Document:

EXHIBIT 4.2

C L I F F O R D                                    LIMITED LIABILITY PARTNERSHIP

C H A N C E

                     GRACECHURCH RECEIVABLES TRUSTEE LIMITED
                             as Receivables Trustee

                                BARCLAYS BANK PLC
       as Transferor Beneficiary, Excess Interest Beneficiary, Transferor,
                         Servicer and Trust Cash Manager

                             BARCLAYCARD FUNDING PLC
    as MTN Issuer, Series 99-1 Investor Beneficiary and Series 02-1 Investor
                                  Beneficiary

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                             SERIES 02-1 SUPPLEMENT
                                DATED [___] 2002

                                       TO

            DECLARATION OF TRUST AND TRUST CASH MANAGEMENT AGREEMENT
                                DATED [___] 2002

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                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                                              PAGE
<S>                                                                                                   <C>
PART 1 ................................................................................................3

INTERPRETATION ........................................................................................3

Defined Terms .........................................................................................3

General ...............................................................................................3

PART 2 ................................................................................................5

EFFECT OF SUPPLEMENT ..................................................................................5

Categories Of Additional Beneficiaries And Designation ................................................5

Rights Of The Series 02-1 Investor Beneficiary ........................................................5

Consent Of Existing Beneficiaries ....................................................................10

Declaration Of Receivables Trustee ...................................................................10

PART 3 ...............................................................................................13

UNDERTAKINGS AND AGREEMENTS ..........................................................................13

Undertaking By The Transferor As To Periodic Finance Charges And Other Fees ..........................13

Undertakings By Barclays Bank Plc ....................................................................13

Agreements Of The Investor Beneficiary ...............................................................15

Negative Covenants Of The Investor Beneficiary .......................................................21

PART 4 ...............................................................................................23

MISCELLANEOUS ........................................................................................23

Governing Law And Jurisdiction .......................................................................23

Notices ..............................................................................................23

Severability Of Provisions ...........................................................................24

Further Assurances ...................................................................................24

No Waiver; Cumulative Remedies .......................................................................24

Counterparts .........................................................................................25

THE SCHEDULE .........................................................................................26

SUPPLEMENT TO THE TRUST AND CASH MANAGEMENT AGREEMENT ................................................26

PART 1 ...............................................................................................26

Definitions ..........................................................................................26

PART 2 ...............................................................................................48

Servicing Compensation And Allocation Of Acquired Interchange ........................................48

PART 3 ...............................................................................................50

Trust Cash Management Compensation And Allocation Of Acquired Interchange ............................50
</TABLE>

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<TABLE>
<S>                                                                                                  <C>
PART 4 ...............................................................................................52

Trustee Payment Amount................................................................................52

PART 5 ...............................................................................................54

Addition To Clause 5 Of The Trust And Cash Management Agreement ......................................54

5.04   Rights Of Additional Beneficiary To Collections ...............................................54

5.05   Allocations ...................................................................................54

5.06   Investor Cash Available For Acquisition .......................................................60

5.07   Determination Of Monthly Required Expense Amounts .............................................63

5.08   Determination Of Monthly Principal Amounts ....................................................65

5.09   Coverage Of Required Amount ...................................................................67

5.10   Payments Of Amounts Representing Finance Charge Collections ...................................68

5.11   Payments Of Amounts Representing Available Investor Principal Collections .....................71

5.12   Payment Of Investor Finance Amounts ...........................................................76

5.13   Investor Charge-Offs ..........................................................................77

5.14   Investor Indemnity Amount .....................................................................79

5.15   Excess Spread .................................................................................79

5.16   Reallocated Class C Principal Collections .....................................................81

5.17   Reallocated Class B Principal Collections .....................................................82

5.18   Shared Principal Collections ..................................................................83

5.19   Spread Account ................................................................................84

5.20   Principal Funding Account .....................................................................87

5.21   Distribution Ledgers ..........................................................................89

5.23   Reserve Account ...............................................................................90

PART 6 ...............................................................................................94

Monthly Statement To Series 02-1 .....................................................................94

PART 7 ...............................................................................................96

Series 02-1 Pay Out Events ...........................................................................96

EXHIBITS TO THE SCHEDULE .............................................................................98

EXHIBIT A-1 FORM OF CERTIFICATE ......................................................................98

EXHIBIT A FORM OF MONTHLY STATEMENT .................................................................100

EXHIBIT B FORM OF MONTHLY PAYMENT ADVICE AND NOTIFICATION TO THE RECEIVABLES TRUSTEE ................109

EXHIBIT C SCHEDULE TO EXHIBIT B .....................................................................120
</TABLE>

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THIS SERIES 02-1 SUPPLEMENT, is made on [___] 2002 as a Deed

BY AND BETWEEN:

(1)     GRACECHURCH RECEIVABLES TRUSTEE LIMITED, a company incorporated in
        Jersey with registered number 75210 having its registered office at 26
        New Street, St. Helier, Jersey JE2 3RA in its capacity as trustee of the
        trust (the "RECEIVABLES TRUST") constituted by a Declaration of Trust
        and Trust and Cash Management Agreement (the "TRUST AND CASH MANAGEMENT
        AGREEMENT") dated 23 November 1999 (the "RECEIVABLES TRUSTEE");

(2)     BARCLAYS BANK PLC, an institution authorised for the purposes of the
        Financial Services and Markets Act 2000 of the United Kingdom, acting
        through its business unit "Barclaycard", having its principal place of
        business at 1234 Pavilion Drive, Northampton NN4 7SG, in its capacities
        as Transferor Beneficiary (the "TRANSFEROR BENEFICIARY") and Excess
        Interest Beneficiary (the "EXCESS INTEREST BENEFICIARY") of the
        Receivables Trust and as Servicer (the "SERVICER") and Trust Cash
        Manager (the "TRUST CASH MANAGER") of the Receivables Trust and as
        Transferor (the "TRANSFEROR") of the Receivables pursuant to the terms
        of a receivables securitisation agreement (the "RSA") dated 23 November
        1999; and

(3)     BARCLAYCARD FUNDING PLC, a public limited company incorporated in
        England and Wales, with company number 2530163, having its registered
        office at 54 Lombard Street, London EC3P 3AH, in its capacities as MTN
        Issuer (the "MTN ISSUER"), Investor Beneficiary for Series 02-1 (in
        respect of the Series 02-1 Investor Interest, as defined herein, the
        "SERIES 02-1 INVESTOR BENEFICIARY") and (in respect of its beneficial
        interest in Series 99-1, the "SERIES 99-1 INVESTOR BENEFICIARY").

WHEREAS

(A)     The MTN Issuer previously contributed to the Receivables Trust on 23
        November 1999 and became the Series 99-1 Investor Beneficiary and now
        intends to become the Series 02-1 Investor Beneficiary of the
        Receivables Trust pursuant to an [Acquisition] in accordance with Clause
        4 of the Trust and Cash Management Agreement, in the manner and in the
        amount set out herein.

(B)     Barclays Bank PLC as Transferor Beneficiary and Excess Interest
        Beneficiary and the MTN Issuer as Series 99-1 Investor Beneficiary (who,
        prior to the execution of this Supplement, constitute all of the other
        Beneficiaries of the Receivables Trust) intends to consent in the manner
        set out herein to the MTN Issuer becoming the Series 02-1 Investor
        Beneficiary.

(C)     The Receivables Trustee intends to supplement and vary the Trust and
        Cash Management Agreement in the manner and to the extent set out
        herein.

(D)     It is intended by the parties hereto that, following the completion of
        the transactions contemplated by this Supplement, the MTN Issuer will
        become the Series 02-1 Investor Beneficiary, of the Receivables Trust as
        supplemented and varied in accordance with the provisions hereof and
        that the Series 02-1 Investor Beneficiary will constitute or form

                                     - 1 -

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        part of a Series for the purposes of the Trust and Cash Management
        Agreement (such Series to be referred to as "SERIES 02-1").

(E)     It is acknowledged by the parties hereto that the MTN Issuer will issue
        the Related Debt (as defined herein) secured on its beneficial
        entitlement as Series 02-1 Investor Beneficiary to Gracechurch Card
        Funding (No. 2) PLC (the "SERIES 02-1 ISSUER") and that the Series 02-1
        Issuer will issue the Associated Debt (as defined herein) secured on the
        Related Debt acquired by the Series 02-1 Issuer.

NOW IT IS HEREBY AGREED as follows:

                                     - 2 -

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                                     PART 1

                                 INTERPRETATION

1.      DEFINED TERMS

        Terms defined in the Master Definitions Schedule dated 23 November 1999
        between the Receivables Trustee and Barclays Bank PLC (as the same may
        be amended, varied or supplemented from time to time with the consent of
        the Beneficiaries in accordance with Clause 12.3 of the Trust and Cash
        Management Agreement (the "MASTER DEFINITIONS SCHEDULE")) and in the
        Schedule attached hereto shall have the same meanings when used in this
        Supplement and the recitals hereto unless the context requires otherwise
        PROVIDED, HOWEVER, that in the event that any term or provision
        contained in the Schedule attached hereto shall conflict with or be
        inconsistent with any provision contained in the Trust and Cash
        Management Agreement or the terms of the Master Definitions Schedule,
        the terms and provisions of the Schedule attached hereto shall prevail
        with respect to Series 02-1 only.

2.      GENERAL

        (a)       The headings and the contents pages in this Supplement shall
                  not affect its interpretation.

        (b)       Words denoting the singular number only shall include the
                  plural number also and vice versa; words denoting one gender
                  only shall include the other gender.

        (c)       References to Clauses, paragraphs, Exhibits, and Schedules
                  shall, unless the context requires otherwise, be to clauses,
                  paragraphs, exhibits and schedules in this Supplement.

        (d)       Save where the contrary is indicated, any reference in this
                  Supplement to:

                  (i)      this Supplement or any other agreement or document
                           shall be construed as a reference to this Supplement,
                           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;

                  (ii)     an enactment is a reference to it as already amended
                           and includes a reference to any repealed enactment
                           which it may re-enact, with or without amendment, and
                           to any re-enactment and/or amendment of it;

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

        (e)       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. 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

                                     - 3 -

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                  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 and the phrase
                  "inclusive of VAT" shall be construed accordingly;

        (f)       References to the parties hereto shall be construed so as to
                  include its and any subsequent successors and permitted
                  assigns in accordance with their respective interests.

                                     - 4 -

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                                     PART 2

                              EFFECT OF SUPPLEMENT

3.      CATEGORIES OF ADDITIONAL BENEFICIARIES AND DESIGNATION

        (a)       Upon payment of the contribution to the Receivables Trust
                  referred to in Clause 3(b) and the issue of a duly executed
                  and authenticated Investor Certificate to the Series 02-1
                  Investor Beneficiary representing its Investor Interest in the
                  Receivables Trust, the MTN Issuer will be designated as the
                  Series 02-1 Investor Beneficiary, a Beneficiary of the
                  Receivables Trust on the Closing Date by way of an
                  [Acquisition] in accordance with Clause 4 of the Trust and
                  Cash Management Agreement. The Series 02-1 Investor
                  Beneficiary shall, for all purposes under the Trust and Cash
                  Management Agreement, as supplemented by this Supplement, be
                  beneficially entitled to Trust Property in an amount equal to
                  the Initial Investor Interest being, for the purpose of
                  calculation only, an amount equal to the Class A Initial
                  Investor Interest, the Class B Initial Investor Interest and
                  the Class C Initial Investor Interest together with its
                  associated proportional entitlement to Finance Charge
                  Receivables and other Trust Property;

        (b)       In order for the [Acquisition] referred to in Clause 3(a)
                  above to be effected the following amount shall be payable by
                  the Series 02-1 Investor Beneficiary to the Receivables
                  Trustee by depositing in the Trustee [Acquisition] Account on
                  the Closing Date, the amount of [pound][___];

        (c)       The Investor Certificate evidencing the beneficial entitlement
                  of the Series 02-1 Investor Beneficiary in Trust Property
                  shall be substantially in the form of Exhibit A to the
                  Schedule;

        (d)       Series 02-1 shall be included in Group One. Series 02-1 shall
                  not be subordinated to any other Series.

4.      RIGHTS OF THE SERIES 02-1 INVESTOR BENEFICIARY

        Following the [Acquisition] referred to in Clause 3 above, the
        beneficial entitlement of the Series 02-1 Investor Beneficiary (the
        "SERIES 02-1 BENEFICIARY INTEREST"), shall be the aggregate of its
        beneficial entitlement referable to Class A, Class B and Class C,
        PROVIDED, HOWEVER, notwithstanding the beneficial entitlement to Trust
        Property of the Series 02-1 Beneficiary Interest, as set out below, the
        Series 02-1 Beneficiary Interest shall be beneficially entitled to all
        monies held in any Trust Account from time to time which are expressly
        segregated by or on behalf of the Receivables Trustee (whether by way of
        separate Trust Account or ledger entry or otherwise) as allocated to the
        Series 02-1 Beneficiary Interest (including, without limitation, monies
        deposited in the Principal Funding Account, the Reserve Account and the
        Spread Account and monies credited to the Series 02-1 Distribution
        Account ). For the purposes of determining that part of the Series 02-1
        Beneficiary Interest referable to Class A, Class B and Class C:

                                     - 5 -

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        (a)       CLASS A

                  (i)      The beneficial entitlement of the Series 02-1
                           Investor Beneficiary in Trust Property at any time up
                           to and including the Series 02-1 Termination Date for
                           the purposes of calculation treated as referable to
                           Class A shall be as follows:

                           (A)      in respect of Principal Receivables which
                                    are Eligible Receivables (which shall
                                    include Principal Collections in respect of
                                    such Receivables which represent Trust
                                    Property but shall exclude any amounts
                                    deposited in the Principal Funding Account
                                    which are the Series 02-1 Beneficiary
                                    Interest and for the purposes of calculation
                                    treated as referable to Class A), equal to
                                    the proportion that the Class A Adjusted
                                    Investor Interest bears to the amount of
                                    Principal Receivables which are Eligible
                                    Receivables (which shall include Principal
                                    Collections in respect of such Receivables
                                    which represent Trust Property but shall
                                    exclude any amounts deposited in the
                                    Principal Funding Account) from time to time
                                    assigned or purported to be assigned to the
                                    Receivables Trust PROVIDED, HOWEVER, that
                                    such entitlement shall not exceed the Class
                                    A Adjusted Investor Interest at any time;

                           (B)      in respect of Finance Charge Collections
                                    with respect to any Monthly Period, equal to
                                    the proportion that the Class A Floating
                                    Allocation bears to the Investor Percentage
                                    of Finance Charge Collections for such
                                    Monthly Period credited to the Finance
                                    Charge Collections Ledger with respect to
                                    such Monthly Period PROVIDED, HOWEVER, that
                                    such entitlement shall not exceed the
                                    aggregate of the Class A Monthly Required
                                    Expense Amount plus the Class A Investor
                                    Default Amount, plus an amount equal to the
                                    Class A Servicing Fee, plus an amount equal
                                    to the Class A Cash Management Fee, plus the
                                    amounts allocated to Class A pursuant to
                                    Clauses 5.15(j), 5.15(l) and 5.15(m) of the
                                    Schedule for such Monthly Period; and

                           (C)      all monies held in any Trust Account (other
                                    than the Trustee Collection Account, except
                                    in respect of the Class A Distribution
                                    Ledger, or the Trustee [Acquisition]
                                    Account) from time to time which are held on
                                    separate trust and expressly segregated by
                                    or on behalf of the Receivables Trustee
                                    (whether by way of separate Trust Account or
                                    ledger entry or otherwise) as allocated to
                                    the Series 02-1 Beneficiary Interest and for
                                    the purposes of calculation treated as
                                    referable to Class A.

                           Without prejudice to sub-paragraphs (A) to (C) above,
                           the beneficial entitlement of the Series 02-1
                           Investor Beneficiary for the purposes of calculation
                           treated as referable to Class A to any other Trust
                           Property at any time shall be equal to the proportion
                           that the Class A Adjusted

                                     - 6 -

<PAGE>

                           Investor Interest bears to the amount of Principal
                           Receivables which are Eligible Receivables from time
                           to time assigned or purported to be assigned to the
                           Receivables Trust PROVIDED, HOWEVER, that the Series
                           02-1 Investor Beneficiary for the purposes of
                           calculation treated as referable to Class A shall not
                           be beneficially entitled to (1) any monies held in
                           any Trust Account from time to time which are held on
                           separate trust and expressly segregated by or on
                           behalf of the Receivables Trustee (whether by way of
                           separate Trust Account or ledger entry or otherwise)
                           as allocated to the Series 02-1 Beneficiary Interest
                           and for the purposes of calculation treated as
                           referable to Class B or Class C or another Series or
                           any Beneficiary within such other Series or (2) any
                           Enhancement expressed to be available for certain
                           Series (not including Series 02-1) or certain Classes
                           (not including Class A, Series 02-1) within a Series
                           only.

                  (ii)     The beneficial entitlement of the Series 02-1
                           Investor Beneficiary in Trust Property for the
                           purpose of calculation treated as referable to Class
                           A shall terminate on the day immediately following
                           the Series 02-1 Termination Date.

        (b)       CLASS B

                  (i)      The beneficial entitlement of the Series 02-1
                           Investor Beneficiary to Trust Property at any time up
                           to and including the Series 02-1 Termination Date for
                           the purpose of calculation treated as referable to
                           Class B, shall be as follows:

                           (A)      in respect of Principal Receivables which
                                    are Eligible Receivables (which shall
                                    include Principal Collections in respect of
                                    such Receivables which represent Trust
                                    Property but shall exclude any amounts
                                    deposited in the Principal Funding Account
                                    which are allocated to the Series 02-1
                                    Beneficiary Interest and for the purpose of
                                    calculation treated as referable to Class
                                    B), equal to the proportion that the Class B
                                    Adjusted Investor Interest bears to the
                                    amount of Principal Receivables which are
                                    Eligible Receivables (which shall include
                                    Principal Collections in respect of such
                                    Receivables which represent Trust Property)
                                    from time to time assigned or purported to
                                    be assigned to the Receivables Trust
                                    PROVIDED, HOWEVER, that such entitlement
                                    shall not exceed the Class B Adjusted
                                    Investor Interest at any time;

                           (B)      in respect of Finance Charge Collections
                                    with respect to any Monthly Period, equal to
                                    the proportion that the Class B Floating
                                    Allocation bears to the Investor Percentage
                                    of Finance Charge Collections for such
                                    Monthly Period credited to the Finance
                                    Charge Collections Ledger with respect to
                                    such Monthly Period PROVIDED, HOWEVER, that
                                    such entitlement shall not exceed the
                                    aggregate of the Class B Monthly Required
                                    Expense Amount plus the Class B Investor
                                    Default Amount plus an amount equal to the
                                    Class B

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<PAGE>

                                    Servicing Fee plus an amount equal to the
                                    Class B Cash Management Fee, for such
                                    Monthly Period; and

                           (C)      all monies held in any Trust Account (other
                                    than the Trustee Collection Account, except
                                    in respect of the Class B Distribution
                                    Ledger, or the Trustee [Acquisition]
                                    Account) from time to time which are held on
                                    separate trust and expressly segregated by
                                    or on behalf of the Receivables Trustee
                                    (whether by way of separate Trust Account or
                                    ledger entry or otherwise) as allocated to
                                    the Series 02-1 Beneficiary Interest in
                                    respect of and for the purposes of
                                    calculation treated as referable to Class B.

                           Without prejudice to sub-paragraphs (A) to (C) above,
                           the beneficial entitlement of the Series 02-1
                           Investor Beneficiary in respect of Class B to any
                           other Trust Property at any time shall be equal to
                           the proportion that the Class B Adjusted Investor
                           Interest bears to the amount of Principal Receivables
                           which are Eligible Receivables from time to time
                           assigned or purported to be assigned to the
                           Receivables Trust PROVIDED, HOWEVER, that the Series
                           02-1 Investor Beneficiary in respect of Class B shall
                           not be beneficially entitled to (1) any monies held
                           in any Trust Account from time to time which are held
                           on separate trust and expressly segregated by or on
                           behalf of the Receivables Trustee (whether by way of
                           separate Trust Account or ledger entry or otherwise)
                           as allocated to the Series 02-1 Beneficiary Interest
                           and for the purposes of calculation treated as
                           referable to Class A or Class C or another Series or
                           any Beneficiary within such other Series or (2) any
                           Enhancement expressed to be available for certain
                           Series (not including Series 02-1) or certain Classes
                           (not including Class B, Series 02-1) within a Series
                           only.

                  (ii)     The beneficial entitlement of the Series 02-1
                           Investor Beneficiary to Trust Property for the
                           purposes of calculation treated as referable to Class
                           B shall terminate on the day immediately following
                           the Series 02-1 Termination Date.

        (c)       CLASS C

                  (i)      The beneficial entitlement of the Series 02-1
                           Investor Beneficiary to Trust Property at any time up
                           to and including the Series 02-1 Termination Date for
                           the purposes of calculation treated as referable to
                           Class C, shall be as follows:

                           (A)      in respect of Principal Receivables which
                                    are Eligible Receivables (which shall
                                    include Principal Collections in respect of
                                    such Receivables which represent Trust
                                    Property but shall exclude any amounts
                                    deposited in the Principal Funding Account
                                    which are allocated to the Series 02-1
                                    Investor Beneficiary and for the purposes of
                                    calculation treated as referable to Class
                                    C), equal to the proportion that the Class C
                                    Adjusted Investor Interest bears to the
                                    amount of Principal Receivables (which shall
                                    include Principal

                                     - 8 -

<PAGE>

                                    Collections in respect of such Receivables
                                    which represent Trust Property) which are
                                    Eligible Receivables from time to time
                                    assigned or purported to be assigned to the
                                    Receivables Trust PROVIDED, HOWEVER, that
                                    such entitlement shall not exceed the Class
                                    C Adjusted Investor Interest at any time;

                           (B)      in respect of Finance Charge Collections
                                    with respect to any Monthly Period, equal to
                                    the proportion that the Class C Floating
                                    Allocation bears to the Investor Percentage
                                    of Finance Charge Collections for such
                                    Monthly Period credited to the Finance
                                    Charge Collections Ledger with respect to
                                    such Monthly Period PROVIDED, HOWEVER, that
                                    such entitlement shall not exceed the
                                    aggregate of the Class C Monthly Required
                                    Expense Amount plus the Class C Investor
                                    Default Amount plus an amount equal to the
                                    Class C Servicing Fee for such Monthly
                                    Period plus an amount equal to the Class C
                                    Cash Management Fee, plus the amount
                                    allocated to the Series 02-1 Beneficiary and
                                    for the purposes of calculation treated as
                                    referable to Class C pursuant to Clause
                                    5.15(k) of the Schedule; and

                           (C)      all monies held in any Trust Account (other
                                    than the Trustee Collection Account, except
                                    in respect of the Class C Distribution
                                    Ledger, or the Trustee [Acquisition]
                                    Account) from time to time which are held on
                                    separate trust and expressly segregated by
                                    or on behalf of the Receivables Trustee
                                    (whether by way of separate Trust Account or
                                    ledger entry or otherwise) as allocated to
                                    the Series 02-1 Beneficiary Interest and for
                                    the purposes of calculation treated as
                                    referable to Class C.

                           Without prejudice to paragraphs (A) to (C) above, the
                           beneficial entitlement of the Series 02-1 Investor
                           Beneficiary in respect of Class C to any other Trust
                           Property at any time shall be equal to the proportion
                           that the Class C Adjusted Investor Interest bears to
                           the amount of Principal Receivables which are
                           Eligible Receivables from time to time assigned or
                           purported to be assigned to the Receivables Trust
                           PROVIDED, HOWEVER, that the Series 02-1 Investor
                           Beneficiary in respect of Class C shall not be
                           beneficially entitled to (1) any monies held in any
                           Trust Account from time to time which are held on
                           separate trust and expressly segregated by or on
                           behalf of the Receivables Trustee (whether by way of
                           separate Trust Account or ledger entry or otherwise)
                           as allocated to the Series 02-1 Beneficiary Interest
                           for the purposes of calculation treated as referable
                           to Class A or Class B or another Series or any
                           Beneficiary within such other Series or (2) any
                           Enhancement expressed to be available for certain
                           Series (not including Series 02-1) or certain Classes
                           (not including Class C, Series 02-1) within a Series
                           only.

                  (ii)     The beneficial entitlement of the Series 02-1
                           Investor Beneficiary to Trust Property for the
                           purposes of calculation treated as referable to Class
                           B

                                     - 9 -

<PAGE>

                           shall terminate on the day immediately following the
                           Series 02-1 Termination Date.

5.      CONSENT OF EXISTING BENEFICIARIES

        (a)       Barclays Bank PLC, as the Transferor Beneficiary and Excess
                  Interest Beneficiary and the MTN Issuer as Series 99-1
                  Investor Beneficiary being the existing Beneficiaries of the
                  Receivables Trust, prior to the execution of this Supplement,
                  hereby consent to the MTN Issuer becoming a Beneficiary of the
                  Receivables Trust in its capacity as the Series 02-1 Investor
                  Beneficiary pursuant to the terms of Clause 4 of the Trust and
                  Cash Management Agreement and the provisions of this
                  Supplement upon contribution of the amount referred to in
                  Clause 3(b) above and the issue of a duly executed and
                  authenticated Investor Certificate;

        (b)       Barclays Bank PLC hereby consents to the creation by the MTN
                  Issuer of an Encumbrance over its beneficial entitlement in
                  the Receivables Trust in respect of Series 02-1 pursuant to
                  the Security Trust Deed and MTN Cash Management Agreement
                  executed in connection with the Related Debt as contemplated
                  in the Series 02-1 MTN Prospectus; and

        (c)       Barclays Bank PLC hereby consents to the creation by the
                  Series 02-1 Issuer of an Encumbrance over its rights as a
                  secured party in respect of the Related Debt relating to the
                  beneficial entitlement of the MTN Issuer in the Receivables
                  Trust in respect of Series 02-1 pursuant to the deed of charge
                  executed by the Series 02-1 Issuer in connection with the
                  Associated Debt as contemplated in the Series 02-1 Associated
                  Debt Prospectus.

6.      THE DECLARATION OF RECEIVABLES TRUSTEE

        With the consent of each of the existing Beneficiaries of the
        Receivables Trust as set out in Clause 5(a), the Receivables Trustee
        hereby declares that (i) the MTN Issuer shall become a Beneficiary of
        the Receivables Trust in its capacity as the Series 02-1 Investor
        Beneficiary, with effect from the payment of the amounts referred to in
        Clause 3(b) above and the issue of a duly executed and authenticated
        Investor Certificate on the Closing Date or such other date as specified
        (and for the avoidance of doubt such time shall be prior to the
        undertaking of calculations and allocations of Trust Property by the
        Trust Cash Manager on the Closing Date), (ii) the Trust and Cash
        Management Agreement shall be supplemented and varied in the manner and
        to the extent set out below and the Trust and Cash Management Agreement
        shall from such time on the Closing Date be read and construed for all
        purposes as supplemented and varied as set out in the Schedule to this
        Supplement and the Receivables Trust shall be supplemented and varied
        accordingly:

        (a)       Clause 1 of the Trust and Cash Management Agreement shall be
                  supplemented and varied with respect to the MTN Issuer in its
                  capacity as Investor Beneficiary by the addition of the
                  definitions set out in Part 1 of the Schedule to this
                  Supplement. In the event that any term or provision contained
                  therein shall conflict with or be inconsistent with any
                  provision contained in the Trust and

                                     - 10 -

<PAGE>

                  Cash Management Agreement, the terms and provisions of the
                  Schedule shall govern. All Part, Clause or sub-clause
                  references in the Schedule shall be to the relevant Part,
                  Clause or sub-clauses of the Trust and Cash Management
                  Agreement, except as otherwise provided in the Schedule. All
                  capitalised terms used in the Schedule which are not otherwise
                  defined therein are defined in the Master Definitions
                  Schedule. Each capitalised term defined in the Schedule shall
                  relate only to Series 02-1 and no other Series;

        (b)       for the purposes of Clause 4.4 of the Trust and Cash
                  Management Agreement in respect of Series 02-1, the amounts
                  referred to in Clause 3(b) above shall be allocated to Series
                  02-1 on the Closing Date by depositing the amount set out in
                  Clause 3(b) above in the Trustee [Acquisition] Account and
                  which amount so deposited shall constitute Investor Cash
                  Available for [Acquisition] on the Closing Date;

        (c)       for the purpose of clause 5.2(c) of the Declaration of Trust
                  and Trust Cash Management Agreement, from the date of the
                  Acquisition referred to in Clause 3(a) above until the end of
                  the Monthly Period after the Monthly Period in which such
                  Acquisition occurs, no funds standing to the credit of the
                  Trustee Acquisition Account shall be paid to the Transferor
                  Beneficiary (to accept an Offer, to pay for Future
                  Receivables, to pay down the Transferor Interest, or for any
                  other purpose);

        (d)       for the purposes of Clause 9.2(b) of the Trust and Cash
                  Management Agreement in respect of Series 02-1, the share of
                  the Investor Cash Management Fee payable by the Receivables
                  Trustee to the Trust Cash Manager which is to be met from
                  payments made to the Receivables Trustee by Series 02-1 shall
                  as provided in Clause 9(e) be calculated, allocated and paid
                  in the manner set out in Part 3 of the Schedule;

        (e)       for the purposes of Clause 2.2(b) of the Beneficiaries
                  Servicing Agreement in respect of Series 02-1, the share of
                  the Investor Servicing Fee payable by the Investor
                  Beneficiaries to the Servicer which is to be met from payments
                  to the Servicer by Series 02-1 shall be calculated, allocated
                  and paid to the Investor Beneficiaries in the manner set out
                  in Part 2 of the Schedule;

        (f)       the amount of Acquired Interchange allocable to Series 02-1
                  shall be allocated and utilised in the manner set out in Part
                  2 of the Schedule;

        (g)       for the purposes of Clause 7.15(b) of the Trust and Cash
                  Management Agreement in respect of Series 02-1, the amount of
                  the Aggregate Trustee Payment Amount payable by the Series
                  02-1 Investor Beneficiary in respect of Series 02-1 shall as
                  provided in Clause 9(f) be calculated, allocated and paid in
                  the manner set out in Part 4 of the Schedule;

        (h)       for the purposes of Clause 5 of the Trust and Cash Management
                  Agreement in respect of Series 02-1, Clauses 5.1, 5.2 and 5.3
                  shall be read in their entirety as provided in the Trust and
                  Cash Management Agreement. Clause 5 (except for Clauses 5.1,
                  5.2 and 5.3 thereof) shall be read in its entirety as set out
                  in Part 5

                                     - 11 -

<PAGE>

                  of the Schedule and shall be applicable only to the
                  Beneficiary constituting Series 02-1;

        (i)       for the purposes of Clause 9.5(b) of the Trust and Cash
                  Management Agreement a Monthly Trust Cash Manager's Report
                  relating to Series 02-1 shall be provided to the Receivables
                  Trustee and the MTN Issuer, as Series 02-1 Investor
                  Beneficiary, in the manner set out in Part 6 of the Schedule;
                  and

        (j)       for the purposes of Clause 6.2 of the Trust and Cash
                  Management Agreement, the Series Pay Out Events applicable to
                  Series 02-1 shall be the Series 02-1 Pay Out Events set out in
                  Part 7 of the Schedule.

                                     - 12 -

<PAGE>

                                     PART 3

                           UNDERTAKINGS AND AGREEMENTS

7.      UNDERTAKING BY THE TRANSFEROR AS TO PERIODIC FINANCE CHARGES AND OTHER
        FEES

        The Transferor hereby agrees that, except as otherwise required by any
        Requirement of Law, or as may be determined by the Transferor to be
        necessary in order for the Transferor to maintain its credit card and
        related card business, (such determination being based upon a good faith
        assessment by the Transferor, in its sole discretion, of the nature of
        the competition in the credit card and related card business in the
        United Kingdom as a whole, or in respect of Accounts relating to an
        Additional Jurisdiction, of the nature of competition in the credit card
        and related 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 reasonable expectation of the Portfolio Yield as of such
        date would be less than the then Expense Rate.

8.      UNDERTAKINGS BY BARCLAYS BANK PLC

        (a)       NON-PETITION

                  Barclays Bank PLC as Transferor, Transferor Beneficiary,
                  Excess Interest Beneficiary and initial Servicer and Trust
                  Cash Manager, hereby undertakes (and any Additional
                  Transferor, by its definition as such, and any successor trust
                  cash manager, by its appointment under the Trust and Cash
                  Management Agreement, and any Successor Servicer, by its
                  appointment under the Beneficiaries Servicing Agreement, shall
                  each also undertake) to the Receivables Trustee or any
                  successor trustee for itself and as trustee for each
                  Beneficiary that it will 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 any Investor
                  Beneficiary (unless such Investor Beneficiary specifies
                  otherwise in any related Supplement), the Receivables Trustee
                  or any successor trustee of the Receivables Trust or of any or
                  all of the revenues and assets of any of them nor participate
                  in any EX PARTE proceedings nor seek to enforce any judgment
                  against any such Persons.

        (b)       DISPOSALS

                  Barclays Bank PLC as Transferor Beneficiary and Excess
                  Interest Beneficiary hereby undertakes to each of the parties
                  to this Supplement and to the Receivables Trustee for itself
                  and as trustee for each other Beneficiary that it will not
                  make any Disposal or create or grant any Encumbrance in
                  respect of its beneficial entitlement in the Receivables Trust
                  except in accordance with Clause 3.7 of the Trust and Cash
                  Management Agreement and acknowledges that any attempt to do
                  so shall be void.

        (c)       VAT DE-GROUPING [NTD: TO BE UPDATED BY CC VAT]

                                     - 13 -

<PAGE>

                  (i)      In this Clause 8(c):

                           (A)      a "VAT GROUP" shall mean any group of which
                                    both Barclays Bank PLC and Barclaycard
                                    Funding PLC are treated as members for the
                                    purposes of section 43 of the Value Added
                                    Tax Act 1994; and

                           (B)      the term "REPRESENTATIVE MEMBER" shall be
                                    construed in accordance with section 43 of
                                    the Value Added Tax Act 1994.

                  (ii)     Barclays Bank PLC hereby undertakes to each of the
                           parties to this Supplement and to the Receivables
                           Trustee for itself and as trustee for each
                           Beneficiary that (a) at any time when it is the
                           representative member of a VAT Group, it shall and
                           (b) at any time when a VAT Group exists but it is not
                           the representative member of such VAT Group, it shall
                           procure that the representative member of such VAT
                           Group will:

                           (A)      complete and furnish all returns in relation
                                    to VAT on importations, acquisitions and
                                    supplies made (or deemed to be made) or
                                    received in the United Kingdom by any person
                                    who is treated as a member of such VAT Group
                                    at such time in accordance with the
                                    legislative provisions then in force and
                                    within the time limits prescribed by law;
                                    and

                           (B)      pay all VAT properly due to H M Customs &
                                    Excise from the representative member of
                                    such VAT Group, such payment to be made no
                                    later than the last day on which such
                                    payment can be made without giving rise to
                                    any interest or penalty,

                           in each case having regard to the then prevailing
                           procedures of the representative member with regard
                           to the conduct of the VAT affairs of the VAT Group.

                  (iii)    Barclays Bank PLC hereby undertakes to each of the
                           parties to this Supplement and to the Receivables
                           Trustee for itself and as trustee for each
                           Beneficiary that, in the event that the rating of its
                           short term senior unsecured indebtedness as rated by
                           Standard & Poor's falls below [A1] or if the rating
                           of its short term senior unsecured indebtedness as
                           rated by Moodys falls below [P-1], it shall:

                           (A)      forthwith make an application to H M Customs
                                    & Excise for the MTN Issuer to cease to be
                                    treated as a member of the VAT Group with
                                    effect from the earliest time provided for
                                    by applicable law or as H M Customs & Excise
                                    may allow; and

                           (B)      use its reasonable endeavours to secure that
                                    such application is granted.

                                     - 14 -

<PAGE>

        (d)       LIMITED RECOURSE

                  Barclays Bank PLC as Transferor, Transferor Beneficiary,
                  Excess Interest Beneficiary and initial Servicer and Trust
                  Cash Manager, hereby undertakes (and any Additional
                  Transferor, by its designation as such, and any successor
                  trust cash manager, by its appointment under the Trust and
                  Cash Management Agreement, and any Successor Servicer, by its
                  appointment under the Beneficiaries Servicing Agreement shall
                  each also undertake) to the Receivables Trustee or any
                  successor Trustee for itself and as trustee for each
                  Beneficiary that:

                  (i)      the obligations of the Receivables Trustee hereunder
                           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. No Beneficiary shall have a right to have
                           recourse to, or make demand or initiate proceedings
                           against the Receivables Trustee 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 hereunder, which inability
                           results from the operation of the foregoing
                           provisions of this Clause 8(d); and

                  (ii)     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.

        (e)       CREDIT RATING

                  Barclays Bank PLC hereby undertakes to notify Moodys in the
                  event that:

                  (i)      its long term rating, as rated by Moodys, falls below
                           A2; or

                  (ii)     the portfolio monthly payment rate falls below 12%.

9.      AGREEMENTS OF THE SERIES 02-1 INVESTOR BENEFICIARY

        (a)       USE OF TRUST PROPERTY BY RECEIVABLES TRUSTEE

                  (i)      The Series 02-1 Investor Beneficiary acknowledges and
                           agrees that the Receivables Trustee or any successor
                           trustee shall utilise Trust Property allocated to the
                           Series 02-1 Investor Beneficiary in making payments
                           for Receivables and otherwise in operating the
                           Receivables Trust on the terms and subject to the
                           conditions of the Trust and Cash Management Agreement
                           and that the Series 02-1 Investor Beneficiary shall
                           not be entitled to receive any distribution of Trust
                           Property including any payments of monies, except to
                           the extent and in the circumstances set out in the
                           Trust and Cash Management Agreement and this
                           Supplement.

                                     - 15 -

<PAGE>

                  (ii)     For the purposes of calculation only and for so long
                           as the MTN Issuer is the Series 02-1 Investor
                           Beneficiary, it is hereby agreed and acknowledged
                           that for the purposes of Clauses 5.16 and 5.17 of the
                           Schedule, amounts allocated to the MTN Issuer as the
                           Series 02-1 Investor Beneficiary and for the purposes
                           of calculation treated as being referable to a
                           particular Class of the Related Debt may be treated
                           for the purpose of calculation only, as being
                           reallocated to another Class and that the Schedule,
                           including, in particular but without limitation,
                           Clauses 5.16 and 5.17 shall be read and construed
                           accordingly. For the avoidance of doubt, nothing in
                           this Supplement or the Schedule shall be construed as
                           resulting in a reallocation of beneficial entitlement
                           between Beneficiaries of the Receivables Trust.

        (b)       NON-PETITION

                  The Series 02-1 Investor Beneficiary hereby undertakes to the
                  Receivables Trustee (and any successor trustee) for itself and
                  as trustee for each other Beneficiary that it will 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 any Investor Beneficiary (unless such Investor Beneficiary
                  specifies otherwise in any related Supplement), the
                  Receivables Trustee (or any successor trustee) or the
                  Receivables Trust or of any or all of the revenues and assets
                  of any of them nor participate in any EX PARTE proceedings nor
                  seek to enforce any judgment against any such Persons.

        (c)       DISPOSALS

                  (i)      The Series 02-1 Investor Beneficiary undertakes to
                           the Receivables Trustee for the benefit of itself and
                           as trustee for each other Beneficiary that it will
                           not make any Disposal or create or grant any
                           Encumbrance in respect of its beneficial entitlement
                           in the Receivables Trust, except in accordance with
                           Clause 3.7 of the Trust and Cash Management Agreement
                           and acknowledges that any attempt to do so shall be
                           void;

                  (ii)     without prejudice to the generality of Clause 9(c)(i)
                           above, the MTN Issuer hereby undertakes to the
                           Receivables Trustee for the benefit of itself and as
                           trustee for each other Beneficiary that it will not
                           make any Disposal or create or grant any Encumbrance
                           in respect of any of the Related Debt if the effect
                           of any such Disposal or Encumbrance could result in
                           the Investor Interest being beneficially held by or
                           charged to different persons and acknowledges that
                           any attempt to do so shall be void.

        (d)       TAX

                  (i)      The MTN Issuer hereby confirms that upon becoming the
                           Series 02-1 Investor Beneficiary it is beneficially
                           entitled to the interest payable by the Obligors and
                           is within the charge to corporation tax in respect of
                           such

                                     - 16 -

<PAGE>

                           interest for the purpose of Section 349 of the Income
                           and Corporation Taxes Act 1988;

                  (ii)     The MTN Issuer hereby confirms that it has a business
                           establishment (for the purposes of Section 9 of the
                           Value Added Tax Act 1994) in the United Kingdom which
                           is either its sole business establishment (with no
                           other fixed establishment anywhere else in the world)
                           or is its business (or other fixed) establishment at
                           which any services received by it as contemplated in
                           the Relevant Documents are most directly used or to
                           be used or, as the case may be, its business (or
                           other fixed) establishment which is most directly
                           concerned with any services supplied by it as
                           contemplated in the Relevant Documents.

        (e)       INVESTOR TRUST CASH MANAGEMENT FEE

                  The Series 02-1 Investor Beneficiary hereby undertakes to the
                  Receivables Trustee for the benefit of itself and as trustee
                  for each other Beneficiary that it will pay to the Receivables
                  Trustee from its own resources the share of the Trust Cash
                  Management Fee payable by the Receivables Trustee to the Trust
                  Cash Manager pursuant to Clause 9.2(a) of the Trust and Cash
                  Management Agreement to be met by the Receivables Trustee from
                  payments to be made by the Beneficiaries to the Receivables
                  Trustee in the circumstances and in the manner set out in Part
                  3 of the Schedule. The amount of any such payment to be made
                  by the Series 02-1 Investor Beneficiary to the Receivables
                  Trustee shall not exceed an amount equal to the amount of
                  monies available for such purpose as set out in Part 3 of the
                  Schedule. In the event the Series 02-1 Investor Beneficiary
                  does not make such payment from other sources, the Receivables
                  Trustee shall be entitled to be indemnified by the
                  Beneficiaries for such non-payment from the Trust Property
                  allocated to the Beneficiaries to the extent of monies
                  available for such purpose as set out in Part 3 of the
                  Schedule. Any amount payable under this Clause 9(e) shall be
                  inclusive of VAT thereon, if applicable.

        (f)       INVESTOR TRUSTEE PAYMENT AMOUNT

                  The Series 02-1 Investor Beneficiary hereby undertakes to the
                  Receivables Trustee (by way of a contractual obligation owed
                  by the Series 02-1 Investor Beneficiary to the Receivables
                  Trustee, no other person and not as part of the terms of the
                  Receivables Trust) that it will pay to the Receivables Trustee
                  the share of the Aggregate Trustee Payment Amount payable
                  pursuant to Clause 7.16(b) of the Trust and Cash Management
                  Agreement to be met by the Beneficiaries in the circumstances
                  and in the manner set out in Part 4 of the Schedule. The
                  amount of any such payment to be made by the Beneficiaries to
                  the Receivables Trustee shall not exceed an amount equal to
                  the amount of monies available for such purpose as set out in
                  Part 4 of the Schedule. In the event the Beneficiaries does
                  not make such payment from other sources, the Receivables
                  Trustee shall be entitled to be indemnified for such
                  non-payment from the Trust Property allocated to the
                  Beneficiaries to the extent of monies

                                     - 17 -

<PAGE>

                  available for such purpose as set out in Part 4 of the
                  Schedule. Any amount payable under this Clause 9(f) shall be
                  inclusive of VAT thereon if applicable.

        (g)       ADDITIONAL SUPPLEMENTS

                  The Series 02-1 Investor Beneficiary consents and confirms as
                  a Beneficiary of the Receivables Trust that, subject to Clause
                  4.3(b) of the Trust and Cash Management Agreement and the
                  prior written consent of each of the Beneficiaries of the
                  Receivables Trust (including the Series 99-1 Investor
                  Beneficiary and the Series 02-1 Investor Beneficiary), the
                  Receivables Trust may be supplemented and varied from time to
                  time in accordance with the terms of additional Supplements.

        (h)       SPREAD ACCOUNT AMOUNTS

                  The Series 02-1 Investor Beneficiary hereby undertakes to the
                  Transferor Beneficiary (by way of a contractual obligation
                  owed by the Series 02-1 Investor Beneficiary to the Transferor
                  Beneficiary and to no other person and not as part of the
                  terms of the Receivables Trust) to pay from its own resources
                  the following amounts to the Transferor Beneficiary at the
                  following times:

                  (i)      on each Transfer Date an amount equal to the Spread
                           Account Surplus on such Transfer Date;

                  (ii)     upon the earlier to occur of:

                           (1)      the termination of the Receivables Trust
                                    pursuant to Clause 6.3 or Clause 8 of the
                                    Trust and Cash Management Agreement; and

                           (2)      the Series 02-A Termination Date;

                  an amount equal to all amounts on deposit in the Spread
                  Account at that time, in each case after taking into account
                  all deposits in and withdrawals from the Spread Account on the
                  date in question other than any withdrawal pursuant to this
                  Clause 9(h) and excluding any investment earnings on funds in
                  the Spread Account which are allocated to the Transferor
                  Beneficiary in the manner specified in Clause 5.19 of the
                  Schedule.

                  To the extent that the Series 02-1 Investor Beneficiary meets
                  such payments to the Transferor Beneficiary from other
                  sources, the Receivables Trustee, on each relevant date, shall
                  withdraw from the Spread Account an amount equal to the amount
                  in question and distribute the same to the Series 02-1
                  Investor Beneficiary in respect of Class C. To the extent that
                  the Series 02-1 Investor Beneficiary fails to meet such
                  payment to the Transferor Beneficiary from other sources, the
                  Series 02-1 Investor Beneficiary authorises the Receivables
                  Trustee to pay such amount to the Transferor Beneficiary on
                  behalf of the Series 02-1 Investor Beneficiary in
                  consideration of the Transferor Beneficiary having entered
                  into this Agreement on terms allowing amounts representing
                  Excess Spread to be paid into the Spread Account for the
                  benefit of the Series 02-1 Investor Beneficiary in respect of
                  Class C. Accordingly, in those

                                     - 18 -

<PAGE>

                  circumstances, the Receivables Trustee shall be authorised to
                  withdraw from the Spread Account on each relevant date an
                  amount equal to the relevant amount referred to in (i) above
                  or (as the case may be) (ii) above and shall pay the same to
                  the Transferor Beneficiary for the benefit of the Transferor
                  Beneficiary absolutely.

        (i)       RESERVE ACCOUNT AMOUNTS

                  The MTN Issuer in its capacity as the Series 02-1 Investor
                  Beneficiary undertakes to the Transferor Beneficiary (by way
                  of a contractual obligation owed by the Series 02-1 Investor
                  Beneficiary to the Transferor Beneficiary and to no other
                  person and not as part of the terms of the Receivables Trust)
                  to pay to the Transferor Beneficiary:

                  (i)      on any Transfer Date an amount equal to the Reserve
                           Account Surplus on such Transfer Date (after giving
                           effect to all deposits to and from the Reserve
                           Account with respect to such Transfer Date); and

                  (ii)     on the earliest of:

                           (1)      the termination of the Receivables Trust
                                    pursuant to Clause 6.3 or Clause 8 of the
                                    Trust and Cash Management Agreement;

                           (2)      the first Transfer Date during the Regulated
                                    Amortisation Period or the Rapid
                                    Amortisation Period; and

                           (3)      the Transfer Date immediately preceding the
                                    Series 02-A Scheduled Redemption Date,

                  an amount equal to all amounts on deposit in the Reserve
                  Account on such date after the prior payment of all amounts
                  due in respect of Class A that are payable from the Reserve
                  Account as provided herein.

                  To the extent that the Series 02-1 Investor Beneficiary meets
                  such payments to the Transferor Beneficiary from other
                  sources, the Receivables Trustee, on each relevant date, shall
                  withdraw from the Reserve Account an amount equal to the
                  amounts in question and distribute the same to the Series 02-1
                  Investor Beneficiary in respect of Class A. To the extent that
                  the Series 02-1 Investor Beneficiary fails to meet such
                  payments to the Transferor Beneficiary from other sources, the
                  Series 02-1 Investor Beneficiary authorises the Receivables
                  Trustee to pay such amount to the Transferor Beneficiary on
                  behalf of the Series 02-1 Investor Beneficiary in
                  consideration of the Transferor Beneficiary having entered
                  into this Agreement on terms allowing Excess Spread to be paid
                  into the Reserve Account for the benefit of the Series 02-1
                  Investor Beneficiary in respect of Class A and Class B.
                  Accordingly, in those circumstances, the Receivables Trustee
                  shall withdraw from the Reserve Account on each relevant date
                  an amount equal to the relevant amount referred to above and
                  shall pay the same to the Transferor Beneficiary for the
                  benefit of the Transferor Beneficiary absolutely.

                                     - 19 -

<PAGE>

                  Following any payment by the Series 02-1 Investor Beneficiary
                  in respect of Class A (or by the Receivables Trustee on its
                  behalf) pursuant to this Clause 9(i)(b), the Reserve Account
                  shall be terminated by the Receivables Trustee and shall be
                  deemed to have terminated for the purpose of this Supplement.

        (j)       INVESTOR INDEMNITY AMOUNT

                  (i)      The Series 02-1 Investor Beneficiary hereby
                           undertakes to the Receivables Trustee (by way of the
                           Receivables Trustee and to contractual obligation
                           owed by the Series 02-1 Investor Beneficiary to no
                           other person and not as part of the terms of the
                           Receivables Trust) that it will pay to the
                           Receivables Trustee an amount equal to the Aggregate
                           Investor Indemnity Amount. The amount of any such
                           payment to be made by the Series 02-1 Investor
                           Beneficiary to the Receivables Trustee shall not
                           exceed an amount equal to the amount of monies
                           available for such purpose as set out in Clause
                           5.15(l) of the Schedule;

                  (ii)     It is acknowledged and agreed by each of the parties
                           hereto that to the extent that the Series 02-1
                           Investor Beneficiary makes payment to the Receivables
                           Trustee to enable it to make payment to the
                           Transferor from other sources in respect of the
                           amount referred to it in Clause 9(j)(i) above, such
                           payment shall be treated as discharging PRO TANTO the
                           obligations referred to in Clause 9(j)(i) above and
                           that an amount shall be distributed to the Series
                           02-1 Investor Beneficiary in respect of Class A equal
                           to the amount of such payment contemplated in Clause
                           5.14 of the Schedule.

        (k)       LIMITED RECOURSE

                  The Series 02-1 Investor Beneficiary hereby undertakes to the
                  Receivables Trustee (or any successor trustee) for itself and
                  as trustee for each other Beneficiary that:

                  (i)      the obligations of the Receivables Trustee hereunder
                           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. No Beneficiary shall have a right to have
                           recourse to, or make demand or initiate proceedings
                           against the Receivables Trustee 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 hereunder, which inability
                           results from the operation of the foregoing
                           provisions of this Clause 9(k); and

                  (ii)     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.

                                     - 20 -

<PAGE>

10.     NEGATIVE COVENANTS OF THE SERIES 02-1 INVESTOR BENEFICIARY

        The Series 02-1 Investor Beneficiary shall not, save to the extent
        permitted by the Series 02-1 Relevant Documents (as defined below) or
        with the prior written consent of the Transferor Beneficiary in respect
        of any future Series:

        (a)       create or permit to subsist any Encumbrance including, without
                  limitation, anything analogous to any of the foregoing under
                  the laws of any jurisdiction upon the whole or any part of its
                  present or future undertaking, assets or revenues (including
                  uncalled capital);

        (b)       carry on any business other than as described in the
                  prospectus and supplementary listing particulars dated
                  [___] 2002 relating to the issue of the MTNs (together, the
                  "SERIES 02-1 MTN PROSPECTUS") and in respect of that business
                  shall not engage in any activity or do anything whatsoever
                  except:

                  (i)      preserve and/or exercise and/or enforce any of its
                           rights and perform and observe its obligations under
                           the Related Debt, the Trust and Cash Management
                           Agreement, the Series 02-1 Supplement and any mandate
                           regarding the Series 02-1 Distribution Account and
                           the Security Trust Deed and Cash Management Agreement
                           (as each of such terms are defined in the Series 02-1
                           MTN Prospectus), (all of such, together with the
                           Series 02-1 MTN Prospectus, the "SERIES 02-1 RELEVANT
                           DOCUMENTS");

                  (ii)     use, invest or dispose of any of its property or
                           assets in the manner provided in or contemplated by
                           the Series 02-1 Relevant Documents; and

                  (iii)    perform any act incidental to or necessary in
                           connection with (i) or (ii) above;

        (c)       have or form, or cause to be formed, any subsidiary,
                  subsidiary undertakings or undertakings of any other nature or
                  have any employees or premises or have an interest in any bank
                  account other than Trust Accounts and the Series 02-1
                  Distribution Account;

        (d)       create, incur or suffer to exist any indebtedness (other than
                  indebtedness permitted to be incurred under the terms of its
                  articles of association and pursuant to or as contemplated in
                  any of the Series 02-1 Relevant Documents) or give any
                  guarantee in respect of any obligation of any Person;

        (e)       repurchase any shares or declare or, to the extent permitted
                  by law, pay any dividend or other distribution to its
                  shareholders;

        (f)       consolidate with or merge with or into any person or liquidate
                  or dissolve on a voluntary basis;

        (g)       waive, modify or amend, or consent to any waiver, modification
                  or amendment of, any of the provisions of the Series 02-1
                  Relevant Documents, without the prior written consent of the
                  Security Trustee (and, in the case of the calculation

                                     - 21 -

<PAGE>

                  of interest and determination of any interest period for the
                  purposes of the Related Debt, the Transferor Beneficiary and
                  in the case of the Trust and Cash Management Agreement and the
                  Series 02-1 Supplement, each of the Beneficiaries of the
                  Receivables Trust; and

        (h)       offer to surrender to any company any amounts which are
                  available for surrender by way of group relief.

                                     - 22 -

<PAGE>

                                     PART 4

                                  MISCELLANEOUS

11.     GOVERNING LAW AND JURISDICTION

        (a)       GOVERNING LAW

                  This Supplement shall be governed by, and construed in
                  accordance with, the laws of England, and the obligations,
                  rights and remedies of the parties hereunder (including the
                  immunities and standard of care of the Receivables Trustee in
                  the administration of the Receivables Trust hereunder) shall
                  be determined in accordance with such laws.

        (b)       JURISDICTION

                  (i)      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 Supplement, and, for such
                           purposes, irrevocably submits to the exclusive
                           jurisdiction of such courts.

                  (ii)     Each party hereto irrevocably waives any objection
                           which it might now or hereafter have to the courts of
                           England referred to above 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 Supplement
                           and agrees not to claim that any such court is not a
                           convenient or appropriate forum.

                  (iii)    Each party hereto (if it is not incorporated in
                           England) irrevocably appoints the person specified
                           against its name on the execution pages hereto 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
                           Supplement 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).

12.     NOTICES

        (a)       Unless otherwise stated herein, each communication or notice
                  to be made hereunder shall be made in writing and may be made
                  by fax or letter.

        (b)       Any communication, notice or document to be made or delivered
                  by any one person to another pursuant to this Supplement
                  shall (unless that other person has

                                     - 23 -

<PAGE>

                  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 fax) 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 fax communication made by one
                  party hereto to another shall be made to that person at the
                  fax number notified to such party by that other person from
                  time to time:

                  (i)      in the case of Barclays Bank PLC (in whatever
                           capacity) and the Receivables Trustee to the
                           addresses specified in the Trust and Cash Management
                           Agreement (and in the case of the Receivables Trustee
                           with a copy to Barclays Bank PLC);

                  (ii)     in the case of Barclaycard Funding PLC to 54 Lombard
                           Street, London EC3P 3AH, copied to Barclays Bank PLC
                           at the address referred to in (i) above, Attention:
                           [Adam Westley];

                  (iii)    in the case of the Rating Agencies for the Associated
                           Debt:

                           (A)      in the case of Standard & Poor's to
                                    Standard & Poor's Ratings Group, 18 Finsbury
                                    Circus, London EC2M 7BP Attention:
                                    Structured Finance Department;

                           (B)      in the case of Moody's to Moody's Investors
                                    Service Limited, 2 Minster Court, Mincing
                                    Lane, London EC3R 7XB Attention: Structured
                                    Finance.

13.     SEVERABILITY OF PROVISIONS

        If any one or more of the covenants, agreements, provisions or terms of
        this Supplement shall for any reason whatsoever be held invalid, then
        such covenants, agreements, provisions or terms shall be deemed
        severable from the remaining covenants, agreements, provisions or terms
        of this Supplement and shall in no way affect the validity or
        enforceability of the other provisions of this Supplement or of the
        rights of the Series 02-1 Investor Beneficiary in the Receivables Trust.

14.     FURTHER ASSURANCES

        Each of Barclays Bank PLC and the MTN Issuer agrees, in whatever
        capacity hereunder, to do and perform, from time to time, any and all
        acts and to execute any and all further instruments required or
        reasonably requested by the Receivables Trustee more fully to effect the
        purposes of this Supplement.

15.     NO WAIVER; CUMULATIVE REMEDIES

        No failure to exercise and no delay in exercising, on the part of any of
        the parties hereto, any right, remedy, power or privilege hereunder,
        shall operate as a waiver thereof, nor

                                     - 24 -

<PAGE>

        shall any single or partial exercise of any right, remedy, power or
        privilege hereunder preclude any other or further exercise thereof or
        the exercise of any other right, remedy, power or privilege. The rights,
        remedies, powers and privileges herein provided are cumulative and not
        exhaustive of any rights, remedies, powers and privileges provided by
        law.

16.     COUNTERPARTS

        This Supplement may be executed in any number of counterparts, each of
        which so executed shall be deemed to be an original, but all of such
        counterparts shall together constitute but one and the same instrument.

IN WITNESS WHEREOF the Receivables Trustee, Barclays Bank PLC (in its capacities
as Transferor Beneficiary, Excess Interest Beneficiary, Trust Cash Manager,
Servicer and Transferor) and Barclaycard Funding PLC (in its capacities as MTN
Issuer, Series 99-1 Investor Beneficiary and Series 02-1 Investor Beneficiary)
have caused this Supplement to be duly executed and delivered by their duly
authorised representatives as a deed on the day and year first above written.

                                     - 25 -

<PAGE>

                                  THE SCHEDULE

              SUPPLEMENT TO THE TRUST AND CASH MANAGEMENT AGREEMENT
                            AND THE RECEIVABLES TRUST

                                     PART 1

                                   DEFINITIONS

DEFINITIONS

"ADJUSTED INVESTOR INTEREST" shall mean, with respect to any date of
determination, an amount equal to the sum of (a) the Class A Adjusted Investor
Interest and (b) the Class B Adjusted Investor Interest and (c) the Class C
Adjusted Investor Interest;

"AGGREGATE INVESTOR DEFAULT AMOUNT" shall mean, with respect to any Monthly
Period, the sum of the Investor Default Amounts in respect of such Monthly
Period;

"AGGREGATE INVESTOR INDEMNITY AMOUNT" shall mean, with respect to any Monthly
Period, the sum of the Investor Indemnity Amounts in respect of such Monthly
Period;

"APPLICABLE SERIES" shall mean, with respect to any date of determination, a
Series with an Investor Interest of greater than zero;

"ASSOCIATED DEBT" means,  collectively,  the Class A Associated Debt, the
Class B Associated Debt and the Class C Associated Debt;

"AVAILABLE INVESTOR PRINCIPAL COLLECTIONS" shall mean with respect to any
Monthly Period, an amount equal to:

(a)     the aggregate amount of Investor Principal Collections for such Monthly
        Period; MINUS

(b)     the aggregate amount of Investor Cash Available for [Acquisition] which
        has been calculated (during the Revolving Period) pursuant to Clause
        5.05(a)(iv), (during the Controlled Accumulation Period) pursuant to
        Clause 5.05(b)(iv) and (during the Regulated Amortisation Period)
        pursuant to Clause 5.05(c)(iv), as the case may be, as being available
        to be utilised during such Monthly Period pursuant to Clauses 5.06(a)
        and 5.06(b) respectively; MINUS

(c)     the amount of Reallocated Class C Principal Collections with respect to
        such Monthly Period which pursuant to Clause 5.16 are required to fund
        the Class A Required Amount or the Class B Required Amount; MINUS

(d)     the amount of Reallocated Class B Principal Collections with respect to
        such Monthly Period which pursuant to Clause 5.17 are required to fund
        the Class A Required Amount; PLUS

(e)     the amount of Shared Principal Collections with respect to Group One
        that are allocated to Series 02-1 in accordance with Clause 5.18(c);
        PLUS

                                     - 26 -

<PAGE>

(f)     with respect to the Monthly Period in which the Rapid Amortisation
        Period commences, the amount of Non-Utilised Investor Cash Available for
        [Acquisition] pursuant to Clause 5.06(c);

"AVAILABLE RESERVE ACCOUNT AMOUNT" shall mean, with respect to any Transfer
Date, the lesser of (a) the amount on deposit in the Reserve Account on such
date (before giving effect to any deposit made or to be made pursuant to Clause
5.15(j) into the Reserve Account on such date) and (b) the Required Reserve
Amount;

"AVAILABLE SPREAD ACCOUNT AMOUNT" shall mean, with respect to any Transfer Date,
the lesser of (a) the amount on deposit in the Spread Account on such date
(before giving effect to any deposit made or to be made pursuant to Clause
5.15(k) in the Spread Account on such date) and (b) the Required Spread Account
Amount;

"BUSINESS DAY" shall mean 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.

