Document:

Exhibit 4.4

C L I F F O R D                                   LIMITED LIABILITY PARTNERSHIP

C H A N C E

                                                  Draft Date: 23 September 2002
                                                                    Draft No: 1

                       GRACECHURCH CARD FUNDING (NO.2) PLC

                                     - and -

                              THE BANK OF NEW YORK

   ---------------------------------------------------------------------------
                                   TRUST DEED
                                  Constituting
              $[_] Class A Asset-Backed Floating Rate Notes due [_]
              $[_] Class B Asset-Backed Floating Rate Notes due [_]
                                       and
              $[_] Class C Asset-Backed Floating Rate Notes due [_]
   ---------------------------------------------------------------------------

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
<S>                                                                                                    <C>
CLAUSE                                                                                                 PAGE

1.     Definitions And Interpretation..................................................................1

2.     Covenant To Repay And Pay Interest On The Notes; Note Trustee's Requirements Following An Event
       Of Default.....................................................................................11

3.     Form Of Issue Of Notes; Issue Of Individual Note Certificates..................................14

4.     Covenant Of Compliance.........................................................................16

5.     Cancellation Of Notes..........................................................................17

6.     Enforcement....................................................................................17

7.     Proceedings....................................................................................18

8.     Priority Of Payments And Notice Of Payment.....................................................19

9.     Investment By Note Trustee.....................................................................19

10.    Covenants By The Issuer........................................................................20

11.    Remuneration And Indemnification Of Note Trustee...............................................24

12.    Supplement To Trustee Act 1925.................................................................26

13.    Note Trustee's Liability.......................................................................34

14.    Delegation By Note Trustee.....................................................................34

15.    Employment Of Agent By Note Trustee............................................................34

16.    Note Trustee Contracting With Issuer...........................................................35

17.    Waiver; Authorisation; Determination; Modification; Substitution Of Principal Debtor...........36

18.    Currency Indemnity.............................................................................38

19.    Eligibility And Disqualification; New Note Trustee; Separate And Co-Note Trustees; Note Trustee
       Information....................................................................................39

20.    Note Trustee's Retirement And Removal..........................................................40

21.    Note Trustee's Powers Additional...............................................................41

22.    Notices........................................................................................41

23.    Governing Law And Jurisdiction.................................................................42

24.    TIA Prevails...................................................................................43

25.    Amendments.....................................................................................43

26.    Counterparts...................................................................................43

27.    Certificates And Opinions......................................................................43

28.    Post Maturity Call Option......................................................................44

29.    Release Of Collateral..........................................................................44

30.    Disapplication Of Trustee Act 2000.............................................................45

31.    Contract (Third Parties Right) Act.............................................................45
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                   <C>
THE FIRST SCHEDULE FORM OF CLASS A GLOBAL NOTE CERTIFICATE ...........................................47

THE SECOND SCHEDULE FORM OF CLASS B GLOBAL NOTE CERTIFICATE...........................................54

THE THIRD SCHEDULE FORM OF CLASS C GLOBAL NOTE CERTIFICATE............................................61

THE FOURTH SCHEDULE FORM OF INDIVIDUAL CLASS A NOTE CERTIFICATE.......................................68

THE FIFTH SCHEDULE FORM OF INDIVIDUAL CLASS B NOTE CERTIFICATE........................................72

THE SIXTH SCHEDULE FORM OF INDIVIDUAL CLASS C NOTE CERTIFICATE........................................76

THE SEVENTH SCHEDULE TERMS AND CONDITIONS OF THE NOTES................................................80

THE EIGHTH SCHEDULE PROVISIONS FOR MEETINGS OF NOTEHOLDERS............................................81

THE NINTH SCHEDULE PRIORITY OF PAYMENTS...............................................................91
</TABLE>

<PAGE>

THIS TRUST DEED is made the [_] 2002

BETWEEN:

(1)     GRACECHURCH CARD FUNDING (NO.2) PLC a public company incorporated under
        the laws of England and Wales with registered number 4497894 whose
        registered office is at 54 Lombard Street, London EC3P 3AH (hereinafter
        called the "ISSUER"); and

(2)     THE BANK OF NEW YORK a New York banking corporation acting through its
        London branch whose principal place of business is at One Canada Square,
        Canary Wharf, London E14 5AL (hereinafter called the "NOTE TRUSTEE",
        which expression shall, wherever the context so admits, include such
        company and all other persons or companies for the time being the
        trustee or trustees of this Deed).

WHEREAS:

(1)     By resolutions of the Board of Directors of the Issuer passed on [_] the
        Issuer has resolved to issue $[_] in aggregate principal amount of asset
        backed floating rate notes comprising $[_] in aggregate principal amount
        of Class A Asset-Backed Floating Rate Notes due [_] (the "CLASS A
        NOTES"), $[_] in aggregate principal amount of Class B Asset-Backed
        Floating Rate Notes due [_] (the "CLASS B NOTES") and $[_] in aggregate
        principal amount of Class C Asset-Backed Floating Rate Notes due [_]
        (the "CLASS C NOTES" and, together with the Class A Notes and the Class
        B Notes, the "NOTES") to be constituted and secured in the manner
        hereinafter appearing and in the manner appearing in the Deed of Charge.

(2)     The Note Trustee has agreed to act as trustee of this Deed
        (including the security constituted by the Deed of Charge) for the
        Noteholders upon and subject to the terms and conditions of this Deed.

NOW THIS TRUST DEED WITNESSES AND IT IS HEREBY AGREED AND DECLARED as follows:

1.      DEFINITIONS AND INTERPRETATION

1.1     In this Deed, including the recitals hereto, unless there is anything in
        the subject or context inconsistent therewith the expressions listed
        below shall have the following meanings, namely:

        "AFFILIATE" has the meaning ascribed to it in Rule 405 under the
        Securities Act;

        "AGENT BANK" means The Bank of New York, London Branch;

        "AGENTS" means the Principal Paying Agent, the other Paying Agents, the
        Registrar, the Transfer Agents, or any of them;

        "AUDITORS" means PricewaterhouseCoopers or such other reputable firm of
        accountants qualified to practice in the United Kingdom as may be
        appointed by the Issuer from time to time;

        "AUTHORISED INVESTMENTS" means any one or more of the following:

                                      - 1 -

<PAGE>

        (i)       demand or time deposits, certificates of deposit and other
                  short-term unsecured debt obligations at or of any
                  institution, provided that, in each case, at the time the
                  deposit is made or the certificate or obligation is acquired
                  the then current rating of the unsecured and unguaranteed debt
                  obligations of that institution (or, where the investment in
                  question is guaranteed, of the guaranteeing institution) is
                  A1+ and P-1, or (if different) the then highest rating
                  conferred in respect of such obligation by S&P and Moody's
                  (respectively); or

        (ii)      short-term unsecured debt obligations (including commercial
                  paper) issued or guaranteed by any body corporate provided
                  that at the time the obligation is acquired the then current
                  rating of the unsecured and unguaranteed debt obligations of
                  that body corporate (or where the debt obligations in question
                  are guaranteed, of the guaranteeing institution) is A1+ and
                  P-1, or (if different) the then highest rating conferred in
                  respect of such obligation by S&P and Moody's (respectively);

        "BASIC TERMS MODIFICATION" has the meaning ascribed to it in Note
        Condition [_];

        "BELGIAN PLEDGE" means the pledge agreement dated of even date hereof
        and entered in to between the Issuer and the Note Trustee;

        "BUSINESS DAY" means a day other than a Saturday or a Sunday or a day on
        which banking institutions in London or New York are authorised or
        obliged by law to be closed;

        "CLASS A GLOBAL NOTE CERTIFICATE" means the global note certificate
        representing the Class A Notes and issued pursuant to the provisions of
        this Trust Deed in, or substantially in, the form set out in the First
        Schedule;

        "CLASS A INDIVIDUAL NOTE CERTIFICATE" means any individual note
        certificate representing a Class A Noteholder's entire holding of Class
        A Notes, in or substantially in the form set out in the Fourth Schedule;

        "CLASS A NOTEHOLDERS" means the persons who are for the time being the
        holders of one or more of the Class A Notes (being, so long as such
        Notes or any part thereof are represented by the Class A Global Note
        Certificate, the person in whose name the Class A Note is registered in
        the Register of Noteholders and so long as such Notes or any part
        thereof are represented by Individual Class A Note Certificates, each
        person who is for the time being shown in the Register as the holder of
        a particular principal amount thereof) SAVE THAT so long as such Notes
        or any part thereof are represented by the Class A Global Note
        Certificate, each person who is for the time being shown in the records
        of DTC (other than Euroclear or Clearstream, Luxembourg, if Euroclear or
        Clearstream, Luxembourg are participants in DTC), Euroclear (other than
        DTC or Clearstream, Luxembourg, if DTC or Clearstream, Luxembourg are
        accountholders of Euroclear) or Clearstream, Luxembourg (other than DTC
        or Euroclear, if DTC or Euroclear are accountholders of Clearstream,
        Luxembourg) as the holder of a particular principal amount of Class A
        Notes shall be deemed to be and shall be treated as the holder thereof
        PROVIDED THAT such deeming and treatment shall not affect the right to
        payments in respect of the Class A Global Note Certificate which shall
        be vested solely in the

                                      - 2 -

<PAGE>

        registered holder of the Class A Global Note Certificate in accordance
        with and subject to its terms and the terms of this Trust Deed;

        "CLASS A NOTES" means the notes in registered form, in or substantially
        in the form set out in the First Schedule in denominations of $[1,000]
        comprising the Class A Notes of the Issuer constituted by this Trust
        Deed, to be represented by a Note Certificate or Note Certificates, and
        for the time being outstanding or, as the context may require, a
        specific number of such notes and the Class A Global Note Certificate
        for as long as it has not been exchanged in accordance with its terms;

        "CLASS B AND CLASS C SUBSCRIPTION AGREEMENT" means the subscription
        agreement dated [_] and made between the Issuer and the Managers (as
        defined therein) in respect of the Class B Notes and Class C Notes;

        "CLASS B GLOBAL NOTE CERTIFICATE" means the global note certificate
        representing the Class B Notes and issued pursuant to the provisions of
        this Trust Deed in, or substantially in, the form set out in the Second
        Schedule;

        "CLASS B INDIVIDUAL NOTE CERTIFICATE" means any individual note
        certificate representing a Class B Noteholder's entire holding of Class
        B Notes, in or substantially in the form set out in the Fifth Schedule;

        "CLASS B NOTEHOLDERS" means the persons who are for the time being the
        holders of one or more of the Class B Notes (being, so long as such
        Notes or any part thereof are represented by the Class B Global Note
        Certificate, the person in whose name the Class B Note is registered in
        the Register and so long as such Notes or any part thereof are
        represented by Individual Class B Notes Certificates, each person who is
        for the time being shown in the Register as the holder of a particular
        principal amount thereof) SAVE THAT so long as such Notes or any part
        thereof are represented by the Class B Global Note Certificate, each
        person who is for the time being shown in the records of DTC (other than
        Euroclear or Clearstream, Luxembourg, if Euroclear or Clearstream,
        Luxembourg are participants in DTC), Euroclear (other than DTC or
        Clearstream, Luxembourg, if DTC or Clearstream, Luxembourg are
        accountholders of Euroclear) or Clearstream, Luxembourg (other than DTC
        or Euroclear, if DTC or Euroclear are accountholders of Clearstream,
        Luxembourg) as the holder of a particular principal amount of Class B
        Notes shall be deemed to be and shall be treated as the holder thereof
        PROVIDED THAT such deeming and treatment shall not affect the right to
        payments in respect of the Class B Global Note Certificate which shall
        be vested solely in the registered holder of the Class B Global Note
        Certificate in accordance with and subject to its terms and the terms of
        this Trust Deed;

        "CLASS B NOTES" means the notes in registered form, in or substantially
        in the form set out in the Second Schedule in denominations of $[1,000]
        comprising the Class B Notes of the Issuer constituted by this Trust
        Deed, to be represented by a Note Certificate or Note Certificates and
        for the time being outstanding or, as the context may require, a
        specific number of such notes and the Class B Global Note Certificate
        for as long as it has not been exchanged in accordance with its terms;

                                      - 3 -

<PAGE>

        "CLASS C GLOBAL NOTE CERTIFICATE" means the global note certificate
        representing the Class B Notes and issued pursuant to the provisions of
        this Trust Deed in, or substantially in, the form set out in the Third
        Schedule;

        "CLASS C INDIVIDUAL NOTE CERTIFICATE" means any individual note
        certificate representing a Class C Noteholder's entire holding of Class
        C Notes, in or substantially in the form set out in the Sixth Schedule;

        "CLASS C NOTEHOLDERS" means the persons who are for the time being the
        holders of one or more of the Class C Notes (being, so long as such
        Notes or any part thereof are represented by the Class C Global Note
        Certificate, the person in whose name the Class C Note is registered in
        the Register and so long as such Notes or any part thereof are
        represented by Individual Class C Note Certificates, each person who is
        for the time being shown in the Register as the holder of a particular
        principal amount thereof) SAVE THAT so long as such Notes or any part
        thereof are represented by the Class C Global Note Certificate, each
        person who is for the time being shown in the records of DTC (other than
        Euroclear or Clearstream, Luxembourg, if Euroclear or Clearstream,
        Luxembourg are participants in DTC), Euroclear (other than DTC or
        Clearstream, Luxembourg, if DTC or Clearstream, Luxembourg are
        accountholders of Euroclear) or Clearstream, Luxembourg (other than DTC
        or Euroclear, if DTC or Euroclear are accountholders of Clearstream,
        Luxembourg) as the holder of a particular principal amount of Class C
        Notes shall be deemed to be and shall be treated as the holder thereof
        PROVIDED THAT such deeming and treatment shall not affect the right to
        payments in respect of the Class C Global Note Certificate which shall
        be vested solely in the registered holder of the Class C Global Note
        Certificate in accordance with and subject to its terms and the terms of
        this Trust Deed;

        "CLASS C NOTES" means the notes in registered form, in or substantially
        in the form set out in the Third Schedule in denominations of $1,000
        comprising the Class C Notes of the Issuer constituted by this Trust
        Deed, to be represented by a Note Certificate or Note Certificates, and
        for the time being outstanding or, as the context may require, a
        specific number of such notes and the Class C Global Note Certificate
        for as long as it has not been exchanged in accordance with its terms;

        "CLEARING SYSTEMS" means DTC, Clearstream, Luxembourg and Euroclear;

        "CLEARSTREAM, LUXEMBOURG" means Clearstream, Luxembourg, SOCIETE
        ANONYME;

        "CLOSING DATE" means [_] or such later date as may be agreed pursuant to
        the Underwriting Agreements;

        "DEED OF CHARGE" means a deed of charge of even date herewith entered
        into by the Issuer in favour of the Note Trustee;

        "DISTRIBUTION DATE" has the meaning ascribed to it in Note Condition
        [_];

        "DOCUMENTS" means this Trust Deed, the Deed of Charge, the Senior Notes
        Underwriting Agreement, the Class B and Class C Subscription Agreement,
        the Paying Agency and Agent Bank Agreement, the Swap Agreements and the
        Series 02-1 MTN;

                                      - 4 -

<PAGE>

        "DOLLAR A SWAP AGREEMENT" means the ISDA Master Agreement together with
        the applicable schedule and confirmation dated [_] 2002 and made between
        the Issuer and the Swap Counterparty in respect of payments made under
        the Class A Notes;

        "DOLLAR B SWAP AGREEMENT" means the ISDA Master Agreement, together with
        the applicable schedule and confirmation, dated [_] 2002 and made
        between the Issuer and the Swap Counterparty in respect of payments made
        under the Class B Notes;

        "DOLLAR C SWAP AGREEMENT" means the ISDA Master Agreement, together with
        the applicable schedule and confirmation, dated [_] 2002 and made
        between the Issuer and the Swap Counterparty in respect of payments made
        under the Class C Notes;

        "DTC" means the Depository Trust Company of New York;

        "ENFORCEMENT NOTICE" has the meaning ascribed thereto in Note Condition
        [_];

        "EUROCLEAR" means Euroclear Bank S.A./N.V. as operator of the Euroclear
        System;

        "EVENT OF DEFAULT" means any of the events described as Events of
        Default in Note Condition [_];

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

        "EXPENSES LOAN AGREEMENT" means an expenses loan agreement dated of even
        date herewith between the Issuer, the Note Trustee and Barclays Bank
        PLC;

        "EXTRAORDINARY RESOLUTION" has the meaning ascribed thereto in the
        Eighth Schedule;

        "GLOBAL NOTE" means the Class A Global Note, the Class B Global Note and
        the Class C Global Note, or any of them as the context may require;

        "GLOBAL NOTE CERTIFICATES" means the Class A Global Note Certificate,
        the Class B Global Note Certificate and the Class C Global Notes
        Certificate, or any of them, as the context may require;

        "INDEBTEDNESS" means in relation to the Issuer any indebtedness to any
        other person;

        "INDEPENDENT" means, when used with respect to any specified person,
        that the person (1) is in fact independent of the Issuer and any other
        obligor in respect of the Notes and any other person with an ownership
        interest in the receivables trust and of any affiliate of any of the
        foregoing persons, (2) does not have any direct financial interest or
        any material indirect financial interest in the Issuer or in any such
        other obligor or any such other person with such an ownership interest
        in the receivables trust or in any affiliate of any of the foregoing
        persons, and (3) is not connected with the Issuer or any such other
        obligor or any affiliate of the Issuer or any such other person with
        such an ownership interest in the receivables trust as an officer,
        employee, promoter, underwriter, trustee, partner, director, or person
        performing similar functions;

        "INDEPENDENT CERTIFICATE" means a certificate or opinion to be delivered
        to the Note Trustee under the circumstances described in, and otherwise
        complying with, the

                                      - 5 -

<PAGE>

        applicable requirements of Clause 12(u) hereof, made by an independent
        appraiser or other expert appointed by an Issuer Order and approved by
        the Note Trustee in the exercise of reasonable care, and such opinion
        or certificate shall state that the signer has read the definition of
        "Independent" in this Trust Deed and that the signer is Independent
        within the meaning thereof;

        "INDIVIDUAL NOTE CERTIFICATES" means the Class A Individual Note
        Certificates, the Class B Individual Note Certificates and the Class C
        Individual Note Certificates, or any of them, as the context may
        require;

        "ISSUER ORDER" means a written order of request signed in the name of
        the Issuer by any one of its authorised officers and delivered to the
        Note Trustee;

        "INTEREST PAYMENT DATE" has the meaning ascribed thereto in Note
        Condition [_];

        "INTEREST PERIOD" has the meaning ascribed thereto in Note Condition
        [_];

        "JUNIOR NOTES" means, in relation to the Class A Notes, the Class B
        Notes and the Class C Notes and, in relation to the Class B Notes, the
        Class C Notes;

        "JUNIOR NOTEHOLDERS" means, in relation to the Class A Noteholders, the
        Class B Noteholders and the Class C Noteholders, and in relation to the
        Class B Noteholders, the Class C Noteholders;

        "LONDON STOCK EXCHANGE" means the London Stock Exchange Limited;

        "MOODY'S" means Moody's Investors Service Limited;

        "MTN ISSUER" means Barclaycard Funding PLC, a public limited company
        incorporated under the laws of England and Wales with company number
        2530163, in its capacity as issuer of MTNs under the Programme;

        "MTN TRUSTEE" means the Bank of New York in its capacity as such under
        the Security Trust Deed and MTN Cash Management Agreement dated 23
        November 1999;

        "NEW YORK PAYING AGENT" means the Bank of New York, acting through its
        New York office;

        "NOTE CERTIFICATE" means any Global Note Certificate or Individual Note
        Certificate and includes any replacement Note Certificates issued
        pursuant to the Note Conditions;

        "NOTE CONDITIONS" means the Terms and Conditions applicable to the Notes
        in the form or substantially in the form set out in the Seventh
        Schedule, as the same may from time to time be modified in accordance
        with this Deed and any reference in this Deed to a particular numbered
        Note Condition shall be construed accordingly;

        "NOTEHOLDERS" means the Class A Noteholders, the Class B Noteholders and
        the Class C Noteholders, and "NOTEHOLDER" means any of them;

        "NOTES" means the Class A Notes, the Class B Notes and the Class C
        Notes, or any of them, as the context may require;

                                      - 6 -

<PAGE>

        "OFFICERS' CERTIFICATE" shall mean, with respect to any Person, a
        certificate signed (i) by the Chairman of the Board, the Vice Chairman
        of the Board, the President, any Vice President or the Treasurer of such
        Person and (ii) by any other such officer or any Assistant Treasurer or
        the Secretary or any Assistant Secretary of such Person. Each such
        certificate shall include the statements provided for in Clause 12(u) if
        and to the extent required by the provisions hereof;

        "OPINION OF COUNSEL" shall mean an opinion in writing signed by legal
        counsel who shall be reasonably acceptable to the Note Trustee and who
        may be an employee of or of counsel to the Issuer or an affiliate of the
        Issuer. Each such opinion shall include the statements provided for in
        Clause 12(u) if and to the extent required by the provisions thereof.
        The acceptance by the Note Trustee of, and its actions on, an Opinion of
        Counsel shall be sufficient evidence that such counsel is acceptable to
        the Note Trustee;

        "PAYING AGENCY AND AGENT BANK AGREEMENT" means the paying agency and
        agent bank agreement of even date herewith and made between the Issuer,
        the Paying Agents, the Transfer Agent, the Registrar, the Agent Bank and
        the Note Trustee;

        "PAYING AGENTS" means the Principal Paying Agent and any other person
        appointed as paying agent pursuant to the Paying Agency and Agent Bank
        Agreement, and "PAYING AGENT" means any of them;

        "PRINCIPAL AMOUNT OUTSTANDING" means in relation to a Note on any date,
        the principal amount of that Note on the date of issue less the
        aggregate amount of all principal payments in respect of that Note that
        have been paid by the Issuer to the Noteholder concerned under the Note
        Conditions prior to such date in accordance with the Note Conditions;

        "PRINCIPAL PAYING AGENT" means The Bank of New York acting through its
        London branch located at One Canada Square, London E14 5AL, or such
        other Principal Paying Agent in respect of the Notes for the time being
        as may have been appointed as such by the Issuer with the prior approval
        of, and on terms previously approved in writing, by the Note Trustee and
        (except in the case of initial Principal Paying Agent), notice of whose
        appointment has been given to the Noteholders pursuant to Clause 10(m)
        in accordance with the Note Conditions;

        "PROGRAMME" means the secured medium term note issuance programme
        established by the MTN Issuer;

        "RATING AGENCIES" means Moody's and S&P;

        "REGISTER" means the register maintained by the Registrar in accordance
        with Clause 4.1 of the Paying Agency and Agent Bank Agreement;

        "REGISTRAR" means the registrar appointed in accordance with the terms
        of the Paying Agency and Agent Bank Agreement;

        "S&P" means Standard and Poor's Ratings Group, a division of the
        McGraw-Hill Companies Inc.;

                                      - 7 -

<PAGE>

        "SCHEDULED REDEMPTION DATE" means the Interest Payment Date falling in
        [_];

        "SEC" means the United States Securities and Exchange Commission;

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

        "SECURITY TRUSTEE" means The Bank of New York in its capacity as
        security trustee in respect of the Programme;

        "SENIOR NOTES" means in relation to the Class B Notes, the Class A
        Notes, and in relation to the Class C Notes, the Class A Notes and the
        Class B Notes;

        "SENIOR NOTEHOLDERS" means in relation to the Class B Noteholders, the
        Class A Noteholders and in relation to the Class C Noteholders, the
        Class A Noteholders and the Class B Noteholders;

        "SENIOR UNDERWRITING AGREEMENT" means the underwriting agreement dated
        [_] 2002 and made between the Issuer and the Managers (as defined
        therein) in respect of the Class A Notes;

        "SERIES 02-1 MTN" means the [_] medium term note issued by the MTN
        Issuer under the Programme, and subscribed for by the Issuer using the
        proceeds of the Notes;

        "SERIES 02-1 TERMINATION DATE" means the Interest Payment Date falling
        in [_];

        "SWAP AGREEMENTS" means the Dollar A Swap Agreement, the Dollar B Swap
        Agreement and the Dollar C Swap Agreement;

        "SWAP COUNTERPARTY" means Barclays Bank PLC, acting through its office
        at 5 The North Colonnade, London E14 4BB:

        "TIA" means the United States Trust Indenture Act of 1939, as amended;

        "TRANSFER AGENT" has the meaning given to it in the Paying Agency and
        Agent Bank Agreement;

        "TRUST CORPORATION" means a corporation entitled by rules made under the
        Public Trustee Act 1906 of Great Britain to act as a custodian trustee
        or entitled pursuant to any other comparable legislation applicable to a
        trustee in any other jurisdiction to carry out the functions of a
        custodian trustee and shall be deemed to include the Bank of New York;
        and

        "UNDERWRITING AGREEMENTS" means the Senior Underwriting Agreement and
        the Class B and Class C Subscription Agreement.

1.2     Any reference in this Deed to:

        "OUTSTANDING" means in relation to the Notes, as of any date of
        determination, all the Notes issued other than (a) those Notes which
        have been redeemed in full and cancelled pursuant to Note Condition 6 or
        otherwise pursuant to this Deed; (b) those Notes in respect of which the
        date for redemption in full in accordance with the Conditions has
        occurred and the redemption moneys for which (including all interest
        payable thereon)

                                      - 8 -

<PAGE>

        have been duly paid to the Note Trustee or to the Principal Paying Agent
        in the manner provided in the Paying Agency and Agent Bank Agreement
        (and, where appropriate, notice to that effect has been given to the
        Noteholders in accordance with Note Condition 14) and remain available
        for payment against presentation of the relevant Notes; (c) those Notes
        which have been purchased and cancelled in accordance with Note
        Condition 6; (d) those Notes which have become void under Note Condition
        10,

        provided that for each of the following purposes, namely:

        1.2.1     the right to attend and vote at any meeting of the
                  Noteholders;

        1.2.2     the determination of how many and which Notes are for the time
                  being outstanding for the purposes of Clause 7.1 and Clause
                  18, Note Conditions [_] and [_] and paragraphs 2, 5,
                  6 and 9 of the Eighth Schedule;

        (i)       any discretion, power or authority contained in this Deed
                  which the Note Trustee is required, expressly or impliedly, to
                  exercise in or by reference to the interests of any of the
                  Noteholders; and

        (iii)     the determination by the Note Trustee whether any of the
                  events specified in Note Condition [_] is materially
                  prejudicial to the interests of the Noteholders,

        those Notes (if any) which are for the time being held beneficially by
        or for the account of the Issuer or any of its respective subsidiaries,
        Affiliates or holding companies or other subsidiaries or Affiliates of
        such holding companies shall (unless and until ceasing to be so held or,
        in the case of the Issuer, cancelled) be deemed not to remain
        outstanding;

        "REPAY", "REDEEM" and "PAY" shall each include both the others and
        "REPAID", "REPAYABLE" and "REPAYMENT", "REDEEMED", "REDEEMABLE" and
        "REDEMPTION" and "PAID", "PAYABLE" and "PAYMENT" shall be construed
        accordingly; and

        "THIS DEED" and "TRUST DEED" means this Trust Deed and the Schedules and
        any Trust Deed supplemental hereto and the Schedules (if any) thereto,
        all as from time to time supplemented or modified in accordance with the
        provisions contained in this Deed and where applicable, therein.

