Document:

Exhibit 4.4

                              DATED ___ October, 2002

                          HOLMES FINANCING (NO. 6) PLC

                                       and

                              THE BANK OF NEW YORK

                                       and

                       JPMORGAN CHASE BANK, LONDON BRANCH

                                       and
                                       ___

                                       and

                               ABBEY NATIONAL PLC

                                       and

                          CITIBANK N.A., LONDON BRANCH

                                       and

                      JPMORGAN CHASE BANK, NEW YORK BRANCH

                                       and

                        J.P. MORGAN BANK LUXEMBOURG S.A.

                                       and
                                       ___

                                       and
                                        ___

                             SPV MANAGEMENT LIMITED

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

                           SIXTH ISSUER DEED OF CHARGE

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

                                  ALLEN & OVERY
                                     London
                                  ICM:572260.1

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                                    CONTENTS

Clause                                                                      Page

1.  Interpretation............................................................5
2.  Sixth Issuer's Covenant to Pay............................................6
3.  Security and Declaration of Trust.........................................6
4.  Release of Sixth Issuer Charged Property..................................8
5.  Payments out of the Sixth Issuer Transaction Accounts, the Sixth Issuer
    Liquidity.................................................................9
6.  Payments out of the Sixth Issuer Bank Accounts upon Enforcement..........12
7.  Conflict.................................................................20
8.  Modification.............................................................22
9.  The Security Trustee's Powers............................................23
10. Receiver.................................................................26
11. Protection of Third Parties..............................................29
12. Protection of Security Trustee and Receiver..............................30
13. Expenses and Indemnity...................................................30
14. Protection of Security...................................................32
15. Crystallisation..........................................................33
16. Power of Attorney, etc...................................................34
17. Other Security, etc......................................................34
18. Avoidance of Payments....................................................35
19. Set off..................................................................36
20. Execution of Documents...................................................36
21. Exercise of Certain Rights...............................................37
22. Covenants and Warranties.................................................39
23. Provisions Supplemental to the Trustee Act 1925..........................42
24. Supplemental Provisions regarding the Security Trustee...................48
25. Remuneration and Indemnification of the Security Trustee.................51
26. Appointment of New Security Trustee and Removal of Security Trustee......53
27. Retirement of Security Trustee...........................................54
28. Trust Indenture Act Prevails.............................................54
29. Notices and Demands......................................................54
30. Further Provisions.......................................................57
31. Choice of Law............................................................58

Schedules

1.  Power of Attorney........................................................60
2.  Form of Notice of Assignment and Consent to Assignment...................62

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THIS DEED OF CHARGE is made on ___ October, 2002

BETWEEN

(1)   HOLMES FINANCING (NO. 6) PLC (registered number 4359738) a public limited
      company incorporated under the laws of England and Wales whose registered
      office is at Abbey National House, 2 Triton Square, Regents Place, London
      NW1 3AN (the "SIXTH ISSUER");

(2)   THE BANK OF NEW YORK whose principal office is at One Canada Square,
      London E14 5AL (in its capacity as the "SIXTH ISSUER SECURITY TRUSTEE"
      which expression shall include such person and all other persons for the
      time being acting as the security trustee or security trustees pursuant to
      this Deed);

(3)   THE BANK OF NEW YORK whose principal office is at One Canada Square,
      London E14 5AL (in its capacity as the "NOTE TRUSTEE" which expression
      shall include such person and all other persons for the time being acting
      as the note trustee or note trustees for the Noteholders pursuant to the
      Sixth Issuer Trust Deed);

(4)   JPMORGAN CHASE BANK, LONDON BRANCH (formerly known as The Chase Manhattan
      Bank, London Branch) whose principal office is at Trinity Tower, 9 Thomas
      More Street, London E1W 1YT (in its capacity as the "AGENT BANK" which
      expression shall include such person and all other persons for the time
      being acting as agent bank for the time being pursuant to the Sixth Issuer
      Paying Agent and Agent Bank Agreement);

(5)   JPMORGAN CHASE BANK, LONDON BRANCH (formerly known as The Chase Manhattan
      Bank, London Branch) whose principal office is at Trinity Tower, 9 Thomas
      More Street, London E1W 1YT (in its capacity as the "PRINCIPAL PAYING
      AGENT" which expression shall include such person and all other persons
      for the time being acting as principal paying agent pursuant to the Sixth
      Issuer Paying Agent and Agent Bank Agreement);

(6)   ___ (in its capacity as the "SIXTH ISSUER LIQUIDITY FACILITY PROVIDER"
      which expression shall include such person and all other persons for the
      time being acting as liquidity facility provider to the Sixth Issuer for
      the time being pursuant to the Sixth Issuer Liquidity Facility Agreement);

(7)   ABBEY NATIONAL PLC (registered number 02294747) a public limited company
      incorporated under the laws of England and Wales whose registered office
      is at Abbey National House, 2 Triton Square, Regents Place, London, NW1
      3AN (in its capacity as cash manager under the Sixth Issuer Cash
      Management Agreement, the "SIXTH ISSUER CASH MANAGER" which expression
      shall include such person and all other persons for the time being acting
      as cash manager pursuant to the Sixth Issuer Cash Management Agreement);

(8)   ABBEY NATIONAL PLC (registered number 02294747), a public limited company
      incorporated under the laws of England and Wales whose registered office
      is at Abbey House, Baker Street, London, NW1 6XL operating through its
      office at 21 Prescot Street, London E1 8AD (in its capacity as the "SIXTH
      ISSUER STERLING ACCOUNT BANK" which expression shall include such person
      and all other persons for the time being acting as sterling account bank
      to the Sixth Issuer pursuant to the Sixth Issuer Bank Account Agreement);

(9)   CITIBANK N.A., LONDON BRANCH, whose principal office is at 336 Strand,
      London WC2R 1HB (in its capacity as the "SIXTH ISSUER NON-STERLING ACCOUNT
      BANK" which expression shall include such person and all other persons for
      the time being acting as non-

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                                       2

      sterling account bank to the Sixth Issuer pursuant to the Sixth Issuer
      Bank Account Agreement);

(10)  JPMORGAN CHASE BANK, NEW YORK BRANCH whose principal office is at 450 West
      33rd Street, New York, NY 10001-2697 (in its capacity as the "US PAYING
      AGENT" which expression shall include such person and all other persons
      for the time being acting as US paying agent pursuant to the Sixth Issuer
      Paying Agent and Agent Bank Agreement);

(11)  UBS AG, ZURICH acting through its office at Bahnhofstrasse 45, CH-8098
      Zurich, Switzerland (in its capacity as the "SWISS PRINCIPAL PAYING AGENT"
      which expression shall include such person and all other persons for the
      time being acting as the Swiss principal paying agent pursuant to the
      Sixth Issuer Swiss Paying Agent and Agent Bank Agreement);

(12)  UBS AG, ZURICH acting through its office at Bahnhofstrasse 45, CH-8098
      Zurich, Switzerland (in its capacity as the "SWISS AGENT BANK" which
      expression shall include such person and all other persons for the time
      being acting as the Swiss agent bank pursuant to the Sixth Issuer Swiss
      Paying Agent and Agent Bank Agreement);

(13)  J.P. MORGAN BANK LUXEMBOURG S.A., acting through its office at 5 rue
      Plaetis, L-2238, Luxembourg, Grand Duchy of Luxembourg (in its capacity as
      the "REGISTRAR" which expression shall, include such person and all other
      persons for the time being acting as the registrar or registrars pursuant
      to the Sixth Issuer Paying Agent and Agent Bank Agreement);

(14)  J.P. MORGAN BANK LUXEMBOURG S.A., acting through its office at 5 rue
      Plaetis, L-2238, Luxembourg, Grand Duchy of Luxembourg (in its capacity as
      the "TRANSFER AGENT" which expression shall, include such person and all
      other persons for the time being acting as the transfer agent or transfer
      agents pursuant to the Sixth Issuer Paying Agent and Agent Bank
      Agreement);

(15)  ___ in its capacity as: (1) the Series 1 Class A dollar currency swap
      counterparty under the Series 1 Class A Dollar Currency Swap Agreement
      (the "SERIES 1 CLASS A DOLLAR CURRENCY SWAP PROVIDER"); (2) the Series 1
      Class B dollar currency swap counterparty under the Series 1 Class B
      Dollar Currency Swap Agreement (the "SERIES 1 CLASS B DOLLAR CURRENCY SWAP
      PROVIDER"); (3) the Series 1 Class C dollar currency swap counterparty
      under the Series 1 Class C Dollar Currency Swap Agreement (the "SERIES 1
      CLASS C DOLLAR CURRENCY SWAP PROVIDER"); (4) the Series 2 Class A dollar
      currency swap counterparty under the Series 2 Class A Dollar Currency Swap
      Agreement (the "SERIES 2 CLASS A DOLLAR CURRENCY SWAP PROVIDER"); (5) the
      Series 2 Class B dollar currency swap counterparty under the Series 2
      Class B Dollar Currency Swap Agreement (the "SERIES 2 CLASS B DOLLAR
      CURRENCY SWAP Provider"); (6) the Series 2 Class C dollar currency swap
      counterparty under the Series 2 Class C Dollar Currency Swap Agreement
      (the "SERIES 2 CLASS C DOLLAR CURRENCY SWAP PROVIDER"); (7) the Series 4
      Class A1 dollar currency swap counterparty under the Series 4 Class A1
      Dollar Currency Swap Agreement (the "SERIES 4 CLASS A1 DOLLAR CURRENCY
      SWAP PROVIDER"); (8) the Series 4 Class B dollar currency swap
      counterparty under the Series 4 Class B Dollar Currency Swap Agreement
      (the "SERIES 4 CLASS B DOLLAR CURRENCY SWAP PROVIDER"); and the Series 4
      Class C dollar currency swap counterparty under the Series 4 Class C
      Dollar Currency Swap Agreement (the "SERIES 4 CLASS C DOLLAR CURRENCY SWAP
      PROVIDER");

(16)  ___ in its capacity as the Series 4 Class A2 Swiss Franc Currency Swap
      Counterparty under the Series 4 Class A2 Swiss Franc Currency Swap
      Agreement (the "SERIES 4 CLASS A2 SWISS FRANC CURRENCY SWAP PROVIDER");

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                                       3

(17)  ___ in its capacity as: (1) the Series 3 Class A euro currency swap
      counterparty under the Series 3 Class A Euro Currency Swap Agreement (the
      "SERIES 3 CLASS A EURO CURRENCY SWAP PROVIDER"); (2) the Series 3 Class B
      euro currency swap counterparty under the Series 3 Class B Euro Currency
      Swap Agreement (the "SERIES 3 CLASS B EURO CURRENCY SWAP PROVIDER"); and
      (3) the Series 3 Class C euro currency swap counterparty under the Series
      3 Class C Euro Currency Swap Agreement (the "SERIES 3 CLASS C EURO
      CURRENCY SWAP PROVIDER); and

(18)  SPV MANAGEMENT LIMITED (registered number 2548079), whose registered
      office is at 78 Cannon Street, London EC4N 6HH as the corporate services
      provider to the Sixth Issuer under the Sixth Issuer Corporate Services
      Agreement (the "CORPORATE SERVICES PROVIDER" which expression shall
      include such person and all other persons for the time being acting as
      corporate services provider to the Sixth Issuer pursuant to the Sixth
      Issuer Corporate Services Agreement).

WHEREAS:

(A)   This Deed secures and will secure, inter alia, the Sixth Issuer Secured
      Obligations.

(B)   The Sixth Issuer will on the date of this Deed issue the Sixth Issuer
      Notes pursuant to the Sixth Issuer Trust Deed.

(C)   By the Sixth Issuer Paying Agent and Agent Bank Agreement, the Paying
      Agents, the Registrar, the Transfer Agent and the Agent Bank have agreed
      to provide certain agency services on behalf of the Sixth Issuer in
      relation to the Sixth Issuer Notes (other than the Series 4 Class A2 Fifth
      Issuer Notes) for the benefit of the Noteholders.

(D)   By the Sixth Issuer Swiss Paying Agent and Agent Bank Agreement, the Swiss
      Paying Agents and the Agent Bank have agreed to provide certain agency
      services on behalf of the Sixth Issuer in relation to the Series 4 Class
      A2 Sixth Issuer Notes for the benefit of the Noteholders.

(E)   By the Sixth Issuer Liquidity Facility Agreement, the Sixth Issuer
      Liquidity Facility Provider has agreed to make a liquidity facility
      available to the Sixth Issuer to enable the Sixth Issuer to meet certain
      obligations, including its obligations under the Sixth Issuer Notes, in
      the event that the Sixth Issuer has insufficient money to meet those
      obligations.

(F)   By the Sixth Issuer Cash Management Agreement, the Sixth Issuer Cash
      Manager has agreed to act as cash manager and to provide certain
      administration and cash management services to the Sixth Issuer.

(G)   By the Sixth Issuer Bank Account Agreement, the Sixth Issuer Sterling
      Account Bank and the Sixth Issuer Non-Sterling Account Bank have agreed to
      provide certain bank account services to the Sixth Issuer.

(H)   By the Series 1 Class A Dollar Currency Swap Agreement, the Series 1 Class
      A Dollar Currency Swap Provider has agreed to enter into a dollar/sterling
      currency swap with the Sixth Issuer in relation to the Series 1 Class A
      Sixth Issuer Notes.

(I)   By the Series 1 Class B Dollar Currency Swap Agreement, the Series 1 Class
      B Dollar Currency Swap Provider has agreed to enter into a dollar/sterling
      currency swap with the Sixth Issuer in relation to the Series 1 Class B
      Sixth Issuer Notes.

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                                       4

(J)   By the Series 1 Class C Dollar Currency Swap Agreement, the Series 1 Class
      C Dollar Currency Swap Provider has agreed to enter into a dollar/sterling
      currency swap with the Sixth Issuer in relation to the Series 1 Class C
      Sixth Issuer Notes.

(K)   By the Series 2 Class A Dollar Currency Swap Agreement, the Series 2 Class
      A Dollar Currency Swap Provider has agreed to enter into a dollar/sterling
      currency swap with the Sixth Issuer in relation to the Series 2 Class A1
      Sixth Issuer Notes.

(L)   By the Series 2 Class B Dollar Currency Swap Agreement, the Series 2 Class
      B Dollar Currency Swap Provider has agreed to enter into a dollar/sterling
      currency swap with the Sixth Issuer in relation to the Series 2 Class B
      Sixth Issuer Notes.

(M)   By the Series 2 Class C Dollar Currency Swap Agreement, the Series 2 Class
      C Dollar Currency Swap Provider has agreed to enter into a dollar/sterling
      currency swap with the Sixth Issuer in relation to the Series 2 Class C
      Sixth Issuer Notes.

(N)   By the Series 4 Class A1 Dollar Currency Swap Agreement, the Series 4
      Class A1 Dollar Currency Swap Provider has agreed to enter into a
      dollar/sterling currency swap with the Sixth Issuer in relation to the
      Series 4 Class A1 Sixth Issuer Notes;

(O)   By the Series 4 Class B Dollar Currency Swap Agreement, the Series 4 Class
      B Dollar Currency Swap Provider has agreed to enter into a dollar/sterling
      currency swap with the Sixth Issuer in relation to the Series 4 Class B
      Sixth Issuer Notes;

(P)   By the Series 4 Class C Dollar Currency Swap Agreement, the Series 4 Class
      C Dollar Currency Swap Provider has agreed to enter into a dollar/sterling
      currency swap with the Sixth Issuer in relation to the Series 4 Class C
      Sixth Issuer Notes;

(Q)   By the Series 3 Class A Euro Currency Swap Agreement, the Series 3 Class A
      Euro Currency Swap Provider has agreed to enter into a euro/sterling
      currency swap with the Sixth Issuer in relation to the Series 3 Class A
      Sixth Issuer Notes.

(R)   By the Series 3 Class B Euro Currency Swap Agreement, the Series 3 Class B
      Euro Currency Swap Provider has agreed to enter into a euro/sterling
      currency swap with the Sixth Issuer in relation to the Series 3 Class B
      Sixth Issuer Notes.

(S)   By the Series 3 Class C Euro Currency Swap Agreement, the Series 3 Class C
      Euro Currency Swap Provider has agreed to enter into a euro/sterling
      currency swap with the Sixth Issuer in relation to the Series 3 Class C
      Sixth Issuer Notes.

(T)   By the Series 4 Class A2 Swiss Franc Currency Swap Agreement, the Series 4
      Class A2 Swiss Franc Currency Swap Provider has agreed to enter into a
      Swiss franc/sterling currency swap with the Sixth Issuer in relation to
      the Series 2 Class A2 Sixth Issuer Notes.

(Q)   By the Sixth Issuer Corporate Services Agreement, the Corporate Services
      Provider has agreed to act as corporate services provider to the Sixth
      Issuer.

IT IS AGREED as follows:

1.    INTERPRETATION

      The Amended and Restated Master Definitions and Construction Schedule and
      the Sixth Issuer Master Definitions and Construction Schedule signed for
      the purposes of identification

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                                       5

      by Allen & Overy and Slaughter and May on ___ October, 2002 (as the same
      may be amended, varied or supplemented from time to time with the consent
      of the parties hereto ___) are expressly and specifically incorporated
      into this Deed and, accordingly, the expressions defined in the Amended
      and Restated Master Definitions and Construction Schedule and the Sixth
      Issuer Master Definitions and Construction Schedule (as so amended, varied
      or supplemented) shall, except where the context otherwise requires and
      save where otherwise defined herein, have the same meanings in this Deed,
      including the Recitals hereto and this Deed shall be construed in
      accordance with the interpretation provisions set out in CLAUSE 2 of the
      Amended and Restated Master Definitions and Construction Schedule and
      CLAUSE 2 of the Sixth Issuer Master Definitions and Construction Schedule.
      In the event of a conflict between the Amended and Restated Master
      Definitions and Construction Schedule and the Sixth Issuer Master
      Definitions and Construction Schedule, the Sixth Issuer Master Definitions
      and Construction Schedule shall prevail.

2.    SIXTH ISSUER'S COVENANT TO PAY

      The Sixth Issuer covenants with and undertakes to the Sixth Issuer
      Security Trustee for itself and on trust for the Sixth Issuer Secured
      Creditors that it will, subject to the provisions of the Transaction
      Documents to which the Sixth Issuer is a party:

      (a)   duly and punctually pay and discharge all monies and liabilities
            whatsoever which now are or at any time hereafter may (whether
            before or after demand) become due and payable to the Sixth Issuer
            Security Trustee (whether for its own account or as trustee for the
            Sixth Issuer Secured Creditors) or any of the other Sixth Issuer
            Secured Creditors by the Sixth Issuer whether actually or
            contingently, under this Deed or any other Sixth Issuer Transaction
            Document; and

      (b)   observe, perform and satisfy all its other obligations and
            liabilities under this Deed and/or any other Sixth Issuer
            Transaction Document.

3.    SECURITY AND DECLARATION OF TRUST

3.1   CONTRACTUAL RIGHTS

      The Sixth Issuer, by way of first fixed security for the payment or
      discharge of the Sixth Issuer Secured Obligations, subject to CLAUSE 4
      (Release of Sixth Issuer Charged Property), hereby charges, conveys,
      transfers and assigns by way of security to the Sixth Issuer Security
      Trustee all of its right, title, interest and benefit, present and future,
      in, to and under the Sixth Issuer Transaction Documents including, without
      limitation, all rights to receive payment of any amounts which may become
      payable to the Sixth Issuer thereunder and all payments received by the
      Sixth Issuer thereunder including, without limitation, all rights to serve
      notices and/or make demands thereunder and/or to 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, TO HOLD the
      same unto the Sixth Issuer Security Trustee absolutely.