"CALCULATION PERIOD" shall mean, with respect to any Distribution Date, the
period from and including the Distribution Date immediately preceding such
Distribution Date (or in the case of the first Distribution Date from and
including the Closing Date) to but excluding such Distribution Date;

"CLASS A" shall mean for calculation purposes, the portion of the Related Debt
treated as referable to the Class A Associated Debt;

"CLASS A ADDITIONAL FINANCE AMOUNT" shall have the meaning specified in Clause
5.07(a)(v);

"CLASS A ADJUSTED INVESTOR INTEREST" shall mean, with respect to any date of
determination, an amount equal to the Class A Investor Interest MINUS that
portion of the Principal Funding Account Balance allocated to the Series 02-1
Beneficiary and for the purposes of calculation treated as referable to Class A
(in an amount not to exceed the Class A Investor Interest) on such date of
determination;

"CLASS A ASSOCIATED DEBT" means the $[___] Class A Asset Backed Floating Rate
Notes due [___] constituted by a trust deed dated [___] 2002 between the
Series 02-1 Issuer and The Bank of New York;

"CLASS A AVAILABLE FUNDS" shall mean, with respect to any Monthly Period, an
amount equal to the sum of:

(a)     the Class A Floating Allocation of Finance Charge Collections allocated
        to Series 02-1;

(b)     the Class A Floating Allocation of amounts with respect to Acquired
        Interchange allocated to Series 02-1 and credited to the Finance Charge
        Collections Ledger for such Monthly Period (or to be credited to the
        Finance Charge Collections Ledger on the related Transfer Date with
        respect to the preceding Monthly Period) pursuant to the Trust and Cash
        Management Agreement;

(c)     with respect to any Monthly Period during the Controlled Accumulation
        Period prior to the payment in full of the Class A Investor Interest,
        the Principal Funding Investment

                                     - 27 -

<PAGE>

        Proceeds pursuant to Clause 5.20(b)(iii)(B) (up to a maximum amount
        equal to the Class A Covered Amount), if any, with respect to the
        related Transfer Date; and

(d)     amounts allocated to the Series 02-1 Beneficiary and for the purposes of
        calculation treated as referable to Class A, if any, to be withdrawn
        from the Reserve Account which will be credited to the Finance Charge
        Collections Ledger on the related Transfer Date pursuant to Clauses
        5.22(b)(iii) and 5.22(d);

"CLASS A CASH MANAGEMENT FEE" means any Trust Cash Management Fee to be paid to
the Receivables Trustee allocated to the Series 02-1 Beneficiary and for the
purposes of calculation treated as referable to Class A pursuant to paragraph
(b)(i) of Part 3 of this Schedule;

"CLASS A COVERED AMOUNT" shall mean an amount determined as of each Transfer
Date with respect to any Calculation Period during the Controlled Accumulation
Period prior to the payment in full of the Class A Investor Interest, equal to
the product of (a) (i) 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), and (b) the Class
A Finance Rate in effect with respect to such Calculation Period, and (c) the
Principal Funding Account Balance as of the last day of the Monthly Period
preceding the Monthly Period in which such Calculation Period ends;

"CLASS A DEBT AMOUNT" means, with respect to any date of determination, an
amount equal to the Class A Initial Investor Interest MINUS the aggregate amount
of principal payments made to the Series 02-1 Beneficiary Interest for the
purposes of calculation treated as referable to Class A PROVIDED, HOWEVER, that
upon the Series 02-1 Termination Date, the Class A Debt Amount shall be an
amount equal to zero;

"CLASS A DEFICIENCY AMOUNT" shall mean, in respect of any Transfer Date, an
amount equal to the excess, if any, of the Class A Monthly Required Expense
Amount as of the prior Transfer Date (disregarding for this purpose the Class A
Trustee Payment Amount and the MTN Issuer Costs Amount) over the amounts
actually credited to the Class A Distribution Ledger for the payment of such
amount in accordance with Clause 5.10(a)(iii);

"CLASS A DISTRIBUTION LEDGER" shall have the meaning specified in Clause
5.21(a)(i);

"CLASS A FINANCE RATE" means, in relation to any Calculation Period, the
interest rate on the Series 02-1 MTN calculated as referable to Class A for that
Calculation Period plus [___] per cent.;

"CLASS A FIXED ALLOCATION" shall mean, with respect to any Monthly Period
following the Revolving Period, the percentage equivalent of a fraction, the
numerator of which is the Class A Investor Interest as of the close of business
on the last day of the Revolving Period and the denominator of which is equal to
the Investor Interest as of the close of business on the last day of the
Revolving Period;

"CLASS A FLOATING ALLOCATION" shall mean, with respect to any Monthly Period,
the percentage equivalent of a fraction, the numerator of which is the Class A
Adjusted Investor Interest as of the close of business on the last day of the
preceding Monthly Period and the denominator of which is equal to the Adjusted
Investor Interest as of the close of business on such day PROVIDED, HOWEVER,
that, with respect to the first Monthly Period, the Class A Floating

                                     - 28 -

<PAGE>

Allocation shall mean the percentage equivalent of a fraction, the numerator of
which is the Class A Initial Investor Interest and the denominator of which is
the Initial Investor Interest;

"CLASS A INITIAL INVESTOR INTEREST" shall mean the aggregate initial principal
amount of beneficial entitlement to the Receivables Trust of the Series 02-1
Investor Beneficiary for the purposes of calculation treated as referable to
Class A pursuant to Clause 3(a)(i) of the Series 02-1 Supplement, which is
[pound][___];

"CLASS A INVESTOR ALLOCATION" shall mean for any Monthly Period, (a) with
respect to Receivables in Defaulted Accounts and Finance Charge Receivables at
any time and Principal Receivables during the Revolving Period, the Class A
Floating Allocation, and (b) with respect to Principal Receivables during the
Controlled Accumulation Period, the Regulated Amortisation Period or the Rapid
Amortisation Period, the Class A Fixed Allocation;

"CLASS A INVESTOR CHARGE-OFF" shall have the meaning specified in Clause
5.13(a)(iii);

"CLASS A INVESTOR DEFAULT AMOUNT" shall mean, with respect to each Transfer
Date, an amount equal to the product of (a) the Aggregate Investor Default
Amount for the related Monthly Period and (b) the Class A Floating Allocation
applicable for the related Monthly Period;

"CLASS A INVESTOR INTEREST" shall mean, on any date of determination, a
principal amount equal to:

(a)     the Class A Initial Investor Interest, MINUS

(b)     the aggregate amount of principal payments made to the Series 02-1
        Investor Beneficiary for the purposes of calculation treated as
        referable to Class A from Trust Property (with the effect that the
        amount of principal beneficial entitlement of the Series 02-1 Investor
        Beneficiary in the Receivables Trust for the purposes of calculation
        treated as referable to Class A is reduced) prior to such date MINUS

(c)     the excess, if any, of the aggregate amount of Class A Investor
        Charge-Offs pursuant to Clause 5.13(a)(iii) over Class A Investor
        Charge-Offs reinstated pursuant to Clause 5.15(b) prior to such date of
        determination,

PROVIDED, HOWEVER, that the Class A Investor Interest may not be reduced below
zero;

"CLASS A MONTHLY FINANCE AMOUNT" shall have the meaning specified in Clause
5.07(a)(iii);

"CLASS A MONTHLY PRINCIPAL AMOUNT" shall mean the monthly amount representing
Principal Collections referable to Class A as calculated in accordance with
Clause 5.08(a);

"CLASS A MONTHLY REQUIRED EXPENSE AMOUNT" shall mean in respect of each Monthly
Period the amount as calculated in accordance with Clause 5.07(a);

"CLASS A REQUIRED AMOUNT" shall have the meaning specified in Clause 5.09(a);

"CLASS A SCHEDULED REDEMPTION DATE" shall mean the Series 02-1 Scheduled
Redemption Date;

"CLASS A SERVICING FEE" shall have the meaning specified in paragraph (a)(ii) of
Part 2 of the Schedule;

                                     - 29 -

<PAGE>

"CLASS A TRUSTEE PAYMENT AMOUNT" shall have the meaning specified in paragraph
(a)(ii) of Part 4 of the Schedule;

"CLASS B" shall mean for calculation purposes, the portion of the Related Debt
related to the Class B Associated Debt;

"CLASS B ADDITIONAL FINANCE AMOUNT" shall have the meaning specified in Clause
5.07(b)(iv);

"CLASS B ADJUSTED INVESTOR INTEREST" shall mean, with respect to any date of
determination, an amount equal to the Class B Investor Interest MINUS that
portion of the Principal Funding Account Balance allocated to the Series 02-1
Beneficiary and for the purposes of calculation treated as referable to Class B
(in an amount not to exceed the Class B Investor Interest) on such date of
determination;

"CLASS B ASSOCIATED DEBT" shall mean the $[___] Class B Asset Backed Floating
Rate Notes due [___] constituted by a trust deed dated [___] 2002 between
the Series 02-1 Issuer and The Bank of New York;

"CLASS B AVAILABLE FUNDS" shall mean, with respect to any Monthly Period, an
amount equal to the sum of:

(a)     the Class B Floating Allocation of Finance Charge Collections allocated
        to Series 02-1; and

(b)     the Class B Floating Allocation of amounts with respect to Acquired
        Interchange allocated to Series 02-1 and credited to the Finance Charge
        Collections Ledger for such Monthly Period (or to be credited to the
        Finance Charge Collections Ledger on the related Transfer Date with
        respect to the preceding Monthly Period) pursuant to the Trust and Cash
        Management Agreement;

"CLASS B CASH MANAGEMENT FEE" means any Trust Cash Management Fee to be paid to
the Receivables Trustee allocated to the Series 02-1 Beneficiary Interest and
for the purposes of calculation treated as referable to Class B pursuant to
paragraph (b)(ii) of Part 3 of this Schedule;

"CLASS B DEBT AMOUNT" shall mean, with respect to any date of determination, an
amount equal to the Class B Initial Investor Interest MINUS the aggregate amount
of principal payments made to the Series 02-1 Beneficiary Interest for the
purposes of calculation treated as referable to Class B PROVIDED, HOWEVER, that
upon the Series 02-1 Termination Date, the Class B Debt Amount shall be an
amount equal to zero;

"CLASS B DEFICIENCY AMOUNT" shall mean, in respect of any Transfer Date, an
amount equal to the excess, if any, of the Class B Monthly Required Expense
Amount as of the prior Transfer Date (disregarding for this purpose the Class B
Trustee Payment Amount) over the amount actually credited to the Class B
Distribution Ledger for the payment of such amount in accordance with Clause
5.10(b)(ii);

"CLASS B DISTRIBUTION LEDGER" shall have the meaning specified in Clause
5.21(b)(i);

"CLASS B FINANCE RATE" means, in relation to any Calculation Period, the
interest rate on the Series 02-1 MTN calculated as referable to Class B for that
Calculation Period;

                                     - 30 -

<PAGE>

"CLASS B FIXED ALLOCATION" shall mean, with respect to any Monthly Period
following the Revolving Period, the percentage equivalent of a fraction, the
numerator of which is the Class B Investor Interest as of the close of business
on the last day of the Revolving Period and the denominator of which is equal to
the Investor Interest as of the close of business on the last day of the
Revolving Period;

"CLASS B FLOATING ALLOCATION" shall mean, with respect to any Monthly Period,
the percentage equivalent of a fraction, the numerator of which is the Class B
Adjusted Investor Interest as of the close of business on the last day of the
preceding Monthly Period and the denominator of which is equal to the Adjusted
Investor Interest as of the close of business on such day PROVIDED, HOWEVER,
that, with respect to the first Monthly Period, the Class B Floating Allocation
shall mean the percentage equivalent of a fraction, the numerator of which is
the Class B Initial Investor Interest and the denominator of which is the
Initial Investor Interest;

"CLASS B INITIAL INVESTOR INTEREST" shall mean the aggregate initial principal
amount of beneficial entitlement to the Receivables Trust of the Series 02-1
Investor Beneficiary and for the purposes of calculation treated as referable to
Class B pursuant to Clause 3(a)(ii) of the Series 02-1 Supplement which is
[pound][___];

"CLASS B INVESTOR ALLOCATION" shall mean for any Monthly Period, (a) with
respect to Receivables in Defaulted Accounts and Finance Charge Receivables at
any time or Principal Receivables during the Revolving Period, the Class B
Floating Allocation, and (b) with respect to Principal Receivables during the
Controlled Accumulation Period, the Regulated Amortisation Period or the Rapid
Amortisation Period, the Class B Fixed Allocation;

"CLASS B INVESTOR CHARGE-OFF" shall have the meaning specified in Clause
5.13(b)(ii);

"CLASS B INVESTOR DEFAULT AMOUNT" shall mean, with respect to each Transfer
Date, an amount equal to the product of (a) the Aggregate Investor Default
Amount for the related Monthly Period and (b) the Class B Floating Allocation
applicable for the related Monthly Period;

"CLASS B INVESTOR INTEREST" shall mean, on any date of determination, a
principal amount equal to:

(a)     the Class B Initial Investor Interest, MINUS

(b)     the aggregate amount of principal payments made to the Series 02-1
        Investor Beneficiary for the purposes of calculation treated as
        referable to Class B from Trust Property (with effect that the notional
        amount of principal beneficial entitlement of the Series 02-1 Investor
        Beneficiary in the Receivables Trust of Class B is reduced) prior to
        such date, MINUS

(c)     the aggregate amount of Class B Investor Charge-Offs for all prior
        Transfer Dates pursuant to Clause 5.13(b)(ii), MINUS

(d)     the aggregate amount of the Reallocated Class B Principal Collections
        allocated pursuant to Clause 5.17 on all prior Transfer Dates but
        excluding any reallocated Class B Principal Collections that have
        resulted in a reduction of the Class C Investor Interest, MINUS

                                     - 31 -

<PAGE>

(e)     an amount equal to the amount by which the Class B Investor Interest has
        been reduced on all prior Transfer Dates pursuant to Clause 5.13(a)(ii),
        PLUS

(f)     the aggregate amount of Excess Spread allocated and available on all
        prior Transfer Dates pursuant to Clause 5.15(d), for the purpose of
        reinstating amounts deducted pursuant to the foregoing clauses (c), (d)
        and (e),

PROVIDED, HOWEVER, that the Class B Investor Interest may not be reduced below
zero;

"CLASS B MONTHLY FINANCE AMOUNT" shall have the meaning specified in Clause
5.07(b)(ii);

"CLASS B MONTHLY PRINCIPAL AMOUNT" shall mean the monthly amount representing
Principal Collections referable to Class B as calculated in accordance with
Clause 5.08(b);

"CLASS B MONTHLY REQUIRED EXPENSE AMOUNT" shall mean in respect of each Monthly
Period the amount calculated in accordance with Clause 5.07(b);

"CLASS B PRINCIPAL COMMENCEMENT DATE" shall be the first Distribution Date (1)
for the Controlled Accumulation Period, on which an amount equal to the Class A
Investor Interest has been deposited into the Principal Funding Account
identified for the Series 02-1 Investor Beneficiary in respect of Class A; or
(2) during the Regulated Amortisation Period or the Rapid Amortisation Period,
on which the Class A Investor Interest has been reduced to zero;

"CLASS B REQUIRED AMOUNT" shall have the meaning specified in Clause 5.09(b);

"CLASS B SCHEDULED REDEMPTION DATE" shall mean the Series 02-1 Scheduled
Redemption Date;

"CLASS B SERVICING FEE" shall have the meaning specified in paragraph (a)(iii)
of Part 2 of the Schedule;

"CLASS B TRUSTEE PAYMENT AMOUNT" shall have the meaning specified in paragraph
(a)(iii) of Part 4 of the Schedule;

"CLASS C" shall mean for calculation purposes the portion of Related Debt
related to the Class C Associated Debt;

"CLASS C ADDITIONAL FINANCE AMOUNT" shall have the meaning specified in Clause
5.07(c)(iv);

"CLASS C ADJUSTED INVESTOR INTEREST" shall mean, with respect to any date of
determination, an amount equal to the Class C Investor Interest MINUS that
portion of the Principal Funding Account Balance allocated to the Series 02-1
Beneficiary and for the purposes of calculation treated as referable to Class C
(in an amount not to exceed the Class C Investor Interest) on such date of
determination;

"CLASS C ASSOCIATED DEBT" shall mean the $[___] Class C Asset Backed Floating
Rate Notes due [___]constituted by a trust deed dated [___] 2002 between
the Series 02-1 Issuer and The Bank of New York;

                                     - 32 -

<PAGE>

"CLASS C AVAILABLE FUNDS" shall mean, with respect to any Monthly Period, an
amount equal to the sum of:

(a)     the Class C Floating Allocation of Finance Charge Collections allocated
        to Series 02-1; and

(b)     the Class C Floating Allocation of amounts with respect to Acquired
        Interchange allocated to Series 02-1 and credited to the Finance Charge
        Collections Ledger for such Monthly Period (or to be credited to the
        Finance Charge Collections Ledger on the related Transfer Date with
        respect to the preceding Monthly Period) pursuant to the Trust and Cash
        Management Agreement;

"CLASS C CASH MANAGEMENT FEE" means any Trust Cash Management Fee to be paid to
the Receivables Trustee allocated to the Series 02-1 Beneficiary and for the
purposes of calculation treated as referable to Class C pursuant to paragraph
(b)(iii) of Part 3 of this Schedule;

"CLASS C DEBT AMOUNT" shall mean, with respect to any date of determination, an
amount equal to the Class C Initial Investor Interest MINUS the aggregate amount
of principal payments made to the Series 02-1 Beneficiary Interest for the
purposes of calculation treated as referable to Class C PROVIDED, HOWEVER, that
upon the Series 02-1 Termination Date, the Class C Debt Amount shall be an
amount equal to zero;

"CLASS C DEFICIENCY AMOUNT" shall mean, in respect of any Transfer Date, an
amount equal to the excess, if any, of the Class C Monthly Required Expense
Amount as of the prior Transfer Date (disregarding for this purpose the Class C
Trustee Payment Amount) over the amount actually credited to the Class C
Distribution Ledger, for the payment of such amount on the related Transfer Date
in accordance with Clause 5.15(f);

"CLASS C DISTRIBUTION LEDGER" shall have the meaning specified in Clause
5.21(c)(i);

"CLASS C FINANCE RATE" means, in relation to any Calculation Period, the
interest rate payable on the Series 02-1 MTN calculated as referable to Class C
for that Calculation Period;

"CLASS C FIXED ALLOCATION" shall mean, with respect to any Monthly Period
following the Revolving Period, the percentage equivalent of a fraction, the
numerator of which is the Class C Investor Interest as of the close of business
on the last day of the Revolving Period and the denominator of which is equal to
the Investor Interest as of the close of business on the last day of the
Revolving Period;

"CLASS C FLOATING ALLOCATION" shall mean, with respect to any Monthly Period,
the percentage equivalent of a fraction, the numerator of which is the Class C
Adjusted Investor Interest as of the close of business on the last day of the
preceding Monthly Period and the denominator of which is equal to the Adjusted
Investor Interest as of the close of business on such day PROVIDED, HOWEVER,
that, with respect to the first Monthly Period, the Class C Floating Allocation
shall mean the percentage equivalent of a fraction, the numerator of which is
the Class C Initial Investor Interest and the denominator of which is the
Initial Investor Interest;

"CLASS C INITIAL INVESTOR INTEREST" shall mean the aggregate initial principal
amount of beneficial entitlement to the Receivables Trust of the Series 02-1
Investor Beneficiary for the

                                     - 33 -

<PAGE>

purposes of calculation treated as referable to Class C pursuant to Clause
3(a)(iii) of the Series 02-1 Supplement which is [pound][___];

"CLASS C INVESTOR ALLOCATION" shall mean for any Monthly Period, (a) with
respect to Receivables in Defaulted Accounts and Finance Charge Receivables at
any time or Principal Receivables during the Revolving Period, the Class C
Floating Allocation, and (b) with respect to Principal Receivables during the
Controlled Accumulation Period, the Regulated Amortisation Period or the Rapid
Amortisation Period, the Class C Fixed Allocation;

"CLASS C INVESTOR CHARGE-OFF" shall have the meaning specified in Clause
5.13(c)(i);

"CLASS C INVESTOR DEFAULT AMOUNT" shall mean, with respect to each Transfer
Date, an amount equal to the product of (a) the Aggregate Investor Default
Amount for the related Monthly Period and (b) the Class C Floating Allocation
applicable for the related Monthly Period;

"CLASS C INVESTOR INTEREST" means, with respect to any date of determination, an
amount equal to:

(a)     the Class C Initial Investor Interest, MINUS

(b)     the aggregate amount of principal payments made to the Series 02-1
        Investor Beneficiary for the purposes of calculation treated as
        referable to Class C from Trust Property (with effect that the notional
        amount of principal beneficial entitlement of the Series 02-1 Investor
        Beneficiary in the Receivables Trust for the purposes of calculation
        treated as referable to Class C is reduced) prior to that date,
        including, for the avoidance of doubt, an amount equal to all Available
        Spread Account Amounts credited to the Class C Distribution Ledger in
        respect of the Class C Investor Interest on all prior Transfer Dates
        pursuant to Clauses 5.19(a)(iv)(B)(1)(bb), MINUS

(c)     the aggregate amount of Class C Investor Charge-Offs for all prior
        Transfer Dates, pursuant to Clause 5.13(c)(i), MINUS

(d)     the aggregate amount of Reallocated Class B Principal Collections
        allocated to the Class C Investor Interest and Reallocated Class C
        Principal Collections allocated pursuant to Clauses 5.16 and 5.17 on all
        prior Transfer Dates, MINUS

(e)     an amount equal to the amount by which the Class C Investor Interest
        has been reduced in order to cover Class A Investor Default Amounts and
        Class B Investor Default Amounts pursuant to Clauses 5.13(a)(i) and
        5.13(b)(i), and PLUS

(f)     the aggregate amount of Excess Spread allocated and available on all
        prior Transfer Dates pursuant to Clause 5.15(i) to reimburse amounts
        deducted pursuant to the foregoing clauses (c), (d) and (e) above plus
        the aggregate amount of withdrawals from the Spread Account pursuant to
        Clause 5.19(a)(iv)(B)(bb),

PROVIDED, HOWEVER that the Class C Investor Interest may not be reduced below
zero;

"CLASS C MONTHLY FINANCE AMOUNT" shall have the meaning specified in Clause
5.07(c)(ii);

"CLASS C MONTHLY PRINCIPAL AMOUNT" shall mean the monthly amount representing
principal allocable to Class C as calculated in accordance with Clause 5.08(c);

                                     - 34 -

<PAGE>

"CLASS C MONTHLY REQUIRED EXPENSE AMOUNT" shall mean in respect of each Monthly
Period the amount calculated in accordance with Clause 5.07(c);

"CLASS C PRINCIPAL COMMENCEMENT DATE" shall be the first Distribution Date (1)
for the Controlled Accumulation Period, on which an amount equal to the
aggregate of the Class A Investor Interest and the Class B Investor Interest has
been deposited into the Principal Funding Account identified for the Series 02-1
Investor Beneficiary in respect of Class A and Class B, respectively; or (2)
during the Regulated Amortisation Period or the Rapid Amortisation Period, on
which the Class B Investor Interest has been reduced to zero;

"CLASS C RELEASE DATE" shall mean the first Distribution Date on which the Class
A Investor Interest and the Class B Investor Interest have been reduced to zero;

"CLASS C SCHEDULED REDEMPTION DATE" shall mean the Series 02-1 Scheduled
Redemption Date;

"CLASS C SERVICING FEE" shall have the meaning specified in paragraph (a)(iv) of
Part 2 of the Schedule;

"CLASS C TRUSTEE PAYMENT AMOUNT" shall have the meaning specified in paragraph
(a)(iv) Part 4 of the Schedule;

 "CLOSING DATE" shall mean [___] 2002;

"CONTROLLED ACCUMULATION PERIOD" shall mean, unless a Pay Out Event shall have
occurred prior thereto, the period commencing at the close of business on
[___], or such later date as is determined in accordance with Clause 5.11(f)
and ending on the first to occur of (a) the commencement of the Regulated
Amortisation Period or the Rapid Amortisation Period and (b) the Series 02-1
Termination Date;

"CONTROLLED ACCUMULATION PERIOD FACTOR" shall mean, for each Monthly Period, a
fraction, the numerator of which is equal to the sum of the initial investor
interests of all Applicable Series and the denominator of which is equal to the
sum (without duplication) of (a) the Initial Investor Interest, (b) the initial
investor interests of all Applicable Series (other than Series 02-1) in Group
One (other than Companion Series) which are not expected to be in their
revolving periods, and (c) the initial investor interests of all other
Applicable Series which are not allocating Shared Principal Collections and are
in their revolving periods;

"CONTROLLED ACCUMULATION PERIOD LENGTH" shall have the meaning specified in
Clause 5.11(f);

"CONTROLLED ACCUMULATION SHORTFALL" shall initially mean zero and shall
thereafter mean, with respect to any Transfer Date during the Controlled
Accumulation Period, the excess, if any, of the Controlled Deposit Amount for
the previous Transfer Date over the aggregate amount deposited into the
Principal Funding Account pursuant to Clause 5.11(b) with respect to the Series
02-1 Investor Beneficiary in respect of Class A, Class B, and Class C for the
previous Monthly Period;

"CONTROLLED DEPOSIT AMOUNT" shall mean:

(a)   for any Transfer Date with respect to the Controlled Accumulation Period
      prior to the payment in full of the Investor Interest, the sum of (i)
      [pound][___] PROVIDED, HOWEVER, that if the

                                     - 35 -

<PAGE>

        Controlled Accumulation Period Length is determined to be less than [12]
        months pursuant to Clause 5.11(f), the amount calculated for the
        Controlled Deposit Amount in this paragraph (i) for each Transfer Date
        with respect to the Controlled Accumulation Period prior to the payment
        in full of the Investor Interest will be equal to (A) the product of (1)
        the Initial Investor Interest and (2) the Controlled Accumulation Period
        Factor for such Monthly Period divided by (B) the Required Accumulation
        Factor Number plus any Controlled Accumulation Shortfall PROVIDED,
        FURTHER, HOWEVER that the amount calculated for the Controlled Deposit
        Amount for each Transfer Date may not exceed the Maximum Controlled
        Deposit Amount without the prior written instructions of the
        Beneficiaries, and (ii) the Controlled Accumulation Shortfall for such
        Transfer Date; and

(b)     for any Transfer Date with respect to the Regulated Amortisation Period,
        the sum of (i) [pound][___] or, if greater, the Maximum Controlled
        Deposit Amount, and (ii) the Controlled Accumulation Shortfall for such
        Transfer Date;

"CUMULATIVE SERIES PRINCIPAL SHORTFALL" shall mean the sum of the Series
Principal Shortfalls (as such term is defined in the related Supplement) for
each Series in Group One;

"DAILY PRINCIPAL SHORTFALL" shall mean, on any date of determination, the excess
of the Group One Monthly Principal Payment for the Monthly Period relating to
such date over the amount of Principal Collections processed to date for such
Monthly Period allocable to all Applicable Series in Group One, which is not
subject to reallocation and which are credited or to be credited in the
Principal Collection Ledger on such date;

"DEFICIENCY AMOUNT" shall mean, at any time of determination, the sum of the
Class A Deficiency Amount, the Class B Deficiency Amount and the Class C
Deficiency Amount;

"DETERMINATION DATE" means the date falling two Business Days before a Transfer
Date;

"DISTRIBUTION DATE" shall mean [___] 2002 or, if [___] 2002 is not a
Business Day, the next succeeding Business Day and the fifteenth day of each
calendar month thereafter, or if such fifteenth day is not a Business Day, the
next succeeding Business Day;

"EXCESS PRINCIPAL FUNDING INVESTMENT PROCEEDS" shall mean, with respect to each
Transfer Date for the Controlled Accumulation Period or the first Transfer Date
with respect to the Regulated Amortisation Period or the Rapid Amortisation
Period, the amount, if any, by which the Principal Funding Investment Proceeds
for such Transfer Date exceeds the Class A Covered Amount as determined for such
Transfer Date;

"EXCESS SPREAD" shall mean, with respect to any Transfer Date, the sum of the
amounts with respect to such Transfer Date, if any, specified pursuant to
Clauses 5.10(a)(vi), 5.10(b)(iv) and 5.10(c)(iii);

"EXPENSE RATE" shall mean the annualised percentage equivalent of a fraction (A)
the numerator of which is the sum of: (1) the Class A Monthly Required Expense
Amount, the Class B Monthly Required Expense Amount and the Class C Monthly
Required Expense Amount, each for the related Monthly Period plus (2) an amount
equal to the Investor Servicing Fee actually payable and (3) an amount equal to
the Investor Trust Cash Management Fee

                                     - 36 -

<PAGE>

actually payable each with respect to the related Monthly Period and (B) the
denominator of which is the Investor Interest as of the Record Date preceding
such Transfer Date;

"FIXED INVESTOR PERCENTAGE" shall mean, with respect to any Monthly Period, the
percentage equivalent (which percentage shall never exceed 100%) of a fraction:

(a)     the numerator of which is the Investor Interest as of the close of
        business on the last day of the Revolving Period; and

(b)     the denominator of which is the greater of:

        (i)       (A) the aggregate amount of Principal Receivables which are
                  Eligible Receivables in the Receivables Trust determined as of
                  the close of business on the last day of the prior Monthly
                  Period plus (B) Unavailable Principal Collections credited to
                  the Principal Collections Ledger on such date of
                  determination; and

        (ii)      the sum of the numerators used to calculate the Investor
                  Percentages for allocations with respect to Principal
                  Receivables which are Eligible Receivables for all Applicable
                  Series on such date of determination,

        PROVIDED, HOWEVER, that with respect to any Monthly Period in which an
        Addition Date occurs, the amount in paragraph (b)(i)(A) above hereof
        shall be:

        (A)       the aggregate amount of Principal Receivables which are
                  Eligible Receivables in the Receivables Trust as of the close
                  of business on the last day of the prior Monthly Period for
                  the period from and including the first day of such Monthly
                  Period to but excluding the related Addition Date; and

        (B)       the aggregate amount of Principal Receivables which are
                  Eligible Receivables in the Receivables Trust at the beginning
                  of the day on the related Addition Date after adjusting for
                  the aggregate amount of Principal Receivables which are
                  Eligible Receivables added to the Receivables Trust on the
                  related Addition Date, for the period from and including the
                  related Addition Date to and including the last day of such
                  Monthly Period;

        PROVIDED ALSO that, in respect of any Monthly Period when the Floating
        Investor Percentage is zero or would be zero if the payments to be made
        on the related Distribution Date were made on the last day of the
        preceding Monthly Period, the Floating Investor Percentage will be zero;

"FLOATING INVESTOR PERCENTAGE" shall mean, with respect to any Monthly Period,
the percentage equivalent (which percentage shall never exceed 100%) of a
fraction:

(a)     the numerator of which is the Adjusted Investor Interest as of the close
        of business on the last day of the preceding Monthly Period (or with
        respect to the first Monthly Period, the Initial Investor Interest); and

                                     - 37 -

<PAGE>

(b)     the denominator of which is the greater of:

        (i)       (A) the aggregate amount of Principal Receivables which are
                  Eligible Receivables as of the close of business on the last
                  day of the preceding Monthly Period (or with respect to the
                  first calendar month in the first Monthly Period, the
                  aggregate amount of Principal Receivables which are Eligible
                  Receivables in the Receivables Trust (taking into account
                  Principal Receivables to be transferred on the Closing Date)
                  as of close of business on the day immediately preceding the
                  Closing Date and with respect to the second calendar month in
                  the first Monthly Period, the aggregate amount of Principal
                  Receivables which are Eligible Receivables as of the close of
                  business on the last day of the first calendar month in the
                  first Monthly Period) plus (B) any Unavailable Principal
                  Collections standing to the credit of the Trustee Collection
                  Account and credited to the Principal Collections Ledger on
                  such date; and

        (ii)      the sum of the numerators used to calculate the Investor
                  Percentages for allocations with respect to Finance Charge
                  Receivables or Receivables in Defaulted Accounts at any time
                  or Principal Receivables which are Eligible Receivables during
                  the revolving period, as applicable, for all Applicable Series
                  on such date of determination,

        PROVIDED, HOWEVER, that with respect to any Monthly Period in which an
        Addition Date occurs, the amount in sub-paragraph (b)(i)(A) above shall
        be:

        (A)       the aggregate amount of Principal Receivables which are
                  Eligible Receivables in the Receivables Trust as of the close
                  of business on the last day of the prior Monthly Period for
                  the period from and including the first day of such Monthly
                  Period to but excluding the related Addition Date; and

        (B)       the aggregate amount of Principal Receivables which are
                  Eligible Receivables in the Receivables Trust as of the
                  beginning of the day on the related Addition Date after
                  adjusting for the aggregate amount of Principal Receivables
                  which are Eligible Receivables added to the Receivables Trust
                  on the related Addition Date, for the period from and
                  including the related Addition Date to and including the last
                  day of such Monthly Period;

        PROVIDED ALSO that, in respect of any Monthly Period when the Floating
        Investor Percentage is zero or would be zero if the payments to be made
        on the related Distribution Date were made on the last day of the
        preceding Monthly Period, the Floating Investor Percentage will be zero;

"GROUP ONE" shall mean Series 02-1 and each other Series specified in the
related Supplement to be included in Group One;

                                     - 38 -

<PAGE>

"GROUP ONE MONTHLY PRINCIPAL PAYMENT" shall mean with respect to any Monthly
Period, for all Applicable Series in Group One (including Series 02-1) which are
in an Amortisation Period or an Accumulation Period (as such terms are defined
in the Master Definitions Schedule), the sum of:

(a)     the Controlled Deposit Amount for the related Transfer Date for any
        Series in its Controlled Accumulation Period or its Regulated
        Amortisation Period (as such terms are defined in the related
        supplements for all Series in Group One);

(b)     the Investor Interest as of the end of the prior Monthly Period taking
        into effect any payments to be made on the following Distribution Date
        for any Series in Group One in its Rapid Amortisation Period (as such
        terms are defined in the related supplements for all Series in Group
        One); and

(c)     such other amounts as may be specified in the related Series supplements
        for all Series in Group One;

"INITIAL INVESTOR INTEREST" shall mean [pound][___];

"INVESTOR BENEFICIARY" shall mean an Investor Beneficiary which is described as
such in any Series Supplement (as defined in the Master Definitions Schedule);

"INVESTOR CASH AVAILABLE FOR [ACQUISITION]" shall mean, on any date of
determination, the amount allocated to the Investor Beneficiaries which may be
utilised to fund the purchase of beneficial entitlement to Receivables as set
out in Clause 5.06;

"INVESTOR CHARGE-OFF" shall mean a Class A Investor Charge-Off, a Class B
Investor Charge-Off or a Class C Investor Charge-Off, or any of them;

"INVESTOR DEFAULT AMOUNT" shall mean, with respect to any Receivable in a
Defaulted Account, an amount equal to the product of (a) the Default Amount and
(b) the Floating Investor Percentage on the day such Account became a Defaulted
Account;

"INVESTOR INDEMNITY AMOUNT" shall mean, with respect to any Transferor Section
75 Indemnity Claim, an amount equal to the product of (a) the Transferor Section
75 Indemnity Claim (in an amount not to exceed the amount of the related Credit
Advance) and (b) the Floating Investor Percentage on the day such Transferor
Section 75 Indemnity Claim was made;

"INVESTOR INTEREST" shall mean, on any date of determination, an amount equal to
the sum of (a) the Class A Investor Interest, (b) the Class B Investor Interest,
and (c) the Class C Investor Interest each as of such date;

"INVESTOR PERCENTAGE" shall mean for any Monthly Period, (a) with respect to
Finance Charge Receivables and Receivables in Defaulted Accounts at any time and
Principal Receivables during the Revolving Period, the Floating Investor
Percentage and (b) with respect to Principal Receivables during the Controlled
Accumulation Period, the Regulated Amortisation Period or the Rapid Amortisation
Period, the Fixed Investor Percentage PROVIDED, HOWEVER, that in respect of any
Monthly Period when the Investor Interest is zero or would be zero if the
payments to be made on the related Distribution Date were made on the last day
of the preceding Monthly Period, the Investor Percentage shall be zero;

                                     - 39 -

<PAGE>

"INVESTOR PRINCIPAL COLLECTIONS" shall mean, with respect to any Monthly Period,
the sum of:

(a)     the aggregate amount credited to the Principal Collections Ledger for
        such Monthly Period pursuant to Clauses 5.05 (a)(ii), (iii) and (iv),
        5.05(b)(ii), (iii) and (iv) (taking into account Clauses 5.05(b)(v)),
        5.05(c)(ii), (iii) and (iv) (taking into account Clauses 5.05(c)(v)) or
        5.05(d)(ii) (taking into account Clause 5.05(d)(iii)), (as the case may
        be) in each case, as applicable to such Monthly Period;

(b)     the aggregate amount to be treated as Investor Principal Collections
        pursuant to Clauses 5.10(a)(v) and 5.15(b), (c)(ii), (d), (h) and (i)
        for such Monthly Period; plus

(c)     the aggregate amount of Unavailable Principal Collections credited to
        the Principal Collections Ledger to be treated as Investor Principal
        Collections pursuant to Clause 5.05(e)(ii);

"INVESTOR SERVICING FEE" shall have the meaning specified in paragraph (a)(i) of
Part 2 of the Schedule;

"INVESTOR TRUST CASH MANAGEMENT FEE" has the meaning specified in paragraph
(a)(i) of Part 3 of the Schedule;

"INVESTOR TRUSTEE PAYMENT AMOUNT" shall have the meaning specified in paragraph
(a)(i) of Part 4 of the Schedule;

"MATERIAL ADVERSE EFFECT" shall mean a material adverse effect on the interests
of Series 02-1 Investor Beneficiary which shall be construed to include the
interests of any holders of Related Debt and Associated Debt;

"MAXIMUM CONTROLLED DEPOSIT AMOUNT" shall mean an amount equal to [one-twelfth]
of the aggregate amount of all the initial investor interests of all Applicable
Series in Group One (excluding Companion Series) that are expected to be in
their revolving periods;

"MONTHLY PERIOD" shall have the meaning specified in the Trust and Cash
Management Agreement, except that the first Monthly Period, it shall begin on
and include the Closing Date and shall end on and include [___] 2002;

"MTN ISSUER" shall mean Barclaycard Funding PLC;

"MTN ISSUER COSTS AMOUNT" means the amounts certified by the Security Trustee as
being required to pay the fees, costs and expenses of the MTN Issuer accrued due
and payable on any Transfer Date (including the fees, costs and expenses of the
Security Trustee and any Receiver appointed pursuant to the Security Trust Deed
and Cash Management Agreement) plus any such fees, costs and expenses remaining
unpaid for previous Transfer Dates plus, in each case where relevant, VAT
thereon;

"NON-UTILISED INVESTOR CASH AVAILABLE FOR [ACQUISITION]" shall have the meaning
specified in Clause 5.06(c);

"NOTE TRUSTEE" shall mean The Bank of New York, London Branch;

                                     - 40 -

<PAGE>

"PAY OUT COMMENCEMENT DATE" shall mean the date on which a Trust Pay Out Event
is deemed to occur pursuant to Clause 6.1 of the Trust and Cash Management
Agreement or a Series 02-1 Pay Out Event is deemed to occur pursuant to Clause
6.2 of the Trust and Cash Management Agreement (as Clause 6.2 is set out in Part
7 of the Schedule);

"PORTFOLIO ADJUSTED YIELD" shall mean, with respect to any Transfer Date
commencing on and including the Transfer Date falling in [___], the average
of the percentages obtained for each of the three preceding Monthly Periods by
subtracting the Expense Rate from the Portfolio Yield for each Monthly Period;

"PORTFOLIO YIELD" shall mean, with respect to any Monthly Period, the annualised
percentage equivalent of a fraction,

(a)     the numerator of which is an amount equal to the sum of:

        (i)       the amount of Finance Charge Collections credited to the
                  Finance Charge Collections Ledger and allocable to Series 02-1
                  for such Monthly Period (excluding any Collections in respect
                  of Annual Fee Receivables contemplated by (ii) below), PLUS

        (ii)      the amount, if any, credited to the Finance Charge Collections
                  Ledger with respect to Annual Fee Receivables for such Monthly
                  Period, PLUS

        (iii)     the amount of Acquired Interchange credited to the Finance
                  Charge Collections Ledger and allocable to Series 02-1, PLUS

        (iv)      the Principal Funding Investment Proceeds credited to the
                  Finance Charge Collections Ledger pursuant to Clause
                  5.20(b)(iii) on the Transfer Date related to such Monthly
                  Period, up to the Class A Covered Amount, PLUS

        (v)       the amount of the Reserve Draw Amount (up to the Available
                  Reserve Account Amount) credited to the Finance Charge
                  Collections Ledger pursuant to Clause 5.22(d) on the Transfer
                  Date relating to such Monthly Period, PLUS

        (vi)      the Reserve Investment Proceeds credited to the Finance Charge
                  Collections Ledger pursuant to Clause 5.22(b)(iii) on the
                  Transfer Date relating to such Monthly Period, MINUS

        (vii)     the Aggregate Investor Default Amount for such Monthly Period;
                  and

(b)     the denominator of which is the Investor Interest as of the close of
        business on the last day of such Monthly Period;

"PRINCIPAL FUNDING ACCOUNT" shall have the meaning set out in Clause 5.20(a)(i);

"PRINCIPAL FUNDING ACCOUNT BALANCE" shall mean, with respect to any date of
determination, the principal amount, if any, on deposit in the Principal Funding
Account on such date of determination;

"PRINCIPAL FUNDING INVESTMENT PROCEEDS" shall mean, with respect to each
Transfer Date with respect to the Controlled Accumulation Period or the first
Transfer Date with respect to the

                                     - 41 -

<PAGE>

Regulated Amortisation Period or the Rapid Amortisation Period, the investment
earnings on funds in the Principal Funding Account (net of investment expenses
and losses) for the period from and including the immediately preceding Transfer
Date to but excluding such Transfer Date;

"PRINCIPAL FUNDING INVESTMENT SHORTFALL" shall mean, with respect to each
Transfer Date with respect to the Controlled Accumulation Period or the first
Transfer Date with respect to the Regulated Amortisation Period or the Rapid
Amortisation Period, the amount, if any, by which the Principal Funding
Investment Proceeds for such Transfer Date are less than the Class A Covered
Amount determined as of such Transfer Date;

"QUARTERLY EXCESS SPREAD PERCENTAGE" means, with respect to any Determination
Date, an amount equal to the percentage equivalent of a fraction, the numerator
of which is the average Portfolio Yield for the immediately preceding three
Monthly Periods and the denominator of which is the average Expense Rate for the
immediately preceding three Monthly Periods; PROVIDED, HOWEVER, that with
respect to the first three Monthly Periods, the Quarterly Excess Spread
Percentage shall be [5]%.

"RAPID AMORTISATION PERIOD" shall mean the Amortisation Period commencing on the
Pay Out Commencement Date (other than a Pay Out Commencement Date resulting
solely from a Regulated Amortisation Trigger Event) and ending on the earlier to
occur of (a) the Series 02-1 Termination Date and (b) the termination of the
Receivables Trust pursuant to Clause 6.3 or Clause 8;

"RATING AGENCIES" shall mean Moody's and Standard & Poor's and "RATING AGENCY"
shall mean any one of them;

"RATING AGENCY CONDITION" shall mean the notification in writing by each Rating
Agency to the Transferor, the Servicer and the Receivables Trustee that an
action will not result in any Rating Agency reducing or withdrawing its then
existing rating of any outstanding Associated Debt with respect to which it is a
Rating Agency;

"REALLOCATED CLASS B PRINCIPAL COLLECTIONS" shall mean, with respect to any
Transfer Date, Principal Collections calculated by reference to the Class B
Investor Interest but which are to be applied as Finance Charge Collections in
accordance with Clause 5.17 in an amount not to exceed the product of:

(a)     the Class B Investor Allocation with respect to the Monthly Period
        relating to such Transfer Date; and

(b)     the Investor Percentage with respect to the Monthly Period relating to
        such Transfer Date; and

(c)     an amount equal to the aggregate amount of Principal Collections with
        respect to the Monthly Period relating to such Transfer Date,

PROVIDED, HOWEVER, that such amount shall not exceed the Class B Investor
Interest after giving effect to any unreinstated Class B Investor Charge-Offs as
of such Transfer Date;

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<PAGE>

"REALLOCATED CLASS C PRINCIPAL COLLECTIONS" shall mean, with respect to any
Transfer Date, Principal Collections calculated by reference to the Class C
Investor Interest but which are to be applied as Finance Charge Collections in
accordance with Clause 5.16 in an amount not to exceed the product of:

(a)     the Class C Investor Allocation with respect to the Monthly Period
        relating to such Transfer Date; and

(b)     the Investor Percentage with respect to the Monthly Period relating to
        such Transfer Date; and

(c)     an amount equal to the aggregate amount of Principal Collections with
        respect to the Monthly Period relating to such Transfer Date,

PROVIDED, HOWEVER, that such amount shall not exceed the Class C Investor
Interest after giving effect to any unreinstated Class C Investor Charge-Offs as
of such Transfer Date;

"RECORD DATE" shall mean, with respect to any Distribution Date (including, for
the avoidance of doubt, any Distribution Date) and any Transfer Date, the last
Business Day of the preceding Monthly Period;

"REGULATED AMORTISATION PERIOD" shall mean the Amortisation Period commencing on
the occurrence of a Regulated Amortisation Trigger Event and ending on the
earlier to occur of (a) the commencement of the Rapid Amortisation Period; and
(b) the Series 02-1 Termination Date;

"REGULATED AMORTISATION TRIGGER EVENT" shall have the meaning specified in Part
7 of the Schedule;

"RELATED DEBT" shall mean the Series 02-1 MTN;

"REQUIRED ACCUMULATION FACTOR NUMBER" shall be equal to a fraction, rounded up
to the nearest whole number the numerator of which is one and the denominator of
which is equal to the lowest monthly principal payment rate on the Designated
Accounts for the 12 months preceding the date of such calculation;

"REQUIRED RESERVE AMOUNT" shall mean, with respect to any Transfer Date on or
after the Reserve Account Funding Date, an amount equal to

(a)     0.5% of the Class A Investor Interest; or

(b)     any other amount designated by the Transferor Beneficiary,

PROVIDED, HOWEVER, that if such designation is of a lesser amount, the
Transferor Beneficiary shall (i) provide the Trust Cash Manager and the
Receivables Trustee with evidence that the Rating Agency Condition shall have
been satisfied and (ii) deliver to the Receivables Trustee a certificate of an
authorised officer to the effect that, based on the facts known to such officer
at such time, in the reasonable belief of the Transferor Beneficiary, such
designation will not cause a Pay Out Event or an event that, after the giving of
notice or the lapse of time, would cause a Pay Out Event to occur with respect
of Series 02-1 PROVIDED, FURTHER, HOWEVER, that no such designation shall be
effective without the prior written agreement of all the other Beneficiaries;

                                     - 43 -

<PAGE>

"REQUIRED SPREAD ACCOUNT AMOUNT" will be determined on each Determination Date,
and shall mean the product of (i) the Spread Account Percentage in effect on
such date and (ii) during (A) the Revolving Period or the Controlled
Accumulation Period, the Adjusted Investor Interest, and (B) the Regulated
Amortisation Period or the Rapid Amortisation Period, the Adjusted Investor
Interest as of the last day of the Revolving Period or, as the case may be,
Controlled Accumulation Period; PROVIDED, that in no event will the Required
Spread Account Amount exceed the Class C Debt Amount (after taking into account
any payments to be made on the related Distribution Date);

"RESERVE ACCOUNT" shall have the meaning specified in Clause 5.22(a)(i);

"RESERVE ACCOUNT FUNDING DATE" shall mean the Transfer Date which occurs not
later than the earliest of:

(a)     the Transfer Date with respect to the Monthly Period which commences 3
        months prior to the commencement of the Controlled Accumulation Period;

(b)     the first Transfer Date for which the Portfolio Adjusted Yield is less
        than [0.5]%, but in such event the Reserve Account Funding Date shall
        not be required to occur earlier than the Transfer Date which commences
        12 months prior to the commencement of the Controlled Accumulation
        Period;

(c)     the first Transfer Date for which the Portfolio Adjusted Yield is less
        than [1.0]%, but in such event the Reserve Account Funding Date shall
        not be required to occur earlier than the Transfer Date which commences
        6 months prior to the commencement of the Controlled Accumulation
        Period; or

(d)     the first Transfer Date for which the Portfolio Adjusted Yield is less
        than [1.8]%, but in such event the Reserve Account Funding Date shall
        not be required to occur earlier than the Transfer Date which commences
        4 months prior to the commencement of the Controlled Accumulation
        Period;

"RESERVE ACCOUNT SURPLUS" shall mean, with respect to any Transfer Date, on or
after the Reserve Account Funding Date, the amount, if any, by which the amount
on deposit in the Reserve Account exceeds the Required Reserve Amount;

"RESERVE DRAW AMOUNT" shall have the meaning specified in Clause 5.22(c);

"RESERVE INVESTMENT PROCEEDS" shall mean, with respect to each Transfer Date,
the investment earnings on funds in the Reserve Account (net of investment
expenses and losses) for the period from and including the immediately preceding
Transfer Date to but excluding such Transfer Date;

"REVOLVING PERIOD" shall mean the period from and including the Closing Date to,
but not including, the earlier of (a) the day the Controlled Accumulation Period
commences and (b) the Pay Out Commencement Date;

"SCHEDULE" shall mean the Schedule to the Supplement;

"SECURITY TRUSTEE" means The Bank of New York in its capacity as Security
Trustee under the Security Trust and MTN Cash Management Agreement;

                                     - 44 -

<PAGE>

"SERIES PRINCIPAL SHORTFALL" shall mean with respect to any Transfer Date, the
excess, if any, of:

(a)     (i)       with respect to any Transfer Date during the Controlled
                  Accumulation Period or the Regulated Amortisation Period, the
                  Controlled Deposit Amount for such Transfer Date; and

        (ii)      with respect to any Transfer Date during the Rapid
                  Amortisation Period, the Investor Interest

OVER

(b)     the Investor Principal Collections for the related Monthly Period minus
        the Reallocated Class B Principal Collections and Reallocated Class C
        Principal Collections for such Transfer Date;

"SERIES SERVICING FEE PERCENTAGE" shall mean [0.75]% or such other percentage
agreed between the Investor Beneficiary and the Servicer to apply whilst
Barclaycard is the Servicer pursuant to Clause 2.2(a) of the Beneficiaries
Servicing Agreement;

"SERIES TRUST CASH MANAGEMENT FEE" means [pound][6,000] per annum;

"SERIES 02-1 ASSOCIATED DEBT PROSPECTUS" shall mean the approved listing
particulars of the Associated Debt dated [___] 2002 for a listing on the
London Stock Exchange and for registration with the Securities and Exchange
Commission of the United States pursuant to Rule 424(b) promulgate under the
United States Securities Act of 1933, as amended;

"SERIES 02-1 DISTRIBUTION ACCOUNT" shall mean a bank account in the name of the
Series 02-1 Investor Beneficiary to be used for the purpose of receiving amounts
distributable to the Series 02-1 Investor Beneficiary for the purposes of
calculation treated as referable to Class A, Class B and Class C from the
Receivables Trust;

"SERIES 02-1 EXTRA AMOUNT" means, for any Transfer Date, an amount equal to the
product of (a) a fraction, the numerator of which is the actual number of days
in the Calculation Period with respect to the related Distribution Date and the
denominator of which is 365 (or 366 in the case of any Calculation Period ending
in a leap year), (b) [___] per cent., and (c) the Investor Interest,
determined as of the Record Date preceding such Transfer Date;

"SERIES 02-1 INVESTOR BENEFICIARY" means the entity in which the Series 02-1
Beneficiary Interest is vested pursuant to this Supplement, being Barclaycard
Funding PLC;

"SERIES 02-1 ISSUER" means Gracechurch Card Funding (No.2) PLC as Issuer of the
Associated Debt and its successors and assigns as holder of the Related Debt;

"SERIES 02-1 MTN" means the medium term note issued by the MTN Issuer in respect
of Series 02-1 on [___] 2002;

"SERIES 02-1 MTN PROSPECTUS" shall have the meaning specified in Clause 10(b) of
the Supplement;

"SERIES 02-1 PAY OUT EVENT" shall have the meaning specified in Part 7 of the
Schedule;

                                     - 45 -

<PAGE>

"SERIES 02-1 RELEVANT DOCUMENTS" shall have the meaning specified in Clause
10(b)(i) of the Supplement;

"SERIES 02-1 SCHEDULED REDEMPTION DATE" shall mean the Distribution Date falling
in [___];

"SERIES 02-1 TERMINATION DATE" shall mean the earlier to occur of (a) the
Distribution Date on which the Investor Interest is reduced to zero, or (b) the
Distribution Date falling in [___];

"SHARED PRINCIPAL COLLECTIONS" shall mean either;

(a)     the amount allocated to the Investor Beneficiaries which may be applied
        to the Series Principal Shortfall with respect to other Applicable
        Series in Group One; or

(b)     the amounts allocated to other Applicable Series in Group One which the
        applicable supplements for such Series specify are to be treated as
        "Shared Principal Collections" and which may be applied to cover the
        Series Principal Shortfall with respect to Series 02-1;

"SPREAD ACCOUNT" shall have the meaning specified in Clause 5.19(a)(i);

"SPREAD ACCOUNT PERCENTAGE" shall be determined as follows: (i) if the Quarterly
Excess Spread Percentage on such Determination Date is greater than [___] per
cent. the Spread Account Percentage for such Determination Date shall be
[___] per cent.; (ii) if the Quarterly Excess Spread Percentage on such
Determination Date is greater than [___] per cent. but less than or equal to
[___] per cent., the Spread Account Percentage on such Determination Date
shall be [___] per cent.; (iii) if the Quarterly Excess Spread Percentage on
such Determination Date is greater than [___] per cent. but less than or
equal to [___] per cent., the Spread Account Percentage on such Determination
Date shall be [___] per cent.; (iv) if the Quarterly Excess Spread Percentage
on such Determination Date is greater than [___] per cent. but less than or
equal to [___] per cent., the Spread Account Percentage on such Distribution
Date shall be [___] per cent.; and (v) if the Quarterly Excess Spread
Percentage on such Determination Date is equal to or less than [___] per
cent., the Spread Account Percentage for such Determination Date shall be
[___] per cent.;

"SPREAD ACCOUNT SURPLUS" shall mean, with respect to any Transfer Date, the
amount, if any, by which the Available Spread Account Amount exceeds the
Required Spread Account Amount;

"SUPPLEMENT" shall mean this Series 02-1 Supplement;

"SWAP AGREEMENT" shall mean the agreement dated on or about the Closing Date
between the Series 02-1 Issuer, the Swap Counterparty and the Note Trustee,
which provides for certain receipts of the Series 02-1 Issuer under and/or in
respect of the Related Debt denominated in sterling to be converted into
dollars, and VICE VERSA by the Swap Counterparty and for certain other payments
to be made in dollars by the Swap Counterparty and in dollars by the Series 02-1
Issuer;

"SWAP COUNTERPARTY" shall mean Barclays Bank PLC in its capacity as counterparty
in respect of the Swap Agreement and its successors and assigns;

"TOTAL WITHDRAWAL AMOUNT" shall have the meaning specified in Clause
5.19(a)(iv)(B)(1);

                                     - 46 -

<PAGE>

"TRANSFER DATE" for the purposes of this Supplement, is the same date as each
Distribution Date;

"UNAVAILABLE PRINCIPAL COLLECTIONS" shall mean the aggregate amount of
Unavailable Investor Principal Collections and Unavailable Transferor Principal
Collections credited to the Principal Collections Ledger;

"UNAVAILABLE TRANSFEROR PRINCIPAL COLLECTIONS" shall have the meaning specified
in Clause 5.05(e)(i).

                                     - 47 -

<PAGE>

                                     PART 2

          SERVICING COMPENSATION AND ALLOCATION OF ACQUIRED INTERCHANGE

SERVICING COMPENSATION

(a)     (i)       On each Transfer Date, the Receivables Trustee shall allocate
                  to the Beneficiaries constituting Series 02-1 from amounts
                  credited to the Finance Charge Collections Ledger for Series
                  02-1 amounts to enable such Beneficiaries to meet payments of
                  Investor Servicing Fee to the Servicer pursuant to Clause
                  2.2(b) of the Beneficiaries Servicing Agreement in the amounts
                  and in the circumstances set out below PROVIDED, HOWEVER,
                  that, to the extent not otherwise paid by the Beneficiaries
                  constituting Series 02-1 pursuant to Clause 2.2(b) of the
                  Beneficiaries Servicing Agreement, the Receivables Trustee
                  shall utilise such amounts credited to the Finance Charge
                  Collections Ledger to which the Beneficiaries constituting
                  Series 02-1 are beneficially entitled in meeting on behalf of
                  such Beneficiaries the share of the Servicing Fee allocable to
                  Series 02-1 with respect to such Transfer Date (the "INVESTOR
                  SERVICING FEE") being an amount equal to the sum of
                  one-twelfth of the product of (1) the Series Servicing Fee
                  Percentage and (2) the Adjusted Investor Interest as of the
                  last day of the Monthly Period preceding such Transfer Date
                  (such amount to be inclusive of VAT thereon, if any) PROVIDED,
                  HOWEVER, that with respect to the first Transfer Date after
                  the date of execution of the Series 02-1 Supplement, the
                  Investor Servicing Fee shall be equal to [pound][___] (such
                  amount to be inclusive of VAT thereon, if any).

        (ii)      The portion of the Series 02-1 Investor Servicing Fee
                  allocable to the Series 02-1 Investor Beneficiary in respect
                  of the Class A Investor Interest with respect to any Transfer
                  Date (the "CLASS A SERVICING FEE") shall be equal to
                  one-twelfth of the product of (a) the Class A Floating
                  Allocation, (b) the Series Servicing Fee Percentage and (c)
                  the Adjusted Investor Interest as of the last day of the prior
                  Monthly Period (such amount to be inclusive of VAT thereon, if
                  any).

        (iii)     The portion of the Series 02-1 Investor Servicing Fee
                  allocable to the Series 02-1 Investor Beneficiary in respect
                  of the Class B Investor Interest with respect to any Transfer
                  Date (the "CLASS B SERVICING FEE") shall be equal to
                  one-twelfth of the product of (a) the Class B Floating
                  Allocation, (b) the Series Servicing Fee Percentage and (c)
                  the Adjusted Investor Interest as of the last day of the prior
                  Monthly Period (such amount to be inclusive of VAT thereon, if
                  any).

        (iv)      The portion of the Series 02-1 Investor Servicing Fee
                  allocable to the Series 02-1 Investor Beneficiary in respect
                  of the Class C Investor Interest with respect to any Transfer
                  Date (the "CLASS C SERVICING FEE") shall be equal to
                  one-twelfth of the product of (a) the Class C Floating
                  Allocation, (b) the Series Servicing Fee Percentage and (c)
                  the Adjusted Investor Interest as of the last day of the prior
                  Monthly Period (such amount to be inclusive of VAT thereon, if
                  any).

(b)     Except as specifically provided in paragraph (a) of this Part 2 above,
        the Servicing Fee not allocated to Series 02-1 shall be paid out of the
        cash flows from the Receivables Trust allocated to the Transferor
        Beneficiary or other Applicable Series (as provided in

                                     - 48 -

<PAGE>

        the related Supplements), and for the avoidance of doubt, in no event
        shall the Receivables Trust, the Receivables Trustee or the Series 02-1
        Investor Beneficiary be liable therefor. The Servicing Fee allocable to
        Series 02-1 will be payable as follows:

        (i)       the Class A Servicing Fee shall be payable to the Servicer
                  solely to the extent amounts are available for distribution in
                  respect thereof pursuant to Clause 5.10(a)(iv) and Clause
                  5.15(a) (after taking into account Reallocated Class B
                  Principal Collections and Reallocated Class C Principal
                  Collections);

        (ii)      the Class B Servicing Fee shall be payable solely to the
                  extent amounts are available for distribution in respect
                  thereof pursuant to Clause 5.10(b)(iii) and Clause 5.15(c)
                  (taking into account Reallocated Class C Principal
                  Collections); and

        (iii)     the Class C Servicing Fee shall be payable solely to the
                  extent amounts are available for distribution in respect
                  thereof pursuant to Clause 5.10(c)(ii).

ALLOCATION OF ACQUIRED INTERCHANGE

(c)     Following the Transferor having notified the Receivables Trustee and the
        Trust Cash Manager, on or prior to each Transfer Date of the amount of
        Acquired Interchange for the Monthly Period preceding such Transfer
        Date, the Receivables Trustee acting on the advice of the Trust Cash
        Manager shall calculate the amount of such Acquired Interchange
        allocable to Series 02-1 with respect to such Monthly Period, as
        described in this Clause as follows:

        (i)       such amount of Acquired Interchange allocable to Series 02-1
                  shall be equal to the products of (A) the total amount of
                  Acquired Interchange paid or payable to the Transferor with
                  respect to such Monthly Period and (B) the Floating Investor
                  Percentage; and

        (ii)      on each Transfer Date, following the Transferor having paid
                  the amount of the Acquired Interchange to the Receivables
                  Trustee, the Receivables Trustee acting on the advice of the
                  Trust Cash Manager shall credit to the Finance Charge
                  Collections Ledger, in immediately available funds, the amount
                  of Acquired Interchange allocable to Series 02-1 with respect
                  to the preceding Monthly Period.

                                     - 49 -

<PAGE>

                                     PART 3

    TRUST CASH MANAGEMENT COMPENSATION AND ALLOCATION OF ACQUIRED INTERCHANGE

TRUST CASH MANAGEMENT COMPENSATION

(a)     On each Transfer Date, the Receivables Trustee shall, to the extent not
        otherwise paid by the Beneficiaries constituting Series 02-1 pursuant to
        Clause 9(e) of the Supplement, be entitled to utilise such amounts
        credited to the Finance Charge Collections Ledger to which the
        Beneficiaries constituting Series 99-1 are beneficially entitled in
        meeting payments of the Investor Trust Cash Management Fee to the
        Receivable Trustee to fund payments by the Receivables Trustee of the
        Trust Cash Management Fee to the Trust Cash Manager pursuant to Clause
        9.2 of the Trust and Cash Management Agreement in the amounts and in the
        circumstances set out below:

        (i)       the share of the Trust Cash Management Fee allocable to Series
                  02-1 with respect to such Transfer Date (the "INVESTOR TRUST
                  CASH MANAGEMENT FEE") shall be equal to one-twelfth of the
                  Series Trust Cash Management Fee (such amount to be inclusive
                  of VAT thereon, if any);

        (ii)      the Investor Trust Cash Management Fee shall be calculated as
                  notionally referable to the Class A Investor Interest, or if
                  the Class A Investor Interest is zero, the Class B Investor
                  Interest, or if the Class B Investor Interest is zero, the
                  Class C Investor Interest.

        Any payments made pursuant to or by reference to this paragraph (a)
        shall satisfy the obligations of the Series 02-1 Investor Beneficiary to
        make payments to the Receivables Trustee in respect of Series 02-1 as
        set out in Clause 9(e) of this Supplement.

(b)     Except as specifically provided in paragraph (a) of this Part 2 above,
        the Trust Cash Management Fee not allocated to Series 02-1 shall be paid
        out of the cash flows from the Receivables Trust allocated to the
        Transferor or other Applicable Series (as provided in the related
        Supplements), and for the avoidance of doubt, in no event shall the
        Receivables Trust, the Receivables Trustee or Series 02-1 be liable
        therefor to any further extent. The Trust Cash Management Fee allocable
        to Series 02-1 will be payable as follows:

        (i)       if the Class A Investor Interest is greater than zero, then
                  solely to the extent amounts are available for distribution in
                  respect thereof pursuant to Clause 5.10(a)(iv) and Clause
                  5.15(a) (after taking into account Reallocated Class B
                  Principal Collections and Reallocated Class C Principal
                  Collections);

        (ii)      if the Class A Investor Interest is zero and the Class B
                  Investor Interest is greater than zero, then solely to the
                  extent amounts are available for distribution in respect
                  thereof pursuant to Clause 5.10(b)(iii) and Clause 5.15(c)
                  (taking into account Reallocated Class C Principal
                  Collections); and

        (iii)     if the Class A Investor Interest and the Class B Investor
                  Interest are zero and the Class C Investor Interest is greater
                  than zero, then solely to the extent amounts are available for
                  distribution in respect thereof pursuant to Clause
                  5.10(c)(ii).

                                     - 50 -

<PAGE>

(c)     Notwithstanding any other provision of this Supplement or the Trust and
        Cash Management Agreement, in the event that any part of the Investor
        Trust Cash Management Fee calculated as notionally referable to Class A,
        Class B or Class C, as the case may be, is treated for VAT purposes as
        the consideration for a supply of services by the Receivables Trustee to
        the Series 02-1 Investor Beneficiary which is subject to the reverse
        charge provided for under section 8 of the Value Added Tax Act 1994, the
        amount of such Investor Trust Cash Management Fee shall be reduced to
        such amount as, with the addition of the amount of VAT for which the
        Series 02-1 Investor Beneficiary, is liable to account to H M Customs &
        Excise, shall equal the original amount of such Investor Trust Cash
        Management Fee, and the Receivables Trustee shall pay the amount of the
        reduction to H M Customs & Excise on behalf of the Series 02-1 Investor
        Beneficiary to meet such liability to account for such amount of VAT.

                                     - 51 -

<PAGE>

                                     PART 4

                             TRUSTEE PAYMENT AMOUNT

TRUSTEE PAYMENT AMOUNT

(a)     On each Transfer Date the Receivables Trustee shall (to the extent that
        such amounts are not paid by the Beneficiaries from other sources
        pursuant to Clause 7.15) utilise the beneficial entitlement of the
        Series 02-1 Investor Beneficiary to amounts credited to the Finance
        Charge Collections Ledger in meeting the Aggregate Trustee Payment
        Amount as contemplated pursuant to Clause 7.15 of the Trust and Cash
        Management Agreement in the amounts and in the circumstances set out
        below:

        (i)       the share of the Aggregate Trustee Payment Amount allocable to
                  Series 02-1 with respect to such Transfer Date (the "INVESTOR
                  TRUSTEE PAYMENT AMOUNT") shall be equal to the aggregate of
                  the proportion of each Trustee Payment Amount which relates to
                  Series 02-1 (the proportion of each Trustee Payment Amount
                  allocable to Series 02-1 being equal to the product of (1) a
                  fraction, the numerator of which is the Investor Interest as
                  of the last day of the Monthly Period preceding such Transfer
                  Date and the denominator of which is the aggregate of the
                  Investor Interests of each Series in respect of which such
                  aggregate Trustee Payment Amount was incurred and (2) each
                  relevant Trustee Payment Amount as has been certified to the
                  Trust Cash Manager by the end of any Monthly Period as being
                  accrued due and payable in respect of such Monthly Period);

        (ii)      the share of the Investor Trustee Payment Amount allocable to
                  the Class A Investor Interest (the "CLASS A TRUSTEE PAYMENT
                  AMOUNT") shall be equal to the product of (A) the Class A
                  Floating Allocation and (B) the Investor Trustee Payment
                  Amount for such Transfer Date;

        (iii)     the share of the Investor Trustee Payment Amount allocable to
                  the Class B Investor Interest (the "CLASS B TRUSTEE PAYMENT
                  AMOUNT") shall be equal to the product of (A) the Class B
                  Floating Allocation and (B) the Investor Trustee Payment
                  Amount for such Transfer Date; and

        (iv)      the share of the Investor Trustee Payment Amount allocable to
                  the Class C Investor Interest (the "CLASS C TRUSTEE PAYMENT")
                  shall be equal to the product of (A) the Class C Floating
                  Allocation and (B) the Investor Trustee Payment Amount for
                  such Transfer Date.

(b)     Except as specifically provided in paragraph (a) of this Part 4 above,
        the Aggregate Trustee Payment Amount not allocated to Series 02-1 shall
        be paid out of the cash flows from the Receivables Trust allocated to
        other Applicable Series (as provided in the related Supplements), and,
        for the avoidance of doubt, in no event shall the Receivables Trust or
        Series 02-1 be liable therefor. The Aggregate Trustee Payment Amount
        allocable to Series 02-1 will be payable as follows:

        (i)       the Class A Trustee Payment Amount shall be payable to the
                  Receivables Trustee solely to the extent amounts are available
                  for distribution in respect

                                     - 52 -

<PAGE>

                  thereof pursuant to Clause 5.10(a)(i) and Clause 5.15(a)
                  (taking into account Reallocated Class B Principal Collections
                  and Reallocated Class C Principal Collections);

        (ii)      the Class B Trustee Payment Amount shall be payable to the
                  Receivables Trustee solely to the extent amounts are available
                  for distribution in respect thereof pursuant to Clause
                  5.10(b)(i) and Clause 5.15(c) (taking into account Reallocated
                  Class C Principal Collections); and

        (iii)     the Class C Trustee Payment Amount shall be payable to the
                  Receivables Trustee solely to the extent amounts are available
                  for distribution in respect thereof pursuant to Clause
                  5.10(c)(i).

                                     - 53 -

<PAGE>

                                     PART 5

         ADDITION TO CLAUSE 5 OF THE TRUST AND CASH MANAGEMENT AGREEMENT

ALLOCATION AND APPLICATION OF COLLECTIONS

5.04     RIGHTS OF ADDITIONAL BENEFICIARY TO COLLECTIONS

        (a)       The Series 02-1 Investor Beneficiary, shall be beneficially
                  entitled, in the amounts specified herein, to that portion of
                  Principal Collections and Finance Charge Collections allocated
                  to the interest of the Series 02-1 Beneficiary together with
                  funds on deposit in the Trust Accounts, which are expressly
                  segregated for such Series 02-1 Beneficiary Interest.

        (b)       In certain circumstances Collections constituting Trust
                  Property to which the Series 02-1 Investor Beneficiary is
                  beneficially entitled will be for the purposes of calculation
                  treated as referable to:

                  (i)      Class B on a subordinated basis to the calculation
                           for allocation of Collections constituting Trust
                           Property to Class A; and

                  (ii)     Class C on a subordinated basis to the calculation
                           for allocation of Collections constituting Trust
                           Property to Class A and Class B.

5.05     ALLOCATIONS

        (a)       ALLOCATIONS DURING THE REVOLVING PERIOD

                  During the Revolving Period, the Receivables Trustee, acting
                  on the advice of the Trust Cash Manager, shall, prior to the
                  close of business on the Relevant Date on which amounts are
                  deposited in the Trustee Collection Account allocate to Series
                  02-1 and credit to the relevant ledgers in the Trustee
                  Collection Account the following amounts as set out below:

                  (i)      credit to the Finance Charge Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Floating Investor Percentage on
                           the Date of Processing of such Finance Charge
                           Collections and (B) the aggregate amount of Finance
                           Charge Collections processed on such Date of
                           Processing to be applied in accordance with Clause
                           5.10.

                  (ii)     credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class C Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Floating Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections on such
                           Date of Processing to be applied on each Transfer
                           Date first in accordance with Clause 5.16, secondly
                           in accordance with Clause 5.11(a)(i) and then in
                           accordance with Clause 5.06(a);

                  (iii)    credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class B Investor Allocation on the

                                     - 54 -

<PAGE>

                           Date of Processing of such Principal Collections, (B)
                           the Floating Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections on such
                           Date of Processing to be applied on each Transfer
                           Date first in accordance with Clause 5.17, secondly
                           in accordance with Clause 5.11(a)(i) and then in
                           accordance with Clause 5.06(a); and

                  (iv)     credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class A Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Floating Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           in respect of Principal Receivables on such Date of
                           Processing, first to be utilised in accordance with
                           Clause 5.11(a)(i) and then to be applied in
                           accordance with Clause 5.06(a), PROVIDED, HOWEVER,
                           that only amounts credited to the Principal
                           Collections Ledger after the Daily Principal
                           Shortfall is satisfied shall be available to be
                           utilised as Investor Cash Available for [Acquisition]
                           on such date.

