Day which is two Business Days after the Date of Processing
        relating to such Future Receivables or such longer period of time as may
        be agreed upon by the Transferor or, as the case may be, such Additional
        Transferor and the Receivables Trustee (if it has received written
        confirmation from each relevant Rating Agency that such increase in time
        will not result in such Rating Agency reducing or withdrawing its then
        current rating on any outstanding Related Debt), an amount equal to

<PAGE>

        the aggregate of the Outstanding Face Amounts of the Principal
        Receivables comprised therein as calculated by the Transferor or, as the
        case may be, such Additional Transferor and notified to the Receivables
        Trustee by the Transferor or, as the case may be, such Additional
        Transferor (and specifying the aggregate amount of such Principal
        Receivables which are Ineligible Receivables) by no later than 12.00
        noon on such day for payment PROVIDED THAT, in the case of Future
        Receivables assigned pursuant to the Future Receivables Transfer, this
        Clause 5.1 shall apply subject to the provisions of the Future
        Receivables Transfer.

5.2     Where an amount would (apart from this Clause 5.2) fall to be paid by
        the Receivables Trustee under Clause 5.1 above and such amount would
        fall to be paid;

        (i)     on or after [date of Future Receivables Transfer]; and

        (ii)    in respect of any Future Receivables assigned otherwise than
                pursuant to the Future Receivables Transfer;

        any funds which are available (in accordance with the Declaration of
        Trust and Trust Cash Management Agreement) to pay the amount in question
        shall instead be applied in the first instance in making the
        non-refundable payment of (pound)10,000 referred to in clause 3.1 of the
        Future Receivables Transfer (payment on account of consideration for
        Future Receivables Transfer) with any balance of such funds being
        applied in accordance with Clause 5.1 above and so that (for the
        avoidance of doubt) as soon as the said payment of (pound)10,000 shall
        have been made in full, this Clause 5.2 shall cease to apply.

5.3     Where any amount has been applied in accordance with Clause 5.2 above,
        such application shall be treated as leading to a deferral of payment of
        the relevant amount of (pound)10,000 which would otherwise have been
        paid in accordance with Clause 5.1 above (the "DEFERRED AMOUNT"). The
        Receivables Trustee shall be required to pay the deferred amount out of
        any funds which thereafter become available to it for the purpose of
        making payments under Clause 5.1 above, in priority to making any
        payments under Clause 5.1 above in respect of Future Receivables
        assigned pursuant to the Future Receivables Transfer.

5.4     The Transferor and each Additional Transferor shall prepare and maintain
        a daily activity report (the "DAILY ACTIVITY REPORT") in connection with
        the payment required under Clause 5.1 which shall specify with reference
        to the Designated Accounts of the Transferor or, as the case may be,
        such Additional Transferor (on an aggregate basis) in respect of the
        date specified in such Daily Activity Report:

        5.4.1   the outstanding balance of the Future Receivables which have
                arisen and which have automatically been assigned in equity to
                the Receivables Trustee since the previous Daily Activity Report
                and which are Eligible Receivables;

        5.4.2   the Outstanding Face Amount of the Principal Receivables which
                are Eligible Receivables and the amount of the Finance Charge
                Receivables comprised in such Eligible Receivables; and

        5.4.3   the outstanding balance of Future Receivables which have arisen
                and which have automatically been assigned in equity to the
                Receivables Trustee since the previous Daily Activity Report and
                which are Ineligible Receivables,

<PAGE>

        PROVIDED, HOWEVER, that the Transferor and, upon its accession hereunder
        each Additional Transferor agrees to deliver such Daily Activity Report
        to the Receivables Trustee within three Business Days (or such other
        period as may otherwise be agreed) after the Receivables Trustee may at
        any time request.

6.      PERFECTION AND DIRECTIONS AS TO PAYMENT

6.1     Each payment due to the Transferor pursuant to the acceptance of an
        Offer in accordance with Clause 3.4 in respect of Existing Receivables
        shall be satisfied by payment into the Barclaycard Proceeds Account,
        such payment when so made to constitute payment by the Receivables
        Trustee to the Transferor by way of acceptance of the Offer in respect
        of which the payment is made pursuant to Clause 3.4.

6.2     Each payment due to the Transferor pursuant to the acceptance of an
        Offer in accordance with Clause 5.1 in respect of Future Receivables
        shall be satisfied by payment into the Barclaycard Proceeds Account,
        such payment when so made to constitute compliance by the Receivables
        Trustee with Clause 5.1 in respect of the Future Receivables in respect
        of which the payment is made.

6.3     The terms of each Accession Notice shall specify that each payment due
        to the relevant Additional Transferor pursuant to the acceptance of an
        Offer, in accordance with Clause 3.4, in respect of Existing Receivables
        shall be satisfied by payment into the proceeds account specified in
        such Accession Notice, such payment when made to constitute payment by
        the Receivables Trustee to such Additional Transferor by way of
        acceptance of the Offer in respect of which the payment is made pursuant
        to Clause 3.4.

6.4     The terms of each Accession Notice shall specify that each payment due
        to the relevant Additional Transferor pursuant to the acceptance of an
        Offer in accordance with Clause 5.1 in respect of Future Receivables
        shall be satisfied by payment into the proceeds accounts specified in
        such Accession Notice, such payment when so made to constitute
        compliance by the Receivables Trustee which Clause 5.1 in respect of the
        Future Receivables in respect of which the payment is made.

6.5     Subject to Clause 6.7, the Transferor and each Additional Transferor
        will take all such steps and comply with all such formalities as the
        Receivables Trustee may require to perfect or more fully to evidence or
        secure title to the Receivables (and the benefit of any guarantee or
        insurance policy in respect of the obligations of an Obligor to make
        payments in respect thereof) assigned (or purported to be assigned)
        pursuant to Clause 4 or the Future Receivables Transfer and the interest
        of the Receivables Trustee therein.

6.6     Subject to Clause 6.7, to secure the proprietary interest of the
        Receivables Trustee relating to the Receivables (and the benefit of any
        guarantee or insurance policy in respect of the obligations of an
        Obligor to make payments in respect thereof) assigned (or purported to
        be assigned) to it by the Transferor or, as the case may be, an
        Additional Transferor and the performance of the Transferor's or, as the
        case may be, such Additional Transferor's obligations in respect
        thereof, the Transferor and, upon its accession hereunder, each
        Additional Transferor hereby irrevocably appoints the Receivables
        Trustee as its attorney (with full power of delegation) for the purpose
        of performing and complying with all and any of such obligations of the
        Transferor or, as

<PAGE>

        the case may be, such Additional Transferor, whether in the name of the
        Transferor or, as the case may be, any Additional Transferor or in the
        name of the Receivables Trustee, and in such manner as the Receivables
        Trustee may consider appropriate, and the Transferor and, upon its
        accession hereunder, each Additional Transferor hereby ratifies,
        confirms and adopts and agrees to ratify, confirm and adopt whatsoever
        the Receivables Trustee shall do or purport to do on its behalf by
        virtue of and in accordance with this power of attorney, except in the
        case of bad faith, fraud or gross negligence on the part of the
        Receivables Trustee in so acting.

6.7     The Receivables Trustee (in its capacity as donee of the power of
        attorney in Clause 6.6 or otherwise) hereby agrees that at any time:

        6.7.1   no Notice of Assignment shall be given by it (or required by it
                to be given) to any Obligor or any provider of any guarantee or
                insurance policy in respect of the obligations of such Obligor;
                and

        6.7.2   no written assignment or transfer (whether by deed or otherwise)
                of any Receivables (or any guarantee or insurance policy in
                respect of the obligations of an Obligor to make payments in
                respect thereof) assigned (or purported to be assigned) shall be
                required,

        unless at such time a Notification Event has occurred and is then
        subsisting and such action is required in the opinion of the Receivables
        Trustee (after consulting with such legal advisers as it deems
        necessary) to effect the obligations of the Transferor or, as the case
        may be, an Additional Transferor under Clause 6.3. For the avoidance of
        doubt the parties acknowledge that, unless and until a Notice of
        Assignment is given following a Notification Event and in relation
        thereto, all assignments or transfers of Receivables pursuant to this
        Agreement will take effect at all times in equity only.

6.8     The Receivables Trustee shall not be entitled to create, assume or incur
        indebtedness or other liabilities in the name of the Receivables Trust
        other than as contemplated in this Agreement, the Declaration of Trust
        and Trust Cash Management Agreement, any Supplement thereto and any
        document related thereto.

7.      REDESIGNATION AND REMOVAL OF ACCOUNTS

7.1     Each Designated Account shall continue to be a Designated Account until
        such time, if any, that it becomes a Redesignated Account on the date
        specified in respect of such Designated Account pursuant to Clause 7.3
        (the "REDESIGNATION DATE").

7.2     Subject to Clause 7.7, the Transferor and each Additional Transferor may
        at any time, and in its absolute discretion, notify the Receivables
        Trustee in writing of (i) any Designated Account (which is not a
        Cancelled Account, Defaulted Account or Zero Balance Account) which the
        Transferor or such Additional Transferor wishes to cease to be a
        Designated Account or (ii) any Specified Product Line in respect of
        which the Transferor or such Additional Transferor wishes all Designated
        Accounts existing under that Specified Product Line to cease to be
        Designated Accounts, in each case with effect from such following date
        as the Transferor or such Additional Transferor shall specify in that
        notice (a "REDESIGNATION NOTICE").

7.3     The Redesignation Date of a Designated Account shall be ascertained as
        follows:

<PAGE>

        7.3.1   in the case of a Cancelled Account, the Redesignation Date shall
                be the day on which the relevant Designated Account is recorded
                by the Servicer as a Cancelled Account on the Servicer's
                computer master file of Accounts;

        7.3.2   in the case of a Zero Balance Account, the Redesignation Date
                shall be the day on which the relevant Designated Account is
                recorded by the Servicer as being a Zero Balance Account and
                removed from the Servicer's computer master file of Accounts;

        7.3.3   in the case of a Defaulted Account, the Redesignation Date shall
                be the day on which the Receivables thereunder are recorded as
                charged-off on the Servicer's computer master file of Accounts.
                Notwithstanding any other provision hereof, any Receivables in a
                Defaulted Account that are Ineligible Receivables prior to such
                date shall be treated as Ineligible Receivables rather than as
                Receivables in Defaulted Accounts; and

        7.3.4   in the case of a Designated Account which is not a Cancelled
                Account, Defaulted Account or Zero Balance Account, the
                Redesignation Date shall be the day specified in the
                Redesignation Notice.

7.4     On, and with effect from, the Redesignation Date in respect of a
        Designated Account the following shall occur:

        7.4.1   such Account shall cease to be a Designated Account and
                thereafter shall be a Redesignated Account;

        7.4.2   all Receivables which were in existence prior to the
                Redesignation Date shall, to the extent the Receivables Trustee
                has not paid for such Receivables, be paid for by the
                Receivables Trustee in accordance with this Agreement;

        7.4.3   all Future Receivables generated on such Redesignated Account
                which are Principal Receivables or Finance Charge Receivables in
                respect of Receivables which were not in existence prior to such
                Redesignation Date which come into existence on or after the
                Redesignation Date shall not be assigned by the Transferor or,
                as the case may be, such Additional Transferor to the
                Receivables Trustee; and

        7.4.4   all Future Receivables which are Finance Charge Receivables in
                respect of Receivables which were in existence prior to such
                Redesignation Date which come into existence on or following
                such Redesignation Date shall continue to be automatically
                assigned by the Transferor or, as the case may be, such
                Additional Transferor to the Receivables Trustee and constitute
                Trust Property;

        PROVIDED, HOWEVER, that, for the avoidance of doubt, no Receivable
        assigned to the Receivables Trustee shall be reassigned to the
        Transferor or any Additional Transferor except in the circumstances set
        out in Clause 11.3.

7.5     The Transferor and each Additional Transferor shall maintain a system
        which identifies each Redesignated Account in the systems of the
        Transferor or Additional Transferor until the earlier of:

<PAGE>

        7.5.1   such time as Collections (equal to the Outstanding Face Amount
                of each Principal Receivable and the outstanding balance of each
                Finance Charge Receivable) have been received by the Receivables
                Trustee in respect of every Receivable which has been assigned
                to the Receivables Trustee in respect of that Account other than
                Receivables which have been charged-off in accordance with the
                Card Guidelines on the computer master file of Accounts used by
                the Servicer; or

        7.5.2   such time as all Receivables outstanding on such Account which
                constitute Trust Property are reassigned to the Transferor or,
                as the case maybe, such Additional Transferor in the
                circumstances set out in Clause 11.3.

7.6     At such time as the Transferor or an Additional Transferor ceases to be
        obliged to identify each Redesignated Account as such in the systems of
        the Transferor or Additional Transferor (in accordance with Clause 7.5)
        the Transferor and such Additional Transferor may at any time
        thereafter, and in its absolute discretion, notify the Receivables
        Trustee that it wishes to cease to identify such Accounts as being
        Redesignated Accounts, with effect from such date as the Transferor or,
        as the case may be, such Additional Transferor shall specify in that
        notice (the "REMOVAL DATE"), and such Accounts shall then be identified
        in the systems of the Transferor or Additional Transferor, in accordance
        with a system maintained by the Transferor or, as the case may be, such
        Additional Transferor for that purpose, as constituting "REMOVED
        ACCOUNTS". PROVIDED, HOWEVER, that in respect of a Zero Balance Account,
        the Transferor or, as the case may be, such Additional Transferor, shall
        remove or have removed such designation on the Redesignation Date
        (which, consequently, shall also be the Removal Date for such Account)
        and such Zero Balance Account shall also constitute a Removed Account.