3.2   SIXTH ISSUER TRANSACTION ACCOUNTS

      The Sixth Issuer, by way of first fixed security for the payment or
      discharge of the Sixth Issuer Secured Obligations, subject to CLAUSE 4
      (Release of Sixth Issuer Charged Property), hereby charges and assigns by
      way of first fixed charge in favour of the Sixth Issuer Security Trustee
      all its right, title, interest and benefit, present and future, in and to
      all monies now or at any time hereafter standing to the credit of the
      Sixth Issuer Transaction Accounts, together

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                                       6

      with all interest accruing from time to time thereon and the debt
      represented thereby, TO HOLD the same unto the Sixth Issuer Security
      Trustee absolutely.

3.3   SIXTH ISSUER LIQUIDITY FACILITY STAND-BY ACCOUNT

      The Sixth Issuer, by way of first fixed security for the payment or
      discharge of the Sixth Issuer Secured Obligations, subject to CLAUSE 4
      (Release of Sixth Issuer Charged Property), hereby charges and assigns by
      way of first fixed charge in favour of the Sixth Issuer Security Trustee
      all its right, title, interest and benefit, present and future, in and to
      all monies now or at any time hereafter standing to the credit of the
      Sixth Issuer Liquidity Facility Stand-by Account together with all
      interest accruing from time to time thereon and the debt represented
      thereby, TO HOLD the same unto the Sixth Issuer Security Trustee
      absolutely.

3.4   AUTHORISED INVESTMENTS

      The Sixth Issuer, by way of first fixed security for the payment or
      discharge of the Sixth Issuer Secured Obligations, subject to CLAUSE 4
      (Release of Sixth Issuer Charged Property), hereby charges by way of first
      fixed charge in favour of the Sixth Issuer Security Trustee all its right,
      title, interest and benefit, present and future, in and to such Authorised
      Investments to be made from time to time by or on behalf of the Sixth
      Issuer using monies standing to the credit of the Sixth Issuer Transaction
      Accounts and/or the Sixth Issuer Liquidity Facility Stand-by Account and
      all monies, income and proceeds payable thereunder or accrued thereon and
      the benefit of all covenants relating thereto and all rights and remedies
      for enforcing the same, TO HOLD the same unto the Sixth Issuer Security
      Trustee absolutely.

3.5   FLOATING CHARGE

      The Sixth Issuer, by way of security for the payment or discharge of the
      Sixth Issuer Secured Obligations, subject to CLAUSE 4 (Release of Sixth
      Issuer Charged Property), hereby charges to the Sixth Issuer Security
      Trustee by way of first floating charge the whole of its undertaking and
      all its property and assets whatsoever and wheresoever, present and
      future, including without limitation its uncalled capital, other than any
      property or assets from time to time or for the time being by CLAUSES 3.1
      (Contractual Rights) to 3.4 (Authorised Investments) (inclusive)
      effectively charged by way of fixed charge or otherwise effectively
      assigned as security.

3.6   FULL TITLE GUARANTEE

      Each of the dispositions of or charges over property effected in or
      pursuant to CLAUSES 3.1 (Contractual Rights) to 3.5 (Floating Charge)
      (inclusive) is made with full title guarantee.

3.7   ACKNOWLEDGEMENTS AND UNDERTAKINGS

      Each of the Sixth Issuer Secured Creditors hereby acknowledges the
      assignments, charges and other security interests made or granted by the
      foregoing provisions of this CLAUSE 3 (Security and Declaration of Trust)
      and undertakes to the Sixth Issuer Security Trustee not to do anything
      inconsistent with the security given under or pursuant to this Deed or
      knowingly to prejudice the security granted to the Sixth Issuer Security
      Trustee pursuant to this CLAUSE 3 (Security and Declaration of Trust) or
      the Sixth Issuer Charged Property or the Sixth Issuer Security Trustee's
      interest therein provided that, without prejudice to CLAUSE 10 (Receiver),
      nothing herein shall be construed as limiting the rights exercisable by
      the aforesaid parties in accordance with the terms of their respective
      agreements with the Sixth Issuer.

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                                       7

3.8   DECLARATION OF TRUST

      Each of the Sixth Issuer Secured Creditors hereby declares the Sixth
      Issuer Security Trustee, and the Sixth Issuer Security Trustee hereby
      declares itself, trustee of all the covenants, undertakings, charges,
      assignments, assignations and other security interests made or given or to
      be made or given under or pursuant to this Deed and the other Sixth Issuer
      Transaction Documents for the Sixth Issuer Secured Creditors in respect of
      the Sixth Issuer Secured Obligations owed to each of them respectively
      upon and subject to the terms and conditions of this Deed.

3.9   SIXTH ISSUER SECURITY TRUSTEE'S DISCRETION

      Subject to CLAUSE 24.6 (Consent of Sixth Issuer Security Trustee), without
      prejudice to the rights of the Sixth Issuer Security Trustee after the
      security created under this Deed has become enforceable, the Sixth Issuer
      hereby authorises the Sixth Issuer Security Trustee, prior to the security
      created by this Deed becoming enforceable, to exercise, or refrain from
      exercising, all rights, powers, authorities, discretions and remedies
      under or in respect of the Sixth Issuer Transaction Documents referred to
      in CLAUSE 3.1 (Contractual Rights) in such manner as in its absolute
      discretion it shall think fit. For the avoidance of doubt, the Sixth
      Issuer Security Trustee shall not be required to have regard to the
      interests of the Sixth Issuer in the exercise or non-exercise of any such
      rights, powers, authorities, discretions and remedies or to comply with
      any direction given by the Sixth Issuer in relation thereto.

4.    RELEASE OF SIXTH ISSUER CHARGED PROPERTY

4.1   ON PAYMENT OR DISCHARGE OF SIXTH ISSUER SECURED OBLIGATIONS

      On the irrevocable and unconditional payment or discharge (or any
      combination of the foregoing) of all the Sixth Issuer Secured Obligations,
      the Sixth Issuer Security Trustee, at the request and cost of the Sixth
      Issuer, shall release, reassign or discharge the Sixth Issuer Charged
      Property to, or to the order of, the Sixth Issuer.

4.2   ON DISPOSAL OF AUTHORISED INVESTMENTS

      Upon the Sixth Issuer Cash Manager, on behalf of the Sixth Issuer and the
      Sixth Issuer Security Trustee, making a disposal of an Authorised
      Investment charged pursuant to CLAUSE 3.4 (Authorised Investments), the
      Sixth Issuer Security Trustee shall, if so requested by and at the sole
      cost and expense of the Sixth Issuer, but without being responsible for
      any loss, costs, claims or liabilities whatsoever occasioned by so acting
      upon such request, release, reassign or discharge from the encumbrances
      constituted by this Deed the relevant Authorised Investments, provided
      that the proceeds of such disposal are paid into an account charged by
      CLAUSES 3.2 (Sixth Issuer Transaction Accounts) or 3.3 (Sixth Issuer
      Liquidity Facility Stand-by Account) in accordance with CLAUSE 5.6
      (Authorised Investments).

4.3   ON WITHDRAWALS FROM SIXTH ISSUER BANK ACCOUNT

      From time to time, for the avoidance of doubt, there shall be deemed to be
      released from the encumbrances constituted by this Deed all amounts which
      the Sixth Issuer Cash Manager, on behalf of the Sixth Issuer and the Sixth
      Issuer Security Trustee, is permitted to withdraw from the Sixth Issuer
      Transaction Accounts pursuant to CLAUSES 5.2 (Pre-Enforcement Priorities
      of Payment) and 5.3 (Payments under Sixth Issuer Cash Management
      Agreement) and/or from the Sixth Issuer Liquidity Facility Stand-by
      Account pursuant to CLAUSE 5.4 (Sixth Issuer Liquidity Facility Stand-by
      Account), any such release to take effect immediately upon the

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      relevant withdrawal being made provided that where the relevant amount is
      transferred to another bank account of the Sixth Issuer, it shall
      thereupon become subject to the encumbrances constituted by this Deed in
      respect of such bank account.

5.    PAYMENTS OUT OF THE SIXTH ISSUER TRANSACTION ACCOUNTS, THE SIXTH ISSUER
      LIQUIDITY FACILITY STAND-BY ACCOUNT, AUTHORISED INVESTMENTS AND
      APPLICATION OF CASH PRIOR TO ENFORCEMENT

5.1   FOLLOWING SERVICE OF A SIXTH ISSUER NOTE ENFORCEMENT NOTICE

      No payment, transfer or withdrawal from the Sixth Issuer Transaction
      Accounts or the Sixth Issuer Liquidity Facility Stand-by Account may be
      made under this CLAUSE 5 (Payments out of the Sixth Issuer Transaction
      Accounts, the Sixth Issuer Liquidity Facility Stand-by Account, Authorised
      Investments and application of cash prior to enforcement) at any time
      after a Sixth Issuer Note Enforcement Notice has been served in respect of
      the Sixth Issuer.

5.2   PRE-ENFORCEMENT PRIORITIES OF PAYMENT

      Notwithstanding the security rights created by or pursuant to CLAUSE 3
      (Security and Declaration of Trust), but prior to the security created by
      this Deed having become enforceable and the Sixth Issuer Security Trustee
      having taken steps to enforce such security, the Sixth Issuer Cash
      Manager, on behalf of the Sixth Issuer and the Sixth Issuer Security
      Trustee, shall withdraw, or shall instruct the Sixth Issuer Sterling
      Account Bank or cause the Sixth Issuer Sterling Account Bank and/or, as
      appropriate, the Sixth Issuer Non-Sterling Account Bank to be instructed,
      to withdraw (unless the intended recipient of the relevant payment agrees
      otherwise) monies from the Sixth Issuer Transaction Accounts (subject to
      CLAUSE 5.11 (VAT) below) to be applied in the order of priority on the
      specified dates (and in each case only if and to the extent that payments
      or provisions of a higher order of priority have been made in full) as set
      out in SCHEDULE 2 of the Sixth Issuer Cash Management Agreement (the
      "SIXTH ISSUER PRE-ENFORCEMENT PRIORITY OF PAYMENTS").

5.3   PAYMENTS UNDER SIXTH ISSUER CASH MANAGEMENT AGREEMENT

      Notwithstanding the security rights created by or pursuant to CLAUSE 3
      (Security and Declaration of Trust), but prior to the security created by
      this Deed having become enforceable and the Sixth Issuer Security Trustee
      having taken any steps to enforce such security, the Sixth Issuer Cash
      Manager, on behalf of the Sixth Issuer and the Sixth Issuer Security
      Trustee, shall withdraw, or shall instruct the Sixth Issuer Sterling
      Account Bank and/or, as appropriate, the Sixth Issuer Non-Sterling Account
      Bank or cause the Sixth Issuer Sterling Account Bank and/or, as
      appropriate, the Sixth Issuer Non-Sterling Account Bank to be instructed,
      to withdraw (unless the intended recipient of the relevant payment agrees
      otherwise) monies from the Sixth Issuer Transaction Accounts (but only to
      the extent that such withdrawal does not cause the Sixth Issuer
      Transaction Accounts to become overdrawn) for application on any Business
      Day in making any payments due to be made subject to and in accordance
      with the Sixth Issuer Cash Management Agreement.

5.4   SIXTH ISSUER LIQUIDITY FACILITY STAND-BY ACCOUNT

      If a Sixth Issuer Liquidity Facility Stand-by Drawing has been made
      pursuant to the terms of the Sixth Issuer Liquidity Facility Agreement,
      then notwithstanding the security rights created by or pursuant to CLAUSE
      3 (Security and Declaration of Trust), but prior to the security created
      by this Deed having become enforceable and the Sixth Issuer Security
      Trustee having taken steps to enforce such security, the Sixth Issuer Cash
      Manager, on behalf of the Sixth

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                                       9

      Issuer and the Sixth Issuer Security Trustee, shall (unless the intended
      recipient of the relevant payment agrees otherwise) withdraw or instruct
      the relevant bank to withdraw monies from the Sixth Issuer Liquidity
      Facility Stand-by Account on the dates specified below (but only to the
      extent that such withdrawal does not cause the Sixth Issuer Liquidity
      Facility Stand-by Account to become overdrawn) for application:

      (a)   on any Business Day, in investing in Authorised Investments subject
            to and in accordance with CLAUSE 5.5 (Authorised Investments); or

      (b)   on any Interest Payment Date, in making a payment to the Sixth
            Issuer Sterling Account pursuant to a notice of drawing under CLAUSE
            5.1 of the Sixth Issuer Liquidity Facility Agreement in the
            circumstances set out in CLAUSE 5.2(D) of the Sixth Issuer Liquidity
            Facility Agreement; or

      (c)   on any Business Day upon which the Sixth Issuer Liquidity Facility
            Stand-by Drawing has become due and repayable in accordance with the
            Sixth Issuer Liquidity Facility Agreement, in repayment of the Sixth
            Issuer Liquidity Facility Stand-by Drawing, together with accrued
            interest thereon.

5.5   INVESTMENTS IN AUTHORISED INVESTMENTS

      The Sixth Issuer Security Trustee may request the Sixth Issuer Cash
      Manager to, in the names of the Sixth Issuer Security Trustee and the
      Sixth Issuer, jointly, invest monies standing from time to time and at any
      time standing to the credit of the Sixth Issuer Transaction Accounts
      and/or the Sixth Issuer Liquidity Facility Standby Account in Authorised
      Investments in accordance with the following provisions:

      (a)   any costs properly and reasonably incurred in making and changing
            investments will be reimbursed to the Sixth Issuer Cash Manager and
            the Sixth Issuer Security Trustee; and

      (b)   all income or proceeds following the disposal or maturity of
            Authorised Investments shall be credited to the relevant Sixth
            Issuer Transaction Account or, as the case may be, the Sixth Issuer
            Liquidity Facility Standby Account from which the original drawing
            was made to make the relevant Authorised Investment.

5.6   AUTHORISED INVESTMENTS

      Notwithstanding the security rights created by or pursuant to CLAUSE 3
      (Security and Declaration of Trust), Authorised Investments may, on any
      Business Day, be sold or redeemed or disposed of or realised or otherwise
      deposited subject always to the other provisions hereof (including without
      limitation CLAUSE 3.4 (Authorised Investments)).

5.7   MANAGEMENT AND APPLICATION OF FUNDS

      The Sixth Issuer shall take or cause to be taken such action as may from
      time to time be necessary on its part to ensure that the Sixth Issuer
      Transaction Accounts shall from time to time be credited with all amounts
      received by the Sixth Issuer and falling within any of the following
      categories:

      (a)   amounts received by the Sixth Issuer from or on behalf of Funding
            pursuant to the provisions of the Sixth Issuer Intercompany Loan
            Agreement;

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                                       10

      (b)   interest received on the Sixth Issuer Transaction Accounts and the
            Sixth Issuer Liquidity Facility Stand-by Account;

      (c)   amounts received by the Sixth Issuer in respect of a Sixth Issuer
            Liquidity Drawing from the Sixth Issuer Liquidity Facility Provider
            and/or from the Sixth Issuer Liquidity Facility Stand-by Account
            under the Sixth Issuer Liquidity Facility Agreement;

      (d)   amounts received by the Sixth Issuer from the Dollar Currency Swap
            Provider under the Dollar Currency Swap Agreements;

      (e)   amounts received by the Sixth Issuer from the Euro Currency Swap
            Provider under the Euro Currency Swap Agreements;

      (f)   amounts received by the Sixth Issuer from the Swiss Franc Currency
            Swap Provider under the Swiss Franc Currency Swap Agreement;

      (g)   income received by the Sixth Issuer in respect of the proceeds of
            any Authorised Investments;

      (h)   amounts received by the Sixth Issuer from the Sixth Issuer Security
            Trustee (as security trustee under the Funding Deed of Charge) or a
            Receiver following the service of a Sixth Issuer Intercompany Loan
            Enforcement Notice; and

      (i)   such other payments received by the Sixth Issuer as are, or ought in
            accordance with this Deed to be, comprised in the Sixth Issuer
            Charged Property and which are not otherwise paid into the Sixth
            Issuer Liquidity Facility Stand-by Account.

5.8   ADDITIONAL AMOUNTS UNDER SIXTH ISSUER LIQUIDITY FACILITY AGREEMENT

      The Sixth Issuer shall take or cause to be taken such action as may from
      time to time be necessary on its part to ensure that the Sixth Issuer
      Liquidity Facility Stand-by Account shall from time to time be credited
      with the amount of any Sixth Issuer Liquidity Facility Stand-by Drawing
      and the amount of any repayment of a Sixth Issuer Liquidity Drawing during
      the Sixth Issuer Liquidity Facility Stand-by Drawing Period.

5.9   ENFORCEMENT PRIOR TO SERVICE OF A SIXTH ISSUER NOTE ENFORCEMENT NOTICE

      From and including the time when the security created by this Deed has
      become enforceable and the Sixth Issuer Security Trustee has taken any
      steps to enforce such security (but prior to the service of a Sixth Issuer
      Note Enforcement Notice) all monies received or recovered by the Sixth
      Issuer Security Trustee or the Receiver for the benefit of the Sixth
      Issuer Secured Creditors in respect of the Sixth Issuer Secured
      Obligations shall be held by it on trust to be applied in accordance with
      CLAUSES 5.2 (Pre-Enforcement Priorities of Payment), 5.3 (Payments under
      Sixth Issuer Cash Management Agreement), 5.4 (Sixth Issuer Liquidity
      Facility Stand-by Account), 5.5 (Investments in Authorised Investments)
      5.6 (Authorised Investments), 5.7 (Management and Application of Funds),
      5.8 (Additional Amounts under Sixth Issuer Liquidity Facility Agreement)
      and 5.10 (Enforcement When Not All Amounts Due and Payable) but as if:

      (a)   each of the references in the Sixth Issuer Pre-Enforcement Priority
            of Payments to the Sixth Issuer Security Trustee included a
            reference to any Receiver appointed by the Sixth Issuer Security
            Trustee;

<PAGE>
                                       11

      (b)   any reference in the Sixth Issuer Pre-Enforcement Priority of
            Payments to an amount payable by the Sixth Issuer which is not an
            Sixth Issuer Secured Obligation were deleted; and

      (c)   CLAUSE 5.2 and the Sixth Issuer Pre-Enforcement Priority of Payments
            were expressed to be subject to the provisions of CLAUSE 5.10
            (Enforcement when Not All Amounts Due and Payable).

5.10  ENFORCEMENT WHEN NOT ALL AMOUNTS DUE AND PAYABLE

      If the Sixth Issuer Security Trustee enforces the Sixth Issuer Security at
      a time when either no amounts or not all amounts owing in respect of the
      Sixth Issuer Secured Obligations have become due and payable, the Sixth
      Issuer Security Trustee (or a Receiver) may, for so long as no such
      amounts or not all such amounts have become due and payable, pay any
      monies received or recovered by the Sixth Issuer Security Trustee or the
      Receiver for the benefit of the Sixth Issuer Secured Creditors in respect
      of the Sixth Issuer Secured Obligations into, and retain such monies in,
      an interest bearing account to be held by it as security (a "RETENTION
      ACCOUNT") and applied by it in accordance with CLAUSE 5.2 (Pre-Enforcement
      Priorities of Payment) on any subsequent Interest Payment Dates or,
      following the service of a Sixth Issuer Note Enforcement Notice, in
      accordance with CLAUSE 6 (Payments out of the Sixth Issuer Bank Accounts
      upon Enforcement).