        (b)       ALLOCATIONS DURING THE CONTROLLED ACCUMULATION PERIOD

                  During the Controlled Accumulation Period, the Receivables
                  Trustee, acting on the advice of the Trust Cash Manager,
                  shall, prior to the close of business on the Relevant Date on
                  which amounts are deposited in the Trustee Collection Account,
                  allocate to Series 02-1 and credit to the relevant ledgers in
                  the Trustee Collection Account the following amounts as set
                  out below:

                  (i)      credit to the Finance Charge Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Floating Investor Percentage on
                           the Date of Processing of such Finance Charge
                           Collections and (B) the aggregate amount of Finance
                           Charge Collections processed on such Date of
                           Processing to be applied in accordance with Clause
                           5.10;

                  (ii)     credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class C Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Fixed Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           on such Date of Processing to be applied on each
                           Transfer Date first in accordance with Clause 5.16,
                           secondly, in accordance with Clause 5.11(b)(i) to
                           (viii) and then in accordance with Clause 5.06(b);

                  (iii)    credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class B Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Fixed Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           on such Date of Processing to be applied on each
                           Transfer Date first in accordance with

                                     - 55 -

<PAGE>

                           Clause 5.17, secondly, in accordance with Clause
                           5.11(b)(i) to (viii) and then in accordance with
                           Clause 5.06(b);

                  (iv)     credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class A Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Fixed Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           on such Date of Processing, first, to be retained to
                           the extent it is required to be utilised in
                           accordance with Clause 5.11(b)(i) to (viii) on the
                           next Transfer Date and, then, to be applied in
                           accordance with Clause 5.06(b) PROVIDED, HOWEVER,
                           that only amounts credited to the Principal
                           Collections Ledger after the Daily Principal
                           Shortfall is satisfied shall be utilised as Investor
                           Cash Available for [Acquisition] on such date; and

                  (v)      in the event that the amount credited to the
                           Principal Collections Ledger (identified for Series
                           02-1) during any Monthly Period less the amount of
                           Investor Cash Available for [Acquisition] calculated
                           pursuant to Clause 5.05(b)(iv) exceeds the sum of (A)
                           the Adjusted Investor Interest as of the close of
                           business on the last day of the prior Monthly Period
                           (taking into account any deposits to be made into the
                           Principal Funding Account or any amounts credited to
                           the Class B Distribution Ledger or the Class C
                           Distribution Ledger, any Investor Charge-Offs and any
                           other adjustments to the Investor Interest in each
                           case on the Transfer Date with respect to such
                           Monthly Period) and (B), without duplication of (A)
                           above, any Reallocated Class B Principal Collections
                           and any Reallocated Class C Principal Collections
                           relating to the Monthly Period in which such amounts
                           are credited then the Receivables Trustee acting on
                           the advice of the Trust Cash Manager shall utilise
                           such amount in accordance with Clause 5.2(f)(i)(B)
                           PROVIDED, HOWEVER, that the amount to be so credited
                           for the Transferor Beneficiary pursuant to this
                           Clause 5.05(b)(v) with respect to any Relevant Date
                           shall be allocated to the Transferor Beneficiary but
                           shall be transferred to the Transferor Beneficiary
                           only if the Transferor Interest on such Relevant Date
                           is greater than zero after giving effect to the
                           inclusion in the Receivables Trust of all Receivables
                           created on or prior to such Relevant Date and the
                           application of payments referred to in Clause 5.2(c)
                           and otherwise shall be considered as Unavailable
                           Transferor Principal Collections to be utilised in
                           accordance with Clause 5.05(e); PROVIDED, FURTHER,
                           that in no event shall the amount allocable to the
                           Transferor Beneficiary pursuant to this Clause
                           5.05(b)(v) be greater than the Transferor Interest on
                           such Relevant Date.

        (c)       ALLOCATIONS DURING THE REGULATED AMORTISATION PERIOD

                  During the Regulated Amortisation Period, the Receivables
                  Trustee, acting on the advice of the Trust Cash Manager,
                  shall, prior to the close of business on the Relevant Date on
                  which amounts are deposited in the Trustee Collection

                                     - 56 -

<PAGE>

                  Account, allocate to Series 02-1 and credit to the relevant
                  ledgers in the Trustee Collection Account the following
                  amounts as set out below:

                  (i)      credit to the Finance Charge Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Floating Investor Percentage on
                           the Date of Processing of such Finance Charge
                           Collections and (B) the aggregate amount of Finance
                           Charge Collections processed on such Date of
                           Processing to be applied in accordance with Clause
                           5.10;

                  (ii)     credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class C Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Fixed Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           on such Date of Processing to be applied on each
                           Transfer Date first in accordance with Clause 5.16,
                           secondly, in accordance with Clause 5.11(b)(i) to
                           (viii) and then in accordance with Clause 5.06(b);

                  (iii)    credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class B Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Fixed Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           on such Date of Processing to be applied on each
                           Transfer Date first in accordance with Clause 5.17,
                           secondly, in accordance with Clause 5.11(b)(i) to
                           (viii) and then in accordance with Clause 5.06(b);

                  (iv)     credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class A Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Fixed Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           on such Date of Processing, first, to be retained to
                           the extent it is required to be utilised in
                           accordance with Clause 5.11(b)(i) to (viii) on the
                           next Transfer Date and, then, to be applied in
                           accordance with Clause 5.06(b) PROVIDED, HOWEVER,
                           that only amounts credited to the Principal
                           Collections Ledger after the Daily Principal
                           Shortfall is satisfied shall be utilised as Investor
                           Cash Available for [Acquisition] on such date; and

                  (v)      in the event that the amount credited to the
                           Principal Collections Ledger (identified for Series
                           02-1) during any Monthly Period less the amount of
                           Investor Cash Available for [Acquisition] calculated
                           pursuant to Clause 5.05(c)(iv) exceeds the sum of (A)
                           the Adjusted Investor Interest as of the close of
                           business on the last day of the prior Monthly Period
                           (taking into account any amounts credited to the
                           Class A Distribution Ledger, the Class B Distribution
                           Ledger or the Class C Distribution Ledger, any
                           Investor Charge-Offs and any other adjustments to the
                           Investor Interest in each case on the Transfer Date
                           with respect to such Monthly Period) and

                                     - 57 -

<PAGE>

                           (B), without duplication of (A) above, any
                           Reallocated Class B Principal Collections and any
                           Reallocated Class C Principal Collections relating to
                           the Monthly Period in which such amounts are credited
                           then the Receivables Trustee acting on the advice of
                           the Trust Cash Manager shall utilise such amount in
                           accordance with Clause [___] PROVIDED, HOWEVER,
                           that the amount to be so credited for the Transferor
                           Beneficiary pursuant to this Clause 5.05(c)(v) with
                           respect to any Relevant Date shall be allocated to
                           the Transferor Beneficiary but shall be transferred
                           to the Transferor Beneficiary only if the Transferor
                           Interest on such Relevant Date is greater than zero
                           after giving effect to the inclusion in the
                           Receivables Trust of all Receivables created on or
                           prior to such Relevant Date and the application of
                           payments referred to in Clause 5.2(c) and otherwise
                           shall be considered as Unavailable Transferor
                           Principal Collections to be utilised in accordance
                           with Clause 5.05(e); PROVIDED, FURTHER, that in no
                           event shall the amount allocable to the Transferor
                           Beneficiary pursuant to this Clause 5.05(c)(v) be
                           greater than the Transferor Interest on such Relevant
                           Date.

        (d)       ALLOCATIONS DURING THE RAPID AMORTISATION PERIOD

                  During the Rapid Amortisation Period, the Receivables Trustee,
                  acting on the advice of the Trust Cash Manager, shall, prior
                  to the close of business on the Relevant Date on which amounts
                  are deposited in the Trustee Collection Account, allocate to
                  Series 02-1 and credit to the relevant ledgers in the Trustee
                  Collection Account the following amounts as set out below:

                  (i)      credit to the Finance Charge Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Floating Investor Percentage on
                           the Date of Processing of such Finance Charge
                           Collections and (B) the aggregate amount of Finance
                           Charge Collections processed on such Date of
                           Processing to be applied in accordance with Clause
                           5.10;

                  (ii)     credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class C Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Fixed Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           on such Date of Processing to be applied on each
                           Transfer Date first in accordance with Clause 5.16,
                           secondly, in accordance with Clause 5.11(b)(i) to
                           (viii);

                  (iii)    credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class B Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Fixed Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           on such Date of Processing to be applied on each
                           Transfer Date first in accordance with Clause 5.16,
                           and secondly, in accordance with Clause 5.11(b)(i) to
                           (viii);

                                     - 58 -

<PAGE>

                  (iv)     credit to the Principal Collections Ledger
                           (identified for Series 02-1) an amount equal to the
                           product of (A) the Class A Investor Allocation on the
                           Date of Processing of such Principal Collections, (B)
                           the Fixed Investor Percentage on the Date of
                           Processing of such Principal Collections and (C) the
                           aggregate amount of Principal Collections processed
                           on such Date of Processing to be applied on each
                           Transfer Date first in accordance with Clause 5.17,
                           and secondly, in accordance with Clause 5.11(b)(i) to
                           (viii); and

                  (v)      in the event that the amount credited to the
                           Principal Collections Ledger (identified for Series
                           02-1) during any Monthly Period exceeds the sum of
                           (A) the Investor Interest as of the close of business
                           on the last day of the prior Monthly Period (taking
                           into account any amounts credited to the Class A
                           Distribution Ledger, Class B Distribution Ledger and
                           Class C Distribution Ledger on the Transfer Date
                           relating to such Monthly Period, any related Investor
                           Charge-Offs and any other adjustments to the Investor
                           Interest on such related Transfer Date with respect
                           to such Monthly Period) and (B) any Reallocated Class
                           B Principal Collections and Reallocated Class C
                           Principal Collections relating to the Monthly Period
                           in which such amount is credited then the Receivables
                           Trustee acting on the advice of the Trust Cash
                           Manager shall utilise such amount in accordance with
                           Clause 5.2(f)(i)(B) PROVIDED, HOWEVER, that the
                           amount to be so credited for the Transferor
                           Beneficiary pursuant to this Clause 5.05(d)(iii) with
                           respect to any Relevant Date shall be allocated to
                           the Transferor Beneficiary but shall be transferred
                           to the Transferor Beneficiary only if the Transferor
                           Interest on such Relevant Date is greater than zero
                           (after giving effect to the inclusion in the
                           Receivables Trust of all Receivables created on or
                           prior to such Relevant Date and the application of
                           payments referred to in Clause 5.2(c) and otherwise
                           shall be considered as Unavailable Transferor
                           Principal Collections to be utilised in accordance
                           with Clause 5.05(e); PROVIDED, FURTHER, that in no
                           event shall the amount allocable to the Transferor
                           Beneficiary pursuant to this Clause 5.05(d)(iii) be
                           greater than the Transferor Interest on such Relevant
                           Date.

        (e)       UNAVAILABLE PRINCIPAL COLLECTIONS

                  (i)      Any Principal Collections not paid to the Transferor
                           Beneficiary because of the limitations contained in
                           Clauses 5.05(b)(v), 5.05(c)(v) and 5.05(d)(v)
                           ("UNAVAILABLE TRANSFEROR PRINCIPAL COLLECTIONS")
                           shall be allocated to the Series 02-1 Beneficiary and
                           for the purposes of calculation treated as referable
                           to Class A or (as the case may be) Series 02-1 and
                           shall remain credited to the Principal Collections
                           Ledger (identified for the benefit of Class A or (as
                           the case may be) Series 02-1 as Unavailable Principal
                           Collections).

                  (ii)     For each Transfer Date with respect to the Controlled
                           Accumulation Period, the Regulated Amortisation
                           Period, or the Rapid Amortisation

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<PAGE>

                           Period, any Unavailable Principal Collections which
                           have arisen to paragraph 5.05(e)(i) above and which
                           are credited to the Principal Collections Ledger and
                           identified for the benefit of Class A or (as the case
                           may be) Series 02-1 on such Transfer Date shall be
                           included in the Investor Principal Collections which
                           to the extent available shall be distributed as
                           Available Investor Principal Collections to be
                           applied pursuant to Clause 5.11(b) on such Transfer
                           Date.

                  (iii)    Any Unavailable Investor Principal Collections,
                           arising during the Revolving Period shall be
                           allocated to the Transferor Beneficiary but shall be
                           transferred to the Transferor Beneficiary on any
                           Business Day when, and only to the extent that, the
                           Transferor Interest on such Business Day is greater
                           than zero as set out in Clause 5.2(f)(i)(c) and until
                           such time shall represent Unavailable Principal
                           Collections identified for the Transferor
                           Beneficiary.

                  (iv)     For the avoidance of doubt, following any allocation
                           of Unavailable Principal Collections to any
                           Beneficiary, such Unavailable Principal Collections
                           so allocated shall in no circumstances be reallocated
                           to any other Beneficiary.

        (f)       CREDITS TO LEDGERS

                  With respect to Series 02-1, and notwithstanding anything in
                  the Trust and Cash Management Agreement or this Supplement to
                  the contrary, the Trust Cash Manager will only be required to
                  make credits in the relevant ledger in the Trustee Collection
                  Account in respect of Collections deposited in the Trustee
                  Collection Account up to the required amount to be credited to
                  any such ledger.

        (g)       APPROPRIATION OF FEES

                  Where the amounts of Finance Charge Collections which fall to
                  be allocated between the Beneficiaries in respect of any
                  Transfer Date comprise any amount (the "FEE AMOUNT") in
                  respect of Annual Fees, Transaction Fees or Special Fees and
                  on such Transfer Date any amount (the "DEPOSIT AMOUNT") is
                  required to be deposited in the Reserve Account pursuant to
                  Clause 5.15(j) or the Spread Account pursuant to Clause
                  5.15(k), amounts representing the fee amount shall be treated
                  as being appropriated to the deposit amount after all other
                  applications of such Finance Charge Collections PROVIDED THAT
                  this Clause 5.05(g) shall have no effect on the allocation of
                  any amounts between the Beneficiaries.

5.06     INVESTOR CASH AVAILABLE FOR [ACQUISITION]

        (a)       INVESTOR CASH AVAILABLE FOR [ACQUISITION] DURING THE REVOLVING
                  PERIOD

                  During the Revolving Period immediately following the
                  allocations in Clause 5.05(a) and on the Closing Date the
                  Receivables Trustee shall regard as Investor Cash Available
                  for [Acquisition] ("INVESTOR CASH AVAILABLE FOR
                  [ACQUISITION]") (avoiding any double-counting) each of (i) the
                  amounts paid to

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<PAGE>

                  the Trustee [Acquisition] Account on the Closing Date pursuant
                  to Clause 3(b) of the Supplement, (ii) the aggregate amount
                  credited to the Principal Collections Ledger pursuant to
                  Clause 5.05(a)(iv) which has been identified to be so applied
                  and (iii) on each Transfer Date during the Revolving Period,
                  the amount to be treated as Investor Cash Available for
                  [Acquisition] pursuant to Clause 5.11(a)(ii). Such Investor
                  Cash Available for [Acquisition] shall be utilised as follows:

                  (i)      by allocating such amounts to the Series 02-1
                           Investor Beneficiary to the extent required to enable
                           the Series 02-1 Investor Beneficiary to fund the
                           Receivables Trustee in making payments to the
                           Transferor in respect of any Offer the Receivables
                           Trustee has determined to accept pursuant to Clause
                           5.2(c)(i) or in respect of Future Receivables
                           pursuant to Clause 5.2(c)(ii) and transferring such
                           amounts to the Trustee [Acquisition] Account in
                           accordance with Clause 5.2(b)(iii), PROVIDED,
                           HOWEVER, that no amount of Investor Cash Available
                           for [Acquisition] shall be used to fund that portion
                           of the amount payable to the Transferor which is in
                           respect of Ineligible Receivables;

                  (ii)     to the extent any Investor Cash Available for
                           [Acquisition] is not utilised in funding the
                           Receivables Trustee pursuant to (i) above, to be
                           allocated to the Transferor Beneficiary in order to
                           increase the proportion of the beneficial interest of
                           the Investor Beneficiary in the Eligible Receivables
                           Pool and to decrease the proportion of the beneficial
                           interest of the Transferor Beneficiary in the
                           Eligible Receivables Pool PRO TANTO pursuant to
                           Clauses 3.3 and 5.2(c)(iii) and transferring such
                           amounts to the Trustee [Acquisition] Account in
                           accordance with Clause 5.2(b)(iii); and

                  (iii)    the balance, if any, following the utilisation
                           referred to in (i) and (ii) above will be allocated
                           to the Series 02-1 Investor Beneficiary Interest in
                           the manner set out in provisos (A) and (B) below and
                           will remain credited to the Principal Collections
                           Ledger as Investor Cash Available for [Acquisition]
                           to be utilised on the next and following Business
                           Days

                  PROVIDED, HOWEVER, THAT:

                  (A)      in the event that the aggregate Investor Cash
                           Available for [Acquisition] of all Applicable Series
                           (including Series 02-1) exceeds on any Relevant Date
                           the aggregate of (A) amounts payable to the
                           Transferor on such Relevant Date by way of Purchase
                           Price or pursuant to Clause 5.1 of the RSA; and (B)
                           the Transferor Interest on such Relevant Date then
                           the amount of the Investor Cash Available for
                           [Acquisition] of Series 02-1 to be utilised on such
                           day pursuant to paragraphs (i) and (ii) above shall
                           be reduced by an amount equal to the product of (X) a
                           fraction, the numerator of which is the Investor Cash
                           Available for [Acquisition] of Series 02-1 and the
                           denominator of which is the aggregate Investor Cash
                           Available for [Acquisition] of each Applicable Series
                           (including Series 02-1) and (Y) the amount of the
                           excess identified above; and

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<PAGE>

                  (B)      any Investor Cash Available for [Acquisition] not
                           utilised during any Monthly Period shall be allocated
                           to the Series 02-1 Beneficiary Interest and for the
                           purposes of calculation treated as referable to Class
                           A to the extent that the Class A Adjusted Investor
                           Interest is greater than zero and thereafter to Class
                           B to the extent that the Class B Adjusted Investor
                           Interest is greater than zero and thereafter to Class
                           C but shall, subject to Clause 5.06(c), be utilised
                           in accordance with this Clause 5.06(a) on the next
                           and following Business Days.

        (b)       INVESTOR CASH AVAILABLE FOR [ACQUISITION] DURING THE
                  CONTROLLED ACCUMULATION PERIOD OR THE REGULATED AMORTISATION
                  PERIOD

                  During the Controlled Accumulation Period immediately
                  following the allocations in Clause 5.05(b) or during the
                  Regulated Amortisation Period immediately following the
                  allocations in Clause 5.05(c) the Receivables Trustee shall
                  regard as Investor Cash Available for [Acquisition] (avoiding
                  any double-counting) each of (i) the aggregate amount credited
                  to the Principal Collections Ledger pursuant to (during the
                  Controlled Accumulation Period) Clause 5.05(b)(iv) or (during
                  the Regulated Amortisation Period) Clause 5.05(c)(iv) which
                  has been identified to be so applied and (ii) on each Transfer
                  Date during the Controlled Accumulation Period or the
                  Regulated Amortisation Period the amount to be treated as
                  Investor Cash Available for [Acquisition] pursuant to Clause
                  5.11(b)(ix) (which have been identified to be so applied).
                  Such Investor Cash Available for [Acquisition] shall be
                  utilised as follows:

                  (i)      by allocating such amounts to the Series 02-1
                           Beneficiary Interests to the extent required to
                           enable such Investor Beneficiaries to fund the
                           Receivables Trustee in making payments to the
                           Transferor in respect of any Offer the Receivables
                           Trustee has determined to accept pursuant to Clause
                           5.2(c)(i) or in respect of Future Receivables
                           pursuant to Clause 5.2(c)(ii) and transferring such
                           amounts to the Trustee [Acquisition] Account in
                           accordance with Clause 5.2(b)(iii) PROVIDED, HOWEVER,
                           that no amount of Investor Cash Available for
                           [Acquisition] shall be used to fund that portion of
                           the amount payable to the Transferor which is in
                           respect of Ineligible Receivables;

                  (ii)     to the extent any Investor Cash Available for
                           [Acquisition] is not utilised in funding the
                           Receivables Trustee pursuant to (i) above, to be
                           allocated to the Transferor Beneficiary in order to
                           increase the proportion of the beneficial interest of
                           the Investor Beneficiaries in the Eligible
                           Receivables Pool and to decrease the proportion of
                           the beneficial interest of the Transferor Beneficiary
                           in the Eligible Receivables Pool PRO TANTO pursuant
                           to Clauses 3.3 and 5.2(c)(iii) and transferring such
                           amounts to the Trustee [Acquisition] Account in
                           accordance with Clause 5.2(b)(iii); and

                  (iii)    the balance, if any, following the utilisation
                           referred to in (i) and (ii) above will be allocated
                           to the Investor Beneficiaries in the manner set out
                           in proviso (A) and (B) below and will remain credited
                           to the Principal

                                     - 62 -

<PAGE>

                           Collections Ledger as Investor Cash Available for
                           [Acquisition] to be utilised in accordance with this
                           Clause 5.06 on the next and following Business Days

                  PROVIDED, HOWEVER, that:

                  (A)      in the event that the aggregate Investor Cash
                           Available for [Acquisition] of all Applicable Series
                           (including Series 02-1) exceeds on any Relevant Date
                           the aggregate of (aa) amounts payable to the
                           Transferor on such Relevant Date by way of Purchase
                           Price or pursuant to Clause 5.1 of the RSA; and (bb)
                           the Transferor Interest on such Relevant Date, then
                           the amount of the Investor Cash Available for
                           [Acquisition] of Series 02-1 to be utilised on such
                           day pursuant to paragraphs (i) and (ii) above shall
                           be reduced by an amount equal to the product of (X) a
                           fraction, the numerator of which is the Investor Cash
                           Available for [Acquisition] of Series 02-1 and the
                           denominator of which is the aggregate Investor Cash
                           Available for [Acquisition] of each Applicable Series
                           (including Series 02-1) and (Y) the amount of the
                           excess identified above; and

                  (B)      any Investor Cash Available for [Acquisition] not
                           utilised during any Monthly Period shall be allocated
                           to the Series 02-1 Beneficiary Interest and for the
                           purposes of calculation treated as referable to Class
                           A to the extent that the Class A Adjusted Investor
                           Interest is greater than zero and thereafter to Class
                           B to the extent that the Class B Adjusted Investor
                           Interest is greater than zero and thereafter to Class
                           C but shall, subject to Clause 5.06(c), be utilised
                           in accordance with this Clause 5.06(b) on the next
                           and following Business Days.

        (c)       INVESTOR CASH AVAILABLE FOR [ACQUISITION] DURING THE RAPID
                  AMORTISATION PERIOD

                  During the Rapid Amortisation Period no amounts will be
                  identified as Investor Cash Available for [Acquisition] and
                  amounts previously allocated to Series 02-1 Investor
                  Beneficiary Interest and identified as Investor Cash Available
                  for [Acquisition] but not utilised pursuant to Clauses 5.06(a)
                  and (b) ("NON-UTILISED INVESTOR CASH AVAILABLE FOR
                  [ACQUISITION]") will at the commencement of the Rapid
                  Amortisation Period cease to be regarded as Investor Cash
                  Available for [Acquisition] and shall be included as Available
                  Investor Principal Collections for the Monthly Period in which
                  the Rapid Amortisation Period commences for distribution to
                  the Series 02-1 Investor Beneficiary Interest.

5.07     DETERMINATION OF MONTHLY REQUIRED EXPENSE AMOUNTS

        (a)       The amount required to be transferred and for the purposes of
                  calculation treated as referable to Class A from the Finance
                  Charge Collections Ledger in respect of each Transfer Date
                  (the "CLASS A MONTHLY REQUIRED EXPENSE AMOUNT") shall be the
                  aggregate of the following:

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<PAGE>

                  (i)      an amount equal to the Class A Trustee Payment Amount
                           plus any Class A Trustee Payment Amount remaining
                           unpaid in respect of any previous Transfer Date; PLUS

                  (ii)     the MTN Issuer Costs Amount; PLUS

                  (iii)    an amount equal to an amount which, in respect of any
                           Calculation Period, is equal to the product of (A) 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), (B)
                           the Class A Finance Rate and (C) the Class A Debt
                           Amount as of the Record Date preceding such Transfer
                           Date (such amount being the "CLASS A MONTHLY FINANCE
                           AMOUNT"); PLUS

                  (iv)     an amount equal to the amount of any unpaid Class A
                           Deficiency Amounts; PLUS

                  (v)      an amount equal to an amount which, in respect of any
                           Calculation Period, is equal to the product of (A)
                           (1) 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) times
                           (2) the Class A Finance Rate, plus 2%, and (B) the
                           Class A Deficiency Amounts (if any) for the
                           immediately preceding Distribution Date (the "CLASS A
                           ADDITIONAL FINANCE AMOUNT"),

                  and on the related Transfer Date the Receivables Trustee shall
                  deposit such funds, to the extent available in accordance with
                  Clause 5.10(a).

        (b)       The amount required to be transferred and for the purposes of
                  calculation treated as referable to Class B from the Finance
                  Charge Collections Ledger in respect of each Transfer Date
                  (the "CLASS B MONTHLY REQUIRED EXPENSE AMOUNT") shall be the
                  aggregate of the following amounts:

                  (i)      an amount equal to the Class B Trustee Payment Amount
                           plus any Class B Trustee Payment Amount remaining
                           unpaid in respect of any previous Transfer Date; PLUS

                  (ii)     an amount equal to an amount which, in respect of any
                           Calculation Period, is equal to the product of (A) 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), (B)
                           the Class B Finance Rate, and (C) the Class B Debt
                           Amount determined as of the Record Date preceding
                           such Transfer Date (the "CLASS B MONTHLY FINANCE
                           AMOUNT"); PLUS

                  (iii)    an amount equal to the amount of any unpaid Class B
                           Deficiency Amounts; PLUS

                  (iv)     an amount equal to an amount which, in respect of any
                           Calculation Period, is equal to the product of (A)
                           (1) a fraction, the numerator of which is the

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<PAGE>

                           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),
                           times (2) the Class B Finance Rate in relation to the
                           relevant Calculation Period, plus 2%, and (B) the
                           Class B Deficiency Amounts (if any) on the
                           immediately preceding Distribution Date (the "CLASS B
                           ADDITIONAL FINANCE AMOUNT"),

                  and on the related Transfer Date the Receivables Trustee shall
                  deposit such funds, to the extent available, in accordance
                  with Clause 5.10(b).

        (c)       The amount required to be transferred and for the purposes of
                  calculation treated as referable to Class C from the Finance
                  Charge Collections Ledger in respect of each Transfer Date
                  (the "CLASS C MONTHLY REQUIRED EXPENSE AMOUNT") shall be the
                  aggregate of the following amounts:

                  (i)      an amount equal to the Class C Trustee Payment Amount
                           plus any Class C Trustee Payment Amount remaining
                           unpaid in respect of any previous Transfer Date; PLUS

                  (ii)     an amount equal to an amount which, in respect of any
                           Calculation Period, is equal to the product of (A) 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), (B)
                           the Class C Finance Rate, and (C) the Class C Debt
                           Amount determined as of the Record Date preceding
                           such Transfer Date (the "CLASS C MONTHLY FINANCE
                           AMOUNT"); PLUS

                  (iii)    an amount equal to the amount of any unpaid Class C
                           Deficiency Amounts; PLUS

                  (iv)     an amount equal to an amount which, in respect of any
                           Calculation Period, is equal to the product of (A)
                           (1) 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), times
                           (2) the Class C Finance Rate, plus 2% per annum, and
                           (B) the Class C Deficiency Amounts (if any) on the
                           immediately preceding Distribution Date (the "CLASS C
                           ADDITIONAL FINANCE AMOUNT"),

                  and on the related Transfer Date the Receivables Trustee shall
                  deposit such funds, to the extent available, in accordance
                  with Clause 5.10(c)(i) and Clause 5.15(f).

5.08     DETERMINATION OF MONTHLY PRINCIPAL AMOUNTS

        (a)       The amount required to be transferred from the Principal
                  Collections Ledger on each Transfer Date and for the purposes
                  of calculation treated as referable to Class A (the "CLASS A
                  MONTHLY PRINCIPAL AMOUNT"), beginning with the Transfer Date
                  in the month following the month in which the Controlled
                  Accumulation Period or, if earlier, the Regulated Amortisation
                  Period or the Rapid Amortisation Period, begins, shall be
                  equal to the least of:

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                  (i)      the Available Investor Principal Collections credited
                           to the Principal Collections Ledger on such Transfer
                           Date;

                  (ii)     for each Transfer Date with respect to the Controlled
                           Accumulation Period or the Regulated Amortisation
                           Period prior to the Class A Scheduled Redemption
                           Date, the Controlled Deposit Amount for such Transfer
                           Date; and

                  (iii)    the Class A Adjusted Investor Interest (after taking
                           into account any adjustments to be made on such
                           Transfer Date pursuant to Clauses 5.13(a)(iii) and
                           (iv) on such Transfer Date) prior to any amount being
                           deposited into the Principal Funding Account on such
                           day.

        (b)       The amount required to be transferred from the Principal
                  Collections Ledger on each Transfer Date and for the purposes
                  of calculation treated as referable to Class B (the "CLASS B
                  MONTHLY PRINCIPAL AMOUNT"), commencing on the Class B
                  Principal Commencement Date (after taking into account any
                  payments to be made on the related Distribution Date), shall
                  be an amount equal to the least of:

                  (i)      the Available Investor Principal Collections to the
                           credit of the Principal Collections Ledger on such
                           Transfer Date (MINUS the portion of such Available
                           Investor Principal Collections applied to the Class A
                           Monthly Principal Amount on such Transfer Date); and

                  (ii)     the Class B Adjusted Investor Interest (after taking
                           into account any adjustments to be made on such
                           Transfer Date pursuant to Clauses 5.13(a)(ii),
                           5.13(b)(ii), 5.13(b)(iii) and 5.17(b) on such
                           Transfer Date) prior to any deposit into the
                           Principal Funding Account on such Transfer Date.

        (c)       The amount required to be transferred from the Principal
                  Collections Ledger on each Transfer Date and for the purposes
                  of calculation treated as referable to Class C (the "CLASS C
                  MONTHLY PRINCIPAL AMOUNT"), commencing on the Class C
                  Principal Commencement Date (after taking into account any
                  payments to be made on the related Distribution Date) shall be
                  an amount equal to the least of:

                  (i)      the Available Investor Principal Collections to the
                           credit of the Principal Collections Ledger on such
                           Transfer Date (MINUS the portion of such Available
                           Investor Principal Collections applied to the Class A
                           Monthly Principal Amount and the Class B Monthly
                           Principal Amount on such Transfer Date); and

                  (ii)     the Class C Adjusted Investor Interest (after taking
                           into account any adjustments to be made on such
                           Transfer Date pursuant to Clauses 5.13(a)(i),
                           5.13(b)(i), 5.13(c)(i), 5.13(c)(ii) and 5.16 on such
                           Transfer Date) prior to any deposit into the
                           Principal Funding Account on such Transfer Date.

        (d)       Notwithstanding the provisions of (a), (b) and (c) above of
                  this Clause 5.08, during the Controlled Accumulation Period or
                  the Regulated Amortisation

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                  Period the aggregate amount distributable from the Principal
                  Collections Ledger in respect of Series 02-1 shall not exceed
                  the Controlled Deposit Amount for the relevant Transfer Date
                  and in the event that the aggregate of the Class A Monthly
                  Principal Amount, the Class B Monthly Principal Amount and the
                  Class C Monthly Principal Amount (if any), in respect of such
                  Transfer Date as calculated in (a), (b) and (c) above exceeds
                  the Controlled Deposit Amount for the relevant Transfer Date,
                  the Class C Monthly Principal Amount will be reduced by the
                  amount of such excess, (but not so that the Class C Monthly
                  Principal Amount is less than zero) and to the extent of the
                  excess over the Class C Monthly Principal Amount, the Class B
                  Monthly Principal Amount will be reduced (but not so that the
                  Class B Monthly Principal Amount is less than zero) and the
                  Class A Monthly Principal Amount, Class B Monthly Principal
                  Amount and Class C Monthly Principal Amount shall be read and
                  construed accordingly for all purposes.

5.09     COVERAGE OF REQUIRED AMOUNT

        (a)       On or before each Transfer Date, the Receivables Trustee
                  (acting on the advice of the Trust Cash Manager) shall
                  determine the amount (the "CLASS A REQUIRED AMOUNT"), if any,
                  by which the sum of:

                  (i)      the Class A Monthly Required Expense Amount; PLUS

                  (ii)     (a) the Class A Servicing Fee for the prior Monthly
                           Period, if any, PLUS any Class A Servicing Fee due
                           but not paid on any prior Transfer Date, PLUS (b) the
                           Class A Cash Management Fee for the prior Monthly
                           Period, if any, plus any Class A Cash Management Fee
                           due but not paid on any prior Transfer Date; PLUS

                  (iii)    the Class A Investor Default Amount, if any, for the
                           prior Monthly Period

                  EXCEEDS the Class A Available Funds for the related Monthly
                  Period.

        (b)       On or before each Transfer Date, the Receivables Trustee
                  (acting on the advice of the Trust Cash Manager shall also
                  determine the amount (the "CLASS B REQUIRED AMOUNT"), if any,
                  equal to the sum of

                  (i)      the amount, if any, by which:

                           (A)      the Class B Monthly Required Expense Amount;
                                    PLUS

                           (B)      (a) the Class B Servicing Fee for the prior
                                    Monthly Period, if any, PLUS any Class B
                                    Servicing Fee due but not paid on any prior
                                    Transfer Date, PLUS (b) the Class B Cash
                                    Management Fee for the prior Monthly Period,
                                    if any, PLUS any Class B Cash Management Fee
                                    due but not paid on any prior Transfer Date;

                           EXCEEDS the Class B Available Funds for the related
                           Monthly Period; PLUS

                  (ii)     the Class B Investor Default Amount, if any, for the
                           related Monthly Period.

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        (c)       (i)      In the event that the Class A Required Amount for
                           such Transfer Date is greater than zero, the Trust
                           Cash Manager shall be required to give the
                           Receivables Trustee written notice of such positive
                           Class A Required Amount on or before such Transfer
                           Date.

                  (ii)     In the event that the Class A Required Amount for
                           such Transfer Date is greater than zero, all or a
                           portion of the Excess Spread with respect to such
                           Transfer Date in an amount equal to the Class A
                           Required Amount, to the extent available, for such
                           Transfer Date shall be distributed from the Finance
                           Charge Collections Ledger on such Transfer Date
                           pursuant to Clause 5.15(a).

                  (iii)    In the event that the Class A Required Amount for
                           such Transfer Date exceeds the amount of Excess
                           Spread with respect to such Transfer Date, the
                           Principal Collections standing to the credit of the
                           Principal Collections Ledger treated for calculation
                           purposes as referable first to Class C and then to
                           Class B with respect to the prior Monthly Period
                           shall be applied as specified in Clauses 5.16 and
                           5.17.

                  (iv)     In the event that the Class B Required Amount for
                           such Transfer Date exceeds the amount of Excess
                           Spread available to fund the Class B Required Amount
                           pursuant to Clause 5.15(c), the Principal Collections
                           standing to the credit of the Principal Collections
                           Ledger treated for calculation purposes as referable
                           to Class C with respect to the prior Monthly Period
                           (after applying the amounts pursuant to paragraph
                           (iii) above) shall be applied as specified in Clause
                           5.16.

                  PROVIDED, HOWEVER, that the sum of any payments pursuant to
                  this Clause 5.09(c) shall not exceed the sum of the Class A
                  Required Amount and the Class B Required Amount.

5.10     PAYMENTS OF AMOUNTS REPRESENTING FINANCE CHARGE COLLECTIONS

        On or before each Transfer Date, the Trust Cash Manager shall advise the
        Receivables Trustee in writing of the amounts to withdraw from the
        Finance Charge Collections Ledger pursuant to this Clause 5.10 and the
        Receivables Trustee, acting on such advice substantially in the form of
        Exhibit C, shall withdraw on such Transfer Date, to the extent of Class
        A Available Funds, Class B Available Funds and Class C Available Funds,
        the amounts required to be so withdrawn:

        (a)       on each Transfer Date, an amount equal to the Class A
                  Available Funds credited to the Finance Charge Collections
                  Ledger for the related Monthly Period will be distributed in
                  the following order of priority:

                  (i)      an amount equal to the Class A Trustee Payment Amount
                           for such Transfer Date plus any Class A Trustee
                           Payment Amount remaining unpaid in respect of any
                           previous Transfer Date shall be allocated to the
                           Series 02-1 Beneficiary for the purposes of
                           calculation treated as referable to Class A for
                           distribution to the Series 02-1 Investor Beneficiary
                           in

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<PAGE>

                           respect of Class A but shall, to the extent such
                           payments are not met by the Series 02-1 Investor
                           Beneficiary from other sources, be utilised by the
                           Receivables Trustee towards meeting the Aggregate
                           Trustee Payment Amount;

                  (ii)     an amount equal to the MTN Issuer Costs Amount for
                           such Transfer Date shall be allocated to the Series
                           02-1 Beneficiary for the purposes of calculation
                           treated as referable to Class A and credited by the
                           Receivables Trustee acting on the advice of the Trust
                           Cash Manager to the Class A Distribution Ledger;

                  (iii)    an amount equal to the Class A Monthly Finance Amount
                           for such Transfer Date, plus the amount of any Class
                           A Deficiency Amount for such Transfer Date, plus the
                           amount of any Class A Additional Finance Amount for
                           such Transfer Date, shall be allocated to the Series
                           02-1 Beneficiary for the purposes of calculation
                           treated as referable to Class A and credited by the
                           Receivables Trustee acting on the advice of the Trust
                           Cash Manager to the Class A Distribution Ledger;

                  (iv)     amounts equal to the Class A Servicing Fee, if any,
                           and Class A Cash Management Fee, if any, for such
                           Transfer Date PLUS amounts of any Class A Servicing
                           Fee or Class A Cash Management Fee due but not paid
                           to the Servicer or the Receivables Trustee (to enable
                           it to make payments to Trust Cash Manager) on any
                           prior Transfer Date shall be allocated to the Series
                           02-1 Beneficiary for the purposes of calculation
                           treated as referable to Class A for distribution to
                           the Series 02-1 Investor Beneficiary in respect of
                           Class A but shall, to the extent such fees are not
                           met by the Series 02-1 Investor Beneficiary from
                           other sources, be utilised by the Receivables Trustee
                           and distributed PRO RATA to the Servicer and the
                           Receivables Trustee (to enable it to make payments to
                           Trust Cash Manager) whereupon such amounts shall
                           cease to be Trust Property and shall be owned by the
                           Servicer and Receivables Trustee absolutely;

                  (v)      an amount equal to the Class A Investor Default
                           Amount, if any, for the preceding Monthly Period
                           shall be allocated to the Series 02-1 Beneficiary for
                           the purposes of calculation treated as referable to
                           Class A and treated as a portion of Investor
                           Principal Collections allocated to the Series 02-1
                           Beneficiary for the purposes of calculation treated
                           as referable to Class A and credited to the Principal
                           Collections Ledger on such Transfer Date;

                  (vi)     the balance, if any, shall constitute Excess Spread,
                           which together with Excess Spread generated following
                           the distribution of Finance Charge Collections
                           calculated as referable to Class B and thereafter to
                           Class C shall be allocated and distributed as set out
                           in Clause 5.15.

        (b)       On each Transfer Date, an amount equal to the Class B
                  Available Funds credited to the Finance Charge Collections
                  Ledger for the related Monthly Period will be distributed in
                  the following order of priority:

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                  (i)      an amount equal to the Class B Trustee Payment Amount
                           for such Transfer Date plus any Class B Trustee
                           Payment Amount remaining unpaid in respect of any
                           previous Transfer Date shall be allocated to the
                           Series 02-1 Beneficiary for the purposes of
                           calculation treated as referable to Class B for
                           distribution to the Series 02-1 Investor Beneficiary
                           in respect of Class B but shall, to the extent such
                           payments are not met by the Series 02-1 Investor
                           Beneficiary from other sources, be utilised by the
                           Receivables Trustee towards meeting the Aggregate
                           Trustee Payment Amount;

                  (ii)     an amount equal to the Class B Monthly Finance Amount
                           for such Transfer Date, plus the amount of any Class
                           B Deficiency Amount for such Transfer Date, plus the
                           amount of any Class B Additional Finance Amount for
                           such Transfer Date shall be allocated to the Series
                           02-1 Beneficiary for the purposes of calculation
                           treated as referable to Class B and credited by the
                           Receivables Trustee acting on the advice of the Trust
                           Cash Manager to the Class B Distribution Ledger;

                  (iii)    amounts equal to the Class B Servicing Fee, if any,
                           and the Class B Cash Management Fee, if any, for such
                           Transfer Date PLUS amounts of any Class B Servicing
                           Fee or Class B Cash Management Fee due but not paid
                           to the Servicer or the Receivables Trustee (to enable
                           it to make payments to the Trust Cash Manager) on any
                           prior Transfer Date shall be allocated to the Series
                           02-1 Beneficiary for the purposes of calculation
                           treated as referable to Class B for distribution to
                           the Series 02-1 Investor Beneficiary for the purposes
                           of calculation treated as referable to Class B but
                           shall, to the extent such fees are not met by the
                           Series 02-1 Investor Beneficiary from other sources,
                           be utilised by the Receivables Trustee and
                           distributed PRO RATA to the Servicer and the Trust
                           Cash Manager whereupon such amounts shall cease to be
                           Trust Property and shall be owned by the Servicer and
                           the Receivables Trustee (to enable it to make
                           payments to the Trust Cash Manager) absolutely;

                  (iv)     the balance, if any, shall constitute Excess Spread,
                           which together with Excess Spread generated following
                           the distribution of Finance Charge Collections
                           calculated as referable to Class A and Class C shall
                           be allocated and distributed as set out in Clause
                           5.15.

        (c)       On each Transfer Date, an amount equal to the Class C
                  Available Funds credited to the Finance Charge Collections
                  Ledger for the related Monthly Period will be distributed in
                  the following order of priority:

                  (i)      an amount equal to the Class C Trustee Payment Amount
                           for such Transfer Date plus any Class C Trustee
                           Payment Amount remaining unpaid in respect of any
                           previous Transfer Date shall be allocated to the
                           Series 02-1 Beneficiary for the purposes of
                           calculation treated as referable to Class C for
                           distribution to the Series 02-1 Investor Beneficiary
                           in respect of Class C but shall, to the extent such
                           payments are not met by

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                           the Series 02-1 Investor Beneficiary from other
                           sources, be utilised by the Receivables Trustee
                           towards meeting the Aggregate Trustee Payment Amount;

                  (ii)     amounts equal to the Class C Servicing Fee, if any,
                           and the Class C Cash Management Fee, if any, for such
                           Transfer Date PLUS amounts of any Class C Servicing
                           Fee or Class C Cash Management Fee due but not paid
                           to the Servicer or the Receivables Trustee (to enable
                           it to make payments to the Trust Cash Manager) on any
                           prior Transfer Date shall be allocated to the Series
                           02-1 Beneficiary for the purposes of calculation
                           treated as referable to Class C for distribution to
                           the Series 02-1 Investor Beneficiary in respect of
                           Class C but shall, to the extent such fees are not
                           met by the Series 02-1 Investor Beneficiary from
                           other sources, be utilised by the Receivables Trustee
                           and distributed PRO RATA to the Servicer and the
                           Receivables Trustee (to enable it to make payments to
                           the Trust Cash Manager) whereupon such amounts shall
                           cease to be Trust Property and shall be owned by the
                           Servicer and Receivables Trustee absolutely;

                  (iii)    the balance, if any, shall constitute Excess Spread,
                           which together with Excess Spread generated following
                           the distribution of Finance Charge Collections
                           initially calculated as referable to Class A and
                           Class B shall be allocated and distributed as set out
                           in Clause 5.15.

5.11     PAYMENTS OF AMOUNTS REPRESENTING AVAILABLE INVESTOR PRINCIPAL
         COLLECTIONS

        On or before each Transfer Date, the Trust Cash Manager shall notify the
        Receivables Trustee in writing substantially in the form of Exhibit C of
        the amounts to withdraw from the Principal Collections Ledger pursuant
        to Clauses 5.11(a) and (b) and the Receivables Trustee, acting in
        accordance with such advice, shall withdraw on such Transfer Date, to
        the extent of available funds, the amounts required to be withdrawn:

        (a)       On each Transfer Date during the Revolving Period, an amount
                  equal to Available Investor Principal Collections standing to
                  the credit of the Principal Collections Ledger with respect to
                  the related Monthly Period on such Transfer Date will be
                  distributed in the following order of priority:

                  (i)      an amount equal to the lesser of (A) the product of
                           (1) a fraction, the numerator of which is equal to
                           the Available Investor Principal Collections and the
                           denominator of which is equal to the sum of the
                           Available Investor Principal Collections available
                           for sharing as specified in the related Supplement
                           for each Applicable Series in Group One and (2) the
                           Cumulative Series Principal Shortfall and (B)
                           Available Investor Principal Collections, shall
                           remain in the Principal Collections Ledger to be
                           treated as Shared Principal Collections and allocated
                           to Applicable Series in Group One other than this
                           Series 02-1; and

                  (ii)     an amount equal to the Available Investor Principal
                           Collections remaining after the applications
                           specified in Clause 5.11(a)(i) shall be calculated as

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                           available for use as Investor Cash Available for
                           [Acquisition] pursuant to Clause 5.06(a).

        (b)       On each Transfer Date during the Controlled Accumulation
                  Period, the Regulated Amortisation Period or the Rapid
                  Amortisation Period an amount equal to the Available Investor
                  Principal Collections standing to the credit of the Principal
                  Collections Ledger with respect to the related Monthly Period
                  on such Transfer Date will be distributed in the following
                  order of priority:

                  (i)      for each Transfer Date for the Controlled
                           Accumulation Period, an amount equal to the Class A
                           Monthly Principal Amount shall be allocated to the
                           Series 02-1 Beneficiary for the purposes of
                           calculation treated as referable to Class A and
                           deposited into the Principal Funding Account;

                  (ii)     for each Transfer Date during the Regulated
                           Amortisation Period or the Rapid Amortisation Period,
                           an amount equal to the Class A Monthly Principal
                           Amount shall be allocated to the Series 02-1
                           Beneficiary for the purposes of calculation treated
                           as referable to Class A and credited to the Class A
                           Distribution Ledger;

                  (iii)    for each Transfer Date during the Controlled
                           Accumulation Period commencing on the Class B
                           Principal Commencement Date, after giving effect to
                           the distribution referred to in paragraph (i) above,
                           an amount equal to the Class B Monthly Principal
                           Amount shall be allocated to the Series 02-1
                           Beneficiary for the purposes of calculation treated
                           as referable to Class B and deposited into the
                           Principal Funding Account;

                  (iv)     for each Transfer Date during the Regulated
                           Amortisation Period or the Rapid Amortisation Period
                           commencing on the Class B Principal Commencement
                           Date, after giving effect to the distribution
                           referred to in paragraph (ii) above, an amount equal
                           to the Class B Monthly Principal Amount, shall be
                           allocated to the Series 02-1 Beneficiary for the
                           purposes of calculation treated as referable to Class
                           B and credited to the Class B Distribution Ledger;

                  (v)      for each Transfer Date during the Controlled
                           Accumulation Period commencing on the Class C
                           Principal Commencement Date, after giving effect to
                           the distribution referred to in paragraphs (i) and
                           (iii) above, an amount equal to the Class C Monthly
                           Principal Amount shall be allocated to the Series
                           02-1 Beneficiary for the purposes of calculation
                           treated as referable to Class C and deposited into
                           the Principal Funding Account;

                  (vi)     for each Transfer Date during the Regulated
                           Amortisation Period or the Rapid Amortisation Period
                           commencing on the Class C Principal Commencement
                           Date, after giving effect to the distribution
                           referred to in paragraphs (ii) and (iv) above, an
                           amount equal to the Class C Monthly Principal Amount,
                           shall be allocated to the Series 02-1 Beneficiary for
                           the purposes of calculation treated as referable to
                           Class C and credited to the Class C Distribution
                           Ledger;

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<PAGE>

                  (vii)    for each Transfer Date during the Controlled
                           Accumulation Period, an amount equal to the lesser of
                           (A) the product of (1) a fraction, the numerator of
                           which is equal to the Available Investor Principal
                           Collections remaining after the applications
                           specified in Clauses 5.11(b)(i), (iii) and (v) above
                           and the denominator of which is equal to the sum of
                           the Available Investor Principal Collections
                           available for sharing as specified in the related
                           Supplement for each Applicable Series in Group One
                           and (2) the Cumulative Series Principal Shortfall and
                           (B) the Available Investor Principal Collections
                           remaining after the applications specified in Clause
                           5.11(b)(i), (iii) and (v) above, shall remain in the
                           Principal Collections Ledger to be treated as Shared
                           Principal Collections and allocated to Applicable
                           Series in Group One other than this Series 02-1;

                  (viii)   for each Transfer Date during the Regulated
                           Amortisation Period or the Rapid Amortisation Period,
                           an amount equal to the lesser of (A) the product of
                           (1) a fraction, the numerator of which is equal to
                           the Available Investor Principal Collections
                           remaining after the applications specified in Clauses
                           5.11(b)(ii), (iv) and (vi) above and the denominator
                           of which is equal to the sum of the Available
                           Investor Principal Collections available for sharing
                           as specified in the related Supplement for each
                           Applicable Series in Group One and (2) the Cumulative
                           Series Principal Shortfall and (B) the Available
                           Investor Principal Collections remaining after the
                           applications specified in Clause 5.11(b)(ii), (iv)
                           and (vi) above, shall remain in the Principal
                           Collections Ledger to be treated as Shared Principal
                           Collections and allocated to Applicable Series in
                           Group One other than this Series 02-1; and

                  (ix)     an amount equal to the Available Investor Principal
                           Collections remaining after the applications
                           specified in Clauses 5.11(b)(i) to (viii) shall be
                           applied during the Controlled Accumulation Period or
                           the Regulated Amortisation Period as Investor Cash
                           Available for [Acquisition] pursuant to Clause
                           5.06(b) and during a Rapid Amortisation Period shall
                           be allocated to the Transferor Beneficiary and
                           utilised in accordance with Clause 5.2(f)(i)(B)
                           PROVIDED, HOWEVER, that the amount to be so credited
                           for the Transferor Beneficiary pursuant to this
                           Clause 5.11(b)(ix) with respect to any Transfer Date
                           shall be allocated to the Transferor Beneficiary but
                           shall be transferred to the Transferor Beneficiary
                           only if the Transferor Interest on such Transfer Date
                           is greater than zero after giving effect to the
                           inclusion in the Receivables Trust of all Receivables
                           created on or prior to such Transfer Date and the
                           application of payments referred to in Clause 5.2(c)
                           and otherwise shall be considered as Unavailable
                           Transferor Principal Collections identified for
                           Series 02-1 to be utilised in accordance with Clause
                           5.05(e); PROVIDED, FURTHER, that in no event shall
                           the amount allocable to the Transferor Beneficiary
                           pursuant to this Clause 5.11(b)(ix) be greater than
                           the Transferor Interest on such Transfer Date.

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        (c)       On the earlier to occur of the first Distribution Date during
                  the Regulated Amortisation Period or the Rapid Amortisation
                  Period or on the Class A Scheduled Redemption Date and on each
                  Distribution Date thereafter, the Receivables Trustee, acting
                  on the advice of the Trust Cash Manager, shall distribute
                  amounts pursuant to Clause 5.11(b) as follows:

                  (i)      from amounts credited to the Principal Funding
                           Account an amount equal to the lesser of the Class A
                           Investor Interest and the amount credited to the
                           Principal Funding Account allocated to the Series
                           02-1 Beneficiary for the purposes of calculation
                           treated as referable to Class A shall be paid to the
                           Series 02-1 Distribution Account and identified for
                           the Series 02-1 Investor Beneficiary in respect of
                           Class A whereupon such amount shall cease to be Trust
                           Property and shall be owned by the Series 02-1
                           Investor Beneficiary absolutely; and

                  (ii)     from the Class A Distribution Ledger an amount equal
                           to the lesser of such amount credited to the Class A
                           Distribution Ledger and the Class A Investor Interest
                           (after taking into account the amount distributed
                           pursuant to paragraph (i) above) to the Series 02-1
                           Distribution Account as identified for the Series
                           02-1 Investor Beneficiary in respect of Class A
                           whereupon such amount shall cease to be Trust
                           Property and shall be owned by the Series 02-1
                           Investor Beneficiary absolutely.

        (d)       On the earlier to occur of the first Distribution Date during
                  the Regulated Amortisation Period or the Rapid Amortisation
                  Period on which the Class A Investor Interest is paid in full
                  and the Class B Scheduled Redemption Date and on each
                  Distribution Date thereafter, the Receivables Trustee acting
                  on the advice of the Trust Cash Manager, shall distribute
                  amounts pursuant to Clause 5.11(b) as follows:

                  (i)      from amounts credited to the Principal Funding
                           Account an amount equal to the lesser of the Class B
                           Investor Interest and the amount credited to the
                           Principal Funding Account allocated to the Series
                           02-1 Beneficiary Interest in respect of Class B
                           (after giving effect to the amount distributed
                           pursuant to paragraph (i) above shall be paid to the
                           Series 02-1 Distribution Account and identified for
                           the Series 02-1 Investor Beneficiary in respect of
                           Class B whereupon such amount shall cease to be Trust
                           Property and should be owned by the Series 02-1
                           Investor Beneficiary absolutely; and

                  (ii)     from the Class B Distribution Ledger an amount equal
                           to the lesser of such amount credited to the Class B
                           Distribution Ledger pursuant to Clause 5.11(b)(iv)
                           and the Class B Investor Interest (after giving
                           effect to any reductions pursuant to 5.13) to the
                           Series 02-1 Distribution Account as identified for
                           the Series 02-1 Investor Beneficiary in respect of
                           Class B whereupon such amount shall cease to be Trust
                           Property and shall be owned by the Series 02-1
                           Investor Beneficiary absolutely.

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        (e)       On the earlier to occur of the first Distribution Date during
                  the Regulated Amortisation Period or the Rapid Amortisation
                  Period on which each of the Class A Investor Interest and the
                  Class B Investor Interest is paid in full and the Class C
                  Scheduled Redemption Date and on each Distribution Date
                  thereafter, the Receivables Trustee acting on the advice of
                  the Trust Cash Manager, shall distribute amounts pursuant to
                  Clause 5.11(b) as follows:

                  (i)      from amounts credited to the Principal Funding
                           Account identified for the Series 02-1 Investor
                           Beneficiary in respect of Class C an amount equal to
                           the lesser of the Class C Investor Interest and the
                           amount credited to the Principal Funding Account
                           (after giving effect to any payment required under
                           Clause 5.11(c)(i) and Clause 5.11(d)(i) above) shall
                           be paid to the Series 02-1 Distribution Account and
                           identified for the Series 02-1 Investor Beneficiary
                           in respect of Class C whereupon such amount shall
                           cease to be Trust Property and should be owned by the
                           Series 02-1 Investor Beneficiary absolutely; and

                  (ii)     from the Class C Distribution Ledger an amount equal
                           to the lesser of such amount credited to the Class C
                           Distribution Ledger pursuant to Clause 5.11(b)(vi)
                           and the Class C Investor Interest (after giving
                           effect to the amount distributed pursuant to
                           paragraph (i) above) to the Series 02-1 Distribution
                           Account as identified for the Series 02-1 Investor
                           Beneficiary in respect of Class C whereupon such
                           amount shall cease to be Trust Property and shall be
                           owned by the Series 02-1 Investor Beneficiary
                           absolutely.

        (f)       The Controlled Accumulation Period is scheduled to commence at
                  the close of business on [___] PROVIDED, HOWEVER, that, if
                  the Controlled Accumulation Period Length (determined as
                  described in this Clause 5.11(f) below) is less than [12]
                  months, the date on which the Controlled Accumulation Period
                  actually commences may be delayed to the first Business Day of
                  the month that is the number of months prior to the Series
                  02-1 Scheduled Redemption Date at least equal to the
                  Controlled Accumulation Period Length and, as a result, the
                  number of Monthly Periods in the Controlled Accumulation
                  Period will at least equal the Controlled Accumulation Period
                  Length.

                  On the Determination Date immediately preceding the
                  Distribution Date falling in [___] and on each
                  Determination Date thereafter until the Controlled
                  Accumulation Period begins, the Trust Cash Manager will
                  determine the "CONTROLLED ACCUMULATION PERIOD LENGTH" which
                  will equal the number of months such that the sum of the
                  Controlled Accumulation Period Factors for each month during
                  such period will be equal to or greater than the Required
                  Accumulation Factor Number; PROVIDED, HOWEVER, that the
                  Controlled Accumulation Period Length will not be less than
                  one month and Provided further that the Controlled
                  Accumulation Period Length shall equal the number of months
                  such that the product of the Controlled Accumulation Period
                  Length and the Controlled Accumulation Amount taking into
                  consideration the

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                  Maximum Controlled Deposit Amount would be equal to or greater
                  than the Initial Investor Interest.

5.12     PAYMENT OF INVESTOR MONTHLY FINANCE AMOUNTS

        (a)       On each Distribution Date the Receivables Trustee, acting on
                  the advice of the Trust Cash Manager, shall withdraw the
                  following amounts:

                  (i)      all amounts credited to the Class A Distribution
                           Ledger pursuant to Clause 5.10(a)(ii) and Clause
                           5.10(a)(iii), including any amounts applied under
                           those clauses from Excess Spread pursuant to Clause
                           5.15(a) and then deposit such amount in the Series
                           02-1 Distribution Account and shall identify them as
                           buy for the Series 02-1 Investor Beneficiary and
                           treated for calculation purposes and referable to
                           Class A in respect of Class A whereupon such amount
                           shall cease to be Trust Property and shall be owned
                           by the Series 02-1 Investor Beneficiary absolutely;

                  (ii)     all amounts credited to the Class B Distribution
                           Ledger pursuant to Clause 5.10(b)(ii) and Clause
                           5.15(c) and then deposit such amount in the Series
                           02-1 Distribution Account as identified for the
                           Series 02-1 Investor Beneficiary in respect of Class
                           B whereupon such amount shall cease to be Trust
                           Property and shall be owned by the Series 02-1
                           Investor Beneficiary absolutely;

                  (iii)    all amounts credited to the Class C Distribution
                           Ledger pursuant to Clause 5.15(f) and Clause 5.19 and
                           then deposit such amount in the Series 02-1
                           Distribution Account as identified for the Series
                           02-1 Investor Beneficiary in respect of Class C
                           whereupon such amount shall cease to be Trust
                           Property and shall be owned by the Series 02-1
                           Investor Beneficiary absolutely;

                  (iv)     to the extent that the amounts referred to in Clauses
                           5.10 (a)(i) and 5.10 (a)(iv) are met by the Series
                           02-1 Investor Beneficiary from other sources, the
                           amounts of Class A Available Funds calculated with
                           reference to the Series 02-1 Beneficiary Interest in
                           respect of Class A to meet such amounts shall be
                           distributed to the Series 02-1 Investor Beneficiary
                           by deposit of such amount in the Series 02-1
                           Distribution Account as identified for the Series
                           02-1 Investor Beneficiary in respect of Class A
                           whereupon such amounts shall cease to be Trust
                           Property and shall be owned by the Series 02-1
                           Investor Beneficiary absolutely;

                  (v)      to the extent that the amounts referred to in Clauses
                           5.10 (b)(i) and 5.10 (b)(iii) are met by the Series
                           02-1 Investor Beneficiary from other sources, the
                           amounts of Class B Available Funds calculated with
                           reference to the Series 02-1 Beneficiary Interest in
                           respect of Class B to meet such amounts shall be
                           distributed to the Series 02-1 Investor Beneficiary
                           by deposit of such amount in the Series 02-1
                           Distribution Account as identified for the Series
                           02-1 Investor Beneficiary in respect of Class B

                                     - 76 -

<PAGE>

                           whereupon such amounts shall cease to be Trust
                           Property and shall be owned by the Series 02-1
                           Investor Beneficiary absolutely; and

                  (vi)     to the extent that the amounts referred to in Clauses
                           5.10 (c)(i) and 5.10 (c)(ii) are met by the Series
                           02-1 Investor Beneficiary from other sources, the
                           amounts of Class C Available Funds calculated with
                           reference to the Series 02-1 Beneficiary Interest in
                           respect of Class C to meet such amounts shall be
                           distributed to the Series 02-1 Investor Beneficiary
                           by deposit of such amount in the Series 02-1
                           Distribution Account as identified for the Series
                           02-1 Investor Beneficiary in respect of Class C
                           whereupon such amounts shall cease to be Trust
                           Property and shall be owned by the Series 02-1
                           Investor Beneficiary absolutely.

5.13     INVESTOR CHARGE-OFFS

        (a)       On or before each Transfer Date, the Receivables Trustee
                  acting on the advice of the Trust Cash Manager shall calculate
                  the Class A Investor Default Amount which shall be applied as
                  follows:

                  (i)      If on any Transfer Date, the Class A Investor Default
                           Amount for the prior Monthly Period exceeds the sum
                           of the amount applied with respect thereto pursuant
                           to Clause 5.10(a)(v) and Clause 5.15(a) with respect
                           to such Monthly Period, the Class C Investor Interest
                           (after giving effect to reductions for any Class C
                           Investor Charge-Offs, any Reallocated Class C
                           Principal Collections and any Reallocated Class B
                           Principal Collections) will be reduced by the amount
                           of such excess.

                  (ii)     In the event that such reduction would cause the
                           Class C Investor Interest to be a negative number,
                           the Class C Investor Interest will be reduced to
                           zero, and the Class B Investor Interest (after giving
                           effect to reductions for any Class B Investor
                           Charge-Offs and any Reallocated Class B Principal
                           Collections on such Transfer Date but excluding any
                           Reallocated Class B Principal Collections that have
                           resulted in a reduction of the Class C Investor
                           Interest) will be reduced by the amount by which the
                           Class C Investor Interest would have been reduced
                           below zero, but not by more than the Class A Investor
                           Default Amount for such Transfer Date.

                  (iii)    In the event that such reduction would cause the
                           Class B Investor Interest to be a negative number,
                           the Class A Investor Interest will be reduced by the
                           amount by which the Class B Investor Interest would
                           have been reduced below zero, but not by more than
                           the Class A Investor Default Amount for such Transfer
                           Date (a "CLASS A INVESTOR CHARGE-OFF").

                  (iv)     If the Class A Investor Interest has been reduced by
                           the amount of any Class A Investor Charge-Offs, it
                           will be reinstated on any Transfer Date (but not by
                           an amount in excess of the aggregate Class A Investor
                           Charge-Offs) by the amount of Excess Spread available
                           for such purpose pursuant to Clause 5.15(b).

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<PAGE>

        (b)       On or before each Transfer Date, the Receivables Trustee
                  acting on the advice of the Trust Cash Manager shall calculate
                  the Class B Investor Default Amount which shall be applied as
                  follows:

                  (i)      If on any Transfer Date, the Class B Investor Default
                           Amount for the prior Monthly Period exceeds the
                           amount applied with respect thereto pursuant to
                           Clause 5.15(c)(ii), the Class C Investor Interest
                           (after giving effect to reductions for the amount of
                           any Class A Investor Default Amounts that will result
                           in a write-down of the Class C Investor Interest on
                           such Transfer Date, any Class C Investor Charge-Offs,
                           any Reallocated Class C Principal Collections and any
                           Reallocated Class B Principal Collections) will be
                           reduced by the amount of such excess.

                  (ii)     In the event that such reduction would cause the
                           Class C Investor Interest to be a negative number,
                           the Class C Investor Interest will be reduced to
                           zero, and the Class B Investor Interest will be
                           reduced by the amount by which the Class C Investor
                           Interest would have been reduced below zero, but not
                           by more than the Class B Investor Default Amount for
                           such Transfer Date (a "CLASS B INVESTOR CHARGE-OFF").
                           The Class B Investor Interest will also be reduced by
                           the amount of Reallocated Class B Principal
                           Collections that do not result in a reduction in the
                           Class C Investor Interest pursuant to Clause 5.17 and
                           the amount of any portion of the Class B Investor
                           Interest written-off to avoid a reduction in the
                           Class A Investor Interest pursuant to Clause
                           5.13(a)(ii) above.

                  (iii)    If the Class B Investor Interest has been reduced by
                           the amount described in Clause 5.13(b)(ii) it will
                           thereafter be reinstated on any Transfer Date by the
                           amount of Excess Spread available for such purpose as
                           described under Clause 5.15(d).

        (c)       On or before each Transfer Date, the Receivables Trustee
                  acting on the advice of the Trust Cash Manager shall calculate
                  the Class C Investor Default Amount which shall be applied as
                  follows:

                  (i)      If on any Transfer Date, the Class C Investor Default
                           Amount for the prior Monthly Period exceeds the
                           amount applied with respect thereto pursuant to
                           Clause 5.15(h), the Class C Investor Interest will be
                           reduced by the amount of such excess, but not by more
                           than the Class C Investor Default Amount for such
                           Transfer Date (a "CLASS C INVESTOR CHARGE-OFF"). The
                           Class C Investor Interest will also be reduced by the
                           amount of Reallocated Class C Principal Collections
                           pursuant to Clause 5.16 and Reallocated Class B
                           Principal Collections pursuant to Clause 5.17 and the
                           amount of any portion of the Class C Investor
                           Interest written-off to avoid a reduction in the
                           Class A Investor Interest or Class B Investor
                           Interest pursuant to Clauses 5.13(a)(i) and
                           5.13(b)(i) above.

                  (ii)     If the Class C Investor Interest has been reduced by
                           the amount described in Clause 5.13(c)(i) it will
                           thereafter be reinstated on any Transfer Date by

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                           the amount of Excess Spread available for that
                           purpose as described under Clause 5.15(i).

5.14    INVESTOR INDEMNITY AMOUNT

        (a)       On or before each Transfer Date, the Receivables Trustee,
                  acting on the advice of the Trust Cash Manager, shall
                  calculate the Aggregate Investor Indemnity Amount allocable to
                  Series 02-1. Such amount shall be payable solely to the extent
                  amounts are available from Excess Spread for distribution in
                  respect thereof pursuant to Clause 5.15(l) PROVIDED, HOWEVER,
                  that if there are insufficient amounts available to pay such
                  amount in full on the relevant Transfer Date, the excess will
                  be carried forward and payable on the next and subsequent
                  Transfer Dates solely to the extent amounts are available from
                  Excess Spread for distribution in respect thereof pursuant to
                  Clause 5.15(l).

        (b)       where any amount is paid by the Receivables Trustee to the
                  Transferor pursuant to Clause 5.15(l), the said payment shall
                  be treated as discharging PRO TANTO both:

                  (i)      any obligation of the Receivables Trustee to make a
                           payment to the Transferor under the Trust Section 75
                           Indemnity; and

                  (ii)     any corresponding obligation of the Series 02-1
                           Investor Beneficiary in respect of Class A to make a
                           corresponding payment to the Receivables Trustee in
                           respect of the Aggregate Investor Indemnity Amount.

        (c)       To the extent that the Series 02-1 Investor Beneficiary makes
                  payment to the Transferor from other sources in respect of the
                  amount referred to in (b)(i) above, such payment shall be
                  treated as discharging pro tanto the obligations referred to
                  in (b)(i) and (ii) above and the amount referred to in Clause
                  5.15(l) shall be distributed to the Series 02-1 Investor
                  Beneficiary in respect of Class A by deposit of such amount in
                  the Series 02-1 Distribution Account as identified for the
                  Series 02-1 Investor Beneficiary in respect of Class A
                  whereupon such amount shall cease to be Trust Property and
                  shall be owned by the Series 02-1 Investor Beneficiary
                  absolutely.