1.3     CONSTRUCTION

        1.3.1     In this Deed all references to costs or charges or
                  expenses shall include any value added tax or similar tax
                  charged or chargeable in respect thereof;

        1.3.2     all references to "STERLING", "POUNDS STERLING" or the
                  sign "[POUND]" shall be construed as references to the lawful
                  currency for the time being of the United Kingdom of Great
                  Britain and Northern Ireland; and

        1.3.3     all references to "DOLLARS" or the signs "US$" or "$"
                  shall be construed as references to the lawful currency for
                  the time being of the United States of America.

                                      - 9 -

<PAGE>

1.4     All references in this Deed to any provision of any statute shall be
        deemed also to refer to any statutory modification or re-enactment
        thereof or any statutory instrument, order or regulation made thereunder
        or under such re-enactment.

1.5     Unless otherwise defined herein or unless the context otherwise requires
        words or expressions contained in this Deed shall bear the same meanings
        as in the Companies Act 1985.

1.6     In this Deed references to Schedules, Clauses, sub-clauses, paragraphs
        and sub-paragraphs shall be construed as references to the schedules to
        this Deed and to the clauses, sub-clauses, paragraphs and sub-paragraphs
        of this Deed respectively and, unless otherwise stated, references to
        sub-clauses are references to sub-clauses of the Clause in which the
        reference appears.

1.7     References in this Deed to any action, remedy or method of judicial
        proceeding for the enforcement of the rights of creditors shall be
        deemed to include, in respect of any jurisdiction other than England,
        references to such action, remedy or method of judicial proceeding for
        the enforcement of the rights of creditors available or appropriate in
        such jurisdiction as shall most nearly approximate to such action,
        remedy or method of judicial proceeding described or referred to in this
        Deed.

1.8     Any reference to and the definition of any document (including this
        Deed) shall be deemed to be a reference to such document as from time to
        time amended, supplemented, modified or replaced (in whole or in part),
        but disregarding any amendment, supplement, variation or replacement
        taking place in breach of the terms of this Deed.

1.9     Words denoting the singular number only shall include the plural number
        also and vice versa and words denoting one gender only shall include the
        other genders and words denoting persons only shall include firms and
        corporations and vice versa.

1.10    Any reference in this Deed to any party or person includes any person
        deriving title therefrom and any of their respective successors or
        assigns.

1.11    All headings used herein and in the Schedules shall be disregarded
        for the purposes of the interpretation of this Deed.

1.12    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.      COVENANT TO REPAY AND PAY INTEREST ON THE NOTES; NOTE TRUSTEE'S
        REQUIREMENTS FOLLOWING AN EVENT OF DEFAULT

2.1     ISSUANCE

        2.1.1     The aggregate principal amount on issue at the date hereof of
                  the Notes is limited to $[_] comprising $[_] Class A Notes,
                  $[_] Class B Notes and $[_] Class C Notes.

                                     - 10 -

<PAGE>

        2.1.2     On the date hereof, the Issuer shall issue the Notes
                  subject to the satisfaction of the conditions precedent set
                  forth in the Senior Underwriting Agreement and the Class B and
                  Class C Subscription Agreement. Except as specifically
                  provided herein no additional Notes shall be issued.

2.2     COVENANT TO REPAY

        The Issuer hereby covenants with the Note Trustee that it will, in
        accordance with the terms of the Notes (including the Note Conditions)
        and this Deed, on the Scheduled Redemption Date thereof as specified in
        such Note Conditions, or on each such earlier date as the Notes, or any
        of them or any part thereof, may become repayable thereunder (whether in
        full or in part), pay or procure to be paid unconditionally to or to the
        order of the Note Trustee in Dollars in New York for immediate value the
        principal amount of such Notes repayable subject to and in accordance
        with the terms of such Notes (including the Note Conditions) and this
        Deed, on that date and shall, subject to the terms of such Notes
        (including the Note Conditions), in the meantime and until such payment
        (after as well as before any judgment or other order of a court of
        competent jurisdiction) pay or procure to be paid unconditionally to or
        to the order of the Note Trustee as aforesaid interest on the Principal
        Amount Outstanding of the Notes at the rates calculated from time to
        time in accordance with and on the dates provided for in the Note
        Conditions, provided that:

        2.2.1     if on the Scheduled Redemption Date there are insufficient
                  funds available to be applied in or towards redemption of the
                  Notes in full pursuant to this Clause 2.2 then the above
                  reference to "Scheduled Redemption Date" in Clause 2.2 shall
                  be deemed to be replaced by a reference to the "Series 02-1
                  Termination Date" and the covenant contained in this
                  Clause 2.2 shall be construed accordingly;

        2.2.2     every payment of principal or interest in respect of the
                  Notes to or to the account of the New York Paying Agent in the
                  manner provided in the Paying Agency and Agent Bank Agreement
                  shall satisfy, to the extent of such payment, the relative
                  covenant in relation to such Notes by the Issuer contained in
                  this Clause except to the extent that there is default in the
                  subsequent payment thereof by the New York Paying Agent (in
                  the case of any of the Global Note Certificates) to or to the
                  order of the registered owner thereof in accordance with the
                  provisions of the Global Note Certificates or (in the case of
                  the Individual Note Certificates relating thereto) to the
                  relevant Noteholders;

        2.2.3     in any case where payment of principal or interest in
                  respect of the Notes is not made to the New York Paying Agent
                  on or before the due date whether at scheduled maturity or
                  accelerated maturity following an Event of Default or on an
                  Interest Payment Date, interest shall continue to accrue on
                  such amount (both before and after judgment or other order of
                  a court of competent jurisdiction) at the rate calculated in
                  accordance with Note Condition [_] plus a margin of
                  [_]% per annum until (subject to the provisions of Note
                  Condition [_] and Note Condition [_]) whichever is
                  the earlier of (i) the day on which all sums due in respect of
                  such Note up to that day are received by or on behalf of the
                  relevant Noteholder and (ii) the day which is seven days after
                  the New York Paying

                                     - 11 -

<PAGE>

                  Agent or the Note Trustee has notified the Noteholders either
                  in accordance with Note Condition [_] or individually
                  that it has received all sums due in respect of the Notes up
                  to such seventh day (except to the extent that there is any
                  subsequent default in payment);

        2.2.4     in any case where payment of principal or interest in
                  respect of any Notes is improperly withheld or refused upon
                  due presentation thereof (other than in circumstances
                  contemplated by sub-clause 2.2.2 and Note Condition [_])
                  interest shall accrue on that principal or interest amount or
                  part thereof payment of which has been so withheld or refused
                  (both before and after judgment or other order of a court of
                  competent jurisdiction) at the rate calculated in accordance
                  with Note Condition [_] plus a margin of [_]% per
                  annum from and including the date of such withholding or
                  refusal until the date on which upon presentation of the
                  relevant Note payment of the full amount (including interest
                  as aforesaid) is in fact made or (if earlier the seventh day
                  after notice is given in accordance with Note Condition
                  [_] that the full amount payable in respect of such Note
                  is available for payment), provided that, upon the
                  presentation of the relevant Note, payment is in fact made;
                  and

        2.2.5     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.

2.3     FOLLOWING AN EVENT OF DEFAULT

        At any time after an Event of Default or the Notes shall otherwise have
        become due and repayable or the Note Trustee shall have received any
        money which it proposes to pay under Clause 8 to the Noteholders or at
        any time after Individual Note Certificates have not been issued when so
        required in accordance with this Deed, the Note Trustee may:

        2.3.1     by notice in writing to the Issuer, the Principal Paying
                  Agent, the Agent Bank, the Registrar, and the other Paying
                  Agents require the Principal Paying Agent, the Registrar, the
                  other Paying Agents and the Agent Bank pursuant to the Paying
                  Agency and the Agent Bank Agreement:

                  (a)   to act thereafter as Principal Paying Agent, Paying
                        Agents, the Registrar and the Agent Bank respectively of
                        the Note Trustee in relation to payments to be made or
                        in relation to calculations and other related functions
                        (as the case may be) by or on behalf of the Note Trustee
                        under the provisions of this Deed on the terms provided
                        in the Paying Agency and Agent Bank Agreement (with
                        consequential amendments as necessary and save that the
                        Note Trustee's liability under any provisions thereof
                        for the indemnification of the Principal Paying Agent,
                        the Paying Agents, the Registrar and the Agent Bank
                        shall be limited to that amount for the time being held
                        by the Note Trustee on the relative trusts of this Deed
                        which is available to be applied by the Note Trustee for
                        such purpose) and

                                     - 12 -

<PAGE>

                        thereafter to hold all Note Certificates and all sums,
                        documents and records held by them in respect of the
                        Notes on behalf of the Note Trustee; and/or

                  (b)   to deliver up all Note Certificates and all sums,
                        documents and records held by them in respect of such
                        Notes to the Note Trustee or as the Note Trustee shall
                        direct in such notice,

                  provided that such notice shall be deemed not to apply to any
                  documents or records which the relevant Paying Agent, the
                  Registrar or Agent Bank is obliged not to release by any law
                  or regulation; and

        2.3.2     by notice in writing to the Issuer require it to make all
                  subsequent payments in respect of the Notes appertaining
                  thereto to or to the order of the Note Trustee and not to the
                  Principal Paying Agent and, with effect from the issue of any
                  such notice to the Issuer and until such notice is withdrawn,
                  Clause 2.2.2 shall cease to have effect.

3.      FORM OF ISSUE OF NOTES; ISSUE OF INDIVIDUAL NOTE CERTIFICATES

3.1     GLOBAL NOTE CERTIFICATES

        3.1.1     The Notes shall on issue be represented by the Global Note
                  Certificates. The Issuer shall on the date hereof deposit
                  the Global Note Certificates with and register them in the
                  name of a nominee for a common depository of the Clearing
                  Systems.

        3.1.2     The Global Note Certificates shall be printed or typed
                  in the form or substantially in the forms set out in the First
                  Schedule, the Second Schedule and the Third Schedule.

        3.1.3     The procedures as regards the exchange, authentication,
                  delivery, surrender, cancellation, presentation, marking down
                  of any of the Global Notes (or part thereof) and any other
                  matters to be carried out by the relevant parties upon such
                  exchange (in whole or part) shall be made in accordance with
                  the provisions of the relevant terms of the Global Notes, the
                  Paying Agency and Agent Bank Agreement and the rules and
                  procedures of DTC, Clearstream, Luxembourg and Euroclear for
                  the time being. The Global Notes shall be in the aggregate
                  principal amount of up to $[_] in respect of the Class A
                  Global Note $[_] in respect of the Class B Global Note
                  and $[_] in respect of the Class C Global Note and each
                  of the Global Notes shall be signed manually by a person duly
                  authorised by the Issuer on behalf of the Issuer.

        3.1.4     The Issuer shall procure that, prior to the issue and
                  delivery of each Global Note Certificate, each Global Note
                  Certificate will be authenticated by an authorised signatory
                  on behalf of the Registrar and no Global Note Certificate
                  shall be valid for any purpose unless and until so
                  authenticated. Until it (or part thereof) has been exchanged
                  pursuant to this Clause 3.1 or Clause 3.2 each Global Note
                  Certificate shall be subject to the provisions of this Deed
                  and the registered

                                     - 13 -

<PAGE>

                  owner of the corresponding Note shall be the only person
                  entitled to receive payments of principal and interest as set
                  out therein.

3.2      ISSUE OF INDIVIDUAL NOTE CERTIFICATES

         3.2.1    If (while the Notes are represented by Global Note
                  Certificates):

                  (a)   the Notes become immediately due and repayable by
                        reason of an Event of Default; or

                  (b)   DTC at any time notifies the Note Trustee that it is
                        at any time unwilling or unable to continue as or ceases
                        to be, a clearing agency as defined in the United States
                        Securities Act of 1934 or is at any time no longer
                        eligible to act as such and the Issuer is (in the case
                        of DTC ceasing to be a Depository) unable to locate a
                        qualified successor within 90 days of receiving notice
                        of such ineligibility on the part of DTC; or

                  (c)   Euroclear or Clearstream, Luxembourg is closed for
                        business for a continuous period of 14 days (other than
                        by reason of legal holidays) or announces an intention
                        permanently to cease business;

                  then the Issuer shall (subject as mentioned below), in the
                  event of sub-clauses (a), (b) or (c) above (but subject to
                  Clause 3.2.3 below) within 30 days of the occurrence of the
                  relevant event issue Individual Note Certificates in exchange
                  for the whole (or the remaining parts(s) outstanding) of the
                  relevant Global Note Certificate.

        3.2.2     All Individual Note Certificates shall be printed, executed
                  and delivered as set out below but shall be held by the
                  Registrar until a Noteholder requests that the Individual Note
                  Certificates to which he is entitled in exchange for his
                  interest in the Global Note Certificates be issued, whereupon
                  the Individual Note Certificates shall be issued as aforesaid.
                  The procedures to be carried out by the relevant parties upon
                  such exchange shall be made in accordance with the provisions
                  of the relevant terms of the relevant Global Note Certificate
                  in respect of which exchange is to be made and/or the normal
                  practice of the Registrar and the rules and procedures of DTC,
                  Clearstream, Luxembourg and Euroclear for the time being.
                  Additionally, if any of the events mentioned in Clause 3.2.1
                  above occurs whilst the Notes (or any part thereof) are
                  represented by a Global Note Certificate (or part thereof),
                  such Global Note Certificate (or part thereof) shall forthwith
                  be exchanged for the Individual Note Certificates (or part
                  thereof) in accordance with its terms and Clause 3.1 above so
                  that the relevant Notes (or any part thereof) are then
                  represented solely by such Individual Note Certificates.

        3.2.3     Notwithstanding the foregoing provisions of this Clause 3.2,
                  the Issuer shall not be obliged to issue Individual Note
                  Certificates until the later of (a) the expiry of 40 days
                  after the date hereof and (b) 30 days after the occurrence of
                  the relevant event.

                                     - 14 -

<PAGE>

3.3     ISSUER TO NOTIFY NOTE TRUSTEE AND NOTEHOLDERS

        The Issuer shall notify the Note Trustee forthwith upon the occurrence
        of any of the events referred to in Clause 3.2.1 and shall, unless the
        Note Trustee agrees otherwise, promptly give notice thereof and of its
        obligations to issue Individual Note Certificates to the Class A
        Noteholders, the Class B Noteholders or (as the case may be) the Class C
        Noteholders in accordance with Note Condition 14.

3.4     FORM OF THE INDIVIDUAL NOTE CERTIFICATES

        The Individual Note Certificates shall be security printed in accordance
        with all applicable legal requirements in or substantially in the form
        set in the Fourth Schedule for Class A Notes, the Fifth Schedule for
        Class B Notes and the Sixth Schedule for Class C Notes and shall be
        payable or distributable to the registered holder thereof and the
        Individual Note Certificates shall be issued in the denomination of,
        $1,000 each (in each case serially numbered) and shall be endorsed with
        the Note Conditions. Title to the Individual Note Certificates shall
        pass by registration in the Register.

3.5     SIGNATURE

        The Individual Note Certificates shall be signed manually or in
        facsimile by two of the Directors of the Issuer. The Issuer may use the
        facsimile signature of any person who at the date of printing of the
        Individual Note Certificates is a Director of the Issuer notwithstanding
        that at the time of issue of any of the Individual Note Certificates he
        may have ceased for any reason to be the holder of such office and the
        Individual Note Certificates so executed shall be binding and valid
        obligations of the Issuer. The Issuer shall procure that, prior to their
        issue, the Individual Note Certificates will be authenticated by an
        authorised signatory of the Registrar and none of the Individual Note
        Certificates shall be valid for any purpose unless and until so
        authenticated.

4.      COVENANT OF COMPLIANCE

4.1     COVENANT

        The Issuer hereby covenants with the Note Trustee that it will comply
        with and perform and observe all the provisions of this Deed which are
        expressed to be binding on it. The Note Conditions shall be binding on
        the Issuer, the Note Trustee, the Noteholders and all persons claiming
        through or under them respectively.

4.2     ENFORCEMENT

        The Note Trustee shall be entitled to enforce the obligations of the
        Issuer under the Notes and the Note Conditions as if the same were set
        out and contained in this Deed which shall be read and construed as one
        document with the Notes.

4.3     MEETING OF NOTEHOLDERS

        The provisions contained in the Eighth Schedule shall have effect in the
        same manner as if herein set forth.

                                     - 15 -

<PAGE>

4.4     DECLARATION OF TRUST

        The Note Trustee shall hold the benefit of the covenants given in this
        Deed upon trust for itself and the Noteholders according to its and
        their respective interests.

4.5     STATEMENT AS TO COMPLIANCE

        The Issuer will deliver to the Note 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:

        4.5.1     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

        4.5.2     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.

5.      CANCELLATION OF NOTES

5.1     CANCELLATION

        The Issuer shall procure that all Notes (i) which have been redeemed in
        full or (ii) which have been purchased by the Issuer shall forthwith be
        cancelled by or on behalf of the Issuer and a certificate stating the
        aggregate amounts of principal and interest paid in respect of the Notes
        which have been redeemed in full and serial numbers of the corresponding
        Note Certificates shall be given to the Note Trustee by or on behalf of
        the Issuer as soon as possible and in any event within four months after
        the date of such redemption, purchase, payment or replacement (as the
        case may be). The Note Trustee may accept such certificate as conclusive
        evidence of repayment, purchase or replacement PRO TANTO of the Notes or
        payment of interest thereon respectively and of cancellation of the
        relative Notes.

5.2     RECORDS HELD BY PRINCIPAL PAYING AGENT

        The Issuer shall procure (i) that the Registrar shall keep a full and
        complete record of all Notes and of their redemption, payment, exchange
        or cancellation (as the case may be) and (ii) that such records shall be
        made available to the Note Trustee at all reasonable times.

6.      ENFORCEMENT

6.1     DISCRETION OF THE NOTE TRUSTEE

        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 [_], the Note 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

                                     - 16 -

<PAGE>

        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 Note
        Trustee by, and contained in, the Deed of Charge and to enforce its
        obligations under this Deed including, without limitation, to enforce
        repayment of the Notes together with accrued interest and any other
        moneys payable pursuant to this Deed, provided that the Note Trustee
        shall be bound by the terms of the Deed of Charge in determining the
        priority in which any moneys received by it shall be applied.

6.2     STANDARD OF PROOF

        Should the Note 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 Note 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 Note Trustee
        and the Noteholders allowed in any judicial proceedings relating to the
        Issuer, its auditors or its property.

7.      PROCEEDINGS

7.1     NOTE TRUSTEE NOT BOUND

        The Note Trustee shall not be bound to take any such proceedings or
        steps as are mentioned in Clause 6.1 or any other proceedings pursuant
        to or in connection with this Deed, the Notes or any of them or to give
        any notice pursuant to Note Condition [_] unless respectively
        directed or requested to do so (i) by an Extraordinary Resolution or
        (ii) in writing by the holders of at least one quarter of the aggregate
        Principal Amount Outstanding of the Class A Notes for the time being
        outstanding, then the Class B Notes and thereafter the Class C Notes,
        and in either case then only if it shall be indemnified and/or secured
        to its satisfaction against all actions, proceedings, claims and demands
        to which it may thereby render itself liable and all costs, charges,
        damages, liabilities and expenses which it may incur by so doing,
        provided that so long as in relation to any Class of Notes any of the
        Senior Notes are outstanding, the Note Trustee shall not, and shall not
        be bound to, act at the request or direction of the Junior Noteholders
        as aforesaid unless:

        (a)   to do so would not, in its opinion, be materially prejudicial to
              the interests of the Senior Noteholders; or

        (b)   such action is sanctioned by an Extraordinary Resolution of the
              Senior Noteholders.

7.2     LEGAL PROCEEDINGS

        Only the Note Trustee may enforce (i) the security created in favour of
        the Note Trustee by, and contained in, the Deed of Charge or any other
        security or (ii) the provisions of the Notes or this Deed and no
        Noteholders shall be entitled to enforce such security or to

                                     - 17 -

<PAGE>

        proceed directly against the Issuer to enforce its rights under or in
        respect of the Notes or this Trust Deed unless (i) the Note Trustee has
        become bound to institute proceedings and has failed to do so within a
        reasonable time and (ii) such failure is continuing.

8.      PRIORITY OF PAYMENTS AND NOTICE OF PAYMENT

8.1     PRIORITY OF PAYMENTS

        Subject to Clause 9.1 the Note Trustee shall apply all monies received
        by it under this Deed in accordance with the provisions of the Ninth
        Schedule.

8.2     NOTICE OF PAYMENT

        The Note Trustee shall give notice to the relevant Noteholders in
        accordance with Note Condition [_] of the day fixed for any payment
        to them under the Ninth Schedule. Such payment may be made in accordance
        with Note Condition [_] and such payment so made or made by the
        Note Trustee to the New York Paying Agent for such purposes shall be a
        good discharge to the Note Trustee.

9.      INVESTMENT BY NOTE TRUSTEE

9.1     POWER OF INVESTMENT

        If the amount of the moneys at any time available for the payment of
        principal and interest in respect of the Notes under Clause 8 shall be
        less than [10] per cent. of the aggregate Principal Amount Outstanding
        of the Notes the Note Trustee may at its discretion invest such moneys
        in some or one of the investments hereinafter authorised and such
        investments with the resulting income therefrom may be accumulated until
        the accumulations together with any other funds for the time being under
        the control of the Note Trustee and available for such purpose shall
        amount to a sum being not less than [10] per cent. of the aggregate
        Principal Amount Outstanding of the Notes and then such accumulations
        and funds shall be applied in the manner provided in Clause 8.

9.2     AUTHORISED INVESTMENTS

        Any moneys which under this Deed may be invested by the Note Trustee may
        be invested in the name or under the control of the Note Trustee in any
        Authorised Investments and the Note Trustee may at any time or times
        vary any such Authorised Investments into other Authorised Investments
        and shall not be responsible for any loss due to depreciation in value,
        or otherwise resulting from any such Authorised Investments (save due to
        the negligence, fraud or wilful default of the Note Trustee).

9.3     RATE OF INTEREST

        If any bank with which any monies are invested is a subsidiary, holding
        or associated company of the Note Trustee, neither the Note Trustee nor
        that bank shall be obliged to account for any amount of interest greater
        than the standard amount of interest payable to a standard customer on
        an account of the type in which these monies are invested.