7.7     Neither the Transferor nor any Additional Transferor shall be permitted
        to redesignate Designated Accounts pursuant to Clause 7.2 which are not
        Cancelled Accounts, Defaulted Accounts or Zero Balance Accounts unless
        the following conditions are satisfied:

        7.7.1   such redesignation shall not, in the reasonable belief of the
                Transferor or such Additional Transfer, cause a Pay Out Event to
                occur;

        7.7.2   the Transferor or, as the case may be, such Additional
                Transferor shall represent and warrant to the Receivables
                Trustee that no selection procedures believed by the Transferor
                or such Additional Transferor to have a Material Adverse Effect
                were utilised in selecting the Designated Accounts to be
                redesignated;

        7.7.3   on or before the tenth Business Day prior to the Redesignation
                Date, each Rating Agency and the Receivables Trustee shall have
                received notice in writing from the Transferor or, as the case
                may be, such Additional Transferor of such proposed
                redesignation and the Transferor or such Additional Transferor
                and the Receivables Trustee shall have received written notice
                prior to the Redesignation Date from each Rating Agency that
                such proposed redesignation will not result in a downgrade or
                withdrawal of its then current rating of any outstanding Related
                Debt;

<PAGE>

        7.7.4   the Transferor or, as the case may be, such Additional
                Transferor and the Servicer shall certify to the Receivables
                Trustee that Collections (equal to the Outstanding Face Amount
                of each Principal Receivable and the outstanding balance of each
                Finance Charge Receivable) have been received by the Receivables
                Trustee in respect of every Receivable which has been assigned
                to the Receivables Trustee in respect of that Account other than
                Receivables which have been charged-off in accordance with the
                Card Guidelines on the computer master file of Accounts used by
                the Servicer; and

        7.7.5   the Transferor or, as the case may be, such Additional
                Transferor shall have delivered to the Receivables Trustee an
                Officer's Certificate confirming the items set out in Clauses
                7.7.1 to 7.7.4 above.

        PROVIDED, HOWEVER, that the Receivables Trustee may conclusively rely on
        the Officer's Certificate referred to in Clause 7.7.5 above without
        making enquiries with regard to the matters set out therein.

8.      DISCOUNT PERCENTAGE, SPECIAL FEES, ANNUAL FEES AND ACQUIRED INTERCHANGE

8.1     The Transferor or any Additional Transferor may, at any time by giving
        not less than 30 days' prior notice in writing to the Servicer, the
        Receivables Trustee and the Rating Agencies, nominate a Discount
        Percentage to apply to Principal Receivables from the date specified in
        such notice for such period (or additional period) of time as the
        Transferor or such Additional Transferor shall specify.

8.2     If the Transferor or any Additional Transferor notifies the Receivables
        Trustee of the application of a Discount Percentage in accordance with
        Clause 8.1 then, during the period of time specified by the Transferor
        or such Additional Transferor under Clause 8.1, the relevant amount of
        any Purchase Price to be paid pursuant to Clause 3.4 shall accordingly
        be reduced by a percentage equal to the Discount Percentage, and the
        obligation of the Receivables Trustee to make the payments referred to
        in Clause 5.1 shall be likewise reduced.

8.3     No nomination by the Transferor or any Additional Transferor pursuant to
        Clause 8.1 of a Discount Percentage or the period (or additional period)
        of time for which it is to be effective shall be of any effect unless:

        8.3.1   each Rating Agency has confirmed in writing that such proposed
                nomination or increase in length of the relevant period will not
                result in a downgrade or withdrawal of its then current rating
                of any outstanding Related Debt;

        8.3.2   the Transferor or such Additional Transferor has provided the
                Receivables Trustee with a certificate in the form set out in
                the Seventh Schedule, signed by an authorised officer of the
                Transferor or such Additional Transferor confirming that:

                (a)     the performance of the portfolio of Designated Accounts
                        is such that in the reasonable opinion of the Transferor
                        or such Additional Transferor the yield of Finance
                        Charge Collections is not generating adequate cashflows
                        for the Beneficiaries of the Receivables Trust and the
                        size of the Discount

<PAGE>

                        Percentage is not intended solely to accelerate
                        distributions to the Excess Interest Beneficiary; and

                (b)     the Transferor or such Additional Transferor is able to
                        pay its debts within the meaning of section 123 of the
                        Insolvency Act 1986 and will not become unable to pay
                        its debts within the meaning of that section in
                        consequence of such Discount Percentage coming into
                        effect, as at the date on which the Discount Percentage
                        or additional period is to take effect.

8.4     From time to time, the Transferor and each Additional Transferor may
        levy a Special Fee on Accounts (including Designated Accounts) in
        respect of all or certain types of Receivables arising thereon, whether
        at one time or on an ongoing basis, and may in respect of such Special
        Fees on or after the date on which they are first levied, designate in a
        certificate to the Receivables Trustee whether such Special Fees shall
        be treated as Finance Charge Receivables or as Principal Receivables,
        PROVIDED, HOWEVER, that in the absence of such certificate, such Special
        Fees shall be treated as Finance Charge Receivables, PROVIDED FURTHER,
        HOWEVER, that the Transferor or such Additional Transferor may not
        designate Special Fees as Principal Receivables unless it certifies in
        such certificate that it has received an Opinion of Counsel that such
        Special Fees constitute, for the purpose of tax in the United Kingdom,
        repayment in whole or in part of an advance to an Obligor.

8.5     The Transferor and each Additional Transferor may, at any time by giving
        notice in writing to the Servicer, the Receivables Trustee and the
        Rating Agencies, designate in a certificate to the Receivables Trustee
        whether Future Receivables arising after that time and Existing
        Receivables comprised in offers accepted by the Receivables Trustee
        after that time in respect of (in each case) Annual Fees shall be
        treated as Finance Charge Receivables or as Principal Receivables
        PROVIDED, HOWEVER, in the absence of such certificate, such Receivables
        in respect of Annual Fees shall be treated as Finance Charge
        Receivables; PROVIDED FURTHER, HOWEVER, that any designation of Annual
        Fees as Principal Receivables shall not be of any effect unless the
        Transferor or, as the case may be, such Additional Beneficiary certifies
        in such certificate that it has received an Opinion of Counsel that such
        Annual Fees constitute, for the purpose of tax in the United Kingdom,
        repayment in whole or in part of an advance to an Obligor.

8.6     On or before each Transfer Date, the Transferor and each Additional
        Transferor shall notify the Receivables Trustee of the amount of
        Acquired Interchange with respect to the preceding Monthly Period.

8.7     On each Transfer Date, the Transferor and each Additional Transferor
        shall cause to be paid to the Receivables Trustee by depositing into the
        Trustee Collection Account, in immediately available funds, an amount
        equal to the amount of Acquired Interchange.

9.      TRUST

9.1     If for any reason any Receivable arising on a Designated Account cannot
        be duly assigned to the Receivables Trustee as contemplated hereby but
        the Receivables Trustee has accepted the Offer relating to that
        Receivable then, with effect from the date on which the Receivables
        Trustee accepted such Offer, that Receivable shall be treated as if

<PAGE>

        it had been validly and duly assigned to the Receivables Trustee and the
        Transferor or, as the case may be, the Additional Transferor shall hold
        the same and all Collections related thereto on trust absolutely for the
        Receivables Trustee and all such Collections shall be applied as if such
        Receivable had been validly and duly assigned.

9.2     The provisions of Clause 9.1 shall be without prejudice to:

        9.2.1   any obligations or representations of the Transferor or, as the
                case may be, such Additional Transferor hereunder in respect of
                any Receivables; and

        9.2.2   any liabilities of the Transferor or such Additional Transferor
                or rights of the Receivables Trustee in relation to any breach
                or inaccuracy on the part of the Transferor or, as the case may
                be, such Additional Transferor of the matters referred to in
                Clause 9.2.1.

        9.3     All Collections in respect of any Receivables constituting Trust
                Property received by Barclays Bank PLC or any Additional
                Transferor (whether or not the appointment of Barclays Bank PLC
                as Servicer or such Additional Transferor as a Co-Servicer, if
                applicable, under the Beneficiaries Servicing Agreement has been
                terminated) shall, pending their application to the Trustee
                Collection Account, be held on trust for and to the order of the
                Receivables Trustee.

10.     REDUCTIONS IN RECEIVABLES, EARLY COLLECTIONS, CREDIT ADJUSTMENTS AND
        REASSIGNMENT OF DEFAULTED RECEIVABLES

10.1    If the amount paid or payable in respect of any Principal Receivable
        which has been assigned by the Transferor or any Additional Transferor
        to the Receivables Trustee is reduced (other than in respect of a
        Transferor Section 75 Liability, Additional Transferor Section 75
        Liability or a Credit Adjustment) after the Offer Date relating thereto
        by reason of:

        10.1.1  any set-off or counterclaim as between an Obligor and the
                Transferor or any Additional Transferor; or

        10.1.2  any other matter as between an Obligor and the Transferor or any
                Additional Transferor,

        (each of 10.1.1 and 10.1.2 above a "REDUCTION")

        and the Transferor or such Additional Transferor has received a benefit
        in money or money's worth as a consequence of such Reduction (including,
        without limitation, any reduction in any liability owing by the
        Transferor or such Additional Transferor to such Obligor) then the
        Transferor or such Additional Transferor shall nevertheless for the
        purposes of this Agreement be treated as having been paid the amount of
        such Reduction on the date of such Reduction in addition to any other
        amounts which may be paid or payable in respect of such Receivable.

        10.2    If any Existing Receivable which is purported to be assigned
                pursuant to the Future Receivables Transfer or any Offer made
                pursuant to the terms of this Agreement shall have been
                collected in whole or in part prior to the time of such
                purported assignment, then the portion thereof which shall have
                been so collected (an "EARLY COLLECTION") shall

<PAGE>

                be treated for the purposes of this Agreement as having been
                collected by the Transferor or, as the case may be, the relevant
                Additional Transferor immediately following such purported
                assignment thereof.

        10.3    If any Principal Receivable which has been assigned by the
                Transferor or any Additional Transferor to the Receivables
                Trustee is reduced after the date of such assignment relating
                thereto by reason of a Credit Adjustment then the Transferor or
                such Additional Transferor shall nevertheless for the purposes
                of this Agreement be treated as having been paid the amount of
                such Credit Adjustment on the date of such Credit Adjustment in
                addition to any other amounts which may be paid or payable in
                respect of such Receivable.

        10.4    Subject to Clause 13.3, the Transferor or, as the case may be,
                such Additional Transferor shall be obliged to pay to the credit
                of the Trustee Collection Account an amount equal to the amount
                of each Reduction (as referred to in Clause 10.1), Early
                Collection (as referred to in Clause 10.2) or Credit Adjustment
                (as referred to in Clause 10.3) by no later than the second
                Business Day following the date on which it became aware of such
                Reduction, Early Collection or Credit Adjustment (as the case
                may be) or was notified thereof by the Trust Cash Manager.

        10.5    The Receivables Trustee may, if so instructed by the
                Beneficiaries, from time to time (by giving a notice in
                substantially in the form set out in Schedule 9) offer to sell
                to the Transferor or any Additional Transferor, as applicable,
                all Receivables in the Defaulted Accounts specified in such
                notice. The Transferor or Additional Transferor, as the case may
                be, may in its discretion choose to accept such offer. If such
                offer is accepted, the consideration ("CONSIDERATION") payable
                by the Transferor or Additional Transferor (as applicable) for
                the assignment of such Receivables shall be deferred and shall
                equal that portion of the balance of such Receivables in
                Defaulted Accounts which is subsequently recovered and paid to
                the Transferor or Additional Transferor (the "RECOVERED AMOUNT")
                less any costs and expenses incurred or payments made by the
                Transferor or Additional Transferor, as applicable, in order to
                obtain the recovered amount. The consideration shall be payable
                in respect of Monthly Periods and shall be paid into the Trustee
                Collection Account on the Transfer Date relating to each
                relevant Monthly Period. For the avoidance of doubt, the
                consideration shall only become due and payable to the
                Receivables Trustee following the realisation of the recovered
                amount and determination of related costs and expenses by the
                Transferor or Additional Transferor, as the case may be, and
                there shall be no obligation to make any payment prior to such
                time.

11.     BREACH OF WARRANTY

11.1    If, in respect of any Principal Receivable which has been assigned to
        the Receivables Trustee, any representation referred to in Clause 17.2
        or 17.3 proves at any time to have been incorrect when made, the
        Transferor or, as the case may be, the relevant Additional Transferor
        shall be treated as having received by way of a Collection the
        Outstanding Face Amount of such Principal Receivable and, subject to
        Clause 13.3, the Transferor or, as the case may be, the relevant
        Additional Transferor shall be obliged to pay by no later than the
        Business Day following the date on which such representation becomes
        known to the Transferor or, as the case may be, the relevant Additional
        Transferor to be incorrect, an amount equal to the Outstanding Face
        Amount of such Principal Receivable

<PAGE>

        to the Trustee Collection Account under advice to that effect to the
        Receivables Trustee, PROVIDED, HOWEVER, that such Principal Receivable
        shall not be reassigned to the Transferor or such Additional Transferor
        but shall thereafter be treated as an Ineligible Receivable unless and
        until all Receivables outstanding on the relevant Account are reassigned
        to the Transferor or such Additional Transferor in the circumstances set
        out in Clause 11.3.

11.2    The fulfilment of the Transferor's or, as the case may be, the relevant
        Additional Transferor's obligation to make payments to the Receivables
        Trustee required pursuant to Clause 11.1 in respect of a Principal
        Receivable or (as the case may be) all the Principal Receivables of an
        Obligor shall be in full satisfaction and discharge of any rights or
        remedies which the Receivables Trustee may otherwise have had with
        respect to such Principal Receivable as a result of any breach,
        anticipatory breach or other circumstance on the part of or affecting
        the Transferor or the Additional Transferor arising under this Agreement
        in relation to such Principal Receivable or (as the case may be) the
        Obligor concerned, and accordingly, the Receivables Trustee hereby
        acknowledges that it will have no further or other rights with respect
        to such Principal Receivable as a result of or in connection with any
        such breach, anticipatory breach or other circumstance.

11.3    In the event that:

        11.3.1  each and every Principal Receivable which has been assigned to
                the Receivables Trustee in respect of an Account and which
                remains outstanding proves to have been assigned to the
                Receivables Trustee in circumstances where any representation
                referred to in Clause 17.2 and 17.3 proves at any time to have
                been incorrect when made with respect to such Principal
                Receivables;

        11.3.2  the Transferor or any Additional Transferor has re-designated
                such Account as a Redesignated Account pursuant to Clause 7.2;
                and

        11.3.3  the obligation of the Transferor or such Additional Transfer
                with respect to such Principal Receivables as set out in Clause
                11.1 has been fulfilled

        then the Transferor or, as the case may be, such Additional Transferor
        may by five Business Days written notice require the Receivables Trustee
        (at the expense of the Transferor or, as the case may be, such
        Additional Transferor) to offer to reassign all (but not some only) of
        the Receivables outstanding on such Redesignated Account which
        constitute Trust Property to the Transferor or, as the case may be, such
        Additional Transfer for a nominal consideration not to exceed (pound)1
        pursuant to an instrument to be executed and maintained, if so requested
        by the Transferor or such Additional Transferor, outside of the United
        Kingdom. Following such reassignment such Receivables shall be owned by
        the Transferor or, as the case may be, such Additional Transferor
        absolutely and such Account shall constitute and be identified as a
        Removed Account from the date of such reassignment (which shall also
        constitute the relevant Removal Date).