5.15    EXCESS SPREAD

        On or before each Transfer Date, the Receivables Trustee acting on the
        advice of the Trust Cash Manager will apply or cause the Receivables
        Trustee to apply Excess Spread with respect to the related Monthly
        Period, to make the following distributions in the following priority:

        (a)       An amount equal to the Class A Required Amount, if any, with
                  respect to such Transfer Date will be used to fund the Class A
                  Required Amount and be allocated and applied in accordance
                  with, and in the priority set out in, Clause 5.10(a);

        (b)       an amount equal to the aggregate amount of Class A Investor
                  Charge-Offs which have not been previously reinstated will be
                  allocated to the Series 02-1

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<PAGE>

                  Beneficiary Interest and for the purposes of calculation
                  treated as referable to Class A and utilised to reinstate the
                  Class A Investor Interest and be treated as a portion of
                  Investor Principal Collections allocated to the Series 02-1
                  Beneficiary Interest for the purposes of calculation treated
                  as referable to Class A and credited to the Principal
                  Collections Ledger on such Transfer Date;

        (c)       in priority, (i) first an amount equal to the Class B Required
                  Amount (excluding the Class B Investor Default Amount), if
                  any, with respect to such Transfer Date will be used to fund
                  the Class B Required Amount (excluding the Class B Investor
                  Default Amount) and will be allocated and applied first in
                  accordance with, and in the priority set out in, Clause
                  5.10(b); and (ii) secondly, any amount available to pay the
                  Class B Investor Default Amount shall be allocated to the
                  Series 02-1 Beneficiary Interest and for the purposes of
                  calculation treated as referable to Class B and treated as a
                  portion of Investor Principal Collections allocated to the
                  Series 02-1 Beneficiary Interest and for the purposes of
                  calculation treated as referable to Class B and credited to
                  the Principal Collections Ledger on such Transfer Date;

        (d)       an amount equal to the aggregate amount by which the Class B
                  Investor Interest has been reduced below the Class B Initial
                  Investor Interest for reasons other than the payment of
                  principal amounts to Class B (but not in excess of the
                  aggregate amount of such reductions which have not been
                  previously reinstated) will be allocated to the Series 02-1
                  Beneficiary Interest and for the purposes of calculation
                  treated as referable to Class B and utilised to reinstate the
                  Class B Investor Interest and treated as a portion of Investor
                  Principal Collections allocated to the Series 02-1 Beneficiary
                  Interest and for the purposes of calculation treated as
                  referable to Class B and credited to the Principal Collections
                  Ledger on such Transfer Date;

        (e)       [DELIBERATELY LEFT BLANK]

        (f)       an amount equal to the sum of the Class C Monthly Finance
                  Amount, the Class C Deficiency Amount and the Class C
                  Additional Finance Amount (as at such Transfer Date) will be
                  credited to the Class C Distribution Ledger;

        (g)       [DELIBERATELY LEFT BLANK];

        (h)       an amount equal to the Class C Investor Default Amount shall
                  be allocated to the Series 02-1 Beneficiary Interest and for
                  the purposes of calculation treated as referable to Class C
                  and treated as a portion of Investor Principal Collections
                  allocated to the Series 02-1 Beneficiary Interest and for the
                  purposes of calculation treated as referable to Class C and
                  credited to the Principal Collections Ledger on such Transfer
                  Date;

        (i)       an amount equal to the aggregate amount by which the Class C
                  Investor Interest has been reduced below the Class C Initial
                  Investor Interest for reasons other than the payment of
                  principal amounts to Class C (but not in excess of the
                  aggregate amount of such reductions which have not been
                  previously reinstated) will be utilised to reinstate the Class
                  C Investor Interest and treated as a portion

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<PAGE>

                  of Investor Principal Collections allocated to the Series 02-1
                  Beneficiary Interest and for the purposes of calculation
                  treated as referable to Class C and credited to the Principal
                  Collections Ledger on such Transfer Date;

        (j)       on each Transfer Date from and after the Reserve Account
                  Funding Date, but prior to the date on which the Reserve
                  Account terminates as described in Clause 5.22(f), an amount
                  up to the excess, if any, of the Required Reserve Amount over
                  the Available Reserve Account Amount shall be allocated to the
                  Series 02-1 Beneficiary Interest and for the purposes of
                  calculation treated as referable to Class A and deposited into
                  the Reserve Account;

        (k)       on any Transfer Date on which the Available Spread Account
                  Amount is less than the Required Spread Account Amount, an
                  amount up to the excess, if any, of the Required Spread
                  Account Amount over the Available Spread Account Amount will
                  be allocated to the Series 02-1 Beneficiary Interest and for
                  the purposes of calculation treated as referable to Class C
                  and deposited into the Spread Account;

        (l)       an amount equal to the Aggregate Investor Indemnity Amount, if
                  any, for the prior Monthly Period (together with any amounts
                  in respect of previous Monthly Periods which are unpaid) will
                  be allocated to the Series 02-1 Beneficiary Interest and for
                  the purposes of calculation treated as referable to Class A
                  and paid by the Receivables Trustee to the Transferor (to the
                  extent that the Investor Beneficiary does not meet the said
                  amount from other sources) whereupon such amount shall cease
                  to be Trust Property and shall be owned by the Transferor
                  absolutely;

        (m)       an amount equal to the Series 02-1 Extra Amount for such
                  Transfer Date will be allocated to the Series 02-1 Beneficiary
                  Interest and for the purposes of calculation treated as
                  referable to Class A and paid into the Series 02-1
                  Distribution Account whereupon such amount shall cease to be
                  Trust Property and shall be owned by the Series 02-1 Investor
                  Beneficiary absolutely; and

        (n)       the balance, if any, after giving effect to the payments made
                  pursuant to paragraphs (a) through (m) (inclusive) above shall
                  be paid to the Excess Interest Beneficiary in respect of its
                  rights relating to Trust Property calculated by reference to
                  Series 02-1 whereupon such amount shall cease to be Trust
                  Property and shall be owned by the Excess Interest Beneficiary
                  absolutely.

5.16    REALLOCATED CLASS C PRINCIPAL COLLECTIONS

(a)     On each Transfer Date, the Trust Cash Manager will advise the
        Receivables Trustee as to the amounts of Principal Collections allocated
        pursuant to Clauses 5.05(a)(ii), 5.05(b)(ii), 5.05(c)(ii) and
        5.05(d)(ii) notionally by reference of Class C to apply as Reallocated
        Class C Principal Collections with respect to such Transfer Date as
        follows:

        (i)       an amount equal to the excess, if any, of (i) the Class A
                  Required Amount, if any, with respect to such Transfer Date
                  over (ii) the amount of Excess Spread with respect to the
                  related Monthly Period shall be credited to the Finance

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                  Charge Collections Ledger to be applied pursuant to Clauses
                  5.10(a)(i) to (v) in that order of priority; and

        (ii)      an amount equal to the excess, if any, of (i) the Class B
                  Required Amount, if any, with respect to such Transfer Date
                  over (ii) the amount of Excess Spread with respect to the
                  related Monthly Period (following any credit of Excess Spread
                  pursuant to 5.16(a)(ii) above) shall be credited to the
                  Finance Charge Collections Ledger to be applied pursuant to
                  Clause 5.10(b)(i) to (iii) in that order of priority and then
                  to be applied to reduce the Class B Investor Default Amount
                  pursuant to Clause 5.15(c)(ii).

(b)     On each Transfer Date the Class C Investor Interest shall be reduced by
        the amount of Reallocated Class C Principal Collections and Reallocated
        Class B Principal Collections for such Transfer Date.

(c)     In the event that the calculation of the amount of Reallocated Class C
        Principal Collections and Reallocated Class B Principal Collections to
        be re-applied would cause the Class C Investor Interest (after giving
        effect to any Class C Investor Charge-Offs for such Transfer Date) to be
        a negative number on any Transfer Date, the amount of Principal
        Collections to be re-applied on such Transfer Date shall be an aggregate
        amount not to exceed the amount which would cause the Class C Investor
        Interest (after giving effect to any Class C Investor Charge-Offs for
        such Transfer Date) to be reduced to zero.

5.17    REALLOCATED CLASS B PRINCIPAL COLLECTIONS

(a)     On each Transfer Date, following application of Reallocated Class C
        Principal Collections in accordance with Clause 5.16, the Trust Cash
        Manager will advise the Receivables Trustee as to amounts of Principal
        Collections allocated pursuant to Clauses 5.05(a)(iii), 5.05(b)(iii),
        5.05(c)(iii) and 5.05(d)(iii) notionally by reference to the Series 02-1
        Investor Beneficiary Interest in respect of Class B to apply as
        Reallocated Class B Principal Collections with respect to such Transfer
        Date as follows:

        (i)       an amount equal to the excess, if any, of (i) the Class A
                  Required Amount, if any, with respect to such Transfer Date
                  over (ii) the amount of Excess Spread and Reallocated Class C
                  Principal Collections with respect to the related Monthly
                  Period shall be credited to the Finance Charge Collections
                  Ledger to be applied pursuant to Clauses 5.10(a)(i) to (v) in
                  that order of priority;

(b)     On each Transfer Date the notional amount calculated as the Class B
        Investor Interest shall be reduced by an amount equal to the excess of
        the amount of Reallocated Class B Principal Collections for such
        Transfer Date over the Class C Investor Interest (after giving effect to
        any Class C Investor Charge-Offs for such Transfer Date).

(c)     In the event that the calculation of the amount of Reallocated Class B
        Principal Collections to be re-applied would cause the Class B Investor
        Interest (after giving effect to any Class B Investor Charge-Offs and
        the reduction in the Class C Investor Interest in respect of Reallocated
        Class B Principal Collections for such Transfer Date) to be a negative
        number on any Transfer Date, the amount of Principal Collections to be

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<PAGE>

        re-applied on such Transfer Date shall be an aggregate amount not to
        exceed the amount which would cause the Class B Investor Interest (after
        giving effect to any Class B Investor Charge-Offs for such Transfer
        Date) to be reduced to zero.

5.18    SHARED PRINCIPAL COLLECTIONS

        (a)       The amount of Principal Collections calculated as available to
                  Series 02-1 which are not available to be utilised as Investor
                  Cash Available for [Acquisition] pursuant to the proviso to
                  Clauses 5.05(a)(iv) and 5.05(b)(iv) and are not applied to
                  meet any Class A Monthly Principal Amount, Class B Monthly
                  Principal Amount or Class C Monthly Principal Amount shall be
                  available to be allocated as Shared Principal Collections and
                  shall be identified as such in the Principal Collections
                  Ledger.

        (b)       The portion of Shared Principal Collections to the credit of
                  the Principal Collections Ledger equal to the amount of Shared
                  Principal Collections available to Series 02-1 on any Transfer
                  Date shall be applied as Available Investor Principal
                  Collections pursuant to Clause 5.11 and pursuant to such
                  Clause 5.11 shall be allocated as follows:

                  (i)      first, to the Series 02-1 Beneficiary, for the
                           purposes of calculation treated as referable to Class
                           A, and deposited in the Principal Funding Account
                           during the Controlled Accumulation Period identified
                           for the Series 02-1 Investor Beneficiary in respect
                           of Class A until such time as the amount deposited to
                           the Principal Funding Account identified for the
                           Series 02-1 Investor Beneficiary in respect of Class
                           A is equal to the Class A Investor Interest;

                  (ii)     second, to the Series 02-1 Beneficiary, for the
                           purposes of calculation treated as referable to Class
                           A and credited to the Class A Distribution Ledger
                           during the Regulated Amortisation Period or the Rapid
                           Amortisation Period until such time as the Class A
                           Investor Interest is zero; or

                  (iii)    third, to the Series 02-1 Beneficiary, for the
                           purposes of calculation treated as referable to Class
                           B and deposited in the Principal Funding Account
                           during the Controlled Accumulation Period identified
                           for the Series 02-1 Investor Beneficiary in respect
                           of Class B until such time as the amount deposited to
                           the Principal Funding Account identified for the
                           Series 02-1 Investor Beneficiary in respect of Class
                           B is equal to the Class B Investor Interest;

                  (iv)     fourth, to the Series 02-1 Beneficiary, for the
                           purposes of calculation treated as referable to Class
                           B and credited to the Class B Distribution Ledger
                           during the Regulated Amortisation Period or the Rapid
                           Amortisation Period until such time as the Class B
                           Investor Interest is zero;

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<PAGE>

                  (v)      fifth, to the Series 02-1 Beneficiary, for the
                           purposes of calculation treated as referable to Class
                           C and deposited in the Principal Funding Account
                           during the Controlled Accumulation Period identified
                           for the Series 02-1 Investor Beneficiary in respect
                           of Class C until such time as the amount deposited to
                           the Principal Funding Account identified for the
                           Series 02-1 Investor Beneficiary in respect of Class
                           C is equal to the Class C Investor Interest; and

                  (vi)     sixth, to the Series 02-1 Beneficiary, for the
                           purposes of calculation treated as referable to Class
                           C and credited to the Class C Distribution Ledger
                           during the Regulated Amortisation Period or the Rapid
                           Amortisation Period until such time as the Class C
                           Investor Interest is zero.

        (c)       Shared Principal Collections allocable to Series 02-1 with
                  respect to any Transfer Date shall mean an amount equal to the
                  Series Principal Shortfall, if any, with respect to Series
                  02-1 for such Transfer Date PROVIDED, HOWEVER, that if the
                  aggregate amount of Shared Principal Collections for all
                  Applicable Series for such Transfer Date is less than the
                  Cumulative Series Principal Shortfall for such Transfer Date,
                  then Shared Principal Collections allocable to Series 02-1 on
                  such Transfer Date shall equal the product of (i) Shared
                  Principal Collections for all Applicable Series for such
                  Transfer Date and (ii) a fraction, the numerator of which is
                  the Series Principal Shortfall with respect to Series 02-1 for
                  such Transfer Date and the denominator of which is the
                  aggregate amount of the Cumulative Series Principal Shortfall
                  for all Applicable Series for such Transfer Date.

5.19    SPREAD ACCOUNT

        (a)       (i)      The Receivables Trustee shall establish and maintain
                           with a Qualified Institution, in the name of the
                           Receivables Trustee, for the benefit of the Series
                           02-1 Investor Beneficiary and the Transferor
                           Beneficiary by way of separate trust, an Eligible
                           Deposit Account with such Qualified Institution (the
                           "SPREAD ACCOUNT"), bearing a designation clearly
                           indicating that the funds deposited therein are held
                           on trust for the benefit of the Class C Beneficiary
                           and the Transferor Beneficiary.

                  (ii)     The Receivables Trustee, as trustee of the
                           Receivables Trust, shall possess all legal right,
                           title and interest in all funds on deposit from time
                           to time in the Spread Account and in all proceeds
                           thereof. The Spread Account shall be a Trust Account
                           for the purposes of the Trust and Cash Management
                           Agreement and all amounts deposited therein shall be
                           regarded as being segregated for the benefit of
                           Series 02-1 and allocated to the beneficial
                           entitlement of (A) the Series 02-1 Investor
                           Beneficiary in respect of Class C to the extent of
                           amounts deposited in the Spread Account pursuant to
                           Clause 5.19(a)(iv)(A) and investment earnings
                           credited pursuant to Clause 5.19(b)(iv)(A) less the
                           aggregate of that portion of all Total Withdrawal
                           Amounts withdrawn from time

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                           to time pursuant to Clause 5.19(a)(iv)(B)(1) which
                           utilised amounts will be allocated to the beneficial
                           entitlement of the Series 02-1 Investor Beneficiary
                           in respect of Class C; and (B) the Transferor
                           Beneficiary to the extent of investment earnings on
                           amounts deposited in the Spread Account as calculated
                           pursuant to Clause 5.19(b)(iv)(B).

                  (iii)    If at any time the institution holding the Spread
                           Account ceases to be a Qualified Institution the
                           Trust Cash Manager shall notify the Receivables
                           Trustee, and the Receivables Trustee upon being
                           notified shall, within 10 Business Days, establish
                           (or direct the Trust Cash Manager to establish) a new
                           Spread Account meeting the conditions specified above
                           with a Qualified Institution, and shall transfer any
                           cash or any investments to such new Spread Account.

                  (iv)     The Receivables Trustee, acting on the advice of the
                           Trust Cash Manager, shall:

                           (A)      on each Transfer Date make the deposit, if
                                    any, pursuant to 5.15(k); and

                           (B)      make withdrawals from the Spread Account
                                    from time to time:

                                    (1)      in priority (aa) on each Transfer
                                             Date in the amount up to the
                                             Available Spread Account Amount at
                                             such time for the purposes set out
                                             in Clause 5.15(f), (bb) on the
                                             Class C Release Date, an amount up
                                             to the Available Spread Account
                                             Amount equal to the excess, if any,
                                             of the Class C Debt Amount over the
                                             Class C Investor Interest, and (cc)
                                             on each Transfer Date from and
                                             after the Class C Release Date, an
                                             amount up to the Available Spread
                                             Account Amount equal to the excess,
                                             if any, of the Class C Investor
                                             Default Amount over the amount of
                                             Excess Spread applied to meet the
                                             Class C Investor Default Amount
                                             pursuant to Clause 5.15(h)

                                             (the aggregate of (aa), (bb) and
                                             (cc) constituting  the "TOTAL
                                             WITHDRAWAL AMOUNT"); and

                                    (2)      as required by paragraphs (b), (c)
                                             and (d) of this Clause 5.19.

                  (v)      In the event that, for any Transfer Date, the Total
                           Withdrawal Amount is greater than zero, the Trust
                           Cash Manager shall:

                           (A)      advise the Receivables Trustee in writing,
                                    in substantially the form of Exhibit C to
                                    the Schedule to the Series 02-1 Supplement,
                                    of such Total Withdrawal Amount on or before
                                    11:30 a.m. on such Transfer Date; and

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                           (B)      deposit the amounts to be withdrawn from the
                                    Spread Account as calculated in Clause
                                    5.19(a)(iv)(B)(1) in the Trustee Collection
                                    Account and credit such amounts to the Class
                                    C Distribution Ledger.

                  (vi)     The Receivables Trustee at all times shall maintain
                           accurate records reflecting each transaction in the
                           Spread Account and in any sub-account established
                           therein.

        (b)       (i)      Funds on deposit in the Spread Account shall be
                           invested by the Receivables Trustee in Permitted
                           Investments PROVIDED, HOWEVER, that reference in the
                           definition of Permitted Investments to a rating in
                           the "highest ranking category" shall be modified to
                           require a rating from any one of the following rating
                           agencies of at least [A-2] by Standard & Poor's,
                           [P-2] by Moody's.

                  (ii)     Funds on deposit in the Spread Account on any
                           Transfer Date, after giving effect to any withdrawals
                           from the Spread Account on such Transfer Date, shall
                           be invested in such investments that will mature so
                           that such funds will be available for withdrawal on
                           or prior to the following Transfer Date.

                 (iii)     The Receivables Trustee shall ensure a Qualified
                           Institution maintains, on its behalf, possession of
                           the negotiable instruments or securities, if any,
                           evidencing such Permitted Investments made pursuant
                           to Clause 5.19(b)(i). No Permitted Investment made
                           pursuant to Clause 5.19(b)(i) shall be disposed of
                           prior to its maturity.

                 (iv)      On each Transfer Date, all interest and investment
                           earnings (net of losses and investment expenses)
                           earned during the period immediately preceding such
                           Transfer Date on funds on deposit in the Spread
                           Account shall:

                           (A)      be retained in the Spread Account to the
                                    extent that the Available Spread Account
                                    Amount is less than the Required Spread
                                    Account Amount taking into account any
                                    amounts to be credited on that Transfer Date
                                    pursuant to Clause 5.19(a)(iv)(A); and

                           (B)      to the extent of any amount remaining after
                                    the application in (A) above, be withdrawn
                                    from the Spread Account and paid by the
                                    Receivables Trustee to the Transferor
                                    Beneficiary whereupon such amount shall
                                    cease to be Trust Property and shall be
                                    owned by the Transferor Beneficiary
                                    absolutely.

                  (v)      Subject to the restrictions set out above, the Trust
                           Cash Manager, or a Person designated in writing by
                           the Trust Cash Manager of which the Receivables
                           Trustee shall have received notification thereof,
                           shall have the authority to advise the Receivables
                           Trustee with respect to the

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                           investment of funds on deposit in the Spread Account.
                           For purposes of determining the availability of funds
                           or the balances in the Spread Account for any reason
                           under the Trust and Cash Management Agreement as
                           supplemented by the Supplement, all interest and
                           investment earnings on such funds shall be deemed not
                           to be available or on deposit except to the extent
                           specified in Clause 5.19(b)(iv)(A).

        (c)       In the event that the Spread Account Surplus on any Transfer
                  Date, after giving effect to any deposits to and any
                  withdrawal from the Spread Account on such Transfer Date, is
                  greater than zero, the Receivables Trustee, acting in on the
                  advice of the Trust Cash Manager, shall withdraw from the
                  Spread Account for distribution to the Series 02-1 Investor
                  Beneficiary with respect to Class C, an amount equal to the
                  Spread Account Surplus whereupon such amount shall cease to be
                  Trust Property and shall be owned by the Series 02-1 Investor
                  Beneficiary absolutely.

        (d)       Upon the earlier to occur of (i) the termination of the
                  Receivables Trust pursuant to Clause 8 of the Trust and Cash
                  Management Agreement and (ii) the Series 02-1 Termination
                  Date, the Receivables Trustee, acting on the advice of the
                  Trust Cash Manager and payable from the Spread Account as
                  provided herein, shall withdraw on such date (after taking
                  into account all other deposits and withdrawals in respect of
                  the Spread Account on such date) from the Spread Account all
                  amounts on deposit in the Spread Account and pay them to the
                  Transferor Beneficiary to the extent of its beneficial
                  entitlement in such amounts as calculated pursuant to Clause
                  5.19(b)(iv)B whereupon such amount shall cease to be trust
                  property and shall be owned by the Transferor Beneficiary
                  absolutely.

5.20    PRINCIPAL FUNDING ACCOUNT

        (a)       (i)      The Receivables Trustee shall establish and
                           maintain with a Qualified Institution, in the name of
                           the Receivables Trustee, for the benefit of the
                           Series 02-1 Investor Beneficiary and the Transferor
                           Beneficiary, by way of separate trust, a Trust
                           Account with such Qualified Institution (the
                           "PRINCIPAL FUNDING ACCOUNT"), bearing a designation
                           clearly indicating that the funds deposited therein
                           are held on trust for the benefit of the Series 02-1
                           Investor Beneficiary and the Transferor Beneficiary.

                  (ii)     The Receivables Trustee, as trustee of the
                           Receivables Trust, shall possess all legal right,
                           title and interest in all funds on deposit from time
                           to time in the Principal Funding Account and in all
                           proceeds thereof. The Principal Funding Account shall
                           be a Trust Account for the purposes of the Trust and
                           Cash Management Agreement and amounts deposited
                           therein shall be allocated to the beneficial
                           entitlement of Beneficiaries as follows:

                           (A)      all amounts deposited therein pursuant to
                                    Clause 5.11(b)(i) shall be allocated to the
                                    Series 02-1 Beneficiary for the purposes of

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                                    calculation treated as referable to Class A
                                    and regarded as being segregated for the
                                    benefit of Class A;

                           (B)      all amounts deposited therein pursuant to
                                    Clause 5.11(b)(iii) shall be allocated to
                                    the Series 02-1 Beneficiary for the purposes
                                    of calculation treated as referable to Class
                                    B and regarded as being segregated for the
                                    benefit of Class B;

                           (C)      all amounts deposited therein pursuant to
                                    Clause 5.11(b)(v) shall be allocated to the
                                    Series 02-1 Beneficiary for the purposes of
                                    calculation treated as referable to Class C
                                    and regarded as being segregated for the
                                    benefit of the Series 02-1 Investor
                                    Beneficiary in respect of Class C; and

                           (D)      all amounts deposited therein which
                                    represent Excess Principal Funding
                                    Investment Proceeds on any Transfer Date
                                    shall be allocated to the Transferor
                                    Beneficiary PROVIDED, HOWEVER, that for the
                                    avoidance of doubt any Principal Funding
                                    Investment Proceeds which are not Excess
                                    Principal Funding Investment Proceeds shall
                                    be allocated to the Investor Beneficiary.

                  (iii)    If at any time the institution holding the Principal
                           Funding Account ceases to be a Qualified Institution
                           the Trust Cash Manager shall notify the Receivables
                           Trustee, and the Receivables Trustee upon being
                           notified shall, within 10 Business Days, establish
                           (or direct the Trust Cash Manager to establish) a new
                           Principal Funding Account meeting the conditions
                           specified above with a Qualified Institution, and
                           shall transfer any cash or any investments to such
                           new Principal Funding Account.

                  (iv)     The Receivables Trustee, acting on the advice of the
                           Trust Cash Manager, shall (i) make withdrawals from
                           the Principal Funding Account from time to time, in
                           the amounts and for the purposes set out in this
                           Supplement, and (ii) on each Transfer Date (from and
                           after the commencement of the Controlled Accumulation
                           Period) prior to termination of the Principal Funding
                           Account make deposits into the Principal Funding
                           Account in the amount specified in, and otherwise in
                           accordance with, Clause 5.11(b)(i), Clause
                           5.11(b)(iii) and Clause 5.11(b)(v).

                  (v)      The Receivables Trustee at all times shall maintain
                           accurate records reflecting each transaction in the
                           Principal Funding Account and in any sub-account
                           established therein and amounts allocated to and
                           identified for the Series 02-1 Investor Beneficiary
                           in respect of Class A, Class B and Class C,
                           respectively.

        (b)       (i)      Funds on deposit in the Principal  Funding  Account
                           shall be invested at the direction of the Trust Cash
                           Manager by the Receivables Trustee in Permitted
                           Investments. Funds on deposit in the Principal
                           Funding

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                           Account on any Transfer Date, after giving effect to
                           any withdrawals from the Principal Funding Account on
                           such Transfer Date, shall be invested in such
                           investments that will mature so that such funds will
                           be available for withdrawal on or prior to the
                           following Transfer Date.

                  (ii)     The Receivables Trustee shall ensure a Qualified
                           Institution maintains, on its behalf, possession of
                           the negotiable instruments or securities, if any,
                           evidencing such Permitted Investments. No Permitted
                           Investment shall be disposed of prior to its
                           maturity.

                  (iii)    On the Transfer Date occurring in the month following
                           the commencement of the Controlled Accumulation
                           Period and on each Transfer Date thereafter with
                           respect to the Controlled Accumulation Period, the
                           Receivables Trustee, acting on the advice of the
                           Trust Cash Manager given on or before such Transfer
                           Date, shall transfer from the Principal Funding
                           Account to the Trustee Collection Account to the
                           credit of the Finance Charge Collections Ledger the
                           Principal Funding Investment Proceeds on deposit in
                           the Principal Funding Account allocated to the Series
                           02-1 Beneficiary and for the purposes of calculation
                           treated or referable to Class A, but not in excess of
                           the Class A Covered Amount, for application as Class
                           A Available Funds applied pursuant to Clause 5.10(a);

                  (iv)     An amount equal to any Principal Funding Investment
                           Shortfall will be deposited in the Finance Charge
                           Collections Ledger and included in Class A Available
                           Funds on each Transfer Date from the Reserve Account
                           to the extent funds are available pursuant to Clause
                           5.22(d).

                  (v)      Any Excess Principal Funding Investment Proceeds
                           shall be paid to the Transferor Beneficiary on each
                           Transfer Date whereupon such amount shall cease to be
                           Trust Property and shall be owned by the Transferor
                           Beneficiary absolutely.

                  (vi)     Principal Funding Investment Proceeds (including
                           reinvested interest) shall not be considered part of
                           the amounts on deposit in the Principal Funding
                           Account for purposes of the calculation made pursuant
                           to this Supplement.

5.21    DISTRIBUTION LEDGERS

        (a)       (i)      The Receivables Trustee shall establish a ledger in
                           the Trustee Collection Account entitled "CLASS A
                           DISTRIBUTION LEDGER" and shall credit amounts payable
                           to such ledger pursuant to Clause 5.10(a)(ii) and
                           Clause 5.10(a)(iii) and Clause 5.11(b)(ii) and debit
                           such amounts payable from such ledger pursuant to
                           Clause 5.11(c)(ii) and Clause 5.12(a)(i) and
                           generally operate such ledger in accordance with the
                           provisions of the Trust and Cash Management
                           Agreement.

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<PAGE>

                  (ii)     All amounts credited to the Class A Distribution
                           Ledger shall be allocated to the Series 02-1
                           Beneficiary for the purposes of calculation treated
                           as referable to Class A and regarded as being
                           segregated for the benefit of the Series 02-1
                           Investor Beneficiary in respect of Class A.

                  (iii)    The Receivables Trustee at all times shall maintain
                           accurate records reflecting each transaction in the
                           Class A Distribution Ledger.

        (b)       (i)      The Receivables Trustee shall establish a ledger in
                           the Trustee Collection Account entitled "CLASS B
                           DISTRIBUTION LEDGER" and shall credit amounts payable
                           to such ledger pursuant to Clause 5.10(b)(ii) and
                           Clause 5.11(b)(iv) and debit such amounts payable
                           from such ledger pursuant to Clause 5.11(d)(ii) and
                           Clause 5.12(a)(ii) and generally operate such ledger
                           in accordance with the provisions of the Trust and
                           Cash Management Agreement.

                  (ii)     All amounts credited to the Class B Distribution
                           Ledger shall be allocated to the Series 02-1
                           Beneficiary for the purposes of calculation treated
                           as referable to Class B and regarded as being
                           segregated for the benefit of the Series 02-1
                           Investor Beneficiary in respect of Class B.

                  (iii)    The Receivables Trustee at all times shall maintain
                           accurate records reflecting each transaction in the
                           Class B Distribution Ledger.

        (c)       (i)      The Receivables Trustee shall establish a ledger in
                           the Trustee Collection Account entitled "CLASS C
                           DISTRIBUTION LEDGER" and shall credit amounts payable
                           to such ledger pursuant to Clause 5.11(b)(vi), Clause
                           5.15(f) and Clause 5.19(a)(v)(B)(1) and debit such
                           amounts payable from such ledger pursuant to Clause
                           5.11(e)(ii) and Clause 5.12(a)(iii) and generally
                           operate such ledger in accordance with the provisions
                           of the Trust and Cash Management Agreement.

                  (ii)     All amounts credited to the Class C Distribution
                           Ledger shall be allocated to the Series 02-1
                           Beneficiary for the purposes of calculation treated
                           as referable to Class C and regarded as being
                           segregated for the benefit of the Series 02-1
                           Investor Beneficiary in respect of Class C.

                  (iii)    The Receivables Trustee at all times shall maintain
                           accurate records reflecting each transaction in the
                           Class C Distribution Ledger.

5.22     RESERVE ACCOUNT

        (a)       (i)      The Receivables Trustee shall establish and maintain
                           with a Qualified Institution, in the name of the
                           Receivables Trustee, for the benefit of the Series
                           02-1 Investor Beneficiary, by way of separate trust,
                           a Trust Account with such Qualified Institution (the
                           "RESERVE ACCOUNT"), bearing a designation clearly
                           indicating that the funds deposited therein are held
                           on trust for the benefit of the Series 02-1 Investor
                           Beneficiary. All amounts deposited in and withdrawn
                           from the Reserve Account will for the purposes of
                           calculation be treated as referable to Class A.

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                  (ii)     The Receivables Trustee, as trustee of the
                           Receivables Trust, shall possess all legal right,
                           title and interest in all funds on deposit from time
                           to time in the Reserve Account and in all proceeds
                           thereof. The Reserve Account shall be a Trust Account
                           for the purposes of the Trust and Cash Management
                           Agreement and all amounts deposited therein and all
                           investment earnings thereon shall be allocated to the
                           Series 02-1 Investor Beneficiary and regarded as
                           being segregated for the benefit of Series 02-1.

                  (iii)    If at any time the institution holding the Reserve
                           Account ceases to be a Qualified Institution the
                           Trust Cash Manager shall notify the Receivables
                           Trustee, and the Receivables Trustee upon being
                           notified shall, within 10 Business Days, establish
                           (or direct the Trust Cash Manager to establish) a new
                           Reserve Account meeting the conditions specified
                           above with a Qualified Institution, and shall
                           transfer any cash or any investments to such new
                           Reserve Account.

                  (iv)     The Receivables Trustee, acting on the advice of the
                           Trust Cash Manager, shall (i) make withdrawals from
                           the Reserve Account from time to time in an amount up
                           to the Available Reserve Account Amount at such time,
                           for the purposes set out in this Supplement, and (ii)
                           on each Transfer Date (from and after the Reserve
                           Account Funding Date) prior to termination of the
                           Reserve Account make a deposit into the Reserve
                           Account in the amount specified in, and otherwise in
                           accordance with, Clause 5.15(j).

                  (v)      The Receivables Trustee at all times shall maintain
                           accurate records reflecting each transaction in the
                           Reserve Account and in any sub-account established
                           therein.

        (b)       (i)      Funds on deposit in the Reserve Account shall be
                           invested acting on the advice of the Trust Cash
                           Manager by the Receivables Trustee in Permitted
                           Investments. Funds on deposit in the Reserve Account
                           on any Transfer Date, after giving effect to any
                           withdrawals from the Reserve Account on such Transfer
                           Date, shall be invested in such investments that will
                           mature so that such funds will be available for
                           withdrawal on or prior to the following Transfer
                           Date.

                  (ii)     The Receivables Trustee shall ensure a Qualified
                           Institution maintains possession, on its behalf, of
                           the negotiable instruments or securities, if any,
                           evidencing such Permitted Investments. No Permitted
                           Investment shall be disposed of prior to its
                           maturity.

                  (iii)    On each Transfer Date, interest and earnings (net of
                           losses and investment expenses) accrued since the
                           preceding Transfer Date on funds on deposit in the
                           Reserve Account shall be retained in the Reserve
                           Account (to the extent that the Available Reserve
                           Account Amount is less than the Required Reserve
                           Amount) and the balance, if any, shall be deposited
                           in the Trustee Collection Account and credited

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                           to the Finance Charge Collections Ledger for
                           application as Class A Available Funds on such
                           Transfer Date.

                  (iv)     For the purpose of determining the availability of
                           funds or the balance in the Reserve Account for any
                           reason under this Supplement, except as otherwise
                           provided in the preceding sentence, investment
                           earnings on such funds shall be deemed not to be
                           available or on deposit.

        (c)       On or before each Transfer Date with respect to the Controlled
                  Accumulation Period prior to the payment in full of the
                  Investor Interest and on the first Transfer Date for the
                  Regulated Amortisation Period or the Rapid Amortisation Period
                  the Receivables Trustee shall calculate the "RESERVE DRAW
                  AMOUNT" which shall be equal to the Principal Funding
                  Investment Shortfall with respect to each Transfer Date with
                  respect to the Controlled Accumulation Period or the first
                  Transfer Date for the earlier of the Regulated Amortisation
                  Period and the Rapid Amortisation Period PROVIDED, HOWEVER,
                  that such amount will be reduced to the extent that funds
                  otherwise would be available for deposit in the Reserve
                  Account under Clause 5.15(j) with respect to such Transfer
                  Date.

        (d)       In the event that for any Transfer Date the Reserve Draw
                  Amount is greater than zero, the Reserve Draw Amount, up to
                  the Available Reserve Account Amount, shall be withdrawn from
                  the Reserve Account on such Transfer Date by the Receivables
                  Trustee, acting in accordance with the advice of the Trust
                  Cash Manager, deposited in the Trustee Collection Account and
                  credited to the Finance Charge Collections Ledger and included
                  in Class A Available Funds for such Transfer Date;

        (e)       In the event that the Reserve Account Surplus on any Transfer
                  Date, after giving effect to all deposits to and withdrawals
                  from the Reserve Account with respect to such Transfer Date,
                  is greater than zero, the Receivables Trustee, acting on the
                  advice of the Trust Cash Manager, shall withdraw from the
                  Reserve Account, and pay to the Series 02-1 Investor
                  Beneficiary an amount equal to such Reserve Account Surplus.

        (f)       Upon the earliest to occur of:

                  (i)      the termination of the Receivables Trust pursuant to
                           Clause 6.3 or Clause 8;

                  (ii)     the first Transfer Date for the Regulated
                           Amortisation Period or the Rapid Amortisation Period;
                           and

                  (iii)    the Transfer Date immediately preceding the Series
                           02-1 Scheduled Redemption Date,

                  the Receivables Trustee, acting on the advice of the Trust
                  Cash Manager, after the prior payment of all amounts due to
                  the Series 02-1 Investor Beneficiary, that are payable from
                  the Reserve Account as provided herein, shall withdraw from
                  the Reserve Account and pay to the Series 02-1 Investor
                  Beneficiary all amounts, any remaining amounts, on deposit in
                  the Reserve Account and the

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                  Reserve Account shall be deemed to have terminated for the
                  purposes of the Series 02-1 Supplement.

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                                     PART 6

                        MONTHLY STATEMENT TO SERIES 02-1

MONTHLY STATEMENT TO SERIES 02-1

On or before each Distribution Date, the Receivables Trustee shall forward to
the Series 02-1 Investor Beneficiary and each Rating Agency a statement
substantially in the form of Exhibit B to the Schedule prepared by the Servicer,
delivered to the Receivables Trustee and setting forth, among other things, the
following information:

(i)     the total amount distributed;

(ii)    the amount of such distribution allocable to the Class A Monthly
        Principal Amount, Class B Monthly Principal Amount and Class C Monthly
        Principal Amount, respectively;

(iii)   the amount of such distribution allocable to Class A Trustee Payment,
        MTN Issuer Costs Amount, Class A Monthly Finance Amount, Class A
        Deficiency Amounts, Class A Additional Finance Amount, Class B Trustee
        Payment, Class B Monthly Finance Amount, Class B Deficiency Amounts,
        Class B Additional Finance Amount, Class C Trustee Payment, Class C
        Monthly Finance Amount, Class C Deficiency Amounts, Class C Additional
        Finance Amount respectively;

(iv)    the amount of Principal Collections processed during the related Monthly
        Period and allocated to the Series 02-1 Beneficiary Interest for the
        purposes of calculation treated as referable to Class A, Class B and
        Class C, respectively;

(v)     the amount of Finance Charge Collections processed during the related
        Monthly Period and allocated to the Series 02-1 Beneficiary Interest for
        the purposes of calculation treated as referable to Class A, Class B and
        Class C, respectively;

(vi)    the amount of Acquired Interchange allocable to Series 02-1 deposited in
        the Trustee Collection Account in respect of the related Monthly Period;

(vii)   the aggregate amount of Principal Receivables, the Investor Interest,
        the Adjusted Investor Interest, the Class A Investor Interest, the Class
        A Adjusted Investor Interest, the Class B Investor Interest, the Class B
        Adjusted Investor Interest, the Class C Investor Interest, the Class C
        Adjusted Investor Interest, the Floating Investor Percentage, the Class
        A Floating Allocation, the Class B Floating Allocation, the Class C
        Floating Allocation and the Fixed Investor Percentage, Class A Fixed
        Allocation, the Class B Fixed Allocation and the Class C Fixed
        Allocation with respect to the Principal Receivables in the Receivables
        Trust as of the end of the day on the Record Date;

(viii)  the aggregate outstanding balance of Accounts which were 30 to 59, 60 to
        89, 90 to 119, 120 to 149 and 150 or more days delinquent as of the end
        of the day on the Record Date;

(ix)    the Aggregate Investor Default Amount, the Class A Investor Default
        Amount, the Class B Investor Default Amount and the Class C Investor
        Default Amount for the related Monthly Period;

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(x)     the aggregate amount of Class A Investor Charge-Offs, Class B Investor
        Charge-Offs and Class C Investor Charge-Offs for the related Monthly
        Period;

(xi)    the aggregate amount of Class A Investor Charge-Offs, Class B Investor
        Charge-Offs and Class C Investor Charge-Offs reimbursed on the Transfer
        Date immediately preceding such Distribution Date;

(xii)   the amount of (1) the Class A Servicing Fee and Class A Cash Management
        Fee; (2) the Class B Servicing Fee and Class B Cash Management Fee; and
        (3) the Class C Servicing Fee and Class C Cash Management Fee, in each
        case for the related Monthly Period;

(xiii)  the Portfolio Yield for the preceding Monthly Period;

(xiv)   the amount of Reallocated Class C Principal Collections and Reallocated
        Class B Principal Collections with respect to such Distribution Date;

(xv)    the Available Spread Account Amount and the Required Spread Account
        Amount as of the close of business on the Transfer Date immediately
        preceding such Distribution Date;

(xvi)   the Principal Funding Account Balance as of the close of business on the
        Transfer Date immediately preceding such Distribution Date and as such
        amount allocated to the Series 02-1 Beneficiary Interest for the
        purposes of calculation treated as referable to Class A, Class B and
        Class C;

(xvii)  the Controlled Accumulation Shortfall;

(xviii) the Principal Funding Investment Proceeds transferred to the Finance
        Charge Collections Ledger on the related Transfer Date;

(xix)   the Principal Funding Investment Shortfall on the related Transfer Date;

(xx)    the amount of Class A Available Funds, Class B Available Funds and Class
        C Available Funds credited to the Finance Charge Collections Ledger on
        the related Transfer Date; and

(xxi)   such other items as are set out in Exhibit B to this Schedule.

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                                     PART 7

                           SERIES 02-1 PAY OUT EVENTS

SERIES 02-1 PAY OUT EVENTS

For the purposes of Clause 6.2 of the Trust and Cash Management Agreement, if
any one of the following events shall occur with respect to Series 02-1:

(a)     failure on the part of the Transferor (i) to make any payment or deposit
        required by the terms of the RSA, on or before the date occurring five
        Business Days after the date such payment or deposit is required to be
        made herein or (ii) duly to observe or perform in any material respect
        any covenants or agreements of the Transferor set out in the RSA or the
        Series 02-1 Supplement, which failure has a Material Adverse Effect on
        the interests of the Series 02-1 Investor Beneficiary in respect of
        Series 02-1 and which continues unremedied for a period of 60 days after
        the date on which written notice of such failure, requiring the same to
        be remedied, shall have been given to the Transferor by the Receivables
        Trustee, or to the Transferor and the Receivables Trustee by the
        Investor Beneficiary acting on instructions of holders of Related Debt
        representing in aggregate not less than 50% of the aggregate principal
        amount outstanding of Related Debt then in issue and outstanding in
        respect of Series 02-1, and which unremedied continues during such 60
        day period to have a Material Adverse Effect on the interests of the
        Investor Beneficiary (in respect of Series 02-1) for such period;

(b)     any representation or warranty made by the Transferor in the RSA or the
        Series 02-1 Supplement, or any information contained in a computer file
        or microfiche list required to be delivered by the Transferor pursuant
        to the RSA, (i) shall prove to have been incorrect in any material
        respect when made or when delivered, which continues to be incorrect in
        any material respect for a period of 60 days after the date on which
        written notice of such failure, requiring the same to be remedied, shall
        have been given to the Transferor by the Receivables Trustee, or to the
        Transferor and the Receivables Trustee by the MTN Issuer acting on the
        instructions of holders of not less than 50% of the aggregate principal
        amount outstanding of Related Debt then in issue and outstanding in
        respect of Series 02-1, and (ii) as a result of which there is a
        Material Adverse Effect on the interests of the MTN Issuer (in respect
        of Series 02-1) and which unremedied continues during such 60 day period
        to have a Material Adverse Effect for such period; PROVIDED, HOWEVER,
        that a Series 02-1 Pay Out Event pursuant to this paragraph (b) of Part
        7 of the Series 02-1 Supplement shall not be deemed to have occurred
        hereunder if the Transferor has complied with its obligations pursuant
        to Clause 11 of the RSA, in respect of the related Receivable, or all of
        such Receivables, if applicable, during such period in accordance with
        the provisions of the RSA;

(c)     the average Portfolio Yield for any three consecutive Monthly Periods is
        less than the average Expense Rate for such period or with respect to
        the period from the Closing Date to the end of the third monthly period
        from the Closing Date, the average Portfolio Yield is less than the
        average Expense Rate for that period;

                                     - 96 -

<PAGE>

(d)     either:

        (i)       over any period of thirty consecutive days the amount of the
                  Transferor Interest averaged over that period is less than the
                  Minimum Transferor Interest for that period and the Transferor
                  Interest does not increase on or before the tenth Business Day
                  following such thirty day period to an amount such that the
                  average of the Transferor Interest as a percentage of the
                  Average Principal Receivables for such thirty day period,
                  computed by assuming that the amount of the increase of the
                  Transferor Interest prior to or including the last day of such
                  ten Business Day period, as compared to the Transferor
                  Interest on the last day of such thirty day period shall be
                  deemed to have existed in the Receivables Trust during each
                  day of such thirty day period, is at least equal to the
                  Minimum Transferor Interest; or

        (ii)      on any Record Date the aggregate amount of Eligible
                  Receivables is less than the Minimum Aggregate Principal
                  Receivables (as adjusted for any Series having a Companion
                  Series as described in the Supplement for such Series), and
                  the aggregate amount of Eligible Receivables fails to increase
                  to an amount equal to or greater than the Minimum Aggregate
                  Principal Receivables on or before the tenth Business Day
                  following such Record Date;

(e)     any Servicer Default or Trust Cash Manager Default shall occur which
        would have a Material Adverse Effect on the MTN Issuer (in respect of
        Series 02-1);

(f)     the Investor Interest shall not be reduced to zero on the Series 02-1
        Scheduled Redemption Date;

(g)     an early termination, without replacement, of any Swap Agreement shall
        occur; or

(h)     the MTN Issuer has or will become obligated to deduct or withhold
        amounts from payments to be made in respect of the Related Debt on any
        Distribution Date, for or on account of any tax assessment or other
        governmental charge by any jurisdiction as a result of any change in the
        laws of such jurisdiction or any political subdivision or taxing
        authority thereof which change becomes effective on or after the Closing
        Date

then, in the case of any event described in paragraphs (a), (b) or (e) above
after the applicable grace period set out in such subparagraphs (if any), either
the Receivables Trustee or the Investor Beneficiary by notice then given in
writing to the Transferor, the Trust Cash Manager and the Servicer (and to the
Receivables Trustee if given by the Investor Beneficiary) may declare that a pay
out event (a, "SERIES 02-1 PAY OUT EVENT") has occurred as of the date of such
notice, and in the case of any event described in paragraphs (c), (d), (f), (g)
or (h) above, a Series 02-1 Pay Out Event shall occur without any notice or
other action on the part of the Receivables Trustee or the MTN Issuer
immediately upon the occurrence of such event.

A Series Pay Out Event which occurs in respect of paragraphs (c) or (d) is a
"REGULATED AMORTISATION TRIGGER EVENT" for Series 02-1.

                                     - 97 -

<PAGE>

                            EXHIBITS TO THE SCHEDULE

                         EXHIBIT A-1 FORM OF CERTIFICATE

                     GRACECHURCH RECEIVABLES TRUSTEE LIMITED
              (INCORPORATED IN JERSEY WITH REGISTERED NUMBER 75210)

              [THIS CERTIFICATE SHALL BE AUTHENTICATED AND RETAINED
                           OUTSIDE THE UNITED KINGDOM]

                                RECEIVABLES TRUST
                                   CERTIFICATE
                                   SERIES 02-1

Evidencing an undivided interest and other interests in the trust constituted by
the Declaration of Trust and Trust Cash Management Agreement dated 23 November
1999 between Gracechurch Receivables Trustee Limited and Barclays Bank PLC (the
"TRUST AND CASH MANAGEMENT AGREEMENT") and supplemented by the Series 02-1
Supplement dated [___] 2002 to the Trust and Cash Management Agreement (the
"SUPPLEMENT")

            NOT AN INTEREST IN OR OBLIGATION OF BARCLAYS BANK PLC OR

                             ANY AFFILIATE THEREOF.

This Certificate certifies that upon execution and authentication of this
Certificate in accordance with Clause 4 of the Trust and Cash Management
Agreement, Barclaycard Funding PLC, as holder of the Certificate became a
Beneficiary of the Receivables Trust and as such is beneficially entitled to
Trust Property in the amount and in the manner set out in the Trust and Cash
Management Agreement as supplemented by the Supplement.

Terms defined in the Master Definitions Schedule dated 23 November 1999 and in
the Supplement shall have the same meaning in this Certificate.

PLEASE NOTE THE FOLLOWING:

1.      The Certificate is in registered form and evidences the beneficial
        entitlement of Barclaycard Funding PLC in the Receivables Trust.

2.      No transfer of this Certificate or Disposal of the beneficial
        entitlement of Barclaycard Funding PLC in the Receivables Trust shall be
        permitted except in accordance with Clauses 3.7(a)(iii) and 4.2(a)(ii)
        of the Trust and Cash Management Agreement.

3.      The entries in the Trust Certificate Register shall be conclusive in the
        absence of manifest error and the Trust Cash Manager and the Receivables
        Trustee shall be entitled to treat Barclaycard Funding PLC (as the
        Person in whose name this Certificate is registered) as the owner hereof
        and the Person beneficially entitled to Trust Property as a consequence
        thereof.

                                     - 98 -

<PAGE>

4.      Unless the Certificate of Authentication hereon has been executed by or
        on behalf of the Receivables Trustee by manual signature, Barclaycard
        Funding PLC shall not become beneficially entitled to Trust Property
        pursuant to an [Acquisition] as the holder of this Certificate and shall
        not be registered in the Trust Certificate Register as holder of this
        Certificate.

IN WITNESS WHEREOF, Barclays Bank PLC has executed this Certificate as a deed.

BARCLAYS BANK PLC

By:

         Name:

         Title:

Date:    [___]

CERTIFICATE OF AUTHENTICATION

This is the Certificate referred to in the above mentioned Trust and Cash
Management Agreement and Supplement.

GRACECHURCH RECEIVABLES TRUSTEE LIMITED

By:

         Name:

         Title:

Date:    [___]

                                     - 99 -

<PAGE>

                       EXHIBIT A FORM OF MONTHLY STATEMENT

                            FORM OF MONTHLY STATEMENT

                                   SERIES 02-1

                                BARCLAYS BANK PLC

                              AS TRUST CASH MANAGER

                       ----------------------------------

                                RECEIVABLES TRUST

                              MONTHLY PERIOD ENDING

                        ---------------------------------

Capitalised terms used in this Statement have their respective meanings set out
in the Trust and Cash Management Agreement dated 23 November 1999 as
supplemented by the Series 02-1 Supplement dated [___] 2002.

A.      INFORMATION REGARDING THE CURRENT MONTHLY DISTRIBUTION

1.      The total distribution in respect of Class A Monthly    [pound]________
        Principal Amount

2.      The total distribution in respect of Class B Monthly    [pound]________
        Principal Amount

3.      The total distribution in respect of Class C Monthly    [pound]________
        Principal Amount

4.      The total amount of distribution from the Class A       [pound]________
        Distribution Ledger (deposited pursuant to Clause
        5.10(a)(iii)

5.      The total amount of distribution from the Class B       [pound]________
        Distribution Ledger (deposited pursuant to Clause
        5.10(b)(ii))

6.      The total amount of distribution from the Class C       [pound]________
        Distribution Ledger (deposited pursuant to Clause
        5.15(f))

7.      The total amount of distribution in respect of the      [pound]________
        Class A Trustee Payment Amount for the related
        Monthly Period

8.      The total amount of distribution in respect of any      [pound]________
        Class A Trustee Payment Amount remaining unpaid
        in respect of prior Monthly Periods

                                     - 100 -

<PAGE>

9.      The total amount of distribution in respect of the      [pound]________
        Class B Trustee Payment Amount for the related
        Monthly Period

10.     The total amount of distribution in respect of any      [pound]________
        Class B Trustee Payment Amount remaining unpaid
        in respect of prior Monthly Periods

11.     The total amount of distribution in respect of the      [pound]________
        Class C Trustee Payment Amount for the related
        Monthly Period

12.     The total amount of distribution in respect of any      [pound]________
        Class C Trustee Payment Amount remaining unpaid
        in respect of prior Monthly Periods

13.     The total amount of distribution in respect of the      [pound]________
        MTN Issuer Costs Amount for the related Monthly
        Period

B.      INFORMATION REGARDING THE CURRENT MONTHLY DISTRIBUTION FOR DISTRIBUTION
        DATES DURING THE REVOLVING PERIOD, [THE CONTROLLED ACCUMULATION PERIOD
        AND REGULATED AMORTISATION PERIOD ONLY]

1.      The amount of the distribution in respect of the        [pound]________
        Class A Monthly Finance Amount

2.      The amount of the distribution in respect of the        [pound]________
        Class B Monthly Finance Amount

3.      The amount of the distribution in respect of the        [pound]________
        Class C Monthly Finance Amount

C.      INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES TRUST

1.      PRINCIPAL COLLECTIONS

        (a)       The aggregate amount of Principal             [pound]________
                  Collections processed during the related
                  Monthly Period which were allocable in
                  respect of Class A

        (b)       The aggregate amount of Principal             [pound]________
                  Collections processed during the related
                  Monthly Period which were allocable in
                  respect of Class B

        (c)       The aggregate amount of Principal             [pound]________

                                     - 101 -

<PAGE>

                  Collections processed during the related
                  Monthly Period which were allocable in
                  respect of Class C

2.      PRINCIPAL RECEIVABLES IN THE RECEIVABLES TRUST

        (a)       The aggregate amount of Principal             [pound]________
                  Receivables which are Eligible Receivables
                  in the Receivables Trust as of the end of
                  the day on the last day of the related
                  Monthly Period (the last day of the month)

        (b)       The amount of Principal Receivables which     [pound]________
                  are Eligible Receivables in the Receivables
                  Trust represented by the Investor Interest of
                  Series 02-1 as of the last day of the related
                  Monthly Period (the last day of the month)

        (c)       The amount of Principal Receivables which     [pound]________
                  are Eligible Receivables in the Receivables
                  Trust represented by the Adjusted Investor
                  Interest of Series 02-1 as of the last day of
                  the related Monthly Period (the last day of
                  the month)

        (d)       The amount of Principal Receivables which     [pound]________
                  are Eligible Receivables in the Receivables
                  Trust represented by the Class A Investor
                  Interest as of the last day of the related
                  Monthly Period (the last day of the month)

        (e)       The amount of Principal Receivables which     [pound]________
                  are Eligible Receivables in the Receivables
                  Trust represented by the Class A Adjusted
                  Investor Interest as of the last day of the
                  related Monthly Period (the last day of the
                  month)

        (f)       The amount of Principal Receivables which     [pound]________
                  are Eligible Receivables in the Receivables
                  Trust represented by the Class B Investor
                  Interest as of the last day of the related
                  Monthly Period (the last day of the month)

        (g)       The amount of Principal Receivables which     [pound]________
                  are Eligible Receivables in the Receivables
                  Trust represented by the Class B Adjusted
                  Investor Interest as of the last day of the
                  related Monthly Period (the last day of the
                  month)

                                     - 102 -

<PAGE>

        (h)       The amount of Principal Receivables which     [pound]________
                  are Eligible Receivables in the Receivables
                  Trust represented by the Class C Investor
                  Interest as of the last day of the related
                  Monthly Period (the last day of the month)

        (i)       The amount of Principal Receivables which     [pound]________
                  are Eligible Receivables in the Receivables
                  Trust represented by the Class C Adjusted
                  Investor Interest as of the last day of the
                  related Monthly Period (the last day of the
                  month)

        (j)       The Floating Investor Percentage with           ________%
                  respect to the related Monthly Period

        (k)       The Class A Floating Allocation with            ________%
                  respect to the related Monthly Period

        (l)       The Class B Floating Allocation with            ________%
                  respect to the related Monthly Period

        (m)       The Class C Floating Allocation with            ________%
                  respect to the related Monthly Period

        (n)       The Fixed Investor Percentage with respect      ________%
                  to the related Monthly Period

        (o)       The Class A Fixed Allocation with respect       ________%
                  to the related Monthly Period

        (p)       The Class B Fixed Allocation with respect       ________%
                  to the related Monthly Period

        (q)       The Class C Fixed Allocation with respect       ________%
                  to the related Monthly Period

3.      DELINQUENT BALANCES

        The aggregate amount of outstanding balances in the Accounts which were
        delinquent as of the end of the day on the last day of the related
        Monthly Period:

                                     - 103 -

<PAGE>

<TABLE>
<CAPTION>
========== ================================ ===================== ======================
                                                  Aggregate             Percentage
                                                   Account               Of Total
                                                   Balance         Receivables in Trust
---------- -------------------------------- --------------------- ----------------------
 <S>        <C>                                <C>                      <C>
 (a)        30 - 59 days:                      [pound]________          ________%
---------- -------------------------------- --------------------- ----------------------
 (b)        60 - 89 days:                      [pound]________          ________%
---------- -------------------------------- --------------------- ----------------------
 (c)        90 - 119 days:                     [pound]________          ________%
---------- -------------------------------- --------------------- ----------------------
 (d)        120 - 149 days:                    [pound]________          ________%
---------- -------------------------------- --------------------- ----------------------
 (e)        150 - or more days                 [pound]________          ________%
---------- -------------------------------- --------------------- ----------------------
                                     Total     [pound]________          ________%
========== ================================ ===================== ======================
</TABLE>

4.      INVESTOR DEFAULT AMOUNT

        (a)       The Aggregate Investor Default Amount         [pound]________
                  for the related Monthly Period

        (b)       The Class A Investor Default Amount for       [pound]________
                  the related Monthly Period

        (c)       The Class B Investor Default Amount for       [pound]________
                  the related Monthly Period

        (d)       The Class C Investor Default Amount for       [pound]________
                  the related Monthly Period

5.      INVESTOR CHARGE-OFFS                                    [pound]________

        (a)       The aggregate amount of Class A Investor      [pound]________
                  Charge-Offs for the related Monthly Period

        (b)       The aggregate amount of Class B Investor      [pound]________
                  Charge-Offs for the related Monthly period

        (c)       The aggregate amount of Class C Investor      [pound]________
                  Charge-Offs for the related Monthly period

        (d)       The aggregate amount of Class A Investor      [pound]________
                  Charge-Offs reinstated on the related
                  Transfer Date

        (e)       The aggregate amount of Class B Investor      [pound]________
                  Charge-Offs reinstated on the related
                  Transfer Date

        (f)       The aggregate amount of Class C Investor      [pound]________
                  Charge-Offs reinstated on the related
                  Transfer Date

6.      INVESTOR SERVICING FEE

        (a)       The amount of the Class A Servicing Fee       [pound]________
                  payable to the Servicer for the related
                  Monthly Period

                                     - 104 -

<PAGE>

        (b)       The amount of the Class B Servicing Fee       [pound]________
                  payable to the Servicer for the related
                  Monthly Period

        (c)       The amount of the Class C Servicing Fee       [pound]________
                  payable to the Servicer for the related
                  Monthly Period

7.      INVESTOR CASH MANAGEMENT FEE

        (a)       The amount of the Class A Cash                [pound]________
                  Management Fee payable by the
                  Receivables Trustee to the Trust Cash
                  Manager for the related Monthly Period

        (b)       The amount of the Class B Cash                [pound]________
                  Management Fee payable by the
                  Receivables Trustee to the Trust Cash
                  Manager for the related Monthly Period

        (c)       The amount of the Class C Cash                [pound]________
                  Management Fee payable by the
                  Receivables Trustee to the Trust Cash
                  Manager for the related Monthly Period

8.      REALLOCATIONS

        The amount of Reallocated Class C Principal             [pound]________
        Collections with respect to the related Transfer Date

        The amount of Reallocated Class B Principal             [pound]________
        Collections with respect to the related Transfer Date

9.      AVAILABLE SPREAD ACCOUNT AMOUNT

        The amount available to be withdrawn from the           [pound]________
        Spread Account as of the close of business on []
        (the "TRANSFER DATE"), after giving effect to all
        withdrawals, deposits and payments to be made in
        respect of the related Monthly Period

10.     REQUIRED SPREAD ACCOUNT AMOUNT

        On the Transfer Date referred to in 9 above             [pound]________

11.     PRINCIPAL FUNDING ACCOUNT

        (a)       The Principal amount on deposit in the        [pound]________
                  Principal Funding Account on the related
                  Transfer Date

                                     - 105 -

<PAGE>

        (b)       The Controlled Accumulation Shortfall         [pound]________
                  with respect to the related Monthly Period

        (c)       The Principal Funding Investment Proceeds     [pound]________
                  credited to the Finance Charge Collections
                  Ledger on the related Transfer Date

        (d)       The Principal Funding Investment Proceeds     [pound]________
                  credited to the Finance Charge Collections
                  Ledger on the related Transfer Date
                  allocated to the Series 02-1 Beneficiary and
                  for the purposes of calculation treated as
                  referable to Class A

        (e)       The Principal Funding Investment Proceeds     [pound]________
                  credited to the Finance Charge Collections
                  Ledger on the related Transfer Date
                  allocated to the Series 02-1 Beneficiary and
                  for the purposes of calculation treated as
                  referable to Class B

        (f)       The Principal Funding Investment Proceeds     [pound]________
                  credited to the Finance Charge Collections
                  Ledger on the related Transfer Date
                  allocated to the Series 02-1 Beneficiary and
                  for the purposes of calculation treated as
                  referable to Class C

        (g)       The Principal Funding Investment Shortfall    [pound]________
                  transferred to the Finance Charge
                  Collections Ledger on the related Transfer
                  Date

12.     AVAILABLE FUNDS

        (a)       The amount of Class A Available Funds         [pound]________
                  credited to the Finance Charge Collections
                  Ledger on the related Transfer Date

        (b)       The amount of Class B Available Funds         [pound]________
                  credited to the Finance Charge Collections
                  Ledger on the related Transfer Date

        (c)       The amount of Class C Available Funds         [pound]________
                  credited to the Finance Charge Collections
                  Ledger on the related Transfer Date

                                     - 106 -

<PAGE>

13.     COLLECTIONS OF FINANCE CHARGE RECEIVABLES

        (a)       The aggregate amount of Finance Charge        [pound]________
                  Collections processed during the related
                  Monthly Period which were allocated to the
                  Series 02-1 Beneficiary and for the
                  purposes of calculation treated as referable
                  to Class A

        (b)       The aggregate amount of Finance Charge        [pound]________
                  Collections processed during the related
                  Monthly Period which were allocated to the
                  Series 02-1 Beneficiary and for the
                  purposes of calculation treated as referable
                  to Class B

        (c)       The aggregate amount of Finance Charge        [pound]________
                  Collections processed during the related
                  Monthly Period which were allocated to the
                  Series 02-1 Beneficiary and for the
                  purposes of calculation treated as referable
                  to Class C

14.     ACQUIRED INTERCHANGE

        (a)       The aggregate amount of Acquired              [pound]________
                  Interchange allocable to Series 02-1 for the
                  related Monthly Period

        (b)       The aggregate amount of Acquired              [pound]________
                  Interchange allocated to the Series 02-1
                  Beneficiary and for the purposes of
                  calculation treated as referable to Class A
                  the related Monthly Period

        (c)       The aggregate amount of Acquired              [pound]________
                  Interchange allocated to the Series 02-1
                  Beneficiary and for the purposes of
                  calculation treated as referable to Class B
                  the related Monthly Period

        (d)       The aggregate amount of Acquired              [pound]________
                  Interchange allocated to the Series 02-1
                  Beneficiary and for the purposes of
                  calculation treated as referable to Class C
                  for the related Monthly Period

15.     PORTFOLIO YIELD

        (a)       The Portfolio Yield for the Related             ___________%
                  Monthly Period

                                     - 107 -

<PAGE>

        (b)       The Portfolio Adjusted Yield                    ___________%

                                                              BARCLAYS BANK PLC,
                                                              Trust Cash Manager

                                                           By: _________________

                                                                  Name:

                                                                  Title:

                                     - 108 -

<PAGE>

         EXHIBIT B FORM OF MONTHLY PAYMENT ADVICE AND NOTIFICATION TO
                            THE RECEIVABLES TRUSTEE

                         RECEIVABLES TRUST SERIES 02-1

Capitalised terms used in this certificate have their respective meanings set
out in the Master Definitions Schedule and in the Trust and Cash Management
Agreement PROVIDED, HOWEVER, that the "preceding Monthly Period" shall mean the
Monthly Period immediately preceding the calendar month in which this notice is
delivered. References herein to certain Clauses and paragraphs are references to
the respective Clauses and paragraphs of the Trust and Cash Management
Agreement. This certificate is delivered pursuant to Clause 5.10, Clause 5.11,
Clause 5.12 and Clause 5.20(a)(iv) of the Trust and Cash Management Agreement as
supplemented by the Series 02-1 Supplement.

(A)     Barclays Bank PLC is the Trust Cash Manager under the Trust and Cash
        Management Agreement.

(B)     The undersigned is an Authorised Officer.

(C)     The date of this notice is a date on or before a Transfer Date under the
        Trust and Cash Management Agreement.

I.      ADVICE TO MAKE A WITHDRAWAL

A.      FROM AMOUNTS CREDITED TO THE FINANCE CHARGE COLLECTIONS LEDGER

        Pursuant to Clause 5.10, the Trust Cash Manager hereby advises the
        Receivables Trustee (i) to make a withdrawal from amounts credited to
        the Finance Charge Collections Ledger in the Trustee Collection Account
        on [      ], which date is a Transfer Date under the Trust and Cash
        Management Agreement, in an aggregate amount set out below in respect
        of the following amounts and (ii) to apply the proceeds of such
        withdrawal in accordance with Clause 5.10.

1.      Pursuant to Clause 5.10(a)(i):

        (i)       Class A Trustee Payment                       [pound]________

        (ii)      accrued and unpaid Class A Trustee Payment    [pound]________

2.      Pursuant to Clause 5.10(a)(ii):

        (i)       MTN Issuer Costs Amount                       [pound]________

3.      Pursuant to Clause 5.10(a)(iii):

        (i)       Class A Monthly Finance Amount                [pound]________

                                     - 109 -

<PAGE>

        (ii)      Class A Deficiency Amount                     [pound]________

        (iii)     Class A Additional Finance Amount             [pound]________

4.      Pursuant to Clause 5.10(a)(iv):

        (i)       Class A Servicing Fee                         [pound]________

        (ii)      Class A Cash Management Fee                   [pound]________

        (iii)     accrued and unpaid Class A Servicing Fee      [pound]________

        (iv)      accrued and unpaid Class A Cash               [pound]________
                  Management Fee

5.      Pursuant to Clause 5.10(a)(v):

        Class A Investor Default Amount                         [pound]________

6.      Pursuant to Clause 5.10(a)(vi):

        Portion of Excess Spread from Class A Available
        Funds to be allocated and distributed as set out in
        Clause 5.15                                             [pound]________

7.      Pursuant to Clause 5.10(b)(i):

        (v)       Class B Trustee Payment                       [pound]________

        (vi)      accrued and unpaid Class B Trustee            [pound]________
                  Payment

8.      Pursuant to Clause 5.10(b)(ii):

        (i)       Class B Monthly Finance Amount                [pound]________

        (ii)      Class B Deficiency Amount                     [pound]________

        (iii)     Class B Additional Finance Amount             [pound]________

9.      Pursuant to Clause 5.10(b)(iii):

        (i)       Class B Servicing Fee                         [pound]________

        (ii)      Class B Cash Management Fee                   [pound]________

        (iii)     accrued and unpaid Class B Servicing Fee      [pound]________

        (iv)      accrued and unpaid Class B Cash               [pound]________
                  Management Fee

10.     Pursuant to Clause 5.10(b)(iv):

        (i)       portion of Excess Spread from Class B         [pound]________
                  Available Funds to be allocated and
                  distributed as set out in Clause 5.15

                                     - 110 -

<PAGE>

11.     (i)       Pursuant to Clause 5.10(c)(i):

        (ii)      Class C Trustee Payment                       [pound]________

        (iii)     accrued and unpaid Class C Trustee            [pound]________
                  Payment

12.     Pursuant to Clause 5.10(c)(ii):

        (i)       Class C Servicing Fee                         [pound]________

        (ii)      Class C Cash Management Fee                   [pound]________

        (iii)     Accrued and unpaid Class C Servicing Fee      [pound]________

        (iv)      Accrued and unpaid Class C Cash               [pound]________
                  Management Fee

13.     Pursuant to Clause 5.10(c)(iii):

        (i)       Portion of Excess Spread from Class C         [pound]________
                  Available Funds to be allocated and
                  distributed as set out in Clause 5.15

B.      FROM AMOUNTS CREDITED TO THE PRINCIPAL COLLECTIONS LEDGER

Pursuant to Clause 5.11 the Trust Cash Manager hereby advises the Receivables
Trustee (i) to make a withdrawal from amounts credited to the Principal
Collections Ledger in the Trustee Collection Account on [       ], which is a
Transfer Date under the Trust and Cash Management Agreement, in an aggregate
amount set out below in respect of the following amounts and (ii) to apply the
proceeds of such withdrawal in accordance with Clause 5.11.