                                     - 18 -

<PAGE>

10.     COVENANTS BY THE ISSUER

        So long as any of the Notes remains outstanding the Issuer covenants
        with the Note Trustee that it shall:

        (a)   CONDUCT: at all times carry on and conduct its affairs in a proper
              and efficient manner;

        (b)   INFORMATION: give to the Note Trustee and procure that there is
              given to it such certificates, information and evidence as it
              shall reasonably require and in such form as it shall reasonably
              require (including but without prejudice to the generality of the
              foregoing the procurement by the Issuer of all such certificates
              called for by the Note Trustee pursuant to Clause 12(c) for the
              purpose of the discharge of the duties, trusts, powers,
              authorities and discretions vested in it under this Deed, any
              other Document, or by operation of law);

        (c)   AUDITORS' REPORTS: cause to be prepared and certified by the
              Auditors in respect of each financial year, accounts in such form
              as will comply with accounting principles generally accepted in
              the United Kingdom and with the requirements of the London Stock
              Exchange;

        (d)   BOOKS OF ACCOUNTS: at all times keep proper books of account and
              allow the Note Trustee, the Note Trustee's auditors, or, with the
              Issuer's prior approval, any professional or financial adviser of
              the Note Trustee at any time upon reasonable notice to have free
              access to all books of record and account at the Issuer's
              registered office and other relevant records during normal
              business hours;

        (e)   COPIES OF SECURITIES AND SHAREHOLDERS' DOCUMENTS: send to the Note
              Trustee (in addition to any copies to which it may be entitled as
              a holder of any securities of the Issuer) two copies of every
              balance sheet, profit and loss account, report, circular and
              notice of general meeting and every other document issued or sent
              to its shareholders together with any of the foregoing, and every
              document issued or sent to holders of securities of the Issuer
              other than its shareholders as soon as practicable after the issue
              or publication thereof;

        (f)   NOTIFICATION OF EVENT OF DEFAULT: upon becoming aware thereof
              give notice in writing to the Note Trustee of the occurrence of
              any Event of Default or any condition, event or act which with the
              giving of notice and/or the lapse of time and/or the issue of a
              certificate or determination of materiality would constitute an
              Event of Default and without waiting for the Note Trustee to take
              any action in respect thereof;

        (g)   FINANCIAL STATEMENTS: give to the Note Trustee (a) within
              seven days after demand by the Note Trustee therefor; and (b)
              (without the necessity for any such demand) promptly after the
              publication of its audited accounts in respect of each financial
              period commencing with the financial period first ending after the
              date hereof and in any event not later than 180 days after the end
              of each such financial period a certificate of the Issuer signed
              by two Directors of the Issuer to the effect that, as at a date
              not more than seven days before delivering

                                     - 19 -

<PAGE>

              such certificate (the "RELEVANT DATE"), to the best of the
              knowledge, information and belief of the Issuer, there did not
              exist and had not existed since the relevant date of the previous
              certificate (or in the case of the first such certificate the date
              hereof) any Event of Default or any condition, event or act which
              with the giving of notice and/or the lapse of time and/or the
              issue of a certificate or determination of materiality would
              constitute an Event of Default (or if such exists or existed
              specifying the same) and that during the period from and including
              the relevant date of the last such certificate (or in the case of
              the first such certificate the date hereof) to and including the
              relevant date of such certificate the Issuer has complied with all
              its obligations contained in this Deed and in each of the other
              Documents or (if such is not the case) specifying the respects in
              which it has not complied;

        (h)   FURTHER ACTS: at all times execute and do all such further
              documents, acts and things as may be necessary at any time or
              times in the opinion of the Note Trustee to give effect to the
              Note Conditions and to this Deed and each of the other Documents;

        (i)   MAINTENANCE OF A REGISTRAR AND PAYING AGENTS: at all times
              maintain an Agent Bank a Registrar and Paying Agents in accordance
              with the Note Conditions and at all times maintain any other
              agents required by the Note Conditions, this Deed or any other
              Document relating to any Notes which are outstanding;

        (j)   NOTIFICATION OF LATE PAYMENT: procure the New York Paying
              Agent to notify the Note Trustee forthwith in the event that it
              does not, by the due date for any payment in respect of the Notes
              (or any of the them), receive unconditionally pursuant to the
              Paying Agency and Agent Bank Agreement payment of the full amount
              in Dollars of the moneys payable in accordance with the Conditions
              on such due date in respect of all such Notes;

        (k)   NOTIFICATION OF UNCONDITIONAL PAYMENT: in the event of the
              unconditional payment to the New York Paying Agent of any sum due
              in respect of the Notes (or any of them) being made after the due
              date for payment thereof, forthwith give or procure to be given
              notice to Noteholders in accordance with Note Condition [_]
              that such payment has been made;

        (l)   LISTING: use all reasonable endeavours to obtain and maintain the
              listing of the Notes on the London Stock Exchange (including
              compliance with the continuing obligations applicable to the
              Issuer by virtue of the admission of the Notes to the Official
              List of the London Stock Exchange) or, if it is unable to do so
              having used all reasonable endeavours, use all reasonable
              endeavours to obtain and maintain a quotation or listing of the
              Notes on such other stock exchange or exchanges or securities
              market or markets as the Issuer may (with the prior written
              approval of the Note Trustee) decide, and shall also use all
              reasonable endeavours to procure that there will at all times be
              furnished to the London Stock Exchange or to any other such stock
              exchange or securities market such information as the London Stock
              Exchange or, as the case may be, any other such stock exchange or
              securities market may require to be furnished

                                     - 20 -

<PAGE>

              in accordance with its requirements and shall also upon obtaining
              a quotation or listing of the Notes on such other stock exchange
              or exchanges or securities market or markets enter into a deed
              supplemental to this Deed to effect such consequential amendments
              to this Deed as the Note Trustee may require or as shall be
              requisite to comply with the requirements of any such stock
              exchange or securities market;

        (m)   CHANGE OF AGENTS: give notice to the Noteholders in accordance
              with Note Condition [_] of any appointment, resignation or
              removal of an Agent (other than the appointment of the initial
              Agents) after having obtained the written approval of the Note
              Trustee thereto or of change of the specified office of any Agent,
              provided that so long as any of the Notes remain outstanding, in
              the case of the termination of the appointment of the Agent Bank,
              Principal Paying Agent or New York Paying Agent, no such
              termination shall take effect until a new Agent Bank, Principal
              Paying Agent (in London) or, as the case may be, New York Paying
              Agent (in New York) has been appointed on terms approved in
              writing by the Note Trustee;

        (n)   NOTICE TO NOTEHOLDERS: obtain the prior written approval of the
              Note Trustee to, and promptly give to the Note Trustee, or ensure
              that the Note Trustee receives, four copies of, the form of every
              notice given to the Noteholders in accordance with Note Condition
              [_]; such approval, unless so expressed, shall not constitute
              approval for the purposes of the Financial Services and Markets
              Act 2000 of the United Kingdom of any such notice which is an
              investment advertisement (as therein defined);

        (o)   COMPLIANCE WITH PAYING AGENCY AND AGENT BANK AGREEMENT: comply
              with and perform all its obligations under the Paying Agency and
              Agent Bank Agreement and use all reasonable endeavours to procure
              that each of the Agents and (except where such Agent and the Note
              Trustee are one and the same person) comply with and perform all
              their respective obligations thereunder and any notice given by
              the Note Trustee pursuant to Clause 2.3.1 and not make any
              amendment or modification thereto without the prior written
              approval of the Note Trustee;

        (p)   ASCERTAINMENT OF OUTSTANDING AMOUNTS OF THE NOTES: in order to
              enable the Note Trustee to ascertain the number and amount of
              Notes for the time being outstanding for any of the purposes
              referred to in the proviso to the definition of "OUTSTANDING"
              contained in Clause 1.2, deliver to the Note Trustee forthwith
              upon being so requested in writing by the Note Trustee a
              certificate in writing signed by two Directors of the Issuer
              setting out the total number and the principal amount of the Notes
              which:

              (i)   up to and including the date of such certificate have been
                    purchased by the Issuer and cancelled; and

                                     - 21 -

<PAGE>

              (ii)  are at the date of such certificate beneficially held
                    by or for the account of the Issuer, any of its respective
                    subsidiaries or Affiliates or holding companies or other
                    subsidiaries or Affiliates of such holding companies;

        (q)   COMPLIANCE: at all times comply with and perform all its
              obligations under this Deed, the Conditions and under the
              Documents and use all reasonable endeavours to procure that the
              other parties thereto, other than the Note Trustee (or any person
              which is the Note Trustee acting in another capacity), comply with
              and perform all their respective obligations thereunder and not
              make any amendment or modification thereto or agree to waive or
              authorise any breach thereof without the prior written approval of
              the Note Trustee;

        (r)   MODIFICATIONS TO DOCUMENTS: not waive, modify, amend or consent to
              any waiver modification or amendment of the Documents without the
              consent of the Note Trustee;

        (s)   SEC REPORTS: file with the Note 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 [sec] 314(a);

        (t)   INFORMATION REGARDING NOTEHOLDERS: shall furnish or cause to be
              furnished to the Note Trustee on June 30 and December 31 of each
              year, commencing December 31, 2002, and at such other times as the
              Note Trustee may request in writing, all information in the
              possession or control of the Issuer, or of its registrar, as to
              the names and addresses of the Noteholders, and requiring the Note
              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 registrar;

        (u)   OFFICERS' CERTIFICATES AND OPINIONS OF COUNSEL; STATEMENTS TO BE
              CONTAINED THEREIN: Upon any application, demand or request by the
              Issuer to the Note 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 Note Trustee, the Issuer shall furnish to
              the Note Trustee an Officers' Certificate and Opinion of Counsel
              complying with the provision of Section 314 of the TIA. Each
              certificate or opinion provided for in this Trust Deed and
              delivered to the Note Trustee with respect to compliance with a
              condition or covenant provided for in this Trust Deed shall
              include (a) a statement that the person making such certificate or
              opinion has read such condition or covenant; (b) 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; (c) 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 (d) a

                                     - 22 -

<PAGE>

              statement as to whether or not the opinion of such person, such
              condition or covenant has been complied with;

        (v)   promptly after the execution and delivery of this Trust Deed and
              each supplement hereto, the Issuer will furnish to Note Trustee an
              Opinion of Counsel stating that in the opinion of such counsel,
              appropriate steps have been taken to protect the lien of the Note
              Trustee in the Series 02-1 MTN under the Deed of Charge 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 Note Trustee, not more than three (3)
              months after the anniversary of each calendar year, commencing
              with calendar year [_], an Opinion of Counsel stating either
              that, in the opinion of such Counsel, (i) such action has been
              taken as is necessary for the proper protection of the lien of the
              Note Trustee in the Series 02-1 MTN under the Deed of Charge and
              reciting the details of such action or (ii) no such action is
              necessary for any of such purposes.

11.     REMUNERATION AND INDEMNIFICATION OF NOTE TRUSTEE

11.1    ANNUAL FEE

        The Issuer shall pay to the Note Trustee remuneration for its services
        as trustee as from the date of this Deed, such remuneration to be at
        such annual rate as may from time to time be agreed between the Issuer
        and the Note Trustee. Such remuneration shall be payable in advance on
        15 November in each year (or if such day is not a Business Day, the next
        succeeding Business Day), the first such payment to be made on [_]
        2002 in respect of the period from and including the Closing Date to and
        including November [_]. Remuneration shall accrue from day to day
        and be payable (in priority to payments to the Noteholders) up to (and
        including) the date when, the Notes having become due for redemption in
        full, the redemption moneys and interest thereon to the date of
        redemption have been paid to the New York Paying Agent or the Note
        Trustee.

11.2    ADDITIONAL FEE FOR EXCEPTIONAL DUTIES

        In the event of the Note Trustee giving an Enforcement Notice or
        considering it expedient or necessary or being requested by the Issuer
        to undertake duties which the Note Trustee and the Issuer agree to be of
        an exceptional nature or otherwise outside the scope of the normal
        duties of the Note Trustee under this Deed the Issuer shall pay to the
        Note Trustee such additional remuneration as shall be agreed between
        them.

11.3    TAX

        The Issuer shall in addition pay to the Note Trustee an amount equal to
        the amount of any value added tax or similar tax chargeable in respect
        of its remuneration under this Deed.

11.4    NOTE TRUSTEE'S COSTS AND EXPENSES

        The Issuer shall also pay or discharge all legal fees and other costs,
        charges, liabilities and expenses properly incurred by the Note Trustee
        in relation to the preparation and execution of, the exercise of its
        powers and the performance of its duties under, and in

                                     - 23 -

<PAGE>

        any other manner in relation to, this Deed or the Documents, including
        but not limited to legal and travelling expenses and any stamp, issue,
        registration, documentary and other taxes or duties paid or payable by
        the Note Trustee in connection with any action or legal proceedings
        brought or contemplated by the Note Trustee for enforcing the security
        created in favour of the Note Trustee by, and contained in, the Deed of
        Charge or on its behalf against the Issuer or any other person for
        enforcing any obligations under this Deed, the Notes or the Documents.

11.5    TERMS OF PAYMENT

        All costs, charges, liabilities and expenses incurred and payments made
        by the Note Trustee in the lawful exercise of the powers conferred upon
        it by this Deed and all amounts pursuant to Clause 12(j) and all
        remuneration payable to the Note Trustee shall be payable by the Issuer
        on the Interest Payment Date next following receipt by the Issuer of a
        written demand accompanied by appropriate VAT invoices (to the extent
        that VAT is chargeable) and shall (if not paid on such Interest Payment
        Date) carry interest at the rate of [two] per cent. per annum above the
        base rate from time to time of Barclays Bank PLC from such Interest
        Payment Date.

11.6    DISCHARGE

        Unless otherwise specifically stated in any discharge of this Deed the
        provisions of this Clause 11 and Clause 12(i) shall continue in full
        force and effect notwithstanding such discharge.

11.7    STAMP DUTY

        The Issuer shall pay all stamp, issue, registration, documentary and
        other fees, duties or taxes including interest and penalties, payable on
        or arising out of or in consequence of (i) the constitution and issue of
        the Notes, (ii) the initial delivery of the Notes, (iii) the creation of
        the security constituted by the Deed of Charge, (iv) any action taken by
        the Note Trustee (or any Noteholder where permitted under the Note
        Conditions and this Deed so to do) to enforce the provisions of the
        Notes or this Deed or the Documents or to enforce the said security and
        (v) the execution and delivery of this Deed and the Documents to which
        the Note Trustee is a party.

12.     SUPPLEMENT TO TRUSTEE ACT 1925

        The Note Trustee shall have all powers conferred upon trustees by the
        Trustees Act 1925 and by way of supplement to the Trustee Act 1925 and
        subject to Clause 14, it is expressly declared as follows (which
        provisions shall, except as expressly provided in this Clause 12, be in
        lieu of the provisions contained in section 315(a) of the TIA):

        (a)   ADVICE: The Note Trustee may in relation to this Deed act on the
              advice or opinion of or any information obtained from any lawyer,
              valuer, accountant, banker, broker, credit-rating agency or other
              expert whether obtained by the Issuer, the Note Trustee or
              otherwise and shall not in the absence of negligence or wilful
              misconduct or fraud on the part of the Note Trustee, be
              responsible for any loss occasioned by so acting.

                                     - 24 -

<PAGE>

        (b)   TRANSMISSION OF ADVICE: Any such advice, opinion or information
              may be sent or obtained by letter, telex, telegram, facsimile
              transmission or cable and in the absence of negligence or wilful
              misconduct or fraud on the part of the Note Trustee, the Note
              Trustee shall not be liable for acting on any advice, opinion or
              information purporting to be conveyed by any such letter, telex,
              telegram, facsimile transmission or cable although the same shall
              contain some error or shall not be authentic.

        (c)   CERTIFICATE OF AUTHORISED SIGNATORY: The Note Trustee may call for
              and shall be at liberty to accept as sufficient evidence of any
              fact or matter or the expediency of any transaction or thing,
              unless any of its officers in charge of the administration of this
              Deed shall have actual knowledge or express notice to the
              contrary, a certificate signed by two Directors of the Issuer and
              the Note Trustee shall not be bound in any such case to call for
              further evidence or be responsible for any loss that may be
              occasioned by the Note Trustee acting on such certificate.

        (d)   DEPOSIT OF DOCUMENTS: The Note Trustee shall be at liberty to hold
              or to place this Deed, any other documents relating to this Deed
              and any of the Documents in any part of the world with any banker
              or banking company or company whose business includes undertaking
              the safe custody of documents or lawyer or firm of lawyers
              considered by the Note Trustee to be of good repute and the Note
              Trustee shall not be responsible for or required to insure against
              any loss incurred in connection with any such deposit and may pay
              all sums required to be paid on account of or in respect of any
              such deposit.

        (e)   PAYMENT FOR AND DELIVERY OF THE NOTES: The Note Trustee shall not
              be responsible for the application of the proceeds of the issue of
              any of the Notes by the Issuer or the exchange of any Global Note
              Certificate for any other Global Note Certificate or Individual
              Note Certificate, as the case may be.

        (f)   EVENTS OF DEFAULT: Except to the extent required pursuant to
              section 315(b) of the TIA, the Note Trustee shall not be bound to
              give notice to any person of the execution of this Deed or any of
              the Documents or any transaction contemplated hereby or thereby or
              to take any steps to ascertain whether any Event of Default (or
              any condition, event or act which with the giving of notice and/or
              the lapse of time and/or the issue of a certificate or
              determination of materiality would constitute an Event of Default)
              has happened and, until it shall have actual knowledge or express
              written notice to the contrary, the Note Trustee shall be entitled
              to assume that no Event of Default or such condition, event or act
              has happened and that the Issuer and each other party to any
              Document is observing and performing all the obligations on its
              part contained in the Notes and under this Deed and/or any
              Document to which it is a party.

        (g)   DISCRETION OF THE NOTE TRUSTEE: Save as expressly otherwise
              provided in this Deed, the Note Conditions or the Documents, the
              Note Trustee shall have absolute and uncontrolled discretion as to
              the exercise of the discretions vested in the Note Trustee by this
              Deed, the Note Conditions and the Documents (the

                                     - 25 -

<PAGE>

              exercise of which as between the Note Trustee and the Noteholders
              and other parties thereto shall be conclusive and binding on the
              Noteholders and other parties thereto) but whenever the Note
              Trustee is under the provisions of this Deed, the Note Conditions
              or the Documents bound to act at the request or direction of the
              Noteholders, or any of them, or any other relevant party, the Note
              Trustee shall nevertheless not be so bound unless first
              indemnified to its satisfaction against all actions, proceedings,
              claims and demands to which it may render itself liable and all
              costs, charges, damages, expenses and liabilities which it may
              incur by so doing.

        (h)   RESOLUTION OF THE NOTEHOLDERS: The Note Trustee shall not be
              liable for acting upon any resolution purporting to have been
              passed at any meeting of the Noteholders in respect whereof
              minutes have been made and signed even though subsequent to its
              acting it may be found that there was some defect in the
              constitution of the meeting or the passing of the resolution or
              that for any reason the resolution was not valid or binding upon
              the Noteholders.

        (i)   COVENANT TO INDEMNIFY NOTE TRUSTEE AND OTHERS: Without prejudice
              to the right of indemnity by law given to trustees, the Issuer
              hereby covenants to indemnify and keep indemnified the Note
              Trustee and every attorney, receiver, manager, agent, delegate or
              other person appointed by it under this Deed (after prior
              consultation by the Note Trustee with the Issuer and after
              consideration in good faith by the Note Trustee of any
              representations made by the Issuer concerning the proposed
              appointee except where, in the opinion of the Note Trustee, such
              consultation and consideration was not practicable and in
              particular no such prior consultation will be required if (i) the
              appointment relates to any enforcement action undertaken by the
              Note Trustee through its appointment of a receiver, manager, agent
              or similar officer or (ii) such prior consultation would cause the
              Note Trustee to breach any of its fiduciary duties) from and
              against all liabilities, losses, damages, costs, expenses,
              actions, proceedings, claims and demands incurred by or made
              against it or him in the execution or purported execution of the
              trusts, authorities or discretions of this Deed or the Note
              Conditions or of their powers or in respect of any matter or thing
              done or omitted in any way relating to this Deed, the Note
              Conditions or any of the Documents or any such appointment except
              such as may arise from the negligence or wilful misconduct or
              fraud of any such indemnified person.

        (j)   NOTE TRUSTEE'S CONSENT: Any consent or approval given by the Note
              Trustee for the purpose of this Deed, the Note Conditions and any
              Document may be given on such terms and subject to such conditions
              (if any) as the Note Trustee thinks fit and notwithstanding
              anything to the contrary contained in this Deed, any Document or
              the Note Conditions may be given retrospectively.

        (k)   CONFIDENTIALITY: The Note Trustee shall not (unless and to the
              extent ordered so to do by a court of competent jurisdiction) be
              required to disclose to any Noteholder or any other person any
              confidential financial, price sensitive or other information made
              available to the Note Trustee by the Issuer or any other person in
              connection with the trusts created under this Deed and no
              Noteholder

                                     - 26 -

<PAGE>

              or other person shall be entitled to take any action to obtain
              from the Note Trustee any such information.

        (l)   CURRENCY CONVERSION: Where it is necessary or desirable for any
              purpose in connection with this Deed or the Note Conditions to
              convert any sum from one currency to another it shall (unless
              otherwise provided by this Deed or the Note Conditions or required
              by law) be converted at such rate or rates, in accordance with
              such method and as at such date for the determination of such rate
              of exchange, as may be agreed by the Note Trustee in consultation
              with the Issuer as relevant and any rate, method and date so
              agreed shall be binding on the Issuer and the Noteholders.

        (m)   DEFAULT IN PERFORMANCE: The Note Trustee may certify in accordance
              with the provisions of Note Condition [_] whether or not a
              default by the Issuer in the performance or observance of any of
              its obligations pursuant to that Condition is in its opinion
              materially prejudicial to the interests of the Noteholders and any
              such certificate shall be conclusive and binding upon the Issuer
              and the Noteholders.

        (n)   ASSUMPTION OF DUE PERFORMANCE: The Note Trustee shall not be bound
              to take any steps to ascertain whether any event, condition or
              act, the happening of which would cause a right or remedy to
              become exercisable by the Note Trustee under this Deed or the Note
              Conditions or by the Issuer under any of the Documents has
              happened or to monitor or supervise the observance and performance
              by the Issuer or any of the other parties thereto of their
              respective obligations thereunder and, until it shall have actual
              knowledge to the contrary, the Note Trustee shall be entitled to
              assume that no such event, condition or act has happened and that
              the Issuer and each of the other parties thereto are observing and
              performing all their respective obligations thereunder.

        (o)   RELIANCE ON DOCUMENTS: The Note Trustee shall not be responsible
              for:

              (i)   recitals, statements, warranties or representations of any
                    party contained in any Document or other document entered
                    into in connection therewith and shall assume the accuracy
                    and correctness thereof and the Note Trustee may accept
                    without enquiry, requisition or objection such title as the
                    Issuer may have to the security constituted by the Deed of
                    Charge or any part thereof; or

              (ii)  the execution, legality, effectiveness, adequacy,
                    genuineness, validity or enforceability or admissibility in
                    evidence of any such agreement or other document or security
                    thereby constituted.

              Notwithstanding the generality of the foregoing, each Noteholder
              shall be solely responsible for making its own independent
              appraisal of and investigation into the financial condition,
              creditworthiness, condition, affairs, status and nature of the
              Issuer and the Note Trustee shall not at any time have any
              responsibility for the same and each Noteholder shall not rely on
              the Note Trustee in respect thereof.

                                     - 27 -

<PAGE>

        (p)   CONSIDERATION OF THE INTERESTS OF NOTEHOLDERS: In connection with
              the exercise by it of any of its trusts, powers, authorities and
              discretions under this Deed (including, without limitation, any
              modification, waiver, authorisation, determination or
              substitution) or the Note Conditions, the Note Trustee shall have
              regard to the interests of the Noteholders and, in particular but
              without limitation, shall not have regard to the consequences of
              such exercise for individual Noteholders resulting from their
              being for any purpose domiciled or resident in, or otherwise
              connected with, or subject to the jurisdiction of, any particular
              territory or any political sub-division thereof and the Note
              Trustee shall not be entitled to require, nor shall any Noteholder
              be entitled to claim, from the Issuer, the Note Trustee or any
              other person any indemnification or payment in respect of any tax
              consequence of any such exercise upon individual Noteholders
              except to the extent already provided for in the Note Conditions
              and/or any undertaking given in addition thereto or in
              substitution therefor under this Deed, provided that, where, in
              the opinion of the Note Trustee, there is a conflict between the
              interests of the Senior Noteholders and the Junior Noteholders the
              Trustee shall give priority to the interests of the Senior
              Noteholders whose interests shall prevail.

        (q)   NO LIABILITY FOR EMPLOYEES: The Note Trustee shall not be liable
              for any error of judgment made in good faith by any officer or
              employee of the Note Trustee assigned by the Note Trustee to
              administer its corporate trust matters unless it shall be proved
              that the Note Trustee was negligent in ascertaining the pertinent
              facts.

        (r)   FINANCIAL LIABILITY: No provision of this Deed or the Note
              Conditions shall require the Note Trustee to do anything which may
              be illegal or contrary to applicable law or regulation or expend
              or risk its own funds or otherwise incur any financial liability
              in the performance of any of its duties, or in the exercise of any
              of its rights or powers, if it shall have reasonable grounds for
              believing that repayment of such fund or adequate indemnity
              against such risk or liability is not assured to it.

        (s)   DETERMINATIONS OF THE NOTE TRUSTEE CONCLUSIVE: The Note Trustee as
              between itself and the Noteholders shall have full power to
              determine all questions and doubts arising in relation to any of
              the provisions of this Deed or the Note Conditions, and every such
              determination, whether made upon a question actually raised or
              implied in the acts or proceedings of the Note Trustee, shall be
              conclusive and shall bind the Issuer and the Noteholders.

        (t)   DETERMINATION OF DEFAULT IN PERFORMANCE: The Note Trustee may
              determine whether or not a default in the performance by the
              Issuer of any obligation under the provisions of this Deed or
              contained in the Notes or any of the Documents is capable of
              remedy and, if the Note Trustee shall certify that any such
              default is, in its opinion, not capable of remedy, such
              certificate shall be conclusive and binding upon the Issuer and
              the Noteholders.

                                     - 28 -

<PAGE>

        (u)   RESPONSIBILITY: Notwithstanding the generality of sub-clauses (m)
              or (n) above, the Note Trustee shall not be responsible for the
              genuineness, validity, effectiveness or suitability of any of the
              Documents or other documents entered into in connection therewith
              or any other document or any obligation or rights created or
              purported to be created thereby or pursuant thereto or any
              security or the priority thereof constituted or purported to be
              constituted thereby or pursuant thereto, nor shall it be
              responsible or liable to any person because of any invalidity of
              any provision of such documents or the unenforceability thereof,
              whether arising from statute, law or decision of any court and
              (without prejudice to the generality of the foregoing) the Note
              Trustee shall not have any responsibility for or have any duty to
              make any investigation in respect of or in any way be liable
              whatsoever for:

              (i)    the nature, status, creditworthiness or solvency of the MTN
                     Issuer or the Issuer or any other person or entity who has
                     at any time provided any security or support whether by way
                     of guarantee, charge or otherwise in respect of any advance
                     made to the MTN Issuer or the Issuer;

              (ii)   the title, ownership, value, sufficiency or existence of
                     the Series 02-1 MTN;

              (iii)  the registration, filing, protection or perfection of any
                     assignment or security interest or the priority of the
                     security thereby created;

              (iv)   the existence, accuracy or sufficiency of any legal or
                     other opinions, searches, reports, certificates, valuations
                     or investigations delivered or obtained or required to be
                     delivered or obtained at any time in connection herewith;

              (v)    the failure by the MTN Issuer, the Security Trustee or the
                     Issuer to obtain or comply with any licence, consent or
                     other authority in connection with the origination, sale,
                     purchase or administration of the Series 02-1 MTN or the
                     failure to effect or procure registration of or to give
                     notice to any person in relation to the Series 02-1 MTN or
                     other Documents or otherwise protect interests in, and/or
                     the security created or purported to be created by or
                     pursuant to the Series 02-1 MTN or other documents entered
                     into in connection therewith;

              (vi)   the failure to call for delivery of documents of title to
                     or require any transfers, legal mortgages, charges or other
                     further assurances in relation to any of the assets the
                     subject matter of any of the Documents or any other
                     document;

              (vii)  any accounts, books, records or files maintained by the
                     Issuer, the MTN Issuer, the Security Trustee or any other
                     person in respect of the Series 02-1 MTN;

              (viii) obtaining insurance for any of the security constituted by
                     the Deed of Charge or any deeds or documents of title or
                     other evidence in respect

                                     - 29 -

<PAGE>

                     thereof and shall not be responsible for any loss, expense
                     or liability which may be suffered as a result of the lack
                     of or inadequacy of any such insurance; or

              (ix)   any deficiency in amounts payable to Noteholders by virtue
                     of the Note Trustee being liable to tax or obliged to
                     deduct tax in respect of sums received, held or paid out by
                     it under the Documents.

        (v)   EXCLUSION OF LIABILITY: The Note Trustee shall not be liable
              or responsible for any loss, cost, damages, expenses or
              inconvenience which may result from anything done or omitted to be
              done by it in accordance with the provisions of this Deed, any
              Documents or any other document or as a consequence of or in
              connection with it being held or treated as, or being deemed to
              be, a creditor, for the purposes of the Consumer Credit Act 1974,
              in respect of any of the Receivables.