5.11  VAT

      If any sums which are payable by the Sixth Issuer under CLAUSE 5.2
      (Pre-Enforcement Priorities of Payment) or CLAUSE 6 (Payments out of the
      Sixth Issuer Bank Accounts upon Enforcement) of this Deed are subject to
      VAT, the Sixth Issuer shall make payment of the amount in respect of VAT
      to the relevant person in accordance with the order of priorities set out
      in those clauses.

6.    PAYMENTS OUT OF THE SIXTH ISSUER BANK ACCOUNTS UPON ENFORCEMENT

6.1   AFTER A SIXTH ISSUER NOTE EVENT OF DEFAULT

      From and including the occurrence of a Sixth Issuer Note Event of Default:

      (a)   no amount may be withdrawn from the Sixth Issuer Transaction
            Accounts or the Sixth Issuer Liquidity Facility Stand-by Account
            without the prior written consent of the Sixth Issuer Security
            Trustee; and

      (b)   if not already crystallised, any charge created by CLAUSE 3
            (Security and Declaration of Trust), which is a floating charge,
            shall crystallise upon service of a notice from the Sixth Issuer
            Security Trustee to the Sixth Issuer.

6.2   PAYMENT OF SIXTH ISSUER REVENUE RECEIPTS AFTER SERVICE OF A SIXTH ISSUER
      NOTE ENFORCEMENT NOTICE BUT PRIOR TO THE SERVICE OF A SIXTH ISSUER
      INTERCOMPANY LOAN ENFORCEMENT NOTICE

      From and including the time when the Sixth Issuer Security Trustee has
      served a Sixth Issuer Note Enforcement Notice but prior to the service by
      the Sixth Issuer Security Trustee of a Sixth Issuer Intercompany Loan
      Enforcement Notice, all Sixth Issuer Revenue Receipts received or
      recovered by the Sixth Issuer Security Trustee or the Receiver for the
      benefit of

<PAGE>
                                       12

      the Sixth Issuer Secured Creditors in respect of the Sixth Issuer Secured
      Obligations shall be held by it on trust to be applied, subject to CLAUSE
      6.5 (Sixth Issuer Liquidity Facility Stand-by Account), in accordance with
      CLAUSES 5.2 (Pre-Enforcement Priorities of Payment), 5.3 (Payments under
      Sixth Issuer Cash Management Agreement), 5.4 (Sixth Issuer Liquidity
      Facility Stand-by Account), 5.5 (Investments in Authorised Investments)
      5.6 (Authorised Investments), 5.7 (Management and Application of Funds),
      5.8 (Additional Amounts under Sixth Issuer Liquidity Facility Agreement)
      and 5.10 (Enforcement When Not All Amounts Due and Payable) but as if:

      (a)   each of the references in the Sixth Issuer Pre-Enforcement Revenue
            Priority of Payments to the Sixth Issuer Security Trustee included a
            reference to any Receiver appointed by the Sixth Issuer Security
            Trustee;

      (b)   any reference in the Sixth Issuer Pre-Enforcement Revenue Priority
            of Payments to an amount payable by the Sixth Issuer which is not an
            Sixth Issuer Secured Obligation were deleted; and

      (c)   CLAUSE 5.2 (Pre-Enforcement Priorities of Payment) and the Sixth
            Issuer Pre-Enforcement Revenue Priority of Payments were expressed
            to be subject to the provisions of CLAUSE 5.10 (Enforcement When Not
            All Amounts Due and Payable).

6.3   PAYMENT OF SIXTH ISSUER PRINCIPAL RECEIPTS AFTER SERVICE OF A SIXTH ISSUER
      NOTE ENFORCEMENT NOTICE BUT PRIOR TO THE SERVICE OF A SIXTH ISSUER
      INTERCOMPANY LOAN ENFORCEMENT NOTICE

      From and including the time when the Sixth Issuer Security Trustee has
      served a Sixth Issuer Note Enforcement Notice but prior to the service by
      the Sixth Issuer Security Trustee of a Sixth Issuer Intercompany Loan
      Enforcement Notice, all Sixth Issuer Principal Receipts received or
      recovered by the Sixth Issuer Security Trustee or the Receiver for the
      benefit of the Sixth Issuer Secured Creditors in respect of the Sixth
      Issuer Secured Obligations shall be held by it on trust to be applied on
      each Interest Payment Date in the following order of priority (in each
      case only if and to the extent that payments or provisions of a higher
      order of priority have been made in full):

      (a)   firstly, to repay the Sixth Issuer Liquidity Facility Provider in an
            amount equal to the principal amount (excluding, for the avoidance
            of doubt, interest and costs) (if any) owing under the Sixth Issuer
            Liquidity Facility following a drawing thereunder in order to pay
            principal amounts due on the Series 1 Class A Sixth Issuer Notes
            and/or the Series 2 Class A Sixth Issuer Notes and/or the Series 3
            Class A Sixth Issuer Notes and/or the Series 4 Class A Sixth Issuer
            Notes;

      (b)   secondly, pro rata and pari passu to repay:

            (i)   the Series 1 Class A Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Dollars at the Dollar Currency Swap Rate applicable to the
                  Series 1 Class A Sixth Issuer Notes);

            (ii)  the Series 2 Class A Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Dollars at the Dollar Currency Swap Rate applicable to the
                  Series 2 Class A1 Sixth Issuer Notes);

<PAGE>
                                       13

            (iii) the Series 3 Class A Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Euro at the Euro Currency Swap Rate applicable to the Series 3
                  Class A Sixth Issuer Notes);

            (iv)  the Series 4 Class A1 Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Dollars at the Dollar Currency Swap Rate applicable to the
                  Series 4 Class A1 Sixth Issuer Notes);

            (v)   the Series 4 Class A2 Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Swiss Francs at the Swiss Franc Euro Currency Swap Rate
                  applicable to the Series 4 Class A2 Sixth Issuer Notes); and

            (vi)  the Series 5 Class A Sixth Issuer Notes;

      (c)   thirdly, pro rata and pari passu to repay:

            (i)   the Series 1 Class B Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Dollars at the Dollar Currency Swap Rate applicable to the
                  Series 1 Class B Sixth Issuer Notes);

            (ii)  the Series 2 Class B Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Dollars at the Dollar Currency Swap Rate applicable to the
                  Series 2 Class B Sixth Issuer Notes);

            (iii) the Series 3 Class B Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Euro at the Euro Currency Swap Rate applicable to the Series 3
                  Class B Sixth Issuer Notes);

            (iv)  the Series 4 Class B Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Dollars at the Dollar Currency Swap Rate applicable to the
                  Series 4 Class B Sixth Issuer Notes); and

            (v)   the Series 5 Class B Sixth Issuer Notes;

      (d)   fourthly, pro rata and pari passu to repay:

            (i)   the Series 1 Class C Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Dollars at the Dollar Currency Swap Rate applicable to the
                  Series 1 Class C Sixth Issuer Notes);

            (ii)  the Series 2 Class C Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Dollars at the Dollar Currency Swap Rate applicable to the
                  Series 2 Class C Sixth Issuer Notes);

            (iii) the Series 3 Class C Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Euro at the Euro Currency Swap Rate applicable to the Series 3
                  Class C Sixth Issuer Notes);

            (iv)  the Series 4 Class C Sixth Issuer Notes (after converting the
                  relevant portion of the Sixth Issuer Principal Receipts into
                  Dollars at the Dollar Currency Swap Rate applicable to the
                  Series 4 Class C Sixth Issuer Notes); and

<PAGE>
                                       14

            (v)   the Series 5 Class C Sixth Issuer Notes;

6.4   PAYMENT OF SIXTH ISSUER REVENUE RECEIPTS AND SIXTH ISSUER PRINCIPAL
      RECEIPTS AFTER SERVICE OF A SIXTH ISSUER NOTE ENFORCEMENT NOTICE AND
      SERVICE OF A SIXTH ISSUER INTERCOMPANY LOAN ENFORCEMENT NOTICE

      All Sixth Issuer Revenue Receipts and Sixth Issuer Principal Receipts
      received or recovered by the Sixth Issuer Security Trustee or the
      Receiver, after the service of a Sixth Issuer Note Enforcement Notice and
      after the service of a Sixth Issuer Intercompany Loan Enforcement Notice,
      for the benefit of the Sixth Issuer Secured Creditors in respect of the
      Sixth Issuer Secured Obligations, shall be held by it in the Sixth Issuer
      Transaction Accounts on trust to be applied,

      (i)   on each Interest Payment Date; or

      (ii)  in respect of amounts due to the Sixth Issuer Transaction Account
            Banks under paragraph (c) below, when due,

      subject to CLAUSE 6.5 (Sixth Issuer Liquidity Facility Stand-by Account),
      in the following order of priority (and, in each case, only if and to the
      extent that payments or provisions of a higher order of priority have been
      made in full):

      (a)   firstly, in no order of priority between them but in proportion to
            the respective amounts due, to pay amounts due to:

            (i)   the Sixth Issuer Security Trustee and any Receiver appointed
                  by the Sixth Issuer Security Trustee together with interest
                  and any amounts in respect of VAT on those amounts and any
                  amounts then due or to become due in the immediately
                  succeeding Interest Period to the Sixth Issuer Security
                  Trustee and the Receiver under the provisions of this Sixth
                  Issuer Deed of Charge;

            (ii)  the Note Trustee together with interest and any amounts in
                  respect of VAT on those amounts and any amounts then due or to
                  become due and payable in the immediately succeeding Interest
                  Period to the Note Trustee under the provisions of the Sixth
                  Issuer Trust Deed; and

            (iii) the Agent Bank, the Paying Agents, the Swiss Paying Agents,
                  the Registrar and the Transfer Agent together with interest
                  and any amounts in respect of VAT on those amounts, and any
                  costs, charges, liabilities and expenses then due or to become
                  due and payable in the immediately succeeding Interest Period
                  to them under the provisions of the Sixth Issuer Paying Agent
                  and Agent Bank Agreement and the Swiss Sixth Issuer Paying
                  Agent and Agent Bank Agreement (as applicable);

      (b)   secondly, towards payment of amounts due and payable to the Sixth
            Issuer Liquidity Facility Provider under the Sixth Issuer Liquidity
            Facility Agreement, other than any Sixth Issuer Liquidity
            Subordinated Amounts;

      (c)   thirdly, to pay pro rata and pari passu according to the respective
            amounts thereof (together with any amounts in respect of VAT on
            those amounts) (i) due and payable to the Sixth Issuer Cash Manager
            under the Sixth Issuer Cash Management Agreement and (ii) amounts
            due and payable to the Corporate Services Provider under the Sixth
            Issuer Corporate Services Agreement and (iii) amounts due and

<PAGE>
                                       15

            payable to the Sixth Issuer Account Banks under the Sixth Issuer
            Bank Account Agreement;

      (d)   fourthly, to pay pro rata and pari passu according to the respective
            amounts thereof of:

            (i)   those amounts due and payable by the Sixth Issuer to the
                  Series 1 Class A Dollar Currency Swap Providers pursuant to
                  the Series 1 Class A Dollar Currency Swap Agreement (except
                  for any termination payment due and payable by the Sixth
                  Issuer following a Sixth Issuer Swap Provider Default by the
                  Series 1 Class A Dollar Currency Swap Providers), and from
                  amounts received from the Series 1 Class A Dollar Currency
                  Swap Providers to pay interest and principal due and payable
                  on the Series 1 Class A Sixth Issuer Notes;

            (ii)  those amounts due and payable by the Sixth Issuer to the
                  Series 2 Class A Dollar Currency Swap Providers pursuant to
                  the Series 2 Class A Dollar Currency Swap Agreement (except
                  for any termination payment due and payable by the Sixth
                  Issuer following a Sixth Issuer Swap Provider Default by the
                  Series 2 Class A Dollar Currency Swap Providers), and from
                  amounts received from the Series 2 Class A Dollar Currency
                  Swap Provider to pay interest and principal due and payable on
                  the Series 2 Class A Sixth Issuer Notes;

            (iii) those amounts due and payable by the Sixth Issuer to the
                  Series 3 Class A Euro Currency Swap Provider pursuant to the
                  Series 3 Class A Euro Currency Swap Agreement (except for any
                  termination payment due and payable by the Sixth Issuer
                  following a Sixth Issuer Swap Provider Default by the Series 3
                  Class A Euro Currency Swap Provider), and from amounts
                  received from the Series 3 Class A Euro Currency Swap Provider
                  to pay interest and principal due and payable on the Series 3
                  Class A Sixth Issuer Notes;

            (iv)  those amounts due and payable by the Sixth Issuer to the
                  Series 4 Class A1 Dollar Currency Swap Providers pursuant to
                  the Series 4 Class A1 Dollar Currency Swap Agreement (except
                  for any termination payment due and payable by the Sixth
                  Issuer following a Sixth Issuer Swap Provider Default by the
                  Series 4 Class A1 Dollar Currency Swap Providers), and from
                  amounts received from the Series 4 Class A1 Dollar Currency
                  Swap Provider to pay interest and principal due and payable on
                  the Series 4 Class A1 Sixth Issuer Notes;

            (v)   those amounts due and payable by the Sixth Issuer to the
                  Series 4 Class A2 Swiss Franc Currency Swap Provider pursuant
                  to the Series 4 Class A2 Swiss Franc Currency Swap Agreement
                  (except for any termination payment due and payable by the
                  Sixth Issuer following a Sixth Issuer Swap Provider Default by
                  the Series 4 Class A2 Swiss Franc Currency Swap Provider), and
                  from amounts received from the Series 4 Class A2 Swiss Franc
                  Currency Swap Provider to pay interest and principal due and
                  payable on the Series 4 Class A2 Sixth Issuer Notes; and

            (vi)  interest and principal due and payable on the Series 5 Class A
                  Sixth Issuer Notes;

<PAGE>
                                       16

      (e)   fifthly, to pay pro rata and pari passu according to the respective
            amounts thereof of:

            (i)   those amounts due and payable by the Sixth Issuer to the
                  Series 1 Class B Dollar Currency Swap Providers pursuant to
                  the Series 1 Class B Dollar Currency Swap Agreement (except
                  for any termination payment due and payable by the Sixth
                  Issuer following a Sixth Issuer Swap Provider Default by the
                  Series 1 Class B Dollar Currency Swap Providers), and from
                  amounts received from the Series 1 Class B Dollar Currency
                  Swap Provider to pay interest and principal due and payable on
                  the Series 1 Class B Sixth Issuer Notes;

            (ii)  those amounts due and payable by the Sixth Issuer to the
                  Series 2 Class B Dollar Currency Swap Providers pursuant to
                  the Series 2 Class B Dollar Currency Swap Agreement (except
                  for any termination payment due and payable by the Sixth
                  Issuer following a Sixth Issuer Swap Provider Default by the
                  Series 2 Class B Dollar Currency Swap Providers), and from
                  amounts received from the Series 2 Class B Dollar Currency
                  Swap Providers to pay interest and principal due and payable
                  on the Series 2 Class B Sixth Issuer Notes;

            (iii) those amounts due and payable by the Sixth Issuer to the
                  Series 3 Class B Euro Currency Swap Provider pursuant to the
                  Series 3 Class B Euro Currency Swap Agreement (except for any
                  termination payment due and payable by the Sixth Issuer
                  following a Sixth Issuer Swap Provider Default by the Series 3
                  Class B Euro Currency Swap Provider), and from amounts
                  received from the Series 3 Class B Euro Currency Swap Provider
                  to pay interest and principal due and payable on the Series 3
                  Class B Sixth Issuer Notes;

            (iv)  those amounts due and payable by the Sixth Issuer to the
                  Series 4 Class B Dollar Currency Swap Providers pursuant to
                  the Series 4 Class B Dollar Currency Swap Agreement (except
                  for any termination payment due and payable by the Sixth
                  Issuer following a Sixth Issuer Swap Provider Default by the
                  Series 4 Class B Dollar Currency Swap Providers), and from
                  amounts received from the Series 4 Class B Dollar Currency
                  Swap Provider to pay interest and principal due and payable on
                  the Series 4 Class B Sixth Issuer Notes; and

            (v)   interest and principal due and payable on the Series 5 Class B
                  Sixth Issuer Notes;

      (f)   sixthly, to pay pro rata and pari passu according to the respective
            amounts thereof of:

            (i)   those amounts due and payable by the Sixth Issuer to the
                  Series 1 Class C Dollar Currency Swap Providers pursuant to
                  the Series 1 Class C Dollar Currency Swap Agreement (except
                  for any termination payment due and payable by the Sixth
                  Issuer following a Sixth Issuer Swap Provider Default by the
                  Series 1 Class C Dollar Currency Swap Providers), and from
                  amounts received from the Series 1 Class C Dollar Currency
                  Swap Providers to pay interest and principal due and payable
                  on the Series 1 Class C Sixth Issuer Notes;

<PAGE>
                                       17

            (ii)  those amounts due and payable by the Sixth Issuer to the
                  Series 2 Class C Dollar Currency Swap Providers pursuant to
                  the Series 2 Class C Dollar Currency Swap Agreement (except
                  for any termination payment due and payable by the Sixth
                  Issuer following a Sixth Issuer Swap Provider Default by the
                  Series 2 Class C Dollar Currency Swap Providers), and from
                  amounts received from the Series 2 Class C Dollar Currency
                  Swap Providers to pay interest and principal due and payable
                  on the Series 2 Class C Sixth Issuer Notes;

            (iii) those amounts due and payable by the Sixth Issuer to the
                  Series 3 Class C Euro Currency Swap Provider pursuant to the
                  Series 3 Class C Euro Currency Swap Agreement (except for any
                  termination payment due and payable by the Sixth Issuer
                  following a Sixth Issuer Swap Provider Default by the Series 3
                  Class C Euro Currency Swap Provider), and from amounts
                  received from the Series 3 Class C Euro Currency Swap Provider
                  to pay interest and principal due and payable on the Series 3
                  Class C Sixth Issuer Notes;

            (iv)  those amounts due and payable by the Sixth Issuer to the
                  Series 4 Class C Dollar Currency Swap Providers pursuant to
                  the Series 4 Class C Dollar Currency Swap Agreement (except
                  for any termination payment due and payable by the Sixth
                  Issuer following a Sixth Issuer Swap Provider Default by the
                  Series 4 Class C Dollar Currency Swap Providers), and from
                  amounts received from the Series 4 Class C Dollar Currency
                  Swap Providers to pay interest and principal due and payable
                  on the Series 4 Class C Sixth Issuer Notes; and

            (v)   interest and principal due and payable at the Series 5 Class C
                  Sixth Issuer Notes;

      (g)   seventhly, in or towards satisfaction pro rata and pari passu
            according to the respective amounts thereof of:

            (i)   any termination payment due to the Series 1 Class A Dollar
                  Currency Swap Providers, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 1 Class A Dollar
                  Currency Swap Providers;

            (ii)  any termination payment due to the Series 2 Class A Dollar
                  Currency Swap Providers, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 2 Class A Dollar
                  Currency Swap Providers;

            (iii) any termination payment due to the Series 3 Class A Euro
                  Currency Swap Provider, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 3 Class A Euro
                  Currency Swap Provider;

            (iv)  any termination payment due to the Series 4 Class A1 Dollar
                  Currency Swap Providers, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 4 Class A1 Dollar
                  Currency Swap Providers; and

            (v)   any termination payment due to the Series 4 Class A2 Swiss
                  Franc Currency Swap Provider, following the occurrence of a
                  Sixth Issuer Swap Provider Default by the Series 4 Class A2
                  Swiss Franc Currency Swap Provider;

<PAGE>
                                       18

      (h)   eighthly, in or towards satisfaction pro rata and pari passu
            according to the respective amounts thereof of:

            (i)   any termination payment due to the Series 1 Class B Dollar
                  Currency Swap Providers, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 1 Class B Dollar
                  Currency Swap Providers;

            (ii)  any termination payment due to the Series 2 Class B Dollar
                  Currency Swap Providers, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 2 Class B Dollar
                  Currency Swap Providers;

            (iii) any termination payment due to the Series 3 Class B Euro
                  Currency Swap Provider, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 3 Class B Euro
                  Currency Swap Provider; and

            (iv)  any termination payment due to the Series 4 Class B Dollar
                  Currency Swap Providers, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 4 Class B Dollar
                  Currency Swap Providers;

      (i)   ninthly, in or towards satisfaction pro rata and pari passu
            according to the respective amounts thereof of:

            (i)   any termination payment due to the Series 1 Class C Dollar
                  Currency Swap Providers, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 1 Class C Dollar
                  Currency Swap Providers;

            (ii)  any termination payment due to the Series 2 Class C Dollar
                  Currency Swap Providers, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 2 Class C Dollar
                  Currency Swap Providers;

            (iii) any termination payment due to the Series 3 Class C Euro
                  Currency Swap Provider, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 3 Class C Euro
                  Currency Swap Provider; and

            (iv)  any termination payment due to the Series 4 Class C Dollar
                  Currency Swap Providers, following the occurrence of a Sixth
                  Issuer Swap Provider Default by the Series 4 Class C Dollar
                  Currency Swap Providers; and

      (j)   tenthly, to pay any Sixth Issuer Liquidity Subordinated Amounts to
            the Sixth Issuer Liquidity Facility Provider.