1.      Pursuant to Clause 5.11(a)(i);

        (i)       Amount to be treated as Shared Principal      [pound]________
                  Collections

2.      Pursuant to Clause 5.11(a)(ii);

        (i)       Amount remaining from preceding Monthly       [pound]________
                  Period to be treated as Investor Cash
                  Available for [Acquisition]

3.      Pursuant to Clause 5.11(b)(i) or 5.11(b)(ii):

        (i)       Class A Monthly Principal Amount              [pound]________

4.      Pursuant to Clause 5.11(b)(iii) or 5.11(b)(iv):

                                     - 111 -

<PAGE>

        (ii)      Class B Monthly Principal Amount              [pound]________

5.      Pursuant to Clause 5.11(b)(v) or 5.11(b)(vi):

        (i)       Class C Monthly Principal Amount              [pound]________

6.      Pursuant to Clause 5.11(b)(vii) or 5.11(viii)):

        (i)       Amount to be treated as Shared Principal      [pound]________
                  Collections

7.      Pursuant to Clause 5.11(b)(ix):

        (i)       Amount remaining from preceding Monthly       [pound]________
                  Period to be treated as Investor Cash
                  Available for [Acquisition]

        (ii)      Amount to be paid to the Transferor           [pound]________
                  Beneficiary

        (iii)     Unavailable Transferor Principal              [pound]________
                  Collections

C.      FROM AMOUNTS CREDITED TO THE SPREAD ACCOUNT PURSUANT TO CLAUSE
        5.19(A)(IV) (B)(1)

        The Trust Cash Manager hereby advises the Receivables Trustee to make a
        withdrawal from amounts credited to the Spread Account on [      ] which
        date is a Transfer Date under the Trust and Cash Management Agreement,
        in an aggregate amount as set out in paragraph 3 below and shall deposit
        such amount in the Trustee Collection Account to the credit of the
        Finance Charge Collections Ledger:

1.      The Investor Percentage of Finance Charge               [pound]________
        Collections and Acquired Interchange allocable to
        Series 02-1 credited to the Finance Charge
        Collections Ledger for the preceding Monthly
        Period;

2.      The sum of (i) the Class A Monthly Required             [pound]________
        Expense Amount plus (ii) the Class B Monthly
        Required Expense Amount plus (iii) the Class C
        Monthly Required Expense Amount plus (iv) the
        Investor Servicing Fee for the preceding Monthly
        Period plus (v) the Investor Cash Management Fee
        for the preceding Monthly Period plus (iv) the
        Aggregate Investor Default Amount, if any, for the
        preceding Monthly Period

3.      The excess, if any of 2. over 1. (the "TOTAL            [pound]________
        WITHDRAWAL AMOUNT")

                                     - 112 -

<PAGE>

D.      FROM AMOUNTS CREDITED TO THE PRINCIPAL FUNDING ACCOUNT

        The Trust Cash Manager hereby advises the Receivables Trustee (i) to
        make a withdrawal of [pound][___] from amounts credited to the
        Principal Funding Account on [     ] which date is a Distribution Date
        under the Trust and Cash Management Agreement, and (ii) to apply the
        proceeds of such withdrawal in accordance with Clause 5.11(c)(i), Clause
        5.11(d)(i) and Clause 5.11(e)(i) by depositing such amount into the
        Series 02-1 Distribution Account.

E.      FROM AMOUNTS CREDITED TO THE CLASS A DISTRIBUTION LEDGER

        The Trust Cash Manager hereby advises the Receivables Trustee (i) to
        make a withdrawal from amounts credited to the Class A Distribution
        Ledger on [      ] which date is a Distribution Date under the Trust and
        Cash Management Agreement, in the amount as set out below in respect of
        the following amounts and (ii) to apply the proceeds of such withdrawal
        in accordance with the following Clauses:

1.      Pursuant to Clause 5.11(c)(ii):

        (i)       Amount to be deposited into the Series        [pound]________
                  02-1 Distribution Account identified for
                  the Series 02-1 Investor Beneficiary and
                  for the purposes of calculation treated as
                  referable to Class A

2.      Pursuant to Clause 5.12(a)(i):

        (i)       Amount to be deposited into the Series        [pound]________
                  02-1 Distribution Account identified for
                  the Series 02-1 Investor Beneficiary and
                  for the purposes of calculation treated as
                  referable to Class A

F.      FROM AMOUNTS CREDITED TO THE CLASS B DISTRIBUTION LEDGER

        The Trust Cash Manager hereby instructs the Receivables Trustee (i) to
        make a withdrawal from amounts credited to the Class B Distribution
        Ledger on [      ] which date is a Distribution Date under the Trust and
        Cash Management Agreement, in the amount as set out below in respect of
        the following amount and (ii) apply the proceeds of such withdrawal in
        accordance with the following Clauses:

1.      Pursuant to Clause 5.11(d):

        (i)       Amount to be deposited into the Series 02-    [pound]________
                  1 Distribution Account identified for the
                  Series 02-1 Investor Beneficiary and for
                  the purposes of calculation treated as
                  referable to Class B

                                     - 113 -

<PAGE>

2.      Pursuant to Clause 5.12(a)(ii):

        (i)       Amount to be deposited into the Series 02-    [pound]________
                  1 Distribution Account identified for the
                  Series 02-1 Investor Beneficiary and for
                  the purposes of calculation treated as
                  referable to Class B

G.      FROM AMOUNTS CREDITED TO THE CLASS C DISTRIBUTION LEDGER

        The Trust Cash Manager hereby advises the Receivables Trustee (i) to
        make a withdrawal from amounts credited to the Class C Distribution
        Ledger on [     ] which date is a Distribution Date under the Trust and
        Cash Management Agreement, in the amount as set out below in respect of
        the following amount and (ii) apply the proceeds of such withdrawal in
        accordance with the following Clauses:

1.      Pursuant to Clause 5.11(e):

        (i)       Amount to be deposited into the Series 02-    [pound]________
                  1 Distribution Account identified for the
                  Series 02-1 Investor Beneficiary and for
                  the purposes of calculation treated as
                  referable to Class C

2.      Pursuant to Clause 5.12(a)(iii):

        (i)       Amount to be deposited into the Series 02-    [pound]________
                  1 Distribution Account identified for the
                  Series 02-1 Investor Beneficiary and for
                  the purposes of calculation treated as
                  referable to Class C

II      APPLICATION

        Pursuant to Clause 5.15, the Trust Cash Manager hereby advises the
        Receivables Trustee to apply the Excess Spread with regard to the
        related Monthly Period to make the following distributions in the
        following priority:

        (a)       an amount equal to the Class A Required       [pound]________
                  Amount, if any, with respect to such
                  Transfer Date will be used to fund the
                  Class A Required Amount and be allocated
                  and applied in accordance with,
                  and in the priority set out in Clause
                  5.10(a);

                                     - 114 -

<PAGE>

        (b)       an amount equal to the aggregate amount of    [pound]________
                  Class A Investor Charge-Offs which have
                  not been previously reinstated will be
                  utilised to reinstate the Class A Investor
                  Interest and be treated as a portion of
                  Investor Principal Collections and
                  credited to the Principal Collections
                  Ledger on such Transfer Date;

        (c)       an amount equal to the Class B Required       [pound]________
                  Amount, if any, with respect to such
                  Transfer Date will be used to fund the
                  Class B Required Amount and be allocated
                  and applied first in accordance with, and
                  in the priority set out in, Clause 5.10(b)
                  and then any amount available to pay the
                  Class B Investor Default Amount shall be
                  allocated to the Series 02-1 Beneficiary
                  and for the purposes of calculation
                  treated as referable to Class B and
                  treated as a portion of Investor Principal
                  Collections allocated to the Series 02-1
                  Beneficiary Interest and for the purposes
                  of calculation treated as referable to
                  Class B and credited to the Principal
                  Collections Ledger on such Transfer Date;

        (d)       an amount equal to the aggregate amount by    [pound]________
                  which the Class B Investor Interest has
                  been reduced below the Class B Initial
                  Investor Interest for reasons other than
                  the payment of principal amounts to the
                  Series 02-1 Investor Beneficiary and for
                  the purposes of calculation treated as
                  referable to Class B (but not in excess of
                  the aggregate amount of such reductions
                  which have not been previously reinstated)
                  will be utilised to reinstate the Class B
                  Investor Interest and treated as a portion
                  of Investor Principal Collections and
                  credited to the Principal Collections
                  Ledger on such Transfer Date;

        (e)       an amount equal to any interest payment       [pound]________
                  due and payable on any facility entered
                  into by or on behalf of the MTN Issuer in

                                     - 115 -

<PAGE>

                  respect of an obligation to pay stamp duty
                  will be allocated to the Investor Beneficiary
                  and paid into the Series 02-1 Distribution
                  Account;

        (f)       an amount equal to the Class C Monthly        [pound]________
                  Finance Amount will be credited to the
                  Class C Distribution Ledger;

        (g)       an amount equal to the Class C Deficiency     [pound]________
                  Amount will be credited to the Class C
                  Distribution Ledger;

        (h)       an amount equal to the Class C Additional     [pound]________
                  Finance Amount will be credited to the
                  Class C Distribution Ledger;

        (i)       an amount equal to any principal due and      [pound]________
                  repayable on any facility entered into by
                  or on behalf of the MTN Issuer in respect
                  of an obligation to pay stamp duty will be
                  allocated to the Investor Beneficiary and
                  paid into the Series 02-1 Distribution
                  Account;

        (j)       an amount equal to the aggregate amount by    [pound]________
                  which the Class C Investor Interest has
                  been reduced below the Class C Initial
                  Investor Interest for reasons other than
                  the payment of principal amounts to the
                  Series 02-1 Investor Beneficiary and for
                  the purposes of calculation treated as
                  referable to Class C (but not in excess of
                  the aggregate amount of such reductions
                  which have not been previously reinstated)
                  will be utilised to reinstate the Class C
                  Investor Interest and treated as a portion
                  of Investor Principal Collections
                  calculated with reference to the Series
                  02-1 Beneficiary Interest and for the
                  purposes of calculation treated as
                  referable to Class C and credited to the
                  Principal Collections Ledger on such
                  Transfer Date;

        (k)       an amount equal to the Class C Investor       [pound]________
                  Default Amount shall be calculated with
                  reference to the Series 02-1 Beneficiary
                  and for the purposes of calculation
                  treated as referable to Class C and
                  treated as a

                                     - 116 -

<PAGE>

                  portion of Investor Principal Collections
                  calculated with reference to the Series 02-1
                  Beneficiary Interest and for the purposes of
                  calculation treated as referable to Class C
                  and credited to the Principal Collections
                  Ledger on such Transfer Date;

        (l)       on each Transfer Date from and after the      [pound]________
                  Reserve Account Funding Date, but prior to
                  the date on which the Reserve Account
                  terminates as described in Clause 5.22(f),
                  an amount up to the excess, if any, of the
                  Required Reserve Amount over the Available
                  Reserve Account Amount shall be allocated
                  to the MTN Issuer and deposited into the
                  Reserve Account;

        (m)       on any Distribution Date on which the         [pound]________
                  Available Spread Account Amount is less
                  than the Required Spread Amount, an amount
                  up to the excess, if any, of the Required
                  Spread Amount over the Available Spread
                  Account Amount will be allocated to the
                  Investor Beneficiary and deposited into
                  the Spread Account;

        (n)       an amount equal to the Aggregate Investor     [pound]________
                  Indemnity Amount, if any, for the prior
                  Monthly Period (together with any amounts
                  in respect of previous Monthly Periods
                  which are unpaid) will be allocated to the
                  Investor Beneficiary and (to the extent
                  the Series 02-1 Investor Beneficiary and
                  for the purposes of calculation treated as
                  referable to Class A does not meet such
                  payment itself from other sources) paid by
                  the Receivables Trustee to the Transferor
                  whereupon such amount shall cease to be
                  Trust Property and shall be owned by the
                  Transferor absolutely;

        (o)       an amount equal to the Series 02-1 Extra      [pound]________
                  Amount for such Transfer Date will be
                  allocated to the Investor Beneficiary and
                  paid into the Series 02-1 Distribution
                  Account whereupon such amount shall
                  cease to be Trust Property and shall be
                  owned by the Investor Beneficiary
                  absolutely; and

                                     - 117 -

<PAGE>

        (p)       the balance, if any, after giving effect      [pound]________
                  to the payments made pursuant to
                  paragraphs (a) through (o) (inclusive)
                  above shall be paid to the Excess Interest
                  Beneficiary whereupon such amount shall
                  cease to be Trust Property and shall be
                  owned by the Excess Interest Beneficiary
                  absolutely.

III     ACCRUED AND UNPAID AMOUNTS

        After giving effect to the withdrawals and transfers to be made in
        accordance with this notice, the following amounts will be accrued and
        unpaid with respect to all Monthly Periods preceding the current
        calendar month

A.      Clause 5.10(a), (b) and (c)

        The aggregate amount of all Deficiency Amounts          [pound]________

B.      Clause 5.10

        (i)       the aggregate amount of all accrued and       [pound]________
                  unpaid Investor Servicing Fees

        (ii)      the aggregate amount of all accrued and       [pound]________
                  unpaid Investor Cash Management Fees

C.      Clause 5.13

        The aggregate amount of all unreimbursed Investor       [pound]________
        Charge-Offs

D.      Clause 5.14

        The aggregate amount of all accrued and unpaid          [pound]________
        Aggregate Investor Indemnity Amounts allocable to
        Series 02-1

IN WITNESS WHEREOF, the undersigned has duly executed this certificate this [ ]
day of [  ], [  ]

                                                               BARCLAYS BANK PLC

                                                      By:_______________________
                                                                Name:
                                                                Title:

                                     - 118 -

<PAGE>

                        EXHIBIT C SCHEDULE TO EXHIBIT B
                           MONTHLY SERVICER'S REPORT

                         MONTHLY PERIOD ENDING [    ]
                         RECEIVABLES TRUST SERIES 02-1

1.      The aggregate amount of the Investor Percentage of      [pound]________
        Principal Collections

2.      The aggregate amount of the Investor Percentage of      [pound]________
        Finance Charge Collections

[3.     The aggregate amount of the Investor Percentage of      [pound]________
        Annual Membership Fees]

4.      The aggregate amount of the Investor Percentage of      [pound]________
        Acquired Interchange

5.      The aggregate amount of funds credited to the           [pound]________
        Finance Charge Collections Ledger allocable to
        Series 02-1

6.      The aggregate amount of funds credited to the           [pound]________
        Principal Collections Ledger allocable to Series 02-1

7.      The aggregate amount of funds credited to the           [pound]________
        Principal Collections Ledger calculated as Investor
        Cash Available for [Acquisition] for Series 02-1
        during the preceding Monthly Period in accordance
        with Clauses 5.06(a) and 5.06(b)

8.      The aggregate amount to be withdrawn from the           [pound]________
        Finance Charge Collections Ledger and paid to the
        Spread Account pursuant to Clause 5.15(f)

9.      The excess, if any, of the Required Spread Amount       [pound]________
        over the Available Spread Amount

10.     The aggregate amount to be withdrawn from the           [pound]________
        Spread Account and paid on behalf of Series 02-1 in
        accordance with Clause 5.19(b)(iv)(A)

11.     The Available Spread Amount on the Transfer Date        [pound]________
        of the current calendar month, after giving effect
        to the deposits and withdrawals specified above, is
        equal to

12.     The amount of interest payable in respect of Related
        Debt by the Series 02-1 Investor Beneficiary and for
        the purposes of calculation treated as referable to:

                                     - 119 -

<PAGE>

        (i)       Class A                                       [pound]________

        (ii)      Class B                                       [pound]________

        (iii)     Class C                                       [pound]________

13.     The amount of principal payable in respect of
        Related Debt by the Series 02-1 Investor
        Beneficiary and for the purposes of calculation
        treated as referable to:

        (i)       Class A                                       [pound]________

        (ii)      Class B                                       [pound]________

        (iii)     Class C                                       [pound]________

14.     The sum of all amounts payable in respect of
        Related Debt to the Series 02-1 Investor Beneficiary
        and for the purposes of calculation treated as
        referable to:

        (i)       Class A                                       [pound]________

        (ii)      Class B                                       [pound]________

        (iii)     Class C                                       [pound]________

15.     To the knowledge of the undersigned, no Series Pay
        Out Event or Trust Pay Out Event has occurred
        except as described below:

                  None

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this day
of

                                                       BARCLAYS BANK PLC,

                                                       By:      ________________
                                                       Name:
                                                       Title:

                                     - 120 -

<PAGE>

RECEIVABLES TRUSTEE

EXECUTED AS A DEED BY                    )
GRACECHURCH RECEIVABLES                  )
TRUSTEE LIMITED                          )
by its duly authorised signatory         )

                                                                   PROCESS AGENT

                                             Clifford Chance Secretaries Limited
                                                           200 Aldersgate Street
                                                                 London EC1A 4JJ

TRANSFEROR BENEFICIARY, EXCESS INTEREST BENEFICIARY,
SERVICER, TRUST CASH MANAGER AND TRANSFEROR

EXECUTED AS A DEED BY                    )
BARCLAYS BANK PLC                        )
acting by its duly authorised attorney   )
in the presence of:                      )

MTN ISSUER, SERIES 99-1 INVESTOR BENEFICIARY AND SERIES 02-1 INVESTOR
BENEFICIARY

EXECUTED AS A DEED BY                         )
BARCLAYCARD FUNDING PLC                       )
by                                            )
in the presence of:

                                     - 121 -EXHIBIT 4.3

                                                                  CONFORMED COPY

                             BARCLAYCARD FUNDING PLC
                                    as Issuer

                     GRACECHURCH RECEIVABLES TRUSTEE LIMITED
                             as Receivables Trustee

                       THE BANK OF NEW YORK, LONDON BRANCH
                                   as Trustee

                                       and

                                BARCLAYS BANK PLC
                   as MTN Cash Manager and Initial Transferor

   ---------------------------------------------------------------------------
              SECURITY TRUST DEED AND MTN CASH MANAGEMENT AGREEMENT
   ---------------------------------------------------------------------------

<PAGE>

                                    CONTENTS

CLAUSE                                                                      PAGE
1.  Definitions And Interpretation............................................2

2.  Series Of Notes...........................................................3

3.  Payments On The Notes.....................................................4

4.  Assignment, Floating Charge And Declaration Of Trust......................7

5.  Form And Issue Of Notes And Coupons.......................................8

6.  Establishment Of Issuer Bank Accounts In Respect Of Each Series..........12

7.  Enforcement Of Security..................................................14

8.  The Trustee..............................................................19

9.  Covenants By The Issuer And MTN Cash Manager.............................30

10. Appointment Of The MTN Cash Manager......................................33

11. Liability Of The MTN Cash Manager........................................36

12. MTN Cash Manager Defaults................................................39

13. Acknowledgement Regarding Payments.......................................43

14. Waiver, Authorisation And Determination..................................43

15. Modification.............................................................43

16. Noteholder Assumed To Be Couponholder....................................44

17. No Notice To Couponholders...............................................44

18. Holder Deemed To Be Absolute Owner.......................................44

19. Euroclear/Cedelbank Confirmations........................................45

20. Substitution.............................................................45

21. Currency Indemnity.......................................................46

22. Protection Of Right, Title And Interest To Secured Property..............47

23. Notices..................................................................47

24. Assignment...............................................................48

25. Further Assurances And Undertaking Of Non-Petition.......................49

26. No Waiver; Cumulative Remedies...........................................49

27. Release Of Collateral....................................................49

28. Counterparts.............................................................50

29. Third Party Beneficiaries................................................50

30. Actions By Noteholders...................................................51

31. Merger And Integration...................................................51

32. TIA Prevails.............................................................51

<PAGE>

33. Governing Law And Jurisdiction...........................................51

SCHEDULE 1 FORM OF TEMPORARY GLOBAL NOTES....................................56

TEMPORARY GLOBAL NOTE........................................................57

SCHEDULE 2 FORM OF PERMANENT GLOBAL NOTES....................................65

PERMANENT GLOBAL NOTE........................................................66

SCHEDULE 3 FORM OF DEFINITIVE NOTES..........................................72

DEFINITIVE NOTE .............................................................73

SCHEDULE 4 TERMS AND CONDITIONS OF THE NOTES.................................80

1.  Form, Denomination And Title.............................................81

2.  Status Of The Notes And Priority Secured Creditor........................82

3.  Security And Related Agreements..........................................83

4.  Restrictions.............................................................84

5.  Interest And Other Calculations..........................................85

6.  Redemption...............................................................93

7.  Payments.................................................................94

8.  Taxation.................................................................95

9.  Events Of Default........................................................96

10. Enforcement..............................................................97

11. Prescription.............................................................99

12. Replacement Of Notes, Coupons And Talons.................................99

13. Meetings Of Noteholders, Modification, Waiver, Authorisation And
    Substitution.............................................................99

14. Notices.................................................................100

15. Governing Law...........................................................101

SCHEDULE 5 PROVISIONS FOR MEETINGS OF NOTEHOLDERS...........................102

<PAGE>

THIS SECURITY TRUST DEED AND MTN CASH MANAGEMENT AGREEMENT is made as a deed on
the 23rd day of November 1999

BETWEEN:

(1)   BARCLAYCARD FUNDING PLC, a company incorporated in England with registered
      number 2530163, having its registered office at 54 Lombard Street, London
      EC3P 3AH (the "Issuer");

(2)   GRACECHURCH RECEIVABLES TRUSTEE LIMITED, a company incorporated in Jersey
      with registered number 75210, having its registered office at Normandy
      House, Grenville Street, St. Helier, Jersey JE2 4UF (the "Receivables
      Trustee");

(3)   BARCLAYS BANK PLC, a company incorporated in England having its registered
      office at 54 Lombard Street, London EC3P 3AH (acting or in its capacity as
      cash manager the "MTN Cash Manager" and acting through its card issuing
      division, Barclaycard as initial transferor, the "Initial Transferor");
      and

(4)   THE BANK OF NEW YORK, a New York banking corporation whose London Branch
      is at One Canada Square, Canary Wharf, London E14 5AL, in its capacity as
      Trustee (the "Trustee", which term shall include wherever the context so
      admits, such company and all or any other persons or companies for the
      time being acting as the Trustee of this Deed for any series)

WHEREAS:

(A)   The Initial Transferor is the legal owner of the Receivables (which terms
      and other capitalised terms used in these recitals bear the meaning given
      to them in Part 1 below).

(B)   Pursuant to the terms and subject to the conditions of the RSA, the
      Initial Transferor, and any Additional Transferor which accedes to the
      RSA, will offer to sell by way of assignment all present and future
      Receivables arising on Designated Accounts in the Bank Portfolio to the
      Receivables Trustee, to hold on trust for the benefit of, inter alia, the
      Issuer, the Initial Transferor, any Additional Transferor and the Excess
      Interest Beneficiary, and the Receivables Trustee may accept such offer
      and will purchase such Receivables in the manner provided in the RSA.

(C)   The Issuer has established a medium term note issuance programme under
      which it may authorise the issue of a Series of Notes, as designated in
      the relevant MTN Supplement, to finance the granting of an interest in the
      Receivables in the Securitised Portfolio by the Receivables Trustee to the
      Issuer.

(D)   Each Series of Notes will be constituted and secured by, be subject to and
      have the benefit of, inter alia, this Deed and the relevant MTN Supplement
      to this Deed made between the Issuer, the Trustee and others to be entered
      on each occasion on which the Receivables Trustee grants to the Issuer
      further interests to Receivables arising on Designated Accounts in the
      Bank Portfolio.

(E)   The Trustee has agreed to act as trustee for each Series in relation to
      which the Issuer appoints it to act as set out in the relevant MTN
      Supplement on the terms and subject to the conditions contained in this
      Deed and the conditions of any related MTN Supplement.

<PAGE>

NOW IT IS HEREBY AGREED as follows:

1.      DEFINITIONS AND INTERPRETATION

1.1     DEFINITIONS

        Unless the context requires otherwise, the words and phrases defined in
        the MTN Master Definitions Schedule of even date herewith and signed for
        the purposes of identification by the parties to this Deed shall have
        the same meanings in this Deed (including the recitals).

1.2     PRINCIPLES OF INTERPRETATION

        1.2.1   Any accounting terms not defined in the MTN Master Definitions
                Schedule shall have the meanings given to them under generally
                accepted accounting principles in the United Kingdom. To the
                extent that the definitions of accounting terms used in this
                Deed are inconsistent with the meanings of such terms under
                generally accepted accounting principles in the United Kingdom,
                the definitions contained used in this Deed shall prevail.

        1.2.2   The agreements, representations and warranties of Barclays Bank
                PLC in this Deed and any MTN Supplement in its capacity as
                Initial Transferor and MTN Cash Manager shall be deemed to be
                the agreements, representations and warranties of Barclays Bank
                PLC solely in such capacity for so long as Barclays Bank PLC
                acts in such capacity under this Deed.

        1.2.3   Any reference in this Deed to a Clause, paragraph, Schedule or
                Exhibit is a reference to a clause, paragraph, Schedule and
                Exhibit of this Deed unless otherwise specified.

        1.2.4   A time of day (including opening or closing of business) shall
                be construed as a reference to London time unless specified
                otherwise.

        1.2.5   Costs, charges, expenses or remuneration shall be deemed to
                include any VAT charged or chargeable in respect thereof except
                where the context otherwise requires.

        1.2.6   All references herein to any provision of any statute shall be
                construed so as to include any statutory modification or
                re-enactment thereof or any statutory instrument, order or
                regulation made thereunder or under such modification or
                re-enactment.

        1.2.7   Save where the contrary is indicated, any reference in this Deed
                or any MTN Supplement or any other agreement or document shall
                be construed as a reference to this Deed or such MTN Supplement
                or such other agreement or document, as the case may be, as the
                same may have been, or may from time to time be, amended,
                varied, novated or supplemented.

        1.2.8   Words denoting the masculine gender shall include the feminine
                gender also; words denoting persons only shall include
                companies, corporations and

                                      -2-
<PAGE>

                partnerships; and words importing the singular member only shall
                include the plural and in each case, vice-versa.

        1.2.9   Whenever this Deed refers to a provision of the TIA, the
                provision is incorporated by reference in and made a part of
                this Deed. All other TIA terms used in this Deed that are
                defined by the TIA, defined in the TIA by reference to another
                statute or defined by SEC rule have the meanings assigned to
                them.

2.      SERIES OF NOTES

2.1     ISSUE OF NOTES

        The Issuer may from time to time (but subject always to Clauses 5.1 to
        5.3 and the provisions of this Deed), create and issue new Series of
        Notes upon such terms as to ranking, interest, conversion, redemption
        and otherwise as the Issuer may determine at the time of issue of such
        Series. The Notes in any Series may differ as to interest rates and
        maturity and each such type of Note will comprise a Class. A Series may
        therefore comprise a number of Classes which may be subordinated to one
        or more other classes of Notes of that Series. Each Series of Notes
        shall be secured on, and only on, such Secured Property as may be
        specified in the MTN Supplement in relation to such Notes, with recourse
        limited to such Secured Property. The aggregate principal amount of our
        Notes outstanding from time to time may not exceed the Issuer Limit.

2.2     CONDITIONS PRECEDENT

        Any Notes which are to be created and issued pursuant to the provisions
        of Clause 2.1 shall be constituted on the execution of the relevant MTN
        Supplement in respect of such Notes by the Issuer and the Trustee (which
        shall be evidence of the consent of the Trustee to the creation of such
        Notes). The Issuer shall deliver such MTN Supplement to the Trustee
        (duly stamped or denoted with any applicable stamp duties or other
        documentation taxes) containing such provisions (whether or not
        corresponding to any of the provisions contained in this Deed) as the
        Trustee may require.

        Each MTN Supplement shall be accompanied by:

        2.2.1   a certificate signed by any one director of the Issuer
                certifying that no Event of Default has occurred;

        2.2.2   legal opinions (in form and substance satisfactory to the
                Trustee) from legal advisers of recognised standing in such
                jurisdictions as may be reasonably required by the Trustee; and

        2.2.3   such other documents as the Trustee may reasonably require
                (including, without limitation, a Supplementary Security
                Document).

2.3     PAYMENTS IN THE RELEVANT CURRENCY

        All payments in respect of, under and in connection with this Deed shall
        be made to the relevant Noteholders in the relevant currency specified
        in the terms applicable to the relevant Series.

                                      -3-
<PAGE>

2.4     EACH SERIES TO BE SEPARATE

        The Notes of each Series shall form a separate Series and accordingly,
        save where specifically provided in this Deed, each covenant and
        representation provided by the Issuer in favour of the Trustee and all
        other rights, Liabilities and obligations of the Issuer under this Deed
        shall apply separately to the Notes of each Series issued by the Issuer.
        Accordingly, the provisions hereof shall, in relation to any Series, be
        read independently and the expression "Trustee" shall be construed as a
        reference to the Trustee of such Series, the expression "Notes" shall be
        construed as a reference to the Notes of such Series, the expression
        "Noteholders" shall be construed as a reference to the Noteholders of
        such Series, the expression "Secured Creditor" shall be construed as a
        reference to the Secured Creditors of such Series so that each Series
        shall be constituted as a separate security trust and that, unless
        otherwise expressly provided, events affecting one Series shall not
        affect another Series.

2.5     ALLOCATION OF COSTS

        The provisions in this Deed concerning costs, expenses, fees,
        remuneration and other financial obligations (whether arising under
        indemnities or otherwise) shall apply separately to each Series in
        respect of the costs, expenses, fees, remuneration and financial
        obligations which arise in respect of such Series (and, for the
        avoidance of doubt, the Secured Property in respect thereof). No such
        amount incurred in respect of any Series will, save as specifically
        provided herein, be deducted from any amount payable to the Secured
        Creditors in respect of any other Series, nor will any such amount be in
        any way charged to any other such Secured Creditors. The provisions of
        this Deed shall be read accordingly.

2.6     RELATED AGREEMENTS

        In relation to each Series, if specified in the Applicable Supplement,
        the Issuer may enter into one or more Swap Agreements or other Related
        Agreements with a Counterparty and/or guarantor, under which the Issuer
        will make payments to such Counterparty and the Counterparty will make
        payments to the Issuer as specified in such Swap Agreement or other
        Related Agreement. Each swap transaction or other form of hedging
        transaction evidenced by a Swap Agreement and other Related Agreement
        will terminate on the date specified in the Applicable Supplement,
        unless terminated earlier in accordance with its terms.

3.      PAYMENTS ON THE NOTES

3.1     COVENANT TO PAY

        The Issuer shall, on any date when the Notes of any Series, or any of
        them, become due to be redeemed in whole or in part in accordance with
        their Conditions, unconditionally pay or procure to be paid to or to the
        order of or for the account of the Trustee, the amount then becoming due
        on that date in respect of the Notes of each Class of such Series and
        shall (subject to the terms of such Series until such payment (after as
        well as before any judgment or other order of a competent court)
        unconditionally pay to or to the order of or for the account of the
        Trustee in respect of such specified in the relevant MTN Supplement) of
        the Notes of such Series then outstanding at the rate or rates set out
        in, or calculated from time to time in accordance with, the terms
        thereof and on the dates provided for in such terms, provided that:

                                      -4-
<PAGE>

        3.1.1   the Issuer shall only be obliged to pay such Principal Amount
                and interest, Deferred Interest and Additional Interest, if any,
                to the extent set out in this Deed and the related MTN
                Supplement, in respect of such Series;

        3.1.2   every payment of a Principal Amount or interest, Deferred
                Interest and Additional Interest, if any, in respect of Notes of
                such Series made to or to the order or for the account of the
                Principal Paying Agent as provided in the Agency Agreement
                shall, to such extent, satisfy such obligation except to the
                extent that there is failure in the subsequent payment thereof
                to the relevant Noteholders of such Series under the terms of
                the relevant Series; and

        3.1.3   in the case of any payment in respect of Notes of such a Series
                made after the due date or subsequent to an Event of Default in
                respect of such Series, payment shall not be deemed to have been
                made until the full amount due in accordance with the terms
                thereof has been received by the Principal Paying Agent or the
                Trustee in respect of such Series and notice to that effect has
                been duly given to the relevant Noteholder of such Series in
                accordance with such terms.

        The Trustee will hold the benefit of this covenant in relation to each
        Series on trust for itself and the Holders of that Series according to
        their respective interests.

3.2     PAYMENTS TO SECURED CREDITORS

        The Issuer shall pay to the Trustee all amounts due to the Secured
        Creditors of a Series in accordance with the terms and conditions of the
        relevant Series Documents Provided, However, that payment of any sum due
        to a Secured Creditor of such Series made to such Secured Creditor
        shall, to that extent, satisfy such obligation. This covenant shall only
        have effect each time obligations are owed to Secured Creditors when the
        Trustee shall hold the benefit of this covenant in relation to each
        Series on trust for itself and each Secured Creditor of such Series
        according to their respective interests.

3.3     DUTIES AND TAXES

        The Issuer will indemnify (with recourse limited to the proceeds of the
        Secured Property relating to the applicable Series) the Trustee and the
        Secured Creditors relating to such Series (each an "Indemnified Party")
        from and against all stamp duty, issue, registration, documentary and
        other similar taxes paid by any such Indemnified Party in any
        jurisdiction or jurisdictions in connection with any action taken by
        such Indemnified Party to enforce the obligations of the Issuer under
        this Deed in respect of such Series. The Issuer is empowered and
        authorised hereunder to make any filings on its own behalf and any
        filings relating to the Security Trust in respect of any tax matters
        that are deemed necessary or desirable in connection with this Deed or
        any MTN Supplement.

3.4     COVENANT OF COMPLIANCE

        The Issuer covenants with the Trustee separately in respect of each
        Series that it will comply with, perform and observe all the provisions
        of this Deed relating to such Series which are expressed to be binding
        on it in respect of such Series. The Conditions set out in Schedule 4
        shall be binding on the Issuer and each Secured Creditor of each Series,
        save as otherwise supplemented by the MTN Supplement for such Series.
        The Trustee shall be entitled to enforce the obligations of the Issuer
        under the Series Documents in respect of a Series as if the same were
        set out and contained in this Deed.

                                      -5-
<PAGE>

3.5     MEETING OF NOTEHOLDERS

        The provisions contained in the Fifth Schedule shall have effect in the
        same manner as if herein set forth.

3.6     ONLY TRUSTEE TO ACT

        For any Series, only the Trustee, at its discretion and without further
        notice, may pursue the remedies available under the general law or under
        this Deed to enforce the rights under this Deed of the Secured Creditors
        relating to such Series. No Secured Creditor relating to such Series
        shall be entitled to proceed directly against the Issuer or the assets
        of the Issuer to enforce the performance of any of the provisions of
        these presents or the other Series Documents (if any) relating to such
        Series unless the Trustee having become bound as aforesaid to take
        proceedings fails or neglects to do so within a reasonable period of
        time and such failure or neglect is continuing.

3.7     NON-PETITION; LIMITED RECOURSE

        The Trustee and Secured Creditors of any Series shall have recourse only
        to the Secured Property in respect of such Series and, once such Secured
        Property has been realised, shall not be entitled to take any further
        steps against the Issuer to recover any sum still unpaid, and all claims
        and all rights to claim against the Issuer in respect of each such sum
        unpaid shall be extinguished. In particular, no Secured Creditor in
        respect of any Series nor the Trustee on their behalf may (at any time,
        whether prior to or after the realisation of the Secured Property)
        institute against, or join any person in instituting against the Issuer
        any bankruptcy, winding up, re-organisation, arrangement,
        administration, insolvency or liquidation proceeding (except for the
        appointment of a receiver and manager pursuant to the terms of these
        presents in relation to such Series) or other proceeding under any
        similar law nor shall any of them have any claim in respect of any such
        sums over or in respect of any assets of the Issuer which comprise
        Secured Property for any other Series.

3.8     APPLICATION OF MONIES

        For each Series, all monies received by the Trustee pursuant to this
        Deed and the MTN Supplement relating to such Series shall, despite any
        appropriation of all or part of them by the Issuer, be held by the
        Trustee upon trust to apply in the manner and order of priority set out
        in such MTN Supplement.

3.9     APPLICATION OF FUNDS IN RESPECT OF VOID SERIES

        Without prejudice to the other provisions of this Clause, if the Trustee
        holds any moneys which represent principal, premium or interest in
        respect of the Notes in relation to any Series which have become void
        under their terms, the Trustee shall (subject to payment or provision
        for the payment or satisfaction of all amounts (howsoever arising)
        payable under Clause 8.8 to the Trustee and/or any attorney, manager,
        agent, delegate, receiver or other person appointed by it under this
        Deed in respect of such Series and subject to any claims of any Secured
        Creditors of such Series) pay the same to the Issuer (without prejudice
        to, or liability in respect of, any question as to how such payment to
        the Issuer shall be dealt with as between the Issuer and any other
        person).

3.10    APPORTIONMENT OF LIABILITIES BETWEEN SERIES

        In the event that the Trustee takes any action to enforce the Security
        in respect of more than one Series and is unable to apportion to a
        particular Series any Liabilities incurred

                                      -6-
<PAGE>

        by it, the Trustee shall apportion such Liabilities to each of the
        Series in respect of which such Liabilities were incurred in the
        proportion which the aggregate Principal Amount Outstanding in respect
        of each such Series bears to the aggregate Principal Amount Outstanding
        of all such Series (as at the date such Liabilities occurred) in respect
        of which such Liabilities were incurred as a whole.

3.11    PAYMENTS

        Any payment to be made in respect of any Series by the Issuer or the
        Trustee may be made in accordance with the terms of such Series, and any
        payments so made shall be a good discharge pro tanto to the Issuer or,
        as the case may be, the Trustee.

3.12    NO IMPAIRMENT WITHOUT NOTEHOLDER CONSENT

        Notwithstanding any other provision of this Trust Deed, the right of any
        Noteholder to receive payment of principal and interest on the Note, on
        or after the respective due dates expressed in the Note, or to bring
        suit for the enforcement of any such payment on or after such respective
        dates, shall not be impaired or affected without the consent of the
        Noteholder.

4.      ASSIGNMENT, FLOATING CHARGE AND DECLARATION OF TRUST

        The Issuer with full title guarantee and as continuing security for all
        the moneys and other Liabilities payable or owing by the Issuer under
        this Deed hereby assigns absolutely by way of first fixed security to
        the Trustee all of the Issuer's right, title, and interest in and to,
        and the entire benefit of, the Programme Dealer Agreement and charges to
        the Trustee, by way of first floating charge, the whole of its
        undertaking and assets to the extent that such undertaking and assets
        are not effectively encumbered by the security created by or pursuant to
        any MTN Supplement or any Supplementary Security Document executed in
        relation to any Series and the Trustee shall hold the property so
        assigned or charged in this Clause 4.1 on trust for itself and the
        Secured Creditors of all Series, provided that such security may only be
        enforced and the floating charge shall crystallise in accordance with
        the provisions of Clause 6.

4.1     ADDITIONAL SECURITY

        Additional security in respect of each Series or (provided that the
        Trustee consents to the same) in respect of any transaction entered into
        by the Issuer relating to or connected with any arrangement for the
        issue of any Series of Notes shall be created in accordance with this
        Deed, by the MTN Supplement relating to such Series and Supplementary
        Security Document (if any) as may be required.

4.2     APPLICATION OF CLAUSE 4 TO MTN SUPPLEMENTS

        The following provisions of this Clause 4 shall apply to the security
        created in Clause 3.1 and to the Security in relation to each Series,
        except as may be otherwise specified in such MTN Supplement or
        Supplementary Security Document.

4.3     RIGHTS OF SECURED CREDITORS

        Each Secured Creditor (other than the Trustee) will belong to one of the
        categories of Secured Creditor set out below for the purposes of this
        Deed. The entitlement of any Secured Creditor to the relevant Secured
        Property for a given Series of Notes, unless

                                      -7-
<PAGE>

        otherwise specified herein, shall be specified in the relevant MTN
        Supplement. The categories of Secured Creditor (other than the Trustee)
        are as follows:

                (a)     Noteholder

                        The beneficial entitlement of each Noteholder (and where
                        there are Classes, any Noteholder holding one of the
                        Classes in that Series) to a security interest in the
                        Secured Property in relation to that Series shall be
                        specified in the related MTN Supplement and shall be
                        expressed to constitute or form part of that Series.

                (b)     Enhancement Provider

                        If the related MTN Supplement specifies that an
                        Enhancement Provider is to be a Secured Creditor of the
                        Secured Property in relation to that Series, the
                        beneficial entitlement of such Enhancement Provider to a
                        security interest in the relevant Secured Property shall
                        be specified in the related MTN Supplement and shall be
                        expressed to constitute or form part of that related
                        Series.

                (c)     Other Secured Creditors

                        If the related MTN Supplement specifies that any other
                        party is to be a Secured Creditor of the Secured
                        Property in relation to such Series, the beneficial
                        entitlement of such additional Secured Creditor to a
                        security interest in the relevant Secured Property shall
                        be specified in the related MTN Supplement.

5.      FORM AND ISSUE OF NOTES AND COUPONS

5.1     GLOBAL NOTES

        The Notes of each Series will initially be represented by a Temporary
        Global Note without Coupons, or Talons in, or substantially in, the form
        set out in Schedule 1. Interests in a Temporary Global Note will, after
        the date which is 40 days after the completion of the distribution of
        all of the Notes of the relevant Series (as determined by the Dealer)
        upon certification as a non-US beneficial ownership in the form set out
        in the Temporary Global Note, be exchangeable, in whole or in party, for
        interests in a Permanent Global Note in, or substantially in, the form
        set out in Schedule 2, or, if so specified in the MTN Supplement in
        respect of such Series, for Definitive Notes having, if so specified,
        Coupons attached as described in the Temporary Global Note. The
        Permanent Global Note in respect of any Series will be exchangeable for
        Definitive Notes having, if so specified in the MTN Supplement in
        respect of such Series, Coupons as described in such Permanent Global
        Note.

5.2     DEFINITIVE NOTES

        Each Permanent Global Note shall be exchangeable in whole but not in
        part for the corresponding Definitive Notes described below if:

        5.2.1   any Note of the relevant Series becomes immediately redeemable
                following the occurrence of an Event of Default in relation
                thereto; or

                                      -8-
<PAGE>

        5.2.2   Euroclear or Cedelbank or any other relevant clearing system is
                closed for business for a continuous period of 14 days (other
                than by reason of legal holidays) or announces an intention to
                cease business permanently or in fact does so; or

        5.2.3   if so specified in the MTN Supplement, at the option of the
                Noteholder, and upon Noteholder's request. In the case of
                Clauses 5.2.1 and 5.2.2, the Issuer shall bear the cost and
                expense and, in the case of Clause 5.2.3, the Noteholder making
                such request shall bear the cost and expense.

        On or after any Exchange Date (as defined below), the bearer of a
        Permanent Global Note may surrender it to or to the order of the
        Principal Paying Agent. In exchange for a Permanent Global Note, the
        Issuer will deliver or procure the delivery of, an equal aggregate
        principal amount of duly executed and authenticated Definitive Notes
        corresponding thereto (in the case of Definitive Notes, having attached
        to them all Coupons in respect of interest which has not already been
        paid on such Permanent Global Note and where required, a Talon),
        security printed in accordance with any applicable legal and Stock
        Exchange requirements in, or substantially in, the form set out in this
        Deed. On exchange in full of the Permanent Global Note, such Permanent
        Global Note will be cancelled.

        "Exchange Date" means a date, other than a Saturday or Sunday, falling
        not less than 40 days after than on which the notice requiring exchange
        is given and on which banks are open for business London, Brussels and
        Luxembourg.

        Each Note shall be issued in respect of a Series in the denomination(s)
        specified in the MTN Supplement relating to such Series (serially
        numbered) with Coupons (and, where appropriate, a Talon) attached. Title
        to such Notes, Coupons, and Talons shall pass by delivery.

5.3     SIGNING OF GLOBAL NOTES

        The Global Notes shall be signed manually or in facsimile by:

        5.3.1   any one director of the Issuer; or

        5.3.2   any other person duly authorised by the Issuer on behalf of the
                Issuer, and shall be authenticated by signature manually be or
                on behalf of the Principal Paying Agent. Each such Global Note
                so executed and authenticated shall be a binding and valid
                obligation of the Issuer. The Issuer may adopt and use the
                signature of any person who, at the date of signing a Global
                Note is an authorised signatory for such purpose of the Issuer,
                notwithstanding that such person may for any reason (including
                death) have ceased to be such an authorised signatory at the
                time of the creation and issue of the relevant Global Note.

5.4     THE DEFINITIVE NOTES

        The Definitive Notes of each Series (if any) shall be signed manually or
        a facsimile by one director of the Issuer and (unless otherwise
        specified in the relevant MTN Supplement) shall be authenticated by or
        on behalf of the Principal Paying Agent. The Issuer may use the
        facsimile signature of any person who at the date such signature is

                                      -9-
<PAGE>

        affixed is a director of the Issuer notwithstanding that at the time of
        issue of any of the Notes he may have ceased for any reason to be the
        holder of such office. The Notes so executed and authenticated, and the
        Coupons and Talons, upon execution and authentication of the relevant
        Notes, shall be binding and valid obligation of the Issuer. The Coupons
        and Talons shall not be signed. Execution in facsimile of any Notes
        shall be binding upon the Issuer in the same manner as if such Notes
        were signed manually by such signatories.

5.5     ISSUE OF NOTES

        5.5.1   An issue of Notes may only be made by the Issuer in accordance
                with this Deed and the terms of the relevant MTN Supplement and
                in any event with the consent of the Initial Transferor and any
                Additional Transferor (such consent to be evidenced by the
                execution of the relevant MTN Supplement by the Transferor and
                such Additional Transferor as set out in this Clause 5.5); and

        5.5.2   On any Closing Date, the Issuer shall authenticate and deliver
                the appropriate Notes to the Common Depository. The Issuer shall
                not so authenticate and deliver and the Common Depository shall
                not accept the Notes unless the following documents have been
                received by the Trustee:

                (i)     a MTN Supplement in respect of the Series of Notes to be
                        issued satisfying the criteria set out in Clause 5.6
                        executed by each of the parties thereto (including the
                        Transferor, any Additional Transferor and the Issuer)
                        and specifying the Principal Terms of such Series and
                        the supplements, amendments and variations to this Deed
                        as a consequence thereof;

                (ii)    any applicable Enhancement, as specified in such Note
                        Supplement;

                (iii)   the agreement, if any, pursuant to which the Enhancement
                        Provider agrees to provide its Enhancement, if any;

                (iv)    a Solvency Certificate, signed by a duly an authorised
                        signatory and dated the Closing Date, from each of the
                        Initial Transferor and any Additional Transferor and the
                        Issuer;

                (v)     each other document set out in the relevant MTN Signing
                        and Closing Agenda.

5.6     MTN SUPPLEMENTS

        5.6.1   An MTN Supplement shall be executed in order to effect each
                issuance of a Series of Notes and to secure the relevant Secured
                Property relating to such Notes, which shall:

                (a)     be executed by the Transferor, the Receivables Trustee,
                        the Trustee and the Issuer;

                (b)     set out the consent of the Transferor to such issue of
                        Notes which shall be deemed to be given by its execution
                        of the Note Supplement;

                                      -10-
<PAGE>

                (c)     constitute, after the issuance of the relevant Series of
                        Notes, a supplement by the Issuer and the Trustee to
                        this Deed which shall thereafter be read and construed
                        as supplemented, amended and varied by such Note
                        Supplement;

                (d)     specify the name and category of each Noteholder of the
                        relevant Series (and Class of the relevant Notes, if
                        applicable) and, if there is more than one Class in a
                        Series, the rights and priorities of each Class
                        vis-a-vis the other Classes constituting the new Series;

                (e)     set out the principal terms of such Series (all such
                        terms the "Principal Terms") which shall include,
                        without limitation, the following:

                        (i)     the Principal Amount Outstanding of the Notes
                                upon issue for such Series;

                        (ii)    the Secured Property for such Series;

                        (iii)   the Closing Date;

                        (iv)    the names of any accounts to be used by such
                                Series and the terms governing the operation of
                                any such accounts and use of moneys therein;

                        (v)     any additional Secured Creditors;

                        (vi)    the terms of any Enhancement with respect to
                                such Series, and the Enhancement Provider, if
                                applicable;

                        (vii)   the terms governing any deposit into any account
                                provided for such Series; and

                        (viii)  any other relevant terms of such Series.

        5.6.2   The Issuer shall, without any requirement to obtain the consent
                of the Secured Creditors of any other Series, arrange for a MTN
                Supplement to be executed in accordance with Clause 5.5.1
                Provided, however, that such MTN Supplement shall not be
                executed unless each of the Issuer and the Trustee are of the
                opinion that the execution of such MTN Supplement and the issue
                of the Notes of the related Series will not be materially
                prejudicial to the rights, benefits and interests of the Secured
                Creditors of any other Series.

        5.6.3   The Issuer shall be entitled to assume that the execution of the
                Note Supplement and the issue of the Notes of the related Series
                will not be materially prejudicial to the rights, benefits and
                interests of the Secured Creditors of any other Series and in
                particular will not be materially prejudicial to the timing and
                distribution of payments to such other Secured Creditors of such
                Series if it receives written confirmation from:

                                      -11-
<PAGE>

                (a)     each relevant Rating Agency that the issue of Notes of
                        the relevant Series will not result in such Rating
                        Agency reducing or withdrawing its then current rating
                        on any outstanding Associated Debt for any other Series;

                (b)     an investment banking firm or commercial bank recognised
                        in the United Kingdom in the form of a Director's
                        Certificate to that effect PROVIDED, HOWEVER, that such
                        confirmation shall be required only if on the relevant
                        Closing Date there is one or more Series and any of the
                        outstanding Associated Debt of the Noteholders within
                        such Series is not currently rated by a Rating Agency.

                Such written confirmation shall be conclusive evidence for the
                purposes of Clause 5.5.2 that the rights, benefits and interests
                of the Secured Creditors of any other Series have not been
                materially prejudiced.

        5.6.4   By its execution of a MTN Supplement, each Secured Creditor
                consents and confirms that the security trust for the benefit of
                the relevant Secured Creditor under this Deed, any MTN
                Supplement and any Supplemental Security Document may be
                supplemented, amended and varied from time to time in accordance
                with the terms of this Deed and any such additional MTN
                Supplement and any such Supplemental Security Document.

6.      ESTABLISHMENT OF ISSUER BANK ACCOUNTS IN RESPECT OF EACH SERIES

6.1     SERIES DISTRIBUTION ACCOUNT

        6.1.1   The Issuer will, in respect of each Series, with the consent (as
                evidenced by the execution of this Deed and each relevant MTN
                Supplement) of the Trustee, open a Series Distribution Account,
                such account to be operated and maintained by the Issuer in
                accordance with the provisions of this Deed and the relevant MTN
                Supplement.

        6.1.2   The Issuer at all times shall maintain accurate records
                reflecting each transaction in each Series Distribution Account
                and in any ledger relating thereto.

6.2     ADDITIONAL ISSUER ACCOUNTS

        6.2.1   The Issuer may, with the consent of the Trustee, from time to
                time open Additional Issuer Accounts (in its name or to be
                designated as opened on trust for the Issuer if opened for the
                benefit of the Issuer by the Trustee) at the Operating Bank or
                at any other Qualified Institution as specified in any Note
                Supplement, Provided, That, such Additional Issuer Accounts
                shall be charged to the Trustee on trust for itself and the
                other Secured Creditors of the Series to which such Additional
                Issuer Account relates.

        6.2.2   The Issuer at all times shall maintain accurate records
                reflecting each transaction in any Additional Issuer Account and
                in any ledger relating thereto.

                                      -12-
<PAGE>

6.3     REPLACEMENT OF OPERATING BANK

        If at any time the existing Operating Bank ceases to be a Qualified
        Institution, the Operating Bank shall under the terms of the MTN Bank
        Agreement notify the Issuer and the Trustee and the Issuer or, after the
        security has become enforceable, the Trustee, as the case may be, shall
        within 10 Business Days of being notified establish a new Issuer Account
        in respect of each Issuer Account then established at the existing
        Operating Bank meeting the conditions specified with respect to each
        such Issuer Account with a Qualified Institution which shall become the
        new Operating Bank, and shall transfer any cash or any investments
        standing to the credit of each existing Issuer Account to the relevant
        new Issuer Accounts. If the Issuer shall fail to establish the new
        Issuer Accounts as required by this Clause 6.3, the Trustee shall be
        entitled to establish the Issuer Accounts itself and to make such
        transfers on behalf of the Issuer and the Trustee is hereby authorised
        and empowered (upon such failure by the Issuer) for such purpose to
        execute and deliver on behalf of the Issuer, as its attorney, all
        documents, records and other instruments upon the failure of the Issuer
        to execute or deliver such documents, records or instruments, and to do
        and to accomplish all other acts or things necessary or appropriate to
        effect such establishment and transfers.

6.4     POWERS OF INVESTMENT

        6.4.1   Subject to the terms of the relevant MTN Supplement, the Issuer
                shall have no power of investment.

        6.4.2   The Issuer and the Trustee acknowledge that subject to the
                obligations of the Issuer to allocate or distribute funds in
                accordance with this Deed and any MTN Supplement, the Security
                Trustee may give (and the Security Trustee agrees to give) the
                Issuer instructions consistent with the terms of this Deed and
                any MTN Supplement with regard to undertaking investments in
                accordance with the provisions of this Deed.

6.5     APPLICATION OF MONIES IN ADDITIONAL ISSUER ACCOUNTS

        Amounts deposited in Additional Issuer Accounts shall be applied in
        accordance with the provisions of any related MTN Supplement and Clause
        6.4.

6.6     PAYMENTS - CURRENCY OF ACCOUNT AND PAYMENT METHOD

        6.6.1   Sterling is the currency of account and payment for each and
                every sum at any time due from any Person hereunder, provided,
                however, that:

                (a)     each payment in respect of costs shall be made in the
                        currency in which the same were incurred; and

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

        6.6.2   On each date upon which this Deed or any MTN Supplement hereto
                requires an amount to be paid by or on behalf of the Receivables
                Trustee to the Issuer, the Receivables Trustee shall, save as
                expressly provided otherwise herein, make the same available to
                the Issuer by payment in Sterling and in same day funds to such
                account and bank in London as the Issuer shall have specified in
                writing for this purpose no later than midday on the day that
                such amount becomes payable.

                                      -13-
<PAGE>

7.      ENFORCEMENT OF SECURITY

7.1     EFFECT OF AN ENFORCEMENT NOTICE

        7.1.1   If, at any time while any of the Secured Obligations in respect
                of a Series remain outstanding, an Insolvency Event occurs then
                the Trustee shall, by written notice to the Issuer (an
                "Enforcement Notice") declare all of the Notes in respect of all
                Series to be immediately repayable and the security created
                pursuant to Clause 4 and each MTN Supplement and Supplementary
                Security Document to become enforceable, the floating charge
                created pursuant to Clause 4 will crystallise as of the date of
                such notice and the Trustee shall appoint an administrative
                receiver.

        7.1.2   Unless directed by a court of competent jurisdiction to do so or
                unless each of the Rating Agencies confirms that to do so would
                result in a downgrade or withdrawal of its then current rating
                of any outstanding Associated Debt in respect of the relevant
                Series in respect of which the Secured Property has become
                enforceable, the Trustee shall after the Security over the
                relevant Secured Property has become enforceable if directed by
                written resolution signed by Noteholders holding Notes of more
                than 66-2/3 per cent. of the Principal Amount Outstanding in
                respect of such Series as of the preceding Determination Date
                or, where applicable, the Priority Secured Creditor of such
                Series, appoint a Receiver of the Secured Property Provided that
                the Trustee shall not appoint more than one Receiver of the
                Secured Property in relation to those Series the Security in
                respect of which has, at any time, become enforceable.

        7.1.3   The exclusion of any part of the Secured Property of any Series
                from the appointment of the Receiver shall not preclude the
                Trustee from subsequently extending his appointment (or that of
                the Receiver replacing him) to that part.

        7.1.4   Upon receipt of notice of a petition to a court of competent
                jurisdiction for an administration order to be made on
                application by a creditor or creditors of the Issuer, the
                Trustee shall forthwith appoint a Receiver or Receivers (being,
                for the avoidance of doubt, an administrative receiver or
                similar officer falling within the definition of "administrative
                receiver" under Section 29(2) of the Insolvency Act 1986) of the
                whole of the Secured Property in relation to all Series
                outstanding and the floating charge created pursuant to Clause
                4.

        7.1.5   The appointment of any Receiver shall include a direction in
                relation to those Series in respect of which the Security has
                not become enforceable to continue all the existing contracts in
                relation to such Series and carry on the existing business of
                the Issuer in relation to such Series.

7.2     ENFORCEMENT INSTRUCTIONS TO TRUSTEE AND DISCRETION OF TRUSTEE

        7.2.1   The Trustee and any Receiver shall only be required to take any
                action to enforce or protect the Security in relation to a
                Series and act pursuant thereto if

                                      -14-
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                instructed to do so by a written resolution signed by
                Noteholders holding Notes of more than 66-2/3 per cent. of the
                Principal Amount Outstanding of such Series as of the preceding
                Determination Date or, where applicable, the Priority Secured
                Creditor of such Series and may refrain from exercising any
                right, power or discretion vested in it by these presents unless
                and until instructed by a written resolution signed by
                Noteholders holding Notes of more than two-thirds of the
                Principal Amount Outstanding of such Series as of the preceding
                Determination Date as to whether or not any such right, power or
                discretion is to be exercised and as to the manner in which it
                should be exercised.

        7.2.2   Notwithstanding the foregoing, at any time after the Notes, or
                any of them, shall have become due and repayable in accordance
                with the Conditions and shall not have been repaid (including,
                without limitation, following a default in payment of principal
                or interest thereunder), but subject to the provisions of Note
                Condition 10, the Trustee may at its discretion and without
                further notice, recover judgment in its own name and as trustee
                of an express trust against the Issuer for the whole amount of
                principal and interest remaining unpaid and take such other
                steps and/or institute such proceedings as it may think fit
                against, or in relation to, the Issuer and/or such steps as it
                may think fit to enforce the security created in favour of the
                Trustee by, and contained in this Deed and MTN Supplement and to
                enforce its obligations under this Deed and such MTN Supplement
                including, without limitation, to enforce repayment of the Notes
                together with accrued interest and any other moneys payable
                pursuant to this Deed and such MTN Supplement, provided that the
                Note Trustee shall be bound by the terms of this Deed and the
                relevant MTN Supplement in determining the priority in which any
                moneys received by it shall be applied.

7.3     POWERS OF A RECEIVER

        If the Trustee appoints a Receiver or administrative receiver pursuant
        to Clause 7.1, the following provisions shall have effect in relation
        thereto:

        7.3.1   such appointment may be made either before or after the Trustee
                has taken possession of any Secured Property relating to any
                Series;

        7.3.2   such Receiver may be vested by the Trustee with such powers and
                discretions as the Trustee has and may think expedient and may,
                subject as provided in Clause 7.1, (i) sell or concur in the
                sale all or any of the Secured Property, or assign or release
                all or any of the Secured Property, or (ii) continue the
                business of the Issuer as a going concern with respect to the
                Secured Property, in each case without restriction and on such
                terms and for such consideration (if any) as he may think fit
                and may carry any such transaction into effect by conveying,
                transferring and delivering in the name or on behalf of the
                Issuer or otherwise;

        7.3.3   such Receiver shall in the exercise of his powers, authorities
                and discretions conform to regulations from time to time made by
                the Trustee;

        7.3.4   the Trustee may from time to time fix the remuneration of such
                Receiver and direct payment thereof out of moneys accruing to
                him in the exercise of his powers as such; provided, however,
                that such remuneration shall only be

                                      -15-
<PAGE>

                payable from such sums as are realised in respect of those
                Series the Secured Property in respect of which are the subject
                of the appointment of such Receiver;

        7.3.5   the Trustee may from time to time and at any time require any
                such Receiver to give security for the due performance of his
                duties as Receiver and may fix the nature and amount of the
                security to be so given but the Trustee shall not be bound in
                any case to require any such security;

        7.3.6   save insofar as otherwise directed by the Trustee, all moneys in
                respect of any Series from time to time received by such
                Receiver shall be paid over forthwith to the Trustee to be held
                by it in accordance with the provisions of Clauses 6.1 to 6.3 as
                amended by the relevant Note Supplement;

        7.3.7   every such Receiver shall be the agent of the Issuer for all
                purposes and the Issuer alone shall be responsible for his acts,
                defaults and misconduct, and the Trustee and the Secured
                Creditors of any Series shall not incur any liability therefor
                or by reason of its or their making or consenting to the
                appointment of a person as a Receiver under these presents; and

        7.3.8   none of the Trustee and the Secured Creditors of any Series
                shall be in any way responsible for any misconduct or negligence
                on the part of any such Receiver.

7.4     POWER OF SALE

        Notwithstanding any other provision of this Deed, the Notes of any
        Series shall be deemed for the purposes of Section 101 of the Law of
        Property Act 1925 to have become due within the meaning of that Section
        and the power of sale and other powers conferred on mortgagees by the
        Law of Property Act 1925 as varied or extended by these presents
        including the power to appoint a Receiver shall arise immediately on
        execution of the relevant MTN Supplement.

7.5     PROCEEDS OF ENFORCEMENT HELD ON TRUST

        For each Series, all moneys received by the Trustee in respect of the
        Security or the Secured Property relating to such Series shall be held
        by the Trustee upon trust to apply the same as provided in the relevant
        MTN Supplement.

7.6     FURTHER ASSURANCE

        For each Series, the Issuer shall execute and do all such assurances,
        acts and things as the Trustee may reasonably require (including,
        without limitation, the giving of notices of assignment and the
        effecting of filings or registrations in any jurisdiction) for
        perfecting or protecting the Security and from time to time and at any
        time after the Security or any part thereof has become enforceable shall
        execute and do all such assurances, acts and things as the Trustee may
        reasonably require for facilitating the realisation of, or enforcement
        of rights in respect of, all or any of the Secured Property relating to
        such Series and the exercise of all powers, authorities and discretions
        vested in the Trustee or in any Receiver of all or any of the Secured
        Property relating to such Series. For the purposes of this Clause 7.6, a
        certificate in writing signed by the Trustee to the effect that any
        particular assurance act or thing required by it is reasonably required
        shall be conclusive evidence of the fact.

                                      -16-
<PAGE>

7.7     TRUSTEE'S POWER TO BORROW

        For each Series, the Trustee may raise and borrow money on the security
        of all or any of the Secured Property relating to such Series for the
        purpose of defraying any Liabilities paid or incurred by it in relation
        to these presents relating to such Series or in the exercise of any of
        the powers contained in these presents relating to such Series. The
        Trustee may raise and borrow such money at such rate of interest and
        generally on such terms and conditions as it shall think fit and may
        secure the repayment of the money so raised or borrowed with interest on
        the same by mortgaging or otherwise charging all or any of the Secured
        Property relating to such Series in such manner and form as the Trustee
        may think fit (which mortgage or other charge may rank in priority to,
        pari passu with or after the Security) and for such purposes may execute
        and do all such assurances and things as it may think fit and no person
        lending any such money shall be concerned to enquire as to the propriety
        or purpose of the exercise of any power of the Trustee or to see to the
        application of any money so raised or borrowed.

7.8     EXTENT OF TRUSTEE'S LIABILITY

        For each Series, the Trustee shall not, nor shall any Receiver appointed
        as aforesaid nor any attorney, agent or delegate of the Trustee by
        reason of taking possession of all or any of the Secured Property
        relating to such Series or any other reason whatsoever and whether as
        mortgagee in possession or on any other basis whatsoever be liable to
        account for anything except actual receipts or be liable for any loss or
        damage arising from realisation of, or enforcement of rights in respect
        of, all or any of the Secured Property relating to such Series or any
        other property, assets, rights or undertakings of whatsoever nature
        (including but not limited to any other Secured Property) whether or not
        owned by the Issuer or any other person or in which the Issuer or such
        other person has an interest, from any act, default or omission in
        relation to all or any of the Secured Property relating to such Series
        or any other property, assets, rights or undertakings of whatsoever
        nature (including but not limited to any other Secured Property) whether
        or not owned by the Issuer or any other person or in which the Issuer or
        such other person has an interest, or from any exercise or non-exercise
        by it of any power, authority or discretion conferred upon it in
        relation to all or any of the Secured Property relating to such Series
        or any other property, assets, rights or undertakings of whatsoever
        nature (including but not limited to any other Secured Property) whether
        or not owned by the Issuer or any other person or in which the Issuer or
        such other person has an interest, by or pursuant to these presents
        relating to such Series or otherwise.

7.9     POWERS IN ADDITION TO STATUTE

        For each Series, the powers conferred by this Deed in relation to all or
        any of the Secured Property in respect of such Series on the Trustee or
        on any Receiver of all or any of the Secured Property shall be in
        addition to and not in substitution for the powers conferred on
        mortgagees or receivers under the Law of Property Act 1925 and the
        Insolvency Act 1986 and where there is any ambiguity or conflict between
        the powers contained in such Act and those conferred by these presents
        the terms of these presents shall prevail.

7.10    DUTY OF ENQUIRY

        For each Series, no person dealing with the Trustee or with any Receiver
        of all or any of the Secured Property in respect of such Series
        appointed by the Trustee shall be

                                      -17-
<PAGE>

        concerned to enquire whether any event has happened upon which any of
        the powers, authorities and discretions conferred by or pursuant to
        these presents in relation to such Secured Property in respect of such
        Series or any other Secured Property or any other property, assets or
        undertaking are or may be exercisable by the Trustee or by any such
        Receiver or otherwise as to the propriety or regularity of acts
        purporting or intended to be in exercise of any such powers, authorities
        or discretions and all the protections to purchasers contained in
        Sections 104 and 107 of the Law of Property Act 1925 shall apply to any
        person purchasing from or dealing with the Trustee or any such Receiver
        in like manner as if the statutory powers of sale and of appointing a
        Receiver in relation to such Secured Property in respect of such Series
        or any other Secured Property or any other property, assets or
        undertaking had not been varied or extended by these presents.

7.11    RELEASE OF SECURITY

        Upon proof being given to the satisfaction of the Trustee that the
        Issuer is under no further actual or contingent liability, present or
        future, under these presents in respect of any Series, the Trustee shall
        at the written request and cost of the Issuer execute and do all such
        deeds, acts and things as may be necessary to reassign and release the
        Secured Property in respect of such Series from the Security and the
        trust contained in these presents.

7.12    CONTINUING SECURITY

        The Security constituted by these presents is continuing security for
        the performance of the Secured Obligations notwithstanding any
        intermediate payment in respect of the Secured Obligations and shall be
        in addition to any other security, rights or remedies which the Trustee
        may have.

7.13    POWER OF ATTORNEY AND FURTHER ASSURANCE

        7.13.1  The Issuer hereby further covenants with and undertakes to the
                Trustee that it will from time to time upon demand pursuant to
                an Enforcement Notice execute, at its own cost, any document or
                do any act or thing which the Trustee or the Receiver may
                specify with a view to after service of an Enforcement Notice,
                facilitating the exercise, or the proposed exercise, of any of
                their powers.