        (w)   CERTIFICATES OF OTHER PARTIES TO THE DOCUMENTS: The Note Trustee
              shall be entitled to call for and to rely upon a certificate or
              any letter of confirmation or explanation reasonably believed by
              it to be genuine, of the MTN Trustee, the Agent Bank or any Paying
              Agent, the Rating Agencies or any other credit-rating agency in
              respect of every matter and circumstance for which a certificate
              is expressly provided for under this Deed or in respect of the
              rating of the Notes or the Note Conditions and to call for and
              rely upon a certificate of the MTN Issuer or the Security Trustee
              reasonably believed by it to be genuine as to any other fact or
              matter prima facie within the knowledge of the Series 02-1 MTN
              Issuer or the Security Trustee as sufficient evidence thereof and
              the Note Trustee shall not be bound in any such case to call for
              further evidence or be responsible for any loss, liability, costs,
              damages, expenses or inconvenience that may be occasioned by its
              failing so to do.

        (x)   CONSEQUENCE OF MODIFICATIONS: In connection with any proposed
              modification, waiver, authorisation or determination permitted by
              the terms of this Deed or the Note Conditions, the Note Trustee
              shall not have regard to the consequences thereof for individual
              Noteholders resulting from their being for any purpose domiciled
              or resident in, or otherwise connected with, or subject to, the
              jurisdiction of any particular territory.

        (y)   RESPONSIBILITY FOR THE RATING OF THE NOTES: The Note Trustee shall
              have no responsibility for the maintenance of any rating of the
              Notes by the Rating Agencies or any other credit-rating agency or
              any other person.

        (z)   GLOBAL NOTES AND NOTEHOLDERS: For the avoidance of doubt, to the
              extent that any Notes are in global registered form, the Note
              Trustee shall be entitled to rely on a certificate from DTC,
              Euroclear or Clearstream, Luxembourg in determining whether a
              person is a "NOTEHOLDER" for the purposes of this Deed and the
              Note Conditions except for the purposes of payments in respect of
              such Global Note, the right to which shall be vested solely in the
              registered owner thereof.

                                     - 30 -

<PAGE>

        (aa)  NO LIABILITY AS A RESULT OF THE DELIVERY OF A CERTIFICATE: The
              Note Trustee shall have no liability whatsoever for any loss,
              cost, damages or expenses directly or indirectly suffered or
              incurred by the Issuer, any Noteholder or any other person as a
              result of the delivery by the Note Trustee of a certificate, or
              the omission by it to deliver a certificate, to the Issuer as to
              material prejudice pursuant to Note Condition [_], on the
              basis of an opinion formed by it in good faith.

        (bb)  NO DUTY TO SUPERVISE: The Note Trustee shall be under no
              obligation to monitor or supervise the functions of any other
              person under any Document and shall be entitled, in the absence of
              actual knowledge by the persons administering this trust of a
              breach of duty or obligation, to assume that such other person is
              properly performing its obligations in accordance with each
              Document.

        (cc)  CALCULATION OF INTEREST: The Note Trustee acknowledges that the
              Agent Bank is responsible, pursuant to Note Condition [_],
              for determining the amount of interest due in relation to any
              Interest Payment Date and the actual amount of interest on the
              Notes and the Note Trustee shall have no responsibility to
              recalculate any such amounts notwithstanding a manifest error
              therein. However, if the Agent Bank fails at any time to determine
              such amount the Note Trustee, or its appointed agent, without
              accepting any liability therefore, may determine such amount in
              accordance with Note Condition [_], and such determination
              shall be deemed to have been made by the Agent Bank pursuant to
              Note Condition [_] and the Note Trustee shall have no
              liability in respect thereof other than as a result of the
              negligence, bad faith or wilful default of the Note Trustee;

        (dd)  MATERIAL PREJUDICE: The Note Trustee shall be entitled to assume,
              for the purposes of exercising any power, trust, authority, duty
              or discretion under or in relation to this Deed or the Note
              Conditions that such exercise will not be materially prejudicial
              to the interests of the Noteholders if the Rating Agencies have
              confirmed that the then current rating of the Notes would not be
              adversely affected by such exercise.

        (ee)  REPORTS BY NOTE TRUSTEE TO NOTEHOLDERS: 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 Note Trustee
              shall deliver to each Noteholder a brief report dated as of such
              November 15 that complies with TIA Section 313(a). The Note
              Trustee also shall comply with TIA Section 313(b), (c) and (d).

              Reports delivered pursuant to this Clause 12(ee) shall be sent as
              provided in Clause 22.3.

        (ff)  PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUER: The Note
              Trustee shall comply with TIA Section 311(a), excluding any
              creditor relationship listed in TIA Section 311(b). A Note 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.

                                     - 31 -

<PAGE>

        (gg)  WHEN TREASURY SECURITIES DISREGARDED: In determining whether the
              Noteholders 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 Note
              Trustee shall be protected in relying on any such direction,
              waiver or consent, only Notes which the Note Trustee knows are so
              owned shall be disregarded.

        (hh)  DUTIES OF THE TRUSTEE: Notwithstanding any additional duties
              imposed on the Note Trustee under the Trustees Act 1925 or
              otherwise, if an Event of Default has occurred and is continuing,
              the Note 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.

13.     NOTE TRUSTEE'S LIABILITY

        Nothing in this Deed contained shall in any case in which the Note
        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 Note 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.

14.     DELEGATION BY NOTE TRUSTEE

        The Note Trustee may whenever it thinks fit delegate (after prior
        consultation by the Note Trustee with the Issuer and after consideration
        in good faith by the Note Trustee of any representations made by the
        Issuer concerning the proposed appointee except where, in the opinion of
        the Note Trustee, such consultation and consideration was not
        practicable and in particular no such prior consultation will be
        required if (i) the delegation relates to any enforcement action
        undertaken by the Note Trustee through its appointment of a receiver,
        manager, agent or similar officer or (ii) such prior consultation would
        cause the Note Trustee to breach any of its fiduciary duties) by power
        of attorney or otherwise to any person or persons or fluctuating body of
        persons (whether being a joint trustee of this Deed or not) for any
        period (whether exceeding one year or not) or indefinitely all or any of
        the trusts, powers and authorities vested in the Note Trustee by this
        Deed and such delegation may be made upon such terms and subject to such
        conditions including power to sub-delegate, and subject to such
        regulations as the Note Trustee may in the interests of the Noteholders
        think fit, and provided that the Note Trustee shall have exercised
        reasonable care in the selection of such delegate the Note Trustee shall
        not be in any way responsible for any loss incurred by reason of any
        misconduct or default on the part of any such delegate or sub-delegate.
        The Note Trustee shall within a reasonable time prior to any such
        delegation or any renewal, extension or termination thereof give notice
        thereof to the Issuer.

                                     - 32 -

<PAGE>

15.     EMPLOYMENT OF AGENT BY NOTE TRUSTEE

15.1    POWER OF ATTORNEY

        The Note Trustee may in the conduct of the trusts of this Deed instead
        of acting personally employ (after prior consultation by the Note
        Trustee with the Issuer and after consideration in good faith by the
        Note Trustee of any representations made by the Issuer concerning the
        proposed appointee except where, in the opinion of the Note Trustee,
        such consultation and consideration was not practicable) and pay an
        agent, whether being a lawyer or other professional person, to transact
        or concur in transacting any business and to do or concur in doing all
        acts required to be done in connection with the trusts of this Deed and
        the Documents and its powers and provided that, the Note Trustee shall
        have exercised reasonable care in the selection of such agent, the Note
        Trustee shall not in any way be responsible for any loss incurred by
        reason of any misconduct or default on the part of any such agent
        appointed by it under this Deed or the Documents or to be bound to
        supervise the proceedings, or acts of any such agent.

15.2    AGENT'S FEES

        Any trustee of this Deed being a lawyer, accountant, broker or other
        person engaged in any profession or business shall be entitled to charge
        and be paid all usual professional and other charges for business
        transacted and acts done by him or his firm in connection with the
        trusts of this Deed and the Documents and also his reasonable charges in
        addition to disbursements for all other work and business done and all
        time spent by him or his firm in connection with matters arising in
        connection with this Deed and the Documents.

16.     NOTE TRUSTEE CONTRACTING WITH ISSUER

        Neither the Note Trustee nor any body corporate which is a parent
        undertaking or a subsidiary undertaking, or a subsidiary undertaking of
        a parent undertaking nor any director or officer of a corporation acting
        as a trustee under this Deed, shall by reason of its or his fiduciary
        position, be in any way precluded from entering into or being interested
        in any contract or financial or other transaction or arrangement with
        the Issuer or any other party to any of the Documents or any person or
        body corporate associated with the Issuer including without prejudice to
        the generality of this provision any contract, transaction or
        arrangement of a banking or insurance nature or any contract,
        transaction or arrangement in relation to the making of loans or the
        provision of financial facilities to or the purchase, placing or
        underwriting of or subscribing or procuring subscriptions for or
        otherwise acquiring, holding or dealing with the Notes or any of them,
        or any other bonds, stocks, shares, debenture stock, debentures, notes
        or other securities of the Issuer or any other party to any of the
        Documents or any person or body corporate associated as aforesaid or
        from accepting or holding the trusteeship of any other trust deed
        constituting or securing any other securities issued by or relating to
        the Issuer or any other party to any of the Documents or any such person
        or body corporate so associated or any other office or profit under the
        Issuer or any other party to any of the Documents or any such person or
        body corporate so associated and shall be entitled to retain and shall
        not be in any way liable to account for any profit made or share of

                                     - 33 -

<PAGE>

        brokerage or commission or remuneration or other benefit received
        thereby or in connection therewith.

17.     WAIVER; AUTHORISATION; DETERMINATION; MODIFICATION; SUBSTITUTION OF
        PRINCIPAL DEBTOR

17.1    WAIVER

        The Note Trustee may without prejudice to its rights in respect of any
        subsequent breach, condition, event or act from time to time and at any
        time but only if and in so far as in its opinion the interests of any of
        the Noteholders shall not be materially prejudiced thereby waive or
        authorise in writing on such terms and subject to such conditions as to
        it shall seem fit and proper any breach or proposed breach by the Issuer
        or any other person of any of the covenants or provisions contained in
        this Deed or in the Notes (including the Note Conditions) or any other
        Document or determine that any condition, event or act which
        constitutes, or which with the giving of notice and/or the lapse of time
        and/or the issue of a certificate or determination or materiality would
        constitute, but for such determination, an Event of Default shall not,
        or shall not subject to specified conditions, be treated as such for the
        purposes of this Deed, provided that the Note Trustee shall not exercise
        any powers conferred on it by this Clause in contravention of any
        express direction given by Extraordinary Resolution or by a request
        under Note Conditions [_] and [_] but so that no such
        direction or request shall affect any waiver, authorisation or
        determination previously given or made. Any such waiver, authorisation
        or determination shall be binding on the Noteholders and if, but only
        if, the Note Trustee shall so require, shall be notified by the Issuer
        to the Noteholders in accordance with Note Condition [_] as soon as
        practicable thereafter. The provisions of this Clause 17.1 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.

17.2    MODIFICATION

        The Note Trustee may, without the consent of the Noteholders at any time
        and from time to time concur with the Issuer in making any modification
        (i) to this Deed or the Note Conditions (other than the provisos to
        paragraph 5 of the Eighth Schedule or any provision of this Deed or the
        Note Conditions referred to in those provisos and this Clause 17.2) or
        any other Documents which in the opinion of the Note Trustee it may be
        proper to make, provided that the Note Trustee is of the opinion that
        such modification will not be materially prejudicial to the interests of
        any of the Noteholders or (ii) to this Deed or the Note Conditions or
        any Documents if in the opinion of the Note Trustee such modification is
        of a formal, minor or technical nature or to correct a manifest error.
        Any such modification shall be binding upon the Noteholders and, unless
        the Note Trustee agrees otherwise, shall be notified by the Issuer to
        the Noteholders in accordance with Note Condition [_]. In addition
        so long as the Notes are rated by the Rating Agencies, any such
        modification shall be notified in writing by the Issuer to the Rating
        Agencies as soon as reasonably practicable thereafter.

17.3    SUBSTITUTION: The Note 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

                                     - 34 -

<PAGE>

        defined below) as the principal debtor in respect of the Notes of any
        other body corporate (the "SUBSTITUTED ISSUER") provided that:

        (a)   a trust deed or an indenture is executed or some other form of
              undertaking is given by the Substituted Issuer to the Note Trustee
              in form and manner satisfactory to the Note Trustee to be bound by
              the terms of this Trust Deed and by the Note Conditions (with any
              consequential amendments which the Note Trustee may reasonably
              consider or deem to be appropriate) as fully as if the Substituted
              Issuer had been a party to this Trust Deed and named herein and in
              the Notes as the principal debtor in respect of the Notes in place
              of the Issuer;

        (b)   the Substituted Issuer becomes a party to the Paying Agency and
              Agent Bank Agreement and the Deed of Charge or to equivalent
              documents acceptable to the Note Trustee;

        (c)   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 Note 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);

        (d)   the Note Trustee is satisfied that the relevant transaction is not
              materially prejudicial to the interest of Noteholders;

        (e)   confirmation is received from the Rating Agencies that the Class
              A Notes remain AAA rated by S&P and Aaa rated by Moody's and the
              Class B Notes remain [A] rated by S&P and A1 rated by Moody's
              and the Class C Notes remain [BBB] rated by S&P [and [_] by
              Moody's] and that such ratings will not be lowered as a result
              of the substitution;

        (f)   the Note 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 Trust Deed and (ii) such
              approvals and consents are at the time of substitution in full
              force and effect; and

        (g)   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 Note 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 Note
              Trustee may direct.

        In connection with any proposed substitution of the Issuer or, as the
        case may be, any previous Substituted Issuer, the Note 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 Trust Deed and/or the
        Paying Agency and Agent Bank Agreement provided that

                                     - 35 -

<PAGE>

        such change of governing law, in the opinion of the Note Trustee, would
        not be materially prejudicial to the interests of the Noteholders.

17.4    REGISTERED OWNER DEEMED ABSOLUTE OWNER

        So long as the Notes, or any of them, are represented by a Global Note
        Certificate and except for the purposes of payments in respect thereof,
        the right to which shall be vested, as against the Issuer, the Note
        Trustee and the Agents, solely in the registered owner of the Note in
        accordance with and subject to its terms and the terms of this Trust
        Deed (whether or not such Note shall be overdue) and notwithstanding any
        notation or notice of ownership or writing thereon or any notice of
        previous loss or theft), the Issuer, the Note Trustee and any Registrar
        may deem and treat the person for the time being shown in the records of
        DTC, Euroclear or Clearstream Luxembourg as the holder of any Note as
        the absolute owner of such Note and the Issuer, the Note Trustee and the
        Registrar shall not be affected by any notice to the contrary. So long
        as the Notes, or any of them, are represented by Individual Note
        Certificates, the Issuer, the Note Trustee and any Agent may deem and
        treat the person for the time being shown in the Register to be the
        registered owner of such Note as the absolute owner of such Note and the
        Issuer, the Note Trustee and the Agents shall not be affected by any
        notice to the contrary. 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 moneys payable upon such Notes.

17.5    CLEARING SYSTEM CERTIFICATES

        The Issuer and the Note Trustee may call for and shall be at liberty to
        accept and place full reliance on as sufficient evidence thereof a
        certificate or letter or confirmation signed on behalf of DTC, Euroclear
        or Clearstream, Luxembourg or any form of record made by 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 a Global Note.

18.     CURRENCY INDEMNITY

        If any sum due from the Issuer to the Note Trustee or the relevant
        Noteholders under this Deed or the relevant Notes or any order or
        judgment given or made in relation thereto has to be converted from the
        currency (the "FIRST CURRENCY") in which the same is payable into
        another currency (the "SECOND CURRENCY") for the purpose of (a) making
        or filing a claim or proof against the Issuer, (b) obtaining an order or
        judgment in any court or other tribunal or (c) enforcing any order or
        judgment given or made in relation to this Deed or the relevant Notes
        then the Issuer shall indemnify the Note Trustee and the Noteholders and
        keep them indemnified against any loss or damage, costs or expenses
        incurred by any of them arising as a result of any discrepancy between
        (i) the rate of exchange used for such purpose to convert the sum in
        question from the first currency into the second currency and (ii) the
        rate or rates of exchange at which the Note Trustee and the Noteholders,
        as the case may be, may in the ordinary course of business purchase the
        first currency with the second currency upon receipt of the sum paid to
        it or them, as the case may be, in satisfaction, in whole or in part of
        any such obligation, order, judgment, claim or proof.

                                     - 36 -

<PAGE>

        The above indemnities shall constitute obligations of the Issuer
        separate and independent from its obligations under the Notes and shall
        apply irrespective of any indulgence granted by the Note Trustee or the
        Noteholders 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) or the Notes. Any such discrepancy as aforesaid shall be deemed
        to constitute a loss suffered by the Note Trustee and the Noteholders
        and no proof or evidence of any actual loss shall be required by the
        Issuer or its liquidator.

19.     ELIGIBILITY AND DISQUALIFICATION; NEW NOTE TRUSTEE; SEPARATE AND
        CO-NOTE TRUSTEES; NOTE TRUSTEE INFORMATION

19.1    ELIGIBILITY; DISQUALIFICATION

        This Deed shall always have a Note Trustee which shall be eligible to
        act as Note Trustee under TIA Sections 310(a)(1) and 310(a)(2). The Note
        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 Note Trustee has or shall acquire any "conflicting
        interest" within the meaning of TIA Section 310(b), the Note 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 Note Trustee shall
        cease to be eligible in accordance with the provisions of this Clause
        19.1, the Note Trustee shall resign promptly in the manner and with the
        effect specified in Clause 20.

19.2    APPOINTMENT OF NEW NOTE TRUSTEE

        The power to appoint a new trustee of this Deed shall be vested in the
        Issuer but no person shall be appointed who shall not previously have
        been approved by an Extraordinary Resolution of the Noteholders. One or
        more persons may hold office as trustee or trustees of this Deed but
        such trustee or trustees shall be or include a Trust Corporation.
        Whenever there shall be more than two trustees of this Deed the majority
        of such trustees shall be competent to execute and exercise all the
        duties, powers, trusts, authorities and discretions vested in the Note
        Trustee by this Deed, provided that a Trust Corporation shall be
        included in such majority.

19.3    CO-TRUSTEE

        Notwithstanding the provisions of Clause 20, the Note Trustee may (after
        prior consultation by the Note Trustee with the Issuer and after
        consideration in good faith by the Note Trustee of any representations
        made by the Issuer concerning the proposed appointee except where, in
        the opinion of the Note Trustee, such consultation and consideration was
        not practicable), upon giving prior notice to the Issuer (but without
        the consent of the Issuer or the Noteholders), appoint any person
        established or resident in

                                     - 37 -

<PAGE>

        any jurisdiction (whether a Trust Corporation or not) to act either as a
        separate trustee or as a co-trustee jointly with the Note Trustee (i) if
        the Note Trustee considers such appointment to be in the interests of
        the Noteholders or (ii) for the purposes of conforming to any legal
        requirements, restrictions or conditions in any jurisdiction in which
        any particular act or acts is or are to be performed or (iii) for the
        purposes of obtaining a judgment in any jurisdiction or the enforcement
        in any jurisdiction of either a judgment already obtained or any of the
        provisions of this Deed against the Issuer. The Issuer hereby
        irrevocably appoints the Note Trustee to be its attorney in its name and
        on its behalf to execute any such instrument of appointment. Such a
        person shall (subject always to the provisions of this Deed) have such
        trusts, powers, authorities and discretions (not exceeding those
        conferred on the Note Trustee by this Deed) and such duties and
        obligations as shall be conferred or imposed by the instrument of
        appointment. The Note Trustee shall have power in like manner to remove
        any such person. Such reasonable remuneration as the Note Trustee may
        pay to any such person, together with any attributable costs, charges
        and expenses properly incurred by it in performing its function as such
        separate trustee or co-trustee shall for the purposes of this Deed be
        treated as costs, charges and expenses incurred by the Note Trustee.

19.4    Any appointment of a new trustee and/or any retirement or removal of an
        existing trustee of this Deed shall as soon as practicable thereafter be
        notified by the Issuer to the Registrar and the Noteholders and to the
        Rating Agencies.

19.5    The Note Trustee shall provide to the Issuer upon request copies of its
        annual financial statements.

20.     NOTE TRUSTEE'S RETIREMENT AND REMOVAL

20.1    A trustee of this Deed may retire at any time on giving not less than 30
        days prior written notice to the Issuer without assigning any reason and
        without being responsible for any costs occasioned by such retirement.
        The Class A Noteholders or, if none of the Class A Notes remain
        outstanding, the Class B Noteholders or if none of the Class B Notes
        remain outstanding, the Class C Noteholders shall have the power
        exercisable by Extraordinary Resolution to remove any trustee or
        trustees for the time being of this Deed. The Issuer undertakes that in
        the event of the only trustee hereof which is a Trust Corporation giving
        notice under this Clause or being removed by Extraordinary Resolution it
        will use all reasonable endeavours to procure a new trustee of this Deed
        being a Trust Corporation to be appointed as soon as reasonably
        practicable thereafter. The retirement or removal of any such trustee
        shall not become effective until a successor trustee being a Trust
        Corporation is appointed, provided that if the Issuer shall fail to
        appoint a successor within 60 days of the Note Trustee giving notice of
        resignation, then the retiring Note Trustee, having regard to the
        provisions of Clause 20 may appoint a successor.

20.2    Upon any resignation or removal taking effect under Clause 20.1 above,
        the Note Trustee shall forthwith transfer the Series 02-1 MTN held by it
        to its successor and, upon appropriate notice, provide reasonable
        assistance to its successor for the discharge of its duties and
        responsibilities hereunder.

                                     - 38 -

<PAGE>

21.     NOTE TRUSTEE'S POWERS ADDITIONAL

        The powers conferred upon the Note Trustee by this Deed shall be in
        addition to any powers which may from time to time be vested in the Note
        Trustee by the general law or as a holder of any of the Notes.

22.     NOTICES

22.1    DELIVERY OF NOTICES

        Any notice, demand, approval or certificate to the Issuer or the Note
        Trustee required to be given, made or served for any purposes under the
        Notes, or any of them, or this Deed shall be given, made or served by
        sending the same by pre-paid post (first class if inland, first class
        airmail if overseas), telex or facsimile transmission or by delivering
        it by hand as follows:

        to the Issuer:

                  Gracechurch Card Funding (No.2) PLC
                  54 Lombard Street
                  London EC3P 3AH

        with a copy to:

                  Barclays Capital
                  5 The North Colonnade
                  London E14 4BB

                  Attention:        Structured Capital Market
                  Facsimile No:     020 7773 1930

        to the Note Trustee:

                  The Bank of New York
                  One Canada Square
                  London E14 5AL

                  Attention:        Operations Department
                  Facsimile No:     (+44) 207893 6259

        or to such other address, telex or facsimile number or marked for the
        attention of such other person or department as shall have been notified
        (in accordance with this Clause) to the other party hereto and any
        notice or demand sent by post as aforesaid shall be deemed to have been
        given, made or served three days in the case of inland post or seven
        days in the case of overseas post after despatch and any notice or
        demand sent by telex or facsimile transmission as aforesaid shall be
        deemed to have been given, made or served 24 hours after the time of
        despatch, provided that in the case of a notice or demand given by telex
        or facsimile transmission such notice or demand shall forthwith be
        confirmed by post. The failure of the addressee to receive such
        confirmation shall not invalidate the relevant notice or demand given,
        made or served by telex or facsimile transmission.

                                     - 39 -

<PAGE>

22.2    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 Note Trustee, the Registrar and anyone else shall have
        the protection of TIA Section 312(c).

22.3    NOTICES TO NOTEHOLDERS

        Any notice or communication mailed to Noteholders hereunder shall be
        transmitted by mail to all Noteholders, as the names and addresses of
        such Noteholders appear upon the Register.

23.     GOVERNING LAW AND JURISDICTION

23.1    This Deed and the Notes are governed by and shall be construed in
        accordance with English law.

23.2    The Issuer irrevocably agrees for the benefit of the Note Trustee the
        Noteholders that the High Court of Justice in London, England shall have
        non-exclusive 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 Deed or the Notes (respectively, "PROCEEDINGS" and
        "DISPUTES") and, for such purposes, irrevocably submits to the
        jurisdiction of such courts. The Issuer agrees for the benefit of the
        Note Trustee and the Noteholders that any Proceedings against the Issuer
        arising out of or based upon this Deed may be instituted in any state or
        Federal court in the Borough of Manhattan, The City of New York, and
        waives any objection which it may now or hereafter have to the laying of
        venue of any such proceeding and irrevocably submits to the nonexclusive
        jurisdiction of such courts in any suit, action or proceeding. The
        Issuer has appointed [CT Corporation] at its offices at [1633 Broadway,
        New York, New York, 10019] as its authorised agent upon whom process may
        be served in any Proceedings arising out of or based upon this Deed
        which may be instituted in any state or Federal court in the Borough of
        Manhattan, The City of New York and expressly accepts the non-exclusive
        jurisdiction of any such court in respect of any such action. Such
        appointment shall be irrevocable.

23.3    The Issuer irrevocably waives any objection which it might now or
        hereafter have to the courts referred to in Clause 23.2 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.

23.4    The submission to the jurisdiction of the courts referred to in Clause
        23.2 of this Clause shall not (and shall not be construed so as to)
        limit the right of the Note Trustee or any of the Noteholders to take
        Proceedings against the Issuer, the Note Trustee or any other person (as
        applicable) in any other court of competent jurisdiction nor shall the
        taking of Proceedings in any one or more jurisdictions preclude the
        taking of Proceedings in any other jurisdiction (whether concurrently or
        not) if and to the extent permitted by applicable law.

                                     - 40 -

<PAGE>

24.     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.

25.     AMENDMENTS

        This Agreement may be amended, modified or terminated only by written
        instrument or instruments signed by the parties hereto. No act or course
        of dealing shall be deemed to constitute an amendment, modification or
        termination hereof.

26.     COUNTERPARTS

        This Deed may be executed by the parties hereto in separate counterparts
        and any single counterpart or set of counterparts executed and delivered
        by all of the parties hereto shall constitute a full and original deed
        for all purposes.

27.     CERTIFICATES AND OPINIONS

27.1    CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT

        Upon any request or application by the Issuer to the Note Trustee to
        take any action under this Deed, the Issuer shall furnish to the Note
        Trustee:

        27.1.1   an Officers' Certificate (which shall include the statements
                 set forth in Clause 27.2 below) stating that, in the opinion
                 of the signers, all conditions precedent, if any, provided
                 for in this Deed relating to the proposed action have been
                 complied with; and

        27.1.2   an Opinion of Counsel (which shall include the statements set
                 forth in Clause 27.2 below) stating that, in the opinion of
                 such counsel, all such conditions precedent, if any, provided
                 for in this Deed relating to the proposed action have been
                 complied with.