6.5   SIXTH ISSUER LIQUIDITY FACILITY STAND-BY ACCOUNT

      After the service of a Sixth Issuer Note Enforcement Notice, all amounts
      standing to the credit of the Sixth Issuer Liquidity Facility Stand-by
      Account will be applied in or towards payment of all amounts of principal
      and interest and any other amounts due or accrued due but unpaid to the
      Sixth Issuer Liquidity Facility Provider under the Sixth Issuer Liquidity
      Facility Agreement.

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                                       19

7.    CONFLICT

7.1   SIXTH ISSUER SECURED CREDITORS

      Subject to CLAUSE 7.2 (Noteholders and Sixth Issuer Liquidity Facility
      Provider) and except as otherwise expressly provided in this Deed, the
      Sixth Issuer Security Trustee shall have regard to the interests of the
      Sixth Issuer Secured Creditors only as regards the exercise and
      performance of all powers, rights, trusts, authorities, duties and
      discretions of the Sixth Issuer Security Trustee in respect of the Sixth
      Issuer Charged Property, under this Deed or any other Sixth Issuer
      Transaction Document to which the Sixth Issuer Security Trustee is a party
      or the rights or benefits in respect of which are comprised in the Sixth
      Issuer Charged Property (except where specifically provided otherwise).

7.2   NOTEHOLDERS AND SIXTH ISSUER LIQUIDITY FACILITY PROVIDER

      (a)   If (in the Sixth Issuer Security Trustee's sole opinion) there is or
            may be a conflict of interest between the Class A Sixth Issuer
            Noteholders and any other Sixth Issuer Secured Creditor (including
            the Sixth Issuer Liquidity Facility Provider and the Sixth Issuer
            Swap Providers), then, subject to CONDITION 11 of the Sixth Issuer
            Notes, the Sixth Issuer Security Trustee will have regard to the
            interests of the Class A Sixth Issuer Noteholders only;

      (b)   subject to PARAGRAPH (A) above, if (in the Sixth Issuer Security
            Trustee's sole opinion) there is or may be a conflict of interest
            between the Class B Sixth Issuer Noteholders and any other Sixth
            Issuer Secured Creditor (including the Sixth Issuer Liquidity
            Facility Provider and the Sixth Issuer Swap Providers) then, subject
            to Condition 11 of the Sixth Issuer Notes, the Sixth Issuer Security
            Trustee will have regard to the interests of the Class B Sixth
            Issuer Noteholders only;

      (c)   subject to PARAGRAPHS (A) and (B) above, if (in the Sixth Issuer
            Security Trustee's sole opinion) there is or may be a conflict of
            interest between the Class C Sixth Issuer Noteholders and any other
            Sixth Issuer Secured Creditor (including the Sixth Issuer Liquidity
            Facility Provider and the Sixth Issuer Swap Providers) then, subject
            to Condition 11 of the Sixth Issuer Notes, the Sixth Issuer Security
            Trustee will have regard to the interests of the Class C Sixth
            Issuer Noteholders only;

      (d)   subject to PARAGRAPHS (A) to (C) above, if (in the Sixth Issuer
            Security Trustee's sole opinion) there is or may be a conflict
            between the respective interests of the Sixth Issuer Liquidity
            Facility Provider and any of the other Sixth Issuer Secured
            Creditors, other than the Sixth Issuer Noteholders, the Sixth Issuer
            Security Trustee will have regard to the interests of the Sixth
            Issuer Liquidity Facility Provider;

      (e)   subject to PARAGRAPHS (A) to (D) above and PARAGRAPHS (F) and (G)
            below, if (in the Sixth Issuer Security Trustee's sole opinion)
            there is or may be a conflict between the respective interests of
            (i) the Sixth Issuer Swap Providers and (ii) any of the other Sixth
            Issuer Secured Creditors, other than the Sixth Issuer Noteholders
            and the Sixth Issuer Liquidity Facility Provider, the Sixth Issuer
            Security Trustee will have regard to the interests of the Sixth
            Issuer Swap Providers;

      (f)   subject to PARAGRAPH (G) below if, in the Sixth Issuer Security
            Trustee's sole opinion, there is a conflict among the respective
            interests of the Dollar Currency Swap Providers, the Euro Currency
            Swap Provider and the Swiss Franc Currency Swap Provider, then the
            Sixth Issuer Security Trustee will have regard to the interests of
            the

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                                       20

            highest ranking swap providers (being the Series 1 Class A Dollar
            Currency Swap Providers, the Series 2 Class A Dollar Currency Swap
            Providers, the Series 3 Class A Euro Currency Swap Provider, the
            Series 4 Class A1 Dollar Currency Swap Providers and the Series 4
            Class A2 Swiss Franc Currency Swap Provider) only; and thereafter
            the Sixth Issuer Security Trustee will have regard to the next
            highest ranking swap providers (being the Series 1 Class B Dollar
            Currency Swap Providers, the Series 2 Class B Dollar Currency Swap
            Providers, the Series 3 Class B Euro Currency Swap Provider and the
            Series 4 Class B Dollar Currency Swap Providers); and thereafter the
            Sixth Issuer Security Trustee will have regard to the next highest
            ranking swap providers (being the Series 1 Class C Dollar Currency
            Swap Providers, the Series 2 Class C Dollar Currency Swap Providers,
            the Series 3 Class C Euro Currency Swap Provider and the Series 4
            Class C Dollar Currency Swap Providers);

      (g)   if, in the Sixth Issuer Security Trustee's sole opinion, there is a
            conflict between the respective interests of the Sixth Issuer Swap
            Providers with the equal ranking as set out in PARAGRAPH (F) above,
            then the Sixth Issuer Security Trustee will have regard to the
            interests of the relevant Sixth Issuer Swap Provider or Sixth Issuer
            Swap Providers in respect of the Sixth Issuer Notes with the
            greatest principal amount outstanding; and

      (h)   subject to PARAGRAPHS (A) to (G) above, if (in the Sixth Issuer
            Security Trustee's sole opinion) there is or may be a conflict
            between the respective interests of any of the Sixth Issuer Secured
            Creditors, other than the Sixth Issuer Noteholders, the Sixth Issuer
            Liquidity Facility Provider and the Sixth Issuer Swap Providers, the
            Sixth Issuer Security Trustee will have regard to the interests of
            the Sixth Issuer Secured Creditor who ranks highest in the order of
            priority of payments set out in CLAUSE 6.4 above.

7.3   ACKNOWLEDGEMENT

      Each of the Sixth Issuer Secured Creditors hereby acknowledges and concurs
      with the provisions of CLAUSES 7.1 (Sixth Issuer Secured Creditors) and
      7.2 (Noteholders and Sixth Issuer Liquidity Facility Provider) and each of
      them agrees that it shall have no claim against the Sixth Issuer Security
      Trustee as a result of the application thereof.

8.    MODIFICATION

8.1   SIXTH ISSUER LIQUIDITY FACILITY PROVIDER AND SIXTH ISSUER SWAP PROVIDERS

      In the event of a proposed waiver or authorisation of any breach or
      proposed breach of any of the provisions of, or modification to, any of
      the Transaction Documents in accordance with 24.8 (Modification to
      Transaction Documents) or CLAUSE 24.9 (Authorisation or Waiver of Breach),
      the Sixth Issuer Security Trustee will use its reasonable endeavours to
      determine, within five Business Days of receipt of details thereof,
      whether such proposed waiver, authorisation or modification will, in its
      opinion acting reasonably, not be materially prejudicial to the interests
      of the Sixth Issuer Liquidity Facility Provider or any of the Sixth Issuer
      Swap Providers.

8.2   REQUEST FOR CONSENT

      (a)   If the Sixth Issuer Security Trustee determines within the five
            Business Day period that the proposed waiver, authorisation or
            modification would not in its opinion, be materially prejudicial to
            the interests of the Sixth Issuer Liquidity Facility Provider or

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                                       21

            any of the Sixth Issuer Swap Providers then the Sixth Issuer
            Security Trustee shall not be obliged to seek the consent of the
            Sixth Issuer Liquidity Facility Provider or the Sixth Issuer Swap
            Providers thereto, or to take any further action pursuant to this
            CLAUSE 8.2 (Request for Consent).

      (b)   If the Sixth Issuer Security Trustee has not, within such period of
            five Business Days, determined that such proposed waiver,
            authorisation or modification would not, in its opinion, be
            materially prejudicial to the interests of the Sixth Issuer
            Liquidity Facility Provider or any of the Sixth Issuer Swap
            Providers, then the Sixth Issuer Security Trustee shall give, as
            soon as is practicable, written notice to the Sixth Issuer Liquidity
            Facility Provider and/or the relevant Sixth Issuer Swap Providers
            (as appropriate), setting out the relevant details and requesting
            its or their consent thereto.

8.3   NOTICE

      Each of the Sixth Issuer Liquidity Facility Provider and, as appropriate,
      the Dollar Currency Swap Providers, the Euro Currency Swap Provider and
      the Swiss Franc Currency Swap Provider shall within ten Business Days of
      receipt of the notice referred to in CLAUSE 8.2 (Request for Consent) (the
      "RELEVANT PERIOD") notify the Sixth Issuer Security Trustee of:

      (a)   its consent (such consent not to be unreasonably withheld or
            delayed) to such proposed waiver, authorisation or modification; or

      (b)   subject to PARAGRAPH (A), its refusal of such consent and reasons
            for refusal (such refusal not to be unreasonably made and to be
            considered in the context of the security position of the Sixth
            Issuer Liquidity Facility Provider and the Dollar Currency Swap
            Providers, the Euro Currency Swap Provider and the Swiss Franc
            Currency Swap Provider respectively, under this Deed).

      Any failure by the Sixth Issuer Liquidity Facility Provider or the
      relevant Sixth Issuer Swap Providers to notify the Sixth Issuer Security
      Trustee as aforesaid within the Relevant Period shall be deemed to be a
      consent by the Sixth Issuer Liquidity Facility Provider or the relevant
      Sixth Issuer Swap Providers (as applicable) to such proposed waiver,
      authorisation or modification.

9.    THE SIXTH ISSUER SECURITY TRUSTEE'S POWERS

9.1   PRIOR NOTIFICATION

      The Sixth Issuer Security Trustee shall, if reasonably practicable, give
      prior notification to the Seller of the Sixth Issuer Security Trustee's
      intention to enforce the security created by this Deed, however, the
      failure of the Sixth Issuer Security Trustee to provide such notification
      shall not prejudice the ability of the Sixth Issuer Security Trustee to
      enforce the security created by this Deed.

9.2   ENFORCEABLE

      The security created under this Deed shall become immediately enforceable
      and the power of sale and other powers conferred by Section 101 of the Law
      of Property Act 1925 (the "1925 ACT"), as varied or amended by this Deed,
      shall be exercisable by the Sixth Issuer Security Trustee at any time
      following the occurrence of a Sixth Issuer Note Event of Default or, if
      there are no Sixth Issuer Notes outstanding, following a default in
      payment on its due date of any other Sixth Issuer Secured Obligations.
      Without prejudice to the effectiveness of any

<PAGE>
                                       22

      service of the Sixth Issuer Note Enforcement Notice, the Sixth Issuer
      Security Trustee shall serve a copy of any Sixth Issuer Note Enforcement
      Notice on:

      (a)   the Sixth Issuer Liquidity Facility Provider;

      (b)   Funding;

      (c)   each of the Rating Agencies;

      (d)   the Sixth Issuer Account Banks and the Sixth Issuer Cash Manager;

      (e)   the Paying Agents, the Swiss Paying Agents, the Registrar, the
            Transfer Agent and the Agent Bank;

      (f)   the Dollar Currency Swap Provider, the Euro Currency Swap Provider
            and the Swiss Franc Currency Swap Provider;

      (g)   the Corporate Services Provider; and

      (h)   the Note Trustee.

9.3   AMOUNTS DUE

      The Sixth Issuer Secured Obligations shall become due for the purposes of
      Section 101 of the 1925 Act and the statutory power of sale and of
      appointing a Receiver which are conferred on the Sixth Issuer Security
      Trustee under the 1925 Act (as varied or extended by this Deed) only (and
      for no other purpose) and all other powers shall be deemed to arise
      immediately after execution of this Deed.

9.4   POWER OF SALE

      Section 103 of the 1925 Act shall not apply in relation to any of the
      charges contained in this Deed and the statutory power of sale (as
      extended by this Deed) and all other powers shall be exercisable at any
      time after the occurrence of a Sixth Issuer Note Event of Default.

9.5   LAW OF PROPERTY ACT 1925

      The provisions of the 1925 Act relating to the power of sale and the other
      powers conferred by Section 101(1) and (2) are hereby extended in relation
      to the Sixth Issuer (as if such extensions were contained therein) to
      authorise the Sixth Issuer Security Trustee at its absolute discretion at
      any time following the occurrence of a Sixth Issuer Note Event of Default
      and subject to the Sixth Issuer Security Trustee being satisfied as to the
      indemnification available to it in relation to the exercise of such
      powers:

      (a)   to make demand in the name of the Sixth Issuer Secured Creditors or
            in its own right for any monies and liabilities in respect of the
            Sixth Issuer Charged Property;

      (b)   to sell the Sixth Issuer's title to or interest in the Sixth Issuer
            Charged Property, and to do so for any shares, debentures or 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 an Encumbrance or a guarantee, or for such other
            consideration whatsoever as the

<PAGE>
                                       23

            Sixth Issuer Security Trustee may think fit, and also to grant any
            option to purchase, and to effect exchanges of, any of the Sixth
            Issuer Charged Property;

      (c)   with a view to or in connection with the sale of the Sixth Issuer
            Charged Property, to carry out any transaction, scheme or
            arrangement which the Sixth Issuer Security Trustee may, in its
            absolute discretion, consider appropriate;

      (d)   to insure the Sixth Issuer Charged Property against such risks and
            for such amounts as the Sixth Issuer Security Trustee may consider
            prudent; and

      (e)   to do all or any of the things or exercise all or any of the powers
            which are mentioned or referred to in CLAUSE 10.6 (Powers) as if
            each of them was expressly conferred on the Sixth Issuer Security
            Trustee by this Deed and which may not be included in PARAGRAPHS (A)
            to (D) above.

9.6   DELEGATION TO RECEIVER

      In addition and without prejudice to any of its statutory powers, the
      Sixth Issuer Security Trustee may at any time by deed delegate to the
      Receiver all or any of the extended powers of leasing, surrendering or
      accepting surrenders of leases conferred on the Sixth Issuer Security
      Trustee by this Deed.

9.7   ADDITIONAL POWERS

      The Sixth Issuer Security Trustee shall have the power to insure against
      any liabilities or obligations arising:

      (a)   as a result of the Sixth Issuer Security Trustee acting or failing
            to act in a certain way (other than which may arise from its
            negligence or wilful default or that of its officers or employees);

      (b)   as a result of any act or failure to act by any person or persons to
            whom the Sixth Issuer Security Trustee has delegated any of its
            trusts, rights, powers, duties, authorities or discretions, or
            appointed as its agent (other than which may arise from such
            person's negligence or wilful default);

      (c)   in connection with the Sixth Issuer Charged Property; or

      (d)   in connection with or arising from the enforcement of the security
            created by this Deed.

      The Sixth Issuer Security Trustee shall not be under any obligation to
      insure in respect of such liabilities and/or obligations or to require any
      other person to maintain insurance, but to the extent that it does so, the
      Sixth Issuer shall quarterly and on written request pay all insurance
      premiums and expenses which the Sixth Issuer Security Trustee may properly
      incur in relation to such insurance. If the Sixth Issuer fails to
      reimburse the Sixth Issuer Security Trustee, the Sixth Issuer Security
      Trustee shall be entitled to be indemnified out of the Sixth Issuer
      Charged Property in respect thereof and, in the case of a Sixth Issuer
      Note Enforcement Notice having been served, the indemnification of all
      such insurance premiums and expenses shall be payable in priority to
      payments to the Sixth Issuer Noteholders and all other Sixth Issuer
      Secured Creditors and otherwise in accordance with this Deed.

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                                       24

9.8   APPLICATION TO COURT

      The Sixth Issuer Security Trustee may at any time after the occurrence of
      a Sixth Issuer Note Event of Default apply to the Court for an order that
      the powers and trusts of this Deed be exercised or carried into execution
      under the direction of the Court and for the appointment of a Receiver of
      the Sixth Issuer Charged Property or any part thereof and for any other
      order in relation to the execution and administration of the powers and
      trusts hereof as the Sixth Issuer Security Trustee shall deem expedient,
      and it may assent to or approve any application to the Court made at the
      instance of any of the Sixth Issuer Noteholders.

9.9   AUTHORISED INVESTMENTS

      Any monies which under the trusts of this Deed ought to or may be invested
      by the Sixth Issuer Security Trustee after the occurrence of a Sixth
      Issuer Note Event of Default may be invested in the name or under the
      control of the Sixth Issuer Security Trustee in any Authorised Investments
      and the Sixth Issuer Security Trustee may at any time vary or transfer any
      of such Authorised Investments for or into other such Authorised
      Investments as the Sixth Issuer Security Trustee at its absolute
      discretion may determine, and shall not be responsible (save where any
      loss results from the Sixth Issuer Security Trustee's fraud, wilful
      default or negligence or that of its officers or employees) for any loss
      occasioned by reason of any such investments whether by depreciation in
      value or otherwise, provided that such Authorised Investments were made in
      accordance with the foregoing provisions.

9.10  DEFICIENCY OR ADDITIONAL PAYMENT

      The Sixth Issuer Security Trustee shall have no responsibility whatsoever
      to any Sixth Issuer Secured Creditor as regards any deficiency or
      additional payment, as the case may be, which might arise because the
      Sixth Issuer Security Trustee is subject to any Tax in respect of the
      Sixth Issuer Charged Property or any part thereof or any income therefrom
      or any proceeds thereof or is required to make any withholding or
      deduction from any payment to any Sixth Issuer Secured Creditor.