        7.13.2  Subject to the provisions of Clause 6.5 for the purpose of
                securing the interest of the Trustee and the Secured Creditors
                in and to the Secured Property and the performance of its
                obligations to the Trustee and the Secured Creditors, whether
                under or pursuant to this Deed or in relation to the Secured
                Property, the Issuer irrevocably for value and by way of
                security appoints the Trustee and every Receiver to be its
                attorney (with full power to appoint substitutes or to
                sub-delegate, including power to authorise the person so
                appointed to make further appointments) on behalf of the Issuer
                and in its name or otherwise, to execute any document or do any
                act or thing which the Trustee or such Receiver (or such
                substitute or delegate) may, in its or his absolute discretion,
                properly consider appropriate in connection with the exercise of
                any of the rights or powers of the Trustee or the Receiver under
                or pursuant to this Deed or any Related Document PROVIDED,
                HOWEVER, that the appointment comprised in this Clause 7.13.2
                shall not entitle any person to act as attorney of the Issuer
                until such time as Insolvency Event has occurred.

                                      -18-
<PAGE>

        7.13.3  The Issuer hereby ratifies and confirms and agrees to ratify and
                confirm whatever any such attorney shall lawfully do or purport
                to do in the exercise or purported exercise of all or any of the
                powers, authorities and discretions referred to in this Clause
                7.13 investment by the Trustee

8.      THE TRUSTEE

8.1     DUTIES OF THE TRUSTEE

        8.1.1   The Trustee undertakes to perform such duties and only such
                duties as are specifically set forth in this Deed to the extent
                required or permitted under and in compliance with applicable
                law and regulations.

        8.1.2   The Trustee shall consent to the operation of the Issuer
                Accounts for each Series by the Issuer and the MTN Cash Manager
                in accordance with the provisions of this Deed and any MTN
                Supplement.

        8.1.3   After any Security has become enforceable, the Trustee shall, if
                it has actual knowledge of the same, act promptly to exercise
                its rights under any bank mandate relating to a Issuer Account
                in respect of which it is a beneficiary of a trust declared over
                such account to prevent monies representing Secured Property
                being paid from such Issuer Account to a bank account which is
                not a Issuer Account and which was overdrawn at the close of
                business on the preceding Business Day (unless the Trustee shall
                have received evidence satisfactory to it that such overdraft
                has been satisfied). The Trustee shall cease to exercise such
                rights at such time as the relevant bank account ceases to be
                overdrawn.

        8.1.4   The Trustee shall maintain proper books of account in respect of
                its duties as trustee of the Secured Property in respect of each
                Series and shall maintain records of all assets held by it and
                all payments made by it in such capacity.

        8.1.5   The Trustee shall not be liable with respect to any action
                taken, suffered or omitted to be taken by it in good faith in
                accordance with the direction of any Secured Creditor in respect
                of a Series relating to the time, method and place of conducting
                any proceeding for any remedy available to the Trustee, or
                exercising any trust, discretion or power conferred upon the
                Trustee in relation to such Secured Creditor, under this Deed or
                any Series Document.

        8.1.6   The Trustee shall not be charged with knowledge of any failure
                by the MTN Cash Manager referred to in Clause 12.1 unless the
                Trustee receives written notice of such failure from the MTN
                Cash Manager or any Secured Creditor adversely affected thereby.

        8.1.7   The Trustee shall not be required to expend or risk its own
                funds or otherwise incur financial liability in the performance
                of any of its duties hereunder, or in the exercise of any of its
                rights or powers, if it believes that the repayment of such
                funds or adequate indemnity against such risk or liability is
                not assured to

                                      -19-
<PAGE>

                it to its reasonable satisfaction, and none of the provisions
                contained in this Deed or any Series Document shall in any event
                require the Trustee to perform, or be responsible for the manner
                of the performance of, any of the obligations of the MTN Cash
                Manager under this Deed or the Servicer under the Beneficiaries
                Servicing Agreement.

        8.1.8   Except for actions expressly authorised herein or in any MTN
                Supplement, the Trustee shall take no action to impair the
                interests of the Secured Creditors in relation to their
                beneficial interest in a security interest in the relevant
                Secured Property relating to such Series, now existing or
                hereafter created or to impair the value of their beneficial
                interest in a security interest in the relevant Secured Property
                in respect of such Series now existing or hereafter created.

        8.1.9   Other than as expressly contemplated in this Deed or any Series
                Document, the Trustee shall have no power to deal with Secured
                Property in relation to any Series.

        8.1.10  In relation to its obligations set forth in Clause 7.1, the
                Trustee shall not be obliged to act accordingly unless:

                (i)     it has actual knowledge of an Event of Default; or

                (ii)    it satisfies itself that an Event of Default has
                        occurred,

                provided that the Trustee shall not act in accordance with such
                obligations if to do so is in breach of any of its obligations
                in law or under the Series Documents.

8.2     CERTAIN MATTERS AFFECTING THE TRUSTEE

        8.2.1   Except as otherwise provided in this Deed (and, except as
                expressly provided in this Clause 8.2, in lieu of the provisions
                contained in section 315(a) of the TIA):

                (a)     the Trustee may call for, and shall not be bound to
                        make, any investigation into the fact of matters stated
                        in, and shall be protected in acting, or in refraining
                        from acting in accordance with any resolution,
                        Director's Certificate, certificate of auditors or any
                        other certificate, statement, instrument, opinion,
                        report, request, consent, order, appraisal, bond or
                        other paper or document believed by it to be genuine and
                        to have been signed or presented to it pursuant to this
                        Deed or any Series Document by the proper party or
                        parties whether or not the same shall subsequently be
                        found not to have been duly authorised or not to be
                        authentic;

                (b)     the Trustee may rely on any Opinion of Counsel addressed
                        to it, and any such Opinion of Counsel shall be full and
                        complete authorisation and protection in respect of any
                        action taken or suffered or omitted by it hereunder in
                        good faith and in accordance with such Opinion of
                        Counsel;

                (c)     the Trustee shall be entitled to assume, for the
                        purposes of exercising any power, trust, authority, duty
                        or discretion under or in relation to any Series

                                      -20-
<PAGE>

                        Document that such exercise will not adversely affect
                        the beneficial interest of the Secured Creditors in a
                        security interest in respect of the Secured Property of
                        the relevant Series if each Rating Agency has given
                        written confirmation that such Rating Agency would not
                        reduce or withdraw its then current rating of any
                        outstanding Associated Debt in respect of the relevant
                        Series as a result of such exercise;

                (d)     the Trustee shall not be personally liable for any
                        action taken, suffered or omitted by it in good faith
                        and believed by it to be authorised or within the
                        discretion or rights or powers conferred upon it by this
                        Deed or any Series Document;

                (e)     the Trustee may execute any of the trusts or powers
                        hereunder or perform any duties hereunder either
                        directly or by or through agents or attorneys or a
                        custodian;

                (f)     the Trustee shall not be required to make any initial or
                        periodic examination of any documents or records related
                        to the Designated Accounts in respect of the Securitised
                        Portfolio or the Receivables in respect of such
                        Designated Accounts for the purpose of establishing the
                        presence or absence of defects, the compliance by
                        Initial Transferor or any Additional Transferor with its
                        representations and warranties or for any other purpose;

                (g)     the Trustee shall not be responsible for obtaining or
                        maintaining any rating awarded by any Rating Agency or
                        any other person in respect of any Associated Debt;

                (h)     the Trustee shall not be responsible for failing to
                        request, require or receive any legal opinion relating
                        to any MTN Supplement or for checking or commenting upon
                        the content of any legal opinion;

                (i)     the Trustee, is entitled to assume no Event of Default
                        has occurred unless it has actual knowledge to the
                        contrary;

                (j)     if the Trustee, in the exercise of its functions,
                        requires to be satisfied or to have information as to
                        any fact or the expediency of any act, it may call for a
                        Director's Certificate of the Issuer, the Initial
                        Transferor, any Additional Transferor, the Servicer or
                        the MTN Cash Manager as to any matter reasonably
                        believed by the Trustee to be within their knowledge and
                        the Trustee need not call for further evidence and will
                        not be responsible for any loss occasioned by acting on
                        such certificate;

                (k)     the Trustee will not be responsible for having acted in
                        good faith on a written communication received by it
                        from a proper person and believed by it to be genuine
                        whether or not the same later proved not to have been
                        issued with due authority or to be authentic;

                (l)     any consent or approval given by the Trustee for the
                        purposes of these presents may be given on such terms
                        and subject to such conditions (if

                                      -21-
<PAGE>

                        any) as the Trustee thinks fit and notwithstanding
                        anything to the contrary contained in these presents may
                        be given retrospectively;

                (m)     the Trustee shall not (unless and to the extent ordered
                        so to do by a court of competent jurisdiction) be
                        required to disclose to a Secured Creditor or any other
                        beneficiary of the trusts created by this Deed any
                        information (including, without limitation, information
                        of a confidential financial or price-sensitive nature)
                        made available to the Trustee by the Issuer, Receivables
                        Trustee, the Initial Transferor, any Additional
                        Transferor, the Servicer, the Trust Cash Manager or the
                        MTN Cash Manager or any other person in connection with
                        the trusts created by this Deed and no Secured Creditor
                        or any other beneficiary of such trusts shall be
                        entitled to take any action to obtain from the Trustee
                        any such information;

                (n)     if the Trustee performs the functions of MTN Cash
                        Manager it shall be entitled to retain for its own
                        benefit of all fees and remuneration (calculated and
                        allocated in accordance with the provisions of the
                        relevant MTN Supplement) which it is paid for performing
                        such functions;

                (o)     the Trustee shall not be liable to account for any fees,
                        commissions, profits or remuneration of any kind it may
                        receive if it assumes any role in relation to the
                        Initial Transferor, any Additional Transferor, the MTN
                        Cash Manager, the Issuer or any securities or debts
                        issued by or outstanding of them and the Trustee may
                        acquire and dispose of securities issued by any of them
                        without being liable to account as aforesaid other than
                        for the wilful misconduct or gross negligence of the
                        Trustee, its employees or agents in connection with such
                        acquisition or disposal.

                (p)     unless specified otherwise in a MTN Supplement, the
                        Trustee shall have regard only to the interests of the
                        Noteholders in respect of any Series and not to the
                        interests of any other Secured Creditor in respect of
                        any Series and shall have no duties to any Secured
                        Creditor other than the Noteholders other than to pay to
                        them any monies it holds on trust for them in respect of
                        any Series;

                (q)     the Trustee shall have regard to the interest of the
                        Noteholders in respect of any Series as a Class and not
                        to their individual interests and save that if there is
                        in the opinion of the Trustee a conflict between the
                        interests of Noteholders in respect of any Series it
                        shall have regard only to the interests of the Class
                        ranking most senior in such Series and shall not be
                        liable to other Noteholders in such Series for doing so;

                (r)     whenever it considers it expedient in the interests of
                        the Noteholders in respect of any Series, the Trustee
                        may, in the conduct of its trust business, instead of
                        acting personally, employ and pay an agent selected by
                        it, whether or not a lawyer or other professional
                        person, to transact or conduct, or concur in transacting
                        or conducting, any business and to do or concur in doing
                        all acts required to be done by the Trustee (including
                        the receipt and payment of money). If the Trustee
                        exercises reasonable care

                                      -22-
<PAGE>

                        in selecting such agent, it shall not be responsible to
                        anyone for any wilful misconduct or omission by any such
                        agent so employed by it or be bound to supervise the
                        proceedings or acts of any such agent;

                (s)     whenever it considers it expedient in the interests of
                        the Noteholders in respect of any Series, the Trustee
                        may delegate to any person on any terms (including power
                        to sub-delegate) all or any of its functions. If the
                        Trustee exercises reasonable care in selecting such
                        delegate, it shall not have any obligation to supervise
                        such delegate or be responsible for any loss, liability,
                        costs, claim, action, demand or expense incurred by
                        reason of any wilful misconduct or gross negligence of
                        any such delegate or sub-delegate;

                (t)     the Trustee shall be entitled to call for, and rely on,
                        a Director's Certificate from the Initial Transferor,
                        any Additional Transferor or any Noteholder in respect
                        of any Series as to whether such Noteholder has
                        Associated Debt outstanding;

                (u)     if required by TIA Section 313(a), within 60 days after
                        November 15 of any year, commencing the November 15
                        following the date of this Deed, the Trustee shall
                        deliver to each Noteholder a brief report dated as of
                        such November 15 that complies with TIA Section 313(a).
                        The Trustee also shall comply with TIA Section 313(b),
                        (c) and (d).

                        Reports delivered pursuant to this Clause 8.2(u) shall
                        be sent as provided in Clause 23.

                (v)     the Trustee shall comply with TIA Section 311(a),
                        excluding any creditor relationship listed in TIA
                        Section 311(b). A Trustee who has resigned or been
                        removed shall be subject to TIA Section 311(a) to the
                        extent indicated therein. The provisions of TIA Section
                        311 shall apply to the Issuer as the obligor of the
                        Notes; and

                (w)     notwithstanding any additional duties imposed on the
                        Trustee under the Trustees Act 1925 or otherwise, if an
                        Event of Default has occurred and is continuing, the
                        Trustee shall exercise the rights and powers and use the
                        same degree of care and skill in their exercise as a
                        prudent man would exercise or use under the
                        circumstances in the conduct of his own affairs.

6.3     TRUSTEE NOT LIABLE FOR VALIDITY OR SUFFICIENCY

        The Trustee makes no representations as to the validity or sufficiency
        of this Deed or any Series Document or of the beneficial entitlement of
        the Secured Creditors of any Series to a security interest in the
        Secured Property in respect of such Series (other than the
        authentication of the relevant Notes) or of any Receivable in respect of
        Designated Accounts in the Securitised Portfolio or Related Document.
        The Trustee has no responsibility for the validity, value, sufficiency
        or enforceability of the security over the Secured Property.

                                      -23-
<PAGE>

8.4     RESIGNATION OR REMOVAL OF THE TRUSTEE

        8.4.1   This Deed shall always have a Trustee which shall be eligible to
                act as Trustee under TIA Sections 310(a)(1) and 310(a)(2). The
                Trustee shall have a combined capital and surplus of at least
                $50,000,000 as set forth in its most recent published annual
                report of condition. If the Trustee has or shall acquire any
                "conflicting interest" within the meaning of TIA Section 310(b),
                the Trustee and the Issuer shall comply with the provisions of
                TIA Section 310(b); Provided, however, that there shall be
                excluded from the operation of TIA Section 310(b)(1) any Deed or
                Deeds under which other securities or certificates of interest
                or participation in other securities of the Issuer are
                outstanding if the requirements for such exclusion set forth in
                TIA Section 310(b)(1) are met. If at any time the Trustee shall
                cease to be eligible in accordance with the provisions of this
                Clause 8.4.1, the Trustee shall resign promptly in the manner
                and with the effect specified in Clauses 8.4.2 to 8.4.5.

        8.4.2   The Trustee, subject to clause 8.4.5 below, may at any time
                resign and be discharged from its obligations and duties hereby
                created by giving written notice thereof to the Issuer. Upon
                receiving such notice of resignation, the Issuer shall be vested
                with the power to appoint a successor Trustee and shall promptly
                appoint such successor Trustee as detailed in Clause 8.5 by
                written instrument, in duplicate, one copy of which instrument
                shall be delivered to the resigning Trustee and one copy to the
                successor Trustee. If no successor Trustee shall have been so
                appointed and have accepted within 30 days after the giving of
                such notice of resignation, the resigning Trustee may petition
                any court of competent jurisdiction for the appointment of a
                successor Trustee.

        8.4.3   If at any time the Trustee shall be legally unable to act, or
                shall be adjudged insolvent, or a receiver of the Trustee or of
                its property shall be appointed, or any public officer shall
                take charge or control of the Trustee or of its property or
                affairs for the purpose of rehabilitation, conservation or
                liquidation, then the Issuer may, but shall not be required to,
                remove the Trustee and promptly appoint a successor Trustee as
                detailed in Clause 8.5 by written instrument, in duplicate, one
                copy of which instrument shall be delivered to the Trustee so
                removed and one copy to the successor trustee.

        8.4.4   The Secured Creditors of all Series may at any time by direction
                signed by all the Secured Creditors in writing addressed to the
                Trustee remove the Trustee and shall do so by giving written
                notice thereof to the Trustee. Upon such notice of removal being
                given; the Issuer shall be vested with the power to appoint a
                successor Trustee and shall promptly appoint such successor
                Trustee as detailed in Clause 8.5 by written instrument, in
                duplicate, one copy of which instrument shall be delivered to
                the Trustee being removed and one copy to the successor Trustee.

        8.4.5   Any resignation or removal of the Trustee and appointment of a
                successor Trustee pursuant to any of the provisions of this
                Clause 8.4 shall not become effective until:

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                (a)     acceptance of appointment by the successor Trustee as
                        provided in Clause 8.5 hereof (and any liability of the
                        Trustee arising hereunder shall survive such appointment
                        of a successor Trustee); and

                (b)     confirmation has been received from each Rating Agency
                        that the appointment of the successor Trustee will not
                        result in such Rating Agency reducing or withdrawing its
                        then current rating on any outstanding Associated Debt.

8.5     SUCCESSOR TRUSTEE

        8.5.1   Any successor Trustee appointed as provided in Clause 8.4 hereof
                shall execute, acknowledge and deliver to the Issuer and to its
                predecessor Trustee an instrument accepting such appointment
                hereunder and the transfer of the interests of the predecessor
                Trustee in the Secured Property in respect of each Series to
                such successor Trustee, and thereupon the resignation or removal
                of the predecessor Trustee shall become effective and such
                successor Trustee, without any further act, deed or conveyance,
                shall become fully vested with such interests in the Secured
                Property in respect of each Series and all the rights, powers,
                duties and obligations of its predecessor hereunder, with the
                like effect as if originally named as Trustee herein. The
                predecessor Trustee shall deliver to the successor Trustee all
                documents and statements held by it hereunder, and the parties
                to this Deed and the predecessor Trustee shall execute and
                deliver such instruments and do such other things as may
                reasonably be required by the successor Trustee for fully and
                certainly vesting and confirming in the successor Trustee all
                such interests in Secured Property in respect of all Series and
                such rights, powers, duties and obligations.

        8.5.2   Upon acceptance of appointment by a successor Trustee as
                provided in this Clause 8.5, such successor Trustee shall give
                notice of such succession hereunder to all Secured Creditors of
                each Series.

8.6     APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE

        8.6.1   Notwithstanding any other provisions of this Deed, at any time,
                for the purpose of meeting any legal requirements of any
                jurisdiction in which any part of the Secured Property in
                respect of any Series may at the time be located, the Trustee
                shall have the power and may execute and deliver all instruments
                to appoint one or more Persons to act as a co-Trustee or
                co-Trustees, or separate Trustee or separate Trustees, with
                respect to all or any part of the Secured Property in respect of
                any Series, and to vest in such Person or Persons, in such
                capacity and for the benefit of the Secured Creditors of the
                relevant Series, such title to the Secured Property in respect
                of any Series or any part thereof, and, subject to the other
                provisions of this Clause 8.6, such powers, duties, obligations,
                rights and trusts as the Trustee may consider necessary or
                desirable. No notice to Secured Creditors of the relevant Series
                of the appointment of any co-Trustee or separate Trustee shall
                be required under Clause 8.5 hereof.

        8.6.2   Every separate Trustee and co-Trustee shall, to the extent
                permitted by law, be appointed and act subject to the following
                provisions and conditions:

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                (a)     all rights, powers, duties and obligations conferred or
                        imposed upon the Trustee shall be conferred or imposed
                        upon and exercised or performed by the Trustee and such
                        separate Trustee or co-Trustee jointly (it being
                        understood that such separate Trustee or co-Trustee is
                        not authorised to act separately without the Trustee
                        joining in such act), except to the extent that under
                        any laws of any jurisdiction in which any particular act
                        or acts are to be performed (whether as Trustee
                        hereunder or as successor to the Trustee hereunder), the
                        Trustee shall be incompetent or unqualified to perform
                        such act or acts, in which circumstances such rights,
                        powers, duties and obligations (including the holding of
                        title to the Secured Property in respect of any Series
                        or any portion thereof in any such jurisdiction) shall
                        be exercised and performed singly by such separate
                        Trustee or co-Trustee, but solely at the direction of
                        the Trustee;

                (b)     no trustee hereunder shall be personally liable by
                        reason of any act or omission of any other trustee
                        hereunder; and

                (c)     the Trustee may at any time accept the resignation of or
                        remove any separate Trustee or co-Trustee Provided that
                        upon such resignation or removal, all title to any
                        Secured Property, powers, duties, obligations, rights
                        and trusts previously vested in such separate Trustee or
                        co-securitising trustee shall immediately revert to the
                        Trustee.

        8.6.3   Any notice, request or other writing given to the Trustee shall
                be deemed to have been given to each of the then separate
                Trustees and co-Trustees, as effectively as if given to each of
                them. Every instrument appointing any separate Trustee or
                co-Trustee shall refer to this Deed and the conditions of
                Clauses 8.1 to 8.15. Each separate Trustee and co-Trustee, upon
                its acceptance of the trusts conferred, shall be vested with the
                rights, trusts, powers, duties and obligations specified in its
                instrument of appointment, either jointly with the Trustee or
                separately, as may be provided therein, subject to all the
                provisions of this Deed, specifically including every provision
                of this Deed relating to the conduct of, affecting the liability
                of, or affording protection to, the Trustee. Every such
                instrument shall be filed with the Trustee and a copy thereof
                given to the MTN Cash Manager.

        8.6.4   Any separate Trustee or co-Trustee may at any time constitute
                the Trustee as its agent or attorney-in-fact with full power and
                authority, to the extent not prohibited by law, to do any lawful
                act under or in respect to this Deed or any Series Document on
                its behalf and in its name. If any separate Trustee or
                co-Trustee shall die, become incapable of acting, resign or be
                removed, all of its rights, trusts, powers, duties and
                obligations shall vest in and be exercised by the Trustee, to
                the extent permitted by law, without the appointment of a new or
                successor trustee.

8.7     SUPPLEMENT TO TRUSTEE ACT 1925

        The rights, powers, duties and obligations conferred or imposed upon the
        Trustee by this Deed shall, unless otherwise specified herein or in any
        MTN Supplement, be

                                      -26-
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        supplemental to any rights, powers, duties and obligations conferred or
        imposed upon the Trustee under the law generally and in particular the
        Trustee Act 1925 and, except as expressly provided in this Clause 8, be
        in lieu of the provisions contained in section 315(a) of the TIA.

8.8     COSTS AND EXPENSES OF THE ISSUER AND REMUNERATION, COSTS AND EXPENSES OF
        THE TRUSTEE

        8.8.1   As full reimbursement for any costs and expenses incurred by it
                in connection with its activities in respect of (i) a particular
                Series, the Issuer shall be entitled to utilise Secured Property
                in respect of each Series allocated to the Secured Creditors for
                the relevant Series to meet such costs and expenses attributable
                solely to a particular Series with respect to each Monthly
                Period, solely to the extent of Secured Property allocable with
                respect thereto as provided in this Deed and any MTN Supplement,
                on the related Distribution Date for such Series (each such cost
                and expense, a "Series Issuer Payment" (which shall include all
                sums due to the Trustee under Clause 8.8.2 to 8.8.6)) and, (ii)
                all Series, the Issuer shall be entitled to use Secured Property
                in respect of all Series allocated to the Secured Creditors for
                each Series to meet such costs and expenses attributable to all
                Series with respect to each Monthly Period, solely to the extent
                of Secured Property allocable with respect thereto as provided
                in this Deed and any MTN Supplement, on the related Distribution
                Date for each Series (the aggregate of costs and expenses
                payable on a Distribution Date for all Series, the "Aggregate
                Issuer Payment Amount"). The amount of any reimbursement for its
                activities as Issuer will be determined in accordance with the
                relevant MTN Supplement for each Series. For the avoidance of
                any doubt, the amounts due to the Trustee under Clauses 8.8.2 to
                8.8.5 shall be considered expenses of the Issuer and (i) will be
                allocated to a particular Series Issuer Payment with reference
                to the particular Series the Trustee is owed an amount in
                respect of, and (ii) will be exclusive of VAT thereon, if
                applicable and any such VAT will be payable in addition thereto.

        8.8.2   So long as any Secured Obligation in respect of any Series is
                outstanding, the Issuer shall pay to the Trustee, on each
                Distribution Date, to the extent of and from the Secured
                Property in respect of the relevant Series as remuneration for
                its services as Trustee such sum on such dates in each case as
                they may from time to time agree. Such remuneration shall accrue
                from day to day from the date of this Deed.

        8.8.3   If an Event of Default, or MTN Cash Manager Default shall have
                occurred or if the Trustee finds it expedient or necessary or is
                requested by the Issuer to undertake duties that they both agree
                to be of an exceptional nature or otherwise outside the scope of
                the Trustee's normal duties under this Deed, the Issuer shall
                pay to the extent of and from the Secured Property in respect of
                any Series, on each Distribution Date, to the Trustee such
                additional remuneration as they may agree or, failing agreement
                as to any of the matters in this Clause 8.8.3 (or as to such
                sums referred to in Clause 8.8.2 above), as determined by an
                investment bank (acting as an expert) selected by the Trustee
                and approved by the Issuer or, failing such approval, nominated
                by the President for the time being of The Law Society of
                England and Wales. The expenses involved in such nomination and

                                      -27-
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                such investment bank's fee shall be borne by the Issuer. The
                determination of such investment bank shall be conclusive and
                binding on the Issuer, the Trustee and the Secured Creditors.

        8.8.4   The Issuer shall also, on demand by the Trustee, pay or
                discharge to the extent of and from the Secured Property in
                respect of any Series, to the Trustee all costs, charges,
                liabilities and expenses properly incurred by the Trustee in the
                preparation and execution of this Deed and the performance of
                its functions under this Deed including, but not limited to,
                reasonable legal and travelling expenses and any stamp,
                documentary or other taxes or duties paid by the Trustee in
                connection with any legal proceedings properly brought or
                contemplated by the Trustee against the Issuer or any other
                party to enforce any provision of this Deed or other Series
                Document.

        8.8.5   The Issuer shall indemnify the Trustee to the extent of and from
                the Secured Property in respect of any Series, in respect of all
                liabilities and expenses properly incurred by it or by anyone
                appointed by it or to whom any of its functions may be delegated
                by it in the proper performance of its functions and against any
                loss, liability, cost, claim, action, demand or expense
                (including, but not limited to, all reasonable costs, charges
                and expenses paid or incurred in disputing or defending any of
                the foregoing) that any of them may incur or that may be made
                against any of them arising out of or in relation to or in
                connection with, its appointment or the proper exercise of its
                functions.

        8.8.6   Clauses 8.8.4 and 8.8.5 shall continue in full force and effect
                as regards the Trustee even if it no longer is Trustee.

        8.8.7   Without prejudice to the right of indemnity by law given to
                trustees and subject to the provisions of Section 192 of the
                Companies Act 1985, the Trustee as permitted and every receiver,
                attorney, manager, agent, or other person appointed by the
                Trustee hereunder in relation to each Series shall be entitled
                to be indemnified to the extent of and from the Secured Property
                (in respect of any Series) for all liabilities and expenses
                properly incurred by them in the execution or purported
                execution of the trusts hereof or of any powers, authorities or
                discretions properly vested in them pursuant to these presents
                and against all actions, proceedings, cost, claims, and demands
                in respect of any matters or things done or omitted in any way
                related to the Secured Property, and the Trustee may retain any
                part of any moneys arising from the trusts hereof all sums
                necessary to effect such indemnity and also the remuneration of
                the Trustee hereinbefore provided and the Trustee shall have a
                lien on such Secured Property to the extent of the sum thereof
                for all moneys payable to it under this Clause or otherwise
                howsoever.

8.9     GENERAL PROVISIONS IN FAVOUR OF THE TRUSTEE AS REGARDING THE SECURED
        PROPERTY IN RESPECT OF EACH SERIES

        The Trustee shall accept without investigation, requisition or objection
        such right and title as the Issuer may have to any of the Secured
        Property in respect of any Series or in respect of any assets over which
        it shall have been granted a security interest in respect

                                      -28-
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        of or in relation to these presents and shall not be bound or concerned
        to examine or enquire into or be liable for any defect or failure in the
        right or title of the Issuer to all or any of the Secured Property in
        respect of any Series or in respect of any assets over which it shall
        have been granted a security interest in respect of or in relation to
        these presents, whether such defect or failure was known to the Trustee
        or might have been discovered upon examination or enquiry and whether
        capable of remedy or not.

8.10    INSURANCE

        The Trustee shall not be under any obligation to insure nor to procure
        the insurance of all or any of the Secured Property in respect of any
        Series or in respect of any assets over which it shall have been granted
        a security interest in respect of or in relation to these presents or to
        require any other person to maintain any such insurance.

8.11    PRE-ENFORCEMENT APPLICATION OF FUNDS

        Until such time as the Security in relation to any Series becomes
        enforceable the moneys standing to the credit of any account comprised
        in the Secured Property in respect of such Series shall be dealt with in
        accordance with the provisions this Deed and the Trustee shall not be
        responsible in such circumstances or at any other time for any loss
        occasioned thereby by depreciation in value.

8.12    INCREASED COSTS

        The Trustee shall have no responsibility whatsoever to the Issuer or any
        Secured Creditor with respect to any Series as regards any deficiency
        which might arise because the Trustee is subject to any tax in respect
        of all or any of the Secured Property relating to such Series or in
        respect of any assets over which it shall have been granted a security
        interest in respect of or in relation to these presents, the income
        therefrom or the proceeds thereof.

8.13    NO OBLIGATION OF ENQUIRY

        The Trustee shall not be responsible for investigating, monitoring or
        supervising the observance or performance by any person of their
        obligations in respect of the Secured Property in respect of any Series
        or otherwise.

8.14    DEFECTS IN SECURITY

        The Trustee shall not be liable for any failure, omission or defect in
        perfecting, protecting or further assuring the Secured Property in
        respect of any Series or in respect of any assets over which it shall
        have been granted a security interest in respect of or in relation to
        this Deed including (without prejudice to the generality of the
        foregoing) any failure, omission or defect in registering or filing or
        procuring registration or filing of or otherwise protecting or
        perfecting the Secured Property in respect of any Series or in respect
        of any assets over which it shall have been granted a security interest
        in respect of or in relation to this Deed or the priority thereof or the
        right or title of any person in or to the assets comprised therein by
        registering under any applicable registration laws in any territory any
        notice or other entry prescribed by or pursuant to the provisions of any
        such laws.

8.15    STANDARD OF CARE

        If the Trustee, any agent thereof or other person to whom some of the
        Trustee's functions are delegated hereunder fails to show the degree of
        care and diligence required of it as a

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        trustee (due regard being given to the provisions hereof conferring on
        it duties, powers and discretions), nothing in this Deed shall relieve
        or indemnify it from or against any liability that would otherwise
        attach to it in respect of any negligence, default, breach of duty or
        breach of trust of which it may be guilty.

8.16    STANDARD OF PROOF

        Should the Trustee take legal or other proceedings against the Issuer to
        enforce any of the provisions of the Notes, or any of them or this Deed
        proof therein that, as regards any Note, the Issuer has made default in
        paying any principal or interest due in respect of such Note shall
        (unless the contrary be proved) be sufficient evidence that the Issuer
        has made the like default as regards all other Notes in respect of which
        the relevant payment is then due and payable. The Trustee may file such
        proofs of claim and other papers or documents as may be necessary or
        advisable in order to have the claims of the Trustee and the Noteholders
        allowed in any judicial proceedings relating to the Issuer, its auditors
        or its property.

8.17    TRUSTEE'S LIABILITY

        Nothing in this Deed contained shall in any case in which the Trustee
        has failed to show the degree of care and diligence required of it as
        trustee having regard to the provisions of this Deed conferring on it
        any powers, authorities or discretions exempt the Trustee from or
        indemnify it against any liability for breach of trust or any liability
        which by virtue of any rule of law would otherwise attach to it in
        respect of any negligence, default, breach of duty or breach of trust of
        which it may be guilty in relation to its duties under this Deed.

9.      COVENANTS BY THE ISSUER AND MTN CASH MANAGER

9.1     COVENANTS

        The Issuer and the MTN Cash Manager, in respect of each Series, hereby
        covenant with the Trustee that, until (i) no further sums are
        outstanding in respect of any Secured Obligation issued by the Issuer;
        (ii) the Issuer has fulfilled and discharged all of the Secured
        Obligations in respect of each Series; and (iii) this Deed is terminated
        as between the Issuer and all the other parties, they shall in relation
        to their respective obligations under any Series:

        9.1.1   in the case of the Issuer, at all times carry on and conduct its
                affairs in a proper and efficient manner;

        9.1.2   in the case of the Issuer at all times keep proper books of
                account and allow the Trustee and any person appointed by it, to
                whom the Issuer or the Initial Transferor has no reasonable
                objection, access to the books of account of the Issuer at all
                reasonable times during normal business hours and to discuss the
                same with a nominated officer of the Issuer and in the event
                that audited financial accounts of the Issuer are produced, to
                provide a copy thereof to the Trustee in relation to each
                Series;

        9.1.3   give notice in writing to the Trustee and the Noteholders in
                respect of such Series forthwith upon becoming aware of the
                occurrence of a Series Pay Out Event in relation to such Series
                and without waiting for the Trustee to take any action;

                                      -30-
<PAGE>

        9.1.4   in the case of the Issuer, so far as permitted by law, at all
                times give to the Trustee such information and afford the
                Trustee such facilities as it may require for the purpose of
                discharging the duties, powers, trusts, authorities and
                discretions vested in it by this Deed or by operation of law;

        9.1.5   in the case of the Issuer, unless specified otherwise in the
                relevant MTN Supplement, not to make or consent to any
                amendment, variation or termination to any Series Document in
                respect of any Series or any Secured Property in respect of such
                Series without the prior written consent of the Trustee, such
                consent not to be unreasonably withheld or delayed;

        9.1.6   in the case of the Issuer not, without the prior written consent
                of the Trustee, give any guarantee or indemnity (other than as
                contemplated by the Series Documents);

        9.1.7   ensure that each Series or all other transactions to be effected
                hereunder shall comply with all applicable laws and regulations
                of any governmental or other regulatory authority of England for
                the purposes of any relevant MTN and relevant Series Documents
                and that all necessary consents and approvals of, and
                registrations and filings with, any such authority in connection
                therewith are obtained and maintained in full force and effect
                and copies thereof are supplied promptly to the Trustee;

        9.1.8   the Issuer shall promptly after the date hereof give notice to
                each relevant Person of the Security granted to the Trustee
                hereunder and shall procure that each such Person acknowledges
                the same. In addition to the foregoing, in the case of the
                Issuer that the Issuer shall from time to time deliver, and
                assist the Trustee in delivering, any other notices in relation
                to any Security as the Trustee may reasonably request;

        9.1.9   in the case of the Issuer, at all times maintain its residence
                in the United Kingdom for the purposes of United Kingdom
                taxation;

        9.1.10  in the case of the Issuer, at all times use its best efforts to
                minimise taxes and any other costs arising in connection with
                its activities;

        9.1.11  in the case of the Issuer, maintain a register of mortgages and
                charges in accordance with English law and regulations and
                forthwith upon the issue of a Series enter in such register, and
                register in any other jurisdiction where such registrations may
                be required, any and all mortgages or charges created by the MTN
                Supplement constituting and securing the Notes of such Series
                and, forthwith upon execution of any further instruments or
                documents pursuant thereto creating or purporting to create or
                to perfect or to protect any security interest by the Issuer,
                enter in such register, and register in any other jurisdiction
                where such registration may be required, details of such
                instrument or document;

                                      -31-
<PAGE>

        9.1.12  in the case of the Issuer not to take any steps in its capacity
                as Investor Beneficiary of the Receivables Trust (either on its
                own or in conjunction with any other Beneficiary of the
                Receivables Trust) to terminate the Receivables Trust or any
                sub-trust thereof.

        9.1.13  in the case of the Issuer, file with the Trustee copies of the
                annual reports and of the information, documents, and other
                reports (or copies of such portions of any of the foregoing as
                the SEC may by rules and regulations prescribe) which the Issuer
                is required to file with the SEC pursuant to Section 13 or 15(d)
                of the United States Securities Exchange Act of 1934 within 15
                days after it files them with the SEC. The Issuer also shall
                comply with the other provisions of TIA ss. 314(a);

        9.1.14  the Issuer shall furnish or cause to be furnished to the Trustee
                on June 30 and December 31 of each year, commencing June 30,
                2000, and at such other times as the Trustee may request in
                writing, all information in the possession or control of the
                Issuer, or of its paying agents, as to the names and addresses
                of the Noteholders, and requiring the Trustee to preserve, in as
                current a form as is reasonably practicable, all such
                information so furnished to it or received by it in the capacity
                of paying agent;

        9.1.15  (a)     upon any application, demand or request by the Issuer to
                        the Trustee to take any action under any of the
                        provisions of this Trust Deed (other than the issuance
                        of Notes) and upon request of the Trustee, the Issuer
                        shall furnish to the Trustee an Officers' Certificate
                        and Opinion of Counsel complying with the provision of
                        Section 314 of the Trust Indenture Act;

                (b)     each certificate or opinion provided for in this Trust
                        Deed and delivered to the Trustee with respect to
                        compliance with a condition or covenant provided for in
                        this Trust Deed shall include (i) a statement that the
                        person making such certificate or opinion has read such
                        condition or covenant; (ii) a brief statement as to the
                        nature and scope of the examination or investigation
                        upon which the statements or opinions contained in such
                        certificate or opinion are based; (iii) a statement
                        that, in the opinion of such person, he has made such
                        examination or investigation as is necessary to enable
                        him to express an informed opinion as to whether or not
                        such condition or covenant has been complied with; and
                        (iv) a statement as to whether or not the opinion of
                        such person, such condition or covenant has been
                        complied with; and

        9.1.16  Promptly after the execution and delivery of this Trust Deed and
                each supplement hereto, the Issuer will furnish to Trustee an
                Opinion of Counsel stating that in the opinion of such counsel,
                appropriate steps have been taken to protect the title of the
                Trustee to the Secured Property and reciting the details of such
                action, or stating that in the opinion of such counsel no such
                action is necessary; and the Issuer shall furnish to the
                Trustee, not more than three (3) months after the anniversary of
                each calendar year, commencing with calendar year 2001, an
                Opinion of Counsel stating either that, in the opinion of such

                                      -32-
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                Counsel, (i) such action has been taken as is necessary for the
                proper protection of the title of the Trustee to the Secured
                Property and reciting the details of such action or (ii) no such
                action is necessary for any of such purposes.

        The Trustee shall not be responsible for ensuring that the Issuer
        complies with its obligations to send the notices referred to in Clauses
        9.1.3 and 9.1.5 above to each such Secured Creditor or Noteholder (as
        the case may be).

9.2     STATEMENT AS TO COMPLIANCE

        The Issuer will deliver to the Trustee, within 120 days after the end of
        each fiscal year, a written statement signed by the principal executive
        officer of the Issuer, stating that

        9.2.1   a review of the activities of the Issuer during such year and of
                performance under this Trust Deed has been made under his or her
                supervision and

        9.2.2   to the best of his or her knowledge, based on such review, the
                Issuer has fulfilled all its obligations under this Trust Deed
                throughout such year, or, if there has been a default in the
                fulfilment of any such obligation, specifying each such default
                known to him or her and the nature and status thereof.

10.     APPOINTMENT OF THE MTN CASH MANAGER

        10.1    The Issuer with the consent of the Trustee hereby appoints
                Barclays Bank PLC (and Barclays Bank PLC agrees to act) as the
                MTN Cash Manager for the Issuer under this Deed and any MTN
                Supplement. By its execution of an MTN Supplement in relation to
                a Series each Secured Creditor in respect thereof and the
                Trustee consents to Barclays acting as MTN Cash Manager in
                relation to such Series.

10.2    DUTIES OF THE MTN CASH MANAGER

        10.2.1  The MTN Cash Manager shall service and administer the relevant
                Issuer Accounts in respect of each Series and shall make the
                calculations in respect of allocations and collect payments due
                in respect of the amounts due to the Noteholders in accordance
                with its customary and usual procedures and shall have full
                power and authority, acting alone or through any party properly
                designated by it hereunder, to do any and all things in
                connection with such cash management which it may deem necessary
                or desirable. The MTN Cash Manager shall follow such
                instructions in regard to the exercise of its power and
                authority as the Issuer may from time to time direct until it
                receives notice from the Trustee that the security over the
                Secured Property has become enforceable and thereafter will
                follow such instructions as the Trustee may give it.

        10.2.2  Without limiting the generality of the foregoing, the MTN Cash
                Manager is hereby obliged, authorised and empowered (unless such
                power and authority is revoked by the Issuer or the Trustee on
                account of the occurrence of an MTN Cash Manager Default
                pursuant to Clause 11.1):

                (a)     to make withdrawals from any Issuer Account as set forth
                        in this Deed or the relevant MTN Supplement;

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                (b)     to instruct the Issuer to make withdrawals and payments,
                        from the Issuer Accounts, in accordance with such
                        instructions as set forth in this Deed and any MTN
                        Supplement;

                (c)     to instruct the Issuer in writing, as set forth in this
                        Deed or any MTN Supplement;

                (d)     to execute and deliver, in the name of the Issuer, where
                        appropriate, any and all instruments of satisfaction or
                        cancellation, or of partial or full release or
                        discharge, and all other comparable instruments, with
                        respect to the cash administration services hereunder or
                        in respect of any Series under an MTN Supplement and to
                        the extent permitted under and in compliance with
                        applicable law and regulations, to provide reasonable
                        assistance to the Issuer, to allow the Issuer to
                        commence enforcement proceedings with respect to
                        delinquent payments in respect of any Series; and

                (e)     to make any filing, reports, notices, applications,
                        registrations with, and to seek any consents or
                        authorisations from any relevant securities or other
                        authority as may be necessary to comply with any
                        securities or reporting requirements or other
                        Requirement of Law (whether in relation to the
                        Noteholders of a particular Series or the Issuer).

10.3    ISSUER'S ACKNOWLEDGEMENT OF INSTRUCTIONS FROM THE MTN CASH MANAGER

        The Issuer agrees that it shall promptly follow the instructions of the
        MTN Cash Manager to withdraw funds from any Issuer Account and to take
        any action required under any Enhancement in respect of a Series at such
        time as required under this Deed and any MTN Supplement. The Issuer
        shall execute at the MTN Cash Manager's written request such documents
        acceptable to the Issuer and the Trustee as may be reasonably necessary
        or appropriate to enable the MTN Cash Manager to carry out its cash
        administration duties hereunder.

10.4    MTN CASH MANAGER'S ADMINISTRATION

        The MTN Cash Manager shall not be obliged to use separate cash
        administration procedures, offices, employees or accounts in respect of
        any Series from the procedures, offices, employees and accounts used by
        the MTN Cash Manager in connection with other cash administration;

10.5    PROFESSIONAL INDEMNITY INSURANCE

        The MTN Cash Manager shall maintain insurance coverage against losses
        through wrongdoing of its officers and employees who are involved in the
        cash administration of the Issuer covering such actions and in such
        amounts as the MTN Cash Manager believes to be reasonable from time to
        time.

10.6    MTN CASH MANAGER COMPENSATION

        As full compensation for its cash administration activities hereunder
        and as reimbursement for any expense incurred by it in connection
        therewith, the MTN Cash Manager shall be entitled to receive the amount
        as specified in the relevant MTN Supplement (solely to the extent of
        payments received and allocated with respect thereto

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        as provided in this Deed and in any MTN Supplement) an MTN Cash Manager
        fee (the "MTN Cash Manager Fee") with respect to each Monthly Period,
        payable in accordance with the relevant MTN Supplement.

10.7    REPRESENTATIONS AND WARRANTIES OF THE MTN CASH MANAGER

        Barclays, as initial MTN Cash Manager, hereby makes, and any successor
        MTN Cash Manager by its appointment hereunder shall make (with such
        modifications as the Trustee deems appropriate acting reasonably to
        Clause 10.7.1 to reflect the successor MTN Cash Manager's organisation)
        the following representations and warranties on which the Issuer has
        relied in appointing Barclays Bank PLC as the initial MTN Cash Manager
        and, whenever appropriate, any other successor MTN Cash Manager.

        10.7.1  Organisation It is a company duly incorporated 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 as presently conducted and with
                power to enter into the [Series Documents] and to exercise its
                rights and perform its obligations thereunder and all corporate
                and other action required to authorise its execution of each
                Series Document and its performance of its obligations
                thereunder has been duly taken.

        10.7.2  Due Authorisation All acts, conditions and things required to be
                done, fulfilled and performed in order (i) 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
                Series Document, (ii) to ensure that the obligations expressed
                to be assumed by it in each Series Document are legal, valid and
                binding on it and (iii) to make each Series Document and each
                such assignment admissible in evidence in England have been
                done, fulfilled and performed save for the payment of stamp duty
                in the United Kingdom in respect of any such assignment under
                any applicable law.

        10.7.3  No Violation The execution and delivery of each Series Document
                by the MTN Cash Manager and the exercise of its rights and the
                performance of its obligations thereunder will not conflict with
                or violate any Requirement of Law.

        10.7.4  Binding Obligation The obligations expressly to be assumed by it
                in each Series Document are legal and valid obligations binding
                on it and enforceable against it in accordance with its terms,
                except (a) as such enforceability may be limited by applicable
                bankruptcy, insolvency, moratorium or other similar laws
                affecting the enforcement of the rights of creditors generally
                and the rights of creditors of authorised institutions under the
                Banking Act 1987 in particular, and (b) as such enforceability
                may be limited by the effect of the general principles of
                equity.

        10.7.5  No Proceedings There are no proceedings or investigations
                pending or, to the best of its knowledge threatened against it
                before any court, regulatory body, arbitral tribunal or public
                or administrative body or agency (i) asserting the invalidity of
                any Series Document; (ii) seeking to prevent the entering into
                of any of the transactions contemplated by any Series Document;
                (iii) seeking any determination or ruling that, in the
                reasonable opinion of the MTN Cash

                                      -35-
<PAGE>

                Manager, would materially and adversely affect the performance
                by it of its obligations under any Series Document; or (iv)
                seeking any determination or ruling that would materially and
                adversely affect the validity or enforceability of any Series
                Document.

        10.7.6  No Conflict The execution and delivery of each Series Document
                and the exercise by the MTN Cash Manager of its rights and the
                performance of its obligations thereunder will not conflict
                with, result in any breach of the material terms and provisions
                of, or constitute (with or without notice or lapse of time or
                both) a default under, any agreement, indenture, contract,
                mortgage, trust deed or other instrument to which it is a party
                or by which it or any of its assets is otherwise bound.

10.8    COMPLIANCE WITH REQUIREMENTS OF LAW

        The MTN Cash Manager shall duly satisfy all obligations on its part to
        be fulfilled under or in connection with its cash administration duties
        hereunder and under any MTN Supplement, will maintain in effect all
        qualifications required under Requirements of Law in order to fulfil its
        cash administration duties hereunder and under any MTN Supplement and
        will comply in all material respects with all other Requirements of Law
        in connection with its cash administration duties hereunder and under
        any MTN Supplement the failure to comply with which would have a
        Material Adverse Effect on the interests of any Secured Creditor of any
        Series or any Material Adverse Effect on the interests of any
        Enhancement Provider in respect of any Series.

11.     LIABILITY OF THE MTN CASH MANAGER

        The MTN Cash Manager shall be liable in accordance with this Deed only
        to the extent of the obligations specifically undertaken by the MTN Cash
        Manager in such capacity herein.

11.1    Merger or Consolidation of, or Assumption of the Obligations of, the MTN
        Cash Manager The MTN Cash Manager shall not consolidate with or merge
        into any other corporation or convey or transfer its properties and
        assets substantially as an entirety to any Person, unless:

        11.1.1  the corporation formed by such consolidation or into which the
                MTN Cash Manager is merged or the Person which acquires by
                conveyance or transfer the properties and assets of the MTN Cash
                Manager substantially as an entirety, shall expressly assume, by
                an agreement supplemental hereto, executed and delivered to the
                Issuer in form satisfactory to the Issuer, and the Trustee the
                performance of the obligations of the MTN Cash Manager hereunder
                (to the extent that any right, covenant or obligation of the MTN
                Cash Manager, 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);

        11.1.2  the MTN Cash Manager shall have delivered to the Issuer:

                (a)     an Director's Certificate that such consolidation,
                        merger, conveyance or transfer and such supplemental
                        agreement comply with this Clause 11.1

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<PAGE>

                        and that all conditions precedent herein provided for
                        relating to such transaction have been complied with;
                        and

                (b)     an Opinion of Counsel that such supplemental agreement
                        is legal, valid, binding and enforceable with respect to
                        the MTN Cash Manager;

        11.1.3  the MTN Cash Manager shall have delivered notice to the Trustee
                and to each Rating Agency of such consolidation, merger,
                conveyance or transfer.

11.2    LIMITATION ON LIABILITY OF THE MTN CASH MANAGER AND OTHERS

        11.2.1  The directors, officers, employees or agents of the MTN Cash
                Manager shall not be under any liability, with respect to any
                Series, to the Issuer, the Trustee, any Enhancement Provider,
                the Secured Creditors, or any other Person hereunder or pursuant
                to any document delivered hereunder, it being expressly
                understood that all such liability is expressly waived and
                released by each such party as a condition of, and as
                consideration for, the execution of this Deed and any MTN
                Supplement Provided, however, that this provision shall not
                protect the directors, officers, employees and agents of the MTN
                Cash Manager against any liability which would otherwise be
                imposed by reason of fraud, wilful default, bad faith or gross
                negligence in the performance of duties or by reason of its
                reckless disregard of its obligations and duties hereunder or
                under any MTN Supplement.

        11.2.2  Except as provided in Clause 11.4 with respect to the Issuer and
                the Trustee and its agents, the MTN Cash Manager shall not be
                under any liability, in respect of any Series, to the Issuer,
                the Trustee and its agents, the Secured Creditors or any other
                Person for any action in its capacity as MTN Cash Manager
                pursuant to this Deed or any MTN Supplement PROVIDED, HOWEVER,
                that this provision shall not protect the MTN Cash Manager
                against any liability which would otherwise be imposed by reason
                of fraud, wilful default, bad faith or gross negligence in the
                performance of duties or by reason of its reckless disregard of
                its obligations and duties hereunder or under any MTN
                Supplement.

        11.2.3  The MTN Cash Manager may rely in good faith on any document of
                any kind prima facie properly executed and submitted by any
                Person respecting any matters arising hereunder.

        11.2.4  The MTN Cash Manager shall not be under any obligation to appear
                in, prosecute or defend any legal action which is not incidental
                to its duties pursuant to this Deed which in its reasonable
                opinion may involve it in any expense or liability.

11.3    MTN CASH MANAGER INDEMNIFICATION OF THE ISSUER AND THE TRUSTEE

        The MTN Cash Manager shall indemnify and hold harmless the Issuer and
        the Trustee and its agents, from and against any reasonable loss,
        liability, expense, damage or injury suffered or sustained by reason of
        any fraud, wilful default, bad faith or gross negligence in the
        performance of duties or by reason of the MTN Cash Manager's reckless
        disregard of its obligations and duties hereunder or under any MTN
        Supplement pursuant to this Deed or any MTN Supplement, including, but
        not limited to any judgement, award,

                                      -37-
<PAGE>

        settlement, reasonable legal fees and other costs or expenses incurred
        in connection with the defence of any actual or threatened action,
        proceeding or claim Provided, However, that the MTN Cash Manager shall
        not:

        11.3.1  indemnify the Trustee if such acts, omissions or alleged acts or
                omissions constitute or are caused by fraud, negligence, or
                wilful misconduct by the Trustee or its agents;

        11.3.2  indemnify the Issuer or any Secured Creditors, in respect of any
                Series, for any liabilities, costs or expenses of the Issuer
                with respect to any action taken by the Trustee at the request
                of any Secured Creditor of any Series;

        11.3.3  indemnify the Issuer, the Trustee any Secured Creditor, in
                respect of any Series, as to any losses, claims or damages
                arising as a result of default by the Receivables Trustee, the
                Transferor in its capacity as Transferor, the Servicer in its
                capacity as Servicer or an Obligor; and

        11.3.4  indemnify the Issuer, the Trustee or the Secured Creditors, in
                respect of any Series, for any Liability of the Issuer, the
                Trustee or the Secured Creditors arising under any Tax law (or
                any interest or penalties with respect thereto or arising from a
                failure to comply therewith) required to be paid by the Issuer,
                the Trustee or the Secured Creditors, in respect of any Series,
                in connection herewith to any taxing authority.

        Any such indemnification shall be payable by the MTN Cash Manager itself
        and not be payable by the Issuer. The provision of this indemnity shall
        run directly to and be enforceable by an injured party subject to the
        limitations hereof.

11.4    THE MTN CASH MANAGER NOT TO RESIGN

        The MTN Cash Manager shall not resign, with respect to any Series, from
        the obligations and duties hereby imposed on it except upon
        determination that (i) the performance of its duties hereunder is no
        longer permissible under applicable law and (ii) there is no reasonable
        action which the MTN Cash Manager could take to make the performance of
        its duties hereunder permissible under applicable law. Any such
        determination permitting the resignation of the MTN Cash Manager shall
        be evidenced as to sub-paragraph (i) above by an Opinion of Counsel and
        as to sub-paragraph (ii) by an Officer's Certificate, each to such
        effect delivered to the Secured Creditors of each Series and the Trustee
        (by delivery to the Trustee). No such resignation shall become effective
        until a successor MTN Cash Manager shall have assumed the
        responsibilities and obligations of the MTN Cash Manager in accordance
        with Clause 11.3 hereof.

11.5    ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING CASH
        ADMINISTRATION

        The MTN Cash Manager shall provide to the Issuer and the Trustee access
        to the documentation regarding the cash administration in respect of
        each Series in such cases where the Issuer or the Trustee is required in
        connection with the enforcement of the rights of any Secured Creditor of
        any Series, or by any Series Document or any Requirement of Law to
        review such documentation, such access being afforded without charge but
        only (i) upon reasonable request, (ii) during normal business hours,
        (iii) subject to the MTN Cash Manager's normal security and
        confidentiality procedures and

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<PAGE>

        (iv) at offices in the United Kingdom designated by the MTN Cash
        Manager. Nothing in this Clause 11.5 shall derogate from the obligation
        of the Transferor, the Issuer, the Trustee, any Secured Creditor of any
        Series or the MTN Cash Manager to observe any Requirement of Law
        prohibiting disclosure of information regarding the Obligors and the
        failure of the MTN Cash Manager to provide access as provided in this
        Clause 11.5 as a result of such obligations shall not constitute a
        breach of this Clause 11.5.

11.6    DELEGATION OF DUTIES

        In the ordinary course of business, the MTN Cash Manager may at any time
        delegate any duties hereunder to any Person who agrees to conduct such
        duties in accordance with this Deed and the terms of each MTN
        Supplement. Any such delegations shall not relieve the MTN Cash Manager
        of its liabilities and responsibility with respect to such duties, and
        shall not constitute a resignation within the meaning of Clause 11.4
        hereof. If any such delegation is to a party other than an Affiliate of
        Barclays Bank PLC, notification thereof shall be given to each Rating
        Agency rating any Associated Debt and the Trustee.

12.     MTN CASH MANAGER DEFAULTS

        If any one of the following events (each a "MTN Cash Manager Default")
        shall occur and be continuing:

        12.1.1  any failure by the MTN Cash Manager to make any payment,
                transfer or deposit or to give instructions or notice to the
                Issuer, as the case may be, pursuant to an agreed schedule of
                calculations and allocations or to instruct the Issuer to make
                any required drawing, withdrawal or payment for any Series on or
                before the date occurring five Business Days after the date such
                payment, transfer, deposit, withdrawal or drawing or such
                instruction or notice is required to be made or given, as the
                case may be, under the terms of this Deed or any Series
                Document;

        12.1.2  failure on the part of the MTN Cash Manager duly to observe or
                perform in any respect any other covenants or agreements of the
                MTN Cash Manager set forth in this Deed or any Series Document
                which has a Material Adverse Effect on the interests of any
                Secured Creditor of any Series and which continues unremedied
                for a period of 60 days after the date on which written notice
                of such failure, requiring the same to be remedied, shall have
                been given to the MTN Cash Manager by the Issuer or the Trustee,
                or to the MTN Cash Manager, the Issuer and the Trustee by a
                Noteholder or Noteholders representing in aggregate not less
                than 50 per cent. of the Principal Amount Outstanding of any
                Class of Notes of a Series adversely affected thereby and
                continues to have a Material Adverse Effect on the interests of
                such Noteholder or Noteholders affected for such period;

        12.1.3  delegation by the MTN Cash Manager of its duties under this Deed
                to any other entity, except as permitted by Clause 11.6;

        12.1.4  any relevant representation, warranty or certification made by
                the MTN Cash Manager in this Deed or in any certificate
                delivered pursuant hereto proves to have been incorrect when
                made, which has a Material Adverse Effect on the interests of
                the Noteholder of any Series and continues to be incorrect in
                any

                                      -39-
<PAGE>

                material respect for a period of 60 days after the date on which
                written notice of such failure, requiring the same to be
                remedied, shall have been given to the MTN Cash Manager by the
                Issuer or the Trustee or to the MTN Cash Manager, the Issuer and
                the Trustee by a Noteholder or Noteholders representing in
                aggregate not less than 50 per cent. of the Principal Amount
                Principal Amount Outstanding of any Class of Notes of a Series
                affected thereby and continues to have a Material Adverse Effect
                on the interests of such Noteholder or Noteholders affected for
                such period;

        12.1.5  the MTN Cash Manager shall consent to or take any corporate
                action relating to the appointment of a receiver, administrator,
                administrative receiver, liquidator, trustee 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 re-organisation 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 of its revenues and assets is legally and
                validly appointed;

        12.1.6  a duly authorised officer of the MTN Cash Manager shall admit in
                writing that the MTN Cash Manager is unable to pay its debts as
                they fall due within the meaning of Section 123(1) of the
                Insolvency Act 1986 or the MTN Cash Manager makes a general
                assignment for the benefit of or a composition with its
                creditors or voluntarily suspends payment of its obligations
                with a view to the general readjustment or rescheduling of its
                indebtedness;

        then so long as such MTN Cash Manager Default shall not have been
        remedied (or in the case of an MTN Cash Manager Default under Clause
        12.1.7, the Servicer Default has not been remedied in accordance with
        the Receivables Trust Deed and Servicing Agreement), either the Issuer
        or the Trustee at the direction of the Noteholders representing in
        aggregate not less than 66-2/3 per cent. of the aggregate Principal
        Amount Outstanding of any Class of Notes of a Series adversely affected
        by such MTN Cash Manager Default or, where applicable, the Priority
        Secured Creditor of such Series, by notice then given in writing to the
        MTN Cash Manager (a "MTN Cash Manager Termination Notice"), may
        terminate all of the rights and obligations of the MTN Cash Manager as
        MTN Cash Manager under this Agreement.

        Notwithstanding the foregoing, a delay in or failure of performance
        referred to in paragraph (a) above for the stated period of five
        Business Days or under Clause 12.1.2 or 12.1.4 for the stated period of
        60 Business Days, shall not constitute an MTN Cash Manager Default if
        such delay or failure could not have been prevented by the exercise of
        reasonable diligence by the MTN Cash Manager and such delay or failure
        was caused by an act of God, acts of declared or undeclared war, public
        disorder, rebellion, riot or sabotage, epidemics, landslides, lightning,
        fire, hurricanes, tornadoes, earthquakes, nuclear disasters or
        meltdowns, floods, power cuts or similar causes. The preceding sentence
        shall not relieve the MTN Cash Manager from using its best efforts to
        perform its obligations in a timely manner in accordance with the terms
        of this Deed and any relevant agreement and the MTN Cash Manager shall
        provide the Issuer, the Trustee, any Enhancement Provider of any Series
        and each Noteholder of any Series with a Director's

                                      -40-
<PAGE>

        Certificate of the MTN Cash Manager giving prompt notice of such failure
        or delay by it, together with a description of the cause of such failure
        or delay and its efforts so to perform its obligations.

12.2    EFFECT OF MTN CASH MANAGER TERMINATION NOTICE

        12.2.1  After receipt by the MTN Cash Manager of an MTN Cash Manager
                Termination Notice pursuant to Clause 12.1, and on the date that
                the MTN Cash Manager receives notification from the Issuer that
                a successor MTN Cash Manager has been appointed by the Issuer
                pursuant to Clause 12.3, all authority and power of the MTN Cash
                Manager under this Deed shall pass to and be vested in a
                successor MTN Cash Manager and, without limitation, the Issuer
                is hereby appointed, authorised and empowered (upon the failure
                of the MTN Cash Manager to co-operate in a timely manner) in
                order to secure the performance of the MTN Cash Manager in so
                doing to execute and deliver, on behalf of the MTN Cash Manager,
                as its attorney, all documents, records and other instruments
                upon the failure of the MTN Cash Manager to execute or deliver
                such documents, records or instruments, and to do and accomplish
                all other acts or things necessary or appropriate to effect the
                purposes of such transfer of cash management rights and
                obligations;

        12.2.2  The MTN Cash Manager agrees to use all reasonable efforts and
                co-operate with the Issuer, the Trustee and such successor MTN
                Cash Manager in effecting the termination of the
                responsibilities and rights of the MTN Cash Manager to conduct
                servicing hereunder including, without limitation, the transfer
                to such successor MTN Cash Manager of all authority of the MTN
                Cash Manager to perform cash administration in respect of each
                Series provided for under this Deed.

        12.2.3  The MTN Cash Manager shall promptly transfer its electronic
                records or electronic copies thereof relating to cash
                administration in respect of each Series to the successor MTN
                Cash Manager in such electronic form as the successor MTN Cash
                Manager may reasonably request and shall promptly transfer to
                the successor MTN Cash Manager all other records, correspondence
                and documents necessary for the continued cash administration in
                respect of each Series in the manner and at such times as the
                successor MTN Cash Manager shall reasonably request.

        12.2.4  To the extent that compliance with this Clause 12.2 shall
                require the MTN Cash Manager to disclose to the successor MTN
                Cash Manager information of any kind which the MTN Cash Manager
                reasonably deems to be confidential, the successor MTN Cash
                Manager shall be required to enter into such customary licensing
                and confidentiality agreements as the MTN Cash Manager shall
                deem reasonably necessary to protect its interests.

        12.2.5  The MTN Cash Manager shall, on the date of any servicing
                transfer, transfer all of its rights and obligations under any
                Enhancement in respect of any Series with respect to any Secured
                Creditors to the successor MTN Cash Manager.

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<PAGE>

        12.2.6  Upon the termination of the appointment of the MTN Cash Manager
                pursuant to this Clause 12.2, any amounts in respect of each
                Series and any other amounts belonging to the Issuer in the
                possession of the MTN Cash Manager (or coming into the
                possession of the MTN Cash Manager at any time thereafter) shall
                be held on trust by the MTN Cash Manager for and to the order of
                the Issuer.

12.3    ISSUER TO ACT; APPOINTMENT OF SUCCESSOR

        12.3.1  On and after the receipt by the MTN Cash Manager of an MTN Cash
                Manager Termination Notice pursuant to Clause 12.1, the MTN Cash
                Manager shall continue to perform all servicing functions under
                this Deed until the date specified in the MTN Cash Manager
                Termination Notice or otherwise specified by the Issuer in
                writing or, if no such date is specified in such MTN Cash
                Manager Termination Notice or otherwise specified by the Issuer,
                until a date mutually agreed upon by the MTN Cash Manager and
                Issuer. The Issuer shall notify each Rating Agency then rating
                any Associated Debt of such removal of the MTN Cash Manager. The
                Issuer shall, as promptly as possible after the giving of an MTN
                Cash Manager Termination Notice, appoint a successor MTN Cash
                Manager which shall be an Eligible MTN Cash Manager and shall
                accept its appointment by a written assumption in a form
                acceptable to the Issuer and the Trustee.

        12.3.2  Upon its appointment, the successor MTN Cash Manager shall be
                the successor in all respects to the MTN Cash Manager with
                respect to servicing functions under this Deed and shall be
                subject to all the responsibilities, duties and liabilities
                relating thereto placed on the MTN Cash Manager by the terms and
                provisions hereof, and all references in this Deed to the MTN
                Cash Manager shall be deemed to refer to the successor MTN Cash
                Manager. Any successor MTN Cash Manager, by its acceptance of
                its appointment, will automatically agree to be bound by the
                terms and provisions of each agreement relating to Enhancement
                for any Series.

        12.3.3  In connection with such appointment and assumption, the Issuer
                shall be entitled to such compensation, or may make such
                arrangements for the compensation of the successor MTN Cash
                Manager out of Collections in respect of the Securitised
                Portfolio, as it and such successor MTN Cash Manager shall agree
                PROVIDED, HOWEVER, that no such compensation shall be in excess
                of the MTN Cash Manager Fee permitted to the MTN Cash Manager
                pursuant to Clause 10.6.

12.4    NOTIFICATION OF MTN CASH MANAGER DEFAULT

        Immediately upon becoming aware of any MTN Cash Manager Default, the MTN
        Cash Manager shall give prompt written notice thereof to the Issuer, the
        Trustee, each Secured Creditor in respect of any Series, each Rating
        Agency then rating any Associated Debt and any Enhancement Provider in
        respect of any Series. Upon any termination of the appointment of the
        MTN Cash Manager or appointment of a successor MTN Cash Manager pursuant
        to Clauses 10.1 to 10.4 the Issuer shall give prompt written notice
        thereof to the Trustee and the Principal Paying Agent.

                                      -42-
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12.5    WAIVER OF PAST DEFAULTS

        The Noteholders representing in aggregate not less than two-thirds of
        the Principal Amount Outstanding of a Class of Notes of a Series
        adversely affected by any default by the MTN Cash Manager may waive in
        writing (with a copy to the Trustee) any default by the MTN Cash Manager
        in the performance of its obligations hereunder or in any Series
        Document and its consequences, except a default in the failure to make
        any required deposits or payments of interest or principal relating to
        such Series pursuant to Clause 12.1. Upon any such waiver of a past
        default, such default shall be deemed not to have occurred. No such
        waiver shall extend to any subsequent or other default or impair any
        right consequent thereon except to the extent expressly so waived. Any
        such waiver will bind the Trustee

13.     ACKNOWLEDGEMENT REGARDING PAYMENTS

        Each of the Issuer, the Trustee, the Receivables Trustee and the
        Transferor acknowledge and confirm that the Receivables Trustee shall
        apply any amounts due from the Issuer to the Receivables Trustee in
        respect of a Series in or towards satisfaction of any amounts then due
        to the Issuer from it in respect of any Trust Property of that Series.

14.     WAIVER, AUTHORISATION AND DETERMINATION

        The Trustee may without prejudice to its rights in respect of any
        subsequent breach, condition event, or act at any time, but only if an
        insofar as in its opinion the interests of the Secured Creditors (in
        relation to which it is Trustee) will not be materially prejudiced
        thereby, waive or authorise any breach or proposed breach by the Issuer
        of any of the covenants or provisions contained in this Deed in relation
        to such Series or determine that any Event of Default or Potential Event
        of Default in relation to such Series shall not be treated as an Event
        of Default or, as the case may be, Potential Event of Default in
        relation to such Series for the purposes of this Deed in relation to
        such Series, provided that the Trustee shall not exercise any powers
        conferred on it by this Clause in contravention of any express request
        given by the Priority Secured Creditor but so that no such request shall
        affect any waiver, authorisation or determination previously given or
        made. Any such waiver, authorisation or determination may be given or
        made on such terms and subject to such conditions as may seem fit and
        proper to the Trustee, shall be binding on the Secured Creditors of such
        Series and, if (but only if) the Trustee so requires, shall be notified
        by the Issuer to the relevant Secured Creditors of such Series in
        accordance with the terms of the relevant Notes as soon as practicable
        thereafter. The provisions of this Clause 14 shall be in lieu of section
        316(a)(1)(B) of the TIA and section 316(a)(1)(B) of the TIA is hereby
        expressly excluded from this Deed and the Notes, as permitted by the
        TIA.