<PAGE>

12.     CURRENCY OF ACCOUNT AND PAYMENT

12.1    Sterling is the currency of account and payment for each and every sum
        at any time due from any person hereunder and under the Future
        Receivables Transfer PROVIDED, HOWEVER, that:

        12.1.1  each payment in respect of costs and expenses shall be made in
                the currency in which the same were incurred; and

        12.1.2  each payment which is expressed herein to be payable in another
                currency shall be made in that other currency.

12.2    If any sum due from a person (a "RELEVANT PERSON") under this Agreement
        or the Future Receivables Transfer or any order or judgment given or
        made in relation to this Agreement or the Future Receivables Transfer
        has to be converted from the currency (the "FIRST CURRENCY") in which
        the same is payable hereunder or under the Future Receivables Transfer
        or under such order or judgment into another currency (the "SECOND
        CURRENCY") for the purpose of (i) making or filing a claim or proof
        against the relevant person, (ii) obtaining an order or judgment in any
        court or other tribunal or (iii) enforcing any order or judgment given
        or made in relation to this Agreement or the Future Receivables
        Transfer, the relevant person shall indemnify and hold harmless the
        person to whom such sum is due from and against any loss suffered as a
        result of any discrepancy between (a) the rate of exchange used for such
        purpose to convert the sum in question from the first currency into the
        second currency and (b) the rate or rates of exchange at which such
        person may in the ordinary course of business purchase the first
        currency with the second currency upon receipt of a sum paid to it in
        satisfaction, in whole or in part, of any such order, judgment, claim or
        proof.

12.3    All payments made by any person hereunder or under the Future
        Receivables Transfer shall be made free and clear of and without any
        deduction for or on account of any set-off or counterclaim unless
        otherwise agreed in writing by the Transferor and the Receivables
        Trustee or, as the case may be, such Additional Transferor and the
        Receivables Trustee.

13.     PAYMENTS BY THE TRANSFEROR, ADDITIONAL TRANSFERORS AND THE RECEIVABLES
        TRUSTEE

13.1    On each date upon which this Agreement requires an amount to be paid in
        cash by or on behalf of the Transferor or any Additional Transferor to
        the Receivables Trustee, the Transferor or, as the case may be, such
        Additional Transferor shall, save as expressly provided otherwise
        herein, make the same available to the Receivables Trustee:

        13.1.1  where such amount is denominated in Sterling by payment in
                Sterling and in same day funds (or in such other funds as may
                for the time being be customary in London for the settlement of
                international banking transactions in Sterling) to such account
                and bank in London as the Receivables Trustee shall have
                specified in writing for this purpose at least two Business Days
                prior to such amount becoming payable; or

        13.1.2  where such amount is denominated in a currency other than
                Sterling, by payment in such currency and in immediately
                available, freely transferable,

<PAGE>

                cleared funds to such account with such bank in the principal
                financial centre of the country of such currency as the
                Receivables Trustee shall have specified in writing for this
                purpose at least five Business Days prior to such amount
                becoming payable.

13.2    On each date upon which this Agreement or the Future Receivables
        Transfer requires an amount to be paid in cash to the Transferor or any
        Additional Transferor by or on behalf of the Receivables Trustee, the
        Receivables Trustee shall, save as otherwise provided herein, make the
        same available to the Transferor or such Additional Transferor:

        13.2.1  where such amount is denominated in Sterling, by payment in
                Sterling and in same day funds (or in such other funds as may
                for the time being be customary in London for the settlement of
                international banking transactions in Sterling) to the
                Transferor or such Additional Transferor at such account and
                bank as the Transferor or such Additional Transferor shall have
                specified in writing for this purpose at least two Business Days
                prior to such amount becoming payable; or

        13.2.2  where such amount is denominated in a currency other than
                Sterling, by payment in such currency and in immediately
                available, freely transferable, cleared funds to such account
                with such bank in the principal financial centre of the country
                of such currency as the Transferor or such Additional Transferor
                shall have specified in writing for this purpose at least five
                Business Days prior to such amount becoming payable.

13.3    Notwithstanding any other provision of this Agreement or the Future
        Receivables Transfer, the Transferor, each Additional Transferor and the
        Receivables Trustee hereby agree and acknowledge that:

        13.3.1  any amount payable by the Receivables Trustee to the Transferor
                or such Additional Transferor in cash pursuant to the Future
                Receivables Transfer, Clause 3.4 (in respect of the payment for
                Existing Receivables) or Clause 5.1 (in respect of the payment
                for Future Receivables) shall be set-off against the amount of
                any shortfall in the amount to be funded by the Transferor or
                such Additional Transferor as a beneficiary of the Receivables
                Trust in the circumstances contemplated by Clause 5.2(f)(ii)(D)
                of the Declaration of Trust and Trust Cash Management Agreement
                PROVIDED, HOWEVER, that the Transferor Interest or, as the case
                may be, the Additional Transferor Interest, in the Receivables
                Trust is increased accordingly; and

        13.3.2  the obligation of the Transferor to the Receivables Trustee to
                pay an amount in cash pursuant to Clause 10.4 (in respect of
                reductions in Receivables) and Clause 11.1 (in respect of breach
                of warranty) may be fulfilled (in whole or in part) by a
                reduction in the amount of the Transferor Interest in the
                Receivables Trust in the circumstances contemplated by Clauses
                5.3(a)(ii) and 5.3(d) of the Declaration of Trust and Cash
                Management Agreement PROVIDED, HOWEVER, that such decrease shall
                not cause the Transferor Interest or, as the case may be,
                Additional Transferor Interest to be decreased to an amount of
                less than zero.

<PAGE>

14.     THE COLLECTION AGENT

        The Collection Agent has been appointed by the Transferor and, upon its
        accession hereunder, each Additional Transferor as its agent to process
        Collections received from Obligors in respect of the Accounts. The
        Transferor and any relevant Additional Transferor shall procure that all
        Collections processed by the Collection Agent in respect of Designated
        Accounts are allocated by the Collection Agent to the Barclaycard
        Operating Account or, as the case may be, Additional Transferor
        Operating Account as being Collections in respect of Designated Accounts
        received for and on behalf of the Receivables Trustee.

15.     BARCLAYCARD OPERATING ACCOUNT AND BARCLAYCARD PROCEEDS ACCOUNT

15.1    The Transferor has opened an account in its name for the purpose of
        receiving, inter alia, Collections (the "BARCLAYCARD OPERATING
        ACCOUNT"). On or prior to its accession hereunder, each Additional
        Transferor shall have opened an account in its name for the purpose of
        receiving, inter alia, Collections (the "ADDITIONAL TRANSFEROR OPERATING
        ACCOUNT").

15.2    Pending application of monies from the Barclaycard Operating Account and
        the Additional Transferor Operating Account to the Trustee Collection
        Account either hereunder or in accordance with the Declaration of Trust
        and Trust Cash Management Agreement, the sums from time to time standing
        to the credit of the Barclaycard Operating Account and the Additional
        Transferor Operating Account shall be held respectively by the
        Transferor and the relevant Additional Transferor on trust for and to
        the order of (1) the Receivables Trustee, to the extent such Collections
        are Principal Collections, Finance Charge Collections or Ineligible
        Collections and (2) the Transferor or, as the case may be, the
        Additional Transferor, otherwise, and the Transferor and each Additional
        Transferor upon its accession hereby confirms that the bank at which the
        Barclaycard Operating Account and the Additional Transferor Operating
        Account is maintained has been notified in writing that such account is
        a trust account held on the above basis.

15.3    The Transferor has opened a bank account in its name for the purpose of
        receiving cash payments due to the Transferor in respect of the Purchase
        Price of Receivables (the "BARCLAYCARD PROCEEDS ACCOUNT"). On or prior
        to its accession hereunder, each Additional Transferor shall have opened
        an account in its name for the purpose of receiving cash payments due to
        such Additional Transferor in respect of the Purchase Price of the
        Receivables (the "ADDITIONAL TRANSFEROR PROCEEDS ACCOUNT").

16.     THE TRUSTEE COLLECTION ACCOUNT

        The Receivables Trustee has opened an account at a Qualified Institution
        in the name of the Receivables Trustee (the "TRUSTEE COLLECTION
        ACCOUNT").

17.     REPRESENTATIONS

17.1    The Transferor represents as of the date hereof and each Additional
        Transferor represents as of the date of its accession hereunder that
        each of the statements set out in Parts 1 and 2 of the Fifth Schedule is
        true and the Transferor and such Additional Transferor shall be

<PAGE>

        deemed to repeat such representations by reference to the facts and
        circumstances then existing on each Closing Date specified in respect of
        any Supplement.

17.2    Each Offer shall constitute a representation by the Transferor or, as
        the case may be, the relevant Additional Transferor, that, in relation
        to that Offer, each of the statements set out in Part 3 of the Fifth
        Schedule is true with regard to the Existing Receivables identified in
        such Offer which are Principal Receivables other than such Existing
        Receivables which are specified in that Offer as being Ineligible
        Receivables.

17.3    The Transferor or, as the case may be the relevant Additional Transferor
        shall be deemed to represent in respect of each Future Receivable which
        is a Principal Receivable on the Date of Processing relating thereto
        that each of the statements set out in Part 3 of the Fifth Schedule is
        true with regard to such Receivable unless such Principal Receivable is
        specified by the Transferor or, as the case may be, the relevant
        Additional Transferor as being an Ineligible Receivable pursuant to
        Clause 5.1.

18.     COVENANTS

18.1    The Transferor and each Additional Transferor shall:

        18.1.1  pay to the Receivables Trustee by payment to the Trustee
                Collection Account all payments received by the Transferor or,
                as the case may be, such Additional Transferor in respect of
                Receivables on Designated Accounts as soon as practicable after
                receipt thereof by the Transferor;

        18.1.2  notify the Receivables Trustee of the existence of any
                Encumbrance on any Receivable on a Designated Account and
                defend, at its own expense, the right, title and interest of the
                Receivables Trustee in, to and under the Receivables on
                Designated Accounts, whether now existing or created, against
                all claims of third parties claiming through or under the
                Transferor or, as the case may be, such Additional Transferor;
                and

        18.1.3  comply with and perform its obligations under the Card Agreement
                relating to the Designated Accounts and the Card Guidelines and
                all applicable rules and regulations of MasterCard International
                Inc. and its subsidiaries, if any, and VISA International, Inc.
                and its subsidiaries, if any, except insofar as any failure to
                comply or perform would not cause a Material Adverse Effect.

18.2    Neither the Transferor nor any Additional Transferor shall :

        18.2.1  sell, assign, convey, transfer, lease, pledge or otherwise
                dispose (or purport to do so) of any Receivable (whether now
                existing or hereafter created) under a Designated Account to any
                person other than the Receivables Trustee; or

        18.2.2  grant, create, incur, assume or suffer to exist any Encumbrance
                or purport to do so over any Receivable (whether now existing or
                hereafter created) under a Designated Account or any interest
                therein; or

        18.2.3  consolidate with or merge into any other corporation or convey
                or transfer its properties and assets substantially as an
                entirety to any Person unless:

<PAGE>

                (a)     the corporation formed by such consolidation or into
                        which the Transferor or such Additional Transferor is
                        merged or the Person which acquires by conveyance or
                        transfer the properties and assets of the Transferor or
                        such Additional Transferor substantially as an entirety,
                        shall expressly assume, by an agreement supplemental
                        hereto, executed and delivered to the Receivables
                        Trustee in form satisfactory to the Receivables Trustee,
                        the performance of the obligations of the Transferor or
                        such Additional Transferor hereunder (to the extent that
                        any right, covenant or obligation of the Transferor or
                        such Additional Transferor, as applicable hereunder, is
                        inapplicable to the successor entity, such successor
                        entity shall be subject to such covenant or obligation,
                        or benefit from such right, as would apply, to the
                        extent practicable, to such successor entity) and the
                        Transferor or such Additional Transferor shall also
                        execute such documents as are necessary for such person
                        to become a Transferor Beneficiary and an Excess
                        Interest Beneficiary as contemplated in the Declaration
                        of Trust and Trust Cash Management Agreement;

                (b)     the Transferor or such Additional Transferor shall have
                        delivered to the Receivables Trustee an Officer's
                        Certificate of the Transferor or such Additional
                        Transferor stating that such consolidation, merger,
                        conveyance or transfer and such supplemental agreement
                        comply with this Clause 18.2.3, and that all
                        documentation referred to in (a) above and any
                        conditions precedent specified in such documentation
                        have been complied with, and an Opinion of Counsel that
                        such supplemental agreement is legal, valid, binding and
                        enforceable; and

                (c)     the Transferor or such Additional Transferor shall have
                        delivered notice to each Rating Agency of such
                        consolidation, merger, conveyance or transfer; or

        18.2.4  disclose the name or address of any Obligor to any Person
                seeking to enforce a claim against the Transferor or such
                Additional Transferor or otherwise in breach of its obligations
                of confidentiality to any Obligor, except pursuant to any
                Requirement of Law.

18.3    Subject to Clause 18.4, each of the Transferor and any Additional
        Transferor may from time to time amend the standard form terms and
        conditions of the Card Agreements (other than the terms and conditions
        which relate to the matters referred to in paragraph (iii) of the First
        Schedule) or the Card Guidelines in any respect (including, without
        limitation, reducing or increasing the amount of any required minimum
        monthly payment or amending the calculation of the amount or the timing
        of charge-offs and the Periodic Finance Charges and other fees assessed
        thereon), PROVIDED, HOWEVER, that no such amendment may be made if:

        18.3.1  in the reasonable belief of the Transferor or such Additional
                Transferor, such amendment would cause a Pay Out Event; and

        18.3.2  such amendment is not also applied to any comparable segment of
                Accounts which are owned and serviced by the Transferor or such
                Additional Transferor

<PAGE>

                which have characteristics equivalent or substantially similar
                to, the Designated Accounts (except as otherwise restricted by
                an endorsement, sponsorship or other agreement between the
                Transferor or such Additional Transferor and an unrelated third
                party or by the terms of the relevant Card Agreements); and

        18.3.3  the effect of such amendment would be to reduce or release any
                amount owed by any Obligor in respect of any Receivable in a
                Designated Account which is in existence at the time when such
                amendment is made.