27.2    STATEMENTS REQUIRED IN CERTIFICATE AND OPINION

        Each certificate and opinion with respect to compliance with a condition
        or covenant provided for in this Deed shall include:

        27.2.1   a statement that the person making such certificate or opinion
                 has read such covenant or condition and the definitions
                 relating thereto;

        27.2.2   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;

        27.2.3   a statement that, in the opinion of such person, it or he has
                 made such examination or investigation as is necessary to
                 enable such person to express an informed opinion as to whether
                 or not such covenant or condition has been complied with; and

        27.2.4   a statement as to whether or not, in the opinion of such
                 person, such covenant or condition has been complied with.

                                     - 41 -

<PAGE>

28.     POST MATURITY CALL OPTION

        The Note Trustee is entering into a post maturity call option agreement
        dated [_] 2002 (the "POST MATURITY CALL OPTION AGREEMENT") between
        the Issuer, Gracechurch Card (Holdings) Limited and the Note Trustee in
        order to acknowledge that the Note Trustee (on behalf of the
        Noteholders) is bound by and the Notes are issued subject to, the option
        under the Post Maturity Call Option Agreement (the "OPTION") but does so
        entirely without warranty, responsibility or liability on the part of
        the Note Trustee personally. So as to give full effect to the Option,
        and as stated in Note Condition [_], it is hereby acknowledged that
        each of the Noteholders, by subscribing for or acquiring the relevant
        Notes, shall upon subscription or acquisition be deemed to have
        acknowledged that the Note Trustee has the authority and the power to
        bind such Noteholder in accordance with the provisions set out in the
        Post Maturity Call Option Agreement and such Noteholder shall be deemed
        to have irrevocably agreed to be so bound.

29.     RELEASE OF COLLATERAL

        Except to the extent expressly provided in this Clause 29, the Note
        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 [sec][sec]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 29 or elsewhere in this Trust Deed, furnish to
        the Note 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 recognised financial institution with
        expertise in such matters.

        Whenever the Issuer is required to furnish to the Note Trustee an
        Officers' Certificate certifying or stating the opinion of any signer
        thereof as to the matters described in the preceding paragraph, the
        Issuer shall also deliver to the Note 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 29, is 10% or more of the Principal Amount Outstanding, 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 Principal Amount Outstanding.

        Whenever any property is to be released from the lien of the Deed of
        Charge, the Issuer shall also furnish to the Note Trustee an Officer's
        Certificate certifying or stating the opinion of each Person signing
        such certificate that in the opinion of such person the

                                     - 42 -

<PAGE>

        proposed release will not impair the security under the Deed of Charge
        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 Related Documents, (B)
        make cash payments out of the Issuer Accounts as and to the extent
        permitted or required by the Transaction Documents and (C) take any
        other action not inconsistent with the TIA.

30.     DISAPPLICATION OF TRUSTEE ACT 2000

        Section 1 of the Trustee Act 2000 shall not apply to the duties of the
        Note Trustee in relation to the trusts constituted by this Trust Deed.
        Where there are any inconsistencies between the Trustee Acts and the
        provisions of this Trust Deed, the provisions of this Trust Deed shall,
        to the extent allowed by law, prevail and, in the case of any such
        inconsistency with the Trustee Act 2000, the provisions of this Trust
        Deed shall constitute a restriction or exclusion for the purposes of
        that Act.

31.     CONTRACT (THIRD PARTIES RIGHT) ACT

        A person who is not a party to any Document has no right under the
        Contract (Rights of Third Parties) Act 1999 to enforce any term of any
        Document but this does not affect any right or remedy of a third party
        which exists or is available apart from that Act.

IN WITNESS whereof this Trust Deed has been executed as a deed by the Issuer and
the Note Trustee and entered into the day and year first above written.

                                     - 43 -

<PAGE>

                               THE FIRST SCHEDULE
                     FORM OF CLASS A GLOBAL NOTE CERTIFICATE

                                                             CUSIP:

                                                              ISIN: ............

IF THIS NOTE CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. (OR SUCH OTHER
PERSON AS MAY BE NOMINATED BY THE DEPOSITORY TRUST COMPANY ("DTC") FOR THE
PURPOSE) (COLLECTIVELY, "CEDE & CO.") AS NOMINEE FOR DTC, THEN, UNLESS THIS NOTE
CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF DTC TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE
CERTIFICATE ISSUED UPON REGISTRATION OF TRANSFER OR EXCHANGE OF THIS NOTE
CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. (OR SUCH OTHER NAME AS MAY
BE REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC) AND ANY PAYMENT HEREUNDER
IS MADE TO CEDE & CO. (OR, AS THE CASE MAY BE, SUCH OTHER PERSON), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO. (OR, AS THE CASE MAY BE,
SUCH OTHER PERSON), HAS AN INTEREST HEREIN.

                      GRACECHURCH CARD FUNDING (NO. 2) PLC
                   (INCORPORATED WITH LIMITED LIABILITY UNDER
                         THE LAWS OF ENGLAND AND WALES)

                                      $[_]
                CLASS A ASSET-BACKED FLOATING RATE NOTES DUE [_]

                         CLASS A GLOBAL NOTE CERTIFICATE

1.      INTRODUCTION

        This Class A Global Note Certificate is issued in respect of the $[_]
        Class A Asset-Backed Floating Rate Notes due [_] (the "CLASS A NOTES")
        of Gracechurch Card Funding (No. 2) PLC (the "ISSUER"). The Class A
        Notes are constituted by, are subject to, and have the benefit of, a
        trust deed dated [_] (as amended or supplemented from time to time, the
        "TRUST DEED") between the Issuer and The Bank of New York as trustee
        (the "TRUSTEE", which expression includes all persons for the time being
        appointed trustee or trustees under the Trust Deed) and are the subject
        of a Paying Agency and Agent Bank Agreement dated [_] (as amended or
        supplemented from time to time, the "PAYING AGENCY AND AGENT BANK
        AGREEMENT") and made between the Issuer, The Bank of New York as
        registrar (the "REGISTRAR", which expression includes any successor
        registrar appointed from time to time in connection with the Class A
        Notes), The Bank of New York as principal paying agent, the other paying
        agents and the transfer agents named therein and the Trustee.

                                     - 44 -

<PAGE>

2.      REFERENCES TO CONDITIONS

        Any reference herein to the "CONDITIONS" is to the terms and conditions
        of the Class A Notes attached hereto and any reference to a numbered
        "CONDITION" is to the correspondingly numbered provision thereof.

3.      REGISTERED HOLDER

        This is to certify that:

                                   CEDE & CO.

        is the person registered in the register maintained by the Registrar in
        relation to the Class A Notes (the "REGISTER") as the duly registered
        holder (the "HOLDER") of the Class A Notes represented from time to time
        by this Class A Global Note Certificate.

4.      PROMISE TO PAY

        The Issuer, for value received, hereby promises to pay to the Holder
        such principal sum as is noted in the records of the custodian for The
        Depository Trust Company (the "DTC CUSTODIAN" and "DTC", respectively)
        as being the principal amount of this Class A Global Note Certificate
        for the time being on [FINAL MATURITY DATE] or on such earlier date or
        dates as the same may become payable in accordance with the Conditions,
        and to pay interest on such principal sum in arrear on the dates and at
        the rate specified in the Conditions, together with any additional
        amounts payable in accordance with the Conditions, all subject to and in
        accordance with the Conditions.

5.      TRANSFERS IN WHOLE

        Transfers of this Class A Global Note Certificate shall be limited to
        transfers in whole, but not in part, to nominees of DTC or to a
        successor of DTC or to such successor's nominee.

6.      EXCHANGE FOR CLASS A INDIVIDUAL NOTE CERTIFICATES

        This Class A Global Note Certificate will be exchanged in whole (but not
        in part) for duly authenticated and completed individual note
        certificates ("CLASS A INDIVIDUAL NOTE CERTIFICATES") in substantially
        the form (subject to completion) set out in the Fourth Schedule (FORM OF
        CLASS A INDIVIDUAL NOTE CERTIFICATE) to the Trust Deed if any of the
        following events occurs:

        (a)       DTC notifies the Issuer that it is no longer willing or able
                  to discharge properly its responsibilities as depositary with
                  respect to this Class A Global Note Certificate or ceases to
                  be a clearing agency (as defined in the United States
                  Securities Exchange Act of 1934), or is at any time no longer
                  eligible to act as such, and the Issuer is (in the case of DTC
                  ceasing to be a depositary) unable to locate a qualified
                  successor within 90 days of receiving notice of such
                  ineligibility on the part of DTC; or

        (b)       Morgan Guaranty Trust Company of New York, Brussels office, as
                  operator of the Euroclear System ("EUROCLEAR") or Clearstream,
                  Luxembourg, societe

                                     - 45 -

<PAGE>

                  anonyme ("CLEARSTREAM, LUXEMBOURG") is closed for business for
                  a continuous period of 14 days (other than by reason of legal
                  holidays) or announces an intention permanently to cease
                  business; or

        (c)       any of the circumstances described in Condition [ ] (EVENTS OF
                  DEFAULT) could occur.

                  Such exchange shall be effected in accordance with paragraph 7
                  (DELIVERY OF CLASS A INDIVIDUAL NOTE CERTIFICATES) below. The
                  Issuer shall notify the Holder of the occurrence of any of the
                  events specified in paragraphs (a), (b) and (c) above as soon
                  as practicable thereafter.

7.      DELIVERY OF CLASS A INDIVIDUAL NOTE CERTIFICATES

        Whenever this Class A Global Note Certificate is to be exchanged for
        Class A Individual Note Certificates, such Class A Individual Note
        Certificates shall be issued in an aggregate principal amount equal to
        the principal amount of this Class A Global Note Certificate within five
        business days of the delivery, by or on behalf of the Holder, DTC,
        Euroclear and/or Clearstream, Luxembourg, to the Registrar of such
        information as is required to complete and deliver such Class A
        Individual Note Certificates (including, without limitation, the names
        and addresses of the persons in whose names the Class A Individual Note
        Certificates are to be registered and the principal amount of each such
        person's holding) against the surrender of this Class A Global Note
        Certificate at the Specified Office (as defined in the Conditions) of
        the Registrar. Such exchange shall be effected in accordance with the
        provisions of the Paying Agency and Agent Bank Agreement and the
        regulations concerning the transfer and registration of Class A Notes
        scheduled thereto (if any) and, in particular, shall be effected without
        charge to any Holder [or the Trustee], but against such indemnity as the
        Registrar may require in respect of any tax or other duty of whatsoever
        nature which may be levied or imposed in connection with such exchange.
        In this paragraph, "BUSINESS DAY" means a day on which commercial banks
        are open for business (including dealings in foreign currencies) in the
        city in which the Registrar has its Specified Office.

8.      CONDITIONS APPLY

        Save as otherwise provided herein, the Holder of this Class A Global
        Note Certificate shall have the benefit of, and be subject to, the
        Conditions and, for the purposes of this Class A Global Note
        Certificate, any reference in the Conditions to "NOTE CERTIFICATE" or
        "NOTE CERTIFICATES" shall, except where the context otherwise requires,
        be construed so as to include this Class A Global Note Certificate.

9.      NOTICES

        Notwithstanding Condition [ ] (NOTICES), so long as this Class A Global
        Note Certificate is held on behalf of DTC or any other clearing system
        (an "ALTERNATIVE CLEARING SYSTEM"), notices to Holders of Notes
        represented by this Class A Global Note Certificate may be given by
        delivery of the relevant notice to DTC or (as the case may be) such
        Alternative Clearing System.

                                     - 46 -

<PAGE>

10.     LEGENDS

        The statements set out in the legends above are an integral part of this
        Class A Global Note Certificate and, by acceptance hereof, each Holder
        of this Class A Global Note Certificate agrees to be subject to and
        bound by such legends.

11.     DETERMINATION OF ENTITLEMENT

        This Class A Global Note Certificate is evidence of entitlement only and
        is not a document of title. Entitlements are determined by the Register
        and only the Holder is entitled to payment in respect of this Class A
        Global Note Certificate.

12.     AUTHENTICATION

        This Class A Global Note Certificate shall not be valid for any purpose
        until it has been authenticated for and on behalf of The Bank of New
        York as registrar.

13.     GOVERNING LAW

        This Class A Global Note Certificate is governed by, and shall be
        construed in accordance with, English law.

AS WITNESS the manual or facsimile signature of a duly authorised person on
behalf of the Issuer.

GRACECHURCH CARD FUNDING (NO. 2) PLC

By:      ..............................
         [MANUAL OR FACSIMILE SIGNATURE]
         (DULY AUTHORISED)

ISSUED as of [ISSUE DATE]

AUTHENTICATED for and on behalf of
The Bank of New York
as registrar without recourse, warranty
or liability

By:      ..............................
         [MANUAL SIGNATURE]
         (DULY AUTHORISED)

                                     - 47 -

<PAGE>

                                FORM OF TRANSFER

FOR VALUE RECEIVED ................................., being the registered
holder of this Class A Global Note Certificate, hereby transfers to.............
..........................................................
.................................................................................
of..............................................................................
.................................................................................
.....................................,

$ .......................... in principal amount of the $ [_] Class A
Asset-Backed Floating Rate Notes due [MATURITY] (the "CLASS A NOTES") of
Gracechurch Card Funding (No. 2) PLC (the "ISSUER") and irrevocably requests and
authorises The Bank of New York, in its capacity as registrar in relation to the
Class A Notes (or any successor to The Bank of New York, in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
register kept by it.

Dated:   ..........................

By:      ..........................
         (DULY AUTHORISED)

NOTES

(a)     The name of the person by or on whose behalf this form of transfer is
        signed must correspond with the name of the registered holder as it
        appears on the face of this Class A Global Note Certificate.

(b)     A representative of such registered holder should state the capacity
        in which he signs, e.g. executor.

(c)     The signature of the person effecting a transfer shall conform to any
        list of duly authorised specimen signatures supplied by the registered
        holder or be certified by a recognised bank, notary public or in such
        other manner as the Registrar may require.

                                     - 48 -

<PAGE>

            [TERMS AND CONDITIONS AS SET OUT IN THE SEVENTH SCHEDULE]

PRINCIPAL PAYING AGENT                                REGISTRAR, NEW YORK PAYING
                                                       AGENT AND TRANSFER AGENT

 THE BANK OF NEW YORK                                  THE BANK OF NEW YORK
  ONE CANADA SQUARE                                     101 BARCLAY STREET
    LONDON E14 5AL                                           NEW YORK
          UK                                                 NEW YORK
                                                             USA 10286

                        PAYING AGENTS AND TRANSFER AGENTS

       [NAME]                                                  [NAME]
      [ADDRESS]                                              [ADDRESS]

                                     - 49 -

<PAGE>

                               THE SECOND SCHEDULE
                     FORM OF CLASS B GLOBAL NOTE CERTIFICATE

                                                             CUSIP:

                                                              ISIN: ............

IF THIS NOTE CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. (OR SUCH OTHER
PERSON AS MAY BE NOMINATED BY THE DEPOSITORY TRUST COMPANY ("DTC") FOR THE
PURPOSE) (COLLECTIVELY, "CEDE & CO.") AS NOMINEE FOR DTC, THEN, UNLESS THIS NOTE
CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF DTC TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE
CERTIFICATE ISSUED UPON REGISTRATION OF TRANSFER OR EXCHANGE OF THIS NOTE
CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. (OR SUCH OTHER NAME AS MAY
BE REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC) AND ANY PAYMENT HEREUNDER
IS MADE TO CEDE & CO. (OR, AS THE CASE MAY BE, SUCH OTHER PERSON), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO. (OR, AS THE CASE MAY BE,
SUCH OTHER PERSON), HAS AN INTEREST HEREIN.

                  CLASS B GRACECHURCH CARD FUNDING (NO. 2) PLC
                   (INCORPORATED WITH LIMITED LIABILITY UNDER
                         THE LAWS OF ENGLAND AND WALES)

                                      $[_]
                CLASS B ASSET-BACKED FLOATING RATE NOTES DUE [_]

                         CLASS B GLOBAL NOTE CERTIFICATE

1.      INTRODUCTION

        This Class B Global Note Certificate is issued in respect of the $[_]
        Class B Asset-Backed Floating Rate Notes due [_] (the "CLASS B NOTES")
        of Gracechurch Card Funding (No. 2) PLC (the "ISSUER"). The Class B
        Notes are constituted by, are subject to, and have the benefit of, a
        trust deed dated [_] (as amended or supplemented from time to time, the
        "TRUST DEED") between the Issuer and The Bank of New York as trustee
        (the "TRUSTEE", which expression includes all persons for the time being
        appointed trustee or trustees under the Trust Deed) and are the subject
        of a Paying Agency and Agent Bank Agreement dated [_] (as amended or
        supplemented from time to time, the "PAYING AGENCY AND AGENT BANK
        AGREEMENT") and made between the Issuer, The Bank of New York as
        registrar (the "REGISTRAR", which expression includes any successor
        registrar appointed from time to time in connection with the Class B
        Notes), The Bank of New York as principal paying agent, the other paying
        agents and the transfer agents named therein and the Trustee.

                                     - 50 -

<PAGE>

2.      REFERENCES TO CONDITIONS

        Any reference herein to the "CONDITIONS" is to the terms and conditions
        of the Class B Notes attached hereto and any reference to a numbered
        "CONDITION" is to the correspondingly numbered provision thereof.

3.      REGISTERED HOLDER

        This is to certify that:

                                   CEDE & CO.

        is the person registered in the register maintained by the Registrar in
        relation to the Class B Notes (the "REGISTER") as the duly registered
        holder (the "HOLDER") of the Class B Notes represented from time to time
        by this Class B Global Note Certificate.

4.      PROMISE TO PAY

        The Issuer, for value received, hereby promises to pay to the Holder
        such principal sum as is noted in the records of the custodian for The
        Depository Trust Company (the "DTC CUSTODIAN" and "DTC", respectively)
        as being the principal amount of this Class B Global Note Certificate
        for the time being on [FINAL MATURITY DATE] or on such earlier date or
        dates as the same may become payable in accordance with the Conditions,
        and to pay interest on such principal sum in arrear on the dates and at
        the rate specified in the Conditions, together with any additional
        amounts payable in accordance with the Conditions, all subject to and in
        accordance with the Conditions.

5.      TRANSFERS IN WHOLE

        Transfers of this Class B Global Note Certificate shall be limited to
        transfers in whole, but not in part, to nominees of DTC or to a
        successor of DTC or to such successor's nominee.

6.      EXCHANGE FOR CLASS B INDIVIDUAL NOTE CERTIFICATES

        This Class B Global Note Certificate will be exchanged in whole (but not
        in part) for duly authenticated and completed individual note
        certificates ("CLASS B INDIVIDUAL NOTE CERTIFICATES") in substantially
        the form (subject to completion) set out in the Fifth Schedule (FORM OF
        CLASS B INDIVIDUAL NOTE CERTIFICATE) to the Trust Deed if any of the
        following events occurs:

        (a)       DTC notifies the Note Trustee that it is no longer willing or
                  able to discharge properly its responsibilities as depositary
                  with respect to this Class B Global Note Certificate or ceases
                  to be a clearing agency (as defined in the United States
                  Securities Exchange Act of 1934), or is at any time no longer
                  eligible to act as such, and the Issuer is (in the case of DTC
                  ceasing to be a depositary) unable to locate a qualified
                  successor within 90 days of receiving notice of such
                  ineligibility on the part of DTC;

        (b)       Morgan Guaranty Trust Company of New York, Brussels office, as
                  operator of the Euroclear System ("EUROCLEAR") or Clearstream,
                  Luxembourg, societe

                                     - 51 -

<PAGE>

                  anonyme ("CLEARSTREAM, LUXEMBOURG") is closed for business for
                  a continuous period of 14 days (other than by reason of legal
                  holidays) or announces an intention permanently to cease
                  business; or

        (c)       any of the circumstances described in Condition [ ] (EVENTS OF
                  DEFAULT) occurs.

                  Such exchange shall be effected in accordance with paragraph 7
                  (DELIVERY OF CLASS B INDIVIDUAL NOTE CERTIFICATES) below. The
                  Issuer shall notify the Holder of the occurrence of any of the
                  events specified in paragraph (a), (b) and (c) above as soon
                  as practicable thereafter.

7.      DELIVERY OF CLASS B INDIVIDUAL NOTE CERTIFICATES

        Whenever this Class B Global Note Certificate is to be exchanged for
        Class B Individual Note Certificates, such Class B Individual Note
        Certificates shall be issued in an aggregate principal amount equal to
        the principal amount of this Class B Global Note Certificate within five
        business days of the delivery, by or on behalf of the Holder, DTC,
        Euroclear and/or Clearstream, Luxembourg, to the Registrar of such
        information as is required to complete and deliver such Class B
        Individual Note Certificates (including, without limitation, the names
        and addresses of the persons in whose names the Class B Individual Note
        Certificates are to be registered and the principal amount of each such
        person's holding) against the surrender of this Class B Global Note
        Certificate at the Specified Office (as defined in the Conditions) of
        the Registrar. Such exchange shall be effected in accordance with the
        provisions of the Paying Agency and Agent Bank Agreement and the
        regulations concerning the transfer and registration of Class B Notes
        scheduled thereto (if any) and, in particular, shall be effected without
        charge to any Holder [or the Trustee], but against such indemnity as the
        Registrar may require in respect of any tax or other duty of whatsoever
        nature which may be levied or imposed in connection with such exchange.
        In this paragraph, "BUSINESS DAY" means a day on which commercial banks
        are open for business (including dealings in foreign currencies) in the
        city in which the Registrar has its Specified Office.

8.      CONDITIONS APPLY

        Save as otherwise provided herein, the Holder of this Class B Global
        Note Certificate shall have the benefit of, and be subject to, the
        Conditions and, for the purposes of this Class B Global Note
        Certificate, any reference in the Conditions to "NOTE CERTIFICATE" or
        "NOTE CERTIFICATES" shall, except where the context otherwise requires,
        be construed so as to include this Class B Global Note Certificate.

9.      NOTICES

        Notwithstanding Condition [ ] (NOTICES), so long as this Class B Global
        Note Certificate is held on behalf of DTC or any other clearing system
        (an "ALTERNATIVE CLEARING SYSTEM"), notices to Holders of Class B Notes
        represented by this Class B Global Note Certificate may be given by
        delivery of the relevant notice to DTC or (as the case may be) such
        Alternative Clearing System.

10.     LEGENDS

                                     - 52 -

<PAGE>

        The statements set out in the legends above are an integral part of this
        Class B Global Note Certificate and, by acceptance hereof, each Holder
        of this Class B Global Note Certificate agrees to be subject to and
        bound by such legends.

11.     DETERMINATION OF ENTITLEMENT

        This Class B Global Note Certificate is evidence of entitlement only and
        is not a document of title. Entitlements are determined by the Register
        and only the Holder is entitled to payment in respect of this Class B
        Global Note Certificate.

12.     AUTHENTICATION

        This Class B Global Note Certificate shall not be valid for any purpose
        until it has been authenticated for and on behalf of The Bank of New
        York as registrar.

13.     GOVERNING LAW

        This Class B Global Note Certificate is governed by, and shall be
        construed in accordance with, English law.

AS WITNESS the manual or facsimile signature of a duly authorised person on
behalf of the Issuer.

GRACECHURCH CARD FUNDING (NO. 2) PLC

By:      ..................
         [MANUAL OR FACSIMILE SIGNATURE]
         (DULY AUTHORISED)

ISSUED as of [ISSUE DATE]

AUTHENTICATED for and on behalf of
The Bank of New York
as registrar without recourse, warranty
or liability

By:      ..................
         [MANUAL SIGNATURE]
         (DULY AUTHORISED)

                                     - 53 -

<PAGE>

                                FORM OF TRANSFER

FOR VALUE RECEIVED ..................................................., being
the registered holder of this Class B Global Note Certificate, hereby transfers
to..............................................................................
..........................................,
of..............................................................................
.................................................................................
..........................................,

$ ..................................... in principal amount of the $ [_]
Class B Asset-Backed Floating Rate Notes due [MATURITY] (the "CLASS B NOTES") of
Gracechurch Card Funding (No. 2) PLC (the "ISSUER") and irrevocably requests and
authorises The Bank of New York, in its capacity as registrar in relation to the
Class B Notes (or any successor to The Bank of New York, in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
register kept by it.

Dated:   ..........................

By:      ..........................
         (DULY AUTHORISED)

NOTES

(a)     The name of the person by or on whose behalf this form of transfer is
        signed must correspond with the name of the registered holder as it
        appears on the face of this Class B Global Note Certificate.

(b)     A representative of such registered holder should state the capacity
        in which he signs, e.g. executor.

(c)     The signature of the person effecting a transfer shall conform to any
        list of duly authorised specimen signatures supplied by the registered
        holder or be certified by a recognised bank, notary public or in such
        other manner as the Registrar may require.

                                     - 54 -

<PAGE>

            [TERMS AND CONDITIONS AS SET OUT IN THE SEVENTH SCHEDULE]

PRINCIPAL PAYING AGENT                         REGISTRAR, NEW YORK PAYING
                                                AGENT AND TRANSFER AGENT

 THE BANK OF NEW YORK                            THE BANK OF NEW YORK
  ONE CANADA SQUARE                               101 BARCLAY STREET
    LONDON E14 5AL                                     NEW YORK
        UK                                             NEW YORK
                                                      USA 10286

                  PAYING AGENTS AND TRANSFER AGENTS

      [NAME]                                            [NAME]
     [ADDRESS]                                         [ADDRESS]

                                     - 55 -

<PAGE>

                               THE THIRD SCHEDULE
                     FORM OF CLASS C GLOBAL NOTE CERTIFICATE

                                                             CUSIP:

                                                              ISIN: ............

IF THIS NOTE CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. (OR SUCH OTHER
PERSON AS MAY BE NOMINATED BY THE DEPOSITORY TRUST COMPANY ("DTC") FOR THE
PURPOSE) (COLLECTIVELY, "CEDE & CO.") AS NOMINEE FOR DTC, THEN, UNLESS THIS NOTE
CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF DTC TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE
CERTIFICATE ISSUED UPON REGISTRATION OF TRANSFER OR EXCHANGE OF THIS NOTE
CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. (OR SUCH OTHER NAME AS MAY
BE REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC) AND ANY PAYMENT HEREUNDER
IS MADE TO CEDE & CO. (OR, AS THE CASE MAY BE, SUCH OTHER PERSON), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO. (OR, AS THE CASE MAY BE,
SUCH OTHER PERSON), HAS AN INTEREST HEREIN.