9.11  APPLICATION OF FUNDS

      If, after the service of a Sixth Issuer Note Enforcement Notice, the
      amount of the monies at any time available for payment of principal and
      interest in respect of any Sixth Issuer Notes under CLAUSE 6 (Payments out
      of Sixth Issuer Bank Accounts upon enforcement) shall be less than
      one-tenth of the Principal Amount Outstanding of all the Sixth Issuer
      Notes then outstanding, the Sixth Issuer Security Trustee may, at its
      absolute discretion, invest such monies to the extent that it is permitted
      to do so under the Financial Services and Markets Act 2000 in any
      Authorised Investments and the Sixth Issuer Security Trustee may at any
      time vary or transfer any of such Authorised Investments for or into other
      such Authorised Investments as the Sixth Issuer Security Trustee at its
      absolute discretion may determine; and such investments with the resulting
      income thereof may be accumulated until the accumulations, together with
      any other funds for the time being under the control of the Sixth Issuer
      Security Trustee and applicable for the purpose, shall amount to a sum
      equal to at least one-tenth of the Principal Amount Outstanding of all the
      Sixth Issuer Notes then outstanding and such accumulations and funds shall
      then be applied in accordance with CLAUSE 6 (Payments out of the Sixth
      Issuer Bank Accounts upon Enforcement).

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                                       25

10.   RECEIVER

10.1  APPOINTMENT

      At any time following the occurrence of a Sixth Issuer Note Event of
      Default, the Sixth Issuer Security Trustee may, at its absolute
      discretion, appoint, by writing or by deed, such person or persons
      (including an officer or officers of the Sixth Issuer Security Trustee) as
      the Sixth Issuer Security Trustee thinks fit, to be Receiver, of the Sixth
      Issuer Charged Property of the Sixth Issuer or any part thereof and, in
      the case of an appointment of more than one person, to act together or
      independently of the other or others.

10.2  REMOVAL AND REPLACEMENT

      Except as otherwise required by statute, the Sixth Issuer Security Trustee
      may by writing or by deed remove a Receiver and appoint another in its
      place or to act with a Receiver and the Sixth Issuer Security Trustee may
      apply to the court for an order removing an administrative receiver.

10.3  EXTENT OF APPOINTMENT

      The exclusion of any part of the Sixth Issuer Charged Property from the
      appointment of the Receiver shall not preclude the Sixth Issuer Security
      Trustee from subsequently extending its appointment (or that of the
      Receiver replacing it) to that part of the Sixth Issuer Charged Property
      or appointing another Receiver over any other part of the Sixth Issuer
      Charged Property.

10.4  AGENT OF THE SIXTH ISSUER

      The Receiver shall be the agent of the Sixth Issuer and the Sixth Issuer
      alone shall be responsible for the Receiver's contracts, engagements,
      acts, omissions, misconduct, negligence or default and for liabilities
      incurred by him and in no circumstances whatsoever shall the Sixth Issuer
      Security Trustee be in any way responsible for or incur any liability in
      connection with his contracts, engagements, acts, omissions, misconduct,
      negligence or default, and if a liquidator of the Sixth Issuer shall be
      appointed, the Receiver shall act as principal and not as agent for the
      Sixth Issuer Security Trustee. Notwithstanding the generality of the
      foregoing, such Receiver shall in the exercise of his powers, authorities
      and discretions conform to the regulations (if any) from time to time made
      and given in writing by the Sixth Issuer Security Trustee.

10.5  REMUNERATION

      The remuneration of the Receiver shall be fixed by the Sixth Issuer
      Security Trustee and may be or include a commission calculated by
      reference to the gross amount of all monies received or otherwise and may
      include remuneration in connection with claims, actions or proceedings
      made or brought against the Receiver by the Sixth Issuer or any other
      person or the performance or discharge of any obligation imposed upon him
      by statute or otherwise, but subject to CLAUSE 6 (Payments out of the
      Sixth Issuer Bank Accounts upon Enforcement), such remuneration shall be
      payable hereunder by the Sixth Issuer. The amount of such remuneration
      shall be paid in accordance with the terms and conditions and in the
      manner agreed from time to time between the Receiver and the Sixth Issuer
      Security Trustee.

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                                       26

10.6  POWERS

      The Receiver of the Sixth Issuer, in addition to any powers conferred on a
      Receiver by statute or common law, shall have the following powers:

      (a)   to take possession of, get in and collect the Sixth Issuer Charged
            Property (or such part thereof in respect of which it may be
            appointed) or any part thereof including income whether accrued
            before or after the date of his appointment;

      (b)   to carry on, manage, concur in or authorise the management of, or
            appoint a manager of, the whole or any part of the business of the
            Sixth Issuer;

      (c)   to sell, exchange, license, surrender, release, disclaim, abandon,
            return or otherwise dispose of or in any way whatsoever deal with
            the Sixth Issuer Charged Property or any interest in the Sixth
            Issuer Charged Property or any part thereof for such consideration
            (if any) and upon such terms (including by deferred payment or
            payment by instalments) as it may think fit and to concur in any
            such transaction;

      (d)   to sell or concur in selling the whole or any part of the Sixth
            Issuer's business whether as a going concern or otherwise;

      (e)   to appoint, engage, dismiss or vary the terms of employment of any
            employees, officers, managers, agents and advisers of the Sixth
            Issuer upon such terms as to remuneration and otherwise and for such
            periods as he may determine;

      (f)   to insure, protect, maintain, repair, alter, improve, replace,
            exploit, add to and develop or concur in so doing, the Sixth Issuer
            Charged Property or any part thereof in any manner and for any
            purpose whatsoever;

      (g)   in connection with the exercise or the proposed exercise of any of
            its powers or in order to obtain payment of its remuneration
            (whether or not it is already payable), to borrow or raise money
            from any person without security or on the security of any of the
            Sixth Issuer Charged Property and generally in such manner and on
            such terms as it may think fit;

      (h)   to bring, defend, submit to arbitration, negotiate, compromise,
            abandon and settle any claims, disputes and proceedings concerning
            the Sixth Issuer Charged Property or any part thereof;

      (i)   to transfer all or any of the Sixth Issuer Charged Property and/or
            any of the liabilities of the Sixth Issuer to any other company or
            body corporate, whether or not formed or acquired for the purpose
            and to form a subsidiary or subsidiaries of the Sixth Issuer;

      (j)   to call up or require the directors of the Sixth Issuer to call up
            all or any portion of the uncalled capital for the time being of the
            Sixth Issuer and to enforce payment of any call by action (in the
            name of the Sixth Issuer or the Receiver as may be thought fit);

      (k)   to redeem, discharge or compromise any Encumbrance from time to time
            having priority to or ranking pari passu with this Deed;

      (l)   to effect or maintain indemnity insurance and other insurance
            (including without limitation the Insurance Policies) and obtain
            bonds and performance guarantees;

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                                       27

      (m)   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 Sixth Issuer or otherwise, as it may think fit, all
            documents, receipts, registrations, acts or things which it may
            consider appropriate;

      (n)   to exercise any powers, discretions, voting, conversion or other
            rights or entitlements in relation to any of the Sixth Issuer
            Charged Property or incidental to the ownership of or rights in or
            to any of the Sixth Issuer Charged Property and to complete or
            effect any transaction entered into by the Sixth Issuer and
            complete, disclaim, abandon or modify all or any of the outstanding
            contracts or arrangements of the Sixth Issuer relating to or
            affecting the Sixth Issuer Charged Property;

      (o)   to exercise all powers as are described in Schedule 1 to the
            Insolvency Act 1986, whether or not the Receiver is an
            "administrative receiver" as defined in that Act;

      (p)   to delegate its powers by way of power of attorney or in any other
            manner to any person any right, power or discretion exercisable by
            it under this Deed on the terms (including the power to
            sub-delegate) and subject to any regulations which such Receiver may
            think fit and such Receiver shall not be liable or responsible in
            any way to the Sixth Issuer or the Sixth Issuer Security Trustee for
            any loss or liability arising from any act, default, omission or
            misconduct on the part of any such delegate or sub-delegate;

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

      (r)   in addition:

            (i)   to do all other acts and things which it may consider
                  desirable or necessary for realising any Sixth Issuer Charged
                  Property or incidental or conducive to any of the rights,
                  powers or discretions conferred on a Receiver under or by
                  virtue of this Deed; and

            (ii)  to exercise in relation to any Sixth Issuer Charged Property
                  all the powers, authorities and things which it would be
                  capable of exercising if he were the absolute beneficial owner
                  of the same,

            and may use the name of the Sixth Issuer for any of the above
            purposes; and

      (s)   to pay and discharge out of the profits and income of the relevant
            Sixth Issuer Charged Property and the monies to be made by it in
            carrying on the business of the Sixth Issuer the expenses incurred
            in and about the carrying on and management of the business or in
            the exercise of any of the powers conferred by this CLAUSE 10.6
            (Powers) or otherwise in respect of such Sixth Issuer Charged
            Property and all outgoings which it shall think fit to pay and to
            apply the residue of the said profits, income or monies in the
            manner provided by CLAUSE 6 (Payments out of the Sixth Issuer Bank
            Accounts upon Enforcement) hereof.

      The Sixth Issuer Security Trustee may pay over to the Receiver any monies
      constituting part of the Sixth Issuer Charged Property to the intent that
      the same may be applied for the purposes referred to in CLAUSE 6 (Payments
      out of the Sixth Issuer Bank Accounts upon

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                                       28

      Enforcement) by such Receiver and the Sixth Issuer Security 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.

11.   PROTECTION OF THIRD PARTIES

11.1  ENQUIRY

      No purchaser from, or other person dealing with, the Sixth Issuer Security
      Trustee or a Receiver shall be concerned to enquire whether any of the
      powers exercised or purported to be exercised has arisen or become
      exercisable, whether the Sixth Issuer Secured Obligations remain
      outstanding or have become payable, whether the Receiver is authorised to
      act or as to the propriety or validity of the exercise or purported
      exercise of any power; 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 and the protections contained in Sections 104 to 107 of the 1925
      Act shall apply to any person purchasing from or dealing with a Receiver
      or the Sixth Issuer Security Trustee.

11.2  RECEIPTS

      The receipt of the Sixth Issuer Security Trustee or the Receiver shall be
      an absolute and a conclusive discharge to a purchaser and shall relieve
      him of any obligation to see to the application of any monies paid to or
      by the direction of the Sixth Issuer Security Trustee or the Receiver.

12.   PROTECTION OF SIXTH ISSUER SECURITY TRUSTEE AND RECEIVER

12.1  LIABILITY

      Neither the Sixth Issuer Security Trustee nor the Receiver of the Sixth
      Issuer shall be liable to the Sixth Issuer in the absence of breach of the
      terms of this Deed by them, or wilful default, fraud, negligence or wilful
      misconduct on their part or that of their officers, employees or agents in
      respect of any loss or damage which arises out of the exercise or the
      attempted or purported exercise of or failure to exercise any of their
      respective powers.

12.2  POSSESSION

      Without prejudice to the generality of CLAUSE 12.3 (Mortgagee in
      Possession), entry into possession of the Sixth Issuer Charged Property of
      the Sixth Issuer shall not render the Sixth Issuer Security Trustee or the
      Receiver of that company liable to account as mortgagee in possession. If
      and whenever the Sixth Issuer Security Trustee or the Receiver enters into
      possession of the Sixth Issuer Charged Property, it shall be entitled at
      any time to go out of such possession.

12.3  MORTGAGEE IN POSSESSION

      Neither the Sixth Issuer Security Trustee nor the Sixth Issuer Secured
      Creditors shall, by reason of any assignment or other security made under
      this Deed, be or be deemed to be a mortgagee in possession nor shall they
      take any action (other than, in the case of the Sixth Issuer Secured
      Creditors, with the Sixth Issuer Security Trustee's prior written consent)
      which would be likely to lead to the Sixth Issuer Secured Creditors or the
      Sixth Issuer Security Trustee becoming a mortgagee in possession in
      respect of any property referred to in this Deed. The Sixth Issuer
      Security Trustee, in its absolute discretion, may at any time, serve

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                                       29

      a written notice on the Sixth Issuer Secured Creditors requiring the Sixth
      Issuer Secured Creditors from the date such notice is served to obtain the
      Sixth Issuer Security Trustee's prior written consent before taking any
      action which would be likely to lead to the Sixth Issuer Secured Creditors
      or the Sixth Issuer Security Trustee becoming a mortgagee in possession in
      respect of any property referred to in this Deed.

13.   EXPENSES AND INDEMNITY

13.1  EXPENSES

      The Sixth Issuer covenants with and undertakes to the Sixth Issuer
      Security Trustee to reimburse or pay to the Sixth Issuer Security Trustee
      or the Receiver of the Sixth Issuer (on the basis of a full indemnity) the
      amount of all costs (including legal costs), charges and expenses
      (including insurance premiums) properly incurred or sustained by the Sixth
      Issuer Security Trustee or the Receiver (including, for the avoidance of
      doubt, any such costs, charges and expenses arising from any act or
      omission of, or proceedings involving, any Fourth person) in connection
      with:

      (a)   the exercise or the attempted exercise, or the consideration of the
            exercise by or on behalf of the Sixth Issuer Security Trustee or the
            Receiver of any of the powers of the Sixth Issuer Security Trustee
            or the Receiver, and the enforcement, preservation or attempted
            preservation of this Deed (or any of the charges contained in or
            granted pursuant to it) or any of the Sixth Issuer Charged Property
            or any other action taken by or on behalf of the Sixth Issuer
            Security Trustee or the Receiver with a view to or in connection
            with the recovery by the Sixth Issuer Security Trustee or the
            Receiver of the Sixth Issuer Secured Obligations from the Sixth
            Issuer or any other person; or

      (b)   the carrying out of any other act or matter which the Sixth Issuer
            Security Trustee or the Receiver may reasonably consider to be
            necessary for the preservation, improvement or benefit of the Sixth
            Issuer Charged Property.

13.2  INDEMNITY

      The Sixth Issuer agrees to indemnify the Sixth Issuer Security Trustee and
      the Receiver of the Sixth Issuer, on an after-Tax basis, from and against
      all losses, actions, claims, costs (including legal costs on a full
      indemnity basis), expenses (including insurance premiums), demands and
      liabilities whether in contract, tort, delict or otherwise now or
      hereafter properly sustained or incurred by the Sixth Issuer Security
      Trustee or the Receiver or by any person for whose liability, act or
      omission the Sixth Issuer Security Trustee or the Receiver may be
      answerable, in connection with anything done or omitted to be done under
      or pursuant to this Deed or any other Transaction Document to which such
      entity is a party, or in the exercise or purported exercise of the powers
      herein contained, or occasioned by any breach by the Sixth Issuer of any
      of its covenants or other obligations to the Sixth Issuer Security
      Trustee, or in consequence of any payment in respect of the Sixth Issuer
      Secured Obligations (whether made by the Sixth Issuer or a third person)
      being declared void or impeached for any reason whatsoever save where the
      same arises as the result of the fraud, negligence or wilful default of
      the Sixth Issuer Security Trustee or the Receiver or their respective
      officers or employees or breach by the Sixth Issuer Security Trustee or
      the Receiver or their respective officers or employees of the terms of
      this Deed.

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                                       30

13.3  TAXES

      All sums payable by the Sixth Issuer under this Deed are deemed to be
      exclusive of any amount in respect of VAT. If, pursuant to any provision
      of this Deed, the Sixth Issuer Security Trustee or the Receiver of the
      Sixth Issuer makes any taxable or deemed taxable supply to the Sixth
      Issuer, then the Sixth Issuer shall pay to the Sixth Issuer Security
      Trustee or the Receiver of the Sixth Issuer (as the case may be) (in
      addition to the consideration for the supply) an amount equal to the VAT
      charged in respect of such taxable or deemed taxable supply against
      production of a valid VAT invoice.

      If the Sixth Issuer Security Trustee or the Receiver of the Sixth Issuer
      shall make any payment for a taxable or deemed taxable supply to it
      pursuant to or in connection with this Deed and any such payment shall
      bear VAT which is Irrecoverable VAT the Sixth Issuer shall indemnify the
      Sixth Issuer Security Trustee or the Receiver of the Sixth Issuer (as the
      case may be) on demand for an amount equal to such Irrecoverable VAT so
      far as it has not been taken into account in computing the amount of any
      payment made by the Sixth Issuer to the Sixth Issuer Security Trustee or
      the Receiver of the Sixth Issuer under any other indemnity contained in
      this Deed.

13.4  INTEREST

      All sums payable by the Sixth Issuer under CLAUSES 25.3 (Disputes), 25.4
      (Expenses) and 25.5 (Indemnity) shall be payable on demand and:

      (a)   in the case of payments actually made by the Sixth Issuer Security
            Trustee prior to the demand, shall carry interest at the rate per
            annum which is 1 per cent. per annum higher than the base rate of
            the Agent Bank for the time being from the first Business Day
            following the date of the same being demanded to the date of actual
            payment (provided that such demand shall be made on a Business Day,
            otherwise interest shall be payable from the second Business Day
            following the date of the demand to the date of actual payment); and

      (b)   in all other cases, shall carry interest at such rate from the date
            14 days after the date of the same being demanded or (where the
            demand specifies that payment by the Sixth Issuer Security Trustee
            will be made on an earlier date provided such earlier date is a
            business day) from such earlier date (not being earlier than the
            Business Day following the date of such demand) to the date of
            actual payment.

      Any amounts payable pursuant to CLAUSES 25.1 and 25.2 (Remuneration,
      Additional Remuneration) shall carry interest at the aforesaid rate from
      the due date thereof to the date of actual payment.

13.5  STAMP DUTIES

      The Sixth Issuer shall, to the extent permitted by applicable United
      Kingdom law, pay all stamp duties and other duties or documentary Taxes of
      a similar nature, including for the avoidance of doubt any duty levied
      under the Stamp Act 1891 as amended and supplemented, (if any) payable on
      or arising out of or in consequence of:

      (a)   the creation of the security constituted by or pursuant to this
            Deed; and

      (b)   the execution and delivery of this Deed and documents executed
            pursuant hereto and the other Sixth Issuer Transaction Documents
            (except where such obligation to pay

<PAGE>
                                       31

            such stamp duties and other duties on documentary Taxes of a similar
            nature is expressed to be the obligation of any other party to the
            Sixth Issuer Transaction Documents).

14.   PROTECTION OF SECURITY

      The Sixth Issuer further covenants with and undertakes to the Sixth Issuer
      Security Trustee from time to time (and, for the purposes mentioned in
      PARAGRAPH (A) below, notwithstanding that the Sixth Issuer Security
      Trustee may not have served a Sixth Issuer Note Enforcement Notice) upon
      demand to execute, at the Sixth Issuer's own cost any document or do any
      act or thing (other than any amendment hereto ___) which the Sixth Issuer
      Security Trustee may specify:

      (a)   with a view to registering or perfecting any charge or other
            security created or intended to be created by or pursuant to this
            Deed (including the perfecting of the conversion of any floating
            charge to a fixed charge pursuant to CLAUSE 15.1 (Notice) or 15.2
            (Automatic Crystallisation)); or

      (b)   with a view to facilitating the exercise or the proposed exercise of
            any of their powers or the realisation of any of the Sixth Issuer
            Charged Property; or

      (c)   with a view to protecting the encumbrances created by or pursuant to
            this Deed,

      provided that the Sixth Issuer shall not be obliged to execute any further
      documentation or take any other action or steps to the extent that it
      would breach a restriction in any such agreement to which it is party
      relating to assignment, transferring, charging or sharing of
      possession/rights of such benefit.