18.4    The Transferor and each Additional Transferor upon its accession hereby
        agrees that, except as otherwise required by any Requirement of Law or
        as may be determined by the Transferor or such Additional Transferor to
        be necessary or in its best interests in order to maintain its credit
        card and related card business (such determination being based on a
        good-faith assessment by the Transferor or such Additional Transferor,
        in its sole discretion, of the nature of competition in the credit card
        business in the United Kingdom as a whole, or, as the case may be, in
        respect of Accounts relating to an Additional Jurisdiction, of the
        nature of competition in the credit card business in such Additional
        Jurisdiction as a whole), it shall not at any time reduce the Periodic
        Finance Charges assessed on Receivables existing or arising under any
        Designated Account or other fees on any Designated Account if, as a
        result of such reduction, the Transferor's or such Additional
        Transferor's reasonable expectation of the Portfolio Yield (as defined
        in each Series Supplement) as of such date would be less than the then
        Expense Rate (as defined in each Series Supplement).

19.     STAMP DUTY

19.1    Each and every Offer made pursuant to this Agreement shall be executed
        and retained outside the United Kingdom and, if any such document is
        introduced into the United Kingdom by any party hereto or any person
        acting under the direction of or with the agreement of such a party, the
        Receivables Trustee shall promptly arrange for the document so brought
        into the United Kingdom to be stamped at the expense of the Receivables
        Trustee PROVIDED, HOWEVER, that it is acknowledged that the obligations
        of the Receivables Trustee to pay stamp duty shall be limited to the
        extent that Trust Property is calculated as available for such purpose
        pursuant to the Receivables Trust and not otherwise.

19.2    In the event that the Receivables Trustee accepts an Offer, the
        Transferor shall take the following steps:

        19.2.1  in relation to the first Offer made by the Transferor, as soon
                as practicable after acceptance thereof:

                (a)     execute a transfer of either (i) an amount of Existing
                        Offered Receivables (as defined in Clause 19.3) having
                        an aggregate Purchase Price such that the Floating
                        Investor Percentage of such Purchase Price (the
                        "STAMPABLE AMOUNT") is at least (pound)1,000,000 or (ii)
                        all Existing Offered Receivables if the stampable amount
                        is less than (pound)1,000,000;

<PAGE>

                (b)     procure that a member of the board of directors of the
                        Transferor or any other person specified for the purpose
                        by agreement with the Inland Revenue shall swear a
                        statutory declaration in the appropriate form;

                (c)     submit such transfer within 30 days of execution
                        thereof, together with the statutory declaration in the
                        appropriate form, to the Inland Revenue Stamp Office to
                        be adjudicated free of stamp duty under section 42 of
                        the Finance Act 1930; and

                (d)     if the Inland Revenue Stamp Office adjudicate the
                        transfer free of stamp duty as described in (c) above,
                        as soon as practicable thereafter execute a further
                        transfer comprising either (i) all of the Existing
                        Offered Receivables not comprised in the transfer
                        referred to in (a) above or (ii) an amount of Existing
                        Offered Receivables not comprised in the transfer
                        referred to in (a) above having an aggregate Purchase
                        Price such that the Floating Investor Percentage of such
                        Purchase Price is at least (pound)29,000,000 and take
                        the steps referred to in (b) and (c) above in relation
                        to such transfer; and

                (e)     promptly notify each Rating Agency then rating any
                        Related Debt of the result of the adjudication obtained
                        pursuant to paragraphs (c) and (d) above;

        19.2.2  in relation to any other Offer, not less than three months after
                execution of the last Offer in relation to which the following
                steps were taken or, failing that, not later than three months
                after execution of such Offer:

                (a)     execute a transfer of all the Existing Offered
                        Receivables (subject to the proviso that in the event
                        that the short term rating of the senior unsecured debt
                        of the Transferor is rated A-3 or below by Standard &
                        Poor's, such transfer shall be executed on each Business
                        Day in London);

                (b)     procure that a member of the board of directors of the
                        Transferor or any other person specified for the purpose
                        by agreement with the Inland Revenue shall swear a
                        statutory declaration in the appropriate form; and

                (c)     submit such transfer within 30 days of the execution
                        thereof, together with the statutory declaration in the
                        appropriate form, to the Inland Revenue Stamp Office to
                        be adjudicated free of stamp duty under section 42 of
                        the Finance Act 1930,

                PROVIDED, HOWEVER that this Clause 19.2.2 shall not apply as
                regards the acceptance of any Offer where, before an application
                is made for adjudication of any related transfer as referred to
                above, either:

                (i)     the Inland Revenue Stamp Office shall have refused to
                        adjudicate any other transfer referred to in this Clause
                        19.2 free of stamp duty; or

                (ii)    the Transferor shall have been advised by an appropriate
                        specialist lawyer practising in a reputable law firm of
                        national standing in the United

<PAGE>

                        Kingdom that the transfer in question would not, or
                        would be unlikely to, qualify to be adjudicated free of
                        stamp duty,

                PROVIDED FURTHER that this Clause 19.2.2 shall not apply at any
                time when:

                (1)     all Receivables which have been the subject of Offers
                        made and accepted prior to that time shall have been the
                        subject of a written assignment executed by the
                        Transferor in order to complete the sale of such
                        Receivables (including any such Receivables which at the
                        time when the assignment is executed shall not have come
                        into existence) to the Receivables Trustee; and

                (2)     each written assignment which shall have been executed
                        as referred to in (1) above shall have been submitted to
                        the Inland Revenue Stamp Office to be adjudicated (and
                        shall not have been withdrawn from the Inland Revenue
                        Stamp Office prior to completion of the adjudication
                        process).

19.3    In this Clause 19:

        19.3.1  a statutory declaration "IN THE APPROPRIATE FORM" means a
                statutory declaration substantially in a form approved by
                leading tax Counsel chosen by the Transferor ("COUNSEL") for the
                purposes set out in this Clause 19 as such form may be varied or
                amended from time to time with the approval of Counsel;

        19.3.2  "EXISTING OFFERED RECEIVABLES" means in relation to any Offer at
                any time all Receivables (whether Existing Receivables or Future
                Receivables) which were the subject of such Offer and which are
                in existence at the time in question.

20.     NON-PETITION

20.1    The Transferor and each Additional Transferor upon its accession
        covenants with the Receivables Trustee that it shall not take any
        corporate action or other steps or legal proceedings for the winding-up,
        dissolution or re-organisation or for the appointment of a receiver,
        administrator, administrative receiver, trustee, liquidator,
        sequestrator or similar officer of the Receivables Trustee (either in
        its own capacity or as trustee of the Receivables Trust or otherwise) or
        any Investor Beneficiary or of any or all of the revenues and assets of
        any of them.

20.2    The Transferor and, by its execution of an Accession Notice, any
        Additional Transferor acknowledges that the obligations of the
        Receivables Trustee under this Agreement at any time are limited to the
        lesser, at such time, of (a) the nominal amount thereof (the "NOMINAL
        AMOUNT") and (b) an amount (the "AVAILABLE AMOUNT") equivalent to the
        value of the Trust Property at such time. Neither the Transferor nor any
        Additional Transferor shall have a right to have recourse to, or make
        demand or initiate proceedings against the Receivables Trustee at any
        time whilst the nominal amount exceeds the available amount. The
        Receivables Trustee shall incur no liability and be under no additional
        duty to any person solely as a result of any inability on its part to
        make payments or to perform other obligations under this Agreement,
        which inability results from the operation of the foregoing provisions
        of this Clause 20.2.

<PAGE>

20.3    The Transferor and, by its execution of an Accession Notice, any
        Additional Transferor agrees that it shall have no recourse, in respect
        of any obligation, covenant or agreement of the Receivables Trustee,
        against any shareholder, officer, agent or director of the Receivables
        Trustee.

21.     BENEFIT OF AGREEMENT

21.1    This Agreement shall be binding upon and enure to the benefit of each
        party hereto and its successors and permitted assigns.

21.2    Except in the circumstances contemplated by the provisions of Clause
        18.2.3 neither the Transferor nor any Additional Transferor in its
        capacity as such shall be entitled to assign or transfer all or any of
        its rights, benefits and obligations hereunder. The Receivables Trustee
        agrees that it shall, at the expense of the Transferor or, as the case
        may be, such Additional Transferor, execute such documents as the
        Transferor or, as the case may be, such Additional Transferor may
        reasonably require to effect the matters permitted pursuant to Clause
        18.2.3.

21.3    The Receivables Trustee shall not be entitled to assign or transfer all
        or any of its rights, benefits and obligations hereunder except to the
        extent permitted and in the manner provided by the Declaration of Trust
        and Trust Cash Management Agreement.

22.     DISCLOSURE OF INFORMATION

22.1    The Receivables Trustee hereby agrees not to disclose to any person any
        Account Information except and only to the extent permitted by
        applicable law:

        22.1.1  if required in connection with the performance of its duties
                hereunder or under the Declaration of Trust and Trust Cash
                Management Agreement and any Supplement thereto;

        22.1.2  if required in order to enforce the rights of any Beneficiary of
                the Receivables Trust or to a Successor Servicer appointed
                pursuant to Clause 4.3 of the Beneficiaries Servicing Agreement;

        22.1.3  with the consent of the Transferor and each Additional
                Transferor, in connection with any security interest any
                Investor Beneficiary has created or is proposing to create over
                its beneficial interest in the Receivables Trust in connection
                with an issue of Related Debt; or

        22.1.4  pursuant to any Requirement of Law.

22.2    The Receivables Trustee agrees to take such measures as shall be
        reasonably requested by the Transferor or any Additional Transferor, to
        protect and maintain the security and confidentiality of Account
        Information and, in connection therewith, shall allow the Transferor and
        each Additional Transferor to inspect the Receivables Trustee's security
        and confidentiality arrangements from time to time during normal
        business hours and upon reasonable notice being given.

22.3    If the Receivables Trustee is required by any Requirement of Law to
        disclose any Account Information, the Receivables Trustee shall provide
        the Transferor and each Additional Transferor with prompt written
        notice, unless such notice is prohibited by

<PAGE>

        law, of any such request or requirement. The Receivables Trustee shall
        make reasonable efforts to provide the Transferor and each Additional
        Transferor with written notice no later than five days prior to any such
        disclosure unless compliance with this requirement would or might breach
        any law.

23.     REMEDIES AND WAIVERS

23.1    No failure to exercise, nor any delay in exercising, on the part of any
        party hereto, any right or remedy hereunder shall operate as a waiver
        thereof, nor shall any single or partial exercise of any right or remedy
        prevent any further or other exercise thereof or the exercise of any
        other right or remedy.

23.2    The rights and remedies herein provided are cumulative and not exclusive
        of any rights or remedies provided by law.

24.     PARTIAL INVALIDITY

        Without prejudice to any other provision hereof, if one or more
        provisions hereof is or becomes invalid, illegal or unenforceable in any
        respect in any jurisdiction or with respect to any party such
        invalidity, illegality or unenforceability in such jurisdiction or with
        respect to such party or parties shall not, to the fullest extent
        permitted by applicable law, render invalid, illegal or unenforceable
        such provision or provisions in any other jurisdiction or with respect
        to any other party or parties hereto.

25.     COUNTERPARTS

        This Agreement may be executed in any number of counterparts and by
        different parties hereto in separate counterparts, each of which when so
        executed shall be deemed to be an original and all of which when taken
        together shall constitute one and the same Agreement.

26.     NOTICES

26.1    Unless otherwise stated herein, each communication or notice to be made
        hereunder shall be made in writing and may be made by telex, telefax or
        letter.

26.2    Any communication, notice or document to be made or delivered by any one
        person to another pursuant to this Agreement shall (unless that other
        person has by fifteen days' written notice to the other parties hereto
        specified another address) be made or delivered to that other person at
        the address identified below and shall be deemed to have been made or
        delivered when despatched and confirmation of transmission received by
        the sending machine (in the case of any communication made by telefax)
        or (in the case of any communication made by telex) when dispatched and
        the appropriate answerback or identification symbol received by the
        sender or (in the case of any communication made by letter) when left at
        that address or (as the case may be) ten days after being deposited in
        the post postage prepaid in an envelope addressed to it at that address
        PROVIDED, HOWEVER, that each telefax or telex communication made by one
        party hereto to another shall be made to that other person at the
        telefax or telex number notified to such party by that other person from
        time to time:

        (i)     in the case of the Transferor to Barclaycard, 1234 Pavillion
                Drive, Northampton NN4 7SG, Attention: Timothy Gaffney,
                facsimile number: (01604) 253 163,

<PAGE>

                with a copy to Attention: Group General Counsel, facsimile
                number: (0171) 699 4036;

        (ii)    in the case of any Additional Transferor, to the address and fax
                number set out in the Accession Notice of such Additional
                Transferor; and

        (iii)   in the case of the Receivables Trustee at an address for service
                in London at c/o Clifford Chance Secretaries Limited, 200
                Aldersgate Street, London, EC1A 4JJ.

27.     TERMINATION OF DECLARATION OF TRUST AND TRUST CASH MANAGEMENT AGREEMENT

        Notwithstanding any other provision of this Agreement, the parties
        hereto acknowledge that if, following the occurrence of any Insolvency
        Event, the Receivables Trust is dissolved in accordance with the
        provisions of Clause 6.3 of the Declaration of Trust and Trust Cash
        Management Agreement, then the provisions of this Agreement shall also
        terminate without further action by the parties hereto, PROVIDED,
        HOWEVER, that such termination shall be without prejudice to any rights
        existing on or prior to the date of such Insolvency Event (including
        rights relating to the giving of notice to Obligors as set out in Clause
        6 hereof).

28.     LAW

        This Agreement shall be governed by, and construed in accordance with,
        English law.

29.     JURISDICTION

29.1    Each of the parties hereto irrevocably agrees for the benefit of each
        other party that the courts of England shall have exclusive jurisdiction
        to hear and determine any suit, action or proceeding, and to settle any
        disputes, which may arise out of or in connection with this Agreement
        and, for such purposes, irrevocably submits to the exclusive
        jurisdiction of such courts.

29.2    Each party hereto irrevocably waives any objection which it might now or
        hereafter have to the courts referred to in Clause 29.1 being nominated
        as the forum to hear and determine any suit, action or proceeding, and
        to settle any disputes, which may arise out of or in connection with
        this Agreement and agrees not to claim that any such court is not a
        convenient or appropriate forum.

29.3    The Receivables Trustee irrevocably appoints the person specified
        against its name below to accept service of any process on its behalf
        and further undertakes to the other parties hereto that it will at all
        times during the continuance of this Agreement maintain the appointment
        of some person in England as its agent for the service of process and
        irrevocably agrees that service of any writ, notice or other document
        for the purposes of any suit, action or proceeding in the courts of
        England shall be duly served upon it if delivered or sent by registered
        post to the address of such appointee (or to such other address in
        England as that party may notify to the other parties hereto).