                      GRACECHURCH CARD FUNDING (NO. 2) PLC
                   (INCORPORATED WITH LIMITED LIABILITY UNDER
                         THE LAWS OF ENGLAND AND WALES)

                                      $[_]
                CLASS C ASSET-BACKED FLOATING RATE NOTES DUE [_]

                         CLASS C GLOBAL NOTE CERTIFICATE

1.      INTRODUCTION

        This Class C Global Note Certificate is issued in respect of the $[_]
        Class C Asset-Backed Floating Rate Notes due [_] (the "CLASS C NOTES")
        of Gracechurch Card Funding (No. 2) PLC (the "ISSUER"). The Class C
        Notes are constituted by, are subject to, and have the benefit of, a
        trust deed dated [_] (as amended or supplemented from time to time, the
        "TRUST DEED") between the Issuer and The Bank of New York as trustee
        (the "TRUSTEE", which expression includes all persons for the time being
        appointed trustee or trustees under the Trust Deed) and are the subject
        of a Paying Agency and Agent Bank Agreement dated [_] (as amended or
        supplemented from time to time, the "PAYING AGENCY AND AGENT BANK
        AGREEMENT") and made between the Issuer, The Bank of New York as
        registrar (the "REGISTRAR", which expression includes any successor
        registrar appointed from time to time in connection with the Class C
        Notes), The Bank of New York as principal paying agent, the other paying
        agents and the transfer agents named therein and the Trustee.

                                     - 56 -

<PAGE>

2.      REFERENCES TO CONDITIONS

        Any reference herein to the "CONDITIONS" is to the terms and conditions
        of the Class C Notes attached hereto and any reference to a numbered
        "CONDITION" is to the correspondingly numbered provision thereof.

3.      REGISTERED HOLDER

        This is to certify that:

                                   CEDE & CO.

        is the person registered in the register maintained by the Registrar in
        relation to the Class C Notes (the "REGISTER") as the duly registered
        holder (the "HOLDER") of the Class C Notes represented from time to time
        by this Class C Global Note Certificate.

4.      PROMISE TO PAY

        The Issuer, for value received, hereby promises to pay to the Holder
        such principal sum as is noted in the records of the custodian for The
        Depository Trust Company (the "DTC CUSTODIAN" and "DTC", respectively)
        as being the principal amount of this Class C Global Note Certificate
        for the time being on [FINAL MATURITY DATE] or on such earlier date or
        dates as the same may become payable in accordance with the Conditions,
        and to pay interest on such principal sum in arrear on the dates and at
        the rate specified in the Conditions, together with any additional
        amounts payable in accordance with the Conditions, all subject to and in
        accordance with the Conditions.

5.      TRANSFERS IN WHOLE

        Transfers of this Class C Global Note Certificate shall be limited to
        transfers in whole, but not in part, to nominees of DTC or to a
        successor of DTC or to such successor's nominee.

6.      EXCHANGE FOR CLASS C INDIVIDUAL NOTE CERTIFICATES

        This Class C Global Note Certificate will be exchanged in whole (but not
        in part) for duly authenticated and completed individual note
        certificates ("CLASS C INDIVIDUAL NOTE CERTIFICATES") in substantially
        the form (subject to completion) set out in the Sixth Schedule (FORM OF
        CLASS C INDIVIDUAL NOTE CERTIFICATE) to the Trust Deed if any of the
        following events occurs:

        (a)       DTC notifies the Issuer that it is no longer willing or able
                  to discharge properly its responsibilities as depositary with
                  respect to this Class C Global Note Certificate or ceases to
                  be a clearing agency (as defined in the United States
                  Securities Exchange Act of 1934), or is at any time no longer
                  eligible to act as such, and the Issuer is (in the case of DTC
                  ceasing to be a depositary) unable to locate a qualified
                  successor within 90 days of receiving notice of such
                  ineligibility on the part of DTC;

        (b)       Morgan Guaranty Trust Company of New York, Brussels office, as
                  operator of the Euroclear System ("EUROCLEAR") or Clearstream,
                  Luxembourg, societe

                                     - 57 -

<PAGE>

                  anonyme ("CLEARSTREAM, LUXEMBOURG") is closed for business for
                  a continuous period of 14 days (other than by reason of legal
                  holidays) or announces an intention permanently to cease
                  business; or

        (c)       any of the circumstances described in Condition [ ] (EVENTS OF
                  DEFAULT) occurs.

                  Such exchange shall be effected in accordance with paragraph 7
                  (DELIVERY OF CLASS C INDIVIDUAL NOTE CERTIFICATES) below. The
                  Issuer shall notify the Holder of the occurrence of any of the
                  events specified in paragraph (a), (b) and (c) above as soon
                  as practicable thereafter.

7.      DELIVERY OF CLASS C INDIVIDUAL NOTE CERTIFICATES

        Whenever this Class C Global Note Certificate is to be exchanged for
        Class C Individual Note Certificates, such Class C Individual Note
        Certificates shall be issued in an aggregate principal amount equal to
        the principal amount of this Class C Global Note Certificate within five
        business days of the delivery, by or on behalf of the Holder, DTC,
        Euroclear and/or Clearstream, Luxembourg, to the Registrar of such
        information as is required to complete and deliver such Class C
        Individual Note Certificates (including, without limitation, the names
        and addresses of the persons in whose names the Class C Individual Note
        Certificates are to be registered and the principal amount of each such
        person's holding) against the surrender of this Class C Global Note
        Certificate at the Specified Office (as defined in the Conditions) of
        the Registrar. Such exchange shall be effected in accordance with the
        provisions of the Paying Agency and Agent Bank Agreement and the
        regulations concerning the transfer and registration of Class C Notes
        scheduled thereto (if any) and, in particular, shall be effected without
        charge to any Holder [or the Trustee], but against such indemnity as the
        Registrar may require in respect of any tax or other duty of whatsoever
        nature which may be levied or imposed in connection with such exchange.
        In this paragraph, "BUSINESS DAY" means a day on which commercial banks
        are open for business (including dealings in foreign currencies) in the
        city in which the Registrar has its Specified Office.

8.      CONDITIONS APPLY

        Save as otherwise provided herein, the Holder of this Class C Global
        Note Certificate shall have the benefit of, and be subject to, the
        Conditions and, for the purposes of this Class C Global Note
        Certificate, any reference in the Conditions to "NOTE CERTIFICATE" or
        "NOTE CERTIFICATES" shall, except where the context otherwise requires,
        be construed so as to include this Class C Global Note Certificate.

9.      NOTICES

        Notwithstanding Condition [ ] (NOTICES), so long as this Class C Global
        Note Certificate is held on behalf of DTC or any other clearing system
        (an "ALTERNATIVE CLEARING SYSTEM"), notices to Holders of Class C Notes
        represented by this Class C Global Note Certificate may be given by
        delivery of the relevant notice to DTC or (as the case may be) such
        Alternative Clearing System.

                                     - 58 -

<PAGE>

10.     LEGENDS

        The statements set out in the legends above are an integral part of this
        Class C Global Note Certificate and, by acceptance hereof, each Holder
        of this Class C Global Note Certificate agrees to be subject to and
        bound by such legends.

11.     DETERMINATION OF ENTITLEMENT

        This Class C Global Note Certificate is evidence of entitlement only and
        is not a document of title. Entitlements are determined by the Register
        and only the Holder is entitled to payment in respect of this Class C
        Global Note Certificate.

12.     AUTHENTICATION

        This Class C Global Note Certificate shall not be valid for any purpose
        until it has been authenticated for and on behalf of The Bank of New
        York as registrar.

13.     GOVERNING LAW

        This Class C Global Note Certificate is governed by, and shall be
        construed in accordance with, English law.

AS WITNESS the manual or facsimile signature of a duly authorised person on
behalf of the Issuer.

GRACECHURCH CARD FUNDING (NO. 2) PLC

By:      ..................
         [MANUAL OR FACSIMILE SIGNATURE]
         (DULY AUTHORISED)

ISSUED as of [ISSUE DATE]

AUTHENTICATED for and on behalf of
The Bank of New York
as registrar without recourse, warranty
or liability

By:      ..................
         [MANUAL SIGNATURE]
         (DULY AUTHORISED)

                                     - 59 -

<PAGE>

                                FORM OF TRANSFER

FOR VALUE RECEIVED .................................., being the registered
holder of this Class C Global Note Certificate, hereby transfers to.............
.........................................................
of..............................................................................
.................................................................................
.............................,

$ ..................................... in principal amount of the $ [_]
Class C Asset-Backed Floating Rate Notes due [MATURITY] (the "CLASS C NOTES") of
Gracechurch Card Funding (No. 2) PLC (the "ISSUER") and irrevocably requests and
authorises The Bank of New York, in its capacity as registrar in relation to the
Class C Notes (or any successor to The Bank of New York, in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
register kept by it.

Dated:   .......................................

By:      .......................................
         (DULY AUTHORISED)

NOTES

(a)     The name of the person by or on whose behalf this form of transfer is
        signed must correspond with the name of the registered holder as it
        appears on the face of this Class C Global Note Certificate.

(b)     A representative of such registered holder should state the capacity
        in which he signs, e.g. executor.

(c)     The signature of the person effecting a transfer shall conform to any
        list of duly authorised specimen signatures supplied by the registered
        holder or be certified by a recognised bank, notary public or in such
        other manner as the Registrar may require.

                                     - 60 -

<PAGE>

            [TERMS AND CONDITIONS AS SET OUT IN THE SEVENTH SCHEDULE]

PRINCIPAL PAYING AGENT                               REGISTRAR, NEW YORK PAYING
                                                      AGENT AND TRANSFER AGENT

 THE BANK OF NEW YORK                                  THE BANK OF NEW YORK
  ONE CANADA SQUARE                                     101 BARCLAY STREET
    LONDON E14 5AL                                           NEW YORK
          UK                                                 NEW YORK
                                                             USA 10286

                     PAYING AGENTS AND TRANSFER AGENTS

       [NAME]                                                 [NAME]
      [ADDRESS]                                              [ADDRESS]

                                     - 61 -

<PAGE>

                               THE FOURTH SCHEDULE
                   FORM OF INDIVIDUAL CLASS A NOTE CERTIFICATE

Serial Number: ............

                      GRACECHURCH CARD FUNDING (NO. 2) PLC
                   (INCORPORATED WITH LIMITED LIABILITY UNDER
                         THE LAWS OF ENGLAND AND WALES)

                                      $[_]
                CLASS A ASSET-BACKED FLOATING RATE NOTES DUE [_]

This Class A Note Certificate is issued in respect of the $[_] Class A
Asset-Backed Floating Rate Notes due [MATURITY] (the "NOTES") of Gracechurch
Card Funding (No. 2) PLC (the "ISSUER"). The Class A Notes are constituted by,
are subject to, and have the benefit of, a trust deed dated [_] (as amended
or supplemented from time to time, the "TRUST DEED") between the and The Bank of
New York as trustee (the "TRUSTEE", which expression includes all persons for
the time being appointed trustee or trustees under the Trust Deed) and are the
subject of a Paying Agency and Agent Bank Agreement (as amended or supplemented
from time to time, the "PAYING AGENCY AND AGENT BANK AGREEMENT") dated [_]
and made between the Issuer, The Bank of New York as registrar (the "REGISTRAR",
which expression includes any successor registrar appointed from time to time in
connection with the Class A Notes), The Bank of New York as principal paying
agent, the other paying agents and the transfer agents named therein and the
Trustee.

Any reference herein to the "CONDITIONS" is to the terms and conditions of the
Class A Notes endorsed hereon and any reference to a numbered "CONDITION" is to
the correspondingly numbered provision thereof.

This is to certify that:

                      .....................................

                      of ..................................

                      .....................................

is the person registered in the register maintained by the Registrar in relation
to the Class A Notes (the "REGISTER") as the duly registered holder or, if more
than one person is so registered, the first-named of such persons (the "HOLDER")
of:

                                      $[_]
                                  ([_] DOLLARS)

in aggregate principal amount of the Class A Notes.

The Issuer, for value received, hereby promises to pay such principal sum to the
Holder on [FINAL MATURITY DATE] or on such earlier date or dates as the same may
become payable in

                                     - 62 -

<PAGE>

accordance with the Conditions, and to pay interest on such principal sum in
arrear on the dates and at the rate specified in the Conditions, together with
any additional amounts payable in accordance with the Conditions, all subject to
and in accordance with the Conditions.

This Class A Note Certificate is evidence of entitlement only and is not a
document of title. Entitlements are determined by the Register and only the
Holder is entitled to payment in respect of this Note Certificate.

This Class A Note Certificate shall not be valid for any purpose until it has
been authenticated for and on behalf of The Bank of New York as registrar.

AS WITNESS the manual or facsimile signature of a duly authorised person on
behalf of the Issuer.

GRACECHURCH CARD FUNDING (NO. 2) PLC

By:      ........................................
         [MANUAL OR FACSIMILE SIGNATURE]
         (DULY AUTHORISED)

ISSUED as of [ISSUE DATE]

AUTHENTICATED for and on behalf of
The Bank of New York
as registrar without recourse, warranty
or liability

By:      ........................................
         [MANUAL SIGNATURE]
         (DULY AUTHORISED)

                                     - 63 -

<PAGE>

                                FORM OF TRANSFER

FOR VALUE RECEIVED ........................., being the registered holder of
this Class A Note Certificate, hereby transfers to.............................
...............................................of...............................
.................................................. $ ...........................
........... in principal amount of the $ [_] Class A Asset-Backed Floating
Rate Notes due [MATURITY] (the "CLASS A NOTES") of Gracechurch Card Funding (No.
2) PLC (the "ISSUER") and irrevocably requests and authorises The Bank of New
York, in its capacity as registrar in relation to the Class A Notes (or any
successor to The Bank of New York, in its capacity as such) to effect the
relevant transfer by means of appropriate entries in the register kept by it.

Dated:   .......................................

By:      .......................................
         (DULY AUTHORISED)

NOTES

(a)     The name of the person by or on whose behalf this form of transfer is
        signed must correspond with the name of the registered holder as it
        appears on the face of this Class A Note Certificate.

(b)     A representative of such registered holder should state the capacity
        in which he signs, e.g. executor.

(c)     The signature of the person effecting a transfer shall conform to any
        list of duly authorised specimen signatures supplied by the registered
        holder or be certified by a recognised bank, notary public or in such
        other manner as the Registrar may require.

(d)     Any transfer of Class A Notes shall be in an amount equal to $[_]
        or any integral multiple of $[_] in excess thereof.

                                     - 64 -

<PAGE>

            [TERMS AND CONDITIONS AS SET OUT IN THE SEVENTH SCHEDULE]

PRINCIPAL PAYING AGENT                                REGISTRAR, NEW YORK PAYING
                                                       AGENT AND TRANSFER AGENT

 THE BANK OF NEW YORK                                  THE BANK OF NEW YORK
  ONE CANADA SQUARE                                     101 BARCLAY STREET
    LONDON E14 5AL                                           NEW YORK
          UK                                                 NEW YORK
                                                             USA 10286

                     PAYING AGENTS AND TRANSFER AGENTS

       [NAME]                                                 [NAME]
      [ADDRESS]                                              [ADDRESS]

                                     - 65 -

<PAGE>

                               THE FIFTH SCHEDULE
                   FORM OF INDIVIDUAL CLASS B NOTE CERTIFICATE

Serial Number: ............

                      GRACECHURCH CARD FUNDING (NO. 2) PLC
                   (INCORPORATED WITH LIMITED LIABILITY UNDER
                         THE LAWS OF ENGLAND AND WALES)

                                      $[_]
                CLASS B ASSET-BACKED FLOATING RATE NOTES DUE [_]

This Class B Note Certificate is issued in respect of the $[_] Class B
Asset-Backed Floating Rate Notes due [MATURITY] (the "CLASS B NOTES") of
Gracechurch Card Funding (No. 2) PLC (the "ISSUER"). The Class B Notes are
constituted by, are subject to, and have the benefit of, a trust deed dated
[_] (as amended or supplemented from time to time, the "TRUST DEED")
between the and The Bank of New York as trustee (the "TRUSTEE", which expression
includes all persons for the time being appointed trustee or trustees under the
Trust Deed) and are the subject of a Paying Agency and Agent Bank Agreement (as
amended or supplemented from time to time, the "PAYING AGENCY AND AGENT BANK
AGREEMENT") dated [_] and made between the Issuer, The Bank of New York as
registrar (the "REGISTRAR", which expression includes any successor registrar
appointed from time to time in connection with the Class B Notes), The Bank of
New York as principal paying agent, the other paying agents and the transfer
agents named therein and the Trustee.

Any reference herein to the "CONDITIONS" is to the terms and conditions of the
Class B Notes endorsed hereon and any reference to a numbered "CONDITION" is to
the correspondingly numbered provision thereof.

This is to certify that:

                      ....................................

                      of .................................

                      ....................................

is the person registered in the register maintained by the Registrar in relation
to the Class B Notes (the "REGISTER") as the duly registered holder or, if more
than one person is so registered, the first-named of such persons (the "HOLDER")
of:

                                      $[_]
                                  ([_] DOLLARS)

in aggregate principal amount of the Class B Notes.

The Issuer, for value received, hereby promises to pay such principal sum to the
Holder on [FINAL MATURITY DATE] or on such earlier date or dates as the same may
become payable in

                                     - 66 -

<PAGE>

accordance with the Conditions, and to pay interest on such principal sum in
arrear on the dates and at the rate specified in the Conditions, together with
any additional amounts payable in accordance with the Conditions, all subject to
and in accordance with the Conditions.

This Class B Note Certificate is evidence of entitlement only and is not a
document of title. Entitlements are determined by the Register and only the
Holder is entitled to payment in respect of this Class B Note Certificate.

This Class B Note Certificate shall not be valid for any purpose until it has
been authenticated for and on behalf of The Bank of New York as registrar.

AS WITNESS the manual or facsimile signature of a duly authorised person on
behalf of the Issuer.

GRACECHURCH CARD FUNDING (NO. 2) PLC

By:      ........................................
         [MANUAL OR FACSIMILE SIGNATURE]
         (DULY AUTHORISED)

ISSUED as of [ISSUE DATE]

AUTHENTICATED for and on behalf of
The Bank of New York
as registrar without recourse, warranty
or liability

By:      ........................................
         [MANUAL SIGNATURE]
         (DULY AUTHORISED)

                                     - 67 -

<PAGE>

                                FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Class B Note Certificate, hereby transfers to..................
...............................................................
of..............................................................................
.................................................................................
................ $ ........................ in principal amount of the $ [_]
Class B Asset-Backed Floating Rate Notes due [MATURITY] (the "CLASS B NOTES") of
Gracechurch Card Funding (No. 2) PLC (the "ISSUER") and irrevocably requests and
authorises The Bank of New York, in its capacity as registrar in relation to the
Class B Notes (or any successor to The Bank of New York, in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
register kept by it.

Dated:   .......................................

By:      .......................................
         (DULY AUTHORISED)

NOTES

(a)     The name of the person by or on whose behalf this form of transfer is
        signed must correspond with the name of the registered holder as it
        appears on the face of this Class B Note Certificate.

(b)     A representative of such registered holder should state the capacity
        in which he signs, e.g. executor.

(c)     The signature of the person effecting a transfer shall conform to any
        list of duly authorised specimen signatures supplied by the registered
        holder or be certified by a recognised bank, notary public or in such
        other manner as the Registrar may require.

(d)     Any transfer of Class B Notes shall be in an amount equal to $[_]
        or any integral multiple of $[_] in excess thereof.

                                     - 68 -

<PAGE>

            [TERMS AND CONDITIONS AS SET OUT IN THE SEVENTH SCHEDULE]

PRINCIPAL PAYING AGENT                                REGISTRAR, NEW YORK PAYING
                                                       AGENT AND TRANSFER AGENT

 THE BANK OF NEW YORK                                  THE BANK OF NEW YORK
  ONE CANADA SQUARE                                     101 BARCLAY STREET
    LONDON E14 5AL                                           NEW YORK
          UK                                                 NEW YORK
                                                             USA 10286

                     PAYING AGENTS AND TRANSFER AGENTS

       [NAME]                                                 [NAME]
      [ADDRESS]                                              [ADDRESS]

                                     - 69 -

<PAGE>

                               THE SIXTH SCHEDULE
                   FORM OF INDIVIDUAL CLASS C NOTE CERTIFICATE

Serial Number: ............

                      GRACECHURCH CARD FUNDING (NO. 2) PLC
                   (INCORPORATED WITH LIMITED LIABILITY UNDER
                         THE LAWS OF ENGLAND AND WALES)

                                      $[_]
                CLASS C ASSET-BACKED FLOATING RATE NOTES DUE [_]

This Class C Note Certificate is issued in respect of the $[_] Class C
Asset-Backed Floating Rate Notes due [MATURITY] (the "CLASS C NOTES") of
Gracechurch Card Funding (No. 2) PLC (the "ISSUER"). The Class C Notes are
constituted by, are subject to, and have the benefit of, a trust deed dated
[_] (as amended or supplemented from time to time, the "TRUST DEED")
between the and The Bank of New York as trustee (the "TRUSTEE", which expression
includes all persons for the time being appointed trustee or trustees under the
Trust Deed) and are the subject of a Paying Agency and Agent Bank Agreement (as
amended or supplemented from time to time, the "PAYING AGENCY AND AGENT BANK
AGREEMENT") dated [_] and made between the Issuer, The Bank of New York as
registrar (the "REGISTRAR", which expression includes any successor registrar
appointed from time to time in connection with the Class C Notes), The Bank of
New York as principal paying agent, the other paying agents and the transfer
agents named therein and the Trustee.

Any reference herein to the "CONDITIONS" is to the terms and conditions of the
Class C Notes endorsed hereon and any reference to a numbered "CONDITION" is to
the correspondingly numbered provision thereof.

This is to certify that:

                     .......................................

                     of ....................................

                     .......................................

is the person registered in the register maintained by the Registrar in relation
to the Class C Notes (the "REGISTER") as the duly registered holder or, if more
than one person is so registered, the first-named of such persons (the "HOLDER")
of:

                                      $ [_]
                                  ([_] DOLLARS)

in aggregate principal amount of the Class C Notes.

The Issuer, for value received, hereby promises to pay such principal sum to the
Holder on [FINAL MATURITY DATE] or on such earlier date or dates as the same may
become payable in

                                     - 70 -

<PAGE>

accordance with the Conditions, and to pay interest on such principal sum in
arrear on the dates and at the rate specified in the Conditions, together with
any additional amounts payable in accordance with the Conditions, all subject to
and in accordance with the Conditions.

This Class C Note Certificate is evidence of entitlement only and is not a
document of title. Entitlements are determined by the Register and only the
Holder is entitled to payment in respect of this Class C Note Certificate.

This Class C Note Certificate shall not be valid for any purpose until it has
been authenticated for and on behalf of The Bank of New York as registrar.

AS WITNESS the manual or facsimile signature of a duly authorised person on
behalf of the Issuer.

GRACECHURCH CARD FUNDING (NO. 2) PLC

By:      ........................................
         [MANUAL OR FACSIMILE SIGNATURE]
         (DULY AUTHORISED)

ISSUED as of [ISSUE DATE]

AUTHENTICATED for and on behalf of
The Bank of New York
as registrar without recourse, warranty
or liability

By:      ........................................
         [MANUAL SIGNATURE]
         (DULY AUTHORISED)

                                     - 71 -

<PAGE>

                                FORM OF TRANSFER

FOR VALUE RECEIVED ................................., being the registered
holder of this Class C Note Certificate, hereby transfers to....................
....................................................
.................................................................................
of..............................................................................
................ $ ........................ in principal amount of the $ [_]
Class C Asset-Backed Floating Rate Notes due [MATURITY] (the "CLASS C NOTES") of
Gracechurch Card Funding (No. 2) PLC (the "ISSUER") and irrevocably requests and
authorises The Bank of New York, in its capacity as registrar in relation to the
Class C Notes (or any successor to The Bank of New York, in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
register kept by it.

Dated:   .......................................

By:      .......................................
         (DULY AUTHORISED)

NOTES

(a)     The name of the person by or on whose behalf this form of transfer is
        signed must correspond with the name of the registered holder as it
        appears on the face of this Class C Note Certificate.

(b)     A representative of such registered holder should state the capacity
        in which he signs, e.g. executor.

(c)     The signature of the person effecting a transfer shall conform to any
        list of duly authorised specimen signatures supplied by the registered
        holder or be certified by a recognised bank, notary public or in such
        other manner as the Registrar may require.

(d)     Any transfer of Class C Notes shall be in an amount equal to $[_]
        or any integral multiple of $[_] in excess thereof.

                                     - 72 -

<PAGE>

            [TERMS AND CONDITIONS AS SET OUT IN THE SEVENTH SCHEDULE]

PRINCIPAL PAYING AGENT                               REGISTRAR, NEW YORK PAYING
                                                      AGENT AND TRANSFER AGENT

 THE BANK OF NEW YORK                                  THE BANK OF NEW YORK
  ONE CANADA SQUARE                                     101 BARCLAY STREET
    LONDON E14 5AL                                           NEW YORK
          UK                                                 NEW YORK
                                                             USA 10286

                     PAYING AGENTS AND TRANSFER AGENTS

       [NAME]                                                 [NAME]
      [ADDRESS]                                              [ADDRESS]

                                     - 73 -

<PAGE>

                              THE SEVENTH SCHEDULE
                        TERMS AND CONDITIONS OF THE NOTES

                                     - 74 -

<PAGE>

                               THE EIGHTH SCHEDULE
                     PROVISIONS FOR MEETINGS OF NOTEHOLDERS

1.      As used in this Schedule the following expressions shall have the
        following meanings unless the context otherwise requires:

              (i)      "BLOCK VOTING INSTRUCTION" shall mean an English language
                       document issued by the Registrar and dated:

                       (a)      certifying:

                                (1)   that certain specified Notes (each a
                                      "BLOCKED NOTE") have been blocked in an
                                      account with a clearing system and will
                                      not be released until the conclusion of
                                      the Meeting and that the holder of each
                                      Blocked Note or a duly authorised person
                                      on its behalf has instructed the Registrar
                                      that the votes attributable to such
                                      Blocked Note are to be cast in a
                                      particular way on each resolution to be
                                      put to the Meeting; or

                                (2)   that each registered holder of certain
                                      specified Notes (each a "RELEVANT NOTE")
                                      or a duly authorised person on its behalf
                                      has instructed the Registrar that the
                                      votes attributable to each Relevant Note
                                      held by it are to be cast in a particular
                                      way on each resolution to be put to the
                                      Meeting and in each case that, during the
                                      period if 48 hours before the time fixed
                                      for the Meeting, such instructions may not
                                      be amended or revoked;

                       (b)      listing the total amount of the Blocked Notes
                                and the Relevant Notes, distinguishing for each
                                resolution between those in respect of which
                                instructions may not be amended or revoked;

                       (c)      authorising a named individual or individuals to
                                vote in respect of the Blocked Notes and the
                                Relevant Notes in accordance with such
                                instructions;

              (ii)     "FORM OF PROXY" means, in relation to any Meeting, a
                       document in the English language available from the
                       Registrar signed by the Noteholder or, in the case of a
                       corporation, executed under its seal or signed on its
                       behalf by a duly authorised officer and delivered to the
                       Registrar not later than 48 hours before the time fixed
                       for such Meeting, appointed a named individual or
                       individuals to vote in respect of the Notes held by such
                       Noteholder;

              (iii)    "PRINCIPAL AMOUNT OUTSTANDING" shall mean in relation to
                       a Note on any date, the principal amount of the Note upon
                       issue (being, in the case of Class A Notes, the Class B
                       Notes and the Class C Notes, $1,000 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 Note Conditions.