15.   CRYSTALLISATION

15.1  NOTICE

      In addition and without prejudice to any other event resulting in a
      crystallisation of the floating charge created by this Deed or any other
      right the Sixth Issuer Security Trustee may have, the Sixth Issuer
      Security Trustee may, at any time, if:

      (a)   a Potential Sixth Issuer Note Event of Default is subsisting and has
            not been waived; or

      (b)   the Sixth Issuer Security Trustee reasonably believes that the Sixth
            Issuer Charged Property or any part thereof is in danger of being
            seized or sold under any form of distress or execution levied or
            threatened or is otherwise in jeopardy or imperilled or any
            circumstance shall occur which in the reasonable opinion of the
            Sixth Issuer Security Trustee, imperils or will imperil the security
            created by this Deed or the Sixth Issuer takes or threatens to take
            any action that would be prejudicial to the security or would be
            inconsistent with the security created hereby,

      by notice in writing to the Sixth Issuer declare that the floating charge
      hereby created shall be converted into a first specific fixed charge as to
      all of the undertaking, property and assets or such of them as may be
      specified in the notice, and by way of further assurance, the Sixth
      Issuer, at its own expense, shall execute all documents in such form as
      the Sixth Issuer Security Trustee shall require and shall deliver to the
      Sixth Issuer Security Trustee all

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                                       32

      conveyances, deeds, certificates and documents which may be necessary to
      perfect such first specific fixed charge.

15.2  AUTOMATIC CRYSTALLISATION

      In addition and without prejudice to any other event resulting in a
      crystallisation of the floating charge, the floating charge contained
      herein shall automatically be converted into a fixed charge over all
      property, assets or undertaking of the Sixth Issuer subject to the
      floating charge, if and when:

      (a)   an Sixth Issuer Event of Default occurs;

      (b)   the Sixth Issuer ceases to carry on all or a substantial part of its
            business or ceases to be a going concern or thereafter to do any of
            the foregoing;

      (c)   the Sixth Issuer stops making payments to its creditors or gives
            notice to creditors that it intends to stop payment;

      (d)   the holder of any other Encumbrance in relation to the Sixth Issuer,
            whether ranking in priority to or pari passu with or after the
            charges contained in this Deed, appoints a Receiver; or

      (e)   any floating charge granted by the Sixth Issuer to any other person
            (whether permitted by the Sixth Issuer Transaction Documents or not)
            crystallises for any reason whatsoever.

15.3  FAILURE OF PETITION FOR ADMINISTRATION OR WINDING-UP

      If any petition for the administration or winding-up of the Sixth Issuer
      is dismissed or withdrawn or a resolution for winding-up the Sixth Issuer
      is not passed by the necessary majority, then without prejudice to any
      rights exercisable otherwise than in consequence of the presentation of
      such petition or resolution and subject to anything done in the meantime
      in pursuance of the powers given by this Deed and subject to the
      provisions contained in this Deed as to costs charges and expenses
      incurred and payments made, possession of the Sixth Issuer Charged
      Property will be restored to the Sixth Issuer, and the Sixth Issuer and
      all persons concerned will be remitted to their original rights provided
      that the Sixth Issuer Security Trustee is satisfied that its security
      position at that time is not materially different to that as at the date
      of this Deed.

16.   POWER OF ATTORNEY, ETC.

16.1  EXECUTION OF POWER OF ATTORNEY

      Immediately upon execution of this Deed, the Sixth Issuer shall execute
      and deliver to the Sixth Issuer Security Trustee the power of attorney in
      or substantially in the form set out in Schedule 1. For the avoidance of
      doubt, the Sixth Issuer Security Trustee confirms that it may only
      exercise the powers conferred under the power of attorney in the
      circumstances set out in paragraph 1 of the power of attorney.

16.2  SIXTH ISSUER CHARGED PROPERTY ON TRUST

      To the extent permitted to do so under the Transaction Documents, for the
      purpose of giving effect to this Deed, the Sixth Issuer hereby declares
      that, after service of a Sixth Issuer Note

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                                       33

      Enforcement Notice, it will hold all of its Sixth Issuer Charged Property
      (subject to the right of redemption) upon trust to convey, assign or
      otherwise deal with such Sixth Issuer Charged Property in such manner and
      to such person as the Sixth Issuer Security Trustee shall direct, and
      declares that it shall be lawful for the Sixth Issuer Security Trustee to
      appoint a new trustee or trustees of the Sixth Issuer Charged Property in
      place of the Sixth Issuer.

17.   OTHER SECURITY, ETC.

17.1  NO MERGER

      The charges contained in or created pursuant to this Deed are in addition
      to, and shall neither be merged in, nor in any way exclude or prejudice
      any other encumbrance, right of recourse, set-off or other right
      whatsoever which the Sixth Issuer Security Trustee or any Sixth Issuer
      Secured Creditor may now or at any time hereafter hold or have (or would
      apart from this Deed or any charge contained or created pursuant to this
      Deed hold or have) as regards the Sixth Issuer or any other person in
      respect of the Sixth Issuer Secured Obligations, and neither the Sixth
      Issuer Security Trustee nor any Sixth Issuer Secured Creditor shall be
      under any obligation to take any steps to call in or to enforce any
      security for the Sixth Issuer Secured Obligations, and shall not be liable
      to the Sixth Issuer for any loss arising from any omission on the part of
      the Sixth Issuer Security Trustee or any Sixth Issuer Secured Creditor to
      take any such steps or for the manner in which the Sixth Issuer Security
      Trustee or any Sixth Issuer Secured Creditor shall enforce or refrain from
      enforcing any such security.

17.2  CONSOLIDATION

      Section 93 of the 1925 Act shall not apply in relation to any of the
      charges contained in this Deed.

17.3  RULING OFF

      If the Sixth Issuer Security Trustee receives notice of any encumbrance
      affecting the Sixth Issuer Charged Property in contravention of the
      provisions hereof:

      (a)   the Sixth Issuer Security Trustee may open a new account in respect
            of the Sixth Issuer and, if it does not, it shall nevertheless be
            deemed to have done so at the time it received such notice; and

      (b)   all payments made by the Sixth Issuer to the Sixth Issuer Security
            Trustee after the Sixth Issuer Security Trustee receives such notice
            shall be credited or deemed to have been credited to the new
            account, and in no circumstances whatsoever shall operate to reduce
            the Sixth Issuer Secured Obligations as at the time the Sixth Issuer
            Security Trustee received such notice.

17.4  CHANGE OF NAME, ETC.

      This Deed shall remain valid and enforceable notwithstanding any change in
      the name, composition or constitution of the Sixth Issuer Security Trustee
      or the Sixth Issuer or any amalgamation or consolidation by the Sixth
      Issuer Security Trustee or the Sixth Issuer with any other corporation
      (whether, in the case of the Sixth Issuer, permitted by the Sixth Issuer
      Transaction Documents or not).

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                                       34

18.   AVOIDANCE OF PAYMENTS

18.1  NO RELEASE

      No assurance, security or payment which may be avoided or adjusted under
      the law, including under any enactment relating to bankruptcy or
      insolvency and no release, settlement or discharge given or made by the
      Sixth Issuer Security Trustee or any Sixth Issuer Secured Creditor on the
      faith of any such assurance, security or payment, shall prejudice or
      affect the right of the Sixth Issuer Security Trustee or any Sixth Issuer
      Secured Creditor to recover the Sixth Issuer Secured Obligations from the
      Sixth Issuer (including any monies which it may be compelled to pay or
      refund under the provisions of the Insolvency Act 1986 and any costs
      payable by it pursuant to or otherwise incurred in connection therewith)
      or to enforce the charges or other security contained in this Deed to the
      full extent of the Sixth Issuer Secured Obligations.

18.2  RETENTION OF CHARGES

      If the Sixth Issuer Security Trustee shall have reasonable grounds for
      believing that the Sixth Issuer may be insolvent or deemed to be insolvent
      pursuant to the provisions of the Insolvency Act 1986 (and production of a
      solvency certificate of a duly authorised officer of the Sixth Issuer
      shall be prima facie evidence of the solvency of the relevant company) at
      the date of any payment made by the Sixth Issuer to the Sixth Issuer
      Security Trustee and that as a result, such payment may be capable of
      being avoided or clawed back, the Sixth Issuer Security Trustee shall be
      at liberty to retain the charges or other security contained in or created
      pursuant to this Deed until the expiry of a period of one month plus such
      statutory period within which any assurance, security, guarantee or
      payment can be avoided or invalidated after the payment and discharge in
      full of all Sixth Issuer Secured Obligations notwithstanding any release,
      settlement, discharge or arrangement which may be given or made by the
      Sixth Issuer Security Trustee on, or as a consequence of, such payment or
      discharge of liability provided that, if at any time within such period, a
      petition shall be presented to a competent court for an order for the
      winding up or the making of an administration order in respect of the
      Sixth Issuer or the Sixth Issuer shall commence to be wound up or to go
      into administration or any analogous proceedings shall be commenced by or
      against the Sixth Issuer, the Sixth Issuer Security Trustee shall be at
      liberty to continue to retain such security for such further period as the
      Sixth Issuer Security Trustee may determine and such security shall be
      deemed to continue to have been held as security for the payment and
      discharge to the Sixth Issuer Security Trustee of all Sixth Issuer Secured
      Obligations.

19.   SET OFF

      The Sixth Issuer Security Trustee may at any time following the service of
      a Sixth Issuer Note Enforcement Notice (without notice and notwithstanding
      any settlement of account or other matter whatsoever) combine or
      consolidate all or any existing accounts of the Sixth Issuer whether in
      its own name or jointly with others and held by it or any Sixth Issuer
      Secured Creditor and may set off or transfer all or any part of any credit
      balance or any sum standing to the credit of any such account (whether or
      not the same is due to the Sixth Issuer from the Sixth Issuer Security
      Trustee or relevant Sixth Issuer Secured Creditor and whether or not the
      credit balance and the account in debit or the Sixth Issuer Secured
      Obligations are expressed in the same currency in which case the Sixth
      Issuer Security Trustee is hereby authorised to effect any necessary
      conversions at its prevailing rates of exchange) in or towards
      satisfaction of any of the Sixth Issuer Secured Obligations and may in its
      absolute discretion estimate the amount of any liability of the Sixth
      Issuer which is contingent or unascertained and thereafter set off such
      estimated amount and no amount shall be payable by the Sixth Issuer
      Security

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                                       35

      Trustee to the Sixth Issuer unless and until all Sixth Issuer Secured
      Obligations have been ascertained and fully repaid or discharged.

20.   EXECUTION OF DOCUMENTS

      Any document required to be executed as a deed by the Sixth Issuer
      Security Trustee under or in connection with this Deed shall be validly
      executed if executed as a deed by a duly authorised attorney of the Sixth
      Issuer Security Trustee.

21.   EXERCISE OF CERTAIN RIGHTS

21.1  NO ENFORCEMENT BY SIXTH ISSUER SECURED CREDITORS

      Each of the Sixth Issuer Secured Creditors (other than the Sixth Issuer
      Noteholders, the Note Trustee acting on behalf of the Sixth Issuer
      Noteholders and the Sixth Issuer Security Trustee) hereby agrees with the
      Sixth Issuer and the Sixth Issuer Security Trustee that:

      (a)   only the Sixth Issuer Security Trustee may enforce the security
            created in favour of the Sixth Issuer Security Trustee by this Deed
            in accordance with the provisions hereof; and

      (b)   it shall not take any steps for the purpose of recovering any of the
            Sixth Issuer Secured Obligations (including, without limitation, by
            exercise any rights of set off) or enforcing any rights arising out
            of the Sixth Issuer Transaction Documents against the Sixth Issuer
            or procuring the winding up, administration or liquidation of the
            Sixth Issuer in respect of any of its liabilities whatsoever,

      unless a Sixth Issuer Note Enforcement Notice shall have been served or
      the Sixth Issuer Security Trustee, having become bound to serve a Sixth
      Issuer Note Enforcement Notice, and/or having become bound to take any
      steps or proceedings to enforce the said security pursuant to this Deed,
      fails to do so within 30 days of becoming so bound and that failure is
      continuing (in which case each of such Sixth Issuer Secured Creditors
      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 administration order in respect of, the Sixth Issuer).

21.2  KNOWLEDGE OF SIXTH ISSUER SECURITY TRUSTEE OF A SIXTH ISSUER NOTE EVENT OF
      DEFAULT

      The Sixth Issuer Security Trustee will not be deemed to have knowledge of
      the occurrence of a Sixth Issuer Note Event of Default unless the Sixth
      Issuer Security Trustee has received notice from a Sixth Issuer Secured
      Creditor stating that an Sixth Issuer Note Event of Default has occurred
      and describing that Sixth Issuer Note Event of Default.

21.3  DISCRETIONARY ENFORCEMENT

      Subject to the provisions of this Deed, the Sixth Issuer Security Trustee
      may at any time, at its discretion and without notice, take such
      proceedings and/or other action as it may think fit against, or in
      relation to, the Sixth Issuer or any other person to enforce its
      obligations under any of the Sixth Issuer Transaction Documents. Subject
      to the provisions of this Deed, at any time after the security created by
      this Deed has become enforceable, the Sixth Issuer Security Trustee may,
      at its discretion and without notice, take such steps as it may think fit
      to enforce such security.

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                                       36

21.4  MANDATORY ENFORCEMENT

      The Sixth Issuer Security Trustee shall not be bound to take any steps or
      to institute any proceedings or to take any other action under or in
      connection with any of the Sixth Issuer Transaction Documents (including,
      without limitation, enforcing the security constituted by or pursuant to
      this Deed) unless (subject to the provisions of CONDITION 10 of the Sixth
      Issuer Notes) the Sixth Issuer Security Trustee:

      (a)   shall have been directed or requested to do so by an Extraordinary
            Resolution of the Class A Sixth Issuer Noteholders, the Class B
            Sixth Issuer Noteholders or the Class C Sixth Issuer Noteholders or
            in writing by the holders of at least 25 per cent. in aggregate
            Principal Amount Outstanding of the Class A Sixth Issuer Notes, the
            Class B Sixth Issuer Notes or the Class C Sixth Issuer Notes then
            outstanding or by any other Sixth Issuer Secured Creditor PROVIDED
            THAT:

            (i)   the Sixth Issuer Security Trustee shall not, and shall not be
                  bound to, act at the direction or request of the Class B Sixth
                  Issuer Noteholders as aforesaid unless either so to do would
                  not, in the opinion of the Sixth Issuer Security Trustee, be
                  materially prejudicial to the interests of the Class A Sixth
                  Issuer Noteholders or such action is sanctioned by an
                  Extraordinary Resolution of the Class A Sixth Issuer
                  Noteholders;

            (ii)  the Sixth Issuer Security Trustee shall not, and shall not be
                  bound to, act at the direction or request of the Class C Sixth
                  Issuer Noteholders as aforesaid unless either so to do would
                  not, in the opinion of the Sixth Issuer Security Trustee, be
                  materially prejudicial to the interests of the Class A Sixth
                  Issuer Noteholders and/or the Class B Sixth Issuer Noteholders
                  or such action is sanctioned by an Extraordinary Resolution of
                  the Class A Sixth Issuer Noteholders and/or the Class B Sixth
                  Issuer Noteholders, as the case may be;

            (iii) the Sixth Issuer Security Trustee shall not, and shall not be
                  bound to, act at the direction or request of any other Sixth
                  Issuer Secured Creditor as aforesaid unless so to do would
                  not, in the opinion of the Sixth Issuer Security Trustee, be
                  materially prejudicial to the interests of the Class A Sixth
                  Issuer Noteholders and the Class B Sixth Issuer Noteholders
                  and the Class C Sixth Issuer Noteholders or such action is
                  sanctioned by Extraordinary Resolutions of the Class A Sixth
                  Issuer Noteholders and the Class B Sixth Issuer Noteholders
                  and the Class C Sixth Issuer Noteholders and each of the Sixth
                  Issuer Secured Creditors who ranks higher than the relevant
                  Sixth Issuer Secured Creditor in the order or priority of
                  payments in CLAUSE 6 (Payments out of the Sixth Issuer Bank
                  Accounts upon Enforcement) consents to such action; and

      (b)   shall have been indemnified to its satisfaction against all
            liabilities, actions, proceedings, claims and demands to which it
            may thereby render itself liable and all costs, charges, damages and
            expenses which it may incur by so doing and the terms of such
            indemnity may include the provision of a fighting fund, non-recourse
            loan or other similar arrangement.

21.5  DISPOSAL OF SIXTH ISSUER CHARGED PROPERTY

      Notwithstanding CLAUSE 9 (The Sixth Issuer Security Trustee's Powers), if
      the Sixth Issuer Security has become enforceable otherwise than by reason
      of a default in payment of any

<PAGE>
                                       37

      amount due on the Class A Sixth Issuer Notes (or, once the Class A Sixth
      Issuer Notes have been redeemed in full, the Class B Sixth Issuer Notes
      or, once the Class A Sixth Issuer Notes and the Class B Sixth Issuer Notes
      have been redeemed in full, the Class C Sixth Issuer Notes), the Sixth
      Issuer Security Trustee will not be entitled to dispose of any of the
      Sixth Issuer Charged Property unless either:

      (i)   a sufficient amount would be realised to allow discharge in full of
            all amounts owing to the Sixth Issuer Liquidity Facility Provider
            and the Class A Sixth Issuer Noteholders or, once all of the Class A
            Sixth Issuer Noteholders have been repaid, the Class B Sixth Issuer
            Noteholders or, once all of the Class A Sixth Issuer Noteholders and
            the Class B Sixth Issuer Noteholders have been repaid, the Class C
            Sixth Issuer Noteholders; or

      (ii)  the Sixth Issuer Security Trustee is of the opinion, which shall be
            binding on the Sixth Issuer Secured Creditors, reached after
            considering at any time and from time to time the advice of any
            financial adviser (or such other professional advisers selected by
            the Sixth Issuer Security Trustee for the purpose of giving such
            advice), that the cash flow prospectively receivable by the Sixth
            Issuer will not (or that there is a significant risk that it will
            not) be sufficient, having regard to any other relevant actual,
            contingent or prospective liabilities of the Sixth Issuer, to
            discharge in full in due course all amounts owing to the Sixth
            Issuer Liquidity Facility Provider and the Class A Sixth Issuer
            Noteholders (or once all of the Class A Sixth Issuer Noteholders
            have been repaid, the Class B Sixth Issuer Noteholders, or once all
            of the Class A Sixth Issuer Noteholders and the Class B Sixth Issuer
            Noteholders have been repaid, the Class C Sixth Issuer Noteholders).
            The fees and expenses of the aforementioned financial adviser or
            other professional adviser selected by the Sixth Issuer Security
            Trustee shall be paid by the Sixth Issuer.

22.   COVENANTS AND WARRANTIES

22.1  NOTICE OF ASSIGNMENT

      Immediately upon the execution of this Deed, the Sixth Issuer shall
      deliver a notice of assignment substantially in the form set out in
      SCHEDULE 2 (Forms of Notice of Assignment and Consent to Assignment) to
      each of the persons named in those notices and shall use all reasonable
      endeavours to procure the delivery to the Sixth Issuer Security Trustee on
      the date hereof of receipts from the addressees of such notices
      substantially in the form attached to the notice.