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered by their duly authorised representatives as a deed on the day and
year first before written.

<PAGE>

                                   SCHEDULE 1

                            ELIGIBLE ACCOUNT CRITERIA

An Account will be an "Eligible Account" if, as at the beginning of the day on
the Pool Selection Date (in the case of a New Designated Account (as defined in
the the first Offer)) or the related Additional Selection Date (in the case of a
New Designated Account (as defined in any subsequent Offer)) or on the date on
which such Account is opened (in the case of a Future Designated Account (as
defined in any Offer) or a Relevant Account (as defined in the Future
Receivables Transfer)), as applicable, it is an Account:

(i)     where the Obligor is not a company or partnership for the purposes of
        Section 349(2) of the Income and Corporation Taxes Act 1988;

(ii)    which was in existence and maintained with the Transferor or relevant
        Additional Transferor prior to or at the time of its designation as a
        Designated Account;

(iii)   which is payable in pounds sterling or the lawful currency of a
        Permitted Additional Jurisdiction (where the Account is in a Permitted
        Additional Jurisdiction);

(iv)    which is governed by a Card Agreement as amended from time to time
        (provided that no amendments may be made to terms and conditions
        relating to the governing law of the agreement, the assignability
        thereof or the ability of the Transferor or relevant Additional
        Transferor to provide information regarding Obligors to any person
        assuming the Transferor's or relevant Additional Transferor's rights
        under the agreement) or else, if acquired by the Transferor or relevant
        Additional Transferor, is governed by contractual terms not materially
        different from such Card Agreement in relation to such matters;

(v)     which is governed in whole or in part by the Consumer Credit Act 1974
        and creates legal, valid and binding obligations between the Transferor
        or relevant Additional Transferor and the relevant Obligor and (except
        in the case of Accounts on which Restricted Eligible Receivables arise)
        is enforceable against the relevant Obligor in accordance with the Card
        Agreement and the Consumer Credit Act 1974, subject to applicable
        bankruptcy laws, other similar laws affecting creditors' rights, general
        equitable principles and other limitations on enforcement in the
        jurisdiction of the relevant Obligor and was otherwise created and
        complies with all other applicable laws;

(vi)    where the Obligor's most recent billing address is located in either:

        (a)     England, Wales, Scotland, Northern Ireland or in a Permitted
                Additional Jurisdiction; or

        (b)     a Restricted Additional Jurisdiction, provided that the balance
                of the Receivables in such Account, when added to the aggregate
                balance of Receivables in any other Designated Accounts located
                in a Restricted Additional Jurisdiction (including any Existing
                Receivables comprised in the same Offer as the Receivables in
                the Account in respect of which this representation is being
                made) would not cause the aggregate balance of all Receivables
                in Designated Accounts located in Restricted Additional
                Jurisdictions to exceed 5 per cent. of the total aggregate
                balance of Receivables in the Securitised Portfolio;

<PAGE>

(vii)   which has not been classified by the Transferor or relevant Additional
        Transferor as counterfeit, cancelled, fraudulent, stolen or lost;

(viii)  which has been originated or purchased by the Transferor or relevant
        Additional Transferor;

(ix)    which has been operated in all material respects in accordance with the
        Transferor's or relevant Additional Transferor's Card Guidelines; and

(x)     the Receivables in respect of which have not been charged-off by the
        Transferor or relevant Additional Transferor.

PROVIDED, HOWEVER, that:

(a)     notwithstanding (i) to (x) above an Account will be an Eligible Account
        if the Transferor or, as the case may be, the Additional Transferor and
        the Receivables Trustee have been notified that such Account (or each
        Account with such characteristics) has been approved by each Rating
        Agency as an Eligible Account; and

(b)     the criterion in (ii) above shall not apply in the case of a Future
        Designated Account (as defined in any Offer) or a Relevant Account (as
        defined in the Future Receivables Transfer).

<PAGE>

                                   SCHEDULE 2

                          ELIGIBLE RECEIVABLES CRITERIA

A Receivable will be an "Eligible Receivable" if it complies with the following
criteria as at: (i) in the case of Existing Receivables which are the subject of
the first Offer made by the Transferor or any Additional Transferor, the Pool
Selection Date in respect of that Offer; or (ii) in the case of any Existing
Receivable which is the subject of any subsequent Offer made by the Transferor
or any Additional Transferor, the Additional Selection Date with respect to that
Offer; or (iii) in the case of any Future Receivable, the Date of Processing
with respect to the transaction which gives rise to that Receivable or (if
different) the date on which the Receivables Trustee first acquires that
Receivable pursuant to the terms and subject to the conditions of this Agreement
or the Future Receivables Transfer:

(i)     it has arisen under an Eligible Account;

(ii)

        (a)     it was originated in accordance with and is governed by a Card
                Agreement (without waiver or amendment in any material respect
                as to its governing law, its assignability or the disclosure of
                information to persons who may assume rights under the Card
                Agreement) and, in whole or in part, by the Consumer Credit Act
                1974, or else, if acquired by the Transferor or Additional
                Transferor, as the case may be, was originated in all material
                respects in accordance with and is governed by contractual terms
                not materially different from such Card Agreement in relation to
                such matters and, in whole or in part, by the Consumer Credit
                Act 1974;

        (b)     it was otherwise created and complies with all other applicable
                laws;

        (c)     it was originated in accordance with the Card Guidelines; and

        (d)     it is not a Defaulted Receivable;

(iii)   it is free and clear of any encumbrances exercisable against the
        Transferor, any Additional Transferor or the Receivables Trustee arising
        under or through the Transferor or any Additional Transferor (or any of
        their respective Affiliates) and, to which, at the time of its creation
        (or at the time of its acquisition by the Transferor or relevant
        Additional Transferor if such Receivable was originated by any person
        other than the Transferor or relevant Additional Transferor) and at all
        times thereafter, the Transferor, relevant Additional Transferor or the
        Receivables Trustee had good and marketable title thereto;

(iv)    constitutes the legal, valid, and binding obligations of the relevant
        Obligor, enforceable (except in the case of Restricted Eligible
        Receivables) in accordance with the terms of the relevant Card Agreement
        and the Consumer Credit Act 1974, subject to usual bankruptcy laws,
        other similar laws affecting creditors' rights, general equitable
        principles and other limitations arising on enforcement in the
        jurisdiction of the relevant Obligor; and

<PAGE>

(v)     is not currently subject to any defence, dispute, set-off, counterclaim
        or enforcement order.

<PAGE>

                                   SCHEDULE 3

                                  FORM OF OFFER

                                A. INITIAL OFFER

To:      The Receivables Trustee

From:    Transferor

Dated:   23 November 1999

Dear Sirs

                                      OFFER

1.      We refer to the receivables securitisation agreement (as from time to
        time amended, supplemented or novated, the "RSA") dated 23 November,
        1999 and made between ourselves and yourselves.

2.      Terms defined in (or incorporated by reference into) the RSA shall bear
        the same meaning herein.

3.      For the purposes of this Offer we have identified in our systems the
        following Product Lines (the "NEW SPECIFIED PRODUCT LINES"):

        PRODUCT NO.                         NAME

        [eg: 010]                   [eg: Gold Visa]

4.      Each New Specified Product Line contains Accounts which are to be
        Designated Accounts (the "NEW DESIGNATED ACCOUNTS"). We hereby offer you
        an assignment on [date] of:

        (i)     the Existing Receivables under each New Designated Account;

        (ii)    all Future Receivables under each such New Designated Account
                which are not Finance Charge Receivables until the earliest of:

                (a)     in respect of each New Designated Account, such time (if
                        any) as such Account becomes a Redesignated Account;

                (b)     the termination of the Receivables Trust; or

                (c)     the occurrence of an Insolvency Event;

        (iii)   all Future Receivables under each Account specified in
                connection with such Offer which are Finance Charge Receivables
                in respect of Receivables which are assigned (or purported to be
                assigned) pursuant to paragraphs (i) and (ii) above;

<PAGE>

        (iv)    (to the extent such are capable of assignment) the benefit of
                any guarantee or insurance policy obtained by ourselves in
                respect of the obligations of an Obligor to make payments on
                such New Designated Accounts; and

        (v)     the benefit of all amounts representing Acquired Interchange in
                respect of each Monthly Period.

5.      In respect of future Accounts which arise on a New Specified Product
        Line during the Monthly Period immediately following this Offer (the
        "FUTURE DESIGNATED ACCOUNTS") we hereby offer you an assignment of:

        (i)     all Future Receivables under each such Future Designated Account
                which are not Finance Charge Receivables until the earliest of:

                (a)     in respect of each Future Designated Account, such time
                        (if any) as such Account becomes a Redesignated Account;

                (b)     the termination of the Receivables Trust; or

                (c)     the occurrence of an Insolvency Event,

        (ii)    all Future Receivables under each such Future Designated Account
                which are Finance Charge Receivables in respect of Receivables
                which are assigned (or purported to be assigned) pursuant to
                paragraph (i); and

        (iii)   (to the extent such are capable of assignment) the benefit of
                any guarantee or insurance policy obtained by ourselves in
                respect of the obligations of an Obligor to make payments on
                such Future Designated Accounts.

6.      In respect of the Existing Receivables identified by reference to the
        New Designated Accounts we have identified the Eligible Receivables and
        Ineligible Receivables comprised therein.

7.      In respect of the Eligible Receivables so identified we certify that, as
        at the date of this Offer:

        (a)     the aggregate amount of the Eligible Receivables comprised in
                the Existing Receivables is [ ]; and

        (b)     the total Purchase Price payable in respect of this Offer
                is (pound)[ ].

8.      In respect of the Ineligible Receivables so identified, we certify that
        the aggregate amount of the Ineligible Receivables comprised in the
        Existing Receivables is (pound)[ ].

9.      Save in respect of an Existing Receivable which is identified as an
        Ineligible Receivable, we warrant that each of the representations
        referred to in Clause 17.2 of the RSA is true on and as of the Offer
        Date, as the case may be, in respect of each Existing Receivable which
        is a Principal Receivable which is offered to you hereby.

10.     We acknowledge that if you accept the Offer contained herein we will be
        deemed to represent in respect of each Future Receivable which is a
        Principal Receivable arising on the New Designated Accounts on the Date
        of Processing relating thereto and each Principal Receivable arising on
        a Future Designated Account on the Date of Processing

<PAGE>

        relating thereto, that each of the representations referred to in Clause
        17.3 of the RSA is true on and as of such Date of Processing save in
        respect of a Principal Receivable which is identified as an Ineligible
        Receivable.

11.     In respect of the New Specified Product Lines and New Designated
        Accounts we certify and represent that no selection procedures adverse
        to the Investor Beneficiaries of any Applicable Series have been
        employed by us in selecting the New Specified Product Lines and New
        Designated Accounts from amongst the Product Lines and Accounts in the
        Bank Portfolio.

Yours faithfully

for and on behalf of

BARCLAYS BANK PLC

<PAGE>

                              B. SUBSEQUENT OFFERS

To:      The Receivables Trustee

From:    Transferor/Additional Transferor

Dated:   [o]

Dear Sirs

                                      OFFER

1.      We refer to the receivables securitisation agreement (as from time to
        time amended, supplemented or novated, the "RSA") dated 23 November,
        1999 and made between ourselves and yourselves.

2.      Terms defined in (or incorporated by reference into) the RSA shall bear
        the same meaning herein.

3.      For the purposes of this Offer we have identified in our systems the
        following Product Lines (the "FUTURE ACCOUNTS SPECIFIED PRODUCT LINES"):

        PRODUCT NO.                         NAME

        [eg: 010]                   [eg: Gold Visa]

        [Note - this list should include all Product Lines which are below
        designated as New Specified Product Lines]

4.      In respect of future Accounts which arise on a Future Accounts Specified
        Product Line during the Relevant Monthly Period in respect of the date
        of this Offer [or state other Monthly Period if applicable] (the "FUTURE
        DESIGNATED ACCOUNTS") we hereby offer you an assignment of:

        (i)     all Future Receivables under each such Future Designated Account
                which are not Finance Charge Receivables until the earliest of:

                (a)     in respect of each Future Designated Account, such time
                        (if any) as such Account becomes a Redesignated Account;

                (b)     the termination of the Receivables Trust; or

                (c)     the occurrence of an Insolvency Event,

        (ii)    all Future Receivables under each such Future Designated Account
                which are Finance Charge Receivables in respect of Receivables
                which are assigned (or purported to be assigned) pursuant to
                paragraph (i) above; and

        (iii)   (to the extent such are capable of assignment) the benefit of
                any guarantee or insurance policy obtained by ourselves in
                respect of the obligations of an Obligor to make payments on
                such Future Designated Accounts.

<PAGE>

5.      For the purposes of this Offer we have further identified in our systems
        the following Product Lines (the "NEW SPECIFIED PRODUCT LINES"):

        PRODUCT NO.                         NAME

        [eg: 010]                   [eg: Gold Visa]

6.      Each New Specified Product Line contains Accounts which are to be
        Designated Accounts (the "NEW DESIGNATED ACCOUNTS"). We hereby offer you
        an assignment on [date] of:

        (i)     the Existing Receivables under each New Designated Account;

        (ii)    all Future Receivables under each such New Designated Account
                which are not Finance Charge Receivables until the earliest of:

                (a)     in respect of each New Designated Account, such time (if
                        any) as such Account becomes a Redesignated Account;

                (b)     the termination of the Receivables Trust; or

                (c)     the occurrence of an Insolvency Event;

        (iii)   all Future Receivables under each Account specified in
                connection with such Offer which are Finance Charge Receivables
                in respect of Receivables which are assigned (or purported to be
                assigned) pursuant to paragraphs (i) and (ii) above;

        (iv)    (to the extent such are capable of assignment) the benefit of
                any guarantee or insurance policy obtained by ourselves in
                respect of the obligations of an Obligor to make payments on
                such New Designated Accounts; and

7.      In respect of the Existing Receivables identified by reference to the
        New Designated Accounts we have identified the Eligible Receivables and
        Ineligible Receivables comprised therein. The Additional Selection Date
        in relation to such Existing Receivables was [o].

8.      In respect of the Eligible Receivables so identified we certify that, as
        at the date of this Offer:

        (a)     the aggregate amount of the Eligible Receivables comprised in
                the Existing Receivables is [ ]; and

        (b)     the total Purchase Price payable in respect of this Offer
                is (pound)[ ]; and

        (c)     the total outstanding balance of the Finance Charge Receivables
                comprised in the Existing Receivables is (pound)[ ].