                                     - 75 -

<PAGE>

              (i)      "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 Registrar
                       has its specified office (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

              (iii)    "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 Registrar has
                       its specified office (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;

              (iv)     "VOTER" means, in relation to any Meeting, (a) a Proxy or
                       (subject to paragraph [_] (RECORD DATE) below) a
                       Noteholder, PROVIDED, HOWEVER, THAT (subject to paragraph
                       [_] (RECORD DATE) below) any Noteholder which has
                       appointed a Proxy under a Block voting Instruction or
                       Form of Proxy shall not be a "VOTER" except to the extent
                       that such appointment has been revoked and the Registrar
                       notified in writing of such revocation at least 48 hours
                       before the time fixed for such Meeting;

              (v)      "PROXY" means, in relation to any Meeting, a person
                       appointed under a Block Voting Instruction or a Form of
                       Proxy other than:

                       (1)   any such person whose appointment has been revoked
                             and in relation to whom the Registrar has been
                             notified in writing of such revocation by the time
                             which is 48 hours before the time fixed for such
                             Meeting; and

                       (2)   any such person appointed vote at a Meeting which
                             has been adjourned for want of a quorum and who has
                             not been reappointment to vote at the Meeting when
                             it is resumed.

        The holder of a Note may require the Registrar to issue a Block voting
        Instruction by arranging (to the satisfaction of the Registrar) for such
        Note to be blocked in an account with a clearing system not later than
        48 hours before the time fixed for the relevant Meeting. The holder of a
        Note may require the Registrar to issue a Block Voting Instruction by
        delivering to the Registrar written instructions not later than 48 hours
        before the time fixed for the relevant Meeting. Any holder of a Note may
        obtain an uncompleted and unexecuted Form of Proxy from the Registrar. A
        Block Voting Instruction and a Form of Proxy cannot be outstanding
        simultaneously in respect of the same Note.

                                     - 76 -

<PAGE>

        Where Notes are within Euroclear or Clearstream, Luxembourg, or any
        other clearing system, references to the deposit, or release, of Notes
        shall be construed in accordance with the usual practices (including
        blocking the relevant account) of Euroclear or Clearstream, Luxembourg,
        or such other clearing system.

        Unless the context otherwise requires or unless otherwise defined in
        this Schedule, terms defined in the Trust Deed (including the Note
        Conditions) shall have the same meaning in this Schedule.

2.      The Issuer or the Note 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 Note Trustee or the
        requisitionists. Whenever the Issuer is about to convene any such
        meeting, it shall immediately give notice in writing to the Note 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 Note0
        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 Note Trustee (if the
        meeting is convened by the Note 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,
        the Paying Agents and the Registrar prior to any meeting of the relevant
        Noteholders in the manner provided by Note Condition [_]. Such
        notice shall state generally the nature of the business to be transacted
        at the meeting thereby convened and (except 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 blocked in clearing systems
        for the purposes of appointing Proxies under Block Voting Instructions
        until 48 hours before time fixed for the Meeting and a Noteholder may
        appoint a Proxy either under a Block voting Instruction by delivering
        written instructions to the Registrar or by executing and delivering a
        Form of Proxy to the Specified Office of the Registrar, in either case
        until 48 hours before the time fixed for the Meeting. A copy of the
        notice shall be sent by post to the Note Trustee (unless the meeting is
        convened by the Note 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
        Note 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 Voters 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

                                     - 77 -

<PAGE>

        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 Voters 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
                Note Condition [_]) 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,

        the quorum shall be two or more Voters 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 Note Trustee) and at such adjourned meeting two or more
        Voters (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

                                     - 78 -

<PAGE>

        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 33 1/3 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 Voters present 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 and/or as a holder of
        a voting certificate and/or as a Proxy.

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 Voters being present 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.

                                     - 79 -

<PAGE>

13.     The Note 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 Clause
        1.2 of the Trust Deed 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 [_] and [_] 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 12 hereof at any meeting on a show of
        hands every Voter who is present in person shall have one vote or on a
        poll every person who is so present shall have one vote in respect of
        each $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 or Forms of Proxy 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.

16.     Each block voting instruction together (if so required by the Note
        Trustee) with proof satisfactory to the Note Trustee of its due
        execution on behalf of the Registrar shall be deposited at such place as
        the Note 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 Note Trustee otherwise agrees, be deposited with the Note Trustee
        before the commencement of the meeting or adjourned meeting but the Note
        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 Registrar by the Issuer at its registered office (or such other
        place as may have been approved by the Note 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

                                     - 80 -

<PAGE>

        (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 Note Conditions or the Notes
                       which shall be proposed by the Issuer or the Note
                       Trustee;

              (d)      power to give any authority or sanction which under the
                       provisions of this Deed (including the Note 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;

              (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 Note Trustee from all
                       liability in respect of any act or omission for which the
                       Note Trustee may have become responsible under this Deed
                       or under the Notes;

              (h)      power to authorise the Note 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 [_], but without prejudice to the Note
                       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

                                     - 81 -

<PAGE>

                       and/or securities as aforesaid and partly for or into or
                       in consideration of cash; and

              (j)      power to authorise the Note 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 the Class A
                       Noteholders shall be effective unless it is sanctioned by
                       an Extraordinary Resolution of each of the Class B
                       Noteholders (provided that the Class B Notes are then
                       outstanding) and the Class C Noteholders (provided that
                       the Class C Notes are then outstanding);

              (ii)     no modification involving any of the matters referred to
                       in the proviso to paragraph 5 above passed by the Class B
                       Noteholders shall be effective unless it is sanctioned by
                       an Extraordinary Resolution of the Class B Noteholders
                       (provided that the Class B Notes are then outstanding)
                       and the Class C Noteholders (provided that the Class C
                       Notes are then outstanding); and

              (iii)    no modification involving any of the matters referred to
                       in the proviso to paragraph 5 above passed by the Class C
                       Noteholders shall be effective unless it is sanctioned by
                       an Extraordinary Resolution of each of the Class A
                       Noteholders (provided that the Class A Notes are then
                       outstanding) and the Class B Noteholders (provided that
                       the Class B Notes are then outstanding;

              (iv)     no other Extraordinary Resolution of the Class B
                       Noteholders or the Class C Noteholders shall be effective
                       unless (a) the Note Trustee is of the opinion that it
                       will not be materially prejudicial to the interests of
                       the Class A Noteholders or the Class B Noteholders, as
                       the case may be, or (b) it is sanctioned by an
                       Extraordinary Resolution of the Class A Noteholders or
                       the Class B Noteholders, as the case may be, or (c) none
                       of the Class A Notes or, as the case may be, the Class B
                       Notes remains outstanding;

19.     The following provisions shall apply where outstanding Notes belong to
        more than one class:

              (a)      business which in the opinion of the Note 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 Note Trustee affects
                       the Notes of more than one class but does not give rise
                       to an actual or potential conflict

                                     - 82 -

<PAGE>

                       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 Note 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 Class A Noteholders duly convened and held as aforesaid
        shall also be binding upon all the Class B Noteholders and Class C
        Noteholders and any resolution passed at a meeting of the Class B
        Noteholders duly convened and held as aforesaid shall also be binding
        upon all of the Class C Noteholders.

        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 Note Condition [_] 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.

                                     - 83 -

<PAGE>

23.     Where appropriate, subject to the provisions of this Trust Deed and the
        relevant Note Conditions, joint meetings of the Class A Noteholders, the
        Class B Noteholders and Class C Noteholders 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 Note 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 Note
        Trustee may in its sole discretion think fit.

25.     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.

                                     - 84 -

<PAGE>

                               THE NINTH SCHEDULE
                              PRIORITY OF PAYMENTS

The Note Trustee shall (subject to Clause 8) apply all monies received by it
under this Deed:

        (a)     FIRST, in no order of priority INTER SE but PRO RATA to the
                respective amounts then due, to pay remuneration then due to any
                receiver appointed pursuant to the Deed of Charge or the Note
                Trustee and all amounts due in respect of legal fees and other
                costs, charges, liabilities, expenses, losses, damages,
                proceedings, claims and demands then incurred by the Note
                Trustee under and in respect of the Related Documents (as
                defined in Note Condition [_]) and in enforcing the security
                created by or pursuant to the Deed of Charge or in perfecting
                title to the Security, together with interest thereon as
                provided in any such document;

        (b)     SECONDLY, in payment or satisfaction of all costs, charges,
                liabilities, expenses, losses, damages, proceedings, claims and
                demands of the Swap Counterparty in relation to each Swap
                Agreement;

        (c)     THIRDLY, in order of priority INTER SE, the respective amounts
                then due:

                (A)    FIRST (to the extent not covered by (a) above) in payment
                       or satisfaction of costs, charges, liabilities, expenses,
                       losses, damages, proceedings, claims and demands of the
                       Note Trustee under the Trust Deed; and

                (B)    SECONDLY in or towards payment PARI PASSU and rateably of
                       all principal, premium (if any) and interest then due and
                       unpaid in respect of the Class A Notes having paid any
                       Sterling Amounts required to be paid to the Swap
                       Counterparty under the terms of the Dollar A Swap
                       Agreement;

        (d)     FOURTHLY, in or towards payment PARI PASSU and rateably of all
                principal, premium (if any) and interest then due and unpaid in
                respect of the Class B Notes after having paid any Sterling
                Amounts required to be paid to the Swap Counterparty under the
                Dollar B Swap Agreements;

        (e)     FIFTHLY, in or towards payment PARI PASSU and rateably of all
                principal, premium (if any) and interest then due and unpaid in
                respect of the Class C Notes after having paid any Sterling
                Amounts required to be paid to the Swap Counterparty under the
                Dollar C Swap Agreements;

        (f)     SIXTHLY, in or towards payment of (i) interest and (ii)
                principal due and unpaid under the Expenses Loan Agreement;

        (g)     SEVENTHLY, in or towards payment of any sums due from (or
                required to be provided for by) the Issuer to meet its
                liabilities to any taxation authority (including in respect of
                corporation tax to the Inland Revenue);

        (h)     EIGHTHLY, in or towards payment of any sums due to third parties
                under obligations incurred in the course of the Issuer's
                business; and

                                     - 85 -

<PAGE>

        (i)     NINTHLY, in payment of the balance (if any) to the liquidator of
                the Issuer.

Without prejudice to the above, if the Note Trustee holds any monies which
represent principal and interest in respect of the Notes which have become void
or in respect of which claims have been prescribed under Note Condition
[_], the Note Trustee will hold such monies on the above trusts.

                                     - 86 -

<PAGE>

Executed as a deed on behalf of                                        )
GRACECHURCH CARD FUNDING (NO.2) PLC                                    )
by                                                                     )
in the presence of:                                                    )

Executed as a Deed on behalf of                                        )
THE BANK OF NEW YORK                                         )
by                                                                     )
in the presence of:-                                                   )

                                     - 87 -EXHIBIT 4.5

C L I F F O R D                                    LIMITED LIABILITY PARTNERSHIP
C H A N C E

                       GRACECHURCH CARD FUNDING (NO. 2) PLC
                                    as Issuer

                              THE BANK OF NEW YORK
                                 as Note Trustee

                                BARCLAYS BANK PLC
                              as Swap Counterparty

                                     - AND -

                                BARCLAYS BANK PLC
                            as Expenses Loan Provider

   ---------------------------------------------------------------------------

                                 DEED OF CHARGE

   ---------------------------------------------------------------------------

<PAGE>

                                    CONTENTS

CLAUSE                                                                      PAGE

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

2.  Covenants By The Issuer...................................................2

3.  Security And Declaration Of Trust.........................................2

4.  Redemption................................................................4

5.  Payments Out Of Series 02-1 Issuer Account................................4

6.  Enforcement Notice........................................................4

7.  Conflict..................................................................6

8.  Continuance Of Security And Other Matters.................................6

9.  Expenses..................................................................7

10. The Note Trustee's Powers.................................................7

11. Receiver..................................................................9

12. Protection Of Third Parties..............................................11

13. Protection Of Note Trustee And Receiver..................................11

14. Indemnity................................................................12

15. Further Assurance And Power Of Attorney..................................12

16. Other Security Etc.......................................................13

17. Limited Recourse; Non-Petition...........................................13

18. Notices And Demands......................................................14

19. Variation................................................................15

20. Waivers And Consents.....................................................15

21. Powers Cumulative........................................................15

22. Partial Invalidity.......................................................15

23. Counterparts.............................................................15

24. Governing Law............................................................15

25. Contract (Third Parties Right) Act.......................................16

THE SCHEDULE.................................................................17

<PAGE>

THIS DEED OF CHARGE is made on the [___] 2002

BETWEEN

(A)   GRACECHURCH CARD FUNDING (NO.2) PLC, a public limited company incorporated
      in England and Wales with registered number 4497894, having its registered
      office at 54 Lombard Street, London EC3P 3AH (the "ISSUER");

(B)   THE BANK OF NEW YORK, a New York banking corporation acting through its
      London branch located at One Canada Square, Canary Wharf, London E14 5PL
      (together with any successor trustee under the Trust Deed, the "NOTE
      TRUSTEE");

(C)   BARCLAYS BANK PLC, a company incorporated in England and Wales having its
      registered office at 54 Lombard Street, London, EC3P 3AH (in its capacity
      as counterparty under the Swap Agreements, the "SWAP COUNTERPARTY");

(D)   BARCLAYS BANK PLC, a company incorporated in England and Wales having its
      registered office at 54 Lombard Street, London, EC3P 3AH (in its capacity
      as the lender under the Expenses Loan Agreement, the "EXPENSES LOAN
      PROVIDER").

THIS DEED WITNESSES as follows:

1.    INTERPRETATION

1.1   Wherever used in this Deed, unless the context otherwise requires, the
      following expressions shall have the following meanings:

      "CHARGED PROPERTY" shall mean the property charged pursuant to Clause 3;

      "DEFERRED SUBSCRIPTION PRICE AMOUNT" means an amount equal to the excess
      spread added as additional interest to the aggregate interest received by
      the Issuer on the Series 02-1 MTN and not utilised by the Issuer.

      "ENFORCEMENT NOTICE" shall mean a notice served by the Note Trustee
      pursuant to Clause 6.1;

      "LPA" means the Law of Property Act 1925;

      "RECEIVER" shall mean any receiver, manager or administrative receiver
      appointed by the Note Trustee in relation to this Deed;

      "SECURED AMOUNTS" shall mean the moneys and liabilities secured under or
      pursuant to this Deed, which the Issuer covenants and undertakes in Clause
      2 to pay or discharge;

      "SECURITY INTEREST" shall mean any mortgage, charge, pledge, lien or other
      encumbrance, howsoever created or arising; and

      "SERIES 02-1 ISSUER ACCOUNT" means the account of the Issuer held at
      Barclays Bank Plc, 54 Lombard Street, London EC3P 3AH, with account number
      [___].

                                      -1-
<PAGE>

      "SERIES 02-1 MTN" means the medium term note issued on the MTN Issuer with
      respect of Series 02-1.

1.2   In addition to the definitions stated above, wherever used in this Deed,
      the words and phrases defined in the Trust Deed dated on or about the date
      hereof and signed by the Issuer and the Note Trustee, shall, unless
      otherwise defined herein or the context otherwise requires, bear the same
      meanings herein (including the recitals hereto).

2.    COVENANTS BY THE ISSUER

      The Issuer hereby covenants with and undertakes:

      (i)   to the Note Trustee, for itself and on trust for the Noteholders,
            that it will duly and punctually pay or discharge to or to the order
            of the Note Trustee and/or any Receiver all moneys and liabilities
            whatsoever which from time to time become due, owing or payable by
            it to or to the order of the Note Trustee, such Receiver and/or the
            Noteholders under or pursuant to the Related Documents (as defined
            in Note Condition [___]) or any of them at the times and in the
            manner provided in such documents;

      (ii)  to the Swap Counterparty, that it will duly and punctually pay or
            discharge to or to the order of the Swap Counterparty all moneys and
            liabilities whatsoever which from time to time become due, owing or
            payable by it to or to the order of the Swap Counterparty under or
            pursuant to the Swap Agreements at the times and in the manner
            provided therein; and

      (iii) to the Expenses Loan Provider, that it will duly and punctually pay
            or discharge to or to the order of the Expenses Loan Provider all
            moneys and liabilities whatsoever which from time to time become
            due, owing or payable by it to or to the order of the Expenses Loan
            Provider under or pursuant to the Expenses Loan Provider at the
            times and in the manner provided therein.

3.    SECURITY AND DECLARATION OF TRUST

3.1   As continuing first fixed security for the payment or discharge of the
      Secured Amounts subject always to Clause 4, and excluding any Deferred
      Subscription Price Amount, the Issuer with full title guarantee hereby
      conveys, assigns and transfers to and in favour of the Note Trustee for
      itself and on trust for the Noteholders, the Swap Counterparty and for the
      Expenses Loan Provider:

      (i)   all its right, title, benefit and interest in and to the Series 02-1
            MTN, and any payments arising therefrom;

      (ii)  all its right, title, interest and benefit present and future in and
            to any agreement or document which the Issuer is, or may at any time
            be, expressed to have the benefit of or to have any rights under or
            to have any other interest in unless otherwise charged or secured by
            way of fixed security under this Clause 3.1, (including, without
            limitation, all supplements and accretions thereto, all rights to
            receive payment of any amounts which may become

                                      -2-
<PAGE>

            payable thereunder and all payments received by the Issuer
            thereunder and all items expressed to be held on trust for the
            Issuer thereunder or comprised therein, all rights to serve notices
            and/or give consents and directions and/or make demands thereunder
            and/or take such steps as are required to cause payments to become
            due and payable thereunder and all rights of action in respect of
            any breach thereof and all rights to receive damages or obtain other
            relief in respect thereof);

      (iii) all its right, title, interest and benefit present and future in and
            to all sums of money which may now or hereafter from time to time to
            be credited to the Series 02-1 Issuer Account or to any bank or
            other accounts in which the Issuer may at any time have or acquire
            any right, title, interest or benefit together with all interest
            accruing from time to time thereon and the debts represented thereby
            and all its right, title, interest and benefit present and future
            therein.

3.2   As continuing security for the payment or discharge of the Secured Amounts
      and subject always to Clause 4, the Issuer with full title guarantee
      hereby charges in favour of the Note Trustee, the Swap Counterparty and
      the Expenses Loan Provider by way of first fixed sub-charge all of its
      right, title and interest in the security interests created by the MTN
      Issuer in favour of the MTN Security Trustee pursuant to the Security
      Trust and MTN Cash Management Deed dated [___] in respect of the Series
      02-1 MTN.

3.3   As continuing security for the payment or discharge of the Secured Amounts
      and subject always to Clause 4, the Issuer with full title guarantee
      hereby charges in favour of the Note Trustee, the Swap Counterparty and
      the Expenses Loan Provider by way of first floating charge the whole of
      its undertaking and all its property, assets and rights whatsoever, and
      wheresoever, present and future but excluding any other property or assets
      from time to time or for the time being effectively charged or sub-charged
      by way of fixed charge or sub-charge or otherwise effectively transferred
      or assigned by way of fixed security by this Clause 3.

3.4   The Issuer hereby agrees to give notice to the bank at which the Series
      02-1 Issuer Account is held in the form of the notice set out in the
      Schedule.

3.5   Notwithstanding the charges and securities created by or pursuant to this
      Deed, the Note Trustee, the Swap Counterparty and the Expenses Loan
      Provider acknowledge that, until receipt of notice to the contrary from
      the Note Trustee following service of an Enforcement Notice, payments
      becoming due to the Issuer by the MTN Issuer pursuant to the Series 02-1
      MTN, together with all other monies payable to the Issuer pursuant to any
      other documents or arrangements to which it is a party, may (in any case)
      be made to the Issuer in accordance with the provisions of the Series 02-1
      MTN or (as the case may be) the documents or arrangements concerned, and
      the Issuer may exercise its rights, powers and discretions and perform its
      obligations in relation to the Charged Property and under the Related
      Documents in accordance with the provisions of the Related Documents or
      (as the case may be) such other documents or arrangements.

                                      -3-
<PAGE>

3.6   The Note Trustee declares itself a trustee of the covenants, undertakings,
      charges and securities given or created under or pursuant to this Deed for
      the Noteholders, the Swap Counterparty and the Expenses Loan Provider
      subject to Clause 4.

4.    REDEMPTION

      Upon proof being given to the satisfaction of the Note Trustee as to the
      irrevocable and unconditional payment or discharge of the Secured Amounts,
      the Note Trustee will at the request and cost of the Issuer release,
      discharge or reassign the Charged Property to the Issuer or any other
      person entitled thereto of whom the Note Trustee has notice.

5.    PAYMENTS OUT OF SERIES 02-1 ISSUER ACCOUNT

5.1   Notwithstanding the security created by or pursuant to this Deed, but
      subject always to Clause 6.3, prior to the service of an Enforcement
      Notice by the Note Trustee, amounts standing to the credit of the Series
      02-1 Issuer Distribution Account from time to time may be withdrawn
      therefrom by the Issuer but only in accordance with the applicable
      provisions of the Related Documents.

5.2   From and including the time when the Note Trustee serves an Enforcement
      Notice on the Issuer, no amount may be withdrawn from the Series 02-1
      Issuer Account by the Issuer or on its behalf without the prior written
      consent of the Note Trustee and in any event otherwise than in accordance
      with Clause 6.

6.    ENFORCEMENT NOTICE

6.1   Subject to the provisions of this Clause if, at any time while any of the
      Secured Amounts remain outstanding, an Event of Default in relation to the
      Notes occurs which is unremedied within the period of grace (if any)
      applying thereto, then the Note Trustee may in its absolute discretion
      serve on the Issuer an Enforcement Notice thereby crystallising the
      floating charge created by Clause 3.3 into a fixed charge or fixed charges
      as regards any assets specified in the Enforcement Notice and by way of
      further assurance of such fixed charge or fixed charges or securities the
      Issuer shall promptly execute over such assets a fixed charge or fixed
      charges or securities in favour of the Note Trustee in such form as the
      Note Trustee shall require.

6.2   All moneys received or recovered by the Note Trustee in respect of the
      Secured Amounts after an Enforcement Notice has been served by the Note
      Trustee shall be held by it, and all moneys received or recovered (whether
      by way of set-off, retention, compensation or balancing of accounts) by
      the Noteholders (other than the Note Trustee), the Swap Counterparty or
      the Expenses Loan Provider in respect of the Secured Amounts (other than
      moneys received pursuant to Clause 6.4) after an Enforcement Notice has
      been served by the Note Trustee shall forthwith be paid to (and, pending
      such payment, held on trust for) the Note Trustee to be held by the Note
      Trustee, in each case on trust to be applied in accordance with the order
      of priority of payments established pursuant to Clause 6.4.

                                      -4-
<PAGE>

6.3   From the date upon which an Enforcement Notice is served, all monies
      standing to the credit of the Series 02-1 Issuer Account from time to time
      shall be applied in accordance with the order of priority of payments
      established pursuant to Clause 6.4 and no amount may be debited therefrom
      for any other purpose.

6.4   From the date upon which an Enforcement Notice is served, all monies
      referred to in Clauses 6.2 and 6.3 above shall be applied, in the amounts
      required (but only to the extent that such payment does not cause the
      Series 02-1 Issuer Account to become overdrawn) in the following order of
      priority:

      (a)   FIRST, in no order of priority inter se but pro rata to the
            respective amounts then due, to pay remuneration then due to any
            receiver appointed pursuant to this Deed of Charge or to the Note
            Trustee and all amounts due in respect of legal fees and other
            costs, charges, liabilities, expenses, losses, damages, proceedings,
            claims and demands then owed to or incurred by the Note Trustee
            under and in respect of the Related Documents (as defined in Note
            Condition [___]) and in enforcing the security created by or
            pursuant to this Deed of Charge or in perfecting title to the
            Charged Property, together with interest thereon as provided in any
            such document;

      (b)   SECONDLY, (other than amounts payable under (c), (d) or (e) below)
            in payment or satisfaction of all costs, charges, liabilities,
            expenses, losses, damages, proceedings, claims and demands of the
            Swap Counterparty in relation to each Swap Agreement;

      (c)   THIRDLY, in order of priority inter se, the respective amounts then
            due:

            (A)   FIRST (to the extent not covered by (a) above) in payment or
                  satisfaction of costs, charges, liabilities, expenses, losses,
                  damages, proceedings, claims and demands of the Note Trustee
                  under the Trust Deed; and

            (B)   SECONDLY in or towards payment pari passu and rateably of all
                  principal, premium (if any) and interest then due and unpaid
                  in respect of the Class A Notes having paid any Sterling
                  Amounts required to be paid to the Swap Counterparty under the
                  terms of the Swap Agreement relating to the Class A Notes;

      (d)   FOURTHLY, in or towards payment pari passu and rateably of all
            principal, premium (if any) and interest then due and unpaid in
            respect of the Class B Notes after having paid any Sterling Amounts
            required to be paid to the Swap Counterparty under the Swap
            Agreement relating to the Class B Notes;

      (e)   FIFTHLY, in or towards payment pari passu and rateably of all
            principal, premium (if any) and interest then due and unpaid in
            respect of the Class C Notes after having paid any Sterling Amounts
            required to be paid to the Swap Counterparty under the Swap
            Agreement relating to the Class C Notes;

                                      -5-
<PAGE>

      (f)   SIXTHLY, in or towards payment of (i) interest and (ii) principal
            due and unpaid under the Expenses Loan Agreement;

      (g)   SEVENTHLY, in or towards payment of any sums due from (or required
            to be provided for by) the Issuer to meet its liabilities to any
            taxation authority (including in respect of corporation tax to the
            Inland Revenue);

      (h)   EIGHTHLY, in or towards payment of any sums due to third parties
            under obligations incurred in the course of the Issuer's business;

      (i)   NINTHLY, in or towards payment of the Deferred Subscription Price
            Amount; and

      (j)   TENTHLY, in payment of the balance (if any) to the liquidator of the
            Issuer.