22.2  WARRANTY

      The Sixth Issuer warrants to the Sixth Issuer Security Trustee that it has
      taken all necessary steps to enable it to charge or assign as security the
      Sixth Issuer Charged Property in accordance with CLAUSE 3 (Security and
      Declaration of Trust), and that it has taken no action or steps to
      prejudice its right, title and interest in and to the Sixth Issuer Charged
      Property.

22.3  NEGATIVE COVENANTS

      So long as any of the Sixth Issuer Secured Obligations remain outstanding,
      the Sixth Issuer shall not, save to the extent permitted by or provided
      for in the Transaction Documents or with the prior written consent of the
      Sixth Issuer Security Trustee:

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                                       38

      (a)   create or permit to subsist any mortgage, pledge, lien, charge or
            other security interest whatsoever (unless arising by operation of
            law) upon the whole or any part of its assets (including any
            uncalled capital) or its undertaking, present or future;

      (b)   (i) carry on any business other than as described in the Prospectus
                dated ___ October, 2002 relating to the issue of the Sixth
                Issuer Notes and the related activities described therein; or

           (ii) have any subsidiaries or any subsidiary undertakings (as
                defined in the Companies Act 1985) or any employees or
                premises;

      (c)   transfer, sell, lend, part with or otherwise dispose of, or deal
            with, or grant any option or present or future right to acquire any
            of its assets or undertaking or any interest, estate, right, title
            or benefit therein or thereto or agree or attempts or purport to do
            so;

      (d)   pay any dividend or make any other distribution to its shareholder
            or issue any further shares;

      (e)   incur any indebtedness in respect of borrowed money whatsoever or
            give any guarantee or indemnity in respect of any indebtedness or of
            any obligation of any person;

      (f)   consolidate or merge with any other person or convey or transfer its
            properties or assets substantially as an entirety to any other
            person;

      (g)   permit any of the Sixth Issuer Transaction Documents to which it is
            a party to become invalid or ineffective, or the priority of the
            Security Interests created thereby to be reduced, or consent to any
            variation of, or exercise any powers of consent or waiver pursuant
            to the terms of any of the Sixth Issuer Transaction Documents to
            which it is a party, or permit any party to any of the Transaction
            Documents to which it is a party or any other person whose
            obligations form part of the Sixth Issuer Charged Property to be
            released from its respective obligations;

      (h)   have an interest in any bank account other than the Sixth Issuer
            Transaction Accounts and the Sixth Issuer Liquidity Facility
            Stand-by Account, unless such account or interest therein is charged
            to the Sixth Issuer Security Trustee on terms acceptable to it;

      (i)   offer to surrender to any company any amounts which are available
            for surrender by way of group relief within Chapter IV of Part X of
            the Income and Corporation Taxes Act 1988 except for full payment at
            the current applicable rate of corporation tax applied to the
            surrendered amount and payable at the date when corporation tax is
            due to be paid by the claimant or would be due in the absence of the
            surrender;

      (j)   allow or permit the group election in force between the Sixth Issuer
            and Funding under Section 247 of the Income and Corporation Taxes
            Act 1988 to cease, unless required to do so by law;

      (k)   do any act or thing the effect of which would be to make the Sixth
            Issuer resident in any jurisdiction other than the United Kingdom;

<PAGE>
                                       39

      (l)   permit any person other than the Sixth Issuer and the Sixth Issuer
            Security Trustee to have any equitable interest in any of its assets
            or undertakings or any interest, estate, right, title or benefit
            therein;

      (m)   purchase or otherwise acquire any Note or Notes (including the Sixth
            Issuer Notes); or

      (n)   engage in any activities in the United States (directly or through
            agents) or derive any income from United States sources as
            determined under United States income tax principles or hold any
            property if doing so would cause it to be engaged or deemed to be
            engaged in a trade or business within the United States as
            determined under United States tax principles.

22.4  POSITIVE COVENANTS

      The Sixth Issuer covenants and undertakes with the Sixth Issuer Security
      Trustee for the benefit of the Sixth Issuer Secured Creditors as follows:

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

      (b)   give to the Sixth Issuer Security Trustee within a reasonable time
            after request such information and evidence as it shall reasonably
            require and in such form as it shall reasonably require, including
            without prejudice to the generality of the foregoing the procurement
            by the Sixth Issuer of all such certificates called for by the Sixth
            Issuer Security Trustee pursuant to this Deed or any other
            Transaction Document for the purpose of the discharge or exercise of
            the duties, trusts, powers, authorities and discretions vested in it
            under these presents or any other Transaction Document to which the
            Sixth Issuer Security Trustee is a party or by operation of law;

      (c)   to cause to be prepared and certified by its auditors in respect of
            each Financial Year accounts in such form as will comply with
            relevant legal and accounting requirements for the time being;

      (d)   at all times to keep or procure the keeping of proper books of
            account and records and allow the Sixth Issuer Security Trustee and
            any person or persons appointed by the Sixth Issuer Security Trustee
            to whom the Sixth Issuer shall have no reasonable objection free
            access to such books of account and records at all times during
            normal business hours upon reasonable notice in writing provided
            that such inspection shall only be for the purposes of carrying out
            its duties under this Deed and any information so obtained shall
            only be used and passed on to any other person for the purpose of
            the Sixth Issuer Security Trustee carrying out its duties under this
            Deed;

      (e)   to send to the Sixth Issuer Security Trustee a copy of every balance
            sheet, profit and loss account, source and application of funds
            statement (if any), report, or other notice, statement, circular or
            document issued or given to any holder of securities (including
            Noteholders and shareholders in their capacity as such) or creditors
            of the Sixth Issuer as soon as reasonably practicable after issue of
            the same;

      (f)   to give notice in writing to the Sixth Issuer Security Trustee of
            the occurrence of any Sixth Issuer Note Event of Default, Potential
            Sixth Issuer Note Event of Default and/or service of a Sixth Issuer
            Note Enforcement Notice (which has not been served by the Sixth
            Issuer Security Trustee) (such notice to be effective by the
            delivery of a copy of the Sixth Issuer Note Enforcement Notice to
            Sixth Issuer Security Trustee)

<PAGE>
                                       40

            immediately upon becoming aware thereof and without waiting for the
            Sixth Issuer Security Trustee to take any further action;

      (g)   give to the Sixth Issuer Security Trustee (i) within seven days
            after demand by the Sixth Issuer Security Trustee therefor and (ii)
            (without the necessity for any such demand) promptly after the
            publication of its audited accounts in respect of each Financial
            Year and in any event not later than the date required by statute to
            file or publish (whichever is earlier) such audited accounts after
            the end of each such Financial Year a certificate signed by two
            directors of the Sixth Issuer to the effect that as at a date not
            more than seven days before delivering such certificate (the
            "CERTIFICATION DATE") there did not exist and had not existed since
            the certification date of the previous certificate (or in the case
            of the first such certificate the date hereof) any Sixth Issuer Note
            Event of Default or any Potential Sixth Issuer Note Event of Default
            (or if such then exists or existed specifying the same) and that
            during the period from and including the certification date of the
            last such certificate (or in the case of the first such certificate
            the date hereof) to and including the certification date of such
            certificate the Sixth Issuer has complied, to the best of their
            knowledge and belief, with all its obligations contained in this
            Deed and each of the other Sixth Issuer Transaction Documents to
            which it is a party or (if such is not the case) specifying the
            respects in which it has not so complied;

      (h)   at all times to execute all such further documents and do all such
            further acts and things as may in the reasonable opinion of the
            Sixth Issuer Security Trustee be necessary at any time or times to
            give effect to the terms and conditions of this Deed and the other
            Sixth Issuer Transaction Documents;

      (i)   at all times to comply with the obligations and provisions binding
            upon it under and pursuant to this Deed and the other Sixth Issuer
            Transaction Documents;

      (j)   duly and promptly to pay and discharge all Taxes imposed upon it or
            its assets unless such Taxes are, in the opinion of the Sixth Issuer
            Security Trustee, being contested in good faith by the Sixth Issuer;
            and

      (k)   so far as permitted by law to enter into and maintain in full force
            and effect a group income election under Section 247 of the Income
            and Corporation Taxes Act 1988 in relation to any such payments as
            are referred to in Section 247(4) of that Act and which are made
            under the Sixth Issuer Intercompany Loan Agreement by Funding to the
            Sixth Issuer and ensure that no steps will be taken (whether by act,
            omission or otherwise) which would reasonably be expected to lead to
            the revocation or invalidation of the aforementioned election; and
            immediately to notify the Sixth Issuer Security Trustee if it
            becomes aware that the aforementioned election ceases to be in full
            force and effect or if circumstances arise, of which it is aware,
            which may result in that election ceasing to be in full force and
            effect.

22.5  FORMS 395

      The Sixth Issuer shall make a filing or shall procure that a filing is
      made with the Registrar of Companies of a duly completed Form 395 together
      with an executed original of this Deed within the applicable time limit.

<PAGE>
                                       41

23.   PROVISIONS SUPPLEMENTAL TO THE TRUSTEE ACT 1925

23.1  POWERS OF SIXTH ISSUER SECURITY TRUSTEE

      By way of supplement to the Trustee Act 1925 it is expressly declared as
      follows:

      (a)   the Sixth Issuer Security Trustee may in relation to this Deed or
            any of the other Sixth Issuer Transaction Documents act on the
            opinion or advice of, or a certificate or any information obtained
            from, any lawyer, banker, valuer, surveyor, securities company,
            broker, auctioneer, accountant or other expert in the United Kingdom
            or elsewhere, whether obtained by the Sixth Issuer Security Trustee
            or any Receiver and shall not be responsible for any loss occasioned
            by so acting;

      (b)   any such opinion, advice, certificate or information may be sent or
            obtained by letter, telegram, telex, facsimile reproduction or in
            any other form and the Sixth Issuer Security Trustee shall not be
            liable for acting in good faith on any opinion, advice, certificate
            or information purporting to be so conveyed although the same shall
            contain some error or shall not be authentic;

      (c)   the Sixth Issuer Security Trustee shall (save as expressly otherwise
            provided in this Deed or any of the other Sixth Issuer Transaction
            Documents) as regards all rights, powers, authorities and
            discretions vested in it by this Deed or any of the other
            Transaction Documents, or by operation of law, have absolute and
            uncontrolled discretion as to the exercise or non-exercise thereof;

      (d)   the Sixth Issuer Security Trustee shall be at liberty to place this
            Deed and all deeds and other documents relating to this Deed with
            any bank or banking company, or lawyer or firm of lawyers believed
            by it to be of good repute, in any part of the world, and the Sixth
            Issuer Security Trustee shall not be responsible for or be required
            to insure against any loss incurred in connection with any such
            deposit and the Sixth Issuer shall pay all sums required to be paid
            on account of or in respect of any such deposit;

      (e)   the Sixth Issuer Security Trustee may, in the conduct of its trust
            business, instead of acting personally, employ and pay an agent to
            transact or conduct, or concur in transacting or conducting, any
            business and to do or concur in doing all acts required to be done
            by the Sixth Issuer Security Trustee (including the receipt and
            payment of money). The Sixth Issuer Security Trustee (except where
            such agent is an affiliate or associated company of, or otherwise
            connected with, the Sixth Issuer Security Trustee) shall not be
            responsible for any misconduct on the part of any person appointed
            by it in good faith hereunder or be bound to supervise the
            proceedings or acts of any such persons;

      (f)   where it is necessary or desirable for any purpose in connection
            with this Deed to convert any sum from one currency to another it
            shall (unless otherwise provided by this Deed 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 specified by the Sixth Issuer Security Trustee in its
            absolute discretion but having regard to current rates of exchange
            if available and the Sixth Issuer Security Trustee shall not be
            liable for any loss occasioned by the said conversion under this
            PARAGRAPH (F);

<PAGE>
                                       42

      (g)   subject to CLAUSE 24.6 (Consent of Sixth Issuer Security Trustee),
            any consent given by the Sixth Issuer Security Trustee for the
            purposes of this Deed or any of the other Transaction Documents may
            be given on such terms and subject to such conditions (if any) as
            the Sixth Issuer Security Trustee thinks fit and, notwithstanding
            anything to the contrary contained in this Deed or any of the other
            Sixth Issuer Transaction Documents, may be given retrospectively;

      (h)   the Sixth Issuer Security Trustee shall be entitled to rely upon a
            certificate, believed by it to be genuine, of the Sixth Issuer or
            any other person in respect of every matter and circumstance for
            which a certificate is expressly provided for under this Deed or the
            other Sixth Issuer Transaction Documents and to call for and rely
            upon a certificate of the Sixth Issuer or any other person
            reasonably believed by it to be genuine as to any other fact or
            matter prima facie within the knowledge of the Sixth Issuer or such
            person as sufficient evidence thereof and the Sixth Issuer Security
            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 caused by it failing to do
            so;

      (i)   the Sixth Issuer Security Trustee shall be entitled to rely upon
            instructions or directions given to it by the Note Trustee as being
            given on behalf of the relevant class of Sixth Issuer Noteholders
            and the Sixth Issuer Security Trustee shall not be bound in any such
            case to inquire as to the compliance with the Sixth Issuer Trust
            Deed or be responsible for any loss, liability, costs, damages,
            expenses or inconvenience that may be caused by it failing to do
            so;

      (j)   the Sixth Issuer Security Trustee shall not be responsible for
            acting upon any resolution purporting to have been passed at any
            meeting of the Class A Sixth Issuer Noteholders or the Class B Sixth
            Issuer Noteholders or the Class C Sixth Issuer Noteholders in
            respect whereof minutes have been made and purporting to have been
            signed by the chairman thereof, even though it may subsequently 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 Class A Sixth Issuer
            Noteholders or the Class B Sixth Issuer Noteholders or the Class C
            Sixth Issuer Noteholders;

      (k)   the Sixth Issuer Security Trustee shall not be liable to the Sixth
            Issuer or any other Sixth Issuer Secured Creditor by reason of
            having accepted as valid or not having rejected any Definitive Sixth
            Issuer Note purporting to be such and subsequently found to be
            forged, stolen or not authentic;

      (l)   the Sixth Issuer Security Trustee may call for and shall be at
            liberty to accept and place full reliance on as sufficient evidence
            of the facts stated therein a certificate or letter of confirmation
            certified as true and accurate and signed on behalf of DTC,
            Euroclear, Clearstream, Luxembourg, or any depository or common
            depository for them or such person as the Sixth Issuer Security
            Trustee considers appropriate, or any form of record made by any of
            them to the effect that any particular time or through any
            particular period any particular person is, was or will be shown in
            its records as entitled to a particular number of Sixth Issuer
            Notes;

      (m)   the Sixth Issuer Security Trustee shall, in connection with the
            exercise by it of any of its trusts, duties, rights, powers,
            authorities and discretions under this Deed and the other Sixth
            Issuer Transaction Documents:

<PAGE>
                                       43

            (i)   where it is required to have regard to the interests of the
                  Sixth Issuer Noteholders of any class, it shall have regard to
                  the interests of such Sixth Issuer Noteholders as a class and,
                  in particular but without prejudice to the generality of the
                  foregoing, shall not have regard to, or be in any way liable
                  for, the consequences of any exercise thereof for individual
                  Sixth Issuer 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 Sixth Issuer
                  Security Trustee shall not be entitled to require, nor shall
                  any Sixth Issuer Noteholder be entitled to claim, from the
                  Sixth Issuer, the Sixth Issuer Security Trustee or any other
                  person any indemnification or payment in respect of any tax
                  consequence of any such exercise upon individual Sixth Issuer
                  Noteholders; and

            (ii)  be entitled to assume that such exercise will not be
                  materially prejudicial to the interests of the Class A Sixth
                  Issuer Noteholders if each of the Rating Agencies has
                  confirmed that the then current rating by it of the Class A
                  Sixth Issuer Notes would not be adversely affected by such
                  exercise, that such exercise will not be materially
                  prejudicial to the interests of the Class B Sixth Issuer
                  Noteholders if each of the Rating Agencies has confirmed that
                  the then current rating by it of the Class B Sixth Issuer
                  Notes would not be adversely affected by such exercise and
                  that such exercise will not be materially prejudicial to the
                  interests of the Class C Sixth Issuer Noteholders if each of
                  the Rating Agencies has confirmed that the then current rating
                  by it of the Class C Sixth Issuer Notes will not be adversely
                  affected by such exercise;

      (n)   the Sixth Issuer Security Trustee shall have no responsibility for
            the maintenance of any rating of the Sixth Issuer Notes by the
            Rating Agencies or any other person;

      (o)   the Sixth Issuer Security Trustee shall not be liable for any error
            of judgment made in good faith by any officer or employee of the
            Sixth Issuer Security Trustee assigned by the Sixth Issuer Security
            Trustee to administer its corporate trust matters unless it shall be
            proved that the Sixth Issuer Security Trustee was negligent in
            ascertaining the pertinent facts;

      (p)   no provision of this Deed or any other Document shall require the
            Sixth Issuer Security 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 or otherwise in connection with this Deed or any other Sixth
            Issuer Transaction Document (including, without limitation, forming
            any opinion or employing any legal, financial or other adviser), if
            it shall believe that repayment of such funds or adequate indemnity
            against such risk or liability is not assured to it; and

      (q)   the Sixth Issuer Security Trustee shall not (unless and to the
            extent ordered to do so by a court of competent jurisdiction) be
            required to disclose to any Sixth Issuer Secured Creditor any
            information made available to the Sixth Issuer Security Trustee by
            the Sixth Issuer in connection with the trusts of this Deed or the
            Sixth Issuer Transaction Documents and no Sixth Issuer Secured
            Creditor shall be entitled to take any action to obtain from the
            Sixth Issuer Security Trustee any such information.

<PAGE>
                                       44

23.2  REPRESENTATIONS AND WARRANTIES, ETC.

      The Sixth Issuer Security Trustee shall not be responsible for any
      recitals or statements or warranties or representations of any party
      (other than the Sixth Issuer Security Trustee) contained herein or in any
      other Transaction Document or any other document entered into in
      connection therewith and may assume the accuracy and correctness thereof
      and shall not be responsible for the execution, legality, effectiveness,
      adequacy, genuineness, validity or enforceability or admissibility in
      evidence of any such agreement or other document or any trust or security
      thereby constituted or evidenced. The Sixth Issuer Security Trustee may
      accept without enquiry, requisition or objection such title as the Sixth
      Issuer may have to the Sixth Issuer Charged Property or any part thereof
      from time to time and shall not be required to investigate or make any
      enquiry into the title of the Sixth Issuer to the Sixth Issuer Charged
      Property or any part thereof from time to time whether or not any default
      or failure is or was known to the Sixth Issuer Security Trustee or might
      be, or might have been, discovered upon examination, inquiry or
      investigation and whether or not capable of remedy. Notwithstanding the
      generality of the foregoing, each Sixth Issuer Secured Creditor 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 Sixth Issuer, and the Sixth Issuer
      Security Trustee shall not at any time have any responsibility for the
      same and each Sixth Issuer Secured Creditor shall not rely on the Sixth
      Issuer Security Trustee in respect thereof.

23.3  PERFECTION

      The Sixth Issuer Security Trustee shall not be bound to give notice to any
      person of the execution of this Deed nor shall it be liable for any
      failure, omission or defect in perfecting the security intended to be
      constituted hereby including, without prejudice to the generality of the
      foregoing:

      (a)   failure to obtain any licence, consent or other authority for the
            execution of the same;

      (b)   failure to register the same in accordance with the provisions of
            any of the documents of title of the Sixth Issuer to any of the
            Sixth Issuer Charged Property; and

      (c)   failure to effect or procure registration of or otherwise protect
            any of the Sixth Issuer Transaction Documents by registering the
            same under any registration laws in any territory, or by registering
            any notice, caution or other entry prescribed by or pursuant to the
            provisions of the said laws.