9.      In respect of the Ineligible Receivables so identified, we certify that
        the aggregate amount of the Ineligible Receivables comprised in the
        Existing Receivables is (pound)[ ].

10.     Save in respect of an Existing Receivable which is identified as an
        Ineligible Receivable, we warrant that each of the representations
        referred to in Clause 17.2 of the RSA is true

<PAGE>

        on and as of the Offer Date, as the case may be, in respect of each
        Existing Receivable which is a Principal Receivable which is offered to
        you hereby.

11.     We acknowledge that if you accept the Offer contained herein we will be
        deemed to represent in respect of each Future Receivable which is a
        Principal Receivable arising on the New Designated Accounts on the Date
        of Processing relating thereto and each Principal Receivable arising on
        a Future Designated Account on the Date of Processing relating thereto,
        that each of the representations referred to in Clause 17.3 of the RSA
        is true on and as of such Date of Processing save in respect of a
        Principal Receivable which is identified as an Ineligible Receivable.

12.     We confirm, as at the date of this Offer, that no Trust Pay Out Event
        has occurred and that the statements set out in the Solvency Certificate
        dated 23 November 1999 are true and correct with respect to [the
        Transferor/Additional Transferor] as if references in such Solvency
        Certificate to "the Offer" were references to this Offer.

13.     In respect of the New Specified Product Lines and New Designated
        Accounts we certify and represent that:

        (a)     no selection procedures adverse to the Investor Beneficiaries of
                any Applicable Series have been employed by us in selecting the
                New Specified Product Lines and New Designated Accounts from
                amongst the Product Lines and Accounts in the Bank Portfolio;
                and

        (b)     [the Offer satisfies the Maximum Addition Amount criteria](1) or
                [the Offer does not satisfy the Maximum Addition Amount criteria
                but we have received written confirmation from each Rating
                Agency that the inclusion of such New Designated Accounts as
                Designated Accounts pursuant to Clause 2.2 of the RSA will not
                result in the reduction or withdrawal of its then current rating
                of any outstanding Related Debt](1)

Yours faithfully

for and on behalf of

[NAME OF TRANSFEROR/ADDITIONAL TRANSFEROR]

(1)   Delete as appropriate

<PAGE>

SCHEDULE 4                                                            CONDITIONS

                       PRECEDENT TO THE SUBSEQUENT OFFERS

The Transferor and each Additional Transferor shall provide the following
documents to the Receivables Trustee (which shall be in form and substance
satisfactory to the Receivables Trustee):

1.      a Solvency Certificate from the Transferor and such Additional
        Transferor substantially in the form set out in the Seventh Schedule,
        provided that this requirement shall be deemed to be met if the
        statement set out at paragraph 12 of the form of Subsequent Offer in
        Schedule 3 is able to be made and is included in the relevant Offer or
        the Future Receivables Transfer (as appropriate).

2.      a statement from the Transferor and such Additional Transferor in the
        relevant Offer substantially in the form set out in paragraph 13(b) of
        the form of Subsequent Offer in Schedule 3 confirming either:

        (i)     the Offer satisfies the Maximum Addition Amount criteria; or

        (ii)    the Offer does not satisfy the Maximum Addition Amount criteria
                but the Transferor has received written notice from each Rating
                Agency that the inclusion of such Accounts as Designated
                Accounts pursuant to Clause 2.2 will not result in the reduction
                or withdrawal of its then current rating of any outstanding
                Related Debt;

3.      if applicable, a legal opinion addressed to the Receivables Trustee in
        respect of Receivables arising in any new Permitted Additional
        Jurisdiction from reputable legal advisers qualified to practise in such
        new Permitted Additional Jurisdiction; and

4.      a legal opinion addressed to the Receivables Trustee in respect of the
        Receivables Future Transfer in a form satisfactory to the Receivables
        Trustee.

<PAGE>

                                   SCHEDULE 5

                                     PART 1

                      REPRESENTATIONS AS TO MATTERS OF LAW

1.      ORGANISATION: It is a corporation duly organised under the laws of
        England with full corporate power, authority and legal right to own its
        assets and conduct its business as such assets are presently owned and
        its business is presently conducted and with power to enter into this
        Agreement and other Relevant Documents and each assignment to be entered
        into by it in respect of any Receivables assigned or scheduled to be
        assigned and to exercise its rights and perform its obligations
        thereunder and all corporate and other action required to authorise its
        execution of each Relevant Document and each such assignment and its
        performance of its obligations thereunder has been duly taken or will be
        taken prior to the execution of such Relevant Document or assignment (as
        the case may be).

2.      DUE AUTHORISATION: All acts, conditions and things required to be done,
        fulfilled and performed in order (a) to enable it lawfully to enter
        into, exercise its rights under and perform and comply with the
        obligations expressed to be assumed by it in each Relevant Document or
        in any such assignment, (b) to ensure that the obligations expressed to
        be assumed by it in each Relevant Document or in any such assignment are
        legal, valid and binding on it and (c) to make each Relevant Document
        and each such assignment admissible in evidence in England have been
        done, fulfilled and performed or will be done, fulfilled or performed
        prior to the execution of such Relevant Document or assignment (as the
        case may be) save for the payment of stamp duty in respect of any such
        assignment under Requirement of Law.

3.      NO VIOLATION: The execution of each Relevant Document by it and each
        assignment to be entered into by it in respect of any Receivables
        assigned or scheduled to be assigned in the manner contemplated and the
        exercise of its rights and the performance of its obligations in any
        such assignment will not conflict with or violate any applicable law.

4.      DOCUMENTARY REQUIREMENTS: Under the laws of England in force as at the
        date of making this representation, it is not necessary that each
        Relevant Document or any such assignment be filed, recorded or enrolled
        with any court or other authority in England or that any stamp,
        registration or similar tax be paid on or in relation to each Relevant
        Document or any such assignment, save for the payment of stamp duty on
        any such assignment under any applicable law.

5.      BINDING OBLIGATIONS: The obligations expressed to be assumed by it in
        each Relevant Document and in each such assignment are legal and valid
        obligations binding on it and enforceable against it in accordance with
        its terms (or will be so upon execution of each such Relevant Document
        or each such assignment), subject to applicable bankruptcy laws, other
        similar laws affecting creditors' rights, general equitable principles
        and other limitations on enforcement in the jurisdiction of the Obligor.

6.      ALL CONSENTS REQUIRED: All approvals, authorisations, consents, orders
        or other actions of any person or of any governmental or regulatory body
        or official required in connection with the execution and delivery of
        each Relevant Document and/or the assignment of Receivables in the
        manner contemplated herein or therein, the

<PAGE>

        performance of the transactions contemplated by each Relevant Document
        and the fulfilment of the terms thereof have been obtained.

                                     Part 2

                      REPRESENTATIONS AS TO MATTERS OF FACT

1.      NO PROCEEDINGS: There are no proceedings or investigations commenced or,
        to the best of its knowledge, pending or threatened against the
        Transferor or any Additional Transferor before any Court, regulatory
        body, arbitral tribunal or public or administrative body or agency (i)
        asserting the invalidity of any Relevant Document or of any assignment
        made in the manner therein contemplated; (ii) seeking to prevent the
        entering into of any such assignment or of any of the transactions
        contemplated by any Relevant Document; (iii) seeking any determination
        or ruling that, in the Transferor's or such Additional Transferor's
        reasonable opinion, would materially and adversely affect the
        performance by it of its obligations under any Relevant Document; or
        (iv) seeking any determination or ruling that would materially and
        adversely affect the validity or enforceability of any Relevant Document
        or any assignment of Receivables to be made in the manner therein
        contemplated.

2.      NO CONFLICT: The execution of any Relevant Document or the assignment of
        any Receivables in the manner therein contemplated and the exercise by
        the Transferor or any Additional Transferor of its rights and the
        performance of its obligations thereunder with regard to such
        Receivables will not conflict with, result in any breach of the material
        terms and provisions of, or constitute a material default under, any
        agreement, indenture, contract, mortgage, deed of charge or other
        instrument to which it is a party or by which it or any of its assets is
        otherwise bound.

3.      DUE QUALIFICATION: All licences, approvals, authorisations and consents
        which may be reasonably considered to be necessary in connection with
        the performance of its credit card business and in particular any
        applicable licences under the Consumer Credit Act 1974 and the Data
        Protection Act 1984 have been obtained and remain in force in all
        material respects.

4.      TAX RESIDENCE: Each of the Transferor and each Additional Transferor is
        resident for tax purposes in the United Kingdom and, in the case of the
        Transferor, is a bank as defined for the purpose of Section 349(3) of
        the Income and Corporation Taxes Act 1988.

                                     PART 3

                     REPRESENTATIONS RELATING TO RECEIVABLES

1.      ELIGIBILITY: Unless identified as an Ineligible Receivable, each
        Existing Receivable which is a Principal Receivable offered to the
        Receivables Trustee thereunder is, at the Pool Selection Date (in the
        case of the Initial Offer) or the relevant Additional Selection Date (in
        the case of a subsequent Offer) relating thereto, an Eligible Receivable
        and has arisen from an Eligible Account in the amount specified in the
        Offer and, unless specified in any Daily Activity Report provided to the
        Receivables Trustee by the

<PAGE>

        Transferor pursuant to Clause 5.2, each Future Receivable which is a
        Principal Receivable and each Principal Receivable arising on a Future
        Designated Account (as defined in the Offer relating thereto) or (as the
        case may be) on a Relevant Account (as defined in the Future Receivables
        Transfer) is on the relevant Date of Processing an Eligible Receivable
        and has arisen from an Eligible Account in the amount specified in such
        Daily Activity Report.

2.      ASSIGNMENT EFFECTIVE: The assignment of each Receivable the subject of
        an Offer or the Future Receivables Transfer will be effective to pass to
        the Receivables Trustee good and marketable title thereto and the
        benefit thereof (including in such context, any Collections and other
        rights in connection therewith such as related guarantees and Insurance
        Proceeds) free of any Encumbrances in favour of any person claiming
        through or under the Transferor or any of its Affiliates to the
        Receivables Trustee and, subject to any limitations arising on
        enforcement in the jurisdiction of the relevant Obligor, no further act,
        condition or thing will be required to be done in connection therewith
        to enable the Receivables Trustee to require payment of any such
        Receivable or to enforce any such right in the courts of England and
        Wales, Scotland or Northern Ireland or any Additional Jurisdiction
        without the participation of the Transferor other than:

        (1)     the payment of any applicable United Kingdom stamp duty; and

        (2)     the giving of a Notice of Assignment.

3.      COMPLIANCE: The assignment of each Receivable the subject of an Offer or
        the Future Receivables Transfer is in compliance with Requirements of
        Law applicable to the Transferor or, as the case may be, the Additional
        Transferor on the date of such assignment.

<PAGE>

                                   SCHEDULE 6

                               NOTIFICATION EVENTS

1.      A duly authorised officer of the Transferor shall admit in writing that
        the Transferor or any Additional Transferor is unable to pay its debts
        as they fall due within the meaning of Section 123(1) of the Insolvency
        Act 1986 or the Transferor or any Additional Transferor makes a general
        assignment for the benefit of or a composition with its creditors or
        voluntarily suspends payments of its obligations with a view to the
        general readjustment or rescheduling of its indebtedness.

2.      The Transferor or any Additional Transferor shall consent to or take any
        corporate action relating to the appointment of a receiver,
        administrator, administrative receiver, trustee, liquidator or similar
        officer of it or relating to all or substantially all of its revenues
        and assets or an order of the court is made for its winding-up,
        dissolution, administration or reorganisation (except for a solvent
        reorganisation) and such order shall have remained in force undischarged
        or unstayed for a period of 60 days or a receiver, administrator,
        administrative receiver, liquidator, trustee or similar officer of it or
        relating to all or substantially all of its revenues and assets is
        legally and validly appointed and such appointment is not discharged
        within 14 days.

3.      An encumbrancer legally and validly enforces its security with respect
        to all or substantially all of the assets and revenues of the Transferor
        or any Additional Transferor and such action by the encumbrancer is not
        discharged within 14 days.

5.      The Transferor or any Additional Transferor (or the Servicer on behalf
        of the Transferor or any Additional Transferor) fails to pay any sum due
        from it to the Receivables Trustee hereunder in respect of the
        Designated Accounts within five Business Days of the due date thereof or
        the date of demand, if payable on demand, in the currency and in the
        manner specified herein, and such failure is not remedied within ten
        Business Days after the Receivables Trustee has given notice thereof to
        the Transferor or such Additional Transferor.

6.      The rating of the Transferor's (or, if applicable, any Additional
        Transferor's) long term senior unsecured indebtedness as rated by any of
        Moody's, Standard & Poor's or Fitch falls below Baa2, BBB or BBB
        respectively.

<PAGE>

                                   SCHEDULE 7

                          FORM OF SOLVENCY CERTIFICATE

           [on letterhead of the Transferor or Additional Transferor]
                                 ("THE COMPANY")

To:      The Receivables Trustee
         PO Box 75
         Normandy House
         St. Helier
         Jersey JE2 4UF

                                                        dated __________________

                    IN RELATION TO THE OFFER FOR THE SALE OF
                           CREDIT CARD RECEIVABLES BY
                    [BARCLAYS BANK PLC/ADDITIONAL TRANSFEROR]

        IT IS HEREBY CERTIFIED that, having duly considered the provisions of
        Sections 123 (as to when a company is deemed to be unable to pay its
        debts) and 238 to 241 (as to transactions at an undervalue and
        preferences) of the Insolvency Act 1986 (the "ACT") the Company has
        determined that:

(1)     as at the date hereof, the Company is not unable to pay its debts within
        the meaning of Section 123 of the Act (but without reference to the
        court for this purpose) or otherwise and will not become unable to do so
        in consequence of the sale by way of assignment of credit card
        receivables pursuant to the Offer of even date herewith made pursuant to
        the terms of clause [2.1/2.2] of the receivables securitisation
        agreement (the "RSA") dated 23 November 1999 and entered into between
        Barclays Bank PLC and the Receivables Trustee (the "OFFER");

(2)     no order has been made or resolution passed for the winding-up of the
        Company and, to the best of my knowledge and belief:

        (a)     no petition had been presented for the winding-up of the
                Company; and

        (b)     no receiver, administrative receiver, or receiver and manager
                has been appointed in relation to the Company's property, assets
                or undertaking

        (disregarding proceedings which are not being pursued or are discharged
        or are being contested in good faith on proper grounds where less than
        sixty days have expired since their commencement);

(3)     the value in money or money's worth of the consideration to be received
        by the Company under the RSA following acceptance of the Offer is not
        significantly less than the value, in money or money's worth, of the
        consideration provided by the Company under the RSA;

<PAGE>

(4)     the sale of the Receivables to the Receivables Trustee and all matters
        concerning the Company in connection with such matters will, to the
        extent to which these were to be carried out by the Company, be effected
        by the Company in good faith and for the purpose of carrying on its
        business, and there are reasonable grounds for believing that the sale
        of the Receivables and all related matters will benefit the Company;
        [and]

(5)     in submitting the Offer to the Receivables Trustee the Company has not
        been influenced by a desire to prefer one of the Company's creditors;
        [and]

(6)     [in respect of a Discount Percentage only] in the reasonable opinion of
        the Company the performance of the portfolio of Designated Accounts is
        such that the yield of Finance Charge Collections is not generating
        adequate cashflows for the Beneficiaries of the Receivables Trust and
        the size of the Discount Percentage is not intended by the Company
        solely to accelerate distributions to the Excess Interest Beneficiary].