7.    CONFLICT

      The Note Trustee shall have regard only to what, in its reasonable
      opinion, it considers to be the interests of the Noteholders, the Swap
      Counterparty and the Expenses Loan Provider as regards the exercise and
      performance of all powers, trusts, authorities, duties and discretions of
      the Note Trustee under this Deed or any other documents or assets, the
      rights or benefits in or to which are comprised in the Charged Property
      (except where expressly provided otherwise). If there is any conflict
      between the interests of the Noteholders, the Swap Counterparty and the
      Expenses Loan Provider, the Note Trustee shall have regard, first, to the
      interests of the Swap Counterparty, second to the interests of the
      Noteholders and, third, to the interests of the Expenses Loan Provider. If
      there is any conflict between the interests of any Senior Noteholders and
      any Junior Noteholders, the Note Trustee shall have regard only to the
      interests of such Senior Noteholders.

8.    CONTINUANCE OF SECURITY AND OTHER MATTERS

8.1   Without prejudice to the generality of Clause 2, and subject only to
      Clause 4, the charges, securities, covenants, undertakings and provisions
      contained in this Deed shall remain in force as continuing securities to
      the Note Trustee for itself, and on trust for the Noteholders, the Swap
      Counterparty and the Expenses Loan Provider, notwithstanding any
      intermediate payment or satisfaction of any part of the Secured Amounts or
      any settlement of account or any other act, event or matter whatsoever but
      shall secure the ultimate balance of the Secured Amounts.

8.2   In relation to the duties, obligations and responsibilities of the Note
      Trustee to the Noteholders, the Swap Counterparty and the Expenses Loan
      Provider as trustee of the Charged Property, the Note Trustee may
      discharge these by performing and observing its duties, obligations and
      responsibilities as trustee of such Charged Property in accordance with
      the provisions of, and subject to the provisions in favour of the Note
      Trustee contained in the Related Documents and the Noteholders, the Swap
      Counterparty and the Expenses Loan Provider shall accordingly be bound by,
      and deemed to have notice of, all of such provisions as if they were
      parties thereto.

                                      -6-
<PAGE>

9.    EXPENSES

      The Issuer hereby further covenants with and undertakes to the Note
      Trustee to reimburse or pay, in accordance with the provisions of Clauses
      5 and 6 of this Deed, to the Note Trustee and/or (as the case may be) the
      Receiver on demand (on the basis of a full indemnity) the amount of all
      reasonable costs, liabilities, charges and expenses (together with any VAT
      or similar tax charged or chargeable in respect thereof) incurred by the
      Note Trustee and/or (as the case may be) the Receiver in connection with
      this Deed.

10.   THE NOTE TRUSTEE'S POWERS

10.1  The provisions of the LPA relating to the power of sale and the other
      powers conferred by section 101(1) and (2) of the LPA, to the extent that
      such powers are applicable hereto, are hereby extended (as if such
      extensions were contained in the LPA) to authorise the Note Trustee and,
      in any event, the Note Trustee is hereby authorised, at its absolute
      discretion (from the date hereof but subject to Clause 10.4 below) and
      upon such terms as the Note Trustee may think fit (but subject in the case
      of the Charged Property referred to in Clauses 3.1(i) and 3.1(iii) above
      to any provisions set out in any of the Related Documents affecting or
      restricting the exercise of any such powers, whether or not explicitly):

      (i)   to sell or otherwise dispose of all title to and interest in the
            Charged Property or any interest in the same, and to do so for
            shares, debentures or any other securities whatsoever, or in
            consideration of an agreement to pay all or part of the purchase
            price at a later date or dates, or an agreement to make periodical
            payments, whether or not the agreement is secured by a Security
            Interest or a guarantee, or for such other consideration whatsoever
            as the Note Trustee may think fit, and also to grant any option to
            purchase;

      (ii)  with a view to, or in connection with, the management or disposal of
            the Charged Property to carry out any transaction, scheme or
            arrangement which the Note Trustee may, in its absolute discretion,
            consider appropriate;

      (iii) to take possession of, get in and collect the Charged Property;

      (iv)  to carry on and/or manage and/or concur in managing the business of
            the Issuer as it thinks fit and demand, sue for and collect and get
            in all moneys due to the Issuer as it thinks fit;

      (v)   to appoint and engage employees, managers, agents and advisers upon
            such terms as to remuneration and otherwise and for such periods as
            it may determine, and to dismiss them;

      (vi)  in connection with the exercise, or the proposed exercise, of any of
            its powers to borrow or raise money from any person without security
            or on the security of the Charged Property and generally in such
            manner and on such terms as it may think fit;

                                      -7-
<PAGE>

       (vii)  to bring, defend, submit to arbitration, negotiate, compromise,
              abandon and settle any claims and proceedings concerning the
              Charged Property;

       (viii) to transfer all or any of the Charged Property and/or any of the
              liabilities of the Issuer to any other company or body corporate
              (with the consent of that company or body corporate), whether or
              not formed or acquired for the purpose and whether or not an
              affiliate of the Note Trustee or the Issuer;

       (ix)   generally to carry out, or cause or authorise to be carried out,
              any transaction, scheme or arrangement whatsoever, whether or not
              similar to any of the foregoing, in relation to the Charged
              Property which it may consider expedient as effectually as if it
              were solely and absolutely entitled to the Charged Property;

       (x)    in connection with the exercise of any of its powers, to execute
              or do, or cause or authorise to be executed or done, on behalf of
              or in the name of the Issuer or otherwise, as it may think fit,
              all documents, acts or things which it may consider appropriate
              and to exercise in relation to the Charged Property all such
              powers as it would be capable of exercising if it were the
              absolute sole, legal and beneficial owner of the same and to use
              the name of the Issuer for all or any of the foregoing purposes;

       (xi)   to pay and discharge, out of the profits and income of the Charged
              Property and the moneys to be made by it in carrying on any such
              business as aforesaid, the expenses incurred in and about the
              carrying on and management of any such business as aforesaid or in
              the exercise of any of the powers conferred by this Clause 10.1 or
              otherwise in respect of the Charged Property in relation to the
              Issuer and all outgoings which it shall think fit to pay in
              accordance with the provisions of Clause 6;

       (xii)  to exercise any of the powers and perform any of the duties
              conferred on the Issuer by or pursuant to any of the Related
              Documents or any statute, deed or contract;

       (xiii) to do all such other acts and things as it may consider necessary,
              incidental or conducive to the exercise of any of the powers
              hereby conferred; and generally to use the name of the Issuer in
              the exercise of all or any of the powers hereby conferred;

       (xiv)  generally to do anything in relation to the Charged Property as it
              could do if it were absolutely entitled thereto, subject to the
              provisions of the Related Documents; and

       (xv)   to sanction or confirm anything suffered by the Issuer and concur
              with the Issuer in any dealing not hereinbefore specifically
              mentioned.

10.2   The Note Trustee may out of the profits and income of the Charged
       Property as aforesaid pay and discharge the expenses incurred in the
       carrying on and the

                                      -8-
<PAGE>

      management of any such business as aforesaid or in the exercise of any of
      the powers conferred by Clause 10.1 or otherwise in respect of the Charged
      Property and all outgoings which it shall think fit to pay and may apply
      the residue of the said profits, income and moneys in the manner provided
      by Clause 6.

10.3  The Note Trustee and any Receiver appointed by the Note Trustee may
      delegate all or any of the powers hereby or by any statute conferred upon
      it or him to such person or persons as it or he may in its or his absolute
      discretion think fit.

10.4  Section 103 of the LPA shall not apply in relation to any of the Security
      Interests contained in this Deed. The statutory powers of sale and of
      appointing a receiver which are conferred upon the Note Trustee as varied
      and extended by this Deed and all other powers shall in favour of any
      purchaser be deemed to arise and be exercisable immediately after the
      execution of this Deed but shall only be exercised upon and following the
      giving of an Enforcement Notice.

10.5  The Note Trustee may raise and borrow money on the security of the Charged
      Property or any part thereof for the purpose of defraying any moneys,
      costs, charges, losses and expenses paid or incurred by it in relation to
      this Deed (including the costs of realisation of any or all of the Charged
      Property and the remuneration of the Note Trustee). The Note 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 the Charged Property or any part thereof and either in
      priority to the security constituted by this Deed or otherwise and
      generally in such manner and form as the Note Trustee shall think fit and
      for such purposes may execute and do all such assurances and things as it
      shall think fit.

10.6  The powers conferred by this Deed in relation to the security constituted
      thereby or any part thereof on the Note Trustee or on any Receiver of the
      Charged Property or any part thereof shall be in addition to and not in
      substitution for the powers conferred on mortgagees or receivers under the
      LPA and the Insolvency Act 1986 and where there is any ambiguity or
      conflict between the powers contained in either of such Acts and those
      conferred by this Deed, the terms of this Deed shall prevail.

11.   RECEIVER

11.1  At any time after the service of an Enforcement Notice (and so that no
      delay or waiver of the right to exercise the powers hereby conferred shall
      prejudice the future exercise of such powers) the Note Trustee may,
      subject to Clause 11.2, appoint such person or persons (including an
      officer or officers of the Note Trustee) as it thinks fit (subject always
      to any requirement under the Insolvency Act 1986 that the person appointed
      be a licensed insolvency practitioner) to be Receiver or Receivers of the
      Charged Property to act jointly or jointly and severally as the Note
      Trustee shall determine.

                                      -9-
<PAGE>

11.2  The Note Trustee may (subject to Section 45 of the Insolvency Act 1986)
      remove the Receiver whether or not appointing another in his place and the
      Note Trustee may also appoint another receiver if the Receiver resigns.

11.3  The exclusion of any part of the Charged Property from the appointment of
      the Receiver shall not preclude the Note Trustee from subsequently
      extending his appointment (or that of the Receiver replacing him) to that
      part.

11.4  Any Receiver appointed shall, so far as the law permits, be the agent of
      the Issuer and (subject to applicable law) the Issuer shall be solely
      responsible for the Receiver's acts and defaults and liable on any
      contracts or engagements made or entered into by the Receiver; and in no
      circumstances whatsoever shall the Note Trustee, the Noteholders, the Swap
      Counterparty or the Expenses Loan Provider be in any way responsible for
      any misconduct, negligence or default of the Receiver. The Receiver shall
      have no power to take any action in relation to the Charged Property which
      the Note Trustee is prohibited from taking by virtue of the terms of this
      Deed.

11.5  The remuneration of the Receiver may be fixed by the Note Trustee (and may
      be or include a commission calculated by reference to the gross amount of
      all money received or otherwise), but such remuneration shall be payable
      by the Issuer alone and the amount of such remuneration shall form part of
      the Secured Amounts and accordingly be secured on the Charged Property
      under the charges and securities contained in this Deed.

11.6  The Receiver shall have, mutatis mutandis, the powers, authorities and
      discretions conferred upon the Note Trustee under this Deed, subject to
      such restrictions as the Note Trustee may think fit. Without prejudice to
      the generality of the foregoing, any Receiver appointed to the whole or
      substantially the whole of the Charged Property shall have the powers
      referred to in Schedule 1 of the Insolvency Act 1986.

11.7  The Receiver shall in the exercise of his powers, authorities and
      discretions conform to the regulations and directions from time to time
      made and given by the Note Trustee.

11.8  The Note 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 such
      Receiver and may fix the nature and amount of the security to be so given
      but the Note Trustee shall not be bound in any case to require any such
      security.

11.9  Save so far as otherwise directed by the Note Trustee and as otherwise
      required by law all moneys from time to time received by such Receiver
      shall be paid over to the Note Trustee to be applied by it in the manner
      set out in Clause 6.

11.10 The Note Trustee may pay over to such Receiver any moneys constituting
      part of the Charged Property to the intent that the same may be applied
      for the purposes of this Deed by such Receiver and the Note Trustee may
      from time to time determine what funds the Receiver shall be at liberty to
      keep in hand with a view to the performance of his duties as such
      Receiver.

                                      -10-
<PAGE>

11.11 Sections 109(6) and (8) of the LPA (relating to application of moneys
      received by receiver) shall not apply in relation to a Receiver appointed
      under the foregoing provisions of this Clause 11.

11.12 None of the restrictions imposed by the LPA in relation to appointment of
      receivers or as to the giving of notice or otherwise shall apply.

12.   PROTECTION OF THIRD PARTIES

12.1  No purchaser from, or other person dealing with, the Note Trustee and/or
      any Receiver shall be concerned to enquire whether any of the powers which
      they have exercised or purported to exercise has arisen or become
      exercisable, or whether the Secured Amounts remain outstanding or whether
      any event has occurred to authorise the Receiver to act or as to the
      propriety or validity of the exercise or purported exercise of any such
      powers and the title of such a purchaser and the position of such a person
      shall not be impeachable by reference to any of those matters.

12.2  The receipt of the Note Trustee or the Receiver shall be an absolute and a
      conclusive discharge to a purchaser or other such person as is referred to
      in Clause 12.1 and shall relieve such purchaser or other person of any
      obligation to see to the application of any moneys paid to or by the
      direction of the Note Trustee or the Receiver.

12.3  In Clauses 12.1 and 12.2 "PURCHASER" means any person acquiring in good
      faith, for money or money's worth, any Security Interest over, or any
      other interest or right whatsoever in relation to, the Charged Property.

13.   PROTECTION OF NOTE TRUSTEE AND RECEIVER

13.1  The Note Trustee shall not nor shall any Receiver appointed as aforesaid
      or any attorney or agent of the Note Trustee by reason of taking
      possession of the Charged Property or any part thereof or for any other
      reason whatsoever and whether as mortgagee in possession or on any other
      basis whatsoever be liable to account to the Issuer or any other person
      whatsoever for any thing except actual receipts or be liable to the Issuer
      or any other person whatsoever for any loss or damage arising from
      realisation of the Charged Property or any part thereof or from any act,
      default or omission in relation to the security constituted by or pursuant
      to this Deed or any part thereof or from any exercise or non-exercise by
      it of any power, authority or discretion conferred upon it in relation to
      the security constituted by or pursuant to this Deed or any part thereof
      by or pursuant to this Deed or otherwise unless such loss or damage shall
      be caused by its own negligence, fraud, wilful default or bad faith.

13.2  Without prejudice to the generality of Clause 13.1 entry into possession
      of the Charged Property or any part thereof shall not render the Note
      Trustee or the Receiver liable to account as mortgagee in possession or
      liable for any loss on realisation or for any default or omission for
      which a mortgagee in possession might be liable; and if and whenever the
      Note Trustee enters into possession of the Charged Property, it shall be
      entitled at any time at its pleasure to go out of such possession.

                                      -11-
<PAGE>

14.   INDEMNITY

      The Issuer hereby further covenants with and undertakes to the Note
      Trustee fully to indemnify and keep indemnified the Note Trustee and the
      Receiver (and their respective officers or employees) from and against all
      liabilities, losses, damages, costs, expenses, charges, actions,
      proceedings, claims and demands which the Note Trustee or the Receiver (or
      their respective officers or employees) may incur in performance of the
      terms of this Deed except insofar as they are incurred because of
      negligence or wilful default on the part of the Note Trustee or the
      Receiver (as the case may be).

15.   FURTHER ASSURANCE AND POWER OF ATTORNEY

15.1  The Issuer hereby further covenants with and undertakes to the Note
      Trustee that it will from time to time upon demand:

      (a)   execute, at its own cost, any document or do any act or thing which
            the Note Trustee or the Receiver may specify with a view to:

            (i)   perfecting or improving any charge or security created or
                  intended to be created by this Deed, including, without
                  limitation, such additional or corroborative security document
                  and in such forms as the Note Trustee or the Receiver may
                  specify; or

            (ii)  after service of an Enforcement Notice, facilitating the
                  exercise, or the proposed exercise, of any of their powers;
                  and

      (b)   give or join in giving or procuring the giving of such notices to
            such persons, and all in such form, as the Note Trustee or the
            Receiver may require at the cost of the Issuer,

      PROVIDED, HOWEVER that for the avoidance of doubt, the Issuer and the Note
      Trustee shall not (and shall not be entitled to) execute or cause to be
      executed any assignments and shall not give any notices to any of the
      underlying credit card obligors.

15.2  For the purpose of securing the interest of the Note Trustee, the Swap
      Counterparty, the Expenses Loan Provider and the Noteholders in and to the
      Charged Property and the performance of its obligations to the Note
      Trustee, the Noteholders the Swap Counterparty and the Expenses Loan
      Provider, whether under or pursuant to this Deed or any Related Document
      or in relation to the Charged Property, the Issuer irrevocably for value
      and by way of security appoints the Note Trustee and every Receiver of the
      Charged Property or any part thereof 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 Note 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 Note Trustee or the Receiver under or pursuant to this Deed or any
      Related Document, provided, however, that the appointment comprised in
      this Clause 15.2 shall not entitle

                                      -12-
<PAGE>

      any person to act as attorney of the Issuer until such time as an Event of
      Default has occurred, and then only for so long as an Event of Default is
      subsisting.

15.3  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 15.

16.   OTHER SECURITY ETC.

16.1  This security is in addition to, and shall neither be merged in, nor in
      any way exclude or prejudice or be affected by, any other Security
      Interest, right or recourse or other right whatsoever which the Note
      Trustee may now or at any time hereafter hold or have (or would apart from
      the provisions of this Deed hold or have) as regards the Issuer or any
      other person in respect of the Secured Amounts.

16.2  Section 93 of the LPA (relating to restriction on consolidation of
      mortgages) shall not apply in relation to any of the charges contained in
      this security.

17.   LIMITED RECOURSE; NON-PETITION

17.1  No recourse under any obligation, covenant or agreement of the Issuer
      contained in these presents shall be made against any shareholder, officer
      or director of the Issuer as such, by the enforcement of any assignment or
      by any proceeding, by virtue of any statute or otherwise; it being
      expressly agreed and understood that these presents are a corporate
      obligation of the Issuer and no liability shall attach to, or be incurred
      by, the shareholders, officers, agents, or directors of the Issuer as
      such, or any of them, under or by reason of any of the obligations,
      covenants and agreements of the Issuer contained in these presents, or
      implied therefrom, and that any and all personal liability for breach by
      the Issuer of any of such obligations, covenants or agreements, either at
      law or by statute or certification, of every such shareholder, officer,
      agent or director is hereby expressly waived by the Issuer as a condition
      of any consideration for the execution of these presents.

17.2  After realisation of the Security created under this Deed and distribution
      of the net proceeds thereof in accordance with this Deed the Expenses Loan
      Provider may not take any further steps against the Issuer or any of its
      assets and all claims of the Expenses Loan Provider under the Related
      Documents against the Issuer in respect of any sum unpaid shall be
      extinguished.

17.3  The Expenses Loan Provider hereby agrees with the Note Trustee that,
      subject to the proviso to this sub-clause:

      (i)   it shall not be entitled to take, and shall not take, any steps
            whatsoever to enforce the Security created by Clause 3, or to direct
            the Note Trustee to do so; and

      (ii)  it shall not be entitled to take, and shall not take, any steps
            (including the exercise of any right of set-off but not including
            the presentation of a petition for an administration order in
            relation to the Issuer) for the purpose of

                                      -13-
<PAGE>

            recovering any of the Secured Amounts owing to it or any other debts
            whatsoever owing to it by the Issuer or procuring the winding-up,
            examination or liquidation of the Issuer or the making of a court
            protection order or the presentation of a petition for an
            administration order in relation to the Issuer in respect of any of
            its liabilities whatsoever,

      Provided that:

      (i)   if the Note Trustee, having become bound to do so, fails to serve an
            Enforcement Notice and/or to take any steps or proceedings to
            enforce such Security pursuant to Clauses 6, 8 or 11 within a
            reasonable time, and such failure is continuing, the Expenses Loan
            Provider shall be entitled to take any such steps and proceedings as
            it shall deem necessary (other than the presentation of a petition
            for the winding-up of, or for an examination order or the making of
            a court protection order in respect of, the Issuer or the
            enforcement of any Security granted hereunder) provided that the
            Expenses Loan Provider shall not be entitled to take any steps or
            proceedings which could contravene Clauses 6 or 17; and

      (ii)  this Clause shall not prevent the Expenses Loan Provider from taking
            any steps against the Issuer which do not amount to the commencement
            or the threat of commencement of legal proceedings against the
            Issuer or procuring the winding-up of the Issuer or the making of an
            administration order in relation to the Issuer to the extent of any
            amount which should have been paid to the Expenses Loan Provider
            pursuant to the applicable provisions of the Expenses Loan
            Agreement, save that nothing herein shall entitle the Expenses Loan
            Provider to take any action under this proviso for so long as any
            amount which is not paid to the Expenses Loan Provider is due solely
            to a breach by the relevant party of its duties in respect of the
            Related Documents or otherwise because the Issuer has insufficient
            sums available to it to make such payment.

18.   NOTICES AND DEMANDS

18.1  Any notice or demand under or in connection with this Deed shall be in
      writing and shall be delivered by hand or sent by first-class post or by
      facsimile transmission to the address or facsimile number specified in
      respect of the relevant party in the execution clause of this Deed, or to
      such other address or facsimile number as may be notified in writing by
      any party to the others from time to time.

18.2  In the absence of evidence of earlier receipt, any notice or demand shall
      be deemed to have been duly given:

      (a)   if delivered by hand, when left at the address referred to in Clause
            18.1;

      (b)   if sent by first class mail from an address within the United
            Kingdom, two days after posting it; and

                                      -14-
<PAGE>

      (c)   if sent by facsimile transmission, on confirmation of transmission
            being received by the sending machine.

19.   VARIATION

      No variation of this Deed shall be effective unless it is in writing and
      executed as a deed by (or by some person duly authorised by) each of the
      parties hereto.

20.   WAIVERS AND CONSENTS

20.1  No failure on the part of the Note Trustee to exercise, and no delay on
      its part in exercising, any right or remedy under or pursuant to this Deed
      will operate as a waiver thereof, nor will any single or partial exercise
      of any right or remedy preclude any other or further exercise thereof or
      the exercise of any other right or remedy.

20.2  Any waiver and any consent by the Note Trustee under this Deed must be in
      writing and may be given subject to any conditions thought fit by the Note
      Trustee. Any waiver or consent shall be effective only in the instance and
      for the purpose for which it is given.

21.   POWERS CUMULATIVE

      The powers which this Deed confers on the Note Trustee and the Receiver
      are cumulative, without prejudice to their respective powers under the
      general law, and may be exercised as often as the Note Trustee or the
      Receiver thinks appropriate; the Note Trustee or the Receiver may, in
      connection with the exercise of their powers, join or concur with any
      person in any transaction, scheme or arrangement whatsoever; the
      respective powers of the Note Trustee and the Receiver shall in no
      circumstances whatsoever be suspended, waived or otherwise prejudiced by
      anything other than an express waiver or variation in writing.

22.   PARTIAL INVALIDITY

      If, at any time, any provision of this Deed is or becomes illegal, invalid
      or unenforceable in any respect under the laws of any jurisdiction,
      neither the legality, validity or enforceability of the remaining
      provisions hereof, nor the legality, validity or enforceability of such
      provision under the law of any other jurisdiction, shall in any way be
      affected or impaired thereby.

23.   COUNTERPARTS

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

24.   GOVERNING LAW

      This Deed shall be governed by and construed in accordance with the laws
      of England.

                                      -15-
<PAGE>

25.   CONTRACT (THIRD PARTIES RIGHT) ACT

      A person who is not a party to any Document has no right under the
      Contract (Rights of Third Parties) Act 1999 to enforce any term of any
      Document but this does not affect any right or remedy of a third party
      which exists or is available apart from that Act.

IN WITNESS WHEREOF this Deed has been executed by the parties hereto and is
intended to be and is hereby delivered on the date first above written.

                                      -16-
<PAGE>

                                  THE SCHEDULE

To:   Barclays Bank PLC
      54 Lombard Street
      London EC2V 3EX

NOTICE IS HEREBY GIVEN BY Gracechurch Card Funding (No. 2) PLC (the "ISSUER")
that by a Deed of Charge made on [___] between the Issuer, The Bank of New York
(the "NOTE TRUSTEE") and Barclays Bank PLC (the "SWAP COUNTERPARTY" and the
"EXPENSES LOAN PROVIDER"), the Issuer charged in favour of the Note Trustee on
trust for Noteholders, the Swap Counterparty and the Expenses Loan Provider all
its right, title, interest and benefit present and future in the Series 02-1
Issuer Account established pursuant to the Bank Agreement made between the
Issuer and yourselves on [___] 2002.

Please acknowledge receipt of this notice by signing below and returning one
copy to each of the Issuer and the Note Trustee.

Yours faithfully

..............................................            Date .................

duly authorised for and on behalf of
GRACECHURCH CARD FUNDING (NO.2) PLC

We acknowledge receipt of this notice.

..............................................            Date..................

duly authorised for and on behalf of
BARCLAYS BANK PLC

                                      -17-
<PAGE>

                                 EXECUTION PAGE

The Issuer

EXECUTED                                 )
AS A DEED FOR AND ON BEHALF              )
OF GRACECHURCH CARD FUNDING (NO.2) PLC   )
By:                                      )
In the presence of:                      )

address:  54 Lombard Street
          London EC3P 3AH

fax no:
contact:  Company Secretary

The Note Trustee

EXECUTED AS A DEED for and on behalf of  )
THE BANK OF NEW YORK                     )
was hereunto affixed                     )
                                         )
in the presence of:                      )

address:  One Canada Square
          London E14 5AL

fax no:   020 7893 6259
contact:  Operations Department

The Swap Counterparty and the
Expenses Loan Provider

EXECUTED AND DELIVERED                   )
AS A DEED by                             )
BARCLAYS BANK PLC                        )
by its authorised signatory in           )
the presence of:                         )

address:  Barclays Bank PLC
          54 Lombard Street
          London EC3P 3AH

fax no:   020 7977 4699
contact:  RFS Structured Finance

                                      -18-

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