15.     MODIFICATION

15.1    THE TRUSTEE MAY, WITHOUT THE CONSENT OF THE SECURED CREDITORS OF ANY
        SERIES,

        15.1.1  at any time and from time to time concur with the Issuer in
                making any modification to this Deed (other than the definition
                of "Extraordinary Resolution" in paragraph 21 and the terms of
                paragraph 5 of Schedule 5) or any of the other Series Documents
                which in the opinion of the Trustee it is proper to make,
                provided that the Trustee is of the opinion that such
                modification will not be materially prejudicial to the interests
                of the Secured Creditors of any Series (in relation to which it
                is Trustee); or

                                      -43-
<PAGE>

        15.1.2  to this Deed or any of the other Series Documents if in the
                opinion of the Trustee such modification is of a formal, minor
                or technical nature or to correct a manifest error.

        Any such modification may be made on such terms and subject to such
        conditions as may seem fit and proper to the Trustee, shall be binding
        upon the Noteholders of such Series and any other Secured Creditor
        relating to such Series and, unless the Trustee agrees otherwise, shall
        be notified by the Issuer to the relevant Noteholders in accordance with
        the terms of the relevant Notes as soon as practicable thereafter.

15.2    In determining whether the Holders of the required principal amount of
        Notes have concurred in any direction, waiver or consent, Notes owned by
        the Issuer or by any affiliate of the Issuer shall be disregarded,
        except that for the purposes of determining whether the Trustee shall be
        protected in relying on any such direction, waiver or consent, only
        Notes which the Trustee knows are so owned shall be disregarded.

16.     NOTEHOLDER ASSUMED TO BE COUPONHOLDER

        Wherever in this Deed any Trustee is required or entitled to exercise a
        power, trust, authority or discretion under this Deed in relation to any
        Series, except as ordered by a court of competent jurisdiction or as
        required by applicable law, the Trustee shall, notwithstanding that it
        may have express notice to the contrary, assume that each Noteholder in
        respect of such Series is the holder of all Coupons and Talons relating
        to such Note.

17.     NO NOTICE TO COUPONHOLDERS

        Neither the Trustee nor the Issuer shall be required to give any notice
        to the Couponholders or Talonholders of any Series for any purpose under
        this Deed and the relevant Couponholders and Talonholders shall be
        deemed for all purposes to have notice of the contents of any notice
        given to Noteholders in accordance with the Conditions.

18.     HOLDER DEEMED TO BE ABSOLUTE OWNER

18.1    The Issuer, the Trustee and any Paying Agent may (to the fullest extent
        permitted by applicable laws) deem and treat:

        18.1.1  the holder of any Definitive Note and the holder of any Coupon
                or Talon as the absolute owner of such Note, Coupon or Talon, as
                the case may be, for all purposes (whether or not such Note,
                Coupon or Talon is overdue and notwithstanding any notice of
                ownership or writing thereon or any notice of previous loss or
                theft thereof), and none of the Issuer, the Trustee or any
                Paying Agent shall be affected by any notice to the contrary;
                and

        18.1.2  so long as any Note is represented in global form, the person
                for the time being shown in the records of Euroclear or
                Cedelbank as the holder of such Note and none of the Issuer, the
                Trustee or any Paying Agent shall be affected by any notice to
                the contrary.

                                      -44-
<PAGE>

18.2    All payments made to any such person shall be valid and, to the extent
        of the sums so paid, effective to satisfy and discharge the liability
        for the monies payable upon such Note or Coupon.

19.     EUROCLEAR/CEDELBANK CONFIRMATIONS

        The Issuer and the Trustee may call for and shall be at liberty to
        accept and place full reliance on as sufficient evidence thereof a
        certificate or letter of confirmation signed on behalf of Euroclear or
        Cedelbank (or any other clearing system approved in writing by the
        Trustee in which Notes may for the time being be held) or any form of
        record made by either or any of them to the effect that at any
        particular time or throughout any particular period any particular
        person is, was or will be shown in its records as entitled to a
        particular interest in any global note representing Notes.

20.     SUBSTITUTION

20.1    SUBSTITUTION

        The Trustee may, without the consent of the Noteholders, agree with the
        Issuer to the substitution in place of the Issuer or any previous
        Substituted Issuer (as defined below) as the principal debtor in respect
        of the Notes of any other body corporate (the "Substituted Issuer")
        provided that:

        20.1.1  a trust deed or an indenture is executed or some other form of
                undertaking is given by the Substituted Issuer to the Trustee in
                form and manner satisfactory to the Trustee to be bound by the
                terms of this Deed and by the Conditions (with any consequential
                amendments which the Trustee may reasonably consider or deem to
                be appropriate) as fully as if the Substituted Issuer had been a
                party to this Deed and named herein and in the Notes as the
                principal debtor in respect of the Notes in place of the Issuer;

        20.1.2  the Substituted Issuer becomes a party to the relevant Series
                Documents or to equivalent documents acceptable to the Trustee;

        20.1.3  if a director of the Substituted Issuer certifies that the
                Substituted Issuer will be solvent immediately after the time at
                which the said substitution is to be effected, the Trustee shall
                not have regard to the financial condition, profits or prospects
                of the Substituted Issuer or compare the same with those of the
                Issuer (or any other Substituted Issuer substituted under this
                Clause);

        20.1.4  the Trustee is satisfied that the relevant transaction is not
                materially prejudicial to the interest of the Noteholders;

        20.1.5  confirmation is received from the rating agencies appointed in
                relation to any Related Beneficiary Debt issued in respect of
                such Series that the ratings assigned to such Related
                Beneficiary Debt will not be withdrawn or reduced as a result of
                the substitution;

        20.1.6  the Trustee shall be satisfied (by means of legal opinions in
                form and substance satisfactory to it or otherwise) that (i) all
                necessary governmental and regulatory approvals and consents
                necessary for, or in connection with, the assumption by the
                Substituted Issuer of liability as principal debtor in respect
                of, and of its obligations under, this Deed and (ii) such
                approvals and consents are at the time of substitution in full
                force and effect; and

                                      -45-
<PAGE>

        20.1.7  the Issuer or, as the case may be, the previous Substituted
                Issuer and the Substituted Issuer shall execute such other
                deeds, documents and instruments (if any) and make such
                representations and warranties and provide such other
                documentation (particularly, but not limited to, with regard to
                any applicable bankruptcy law) as the Trustee may require in
                order to be satisfied that such substitution is fully effective
                and comply with such other requirements in the interests of the
                Noteholders as the Trustee may direct.

20.2    CHANGE OF LAW

        In connection with any proposed substitution of the Issuer or, as the
        case may be, any previous Substituted Issuer, the Trustee, may, without
        the consent of the Noteholders, agree to a change of the law from time
        to time governing the Notes and/or this Deed and/or the Paying Agency
        and Agent Bank Agreement provided that such change of law, in the
        opinion of the Trustee, would not be materially prejudicial to the
        interests of the Noteholders.

21.     CURRENCY INDEMNITY

        In relation to each Series, the Issuer shall indemnify the Trustee and
        the Secured Creditors in respect of such Series and keep them
        indemnified against;

        21.1.1  any Liability incurred by any of them arising from the
                non-payment by the Issuer of any amount due to the Trustee, the
                Secured Creditors of such Series or any other beneficiary of the
                trusts under this Deed in respect of such Series by reason of
                any variation in the rates of exchange between those used for
                the purposes of calculating the amount due under a judgment or
                order in respect thereof and those prevailing at the date of
                actual payment by the Issuer;

        21.1.2  any deficiency arising or resulting from any variation in rates
                of exchange between (a) the date as of which the local currency
                equivalent of the amounts due or contingently due under this
                Deed (other than this Clause) is calculated for the purposes of
                any bankruptcy, insolvency or liquidation of the Issuer and (b)
                the final date for ascertaining the amount of the claims in such
                bankruptcy, insolvency or liquidation; the amount of such
                deficiency shall be deemed not to be reduced by any variation in
                rates of exchange occurring between the said final date and the
                date of any distribution of assets in connection with any such
                bankruptcy, insolvency or liquidation; and

        21.1.3  the above indemnity shall constitute an obligation of the issuer
                separate and independent from its obligations under the other
                provisions of this Deed and shall apply irrespective of any
                indulgence granted by the Trustee, the Secured Creditors in
                respect of such Series from time to time and shall continue in
                full force and effect notwithstanding the judgment or filing of
                any proof or proofs in any bankruptcy, insolvency or liquidation
                of the issuer for a liquidated sum or sums in respect of amounts
                due under this Deed (other than this Clause). Any such
                deficiency as aforesaid shall be deemed to constitute a loss
                suffered by the Secured Creditors in respect of such Series and
                no proof or evidence of any actual loss shall be required by the
                Issuer or its liquidator or liquidators.

                                      -46-
<PAGE>

22.     PROTECTION OF RIGHT, TITLE AND INTEREST TO SECURED PROPERTY

22.1    DOCUMENTS OF TITLE

        The MTN Cash Manager shall cause this Deed, all amendments hereto and/or
        the RSA and any other necessary documents relating to the right, title
        and interest to the Secured Property for any Series to be promptly
        recorded, registered and filed, and at all times to be kept recorded,
        registered and filed, all in such manner and in such places as may be
        required by law fully to preserve and protect the right, title and
        interest of the Secured Creditors for any Series or the Issuer, as the
        case may be, hereunder to all property comprising the Secured Property
        for any Series. The MTN Cash Manager shall deliver to the Issuer office
        copies of, or filing receipts for, any document recorded, registered or
        filed as provided above, as soon as available following such recording,
        registration or filing. Barclaycard shall co-operate fully with the MTN
        Cash Manager in connection with the obligations set forth above and will
        execute any and all documents reasonably required to fulfil the intent
        of this Clause 22.11.

22.2    NOTICE OF CHANGE OF ADDRESS

        The MTN Cash Manager will give the Issuer prompt written notice of any
        relocation of any office from which it services Secured Property in
        respect of any Portfolio assigned or purported to be assigned to the
        Issuer or keeps records concerning such Secured Property or of its
        principal executive office.

23.     NOTICES

        23.1.1  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.

        23.1.2  Any communication, notice or document to be made or delivered by
                any one person to another pursuant to this Deed 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
                communications 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 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;

                (a)     in the case of the Initial Transferor, to Barclaycard,
                        1234 Pavilion Drive, Northampton NN4 7SG, Attention:
                        Timothy Gaffney, facsimile number: 01604 256 822;

                                      -47-
<PAGE>

                (b)     in the case of the Issuer, to 200 Aldersgate Street,
                        London EC1A 4JJ, (b) Attention: Company Secretary,
                        facsimile number: 0207 600 5555;

                (c)     in the case of the MTN Cash Manager, to 54 Lombard
                        Street, London EC3P 3AH Attention: Relationship Manager
                        City Markets Team, facsimile number: 0207 699 3131;

                (d)     in the case of the Receivables Trustee, Normandy House,
                        Grenville Street, St. Helier, Jersey JE2 4UF, facsimile
                        number: 01534 814 815;

                (e)     in the case of the Trustee, to Operations Department,
                        One Canada Square, London E14 5AL, facsimile number:
                        0207 893 6259;

                (f)     in the case of the Principal Paying Agent, to Operations
                        Department, One Canada Square, London E14 5AL, facsimile
                        number: 0207 893 6259;

                (g)     in the case of any Secured Creditor (other than an
                        Noteholder) for a Series, the address, if any, specified
                        in the MTN Supplement relating to such Series; and

                (h)     in the case of the Rating Agency for Associated Debt in
                        respect of a particular Series, the address, if any,
                        specified in the MTN Supplement relating to such Series.

23.2    SEVERABILITY OF PROVISIONS

        If any one or more of the covenants, agreements, provisions or terms of
        this Deed shall for any reason whatsoever be held invalid, then such
        covenants, agreements, provisions or terms shall be deemed severable
        from the remaining covenants, agreements, provisions or terms of this
        Deed and shall in no way affect the validity or enforceability of the
        other provisions of this Deed or of the rights of the Secured Creditors
        of any Series.

23.3    COMMUNICATIONS BY NOTEHOLDERS WITH OTHER NOTEHOLDERS

        Noteholders may communicate pursuant to TIA Section 312(b) with other
        Noteholders with respect to their rights under this Deed or the Notes.
        The Issuer, the Trustee, and anyone else shall have the protection of
        TIA Section 312(c).

23.4    NOTICES TO NOTEHOLDERS

        Any notice or communication mailed to Noteholders hereunder shall be
        transmitted by mail to such other Noteholders as have, within the two
        years preceding such transmission, filed their names and addresses with
        the Trustee for that purpose.

24.     ASSIGNMENT

        Notwithstanding anything to the contrary contained herein, except as
        provided in Clause 11.2, the benefit of the Security Trust Deed and Cash
        Management Agreement may not be assigned by the MTN Cash Manager without
        the prior consent of Noteholders representing in aggregate not less than
        66-2/3 per cent. of the Principal Amount Outstanding of each Class of
        Notes in each Series or, where applicable, the Priority Secured Creditor
        of such Series.

                                      -48-
<PAGE>

25.     FURTHER ASSURANCES AND UNDERTAKING OF NON-PETITION

25.1    FURTHER ASSURANCES

        The Initial Transferor, the Trustee and the MTN Cash Manager agree to do
        and perform, from time to time, any and all acts and to execute any and
        all further instruments required or reasonably requested by the Issuer
        more fully to effect the purposes of this Deed and each MTN Supplement.

25.2    UNDERTAKING OF NON-PETITION

        Barclays Bank PLC as Initial Transferor and initial MTN Cash Manager,
        hereby undertakes (and any successor MTN Cash Manager shall, by its
        appointment under this Deed, also undertake) to the Issuer and the
        Trustee for itself and as trustee for each Secured Creditor that it will
        not take any corporate action or other steps or legal proceedings for
        the winding up, dissolution or re-organisation of, or for the
        appointment of a receiver, administrator, administrative receiver,
        trustee, liquidator, sequestrator or similar officer of any Secured
        Creditor (unless a Secured Creditor of a Series specifies otherwise in
        the MTN Supplement in respect of that Series), the Issuer or any or all
        of the revenues and assets of any of them nor participate in any ex
        parte proceedings nor seek to enforce any judgement against any such
        Persons.

26.     NO WAIVER; CUMULATIVE REMEDIES

        No failure to exercise and no delay in exercising, in respect of any
        Series, on the part of the Issuer, the Trustee, any Enhancement Provider
        or any Secured Creditor, any right, remedy, power or privilege
        hereunder, shall operate as a waiver thereof, nor shall any single or
        partial exercise of any right, remedy, power or privilege hereunder
        preclude any other or further exercise thereof or the exercise of any
        other right, remedy, power or privilege. The rights, remedies, powers
        and privileges herein provided are cumulative and not exhaustive of any
        rights, remedies, powers and privileges provided by law.

27.     RELEASE OF COLLATERAL

        Except to the extent expressly provided in this Clause 27, the Trustee
        shall release property from the lien of the Deed of Charge only upon
        receipt of an Issuer Request accompanied by an Officers' Certificate, an
        Opinion of Counsel and Independent Certificates in accordance with TIA
        ss.ss.314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such
        Independent Certificates to the effect that the TIA does not require any
        such Independent Certificates.

        Prior to the release of any property or securities subject to the lien
        of the Deed of Charge, the Issuer shall, in addition to any obligation
        imposed in this Clause 27 or elsewhere in this Trust Deed, furnish to
        the Trustee an Officers' Certificate certifying or stating the opinion
        of each person signing such certificate as to the fair value to the
        Issuer of the property or securities to be so released. The officers so
        certifying may consult with, and may conclusively rely upon a
        certificate as to the fair value of such property provided to such
        officers by an internationally recognized financial institution with
        expertise in such matters.

        Whenever the Issuer is required to furnish to the Trustee an Officers'
        Certificate certifying or stating the opinion of any signer thereof as
        to the matters described in the

                                      -49-
<PAGE>

        preceding paragraph, the Issuer shall also deliver to the Trustee an
        Independent Certificate as to the same matters, if the fair value to the
        Issuer of the property to be so released and of all other such property
        made the basis of any such release since the commencement of the then
        current fiscal year of the Issuer, as set forth in the certificates
        delivered pursuant to this Clause 27, is 10% or more of the Outstanding
        Amount of the Notes, but such a certificate need not be furnished with
        respect to any property so released if the fair value thereof to the
        Issuer as set forth in the related Officers' Certificate is less than
        $25,000 or less than one percent of the Outstanding Amount of the Notes.

        Whenever any property is to be released from the lien of the Deed of
        Charge, the Issuer shall also furnish to the Indenture Trustee an
        Officer's Certificate certifying or stating the opinion of each Person
        signing such certificate that in the opinion of such person the proposed
        release will not impair the security under this Indenture in
        contravention of the provisions hereof.

        Notwithstanding anything to the contrary contained herein, the Issuer
        may (A) collect, liquidate, sell or otherwise dispose of Receivables as
        and to the extent permitted or required by the Transaction Documents,
        (B) make cash payments out of the Designated Accounts as and to the
        extent permitted or required by the Transaction Documents and (C) take
        any other action not inconsistent with the TIA.

28.     COUNTERPARTS

        This Deed may be executed in two or more counterparts (and by different
        parties on separate counterparts), each of which shall be an original,
        but all of which together shall constitute one and the same instrument.

29.     THIRD PARTY BENEFICIARIES

        29.1.1  This Deed will inure to the benefit of and be binding upon the
                parties hereto, in respect of any Series, the Secured Creditors,
                any additional Secured Creditors named therein, and their
                respective successors and permitted assigns as Secured Creditors
                and beneficiaries of the Secured Property in respect of a
                relevant Series;

        29.1.2  To the extent specified in any related MTN Supplement, third
                parties, including any Enhancement Provider, if any, that is not
                a Secured Creditor of the Secured Property of a Series, may by
                execution of such MTN Supplement, as a matter of contract only,
                be entitled to the benefit of the provisions of this Deed as if
                such third parties were Secured Creditors hereunder and the
                rights of such third parties so provided shall enure to the
                benefit of such third parties and be binding upon the parties
                hereto and the Secured Creditors of the Secured Property in
                respect of such Series; and

        29.1.3  Except as otherwise provided in this Clause 29 and Clause 11.1
                hereof, no other Person will have any right or obligation
                hereunder.

                                      -50-
<PAGE>

30.     ACTIONS BY NOTEHOLDERS

        30.1.1  Wherever in this Deed a provision is made that an action may be
                taken or a notice, demand or instruction given by an Noteholder
                of a Series, such action, notice or instruction may be taken or
                given by any Noteholder of such Series, unless such provision
                requires a specific aggregate percentage of the Principal Amount
                Outstanding of a Class in any Series.

        30.1.2  Any request, demand, authorisation, direction, notice, consent,
                waiver or other act by an Noteholder of a Series shall bind each
                and every successor of such Noteholder.

31.     MERGER AND INTEGRATION

        Except as specifically stated otherwise herein, this Deed sets forth the
        entire understanding of the parties relating to the subject matter
        hereof, and all prior understandings, written or oral, are superseded by
        this Deed. This Deed may not be modified, amended, waived or
        supplemented except as provided herein.

32.     TIA PREVAILS

        If any provision of this Deed limits, qualifies or conflicts with
        another provision which is required to be included in this Deed by the
        TIA, the required provision shall prevail.

33.     GOVERNING LAW AND JURISDICTION

33.1    GOVERNING LAW

        This Deed (and the Security Trust constituted hereby) shall be governed
        by, and construed in accordance with the laws of England.

33.2    JURISDICTION

        33.2.1  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 Deed, and for such purposes,
                irrevocably submit to the exclusive jurisdiction of such courts.

        33.2.2  Each of the parties hereto irrevocably waives any objection
                which it might now or hereafter have to the courts of England
                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 Deed and agrees not to
                claim that any such court is not a convenient or appropriate
                forum.

        33.2.3  Each party hereto (if it is not incorporated in England)
                irrevocably appoints the person specified against its name on
                the execution pages hereto (or, in the case of a successor
                Receivables Trustee the document appointing such successor
                Receivables Trustee) 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 Deed
                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

                                      -51-
<PAGE>

                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 Trustee, the MTN Cash Manager and the Initial
Transferor, the Receivables Trustee and the Issuer have caused this agreement to
be duly executed and delivered by their duly authorised representatives as a
deed on the day and year first above written.

                                      -52-
<PAGE>

                                   SCHEDULE 1
                         FORM OF TEMPORARY GLOBAL NOTES

                                      -53-
<PAGE>

                              TEMPORARY GLOBAL NOTE

Series Number:[_________________]                        Serial Number: [______]

                             BARCLAYCARD FUNDING PLC

   (a public limited company incorporated under the laws of England and Wales)

               BARCLAYCARD ASSET BACKED MEDIUM TERM NOTE PROGRAMME

                              TEMPORARY GLOBAL NOTE

                               REPRESENTING UP TO

                                  (POUND)[___]

              FLOATING RATE ASSET BACKED CLASS [___] NOTE DUE [___]

This global note is a Temporary Global Note without interest coupons issued in
respect of an issue of an aggregate principal amount of (pound)[___] of Floating
Rate Asset Backed Class [___] Note due [___] (the "Notes") by Barclaycard
Funding PLC (the "ISSUER").

The Issuer for value received promises, all in accordance with the terms and
conditions set out in the applicable Series 99-1 Supplement ("Terms and
Conditions") and the Principal Trust Deed (as defined below) to pay to the
bearer upon presentation or, as the case may be, surrender hereof in respect of
each Note for the time being from time to time represented hereby, on the
maturity date specified in the Terms and Conditions or on such earlier date as
any such Note may become due and payable in accordance with the Terms and
Conditions, the Principal Amount on such dates as may be specified in the Terms
and Conditions or, if any such Note shall become due and payable on any other
date, the Principal Amount and, in respect of each such Note, to pay interest
and all other amounts as may be payable pursuant to the Terms and Conditions all
subject to and in accordance therewith.

Except as specified herein, the bearer of this Temporary Global Note is entitled
to the benefit of the Terms and Conditions and of the same obligations on the
part of the Issuer as if such bearer were the bearer of the Notes represented
hereby and to the benefit of those provisions of the Terms and Conditions (and
the obligations on the part of the Issuer contained therein) applicable
specifically to Temporary Global Notes, and all payments under and to the bearer
of this Temporary Global Note shall be valid and effective to satisfy and
discharge the corresponding Liabilities of the Issuer in respect of the Notes.

This Temporary Global Note is issued pursuant to a security trust deed and MTN
cash management deed dated 23 November 1999 (the "Principal Trust Deed")
together with the supplemental trust deed in respect of Series [___] (the
"Series [___] Supplement" and, together with the Principal Trust Deed, the
"Trust Deed") and made between the Issuer and The Bank of New

                                      -54-
<PAGE>

York, London Branch as trustee (the "Trustee" which expression includes any
person or corporation from time to time appointed as trustee). Words and
expressions defined expressly or by reference in the Terms and Conditions and
the Trust Deed shall have the same meanings in this Temporary Global Note.

On or after the expiry of 40 days after the date of issue of this Temporary
Global Note (the "Exchange Date"), this Temporary Global Note shall be
exchangeable in whole or in part for a Permanent Global Note or, in the
circumstances set out in the Series 99-1 Supplement for Definitive Notes. An
exchange for a Permanent Global Note or, as the case may be, Definitive Notes
will be made only on or after the Exchange Date (specified in the Series 99-1
Supplement) and upon presentation or, as the case may be, surrender of this
Temporary Global Note to the Principal Paying Agent at its specified office and
upon and to the extent of delivery to the Principal Paying Agent of a
certificate or certificates issued by Morgan Guaranty Trust Company of New York,
Brussels office, as operator of the Euroclear System ("Euroclear") or Cedelbank
or by any other relevant clearing system and dated not earlier than the Exchange
Date in substantially the form set out in Annex I hereto or, as the case may be,
in the form that is customarily issued in such circumstances by such other
clearing system. Any Definitive Notes will be made available for collection by
the persons entitled thereto at the specified office of the Principal Paying
Agent.

The Issuer undertakes to procure that the relevant Permanent Global Note and
Definitive Notes will be duly issued in accordance with the Terms and
Conditions, the provisions hereof and of the Trust Deed.

The bearer of this Temporary Global Note shall not (unless, upon due
presentation of this Temporary Global Note for exchange (in whole or in part)
for a Permanent Global Note or for delivery of Definitive Notes, such exchange
or delivery is improperly withheld or refused and such withholding or refusal is
continuing at the relevant payment date) be entitled to receive any payment in
respect of the Notes represented by this Temporary Global Note which falls due
on or after the Exchange Date or be entitled to exercise any option on a date
after the Exchange Date.

Payments of interest otherwise falling due before the Exchange Date will be made
only upon presentation of this Temporary Global Note at the specified office of
any of the Paying Agents outside the United States and upon and to the extent of
delivery to the relevant Paying Agent of a certificate or certificates issued by
Euroclear or Cedelbank or by any other relevant clearing system and dated not
earlier than the relevant interest payment date in substantially the form set
out in Annex II hereto or, as the case may be, in the form that is customarily
issued in such circumstances by such other clearing system.

On any occasion on which a payment of principal is made in respect of this
Temporary Global Note or on which this Temporary Global Note is exchanged in
whole or in part as aforesaid or on which Notes represented by this Temporary
Global Note are to be cancelled, the Issuer shall procure that (i) the aggregate
principal amount of the Notes in respect of which such payment is made (or, in
the case of a partial payment, the corresponding part thereof) or which are
delivered in definitive form or which are to be exchanged for a permanent global
instrument or which are to be cancelled and (ii) the remaining principal amount
of this Temporary Global Note (which shall be the previous principal amount
hereof less the amount referred to at (i)

                                      -55-
<PAGE>

above) are noted on the Schedule hereto, whereupon the principal amount of this
Temporary Global Note shall for all purposes be as most recently so noted.

On each occasion on which an option is exercised in respect of any Notes
represented by this Temporary Global Note, the Issuer shall procure that the
appropriate notations are made on the Schedule hereto.

The obligations of the Issuer in respect of this Temporary Global Note are
limited recourse in nature, as more particularly set out in the Terms and
Conditions and the Trust Deed. In addition the bearer of this Temporary Global
Note and, inter alios, the Trustee are restricted in the proceedings which they
may take against the Issuer to enforce their rights hereunder and under the
Trust Deed, as more particularly set out in the Terms and Conditions and the
Trust Deed.

This Temporary Global Note is governed by, and shall be construed in accordance
with, English law.

The Issuer irrevocably agrees for the benefit of the bearer that the courts of
England are to have jurisdiction to hear and determine any suit, action or
proceedings, and to settle any disputes, which may arise out of or in connection
with these presents (respectively, "Proceedings" and "Disputes") and, for such
purposes, irrevocably submits to the jurisdiction of such courts. The Issuer
irrevocably waives any objection which it might now or hereafter have to the
courts of England being nominated as the forum to hear and determine any
Proceedings and to settle any Disputes and agrees not to claim that any such
court is not a convenient or appropriate forum.

This Temporary Global Note shall not be valid for any purpose until
authenticated for and on behalf of The Bank of New York, London Branch as Issue
Agent.

AS WITNESS the manual or facsimile signature of a director, duly authorised
officer, or duly authorised attorney on behalf of the Issuer.

                                      -56-
<PAGE>

<TABLE>
                                                         THE SCHEDULE

             PAYMENTS, DELIVERY OF DEFINITIVE NOTES, EXCHANGE FOR PERMANENT GLOBAL NOTE, EXERCISE OF OPTIONS AND
                                                    CANCELLATION OF NOTES
<CAPTION>
==============================================================================================================================
<S>           <C>            <C>        <C>             <C>             <C>         <C>           <C>           <C>
   Date of      Amount of    Amount of     Aggregate      Aggregate     Aggregate    Aggregate     Remaining     Authorised
   payment,   interest then  principal     principal      principal     principal    principal     principal    signature by
  delivery,        paid      then paid     amount of      amount of     amount of    amount in     amount of    or on behalf
  exchange,                             Definitive Note      this      Notes then    respect of       this         of the
 exercise of                              Certificates    Temporary     cancelled   which option   Temporary     Principal
 option (and                             then delivered  Global Note                is exercised  Global Note   Paying Agent
  date upon                                                  then
    which                                               exchanged for
 exercise is                                            the Permanent
effective) or                                            Global Note
 cancellation

------------------------------------------------------------------------------------------------------------------------------

==============================================================================================================================
</TABLE>

                                                            -57-
<PAGE>

BARCLAYCARD FUNDING PLC

By:[manual/facsimile signature]
(director)

ISSUED in London on [___] 1999

AUTHENTICATED for and on behalf of
THE BANK OF NEW YORK
as Issue Agent without recourse,
warranty or liability

By:[manual signature]
(duly authorised)

                                      -58-
<PAGE>

                                     ANNEX I

        [Form of certificate to be given in relation to exchanges of this
   Temporary Global Note for the Permanent Global Note or Definitive Notes:]

                             BARCLAYCARD FUNDING PLC

              (POUND)[___] FLOATING RATE ASSET BACKED CLASS [___] NOTES

                                  (the "NOTES")

This is to certify that, based solely on certifications we have received in
writing, by tested telex or by electronic transmission from member organisations
appearing in our records as persons being entitled to a portion of the principal
amount set forth below (Our "Member Organisations") substantially to the effect
set forth in the Agency Agreement as of the date hereof, [ ] principal amount of
the above-captioned Notes (i) is owned by persons that are not citizens or
residents of the United States, domestic partnerships, domestic corporations or
any estate or trust the income of which is subject to United States Federal
income taxation regardless of its source ("United States persons"), (ii) is
owned by United States persons that (a) are foreign branches of United States
financial institutions (as defined in U.S. Treasury Regulations Section
1.165-12(c)(1)(v) ("Financial Institutions")) purchasing for their own account
or for resale, or (b) acquired the Notes through and are holding through on the
date hereof (as such terms "acquired through" and "holding through" are
described in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(6)) foreign
branches of United States financial institutions (and in either case (a) or (b),
each such United States financial institution has agreed, on its own behalf or
through its agent, that we may advise the Issuer or the Issuer's agent that it
will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986, as amended, and the regulations thereunder), or
(iii) is owned by United States or foreign financial institutions for purposes
of resale during the restricted period (as defined in U.S. Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that United States or
foreign financial institutions described in clause (iii) above (whether or not
also described in clause (i) or (ii)) have certified that they have not acquired
the Notes for purposes of resale directly or indirectly to a United States
person or to a person within the United States or its possessions.

As used herein, "United States" means the United States of America (including
the States and the District of Columbia); and its "Possessions" include Puerto
Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands.

We further certify (i) that we are not making available herewith for exchange
(or, if relevant, exercise of any rights or collection of any interest) any
portion of the Temporary Global security excepted in such certifications and
(ii) that as of the date hereof we have not received any notification from any
of our Member Organisations to the effect that the statements made by such
Member Organisations with respect to any portion of the part submitted herewith
for exchange (or, if relevant, exercise of any rights or collection of any
interest) are no longer true and cannot be relied upon as at the date hereof.

We understand that this certification is required in connection with certain tax
laws and, if applicable, certain securities laws of the United States. In
connection therewith, if

                                      -59-
<PAGE>

administrative or legal proceedings are commenced or threatened in connection
with which this certification is or would be relevant, we irrevocably authorise
you to produce this certification to any interested party in such proceedings.

Date:[______________](1)

[Morgan Guaranty Trust Company of New York, Brussels office, as Operator of the
Euroclear System/Cedelbank]

By:[authorised signature]

----------
(1) To be dated not earlier than the Exchange Date.

                                      -60-
<PAGE>

                                    ANNEX II

           [Form of certificate to be given in relation to payments of
                 interest falling due before the Exchange Date:]

                             BARCLAYCARD FUNDING PLC

              (POUND)[___] FLOATING RATE ASSET BACKED CLASS [___] NOTES

                                  (the "NOTES")

This is to certify that, based solely on certifications we have received in
writing, by tested telex or by electronic transmission from member organisations
appearing in our records as persons being entitled to a portion of the principal
amount set forth below (our "Member Organisations") substantially to the effect
set forth in the Issue and Paying Agency Agreement as of the date hereof, [ ]
principal amount of the above-captioned Notes (i) is owned by persons that are
not citizens or residents of the United States, domestic partnerships, domestic
corporations or any estate or trust the income of which is subject to United
States Federal income taxation regardless of its source ("United States
Persons"), (ii) is owned by United States persons that (a) are foreign branches
of United States financial institutions (as defined in U.S. Treasury Regulations
Section 1.165-12(c)(1)(v) ("Financial Institutions")) purchasing for their own
account or for resale, or (b) acquired the Notes through and are holding through
on the date hereof (as such terms "acquired through" and "holding through" are
described in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(6)) foreign
branches of United States financial institutions (and in either case (a) or (b),
each such United States financial institution has agreed, on its own behalf or
through its agent, that we may advise the Issuer or the Issuer's agent that it
will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986, as amended, and the regulations thereunder), or
(iii) is owned by United States or foreign financial institutions for purposes
of resale during the restricted period (as defined in U.S. Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that United States or
foreign financial institutions described in clause (iii) above (whether or not
also described in clause (i) or (ii)) have certified that they have not acquired
the Notes for purposes of resale directly or indirectly to a United States
person or to a person within the United States or its possessions.

If the Securities are of the category contemplated in Section 230.903(b)(3) of
Regulation S under the Securities Act of 1933, as amended, then this is also to
certify with respect to such principal amount of the Notes set forth above that,
except as set out below, we have received in writing, by tested telex or by
electronic transmission, from our Member Organisations entitled to a portion of
such principal amount, certifications with respect of such portion,
substantially to the effect set forth in the temporary Global Note representing
the Notes.

As used herein, "United States" means the United States of America (including
the States and the District of Columbia); and its "Possessions" include Puerto
Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands.

We further certify (i) that we are not making available herewith for exchange
(or, if relevant, exercise of any rights or collection of any interest) any
portion of the Temporary Global security excepted in such certifications and
(ii) that as of the date hereof we have not received any

                                      -61-
<PAGE>

notification from any of our Member Organisations to the effect that the
statements made by such Member Organisations with respect to any portion of the
part submitted herewith for exchange (or, if relevant, exercise of any rights or
collection of any interest) are no longer true and cannot be relied upon as at
the date hereof.

We understand that this certification is required in connection with certain tax
laws and, if applicable, certain securities laws of the United States. In
connection therewith, if administrative or legal proceedings are commenced or
threatened in connection with which this certification is or would be relevant,
we irrevocably authorise you to produce this certification to any interested
party in such proceedings.

Date:[___________](2)

[Morgan Guaranty Trust Company of New York, Brussels office, as Operator of the
Euroclear System/Cedelbank]

By: [authorised signature]

(2) To be dated not earlier than the relevant interest payment date.

                                      -62-
<PAGE>

                                    ANNEX III

                     [Form of accountholder's certification
                   referred to in the preceding certificate:]

                             BARCLAYCARD FUNDING PLC

              (POUND)[___] FLOATING RATE ASSET BACKED CLASS [___] NOTES

                                  (the "NOTES")

This is to certify that as of the date hereof, and except as set forth below,
the above-captioned Notes held by you for our account (i) are owned by persons
that are not citizens or residents of the United States, domestic partnerships,
domestic corporations or any estate or trust the income of which is subject to
the United States Federal income taxation regardless of its source ("United
States Persons"), (ii) are owned by United States person(s) that (a) are foreign
branches of a United States financial institution (as defined in U.S. Treasury
Regulations Section 1.165-12(c)(1)(v)) ("Financial Institutions") purchasing for
their own account or for resale, or (b) acquired the Notes through and are
holding through on the date hereof (as such terms "acquired through" and
"holding through" are described in U.S. Treasury Regulations Section 1.163-5(c)
(2)(i) (D)(6)) foreign branches of United States financial institutions (and in
either case (a) or (b), each such United States financial institution hereby
agrees, on its own behalf or through its agent, that you may advise the Issuer
or the Issuer's agent that it will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and
the regulations thereunder), or (iii) are owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period (as
defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in
addition if the owner of the Notes is a United States or foreign financial
institution described in clause (iii) above (whether or not also described in
clause (i) or (ii)) this is further to certify that such financial institution
has not acquired the Notes for purposes of resale directly or indirectly to a
United States person or to a person within the United States or its possessions.

If the Notes are of the category contemplated in Section 230.903(b)(3) of
Regulation S under the Securities Act of 1933 (the "Act") then this is also to
certify that, as except as set forth below, the Notes are beneficially owned by
(a) non-U.S. person(s) or (b) U.S. person(s) who purchased the Notes in
transactions which did not require registration under the Act. As used in this
paragraph, the term "U.S. person" has the meaning given to it by Regulation S
under the Act.

As used herein, "United States" means the United States of America (including
the States and the District of Columbia); and its "Possessions" include Puerto
Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands.

We undertake to advise you promptly by tested telex on or prior to the date on
which you intend to submit your certification relating to the Notes held by you
for our account in accordance with your operating procedures if any applicable
statement herein is not correct on such date, and in the absence of any such
notification it may be assumed that this certification applies as of such date.

This certification excepts and does not relate to [ ] of such interest in the
above Notes in respect of which we are not able to certify and as to which we
understand exchange and delivery

                                      -63-
<PAGE>

of definitive Notes (or, if relevant, exercise of any rights or collection of
any interest) cannot be made until we do so certify.

We understand that this certification is required in connection with certain tax
laws and, if applicable, certain securities laws of the United States.

In connection therewith, if administrative or legal proceedings are commenced or
threatened in connection with which this certification is or would be relevant,
we irrevocably authorise you to produce this certification to any interested
party in such proceedings.

Date:[____________](3)

[Accountholder] as (or as agent for) the beneficial owner of the Notes.

By: [authorised signature]

----------
(3)     To be dated not earlier than fifteen days before the Exchange Date or,
        as the case may be the relevant interest payment date.

                                      -64-
<PAGE>

                                   SCHEDULE 2
                         FORM OF PERMANENT GLOBAL NOTES

                                      -65-
<PAGE>

                              PERMANENT GLOBAL NOTE

Series Number:[____________]                        Serial Number: [___________]

                             BARCLAYCARD FUNDING PLC

   (a public limited company incorporated under the laws of England and Wales)

               BARCLAYCARD ASSET BACKED MEDIUM TERM NOTE PROGRAMME

                              PERMANENT GLOBAL NOTE

                               representing up to

                                  (pound)[___]

          FLOATING RATE ASSET BACKED CLASS [___] NOTE DUE NOVEMBER 2002

This global instrument is a Permanent Global Note with interest coupons issued
in respect of an issue of an aggregate principal amount of (pound)[___] of
Floating Rate Asset Backed Class [___] Notes due November [___] (the "Notes") by
Barclaycard Funding PLC (the "Issuer").

The Issuer for value received promises, all in accordance with the terms and
conditions set out in the Series 99-1 Supplement ("Terms and Conditions") and
the Trust Deed (as defined below) to pay to the bearer upon presentation or, as
the case may be, surrender hereof in respect of each Note for the time being
from time to time represented hereby, on the maturity date specified in the
Terms and Conditions or on such earlier date as any such Note may become due and
payable in accordance with the Terms and Conditions, the Principal Amount on
such dates as may be specified in the Terms and Conditions or, if any such Note
shall become due and payable on any other date, the Principal Amount and, in
respect of each such Note, to pay interest and all other amounts as may be
payable pursuant to the Terms and Conditions, all subject to and in accordance
therewith.

Except as specified herein, the bearer of this Permanent Global Note is entitled
to the benefit of the Terms and Conditions and of the same obligations on the
part of the Issuer as if such bearer were the bearer of the Notes represented
hereby and to the benefit of those Terms and Conditions (and the obligations on
the part of the Issuer contained therein) applicable specifically to Permanent
Global Notes, and all payments under and to the bearer of this Permanent Global
Note shall be valid and effective to satisfy and discharge the corresponding
Liabilities of the Issuer in respect of the Notes.

This Permanent Global Note is issued pursuant to a security trust deed dated 23
November 1999 (the "Principal Trust Deed") and the supplement thereto in respect
of Series [___] (the "Series [___] Supplement" and together with the Security
Trust Deed, the "Trust Deed") and made between the Issuer and The Bank of New
York, London Branch as trustee (the "Trustee" which

                                      -66-
<PAGE>

expression includes any person or corporation appointed from time to time as
trustee). Words and expressions defined expressly or by reference in the Terms
and Conditions and the Trust Deed shall have the same meanings in this Permanent
Global Note.

This Permanent Global Note will be exchanged in whole but not in part for
Definitive Notes if (a) any Note of the relevant Series becomes immediately
redeemable following the occurrence of an Event of Default in relation thereto
(b) Morgan Guaranty Trust Company of New York, Brussels office, as operator of
the Euroclear System or Cedelbank, or any other relevant clearing system is
closed for business for a continuous period of 14 days (other than by reason of
legal holidays) or announces an intention to cease business permanently or in
fact does so; or (c) if so specified in the Trust Deed, upon the request of a
Holder of a beneficial interest in this Permanent Global Note. In the case of
(a) and (b), the Issuer shall bear the entire cost and expense and, in the case
of (c) the Holder making such request shall bear the entire cost and expense. In
order to exercise the option contained in paragraph (c) of the preceding
sentence, the bearer hereof must, at the request of the Holder making such
request, not less than forty-five days before the date upon which the delivery
of such Definitive Notes is required, deposit this Permanent Global Note with
the Principal Paying Agent at its specified office with the form of exchange
notice endorsed hereon duly completed. Any Definitive Notes will be made
available for collection by the persons entitled thereto at the specified office
of the Principal Paying Agent.

The Issuer undertakes to procure that the relevant Definitive Notes will be duly
issued in accordance with the Terms and Conditions, the provisions hereof and of
the Trust Deed.

On any occasion on which a payment of interest is made in respect of this
Permanent Global Note, the Issuer shall procure that the same is noted on the
Schedule hereto.

On any occasion on which a payment of principal is made in respect of this
Permanent Global Note or on which this Permanent Global Note is exchanged as
aforesaid or on which any Notes represented by this Permanent Global Note are to
be cancelled the Issuer shall procure that (i) the aggregate principal amount of
the Notes in respect of which such payment is made (or, in the case of a partial
payment, the corresponding part thereof) or which are delivered in definitive
form or which are to be cancelled and (ii) the remaining principal amount of
this Permanent Global Note (which shall be the previous principal amount hereof
less the amount referred to at (i) above) are noted on the Schedule hereto,
whereupon the principal amount of this Permanent Global Note shall for all
purposes be as most recently so noted.

On each occasion on which an option is exercised in respect of any Notes
represented by this Permanent Global Note, the Issuer shall procure that the
appropriate notations are made on the Schedule hereto.

Insofar as the Temporary Global Note by which the Notes were initially
represented has been exchanged in part only for this Permanent Global Note and
is then to be further exchanged as to the remaining principal amount or part
thereof for this Permanent Global Note, then upon presentation of this Permanent
Global Note to the Principal Paying Agent at its specified office and to the
extent that the aggregate principal amount of such Temporary Global Note is then
reduced by reason of such further exchange, the Issuer shall procure that (i)
the aggregate principal amount of the Notes in respect of which such further
exchange is then made and (ii) the new principal amount of this Permanent Global
Note (which shall be the previous principal

                                      -67-
<PAGE>

amount hereof plus the amount referred to at (i) above) are noted on the
Schedule hereto, whereupon the principal amount of this Permanent Global Note
shall for all purposes be as most recently noted.

The obligations of the Issuer in respect of this Permanent Global Note are
limited recourse in nature, as more particularly set out in the Terms and
Conditions and the Trust Deed. In addition, the bearer of this Permanent Global
Note and, inter alios, the Trustee are restricted in the proceedings which they
may take against the Issuer to enforce their rights hereunder and under the
Trust Deed, as more particularly described in the Terms and Conditions and the
Trust Deed.

This Permanent Global Note is governed by, and shall be construed in accordance
with, English law.

The Issuer irrevocably agrees for the benefit of the bearer that the courts of
England are to have jurisdiction to hear and determine any suit, action or
proceedings, and to settle any disputes, which may arise out of or in connection
with this Permanent Global Note (respectively, "Proceedings" and "Disputes")
and, for such purposes, irrevocably submits to the jurisdiction of such courts.
The Issuer irrevocably waives any objection which it might now or hereafter have
to the courts of England being nominated as the forum to hear and determine any
Proceedings and to settle any Disputes and agrees not to claim that any such
court is not a convenient or appropriate forum.

This Permanent Global Note shall not be valid for any purpose until
authenticated for and on behalf of Barclays Capital as Issue Agent.

AS WITNESS the manual or facsimile signature of a director, duly authorised
officer, or duly authorised attorney on behalf of the Issuer.

BARCLAYCARD FUNDING PLC

By: [manual/facsimile signature]

(director)

                                      -68-
<PAGE>

ISSUED in London as of [___]

AUTHENTICATED for and on behalf of

THE BANK OF NEW YORK as Issue Agent

without recourse, warranty or liability

By:[manual signature]

(duly authorised)

                                      -69-
<PAGE>

<TABLE>
                                                         THE SCHEDULE

             PAYMENTS, DELIVERY OF DEFINITIVE NOTE CERTIFICATES, FURTHER EXCHANGES OF THE TEMPORARY GLOBAL NOTE,
                                        EXERCISE OF OPTIONS AND CANCELLATION OF NOTES
<CAPTION>
==================== ============ ============ ============= ============= ============= ============= =========== =============
<S>                   <C>          <C>         <C>            <C>          <C>            <C>          <C>         <C>
 Date of payment,     Amount of    Amount of    Aggregate     Aggregate     Aggregate     Aggregate     Current     Authorised
 delivery, further    interest     principal    principal     principal     principal     principal    principal    signature
    exchange of       then paid    then paid    amount of     amount of     amount of     amount in    amount of    by or on
 Temporary Global                               Definitive    Notes then     further      respect of     this       behalf of
 Note, exercise of                                 Note       cancelled     exchanges       which      Permanent       the
 option (and date                              Certificates                     of        option is     Global       Principal
    upon which                                     then                     Temporary     exercised      Note       Paying Agent
    exercise is                                 delivered                  Global Note
   effective) or
   cancellation
==================== ============ ============ ============= ============= ============= ============= =========== =============

==================== ============ ============ ============= ============= ============= ============= =========== =============
</TABLE>

                                                            -70-
<PAGE>

                                 EXCHANGE NOTICE

.............................., being the bearer of this Permanent Global Note at
the time of its deposit with the Principal Paying Agent at its specified office
for the purposes of the Notes, hereby exercises the option set out above to have
this Permanent Global Note exchanged in whole for Definitive Notes in aggregate
principal amount of [ ] and directs that such Definitive Notes be made available
for collection by it from the Principal Paying Agent's specified office.

By: ...........................................

(duly authorised)

                                      -71-
<PAGE>

                                   SCHEDULE 3
                            FORM OF DEFINITIVE NOTES

                                      -72-
<PAGE>

                                 DEFINITIVE NOTE

                           [ON THE FACE OF THE NOTE:]

Series Number:[_____________]                         Serial Number: [_________]

(pound)[Denomination]

                             BARCLAYCARD FUNDING PLC

   (a public limited company incorporated under the laws of England and Wales)

               BARCLAYCARD ASSET BACKED MEDIUM TERM NOTE PROGRAMME

                 (POUND)[AGGREGATE PRINCIPAL AMOUNT OF TRANCHE]

              FLOATING RATE ASSET BACKED CLASS [___] NOTE DUE [___]

Barclaycard Funding PLC (the "Issuer") for value received promises, all in
accordance with the terms and conditions endorsed hereon (the "Terms and
Conditions") and the Trust Deed prepared in relation to the Notes to pay to the
bearer upon presentation or, as the case may be, surrender hereof on the
maturity date specified in the Terms and Conditions or on such earlier date as
the same may become payable in accordance therewith the Principal Amount on such
dates as may be specified in the Terms and Conditions or if this Note shall
become due and payable on any other date, the Principal Amount and to pay
interest and all other amounts as may be payable pursuant to the Terms and
Conditions, all subject to and in accordance therewith.

Words and expressions defined in the Terms and Conditions shall have the same
meanings when used on the face of this Note.

Neither this Note nor any of the interest coupons or talons appertaining hereto
shall be valid for any purpose until this Note has been authenticated for and on
behalf of the Issue Agent.

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

AS WITNESS the manual or facsimile signature of a director, duly authorised
officer or duly authorised attorney on behalf of the Issuer.

BARCLAYCARD FUNDING PLC

By:[manual/facsimile signature]

(director)

                                      -73-
<PAGE>

ISSUED in London as of [___]

AUTHENTICATED for and on behalf of

THE BANK OF NEW YORK AS Issue Agent

without recourse, warranty or liability

By: [manual signature]

(duly authorised)

                                      -74-
<PAGE>

[On the reverse of the Notes:]

TERMS AND CONDITIONS

[As contemplated in the Prospectus and as amended supplemented or replaced by
the relevant Supplemental Trust Deed]

[At the foot of the Terms and Conditions:]

                             PRINCIPAL PAYING AGENT

                              THE BANK OF NEW YORK
                                One Canada Square
                                 London E14 5AL
                                 United Kingdom

                                      -75-
<PAGE>

                                     COUPON

[On the front of Coupon:]

                             BARCLAYCARD FUNDING PLC

               BARCLAYCARD ASSET BACKED MEDIUM TERM NOTE PROGRAMME

            (POUND)[___] FLOATING RATE ASSET BACKED CLASS [___] NOTE

                             Series No:[__________]
                       Serial Number of Note: [__________]

Coupon for [set out the amount due] due on Interest Payment Date falling in
[month, year].

Such amount is payable (subject to the Terms and Conditions applicable to the
Note to which this Coupon appertains, which shall be binding on the Noteholder
of this Coupon whether or not it is for the time being attached to such Note)
against surrender of this Coupon at the specified office of the Principal Paying
Agent or any of the Paying Agents set out on the reverse hereof (or any other or
further principal paying agent or paying agents and/or specified offices from
time to time designated for the purpose by notice duly given in accordance with
such Terms and Conditions).

The attention of Couponholders is drawn to Condition 7 of the Terms and
Conditions. The Note to which this Coupon appertains may in certain
circumstances specified in such Terms and Conditions, fall due for redemption
before the due date in relation to this Coupon. In such event the Paying Agent
to which such Note is presented for redemption may determine, in accordance with
the aforesaid Condition 7 that this Coupon is to become void.

                                      -76-
<PAGE>

[On the reverse of each Coupon:]

                             PRINCIPAL PAYING AGENT

                              THE BANK OF NEW YORK
                                One Canada Square
                                 London E14 5AL
                                 United Kingdom

                                      -77-
<PAGE>

                                      TALON

[On the front of Talon:]

                             BARCLAYCARD FUNDING PLC

               BARCLAYCARD ASSET BACKED MEDIUM TERM NOTE PROGRAMME

            (POUND)[___] FLOATING RATE ASSET BACKED CLASS [___] NOTE

                             Series No:[__________]
                       Serial Number of Note: [__________]

                            Talon for further Coupons

After all the Coupons appertaining to the Note to which this Talon appertains
have matured, further Coupons (including, where appropriate, a Talon for further
Coupons) will be issued at the specified office of the Principal Paying Agent or
any of the Paying Agents set out in the reverse hereof (or any other or further
paying agents and/or specified offices from time to time designated by notice
duly given in accordance with the Terms and Conditions applicable to the Note to
which this Talon appertains (which shall be binding on the Holder of this Talon
whether or not it is for the time being attached to such Note)) upon production
and surrender of this Talon upon and subject to such Terms and Conditions.

Under the said Terms and Conditions, such Note may, in certain circumstances,
fall due for redemption before the original due date for exchange of this Talon
and in any such event this Talon shall become void and no exchange shall be made
in respect hereof.

                                      -78-
<PAGE>

[On the reverse of each Talon:]

                             PRINCIPAL PAYING AGENT

                              THE BANK OF NEW YORK
                                One Canada Square
                                 London E14 5AL
                                 United Kingdom

                                      -79-
<PAGE>

                                   SCHEDULE 4

                        TERMS AND CONDITIONS OF THE NOTES

The following is the text of the terms and conditions which (subject to
completion and amendment and as supplemented or varied in accordance with the
provisions of the relevant Supplementary Listing Particulars (as defined below)
or Pricing Supplement (as defined below) and, save for the italicised text) will
be endorsed on the Notes in definitive form (if any) issued in exchange for the
Global Note(s) representing each Series of Notes in bearer form. These terms and
conditions will also apply to the Global Notes save as modified by the Global
Notes. Text in italics in these Conditions (save for sub-headings) refers to the
Global Notes alone and will not be endorsed on the Notes in definitive form.
Further information with respect to Notes of each Series will be given in the
relevant Supplementary Listing Particulars or Pricing Supplement which will
provide for those aspects of these terms and conditions which are applicable to
the Notes. References in the terms and conditions to "Notes" are to the Notes of
one Series only, not to all Notes which may be issued under the Programme,
reference to a "Class" are to a Class of Notes. Terms used in the relevant
Supplementary Listing Particulars or Pricing Supplement and not otherwise
defined herein shall have the same meanings where used herein or in the Trust
Deed (as defined below), the absence of any such term indicating that such term
is not applicable to the Notes and references to a matter being "specified"
means as the same may be specified in the relevant Supplementary Listing
Particulars or Pricing Supplement:

The Notes (as defined in Condition 1.1.1) are constituted and secured by a
security trust deed and MTN cash management agreement dated on or about 23
November 1999 (the "Principal Trust Deed") between the Issuer and The Bank of
New York (the "Trustee" which expression shall include all persons for the time
being the trustee or trustees under the Trust Deed referred to below) as
supplemented by a supplemental trust deed (the "Supplemental Trust Deed") dated
the Issue Date (as defined in Condition 5.8 below) between the Issuer, the
Trustee and the other parties named therein (the Principal Trust Deed and any
Supplemental Trust Deed being referred to herein as the "Trust Deed").

The Notes will have the benefit (to the extent applicable) of an agency and
agreement dated on or about 23 November 1999 as may be amended or supplemented
from time to time (the "Agency Agreement") between the Issuer, the Trustee, The
Bank of New York acting through its London Branch in its capacities as issue
agent (the "Issue Agent" which expression shall include any successor to The
Bank of New York in its capacity as such), acting through the office specified
in the Applicable Supplement (as defined below) as principal paying agent (the
"Principal Paying Agent", which expression shall include any successor to The
Bank of New York in its capacity as such) and The Bank of New York as Agent Bank
(the "Agent Bank", which expression shall include any successor to The Bank of
New York in its capacity as such), As used herein, "Principal Paying Agent",
"Issue Agent" and "Agent Bank" means, in relation to any Series of Notes, the
person specified in the relevant Pricing Supplement or Supplementary Listing
Particulars as the Principal Paying Agent, the Issue Agent and the Agent Bank
respectively, for such Series.

Certain statements in these terms and conditions (the "Conditions") may be
summaries of the detailed provisions appearing on the face of the Notes (which
expression shall include the body thereof) and in the Principal Trust Deed.
Copies of the Principal Trust Deed and the Agency

                                      -80-
<PAGE>

Agreement are available for inspection at the principal office of the Trustee
(presently at One Canada Square, London E14 5AL) and at the specified offices of
the Principal Paying Agent in London. The Holders (as defined in Condition 1
below, and the holders of the coupons (the "Coupons") (if any) appertaining to
interest bearing Notes in bearer form (the "Couponholders", which expression
includes the holder of talons (the "Talons") (if any) for further coupons
attached to such Notes (the "Talonholders")) are entitled to the benefit of, are
bound by, and are deemed to have notice of, all the provisions of the Trust Deed
and to have notice of those provisions of the Agency Agreement applicable to
them.

The pricing supplement or, if the Notes are listed on the London Stock Exchange
Limited (the "London Stock Exchange"), the supplementary listing particulars
relating to the Notes (respectively, the "Pricing Supplement" and the
"Supplementary Listing Particulars", each an "Applicable Supplement") will be
endorsed upon or attached to the Notes and will supplement these Conditions and
may specify other terms and conditions which shall, to the extent so specified
or to the extent inconsistent with these Conditions, replace or modify these
Conditions for the purpose of such Notes.

Words and expressions defined in the Trust Deed, the Agency Agreement or the
Master Schedule of Definitions, Interpretation and Construction Clauses (as
amended and supplemented from time to time) signed for the purpose of
identification by, amongst others, the Issuer and the Trustee (the "Master
Schedule of Definitions") or used in the Applicable Supplement shall have the
same meaning where used in these Conditions unless the context otherwise
requires or unless otherwise stated and provided that, in the event of
inconsistency between the Agency Agreement or the Trust Deed, the Applicable
Supplement and the Master Schedule of Definitions, the definition of the
relevant term shall have the meaning specified in the relevant document ranking
the highest in the following order of priority:

(a)     firstly, the Applicable Supplement;

(b)     secondly, the Supplemental Trust Deed relevant to the Series in
        question;

(a)     thirdly, the Terms and Conditions;

(b)     fourthly, the Principal Trust Deed;

(c)     fifthly, the Agency Agreement; and

(d)     sixthly, the Master Schedule of Definitions.

1.      FORM, DENOMINATION AND TITLE

1.1     FORM AND DENOMINATION

        1.1.1   The Notes may be issued in bearer form serially numbered in an
                Authorised Denomination (as defined below) or an integral
                multiple thereof. "Authorised Denomination" means the currency
                and denomination or denominations of such currency or currencies
                specified in the Applicable Supplement. References herein to
                "Notes" shall be to Notes, as specified in the Applicable
                Supplement Notes of one Authorised Denomination may not be
                exchanged for Notes of another Authorised Denomination.

                                      -81-
<PAGE>

        1.1.2   Interest bearing Notes are issued with Coupons (and, where
                appropriate, a Talon) attached. After all the Coupons attached
                to, or issued in respect of, any Note which was issued with a
                Talon have matured, a coupon sheet comprising further Coupons
                (other than Coupons which would be void) and, if applicable, one
                further Talon, will be issued against presentation of the
                relevant Talon at the specified office of the Principal Paying
                Agent in London. "Final Redemption Date" means the date
                specified in the Applicable Supplement as the final date on
                which the Principal Amount of such Note is due and payable.

1.2     TITLE

        Title to Notes, Coupons and Talons (if any) passes by delivery. In these
        Conditions, subject as provided below, "Holder" means the bearer of any
        Note, Coupon or Talon (as the case may be). The Holder of any Note,
        Coupon or Talon will (except as otherwise required by law) be treated as
        its absolute owner for all purposes (whether or not it is overdue and
        regardless of any notice of ownership on the face of such Note) and no
        person shall be liable for so treating such Holder. In these Conditions
        "Noteholder" means the bearer of any Note.

1.3     CLASSES OF NOTES COMPRISING A SERIES

        A Series of Notes may comprise a number of Classes under which the right
        to receive the payment of interest and repayment of principal may be
        subordinated to the rights of one or more Classes of Notes within the
        same Series.

2.      STATUS OF THE NOTES AND PRIORITY SECURED CREDITOR

2.1     UNSUBORDINATED CLASSES OF NOTES

        2.1.1   This Condition 2.1 is applicable only in relation to any Class
                of Notes which is specified as being Unsubordinated.

        2.1.2   In the case of an Unsubordinated Class of Notes, the Notes and
                Coupons are secured, limited recourse obligations of the Issuer,
                secured in the manner described in Condition 3 and recourse in
                respect of which is limited in the manner described in Condition
                10 and will rank pari passu without any preference among
                themselves.

2.2     SUBORDINATED NOTES

2.2.1   This Condition 2.2 is applicable only in relation to any Class of Notes
        which is specified as being Subordinated.

2.2.2   In the case of Subordinated Notes, the subordination provisions will be
        set out in full in the Applicable Supplement.

2.3     PRIORITY SECURED CREDITOR

        The relevant Supplemental Trust Deed will enable the Trustee to
        determine a Priority Secured Creditor (as defined in the Master Schedule
        of Definitions), which may be the Noteholders of the most senior ranking
        Class of Notes and, for such purpose the Noteholders of the most senior
        ranking Class of Notes such Series will be deemed to be a single Secured
        Creditor. Such Priority Secured Creditor will enjoy preferential ranking
        in the order of priority of payments on enforcement of the relevant
        Security or following a Mandatory Redemption (as set out in Condition
        6.2), and the Trustee will, where the

                                      -82-
<PAGE>

        interests of such Priority Secured Creditor conflict with those of the
        other Secured Creditors (as defined in Condition 3.1.2), prefer the
        interests of such Priority Secured Creditor over that of other Secured
        Creditors (and shall not take into account the interests of such other
        Secured Creditors). If, following a request as aforesaid and unless the
        Trustee has already taken action pursuant to such request which (in its
        sole discretion it determines) it would not be practical to reverse, the
        identity of the Priority Secured Creditor changes to another Secured
        Creditor (as so provided in the definition of Priority Secured Creditor
        in the Master Schedule of Definitions), the Trustee shall in its
        absolute discretion and without liability therefor be entitled to take
        into account the request of such succeeding Priority Secured Creditor,
        but shall not be obliged to do so and shall not incur any liability for
        determining that it is impractical to take account of the change of
        identity of the Priority Secured Creditor.

3.      SECURITY AND RELATED AGREEMENTS

3.1     SECURITY AND RELATED AGREEMENTS

        3.1.1   In connection with the issue of the Notes or in respect of any
                Series, the Issuer may enter into swap transactions or other
                hedging agreements or any letters of credit, guarantees or other
                credit support or credit enhancement documents or other
                financial arrangements (each a "Related Agreement") with one or
                more counterparties (each a "Counterparty"). The obligations of
                a Counterparty may be guaranteed by a guarantor (the
                "Guarantor").

        3.1.2   The obligations of the Issuer to the persons having the benefit
                of the Security relating to a Series pursuant to the
                Supplemental Trust Deed in respect thereof (the "Secured
                Creditors") are secured pursuant to the Supplemental Trust Deed
                in respect of such Series by Encumbrances governed by English
                law and such further encumbrances as may be required by the
                Trustee, governed by the law of any other relevant jurisdiction
                over the Charged Assets and/or the Underlying Assets as
                specified in the Applicable Supplement.

        3.1.3   The Secured Creditors of all Series are also secured pursuant to
                the Principal Trust Deed by an assignment of certain contractual
                rights of the Issuer and a floating charge over the assets of
                the Issuer not otherwise charged or assigned by the Security
                Documents or effectively encumbranced by the assignments granted
                in the Principal Trust Deed.

        3.1.4   The security created by each Supplemental Trust Deed will be
                supported by such further security documents as may, from time
                to time, be required by the Trustee and as specified in the
                Applicable Supplement (each a "Supplementary Security Document"
                and together with the relevant Supplemental Trust Deed, the
                "Security Documents") (the "Security").

3.2     APPLICATION OF PROCEEDS

        After meeting the Trustee's and any receiver's expenses, liabilities and
        remuneration and any other amounts due to the Trustee and such receiver,
        and any other expenses payable by the Issuer, the proceeds of the
        Security for any Series shall be applied in accordance with the
        provisions set out in the relevant Supplemental Trust Deed.

                                      -83-
<PAGE>

3.3     SHORTFALL AFTER APPLICATION OF PROCEEDS

        If the net proceeds of:

                (a)     the realisation of the Security for any Series of Notes,
                        having become enforceable under these Conditions; or

                (b)     the sale or redemption of the Charged Assets and/or
                        Underlying Assets in accordance with these Conditions,

        are not sufficient to make all payments due in respect of the Notes and
        Coupons of such Series and for the Issuer to meet its obligations, if
        any, in respect of the termination of any Related Agreement(s) in
        respect of that Series, the assets of the Issuer, including, in
        particular, assets securing other Series of Notes not related to that
        Series will not be available for payment of any shortfall arising
        therefrom and all further claims of the Holders (if any) in respect of
        the first mentioned Series of Notes will be extinguished. Any such
        shortfall shall be borne as specified in the relevant Supplemental Trust
        Deed. Claims and the right of any person to claim in respect of any such
        shortfall remaining after the application of such net proceeds in
        accordance with the relevant Supplemental Trust Deed shall be
        extinguished and the Holders of such Series will have no further
        recourse to the Issuer and failure to make any payment in respect of any
        such shortfall shall in no circumstances constitute an Event of Default
        (or, if an Event of Default has already occurred, a further Event of
        Default) under Condition 9.

4.      RESTRICTIONS

        So long as any of the Notes remain outstanding (as defined in the
        Principal Trust Deed), the Issuer will not, save to the extent permitted
        by the Transaction Documents or the Trade Documents, or with the prior
        written consent of the Trustee:

        (a)     engage in any business (other than acquiring and holding the
                Charged Assets, issuing the Notes, entering into the Transaction
                Documents and the Trade Documents in respect of each Series of
                Notes, acquiring and holding other assets similar to the Charged
                Assets, issuing further Series of Notes substantially in the
                form of the Terms and Conditions set out in Schedule 2 to the
                Principal Trust Deed, performing its obligations and exercising
                its rights under the Trade Documents and the Transaction
                Documents in respect of any Series of Notes and such further
                matters as may be reasonably incidental thereto);

        (b)     have any employees or premises;

        (c)     declare or pay any dividends or make any distributions in
                respect of its share capital, or issue any additional shares;

        (d)     incur or permit to subsist any indebtedness for borrowed money
                whatsoever or give any guarantee or indemnity in respect of any
                indebtedness other than issuing further Notes (in accordance
                with the Transaction Documents and the Trade Documents),
                provided that the Trustee is satisfied that such further Notes
                are:

                                      -84-
<PAGE>

                (i)     secured on assets of the Issuer other than:

                        (1)     the Underlying Assets for any other Series;

                        (2)     any assets other than those described in (i)
                                above on which any other obligations of the
                                Issuer are secured; and

                        (3)     the Issuer's share capital; and

                (ii)    issued on terms in substantially the form contained in
                        these Terms and Conditions which provide for the
                        extinguishment of all claims in respect of such further
                        Notes and obligations after application of the proceeds
                        of sale or redemption of the Underlying Assets on which
                        such further Notes and obligations are secured;

        (e)     sell or otherwise dispose of the Underlying Assets relating to
                any Series or any interest therein or agree or purport to do so;

        (f)     create or permit to exist upon or affect any of the Underlying
                Assets relating to any Series, any Encumbrance or any other
                security interest whatsoever other than as contemplated by any
                Supplemental Trust Deed, or any Supplementary Security Document
                executed in relation to such Series;

        (g)     consolidate or merge with any other person or convey or transfer
                its properties or assets to any person;

        (h)     permit the Trust Deed or any Supplemental Trust Deed executed in
                relation to any Series or any guarantee agreements executed in
                relation to such Series, or the priority of the Security created
                hereby, thereby or pursuant to any Supplemental Security
                Document executed in relation to any Series of Notes to be
                amended, terminated, postponed or discharged, or permit any
                person whose obligations form part of such Security to be
                released from such obligations;

        (i)     release any party to any Related Agreement from any executory
                obligation thereunder; or

        (j)     have any subsidiaries.