Words and expressions defined in the RSA shall, unless the context otherwise
requires, bear the same meanings when used herein.

DATED

--------------------------------------------
Signed for and on behalf of

--------------------------------------------
[Barclays Bank PLC/Additional Transferor]

<PAGE>

                                   SCHEDULE 8

                          FORM OF NOTICE OF ASSIGNMENT

From:             Barclaycard, a division of Barclays Bank PLC

To:               [Obligor]

Account ref:      [o]

Notice of Assignment

We are writing to notify you that on Barclaycard has transferred its rights to
receive all payments made by you in respect of your [description of product]
account to Gracechurch Receivables Trustee Limited ("GRTL") to be held on trust
for Barclaycard and a subsidiary of Barclays Bank, Barclaycard Funding PLC. This
transfer related only to amounts payable for charges incurred on your account.
The account itself continued to be legally held with Barclaycard and the terms
of conditions on which the account is held did not change.

Following your receipt of this notice all payments which you are required to
make for charges on your account will now be made directly to GRTL as the party
entitled to receive those payments. However, please note that this notice is for
your information only and you do not need to do anything further in relation to
your account.

BARCLAYCARD*

*[Note: This notice could attract stamp duty if signed manually, so should
rather be stamped.]

<PAGE>

                                   SCHEDULE 9

            FORM OF OFFER - SALE OF RECEIVABLES IN DEFAULTED ACCOUNTS

From:   Gracechurch Receivables Trustee Limited (in its capacity as Receivables
        Trustee)

To:     Barclays Bank PLC (in its capacity as Transferor)

OFFER TO ASSIGN RECEIVABLES IN DEFAULTED ACCOUNTS

1.      We refer to the Receivables Securitisation Agreement dated 23 November
        1999 (the "RSA"). Terms defined in the RSA (including in the Master
        Definitions Schedule referred to therein) shall have the same meaning in
        this offer unless otherwise specified.

2.      We have been notified that certain Designated Accounts have become
        Defaulted Accounts during the Monthly Period which commenced on [date].
        The balance of Receivables in such Defaulted Accounts is [(pound)o] (the
        "DEFAULTED RECEIVABLES").

3.      We hereby offer you an assignment of the Defaulted Receivables for the
        consideration and on the payment terms set out in Clause 10.5 of the
        RSA.

---------------------------------------
GRACECHURCH RECEIVABLES TRUSTEE LIMITED

<PAGE>

                                  SCHEDULE 10

                       FORM OF FUTURE RECEIVABLES TRANSFER

                            ASSIGNMENT OF RECEIVABLES

THIS DEED OF ASSIGNMENT OF RECEIVABLES IS MADE THE          DAY OF        , 2000

BETWEEN:

(1)     BARCLAYS BANK PLC, an institution authorised under the Banking Act 1987,
        acting through its business unit "Barclaycard", having its principal
        place of business at 1234 Pavillion Drive, Northampton NN4 7SG (the
        "TRANSFEROR"); and

(2)     GRACECHURCH RECEIVABLES TRUSTEE LIMITED, a company incorporated in
        Jersey having its registered office at 26 New Street, St. Helier, Jersey
        JE2 3RA, Channel Islands, in its capacity as trustee of the Receivables
        Trust (the "RECEIVABLES TRUSTEE").

IT IS HEREBY AGREED as follows:

1.      INTERPRETATION

1.1     Unless otherwise defined herein, terms defined in (or incorporated by
        reference into) the receivables securitisation agreement dated 23
        November 1999 between the Transferor and the Receivables Trustee (as
        amended and restated from time to time) shall bear the same meaning
        herein.

1.2     In this Deed:

        "ADDITIONAL RIGHTS" means any guarantees or insurance policies obtained
        by the Transferor in respect of the obligations of Obligors to make
        payments on Relevant Accounts insofar as any claims thereunder relate to
        any Relevant Receivables;

        "RELEVANT ACCOUNT" means an Account which is opened on or after 1 August
        2000 on any Product Line which (at the time when such Account is opened)
        fulfils the condition that each Account on the relevant Product Line is
        identified on the "Triumph" accounting system (or any other accounting
        system used by Barclays Bank PLC from time to time to perform the same
        or similar functions) by a 3 digit number which is either one of the
        numbers listed in the following table under the heading "Product Number"
        or a number between 023 and 500 (inclusive) and so that (for the
        avoidance of doubt) "Relevant Accounts" shall not be confined to
        Accounts opened on Product Lines which are in existence at the date
        hereof;

                PRODUCT NUMBER                      NAME (IF KNOWN)
             -------------------------------------------------------------
                     001                             Stockton Visa
             -------------------------------------------------------------
                     002                            Manchester Visa
             -------------------------------------------------------------
                     003                               Ford Visa
             -------------------------------------------------------------

<PAGE>

             -------------------------------------------------------------
                     004                          Stockton Mastercard
             -------------------------------------------------------------
                     005                         Manchester Mastercard
             -------------------------------------------------------------
                     006                            Ford Mastercard
             -------------------------------------------------------------
                     007                             Premier Card
             -------------------------------------------------------------
                     008                                Student
             -------------------------------------------------------------
                     009                               Graduate
             -------------------------------------------------------------
                     010                               Gold Visa
             -------------------------------------------------------------
                     011                                 Sense
             -------------------------------------------------------------
                     012                              Visa Trial
             -------------------------------------------------------------
                     013
             -------------------------------------------------------------
                     014                            Gold Mastercard
             -------------------------------------------------------------
                     015                             Plus/Reserve
             -------------------------------------------------------------
                     016                             Advance Visa
             -------------------------------------------------------------
                     017                             Platinum Visa
             -------------------------------------------------------------
                     018                          Platinum Mastercard
             -------------------------------------------------------------
                     019                              First Visa
             -------------------------------------------------------------
                     020                              Alpha Visa
             -------------------------------------------------------------
                     021
             -------------------------------------------------------------
                     022                              Choice Visa
             -------------------------------------------------------------

        "RELEVANT FINANCE CHARGE RECEIVABLE" means any future Finance Charge
        Receivable (other than any Relevant Receivable) in respect of a Relevant
        Receivable;

        "RELEVANT PRINCIPAL RECEIVABLE" means any Principal Receivable which is
        a Relevant Receivable; and

        "RELEVANT RECEIVABLE" means any Future Receivable which arises on a
        Relevant Account and comes into existence before the earliest of:

        (i)     such time (if any) as such Relevant Account becomes a
                Redesignated Account;

        (ii)    the termination of the Receivables Trust; and

        (iii)   the occurrence of an Insolvency Event.

2.      ASSIGNMENT

<PAGE>

        The Transferor hereby CONVEYS, TRANSFERS and ASSIGNS to the Receivables
        Trustee with full title guarantee, subject only to the subsisting rights
        of Obligors, the benefit of the Transferor's interest and entitlement,
        both present and future, actual or contingent, in and to:

        (i)     the Relevant Receivables;

        (ii)    all Relevant Finance Charge Receivables; and

        (iii)   the Additional Rights.

3.      PAYMENT FOR RECEIVABLES

3.1     As an initial instalment of consideration for the assignment of the
        Relevant Receivables pursuant to this Deed, the Receivables Trustee
        shall pay to the Transferor (pound)10,000 on the date hereof (if and to
        the extent that funds are available for the purpose in accordance with
        clause 5.2 of the RSA and otherwise as and when such funds are
        available):

3.2     Subject to the provisions of clause 3.1 above and clause 4 below and the
        other provisions of this Deed, the provisions of the RSA relating to the
        calculation and payment of the consideration for the assignment of
        Future Receivables shall apply in relation to any Future Receivables
        which are assigned pursuant to this Deed as such provisions apply in
        relation to all other Future Receivables referred to in the RSA PROVIDED
        THAT the payment of (pound)10,000 referred to in clause 3.1 above shall
        be treated as a non-refundable payment on account of any amounts that
        may become payable on or after the date hereof under clause 5.1 of the
        RSA in respect of Future Receivables assigned pursuant to this Deed and
        accordingly no amount shall be payable under clause 5.1 of the RSA in
        respect of Future Receivables assigned pursuant to this Deed unless and
        until the Receivables Trustee shall have paid the deferred amount (as
        defined in clause 5.3 of the RSA) in full in accordance with clause 5.3
        of the RSA.

4.      PAYMENT ADJUSTMENT

4.1     If, at any time, the Receivable Trustee considers that any amount that
        is required to be paid under the provisions of the RSA and this Deed as
        consideration for the assignment of any assets pursuant to this Deed is
        or may be materially in excess of the market value of the assets to
        which it is referable, the Receivables Trustee may request the Rating
        Agencies to determine whether there would be a down-grading of the Notes
        as a result of the method of determining such amount.

4.2     If, following a request by the Receivables Trustee made in accordance
        with clause 4.1 above, the Rating Agencies determine that there would be
        a down-grading of the Notes as a result of the method of determining any
        amount that is required to be paid as mentioned in clause 4.1 above,
        such method shall be replaced by an alternative pricing mechanism
        approved by the Rating Agencies as being suitable to allow the rating of
        the Notes to be maintained and such amount shall be adjusted
        accordingly.

5.      REPRESENTATIONS AND WARRANTIES

5.1     The Transferor hereby warrants and represents to the Receivables Trustee
        that:

<PAGE>

        (i)     as of each Date of Processing relating to any Relevant Principal
                Receivables, each of the representations referred to in clause
                17.3 of the RSA is true in respect of each such Relevant
                Principal Receivables;

        (ii)    as at the date hereof, no Trust Pay Out has occurred and the
                statements set out in the Solvency Certificate dated 23 November
                are true and correct with respect to the Transferor as if
                references in such Solvency Certificate to "the Offer" were
                references to this Future Receivables Transfer;

        (iii)   no selection procedures adverse to the Investor Beneficiaries of
                any Applicable Series have been or will be employed by the
                Transferor in selecting the Relevant Accounts; and

        (iv)    this Future Receivables Transfer satisfies and will satisfy the
                Maximum Addition Amount criteria.

6.      MISCELLANEOUS

6.1     For the avoidance of doubt, the parties hereby agree that the provisions
        of clause 6.7.2 of the Receivables Securitisation Agreement shall not be
        breached by their entry into, and the operation of, this Deed.

6.2     The provisions of clauses 24 (Partial Invalidity), 25 (Counterparts), 26
        (Notices) and 29 (Jurisdiction) of the Receivables Securitisation
        Agreement shall apply to this Deed mutatis mutandis.

7.      ACKNOWLEDGEMENT

        For the avoidance of doubt, the parties acknowledge that if, at any time
        after the date hereof, any of the 3 digit numbers set out or referred to
        in the definition of "Relevant Account" is either:

        (i)     allocated to be used for the purpose of identifying Accounts as
                being included in a particular Product Line; or

        (ii)    used upon the opening of any Account to identify that Account as
                being included in a particular Product Line;

        no Receivables and no Additional Rights which (in each case) shall be in
        existence at that time shall be assigned to the Receivables Trustee
        pursuant to this Deed solely as a result of the said 3 digit code being
        so allocated or used.

8.      COSTS AND EXPENSES

        The Transferor shall, from time to time on demand of the Receivables
        Trustee, reimburse the Receivables Trustee for all costs and expenses
        (including legal fees) (together with any VAT chargeable thereon) that
        are incurred by the Receivables Trustee in or in connection with the
        preparation and execution of this Deed.

<PAGE>

9.      GOVERNING LAW

        This Deed shall be governed by and construed in accordance with English
        law.

<PAGE>

IN WITNESS WHEREOF the parties have executed and delivered this document as a
deed on the day and year first before written.

Signed for and on behalf of                                   )
BARCLAYS BANK PLC                                             )
by its duly authorised attorney                               )
in the presence of:                                           )

_______________________  (Signature of Witness)

_______________________  (Full name of Witness)

_______________________  (Address of Witness)

Executed as a deed by                                         )
GRACECHURCH RECEIVABLES TRUSTEE                               )
LIMITED pursuant to a resolution of the Board                 )

                                             Address for Service:
                                             Clifford Chance Secretaries Limited
                                             200 Aldersgate Street
                                             London EC1A 4JJ

<PAGE>

EXECUTION PAGE

THE TRANSFEROR

Signed for and on behalf of                          )
BARCLAYS BANK PLC                                    )        MARK WINTER
by its duly authorised attorney                      )
in the presence of:                                  )

GINA HARTNETT
Name:
Occupation:
Address:

THE RECEIVABLES TRUSTEE

Executed as a deed by GRACECHURCH                     )
RECEIVABLES TRUSTEE LIMITED                           )       PETER S. CROOK
pursuant to a resolution of the Board                 )

                                             ADDRESS FOR SERVICE

                                             Clifford Chance Secretaries Limited
                                             200 Aldersgate Street
                                             London  EC1A 4JJ

<PAGE>

                      EXECUTION PAGE TO AMENDMENT AGREEMENT

THE TRANSFEROR

Signed for and on behalf of                          )
BARCLAYS BANK PLC                                    )        PATRICK BUXTON
by its duly authorised attorney                      )
in the presence of:                                  )

EDWARD MANCHESTER
Name:
Occupation:
Address:

THE RECEIVABLES TRUSTEE

Executed as a deed by GRACECHURCH                      )
RECEIVABLES TRUSTEE LIMITED                            )       RICHARD GERWAT
pursuant to a resolution of the Board                  )

                                             ADDRESS FOR SERVICE

                                             Clifford Chance Secretaries Limited
                                             200 Aldersgate Street
                                             London  EC1A 4JJConfirmation to the
                          1992 ISDA Master(R) Agreement
                     relating to the Class A Swap Agreement
                             Dated [_] October 2002

GRACECHURCH CARD FUNDING (NO. 2) PLC

Re:   Transaction between Barclays Bank PLC ("PARTY A") and Gracechurch Card
      Funding (No. 2) PLC ("PARTY B")

Dear Sirs:

The purpose of this letter agreement is to confirm the terms and conditions of
the Swap Transaction entered into between you and us on the Trade Date specified
below (the "SWAP TRANSACTION"). References herein to a TRANSACTION shall be
deemed to be references to a SWAP TRANSACTION for the purposes of the
Definitions.

The definitions and provisions contained in the 2000 ISDA Definitions (as
published by the International Swaps and Derivatives Association, Inc.) are
incorporated into this Confirmation. In the event of any inconsistency between
those Definitions and this Confirmation, this Confirmation will govern.

1.    This Confirmation incorporates the ISDA Master Agreement, including the
      schedule thereto (the "ISDA MASTER") dated as of [_] October 2002, between
      you and us and this Confirmation, together with the ISDA Master,
      constitutes a single agreement (the "AGREEMENT"). All provisions contained
      in the ISDA Master apply to this Confirmation except as expressly modified
      below.

2.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

<TABLE>
<CAPTION>
<S>                                   <C>
         Party A:                     Barclays Bank PLC

         Party B:                     Gracechurch Card Funding (No. 2) PLC

         Trade Date:                  [_] October 2002

         Effective Date:              [_] October 2002; provided, however, that effectiveness
                                      is subject to the issuance of the Notes and the receipt
                                      by the Series 02-1 Issuer on or prior to [_] October
                                      2002 of unconditional confirmation that upon issue the
                                      Class A Notes will be rated Aaa by Moody's and AAA by
                                      Standard & Poor's.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>                                   <C>
         Termination Date:            [_], subject to adjustment in accordance with the
                                      Following Business Day Convention, and subject to
                                      adjustment in accordance with Section 3.3 below

         Business Days for USD:       A day other than a Saturday, a Sunday or a day on which
                                      banking institutions in London, England or New York, New
                                      York are authorised or obliged by law or executive order
                                      to be closed. [ensure definition conforms with Notes]

         Business Days for GBP:       Any day other than a Saturday, a Sunday or a day on
                                      which banking institutions in London, England or New
                                      York, New York are authorised or obliged by law or
                                      executive order to be closed.[ensure definition conforms
                                      with MTN]

         Calculation Agent            Party A

</TABLE>

<TABLE>
<CAPTION>
         INITIAL EXCHANGE AMOUNTS AND FINAL EXCHANGE AMOUNTS
<S>                                              <C>
         Party A Initial Exchange Amount:        GBP [_]

         Party A Initial Exchange Date:          Effective Date

         Party A Final Exchange Amount:          Party A Currency Amount on the Termination Date

         Party A Final Exchange Date:            Termination Date

         Party B Initial Exchange Amount:        USD [_]

         Party B Initial Exchange Date:          Effective Date

         Party B Final Exchange Amount:          Party B Currency Amount on the Termination Date

         Party B Final Exchange Date:            Termination Date

         PARTY A FLOATING RATE AMOUNTS

         Party A Floating Rate Payer:            Party A

         Party A Currency Amount:                USD  [_]  (subject  to  adjustment   during  the  Redemption
                                                 Period as set out herein)

         Party A Floating Rate Payer

</TABLE>

                                      -2-

<PAGE>

<TABLE>
<CAPTION>
<S>                                              <C>
         Period End Dates:                       The 15th day of each  calendar  month from and  including 15
                                                 [_] 2002 to and  including  15 [_], in each case  subject to
                                                 adjustment  in accordance  with the  Following  Business Day
                                                 Convention
         Party A Floating Rate Payer
         Payment Dates:                          Each Party A Floating Rate Payer Period End Date. Party
                                                 A will provide a clearing system notice as to the amount
                                                 to be paid on each Party A Floating Rate Payer Payment
                                                 Date 2 Business Days prior to each such Party A Floating
                                                 Rate Payer Payment Date.

         Party A Floating Rate Option:           USD-LIBOR as calculated in  accordance  with  Condition 4 of
                                                 the   Conditions  of  the  Notes,   [and  provided  that  in
                                                 accordance  with  such  Condition  in  respect  of the first
                                                 Calculation  Period the Party A Floating  Rate Option  shall
                                                 be  a  linear   interpolation  of  the  rates  for  [_]  USD
                                                 deposits and [_] USD deposits]

         Designated Maturity:                    1 month

         Spread:                                 [_]%

         Party A Floating Rate
         Day Count Fraction:                     Actual/360 as calculated in accordance  with  Condition 4 of
                                                 the Conditions

         Reset Dates:                            First day of each Calculation Period

         PARTY B FLOATING RATE AMOUNTS

         Party B Floating Rate Payer:            Party B

         Party B Currency Amount:                GBP  [_]  (subject  to  adjustment   during  the  Redemption
                                                 Period as set out herein)

         Party B Floating Rate Payer
         Period End Dates:                       The 15th day of each  calendar  month from and  including 15
                                                 [_] 2002 to and  including  15 [_], in each case  subject to
                                                 adjustment  in accordance  with the  Following  Business Day
                                                 Convention

         Party B Floating Rate Payer
</TABLE>

                                      -3-

<PAGE>

<TABLE>
<CAPTION>
<S>                                              <C>
         Payment Dates:                          Each Party B Floating Rate Payer Period End Date

         Party B Floating Rate Option:           GBP-LIBOR-BBA calculated in accordance with the Series
                                                 02-1 Class A Debt Amount [provided that in respect of
                                                 the first Calculation Period the Party B Floating Rate
                                                 Option shall be a linear interpolation of the
                                                 GBP-LIBOR-BBA rates for [_]-month GBP deposits and
                                                 [_]-month GBP deposits]

         Designated Maturity:                    1 month

         Spread:                                 [_]%

         Party B Floating Rate
         Day Count Fraction:                     A fraction,  the  numerator of which is the actual number of
                                                 days in such  Calculation  Period  and  the  denominator  of
                                                 which is 365 (or 366 in the case of any  Calculation  Period
                                                 ending in a leap  year) as  calculated  in  accordance  with
                                                 the  interest  rate  applicable  to the Series  02-1 Class A
                                                 Debt Amount

         Reset Dates:                            First day of each Calculation Period
</TABLE>

3.    DETAILS OF VARIATION TO AGREEMENT:

3.1   TAXATION: Neither Party A nor Party B is under any obligation to gross up
      any payments to be made under this Agreement for amounts withheld with
      respect to any Tax. In the event that a Tax is imposed such that Party B's
      payment hereunder shall be net of the amount of any Taxes so withheld,
      accounted for, deducted or suffered, then Party A's payment obligation
      shall be reduced in proportion to the amount by which the payments to be
      made by Party B are so reduced. In the event that a Tax is imposed such
      that Party A's payment hereunder shall be net of the amount of any Taxes
      so withheld, accounted for, deducted or suffered, then (subject to the
      first sentence of this Section 3.1 and Section 3.2, 3.3 and 3.4 below) the
      payment obligations of Party B shall remain the same.

3.2   INTEREST DEFERRAL:

(A)   The obligation of Party B to pay the Party B Floating Rate Amount on any
      Party B Floating Rate Payer Payment Date will be reduced to the extent
      that, on such Party B Floating Rate Payer Payment Date, the amount
      referable to Finance Charge Collections referable to the Series 02-1 Class
      A Debt Amount (other than any funds relating to excess spread attributable
      to Series 02-1) having been credited to the Series 02-1 Distribution
      Account of Barclaycard Funding plc (the "MTN ISSUER") by the Receivables
      Trustee is less than the Class A Monthly Distribution Amount calculated

                                      -4-

<PAGE>

      for the relevant Calculation Period (as such terms are defined in relation
      to the Series 02-1 Investor Interest) (any such amount, the "DEFERRED
      INTEREST AMOUNT") occurring during the period from the preceding Party B
      Floating Rate Payer Payment Date and ending on or immediately prior to
      that Party B Floating Rate Payer Payment Date.

      The obligation of Party A to pay the Party A Floating Rate Amount on any
      Party A Floating Rate Payer Payment Date will be reduced by an amount
      equal to the Party A Floating Rate Amount otherwise payable on such Party
      A Floating Rate Payer Payment Date (prior to any adjustment thereof in
      accordance with this Section 3.2) multiplied by the Reduction Ratio. The
      "REDUCTION RATIO" is a fraction equal to:

                            Deferred Interest Amount
                        --------------------------------
                        Aggregate Party B Payment Amount

      The "AGGREGATE PARTY B PAYMENT AMOUNT" is equal to the Party B Floating
      Rate Amount, before any adjustment thereof in accordance with the terms of
      the provisions of this Section 3.2, that would otherwise have been payable
      on such Party B Floating Rate Payer Payment Date.

(B)   The obligation of Party B to pay the Party B Floating Rate Amount on any
      Party B Floating Rate Payer Payment Date shall be increased in the event
      of (and to the extent of available funds in relation to) additional
      amounts referable to Finance Charge Collections in respect of the Series
      02-1 Class A Debt Amount (other than any funds relating to excess spread
      attributable to Series 02-1) having been credited to the Series 01-2
      Distribution Account by the Receivables Trustee to make up any previous
      Deferred Interest Amount.

      The obligation of Party A to pay the Party A Floating Rate Amount on any
      Party A Floating Rate Payer Payment Date will be increased by an amount
      (the "ADDITIONAL PARTY A AMOUNT") equal to the Party A Floating Rate
      Amount otherwise payable on such Party A Floating Rate Payer Payment Date
      (prior to any adjustment thereof in accordance with this Section 3.2)
      multiplied by the Increase Ratio. Accordingly, on such Party A Floating
      Rate Payer Payment Date, Party A shall pay the Party A Floating Rate
      Amount as well as the Additional Party A Amount. The "INCREASE RATIO" is a
      fraction equal to:

                            Increased Interest Amount
                        --------------------------------
                        Aggregate Party B Payment Amount

      The "INCREASED INTEREST AMOUNT" is equal to the amount of Finance Charge
      Collections referable to the Series 02-1 Class A Debt Amount and credited
      to the Series 02-1 Distribution Account by the Receivables Trustee on the
      Party B Floating Rate Payer Payment Date which corresponds to such Party A
      Floating Rating Payer Payment Date and so deposited to make up any
      previous Deferred Interest Amount.

                                      -5-

<PAGE>

3.3   REDEMPTION PERIOD. On the earlier of (a) the Series 02-1 Scheduled
      Redemption Date in the event that the Class A Debt Amount is not redeemed
      in full on such date, (b) the first distribution date for the Regulated
      Amortisation Period or (c) the first distribution date for the Rapid
      Amortisation Period (any such event, a "REDEMPTION TRIGGER") then the
      following provisions shall apply. The "REDEMPTION PERIOD END DATE" is the
      early of (a) the Party B Floating Rate Payer Payment Date falling in [_]
      [note to draft: legal final redemption date] and (b) the date upon which
      the Class A Debt Amount is redeemed in full. From the occurrence of the
      Redemption Trigger, the Termination Date shall be amended to be the
      Redemption Period End Date. The period from and including the date on
      which the Redemption Trigger occurs and the Redemption Period End Date is
      called the "REDEMPTION PERIOD".

3.4   AMORTISATION OF PARTY A CURRENCY AMOUNT AND PARTY B CURRENCY AMOUNT DURING
      REDEMPTION PERIOD

      During the Redemption Period, on each Party B Floating Rate Payer Period
      End Date (including the Series 02-1 Scheduled Redemption Date if the
      Redemption Trigger falls on the Series 02-1 Scheduled Redemption Date),
      the Party B Currency Amount shall be reduced (for the next following
      Calculation Period for Party B) by the amount on deposit on that Party B
      Floating Rate Payer Period End Date in the Series 02-1 Issuer Account and
      referable to the Class A Debt Amount and credited to the Class A Notes
      principal ledger (the amount of such reduction, the "PARTY B AMORTISATION
      AMOUNT"). On each Party B Floating Rate Payer Payment Date corresponding
      to such Party B Floating Rate Payer Period End Date, Party B shall pay to
      Party A an amount equal to the Party B Amortisation Amount.

      During the Redemption Period, on each Party A Floating Rate Payer Period
      End Date (including the Series 02-1 Scheduled Redemption Date if the
      Redemption Trigger occurs on the Series 02-1 Scheduled Redemption Date),
      the Party A Currency Amount shall be reduced (for the next following
      Calculation Period for Party A) by an amount (the "PARTY A AMORTISATION
      AMOUNT") calculated as specified below. The Party A Amortisation Amount is
      equal to A x B/C where:

      A = the Party A Currency Amount calculated on the Effective Date

      B = the Party B Amortisation Amount applicable on the Party B
      Floating Rate Payer Period End Date occurring on such Party A
      Floating Rate Payer Period End Date

      C = the Party B Currency Amount calculated on the Effective Date.

      On the Party A Floating Rate Payer Payment Date, Party A shall pay to
      Party B an amount equal to the Party A Amortisation Amount.

4.    ACCOUNT DETAILS

          Account for               Barclays Bank PLC, 54 Lombard Street, London
          Payments to               CHAPS: [20-00-00]
          Party A in                Beneficiary: [Barclays Swaps]

                                 -7-

<PAGE>

          GBP:                      Beneficiary Account: [00152021]

          Account for               Barclays Bank PLC
          Payments to               SWIFT: [BARCGB22]
          Party A in USD            Beneficiary: [Barclays Bank PLC London]
                                    Beneficiary Account: [_]

          Account for               Barclays Bank PLC [_]
          Payments to               Sort code [_]
          Party B in GBP:           Account number [_]

          Account for               Barclays Bank PLC [_]
          Payments to
          Party B in                Sort code [_]
          USD:                      Account number [_]

5.    CONTACT FOR PARTY A DOCUMENTATION AND OPERATIONS:

         Barclays Bank PLC
         Attention:     [Derivatives Director, Legal Division (marked urgent)]
         Telephone:     +44 20 [7773 2224]
         Fax No:        +44 20 [7773 4932]

6.         GOVERNING LAW:  England

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                BARCLAYS BANK PLC

                                By:       _____________________________

                                Name:
                                Title:    Authorised Signatory

                                Confirmed as of the date
first written:

                                GRACECHURCH CARD FUNDING (NO. 2) PLC

                                By:       ______________________________
                                Name:
                                Title:    Authorised Signatory

                                      -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]