        The Trustee shall be entitled to rely absolutely on a certificate of a
        director of the Issuer in relation to any matter relating to such
        restrictions and to accept without liability any such certificate as
        sufficient evidence of the relevant fact or matter in question.

5.      INTEREST AND OTHER CALCULATIONS

5.1     INTEREST RATE AND ACCRUAL

        5.1.1   Each Note bears interest on its Principal Amount (or as
                otherwise specified in the Applicable Supplement) from the
                Interest Commencement Date at the rate per annum (expressed as a
                percentage) equal to the Interest Rate as adjusted by the
                applicable Margin (if any), such interest being payable in
                arrear (unless otherwise specified in the Applicable Supplement)
                on each Interest Payment Date (as defined in Condition 5.8).

                                      -85-
<PAGE>

        5.1.2   Interest will cease to accrue on each Note on the due date for
                redemption unless, upon due presentation, payment of principal
                is improperly withheld or refused, in which event interest will
                continue to accrue (as well after as before judgment) at the
                Interest Rate as adjusted by the applicable Margin (if any) in
                the manner provided in this Condition 5 to the Relevant Date (as
                defined in Condition 5.4).

5.2     BUSINESS DAY CONVENTION

        If any date referred to in these Conditions which is specified to be
        subject to adjustment in accordance with a Business Day Convention would
        otherwise fall on a day which is not a Relevant Business Day, then if
        the Business Day Convention specified in such Condition is:

        5.2.1   the Floating Rate Convention, such date shall be postponed to
                the next day which is a Relevant Business Day unless:

                (a)     it would thereby fall into the next calendar month, in
                        which event:

                        (i)     such date shall be brought forward to the
                                immediately preceding Relevant Business Day; and

                        (ii)    each subsequent such date shall be the last
                                Relevant Business Day of the month in which such
                                date is due to fall; or

                (b)     there is no such numerically corresponding day in the
                        calendar month in which such date is proposed to fall in
                        which event:

                        (i)     such date will be the last Relevant Business Day
                                of the month in which such date is due to fall;
                                and

                        (ii)    each subsequent such date shall be the last
                                Relevant Business Day of the month in which such
                                date is due to fall;

        5.2.2   the Following Business Day Convention, such date shall be
                postponed to the next day which is a Relevant Business Day;

        5.2.3   the Modified Following Business Day Convention, such date shall
                be postponed to the next day which is a Relevant Business Day
                unless it would thereby fall into the next calendar month, in
                which event such date shall be brought forward to the
                immediately preceding Relevant Business Day; or

        5.2.4   the Preceding Business Day Convention, such date shall be
                brought forward to the immediately preceding Relevant Business
                Day.

5.3     INTEREST RATE

        The Interest Rate for each Interest Period will be determined by the
        Agent Bank at or about the Relevant Time on the Interest Determination
        Date in respect of such Interest Period in accordance with the
        following:

                                      -86-
<PAGE>

        5.3.1   if the Primary Source as specified in the Applicable Supplement
                is a Page (as defined in Condition 5.8), subject as provided
                below, the Interest Rate shall be:

                (a)     the Relevant Rate (where such Relevant Rate on such Page
                        is a composite quotation or is customarily supplied by
                        one entity); or

                (b)     the arithmetic mean of the Relevant Rates of the persons
                        whose Relevant Rates appear on that Page,

                in each case appearing on such Page at the Relevant Time on the
                Interest Determination Date and as adjusted by the Margin (if
                applicable);

        5.3.2   if the Primary Source as specified in the Applicable Supplement
                is Reference Banks or if Condition 5.3.1(a) above applies and no
                Relevant Rate appears on the Page at the Relevant Time on the
                Interest Determination Date or if Condition 5.3.1(b) above
                applies and fewer than two Relevant Rates appear on the Page at
                the Relevant Time on the Interest Determination Date, subject as
                provided below, the Interest Rate shall be the arithmetic mean
                of the Relevant Rates which each of the Reference Banks is
                quoting to major banks in the Relevant Financial Centre at the
                Relevant Time on the Interest Determination Date, as determined
                by the Agent Bank and as adjusted by the Margin (if applicable);
                and

        5.3.3   if Condition 5.3.2 above applies and the Agent Bank determines
                that fewer than two Reference Banks are so quoting Relevant
                Rates, subject as provided below, the Interest Rate shall be the
                arithmetic mean of the rates per annum (expressed as a
                percentage) which the Agent Bank determines to be the rates
                (being the nearest equivalent to the Benchmark in respect of a
                Representative Amount of the Relevant Currency) which four
                leading banks selected by the Agent Bank in (a) the principal
                financial centre of the country of the Relevant Currency (the
                "Principal Financial Centre") if the Relevant Currency is not
                euro, or (b) London if the Relevant Currency is euro, are
                quoting at or about the Relevant Time on the date on which such
                banks would customarily quote such rates for a period commencing
                on the Effective Date for a period equivalent to the Specified
                Duration to leading banks carrying on business in Europe and as
                adjusted by the Margin (if applicable) or, if the Agent Bank
                determines that fewer than two of such banks are so quoting, in
                (a) the Principal Financial Centre if the Relevant Currency is
                not euro, or (b) London if the Relevant Currency is euro, the
                Interest Rate shall be the Interest Rate determined on the
                previous Interest Determination Date and as adjusted by the
                Margin (if applicable).

5.4     MARGIN AND ROUNDING

        5.4.1   If any Interest Rate is expressed to be as adjusted by any
                Margin, such adjustment shall be made by adding (if a positive
                number) or subtracting (if a negative number) the absolute value
                of any such Margin specified on the Notes or in the Applicable
                Supplement. If such calculation results in a negative figure,
                the amount of interest so calculated will be deemed to be zero.

                                      -87-
<PAGE>

        5.4.2   For the purposes of any calculations required pursuant to these
                Conditions (unless otherwise specified):

                (a)     all percentages resulting from such calculations will be
                        rounded, if necessary, to the nearest one
                        hundred-thousandth of a percentage point (with halves
                        being rounded up);

                (b)     all figures will be rounded to seven significant figures
                        (with halves being rounded up); and

                (c)     all currency amounts which fall due and payable will be
                        rounded to the nearest unit of such currency (with
                        halves being rounded up). For these purposes, "Unit"
                        means, with respect to any currency other than euro, the
                        lowest amount of such currency which is available as
                        legal tender in the country of such currency and, with
                        respect to euro, means 0.01 euro.

5.5     CALCULATIONS

        The amount of interest payable in respect of any Note for any period
        shall be calculated by multiplying the product of the Interest Rate as
        adjusted by the Margin (if applicable) and the Principal Amount
        outstanding of such Note on the relevant Interest Payment Date after the
        making of any principal repayment on the Notes on such Interest Payment
        Date by the Day Count Fraction.

5.6     DETERMINATION AND PUBLICATION OF INTEREST RATES, INTEREST AMOUNTS,
        REDEMPTION AMOUNTS AND INSTALMENT AMOUNTS

        As soon as practicable after the Relevant Time on each Interest
        Determination Date or such other time on such date as the Agent Bank may
        be required to calculate any Redemption Amount, obtain any quote or make
        any determination or calculation, the Agent Bank will determine the
        Interest Rate as adjusted by the Margin (if applicable) and calculate
        the amount of interest payable (the "Interest Amounts") in respect of
        each Authorised Denomination of Notes for the relevant Interest Period,
        calculate the Redemption Amount, obtain such quote or make such
        determination or calculation, as the case may be, and cause the Interest
        Rate as adjusted by the Margin (if any) and the Interest Amounts for
        each Interest Period and the relevant Interest Payment Date and, if
        required to be calculated, the Redemption Amount to be notified to the
        Principal Paying Agent and, if the Notes are listed on a stock exchange
        and such exchange so requires, such exchange as soon as possible after
        their determination but in no event later than (i) (in case of
        notification to such stock exchange) the commencement of the relevant
        Interest Period, if determined prior to such time, in the case of an
        Interest Rate and Interest Amount, or (ii) in all other cases, the
        fourth Relevant Business Day after such determination. The Interest
        Amounts and the Interest Payment Date so published may subsequently be
        amended (or appropriate alternative arrangements made by way of
        adjustment) without notice in the event of an extension or shortening of
        the Interest Period. If the Notes become due and payable under Condition
        9, the accrued interest and the Interest Rate as adjusted by the Margin
        (if applicable) payable in respect of the Notes shall nevertheless
        continue to be calculated as previously in accordance with this
        Condition but no publication of the Interest Rate or the Interest Amount
        so calculated need be made unless otherwise required by the Trustee. The
        determination of each Interest Rate, Interest Amount and Redemption
        Amount, the obtaining of each quote and the making of each determination
        or calculation by the Agent Bank or, as the case may be, the Trustee
        pursuant to Condition 5.10, shall (in the absence of manifest error) be
        final and binding upon all parties.

                                      -88-
<PAGE>

5.7     INTEREST DEFERRAL

        To the extent that the monies which are deposited to the Series
        Distribution Account for the relevant Series by the Receivables Trustee
        on an Interest Payment Date are insufficient to pay the full amount of
        interest on any Class of Notes, payment of the shortfall ("Deferred
        Interest"), which will be borne by each Note of the relevant Class, in a
        proportion equal to the proportion that the Principal Amount Outstanding
        of the relevant Class of Note bears to the aggregate Principal Amount
        Outstanding of all the Notes of the same Class (in each case as
        determined on the Interest Payment Date on which such Deferred Interest
        arises), will be deferred until the Interest Payment Date thereafter on
        which funds are available to the Issuer (by being paid to the Issuer by
        the Receivables Trustee on such Interest Payment Date) to pay such
        Deferred Interest to the extent of such available funds. Such Deferred
        Interest will accrue interest ("Additional Interest") at the then
        applicable Interest Rate as adjusted by any Margin plus an additional
        margin of 2 per cent. per annum, and payment of any Additional Interest
        will also be deferred until the earlier of the Interest Payment Date
        thereafter on which funds are available to the Issuer to pay such
        Additional Interest to the extent of such available funds and the Series
        Termination Date as specified in the Applicable Supplement.

5.8     DEFINITIONS

        In these Conditions, unless the context otherwise requires, the
        following defined terms shall have the meanings set out below.

        "BENCHMARK" means LIBOR or such other benchmark as may be specified;

        "AGENT BANK" means The Bank of New York, London Branch or such other
        agent as may be appointed by the Issuer for the purposes of making any
        calculations or determination in respect of any Series of Notes;

        "CONTROLLED ACCUMULATION PERIOD" means (unless the Regulated
        Amortisation Period or the Rapid Amortisation Period has commenced) the
        period commencing on the close of business on the date specified in the
        Applicable Supplement or such later date as is determined in accordance
        with the provisions of the Programme (such later date falling no later
        than the date specified in the Applicable Supplement), and ending (for
        the purposes of these Conditions) on the first to occur of (a) the
        commencement of the Rapid Amortisation Period, (b) the day the Investor
        Interest is reduced to zero and (c) the Series Termination Date
        specified in the Applicable Supplement.

        "DAY COUNT FRACTION" means, in respect of the calculation of an amount
        of interest on any Note for any period of time (whether or not
        constituting an Interest Period, the "Calculation Period"):

                (a)     if "ACTUAL/365" or "ACTUAL/ACTUAL" is specified, the
                        actual number of days in the Calculation Period divided
                        by 365 (or, if any portion of that Calculation Period
                        falls in a leap year, the sum of:

                                      -89-
<PAGE>

                        (i)     the actual number of days in that portion of the
                                Calculation Period falling in a leap year
                                divided by 366; and

                        (ii)    the actual number of days in that portion of the
                                Calculation Period falling in a non-leap year
                                divided by 365); and

                (b)     if "ACTUAL/360" is specified, the actual number of days
                        in the Calculation Period divided by 360.

        "EURO" means the lawful currency of the Member States of the European
        Union participating in Economic and Monetary Union;

        "INTEREST COMMENCEMENT DATE" means the Issue Date or such other date as
        may be specified.

        "INTEREST DETERMINATION DATE" means, with respect to an Interest Rate
        and an Interest Period, the date specified as such or, if none is so
        specified, the day falling two Relevant Business Days in London prior to
        the first day of such Interest Period (if the specified currency is not
        sterling).

        "INTEREST PAYMENT DATE" means the date(s) specified as such in the
        Applicable Supplement.

        "INTEREST PERIOD" means the period specified as such in the Applicable
        Supplement Provided, however, that with respect to an Interest Period
        that commences during a Revolving Period or Controlled Accumulation
        Period and ends during a Rapid Amortisation Period, such Interest Period
        will end on the last day of the originally scheduled Interest Period;

        "INTEREST RATE" means the rate of interest payable from time to time in
        respect of the Note and which is either specified in, or calculated in
        accordance with the provisions of, the Applicable Supplement.

        "ISSUE DATE" means the date of issue of the Notes.

        "MARGIN" means the rate per annum (expressed as a percentage) specified
        in the Applicable Supplement.

        "PAGE" means such page, section, caption, column or other part of a
        particular information service (including, but not limited to, the
        Reuter Monitor Money Rates Service ("Reuters") and the Dow Jones
        Telerate Service ("Telerate")) as may be specified for the purpose of
        providing a Relevant Rate, or such other page, section, caption, column
        or other part as may replace the same on that information service or on
        such other information service, in each case as may be nominated by the
        person or organisation providing or sponsoring the information appearing
        there for the purpose of displaying rates or prices comparable to that
        Relevant Rate.

        "PRIMARY SOURCE" means, unless otherwise specified, a Page or Reference
        Banks.

                                      -90-
<PAGE>

        "PRINCIPAL AMOUNT OUTSTANDING" means in relation to a Note or Series,
        the original face value thereof less any repayment of principal made to
        the holder(s) thereof in respect of such Note or Series.

        "RAPID AMORTISATION PERIOD" means the period commencing on the day on
        which a Pay-Out Event (not being a Regulated Amortisation Trigger Event)
        is deemed to occur pursuant to the provisions of the Applicable
        Supplement, and ending (for the purposes of these Conditions) on the
        earlier of (i) the day on which the Investor Interest is reduced to zero
        and (ii) the Series Termination Date specified in the Applicable
        Supplement;

        "REDEMPTION AMOUNT" means, unless otherwise specified in the Applicable
        Supplement, in relation to a Note or Series, the amount of the original
        face value thereof less any repayment of principal made to the Holder(s)
        thereof in respect of such Note or Series.

        "REFERENCE BANKS" means the institutions specified as such or, if none,
        four major banks selected by the Agent Bank in (a) the interbank market
        (or, if appropriate, money market) which is most closely connected with
        the Benchmark if the Relevant Currency is not euro, or (b) London if the
        Relevant Currency is euro.

        "REGULATED AMORTISATION PERIOD" means the period commencing on the day
        on which a Regulated Amortisation Trigger Event is deemed to occur
        pursuant to the terms of the Applicable Supplement and ending (for the
        purposes of these Conditions) on the earlier of (i) the day on which the
        Investor Interest is reduced to zero and (ii) the Distribution Date
        falling on the date specified in the Applicable Supplement.

        "RELEVANT BUSINESS DAY" means:

        (i)     in the case of a specified currency (other than euro) and/or one
                or more specified financial centres, a day (other than a
                Saturday or a Sunday) on which commercial banks and foreign
                exchange markets settle payments in London and in the principal
                financial centre for that currency and/or each of the financial
                centres so specified; and/or

        (ii)    in the case of euro, a day on which the TARGET system is
                operating.

        "RELEVANT CURRENCY" means the currency specified as such or, if none is
        specified, the currency in which the Notes are denominated.

        "RELEVANT FINANCIAL CENTRE" means, with respect to any Interest Rate to
        be determined on an Interest Determination Date, the financial centre as
        may be specified as such or, if none is so specified, (a) the financial
        centre with which the relevant Benchmark is most closely connected or,
        if none is so connected, London, if the Relevant Currency is not euro,
        or (b) London if the Relevant Currency is euro.

        "RELEVANT RATE" means the Benchmark for a Representative Amount of the
        Relevant Currency for a period (if applicable) equal to the Specified
        Duration commencing on the Effective Date.

        "RELEVANT TIME" means, with respect to any Interest Determination Date,
        the local time in the Relevant Financial Centre specified in the
        Applicable Supplement or, if none is

                                      -91-
<PAGE>

        specified, the local time in the Relevant Financial Centre at which it
        is customary to determine bid and offered rates in respect of deposits
        in the relevant currency in the interbank market in the Relevant
        Financial Centre.

        "REPRESENTATIVE AMOUNT" means, with respect to any Interest Rate to be
        determined on an Interest Determination Date, the amount specified as
        such or, if none is specified, an amount that is representative for a
        single transaction in the relevant market at the time.

        "REVOLVING PERIOD" means the period from and including the Issue Date
        to, but not including, the earlier of the date of commencement of (a)
        the Controlled Accumulation Period (b) the Regulated Amortisation Period
        and (c) the Rapid Amortisation Period.

        "SPECIFIED DURATION" means, with respect to any Floating Rate to be
        determined on an Interest Determination Date, the duration specified or,
        if none is specified, a period of time equal to the relative Interest
        Period.

        "TARGET SYSTEM" means the Trans-European Automated Real-Time Gross
        Settlement Express Transfer system.

5.9     AGENT BANK AND REFERENCE BANKS

        The Agent Bank will procure that there shall at all times be four
        Reference Banks selected by the Agent Bank with offices in the Relevant
        Financial Centre and a Agent Bank if provision is made for them in the
        Conditions applicable to this Note and for so long as it is outstanding.
        If any Reference Bank (acting through its relevant office) is unable or
        unwilling to continue to act as a Reference Bank, then the Agent Bank
        will appoint another Reference Bank with an office in the Relevant
        Financial Centre to act as such in its place. If the Agent Bank is
        unable or unwilling to act as such or if the Agent Bank fails duly to
        establish the Interest Rate (as adjusted by any applicable Margin) for
        any Interest Period or to calculate the Interest Amounts or any other
        requirements, the Issuer will appoint (with the prior written consent of
        the Trustee) a successor to act in its place. The Agent Bank may not
        resign its duties without a successor having been appointed as
        aforesaid.

5.10    DETERMINATION OR CALCULATION BY TRUSTEE

        If the Agent Bank does not at any time for any reason determine any
        Interest Rate (as adjusted by any applicable Margin), Interest Amount,
        Redemption Amount or any other amount to be determined or calculated by
        it, the Trustee shall determine such Interest Rate (as adjusted by any
        applicable Margin), Interest Amount, Instalment Amount or other amount
        as aforesaid at such rate or in such amount as in its absolute
        discretion (having regard as it shall think fit to the procedures
        described above, but subject to the terms of the Trust Deed) it shall
        deem fair and reasonable in all the circumstances or, subject as
        aforesaid, apply the foregoing provisions of this Condition, with any
        consequential amendments, to the extent that, in its sole opinion, it
        can do so and in all other respects it shall do so in such manner as it
        shall, in its absolute discretion, deem fair and reasonable in the
        circumstances, and each such determination or calculation shall be
        deemed to have been made by the Principal Paying Agent or the Agent
        Bank, as the case may be.

                                      -92-
<PAGE>

6.      REDEMPTION

6.1     SCHEDULED REDEMPTION

        Unless the Rapid Amortisation Period or the Regulated Amortisation
        Period has earlier commenced each Class of Note will be redeemed on its
        Scheduled Redemption Date as specified in the Applicable Supplement. To
        the extent that the principal amount which is deposited to the Series
        Distribution Account on the Scheduled Redemption Date in reduction of
        the class of Investor Interest corresponding to any Class of Note as
        specified in the Applicable Supplement (such amount, the "Relevant
        Investor Amount") is less than the Principal Amount Outstanding on such
        Class of Notes on the Scheduled Redemption Date, then that Class of
        Notes will be redeemed pro rata to the extent of the Relevant Investor
        Amount and the Rapid Amortisation Period will commence with effect from
        such Scheduled Redemption Date. On each Interest Payment Date which
        thereafter occurs during the Rapid Amortisation Period, such Class of
        Notes will be redeemed pro rata to the extent of the principal amount
        which is deposited to the Series Distribution Account on such date in
        reduction of the corresponding Class of Investor Interest as specified
        in the Applicable Supplement until the earlier of (a) such time as the
        relevant Class of Notes has been repaid in full and (b) the Series
        Termination Date specified in the Applicable Supplement.

6.2     MANDATORY EARLY REDEMPTION

        If the Rapid Amortisation Period or the Regulated Amortisation Period
        commences in respect of any Class of Notes prior to its Scheduled
        Redemption Date as specified in the Applicable Supplement, then on each
        Interest Payment Date which thereafter occurs, such Class of Note will
        be redeemed pro rata to the extent of the principal amount which is
        deposited on such date to the Series Distribution Account in reduction
        of the corresponding Class of Investor Interest as specified in the
        Applicable Supplement until the earlier of (a) such time as such Class
        of Notes has been repaid in full and (b) the Series Termination Date
        specified in the Applicable Supplement.

6.3     OPTIONAL REDEMPTION IN FULL

        Upon giving not more than 60 nor less than 30 days' notice to the
        Trustee and the Noteholders in accordance with Condition 14, the Issuer
        may redeem (all but not some only) of the Notes at their then Principal
        Amount Outstanding together with any accrued but unpaid interest and any
        Deferred Interest and Additional Interest on any Interest Payment Date
        on which the aggregate Principal Amount Outstanding of the Notes is less
        than 10 per cent. of the aggregate Principal Amount Outstanding on the
        issue of the Notes, provided that, prior to the giving of any such
        notice, the Issuer shall have provided to the Trustee a certificate
        signed by two directors of the Issuer to the effect that it will have
        the funds, not subject to the interest of any other person, required to
        redeem the Notes as aforesaid and any amounts required under the Trust
        Deed to be paid in priority to or pari passu with the Notes then
        outstanding. Any certificate given by or on behalf of the Issuer may be
        relied upon by the Trustee and shall be conclusive and binding on the
        Noteholders.

6.4     FINAL REDEMPTION

        If the Notes of any Class have not previously been redeemed in full
        pursuant to Condition 6.1 or 6.3 above, such Class of Notes will be
        redeemed at their then Principal Amount Outstanding on the Final
        Redemption Date specified in the Applicable Supplement together with all
        accrued and unpaid interest, Deferred Interest and Additional Interest.

                                      -93-
<PAGE>

7.      PAYMENTS

7.1     NOTES

        Payments of principal (or, as the case may be, Redemption Amounts) and
        interest (or, as the case may be, Interest Amounts) in respect of Notes
        will, subject as mentioned below, be made against presentation and
        surrender of the relevant, Notes (in the case of all payments of
        principal) or Coupons (in the case of interest), as the case may be, at
        the specified office of the Principal Paying Agent in London or any
        non-UK Paying Agent specified in the Applicable Supplement by a cheque
        payable in the currency in which such payment is due drawn on, or, at
        the option of the Holders by transfer to an account denominated in that
        currency with, a bank in (a) the principal financial centre of the
        country of the currency concerned if that currency is not euro, or (b)
        the principal financial centre of any Member State of the European
        Communities if that currency is euro; provided that in the case of
        British pounds sterling, the cheque shall be drawn on a town clearing
        branch of a bank in the City of London.

7.2     PAYMENTS SUBJECT TO FISCAL LAWS; PAYMENTS ON GLOBAL NOTES

        All payments are subject in all cases to any applicable fiscal or other
        laws, regulations and directives, but without prejudice to the
        provisions of Condition 9. No commission or expenses shall be charged to
        the Holders in respect of such payments.

        Payments of principal (or Redemption Amounts) and interest (or Interest
        Amounts) in respect of the Notes when represented by a Permanent Global
        Note will be made against presentation and surrender or, as the case may
        be, presentation of the Permanent Global Note at the specified office of
        the Principal Paying Agent in London, or any non-UK Paying Agent
        specified in the Applicable Supplement subject in all cases to any
        fiscal or other laws, regulations and directives applicable in the place
        of payment to the Principal Paying Agent or the bearer of the Permanent
        Global Note. A record of each payment so made will be endorsed on the
        schedule to the Permanent Global Note by or on behalf of the Principal
        Paying Agent which endorsement shall be prima facie evidence that such
        payment has been made.

7.3     APPOINTMENT OF THE PRINCIPAL PAYING AGENT, THE ISSUE AGENT AND THE AGENT
        BANK

        The Agents act solely as agents of the Issuer and do not assume any
        obligation or relationship of agency or trust for or with any Holder.
        The Issuer reserves the right at any time to vary or terminate the
        appointment of any Agent, and to appoint additional or other Agents,
        provided that the Issuer will at all times maintain (i) a Principal
        Paying Agent which, so long as the Notes are listed on the London Stock
        Exchange Limited, shall be London, and (ii) a Agent Bank where the
        Conditions so require one.

7.4     UNMATURED COUPONS AND UNEXCHANGED TALONS

        7.4.1   Subject to the provisions of the Applicable Supplement, upon the
                due date for redemption of any Note, unmatured Coupons relating
                to such Note (whether or not attached) shall become void and no
                payment shall be made in respect of them.

                                      -94-
<PAGE>

        7.4.2   Upon the date for redemption of any Note, any unmatured Talon
                relating to such Note (whether or not attached) shall become
                void and no Coupon shall be delivered in respect of such Talon.

        7.4.3   Where any Note, is presented for redemption without all
                unmatured Coupons and any unexchanged Talon relating to it,
                redemption shall be made only against the provision of such
                indemnity as the Issuer may require.

7.5     NON-BUSINESS DAYS

        Subject as provided in the Applicable Supplement, if any date for
        payment in respect of any Note or Coupon is not a business day, the
        Holder shall not be entitled to payment until the next following
        business day nor to any interest or other sum in respect of such
        postponed payment. In this paragraph, "business day" means a day (other
        than a Saturday or a Sunday) on which banks are open for presentation
        and payment of debt securities and for dealings in foreign currencies in
        London and the relevant place of presentation and in the cities referred
        to in the definition of Business Days set out in the Applicable
        Supplement or on the face of the Notes:

        7.5.1   (in the case of a payment in a currency other than euro) where
                payment is to be made by transfer to an account maintained with
                a bank in the relevant currency, on which dealings may be
                carried on in the relevant currency in the principal financial
                centre of the country of such currency; or

        7.5.2   (in the case of a payment in euro) a day on which the TARGET
                system is operating.

7.6     TALONS

        On or after the Interest Payment Date for the final Coupon forming part
        of a coupon sheet issued in respect of any Note, the Talon forming part
        of such coupon sheet may be surrendered at the specified office of the
        Principal Paying Agent in London or any non-UK Paying Agent in exchange
        for a further coupon sheet (and if necessary another Talon for a further
        coupon sheet) (but excluding any Coupons which may have become void
        pursuant to Condition 11).

8.      TAXATION

        All payments in respect of the Notes or Coupons will be made without
        withholding or deduction for, or on account of, any present or future
        taxes, duties or charges of whatsoever nature unless the Issuer or any
        Paying Agent or, where applicable, the Trustee is required by applicable
        law to make any payment in respect of the Notes or Coupons subject to
        any withholding or deduction for, or on account of, any present or
        future taxes, duties or charges of whatsoever nature. In that event, the
        Issuer, any Paying Agent or the Trustee (as the case may be) shall make
        such payment after such withholding or deduction has been made and shall
        account to the relevant authorities for the amount so required to be
        withheld or deducted. Neither the Issuer, nor any Paying Agent nor the
        Trustee will be obliged to make any additional payments to the Holders,
        in respect of such withholding or deduction. The Issuer, or any Paying
        Agent may require the Holders to provide such certifications and other
        documents as required by applicable law in order to qualify for
        exemptions from applicable tax laws.

                                      -95-
<PAGE>

9.      EVENTS OF DEFAULT

9.1     OCCURRENCE OF EVENTS OF DEFAULT

        The Trustee at its discretion may, and if so requested by the Priority
        Secured Creditor of a Series shall (in each case, provided the Trustee
        is secured, indemnified, or both, to its satisfaction) give notice (an
        "Enforcement Notice") to the Issuer that the Notes of such Series are,
        and they shall accordingly immediately become, due and repayable, at
        their Redemption Amount together with accrued interest, Deferred
        Interest and Additional Interest, if any, or as otherwise specified in
        the Applicable Supplement and the Security constituted by the Trust Deed
        in respect of such Series shall thereupon become enforceable (as
        provided in the Trust Deed) on the occurrence of any of the following
        events (each an "Event of Default"):

        9.1.1   NON-PAYMENT: the Issuer fails to pay any amount of principal in
                respect of the Notes within 7 days of the due date for payment
                thereof or fails to pay any amount of interest in respect of the
                Notes within 15 days of the due date for payment thereof; or

        9.1.2   BREACH OF OTHER OBLIGATIONS: the Issuer defaults in the
                performance or observance of any of its other obligations under
                or in respect of the Notes, the Trust Deed, (other than, in any
                such case, any obligation for the payment of any principal or
                interest on the Notes) or the Agency Agreement and (except where
                such default is incapable of remedy) such default remains
                unremedied for 30 days after the Trustee has given written
                notice thereof to the Issuer, certifying that such default is,
                in the opinion of the Trustee, materially prejudicial to the
                interests of the Noteholders; or

        9.1.3   UNSATISFIED JUDGMENT: a judgment or order for the payment of any
                amount is rendered against the Issuer and continues unsatisfied
                and unstayed for a period of 30 days after the date thereof or,
                if later, the date therein specified for payment; or

        9.1.4   SECURITY ENFORCED: a secured party and/or encumbrancer takes
                possession or a receiver, administrative receiver,
                administrator, examiner, manager or other similar officer is
                appointed, of the whole or any part of the undertaking, assets
                and revenues of the Issuer or a distress or execution is levied;
                or

        9.1.5   INSOLVENCY ETC: (i) the Issuer becomes insolvent or is unable to
                pay its debts as they fall due, (ii) an administrator or
                liquidator of the Issuer or the whole or any part of the
                undertaking, assets and revenues of the Issuer is appointed (or
                application for any such appointment is made), (iii) the Issuer
                takes any action for a readjustment or deferment of any of its
                obligations or makes a general assignment or an arrangement or
                composition with or for the benefit of its creditors or declares
                a moratorium in respect of any of its indebtedness or any
                guarantee of indebtedness given by it or (iv) the Issuer ceases
                or threatens to cease to carry on all or any substantial part of
                its business; or

        9.1.6   WINDING UP ETC: an order is made or an effective resolution is
                passed for the winding up, liquidation or dissolution of the
                Issuer; or

                                      -96-
<PAGE>

        9.1.7   FAILURE TO TAKE ACTION ETC: any action, condition or thing at
                any time required to be taken, fulfilled or done in order (i) to
                enable the Issuer lawfully to enter into, exercise its rights
                and perform and comply with its obligations under and in respect
                of the Notes and the Related Documents or (ii) to ensure that
                those obligations are legal, valid, binding and enforceable
                (except as such enforceability may be limited by applicable
                bankruptcy, insolvency, moratorium, reorganisation or other
                similar laws affecting the enforcement of the rights of
                creditors generally and as such enforceability may be limited by
                the effect of general principles of equity); or

        9.1.8   UNLAWFULNESS: it is or will become unlawful for the Issuer to
                perform or comply with any of its obligations under or in
                respect of the Notes or the Related Documents; or

        9.1.9   GOVERNMENT INTERVENTION: (i) all or any substantial part of the
                undertaking, assets and revenues of the Issuer is condemned,
                seized or otherwise appropriated by any person acting under the
                authority of any national, regional or local government or (ii)
                the Issuer is prevented by any such person from exercising
                normal control over all or any substantial part of its
                undertaking, assets and revenues.

9.2     VARIATION OF EVENTS OF DEFAULT

        The Events of Default may be varied or amended in respect of any Series
        of Notes as set out in the Applicable Supplement.

9.3     REALISATION OF THE UNDERLYING ASSETS UPON REDEMPTION

        In the event of the Security constituted under the Trust Deed becoming
        enforceable following an acceleration of the Notes of a particular
        Series as provided in this Condition 9, the Trustee shall, but in each
        case without any liability as to the consequence of such action and
        without having regard to the effect of, or being required to account
        for, such action to, the Secured Creditors in relation to such Series,
        have the right to enforce its rights under the Security Documents, in
        relation to the relevant Underlying Assets in relation to such Series
        only, provided that the Trustee shall not be required to take any action
        that would involve the Trustee in any personal liability or expense
        unless previously indemnified and/or secured to its satisfaction.

        The provisions of the Trust Deed are expressed to apply separately to
        each Series. Accordingly, the occurrence of an Event of Default under
        one Series does not per se constitute and nor does it trigger an Event
        of Default under any other Series.

10.     ENFORCEMENT

        (a)     Only the Trustee may pursue the remedies available under the
                Trust Deed, the Conditions or any of the Transaction Documents
                or any of the Trade Documents to enforce the rights of the
                Secured Creditors in relation to the Underlying Assets of the
                relevant Series. No Secured Creditor of such Series is entitled
                to proceed directly against the Issuer or any assets of the
                Issuer unless the Trustee, having become bound to proceed in
                accordance with the terms of the Principal Trust Deed, any
                Supplemental Trust Deed, any Supplementary Security

                                      -97-
<PAGE>

                Document executed in relation to the Notes or the Conditions,
                fails or neglects to do so within a reasonable period and such
                failure or neglect is continuing. However, the Trustee shall not
                be bound to take any action to enforce the Security or pursue
                the remedies available under the Trust Deed, the Conditions
                (including under Condition 9.1) any of the Transaction Documents
                or any of the Trade Documents or otherwise take any action
                unless it is indemnified and/or secured to its satisfaction and
                has, if so required by the Conditions, been requested to do so
                by the Priority Secured Creditor in respect of the relevant
                Series.

        (b)     After the date falling three months after the Series Termination
                Date or, if earlier, realisation of the Security in respect of
                such Series which has become enforceable and distribution of the
                net proceeds thereof in accordance with Condition 4, neither the
                Trustee nor any Secured Creditor in respect of such Series may
                take any further steps against the Issuer, or any of its assets
                to recover any sums due but unpaid in respect of the Notes or
                otherwise and the relevant Related Agreement will provide that
                the Counterparty may not take any further steps against the
                Issuer, or any of its assets to recover any sums due to it but
                unpaid in respect of the relevant Related Agreement in respect
                of such Series and all claims and all rights to claim against
                the Issuer in respect of each such sum unpaid shall be
                extinguished.

        (c)     No Secured Creditor, nor the Trustee on its behalf, may
                institute against, or join any person in instituting against the
                Issuer any bankruptcy, winding-up, re-organisation, arrangement,
                insolvency or liquidation proceeding (except for the appointment
                of a receiver and manager pursuant to the terms of the Trust
                Deed) or other proceeding under any similar law nor shall any of
                them have any claim in respect of any such sums over or in
                respect of any assets of the Issuer which are Security for any
                other Series. The Secured Creditors accept and agree that the
                only remedy of the Trustee against the Issuer of any Series
                after any of the Notes in a Series have become due and payable
                pursuant to Condition 9 is to enforce the Security for the
                relevant Series pursuant to the provisions of the Trust Deed and
                any Supplementary Security Document executed in relation to such
                Series.

        (d)     The net proceeds of enforcement of the Security for the relevant
                Series may be insufficient to pay all amounts due to the Secured
                Creditors in respect of such Series, in which event claims in
                respect of all such amounts will be extinguished.

11.     PRESCRIPTION

        Claims against the Issuer for payment in respect of the Notes or Coupons
        (which, for this purpose, shall not include Talons) shall be prescribed
        and become void unless made within ten years (in the case of principal)
        or five years (in the case of interest) from the appropriate Relevant
        Date in respect thereof.

                                      -98-
<PAGE>

12.     REPLACEMENT OF NOTES, COUPONS AND TALONS

        If any Note, Coupon or Talon is lost, stolen, mutilated, defaced or
        destroyed it may be replaced, subject to applicable laws and any
        relevant stock exchange requirements, at the specified office of the
        Principal Paying Agent or any non-UK Paying Agent specified in the
        Applicable Supplement, upon payment by the claimant of the expenses
        incurred in connection with such replacement and on such terms as to
        evidence, security, indemnity and otherwise as the Issuer may require.
        Mutilated or defaced Notes, Coupons or Talons must be surrendered before
        replacements will be issued.

13.     MEETINGS OF NOTEHOLDERS, MODIFICATION, WAIVER, AUTHORISATION AND
        SUBSTITUTION

13.1    MEETINGS OF NOTEHOLDERS

        The Principal Trust Deed contains provisions for convening joint and
        separate meetings of each Class of Noteholders to consider any matter
        affecting their interests, including the sanctioning by an Extraordinary
        Resolution of such Noteholders of the relevant Class of any modification
        of the Notes of the relevant Class (including these Conditions as they
        relate to the Notes of such relevant class) or the provisions of any of
        the Transaction Documents or the Trade Documents, Provided that no
        modification of certain terms by the Noteholders of any Class including,
        inter alia, the maturity date of the Notes of the relevant Class or a
        modification which would have the effect of postponing any day for
        payment of interest in respect of such Notes, the reduction or
        cancellation of the amount of principal or premium payable in respect of
        such Notes, the alteration of the Interest Rate in respect of the
        currency of payment of such Notes or any alteration of the priority of
        redemption of such Notes (any such modification in respect of any such
        class of Notes being referred to below as a "Basic Terms Modification")
        shall be effective unless such modification is sanctioned by an
        Extraordinary Resolution of the Noteholders of the other classes of
        Notes.

        The quorum at any meeting of the Noteholders of any Class of Notes for
        passing an Extraordinary Resolution shall be two or more persons holding
        or representing a clear majority of the aggregate Principal Amount
        Outstanding of the Notes of the relevant Class; Provided however, that,
        at any meeting the business of which includes the sanctioning of a Basic
        Terms Modification, the necessary quorum for passing an Extraordinary
        Resolution shall be two or more persons holding or representing 75 per
        cent., or more of the aggregate Principal Amount Outstanding of the
        Notes of the relevant Class.

        Except in the case of a Basic Terms Modification, an Extraordinary
        Resolution of any Subordinated Secured Creditor shall only be effective
        if the Trustee is of the opinion that it will not be materially
        prejudicial to the interests of the Priority Secured Creditor or (if the
        Trustee is not of that opinion) it is sanctioned by an Extraordinary
        Resolution of the Priority Secured Creditor. Except in certain
        circumstances, the Principal Trust Deed imposes no such limitations on
        the powers of the Priority Secured Creditor, the exercise of which will
        be binding on each Subordinated Secured Creditor irrespective of the
        effect on their interests.

                                      -99-
<PAGE>

        An Extraordinary Resolution passed at any meeting of the Noteholders of
        any Class of Notes shall be binding on all Noteholders of the relevant
        class, whether or not they are present at the meeting. The majority
        required for an Extraordinary Resolution, including the sanctioning of
        the Basic Terms Modification, shall be 75 per cent. of the votes cast on
        that Extraordinary Resolution.

13.2    MODIFICATION OR WAIVER

        The Trustee may agree, without the consent of the Noteholders, or
        Couponholders to (a) any modification (except a Basic Term Modification)
        of, or to the waiver or authorisation of any breach or proposed breach
        of, the Notes including these Conditions, any Transaction Document or
        any other Trade Document, which is not, in the opinion of the Trustee,
        materially prejudicial to the interests of the Noteholders the
        Couponholders or (b) any modification of the Notes, or Coupons
        (including these Conditions), any Transaction Document or any of the
        Trade Documents, which in the Trustee's opinion is to correct a manifest
        error or is of a formal minor or technical nature. Any such
        modification, waiver, authorisation or determination shall be binding on
        the Noteholders and the Couponholders and, unless the Trustee agrees
        otherwise, any such modification shall be notified to the Noteholders in
        accordance with Condition 14 as soon as practicable thereafter.

13.3    SUBSTITUTION AND ADDITION

        As more fully set forth in the Principal Trust Deed (and subject to the
        conditions and qualifications therein) subject to such amendment of the
        Principal Trust Deed and such other conditions as the Trustee may
        require, but without the consent of the Noteholders, the Trustee may
        also agree to the substitution of any other body corporate in place of
        the Issuer as principal debtor under the Principal Trust Deed and the
        Notes and in the case of such a substitution or addition the Trustee may
        agree, without the consent of the Noteholders, to a change of the law
        governing the Notes and/or the Prinicpal Trust Deed provided that such
        change would not in the opinion of the Trustee be materially prejudicial
        to the interests of the Noteholders. Any such substitution or addition
        shall be notified to the Noteholders in accordance with Condition 14 as
        soon as practicable thereafter.

14.     NOTICES

(a)     Notices to the Noteholders shall be deemed to have been duly validly
        given if published in a leading English language daily newspaper
        published in London (which is expected to be the Financial Times). Any
        such notice shall be deemed to have been given on the date of first
        publication.

(b)     Until such time as any Definitive Notes are issued, there may, so long
        as the Global Note(s) is or are held in its or their entirety on behalf
        of Euroclear and Cedelbank, be substituted for such publication in such
        newspaper the delivery of the relevant notice to Euroclear and Cedelbank
        for communication by them to the holders of the Notes. Any such notice
        shall be deemed to have been given to the holders of the Notes on the
        seventh day after the day on which such notice was given to Euroclear
        and Cedelbank.

(c)     Any notices specifying an Interest Rate, an Interest Amount, an amount
        of Additional Interest or of Deferred Interest, a Redemption Amount or a
        Principal Amount

                                     -100-
<PAGE>

        Outstanding shall be deemed to have been duly given if the information
        contained in such notice appears on the relevant page of the Reuters
        Screen or such other medium for the electronic display of data as may be
        approved by the Trustee and notified to Noteholders (the "Relevant
        Screen"). Any such notice shall be deemed to have been given on the
        first date on which such information appeared on the Relevant Screen. If
        it is impossible or impracticable to give notice in accordance with this
        paragraph, then notice of the matters referred to in this Condition
        shall be given in accordance with the preceding paragraph.

        Copies of all notices given in accordance with these provisions shall be
        sent to the London Stock Exchange Company Announcements Office,
        Euroclear and Cedelbank.

15.     GOVERNING LAW

15.1    GOVERNING LAW

        The Principal Trust Deed, the Supplemental Trust Deed, the Notes, the
        Coupons and the Talons (if any) and the Agency Agreement are governed by
        and shall be construed in accordance with English law.

15.2    SUBMISSION TO JURISDICTION

        The Issuer has, in the Principal Trust Deed, irrevocably agreed for the
        benefit of the Secured Creditors that the courts of England shall have
        jurisdiction to hear and determine any suit, action or proceedings, and
        to settle any disputes, which may arise out of or in connection with the
        Notes (respectively, "Proceedings" and "Disputes") and, for such
        purposes, irrevocably submits to the jurisdiction of such courts.

                                     -101-
<PAGE>

                                   SCHEDULE 5

                     PROVISIONS FOR MEETINGS OF NOTEHOLDERS

1.      A.      As used in this Schedule the following expressions shall have
                the following meanings unless the context otherwise requires:

        (i)     "VOTING CERTIFICATE" shall mean an English language certificate
                issued by a Paying Agent and dated in which it is stated:

                (b)     that on the date thereof Notes of the relevant class
                        (not being Notes in respect of which a block voting
                        instruction has been issued and is outstanding in
                        respect of the meeting specified in such voting
                        certificate and any such adjourned meeting) were either
                        deposited with such Paying Agent or (to the satisfaction
                        of such Paying Agent) were held to its order or under
                        its control or blocked by a Depositary holding the same
                        in a manner approved by the Trustee and that no such
                        Notes will cease to be so deposited, held or blocked
                        until the first to occur of:

                        (1)     the conclusion of the meeting specified in such
                                certificate or, if applicable, any such
                                adjourned meeting; and

                        (2)     the surrender of the certificate to the Paying
                                Agent who issued the same; and

                (c)     that until the release of the Notes represented thereby
                        the bearer thereof is entitled to attend and vote at
                        such meeting and any such adjourned meeting in respect
                        of the Notes represented by such certificate;

        (ii)    "BLOCK VOTING INSTRUCTION" shall mean an English language
                document issued by a Paying Agent and dated in which:

                (a)     it is certified that Notes of the relevant class (not
                        being Notes in respect of which a voting certificate has
                        been issued and is outstanding in respect of the meeting
                        specified in such block voting instruction and any such
                        adjourned meeting) have been deposited with such Paying
                        Agent or (to the satisfaction of such Paying Agent) are
                        held to its order or under its control or blocked by a
                        Depositary holding the same and that no such Notes will
                        cease to be so deposited, held or blocked until the
                        first to occur of:

                        (1)     the conclusion of the meeting specified in such
                                document or, if applicable, any such adjourned
                                meeting; and

                        (2)     the surrender to the Paying Agent, not less than
                                48 hours before the time for which such meeting
                                or any such adjourned meeting is convened, of
                                the receipt issued by such Paying Agent in
                                respect of each such deposited Note which is to
                                be

                                     -102-
<PAGE>

                                released or (as the case may require) the Note
                                or Notes ceasing with the agreement of the
                                Paying Agent to be held to its order or under
                                its control or blocked and the giving of notice
                                by the Paying Agent to the Issuer in accordance
                                with paragraph 17 below of the necessary
                                amendment to the block voting instruction;

                (b)     it is certified that each holder of such Notes has
                        instructed such Paying Agent or that Euroclear or
                        Cedelbank has advised such Paying Agent that the holder
                        of such Notes has given instructions, that the vote(s)
                        attributable to the Note(s) so deposited, held or
                        blocked should be cast in a particular way in relation
                        to the resolution or resolutions to be put to such
                        meeting or any such adjourned meeting and that all such
                        instructions are during the period commencing 48 hours
                        prior to the time for which such meeting or any such
                        adjourned meeting is convened and ending at the
                        conclusion or adjournment thereof neither revocable or
                        capable of amendment;

                (c)     the total number and the serial numbers of the Notes so
                        deposited, held or blocked are listed distinguishing
                        with regard to each such resolution between those in
                        respect of which instructions have been given as
                        aforesaid that the votes attributable thereto should be
                        cast in favour of the resolution and those in respect of
                        which instructions have been so given that the votes
                        attributable thereto should be cast against the
                        resolution; and

                (d)     one or more persons named in such document (each
                        hereinafter called "Proxy") is or are authorised and
                        instructed by such Paying Agent to cast the votes
                        attributable to the Notes so listed in accordance with
                        the instructions referred to in (c) above as set out in
                        such document.

        (iii)   "PRINCIPAL AMOUNT OUTSTANDING" shall mean in relation to a Note
                on any date, the principal amount of the Note upon issue less
                the aggregate amount of all principal payments in respect of
                that Note that have been paid by the Issuer to the Noteholder
                prior to such date in accordance with the Conditions.

        (iv)    "48 HOURS" shall mean a period of 48 hours including all or part
                of two days upon which banks are open for business in both the
                place where the relevant meeting is to be held and in each of
                the places where the Paying Agents have their specified offices
                (disregarding for this purpose the day upon which such meeting
                is to be held) and such period shall be extended by one or, to
                the extent necessary, more periods of 24 hours until there is
                included as aforesaid all or part of two days upon which banks
                are open for business as aforesaid; and

                                     -103-
<PAGE>

        (v)     "24 HOURS" shall mean a period of 24 hours including all or part
                of a day upon which banks are open for business in both the
                place where the relevant meeting is to be held and in each of
                the places where the Paying Agents have their specified offices
                (disregarding for this purpose the day upon which such meeting
                is to be held) and such period shall be extended by one or, to
                the extent necessary, more periods of 24 hours until there is
                included as aforesaid all or part of a day upon which banks are
                open for business as aforesaid.

                Voting certificates and block voting instructions will only be
                issued in respect of Notes blocked in the Noteholder's account
                with a Depositary in favour of the Paying Agent or deposited
                with any Paying Agent (or to the satisfaction of such Paying
                Agent held to its order or under its control as referred to in
                this paragraph 1) not less than 48 hours before the time for
                which the meeting or the poll to which the same relate has been
                convened or called and shall be valid for so long as the
                relevant Notes continued to be so blocked, deposited or held
                pursuant to this paragraph 1.

                The holder of any voting certificate or the proxies named in any
                block voting instruction shall for all purposes in connection
                with the relevant meeting or adjourned meeting of Noteholders be
                deemed to be the holder of the Notes to which such voting
                certificate or block voting instruction relates and the Paying
                Agent with which such Notes have been deposited or the person
                holding the same to the order or under the control of such
                Paying Agent or the person holding the same blocked as aforesaid
                shall be deemed for such purposes not to be the holder of those
                Notes.

        B.      Unless the context otherwise requires or unless otherwise
                defined in this Schedule, terms defined in the MTN Master
                Definitions Schedule (including the Conditions) shall have the
                same meaning in this Schedule.

2.      The Issuer or the Trustee may at any time and the Issuer shall upon a
        requisition in writing signed by the holders of not less than one-tenth
        of the Notes of the relevant class for the time being then outstanding,
        convene a meeting of the Noteholders of such Class or, and if the Issuer
        makes default for a period of seven days in convening such a meeting the
        same may be convened by the Trustee or the requisitionists. Whenever the
        Issuer is about to convene any such meeting, it shall immediately give
        notice in writing to the Trustee of the date, time and place thereof and
        the nature of the business to be transacted. Every such meeting shall be
        held at such place as the Trustee may appoint or approve.

3.      At least 21 days' notice (exclusive of the day on which the notice is
        given and the day on which the meeting is held) specifying the place,
        day and hour of meeting shall be given by the Trustee (if the meeting is
        convened by the Trustee) or by the Issuer (if the meeting is convened by
        the Issuer on its own behalf or upon requisition by the Noteholders
        pursuant to paragraph 2) to the relevant Noteholders prior to any
        meeting of the relevant Noteholders in the manner provided by Condition
        14. Such notice shall state generally the nature of the business to be
        transacted at the meeting thereby convened and (except

                                     -104-
<PAGE>

        for an Extraordinary Resolution) it shall not be necessary to specify in
        such notice the terms of any resolution to be proposed. Such notice
        shall include a statement to the effect that Notes may be deposited with
        Paying Agents or (to their satisfaction) held to their order or under
        their control or blocked by a Depositary holding the same in a manner
        approved by the Trustee for the purpose of obtaining voting certificates
        or appointing proxies until 48 hours before the time fixed for the
        meeting but not thereafter. A copy of the notice shall be sent by post
        to the Trustee (unless the meeting is convened by the Trustee) and to
        the Issuer (unless the meeting is convened by the Issuer).

4.      Some person (who may but need not be a Noteholder or, if applicable, a
        Noteholder of the relevant class of Notes) nominated in writing by the
        Trustee shall be entitled to take the chair at every such meeting but if
        no such nomination is made or if at any meeting the person nominated
        shall not be present within fifteen minutes after the time appointed for
        holding the meeting the relevant Noteholders present shall choose one of
        their number to be Chairman.

5.      At any such meeting two or more persons present holding Notes and/or
        voting certificates and/or being proxies in respect thereof and holding
        or representing in the aggregate not less than one-tenth of the
        principal amount of Notes of the relevant class for the time being
        outstanding, shall form a quorum for the transaction of business and no
        business (other than the choosing of a Chairman) shall be transacted at
        any meeting unless the requisite quorum be present at the commencement
        of business. The quorum at any such meeting for passing an Extraordinary
        Resolution shall (subject as provided below) be two or more persons
        present holding Notes or voting certificates in respect thereof or being
        proxies or representatives and holding or representing in the aggregate
        a clear majority of the aggregate Principal Amount Outstanding of the
        Notes of the relevant class for the time being outstanding, provided
        that at any meeting the business of which (in relation to the relevant
        class of Notes):

        (1)     includes the sanctioning of a modification of the date of
                maturity of the Notes;

        (2)     would have the effect of modifying any day for payment of
                interest on the Notes or the Rate of Interest (as defined in
                Condition 5.3) applicable in respect of the Notes or modifying
                the method of determining the same;

        (3)     includes reducing or cancelling (or, in the case of the Notes,
                increasing) the amount of principal or the rate of interest
                payable in respect of the Notes;

        (4)     would have the effect of altering the currency of payment of the
                Notes;

        (5)     would have the effect of sanctioning any such scheme or proposal
                as is described in paragraph 18(i) below;

        (6)     would have the effect of altering the majority required to pass
                an Extraordinary Resolution or the manner in which such majority
                is constituted;

        (7)     would have the effect of altering the manner or priority of
                redemption of the Notes; or

        (8)     would have the effect of altering this proviso or the proviso to
                paragraph 6 below,

                                     -105-
<PAGE>

        the quorum shall be two or more persons present holding Notes or voting
        certificates or being proxies and holding or representing in the
        aggregate not less than seventy-five per cent. of the of the aggregate
        Principal Amount Outstanding of the Notes of the relevant class for the
        time being outstanding. Such matters shall only be capable of being
        effected after having been approved by Extraordinary Resolutions of
        Noteholders of each class of Notes outstanding at such time.

6.      If within fifteen minutes after the time appointed for any such meeting
        a quorum is not present the meeting shall, if convened upon the
        requisition of the Noteholders be dissolved. In any other case it shall
        stand adjourned to the same day in the next week (or if such day is a
        public holiday the next succeeding business day) at the same time and
        place (except in the case of a meeting at which an Extraordinary
        Resolution is to be proposed in which case it shall stand adjourned for
        such period being not less than 14 days nor more than 42 days, and at
        such place as may be appointed by the Chairman of the meeting and
        approved by the Trustee) and at such adjourned meeting two or more
        persons present holding Notes and/or voting certificates and/or being
        proxies in respect thereof (whatever the aggregate of the Principal
        Amount Outstanding of the Notes of the relevant class so held or
        represented by them shall (subject as provided below) form a quorum and
        shall (subject as provided below) have power to pass any Extraordinary
        Resolution or other resolution and to decide upon all matters which
        could properly have been dealt with at the meeting from which the
        adjournment took place had the requisite quorum been present. Provided
        that, subject to proviso (i) to paragraph 18 below, at any adjourned
        meeting the business of which includes any of the matters specified in
        the proviso to paragraph 5 above, the quorum shall be two or more
        persons present holding Notes and/or voting certificates or being
        proxies in respect thereof and holding or representing in the aggregate
        331/3 per cent. of the aggregate of the Principal Amount Outstanding of
        the Notes of the relevant class then outstanding.

7.      Notice of any adjourned meeting at which an Extraordinary Resolution is
        to be submitted shall be given in the same manner as notice of an
        original meeting but as if 10 were substituted for 21 in paragraph 3
        above and such notice shall (except in cases where the proviso to
        paragraph 6 above shall apply when it shall state the relevant quorum)
        state that the persons present holding Notes and/or voting certificates
        and/or being proxies in respect thereof at the adjourned meeting
        (whatever the aggregate of the Principal Amount Outstanding of the Notes
        of the relevant class then outstanding held) will form a quorum if at
        least two such persons are present. Subject as aforesaid it shall not be
        necessary to give any notice of any adjourned meeting.

8.      Every resolution submitted to a meeting shall (subject to paragraph 21)
        be decided by a simple majority, in the first instance by a show of
        hands, then (subject to paragraph 9) by a poll and in case of equality
        of votes the Chairman shall both on a show of hands and on a poll have a
        casting vote in addition to the vote or votes (if any) to which he may
        be entitled as a Noteholder of the relevant class (in the case of Notes
        in definitive form) and/or as a holder of a voting certificate and/or as
        a proxy.

                                     -106-
<PAGE>

9.      At any meeting, unless a poll is (before or on the declaration of the
        result of the show of hands) demanded by the Chairman or the Issuer or
        by two or more persons present holding Notes and/or voting certificates
        and/or being proxies and holding or representing in the aggregate not
        less than one-fiftieth part of the Principal Amount Outstanding of the
        Notes of the relevant class then outstanding a declaration by the
        Chairman that a resolution has been carried by a particular majority or
        lost or not carried by a particular majority shall be conclusive
        evidence of that fact without proof of the number or proportion of the
        votes recorded in favour or against such resolution.

10.     Subject to paragraph 12 below, if at any such meeting a poll is so
        demanded, it shall be taken in such manner and subject as hereinafter
        provided either at once or after an adjournment as the Chairman directs
        and the result of such poll shall be deemed to be the resolution of the
        meeting at which the poll was demanded as at the date of the taking of
        the poll. The demand for a poll shall not prevent the continuance of the
        meeting for the transaction of any business other than the motion on
        which the poll has been demanded.

11.     The Chairman may with the consent of (and shall if directed by) any such
        meeting adjourn the same from time to time and from place to place but
        no business shall be transacted at any adjourned meeting except business
        which might lawfully (but for lack of required quorum) have been
        transacted at the meeting from which the adjournment took place.

12.     Any poll demanded at any such meeting on the election of a Chairman or
        on any question of adjournment shall be taken at the meeting without
        adjournment.

13.     The Trustee and the Issuer (through their respective officers,
        employees, advisers, agents or other representatives) and their
        respective financial and legal advisers should be entitled to attend and
        speak at any meeting of the Noteholders. Save as aforesaid [but without
        prejudice to the proviso to the definition of "Outstanding" in the
        Master Definitions Schedule] no person shall be entitled to attend and
        speak nor shall any person be entitled to vote at any meeting of the
        Noteholders or join with others in requesting the convening of such a
        meeting or to exercise the rights conferred on the Noteholders by
        Conditions 8 and 13 or, unless he either produces the Note(s) of which
        he is the holder or a voting certificate or is a proxy.

14.     Subject as provided in paragraph 13 hereof at any meeting on a show of
        hands every person who is present in person and produces a Definitive
        Note of the relevant class or a voting certificate or is a proxy shall
        have one vote or on a poll every person who is so present shall have one
        vote in respect of each (pound)1 in Principal Amount Outstanding of the
        Notes of the relevant class so produced or represented by the voting
        certificate so produced or in respect of which he is a proxy.

        Without prejudice to the obligations of the proxies named in any block
        voting instruction any person entitled to more than one vote need not
        use all his votes or cast all the votes to which he is entitled in the
        same way.

15.     The proxies need not be Noteholders.

                                     -107-
<PAGE>

16.     Each block voting instruction together (if so required by the Trustee)
        with proof satisfactory to the Trustee of its due execution on behalf of
        the relevant Paying Agent shall be deposited at such place as the
        Trustee shall approve not less than 24 hours before the time appointed
        for holding the meeting or adjourned meeting at which the proxies named
        in the block voting instruction propose to vote and in default of such
        deposit the block voting instruction shall not be treated as valid
        unless the Chairman of the meeting decides otherwise before such meeting
        or adjourned meeting proceeds to business. A notarially certified copy
        of each block voting instruction shall, unless the Trustee otherwise
        agrees, be deposited with the Trustee before the commencement of the
        meeting or adjourned meeting but the Trustee shall not thereby be
        obliged to investigate or be concerned with the validity of or the
        authority of the proxies named in any such block voting instruction.

17.     Any vote cast in accordance with the terms of a block voting instruction
        shall be valid notwithstanding the previous revocation or amendment of
        the block voting instruction or of any of the Noteholder's instructions
        pursuant to which it was executed, provided that no intimation in
        writing of such revocation or amendment shall have been received from
        the relevant Paying Agent by the Issuer at its registered office (or
        such other place as may have been approved by the Trustee for the
        purpose) by the time being 24 hours before the time appointed for
        holding the meeting or adjourned meeting at which the block voting
        instruction is to be used.

18.     A meeting of the Noteholders shall, in respect of Notes of the relevant
        class only and insofar as it affects Notes of the relevant class, and in
        addition to the powers hereinbefore given, have the following powers
        exercisable by Extraordinary Resolution (subject to the provisions
        relating to quorum contained in paragraphs 5 and 6 above) only, namely:

                (a)     power to sanction any compromise or arrangement proposed
                        to be made between the Issuer and the Noteholders;

                (b)     power to sanction any abrogation, modification
                        (including for the avoidance of doubt a modification
                        which would have the effect of increasing the amount of
                        principal or the rate of interest payable (in respect of
                        the Notes)), compromise or arrangement in respect of the
                        rights of the Noteholders against the Issuer or against
                        any of its property or against any other person whether
                        such rights shall arise under this Deed, any of the
                        Notes or otherwise;

                (c)     power to assent to any modification of the provisions
                        contained in this Deed, the Conditions or the Notes
                        which shall be proposed by the Issuer or the Trustee;

                (d)     power to give any authority or sanction which under the
                        provisions of this Deed (including the Conditions) is
                        required to be given by Extraordinary Resolution;

                (e)     power to appoint any persons (whether Noteholders or
                        not) as a committee or committees to represent the
                        interests of the Noteholders and to confer upon such
                        committee or committees any powers or discretions which
                        the Noteholders could themselves exercise by
                        Extraordinary Resolution;

                                     -108-
<PAGE>

                (f)     power to approve of a person to be appointed a trustee
                        and power to remove any trustee or trustees for the time
                        being of this Deed;

                (g)     power to discharge or exonerate the Trustee from all
                        liability in respect of any act or omission for which
                        the Trustee may have become responsible under this Deed
                        or under the Notes;

                (h)     power to authorise the Trustee to concur in and execute
                        and do all such deeds, instruments, acts and things as
                        may be necessary to carry out and give effect to any
                        Extraordinary Resolution;

                (i)     power to sanction any such substitution as is referred
                        to in Condition 13, but without prejudice to the
                        Trustee's powers in relation thereto or any scheme or
                        proposal for the exchange or sale of the Notes for, or
                        the conversion of any of the Notes into, or the
                        cancellation of any of the Notes in consideration of
                        shares, stock, notes, bonds, debentures, debenture stock
                        and/or other obligations and/or securities of the Issuer
                        or of any other company formed or to be formed, or for
                        or into or in consideration of cash, or partly for or
                        into or in consideration of such shares, stock, notes,
                        bonds, debenture stock and/or other obligations and/or
                        securities as aforesaid and partly for or into or in
                        consideration of cash; and

                (j)     power to authorise the Trustee or any receiver appointed
                        by it where it or he shall have entered into possession
                        of the security to discontinue enforcement of any
                        security constituted by this Deed and the Deed of Charge
                        either unconditionally or upon any conditions,

        provided that:

                (i)     no modification involving any of the matters referred to
                        in the proviso to paragraph 5 above passed by
                        Noteholders who are Priority Secured Creditors shall be
                        effective unless it is sanctioned by an Extraordinary
                        Resolution of each Class of Noteholders who are
                        Subordinated Secured Creditors in respect of such
                        Series;

                (ii)    no other Extraordinary Resolution of Noteholders who are
                        Subordinated Secured Creditors in respect of any Series
                        shall be effective unless (a) the Trustee is of the
                        opinion that it will not be materially prejudicial to
                        the interests of the Noteholders who are Priority
                        Secured Creditors of such Series, or (b) it is
                        sanctioned by an Extraordinary Resolution of such
                        Priority Secured Creditors;

                                     -109-
<PAGE>

19.     The following provisions shall apply where outstanding Notes belong to
        more than one class:

                (a)     business which in the opinion of the Trustee affects the
                        Notes of only one class shall be transacted at a
                        separate meeting of the Noteholders of that class;

                (b)     business which in the opinion of the Trustee affects the
                        Notes of more than one class but does not give rise to
                        an actual or potential conflict of interest between the
                        Noteholders of one such class and the Noteholders of any
                        other class shall be transacted either at separate
                        meetings of the Noteholders of each such class or at a
                        single meeting of the Noteholders of all such classes as
                        the Trustee shall in its absolute discretion determine;

                (c)     business which in the opinion of the Trustee affects the
                        Notes of more than one class and gives rise to an actual
                        or potential conflict of interest between the
                        Noteholders of one such class and the Noteholders of any
                        other such class shall be transacted at separate
                        meetings of the Noteholders of each such class; and

                (d)     as may be necessary to give effect to the above
                        provisions, the preceding paragraphs of this Schedule
                        shall be applied as if references to the Notes and
                        Noteholders were to the Notes of the relevant class and
                        to the Noteholders of such Notes.

20.     Subject to the provisos to paragraph 18 above, any resolution passed at
        a meeting of the Noteholders duly convened and held in accordance with
        this Deed shall be binding upon all the Noteholders of the relevant
        class or classes (as the case may be) whether present or not present at
        such meeting and whether or not voting and any resolution passed at a
        meeting of the Priority Secured Creditors of any Series duly convened
        and held as aforesaid shall also be binding upon all the Subordinated
        Secured Creditors of whatever Class of such Series.

        All of the relevant classes of Noteholders shall be bound to give effect
        to any such resolutions accordingly and the passing of any such
        resolution shall be conclusive evidence that the circumstances justify
        the passing thereof. Notice of the result of the voting on any
        resolution duly considered by the Noteholders shall be published (at the
        cost of the Issuer) in accordance with Condition 14 by the Issuer within
        14 days of such result being known, provided that the non-publication of
        such notice shall not invalidate such resolution.

21.     The expression "Extraordinary Resolution" when used in this Deed means a
        resolution passed at a meeting of the Noteholders duly convened and held
        in accordance with the provisions herein contained by a majority
        consisting of seventy-five per cent. of the persons voting thereat upon
        a show of hands or if a poll be duly demanded then by a majority
        consisting of not less than seventy-five per cent. of the votes given on
        such poll.

22.     Minutes of all resolutions and proceedings at every such meeting as
        aforesaid shall be made and duly entered in books to be from time to
        time provided for that purpose by the Issuer and any such Minutes as
        aforesaid if purporting to be signed by the Chairman of the meeting at
        which such resolutions were passed or proceedings had shall be
        conclusive evidence of the matters therein contained and until the
        contrary is proved every such meeting in respect of the proceedings of
        which Minutes have been made shall be deemed to have been duly held and
        convened and all resolutions passed or proceedings had thereat to have
        been duly passed or had.

                                     -110-
<PAGE>

23.     Where appropriate, subject to the provisions of the Security Trust Deed
        and the relevant Conditions, joint meetings of different classes of
        Noteholders or of Noteholders of different Series may be held to
        consider the same resolution and/or, as the case may be, the same
        Extraordinary Resolution and the provisions of this Schedule shall apply
        mutatis mutandis thereto.

24.     Subject to all other provisions contained in this Deed the Trustee may
        without the consent of the Issuer or the Noteholders prescribe such
        further resolutions regarding the requisitioning and/or the holding of
        meetings of Noteholders and attendance and voting thereat as the Trustee
        may in its sole discretion think fit.

References herein to a "Resolution Duly Passed at a Meeting of the Noteholders"
shall include, where the context permits, a resolution in writing signed by or
on behalf of all Noteholders of the relevant class who for the time being are
entitled to receive notice of a meeting in accordance with the provisions herein
contained. Such resolution in writing may be contained in one document or in
several documents in like form each signed by or on behalf of one or more of
such Noteholders.

                                     -111-
<PAGE>

ISSUER

Executed as a deed by                            )
BARCLAYCARD FUNDING PLC                          ) D. ROGER FINNEY
acting by two directors                          ) PETER S. CROOK
in the presence of:                              )

GINA HARTNETT

MTN CASH MANAGER AND INITIAL TRANSFEROR

Executed as a deed by                            )
BARCLAYS BANK PLC                                ) MARK WINTER
acting by its duly authorised attorney           )
in the presence of:                              )

GINA HARTNETT

TRUSTEE

Executed as a deed by                            )
THE BANK OF NEW YORK                             ) MICHAEL HELLMUTH
acting by its duly authorised                    )
attorney in the presence of                      )

GINA HARTNETT

RECEIVABLES TRUSTEE

Executed as a deed by                            )
GRACECHURCH RECEIVABLES                          )
TRUSTEE LIMITED                                  ) PETER S. CROOK
acting by two directors/a director and           ) RICHARD GERWAT
the secretary in the presence of:                )

GINA HARTNETT
SHANE HOLLYWOOD

                                     -112-

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