23.4  ENFORCEABILITY, ETC.

      The Sixth Issuer Security Trustee shall not be responsible for the
      genuineness, validity or effectiveness of any of the Sixth Issuer
      Transaction Documents or any other documents entered into in connection
      therewith or any other document or any obligations 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 by or pursuant
      to this Deed or any of the Sixth Issuer Transaction Documents, 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 Sixth Issuer Security 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:

      (a)   the nature, status, creditworthiness or solvency of the Sixth
            Issuer;

<PAGE>
                                       45

      (b)   the execution, legality, validity, adequacy, admissibility in
            evidence or enforceability of this Deed or any other Sixth Issuer
            Transaction Document comprised within the Sixth Issuer Charged
            Property or any other document entered into in connection therewith;

      (c)   the registration, filing, protection or perfection of any security
            relating to this Deed or the other Transaction Documents relating to
            the Sixth Issuer Charged Property or the priority of the security
            thereby created whether in respect of any initial advance or any
            subsequent advance or any other sums or liabilities;

      (d)   the scope or accuracy of any representations, warranties or
            statements made by or on behalf of the Sixth Issuer or any other
            person or entity who has at any time provided any Sixth Issuer
            Transaction Document comprised within the Sixth Issuer Charged
            Property or in any document entered into in connection therewith;

      (e)   the performance or observance by the Sixth Issuer or any other
            person with any provisions of this Deed or any other Sixth Issuer
            Transaction Document comprised within the Sixth Issuer Charged
            Property or in any document entered into in connection therewith or
            the fulfilment or satisfaction of any conditions contained therein
            or relating thereto or as to the existence or occurrence at any time
            of any default, event of default or similar event contained therein
            or any waiver or consent which has at any time been granted in
            relation to any of the foregoing;

      (f)   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 with the Sixth Issuer Charged
            Property;

      (g)   the title of the Sixth Issuer to any of the Sixth Issuer Charged
            Property;

      (h)   the failure to effect or procure registration of or to give notice
            to any person in relation to or otherwise protect the security
            created or purported to be created by or pursuant to this Deed or
            other documents entered into in connection herewith;

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

      (j)   any other matter or thing relating to or in any way connected with
            this Deed or the Sixth Issuer Charged Property or any document
            entered into in connection therewith whether or not similar to the
            foregoing.

23.5  NO SUPERVISION

      The Sixth Issuer Security Trustee shall be under no obligation to monitor
      or supervise the respective functions of the Sixth Issuer Account Banks
      under the Sixth Issuer Bank Account Agreement or the Sixth Issuer Cash
      Manager under the Sixth Issuer Cash Management Agreement or of any other
      person under or pursuant to any of the other Transaction Documents.

<PAGE>
                                       46

23.6  NO LIABILITY

      The Sixth Issuer Security Trustee shall not be liable or responsible for
      any loss, cost, damage, expense or inconvenience which may result from
      anything done or omitted to be done by it under this Deed or any of the
      other Transaction Documents.

23.7  CONCLUSIVE AND BINDING DETERMINATIONS

      The Sixth Issuer Security Trustee as between itself and the Sixth Issuer
      Secured Creditors shall have full power to determine all questions and
      doubts arising in relation to any of the provisions of this Deed and the
      other Sixth Issuer Transaction Documents and every such determination,
      whether made upon a question actually raised or implied in the acts or
      proceedings of the Sixth Issuer Security Trustee, shall be conclusive and
      shall bind the Sixth Issuer Security Trustee and the Sixth Issuer Secured
      Creditors.

23.8  USE OF PROCEEDS

      The Sixth Issuer Security Trustee shall not be responsible for the receipt
      or application by the Sixth Issuer of the proceeds of the issue of the
      Sixth Issuer Notes.

23.9  MATERIAL PREJUDICE

      The Sixth Issuer Security Trustee may determine whether or not any event,
      matter or thing is, in its opinion, materially prejudicial to the
      interests of the Sixth Issuer Secured Creditors and if the Sixth Issuer
      Security Trustee shall certify that any such event, matter or thing is, in
      its opinion, materially prejudicial, such certificate shall be conclusive
      and binding upon the Sixth Issuer Secured Creditors.

23.10 NO INDEMNITY

      None of the provisions of this Deed shall, in any case in which the Sixth
      Issuer Security Trustee has failed to show the degree of care and
      diligence required of it as security trustee of this Deed, having regard
      to the provisions of this Deed and any of the other Sixth Issuer
      Transaction Documents to which the Sixth Issuer Security Trustee is a
      party conferring on the Sixth Issuer Security Trustee any powers,
      authorities or discretions, relieve or indemnify the Sixth Issuer Security
      Trustee against any liabilities 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.

24.   SUPPLEMENTAL PROVISIONS REGARDING THE SIXTH ISSUER SECURITY TRUSTEE

24.1  ASSUMPTION OF NO DEFAULT

      Except as herein otherwise expressly provided, the Sixth Issuer Security
      Trustee shall be and is hereby authorised to assume without enquiry, and
      it is hereby declared to be the intention of the Sixth Issuer Security
      Trustee that it shall assume without enquiry, that the Sixth Issuer and
      each of the other parties thereto is duly performing and observing all the
      covenants and provisions contained in this Deed and the other Transaction
      Documents to be performed and observed on their parts and that no event
      has occurred which constitutes a Sixth Issuer Note Event of Default or a
      Potential Sixth Issuer Note Event of Default or which would cause a right
      or remedy to become exercisable, whether by Funding, the Sixth Issuer or
      the Sixth Issuer Security Trustee, under or in respect of any of the
      Transaction Documents.

<PAGE>
                                       47

24.2  DELEGATION

      The Sixth Issuer Security Trustee may, in the execution of all or any of
      the trusts, powers, authorities and discretions vested in it by this Deed
      or any of the other Sixth Issuer Transaction Documents, act by responsible
      officers or a responsible officer for the time being of the Sixth Issuer
      Security Trustee. The Sixth Issuer Security Trustee may also, whenever it
      thinks expedient in the interests of the Sixth Issuer Secured Creditors,
      whether by power of attorney or otherwise, delegate to any person or
      persons all or any of the trusts, rights, powers, duties, authorities and
      discretions vested in it by this Deed or any of the other Sixth Issuer
      Transaction Documents. Any such delegation may be made upon such terms and
      conditions and subject to such regulations (including power to
      sub-delegate) as the Sixth Issuer Security Trustee may think fit in the
      interests of the Sixth Issuer Secured Creditors or any of them and,
      provided that the Sixth Issuer Security Trustee shall have exercised
      reasonable care in the selection of such delegate and, where a power to
      sub-delegate has been given, has obliged the delegate to exercise
      reasonable care in the selection of any sub-delegate, the Sixth Issuer
      Security Trustee shall not be bound to supervise the proceedings of, or be
      responsible for any loss incurred by any misconduct or default on the part
      of, such delegate or sub-delegate. The Sixth Issuer Security Trustee shall
      give prompt notice to the Sixth Issuer of the appointment of any delegate
      as aforesaid and shall procure that any delegate shall also give prompt
      notice of the appointment of any sub-delegate to the Sixth Issuer.

24.3  COMMERCIAL TRANSACTIONS

      The Sixth Issuer Security Trustee shall not, and no director, officer or
      employee of any corporation being a trustee hereof shall, by reason of the
      fiduciary position of the Sixth Issuer Security Trustee, be in any way
      precluded from making any contracts or entering into any transactions in
      the ordinary course of business with the Sixth Issuer, Funding or Holdings
      or any other subsidiary of Holdings or any other party to the Sixth Issuer
      Transaction Documents or any other party to any of the Sixth Issuer
      Transaction Documents or from accepting the trusteeship of any stock,
      shares, debenture stock, debentures or securities of any such person.
      Without prejudice to the generality of the foregoing, it is expressly
      declared that such contracts and transactions include any contract or
      transaction in relation to the placing, underwriting, purchasing,
      subscribing for or dealing with or lending money upon or making payments
      in respect of any stock, shares, debenture stock, debentures or other
      securities of the Sixth Issuer, Funding or Holdings or any other
      subsidiary of Holdings or any other party to the Sixth Issuer Transaction
      Documents or any contract of banking or insurance with the Sixth Issuer,
      Funding or Holdings or any other subsidiary of Holdings or any other party
      to the Transaction Documents. Neither the Sixth Issuer Security Trustee
      nor any such director or officer of the Sixth Issuer Security Trustee
      shall be accountable to any of the Sixth Issuer Secured Creditors or the
      Sixth Issuer, Funding or Holdings for any profit, fees, commissions,
      interest, discounts or share of brokerage earned, arising or resulting
      from any such contracts or transactions. The Sixth Issuer Security Trustee
      and any such director, officer or employee shall be at liberty to retain
      the same for its or his own benefit.

24.4  ADDITIONAL POWERS

      The powers conferred by this Deed upon the Sixth Issuer Security Trustee
      shall be in addition to any powers which may from time to time be vested
      in it by general law.

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                                       48

24.5  DUTIES AND RESPONSIBILITIES OF SIXTH ISSUER SECURITY TRUSTEE

      The Sixth Issuer Security Trustee has no duties or responsibilities except
      those expressly set out in this Deed or in the Transaction Documents.

24.6  CONSENT OF SIXTH ISSUER SECURITY TRUSTEE

      If a request is made to the Sixth Issuer Security Trustee by the Sixth
      Issuer or any other person to give its consent to any event, matter or
      thing, then:

      (a)   if the Sixth Issuer Transaction Document specifies that the Sixth
            Issuer Security Trustee is required to give its consent to that
            event, matter or thing if certain specified conditions are satisfied
            in relation to that event, matter or thing, then the Sixth Issuer
            Security Trustee shall give its consent to that event, matter or
            thing upon being satisfied acting reasonably that those specified
            conditions have been satisfied; and

      (b)   in any other case, the Sixth Issuer Security Trustee may give its
            consent if to do so would not, in its opinion, be materially
            prejudicial to the interests of the Sixth Issuer Secured Creditors.

24.7  INTERESTS OF SIXTH ISSUER SECURED CREDITORS

      Where the Sixth Issuer Security Trustee is required to have regard to the
      interests of any Sixth Issuer Secured Creditor (other than the
      Noteholders), the Sixth Issuer Security Trustee may consult with such
      Sixth Issuer Secured Creditor and may rely on the opinion of such Sixth
      Issuer Secured Creditor as to whether any act, matter or thing is or is
      not in the interests of, or materially prejudicial to the interests of,
      such Sixth Issuer Secured Creditor.

24.8  MODIFICATION TO TRANSACTION DOCUMENTS

      The Sixth Issuer Security Trustee may from time to time and at any time
      without any consent or sanction of the Sixth Issuer Secured Creditors
      concur with any person in making or sanctioning any modification:

      (a)   to any of the Transaction Documents which in the opinion of the
            Sixth Issuer Security Trustee it may be expedient to make, provided
            that (i) the Sixth Issuer Security Trustee is of the opinion acting
            reasonably that such modification will not be materially prejudicial
            to the interests of the Noteholders; and (ii) the Sixth Issuer
            Security Trustee is of the opinion that such modification will not
            be materially prejudicial to the interests of the Sixth Issuer
            Liquidity Facility Provider or the Dollar Currency Swap Provider or
            the Euro Currency Swap Provider or the Swiss Franc Currency Swap
            Provider, as the case may be, or if it is not of that opinion in
            relation to the Sixth Issuer Liquidity Facility Provider or the
            Dollar Currency Swap Provider or the Euro Currency Swap Provider or
            the Swiss Franc Currency Swap Provider, as the case may be, or the
            steps required pursuant to CLAUSE 8 (Modification) have been taken
            and the Sixth Issuer Liquidity Facility Provider and the Dollar
            Currency Swap Provider or the Euro Currency Swap Provider or the
            Swiss Franc Currency Swap Provider, as the case may be, have
            consented or have been deemed to have consented to such
            modification; or

      (b)   to any of the Transaction Documents which in the Sixth Issuer
            Security Trustee's opinion is made to correct a manifest error or is
            of a formal, minor or technical nature.

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                                       49

      The Sixth Issuer Secured Creditors hereby acknowledge that any proposed
      modification made pursuant to PARAGRAPH (A) above will not be prejudicial
      to their respective interests merely because New Notes may be issued which
      may rank ahead, pari passu or below with the Sixth Issuer Notes or because
      additional secured creditors may accede to the Funding Deed of Charge who
      may rank ahead of any of the Sixth Issuer Secured Creditors in terms of
      priority of payment thereunder. Any such modification shall be binding on
      the Sixth Issuer Secured Creditors and, unless the Sixth Issuer Security
      Trustee otherwise agrees, notice thereof shall be given by the Sixth
      Issuer Cash Manager to the Sixth Issuer Secured Creditors as soon as
      practicable thereafter.

24.9  AUTHORISATION OR WAIVER OF BREACH

      The Sixth Issuer Security Trustee may, without the consent of the Sixth
      Issuer Secured Creditors, without prejudice to its right in respect of any
      further or other breach, from time to time and at any time, but only if
      and in so far as (i) in its opinion acting reasonably the interests of the
      Sixth Issuer Noteholders will not be materially prejudiced thereby and
      (ii) in its opinion acting reasonably the interests of the Sixth Issuer
      Liquidity Facility Provider and the Sixth Issuer Swap Providers will not
      be materially prejudiced thereby or, if it is not of that opinion in
      relation to the Sixth Issuer Liquidity Facility Provider or the Sixth
      Issuer Swap Providers, the steps required pursuant to CLAUSE 8
      (Modification) have been taken and the Sixth Issuer Liquidity Facility
      Provider and/or the Sixth Issuer Swap Providers have consented or have
      been deemed to have consented to such authorisation or waiver, authorise
      or waive, on such terms and conditions (if any) as shall seem expedient to
      it, any proposed or actual breach of any of the covenants or provisions
      contained in or arising pursuant to any of the Transaction Documents. Any
      such authorisation or waiver shall be binding on the Sixth Issuer Secured
      Creditors and, unless the Sixth Issuer Security Trustee otherwise agrees,
      notice thereof shall be given by the Sixth Issuer Cash Manager to the
      Sixth Issuer Secured Creditors as soon as practicable thereafter.

24.10 INCORPORATION BY REFERENCE

      The provisions of SCHEDULE 4 to the Sixth Issuer Trust Deed shall be
      deemed to be incorporated in this Deed but as if references therein to the
      Note Trustee were to the Sixth Issuer Security Trustee.

25.   REMUNERATION AND INDEMNIFICATION OF THE SIXTH ISSUER SECURITY TRUSTEE

25.1  REMUNERATION

(a)   The Sixth Issuer shall (subject as hereinafter provided) pay to the Sixth
      Issuer Security Trustee annually a fee of such amount and payable on such
      dates as shall from time to time be agreed by the Sixth Issuer and the
      Sixth Issuer Security Trustee, provided that if and for so long as the
      Note Trustee and the Sixth Issuer Security Trustee are the same person, no
      such fee shall be payable under this Deed. All such remuneration shall be
      payable in accordance with the Sixth Issuer Pre-Enforcement Revenue
      Priority of Payments or, as the case may be, the Sixth Issuer
      Post-Enforcement Priority of Payments. Such remuneration shall accrue from
      day to day and be payable up to and including the date when all of the
      Sixth Issuer Secured Obligations have been paid or discharged and the
      Sixth Issuer Security Trustee has released, reassigned and/or discharged
      the Sixth Issuer Charged Property as provided in CLAUSE 4.1 (On Payment or
      Discharge of Sixth Issuer Secured Obligations).

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                                       50

(b)   The Sixth Issuer shall in addition pay to the Sixth Issuer Security
      Trustee an amount equal to the amount of any VAT chargeable in respect of
      its remuneration hereunder subject to the Sixth Issuer Security Trustee
      issuing to the Sixth Issuer a proper VAT invoice in respect thereof.

25.2  ADDITIONAL REMUNERATION

      In the event of a Sixth Issuer Note Event of Default or Potential Sixth
      Issuer Note Event of Default occurring or in the event of the Sixth Issuer
      Security Trustee finding it expedient or necessary or being required to
      undertake any duties which the Sixth Issuer Security Trustee and the Sixth
      Issuer agree to be of an exceptional nature or otherwise outside the scope
      of the normal duties of the Sixth Issuer Security Trustee under this Deed,
      the Sixth Issuer shall pay to the Sixth Issuer Security Trustee such
      additional remuneration as shall be agreed between the Sixth Issuer
      Security Trustee and the Sixth Issuer.

25.3  DISPUTES

      In the event of the Sixth Issuer Security Trustee and the Sixth Issuer
      failing to agree upon the amount of any remuneration from time to time
      pursuant to CLAUSE 25.1 (Remuneration) or to agree in a case to which
      CLAUSE 25.2 (Additional Remuneration) above applies, upon whether such
      duties are of an exceptional nature or otherwise outside the scope of the
      normal duties of the Sixth Issuer Security Trustee hereunder or upon the
      amount of such additional remuneration, such matters shall be determined
      by a merchant bank (acting as an expert and not as an arbitrator) selected
      by the Sixth Issuer Security Trustee and approved by the Sixth Issuer or,
      failing such approval, nominated by the President for the time being of
      the Law Society of England and Wales, the expenses being involved in such
      nomination and the fees of such merchant bank being payable by the Sixth
      Issuer, and the decision of any such merchant bank shall be final and
      binding on the Sixth Issuer and the Sixth Issuer Security Trustee.

25.4  EXPENSES

      In addition to remuneration hereunder, the Sixth Issuer shall on written
      request, pay (on an indemnity basis) all other costs, charges and expenses
      which the Sixth Issuer Security Trustee may properly incur in relation to
      the negotiation, preparation and execution of, the exercise of its powers
      and the performance of its duties under, and in any other manner in
      relation to, this Deed, the Sixth Issuer Security and any of the other
      Sixth Issuer Transaction Documents to which the Sixth Issuer Security
      Trustee is a party including but not limited to travelling and legal
      expenses and any stamp, issue, registration, documentary and other Taxes
      or duties paid or payable by the Sixth Issuer Security Trustee in
      connection with any action taken or contemplated by or on behalf of the
      Sixth Issuer Security Trustee for enforcing, or resolving any doubt
      concerning, or for any other purpose in relation to, this Deed or any of
      the other Transaction Documents.

25.5  INDEMNITY

      Without prejudice to the right of indemnity by law given to trustees, the
      Sixth Issuer shall indemnify the Sixth Issuer Security Trustee, on an
      after Tax basis, in respect of all proceedings (including claims and
      liabilities in respect of taxes other than on its own overall net income),
      claims and demands and all costs, charges, expenses (including, without
      prejudice to the generality of the foregoing, legal and travelling
      expenses), and liabilities to which it (or any person appointed by it to
      whom any trust, power, authority or discretion may be delegated by it in
      the execution or purported execution of the trusts, powers, authorities or

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                                       51

      discretions vested in it by or pursuant to this Deed and any of the other
      Sixth Issuer Transaction Documents to which the Sixth Issuer Security
      Trustee is a party) may be or become liable or which may be properly
      incurred by it (or any such person as aforesaid) in the execution or
      purported execution of any of its trusts, powers, authorities and
      discretions hereunder or its functions under any such appointment or in
      respect of any other matter or thing done or omitted in any way relating
      to this Deed and any of the other Sixth Issuer Transaction Documents to
      which the Sixth Issuer Security Trustee is a party, or any such
      appointment and the Sixth Issuer Security Trustee shall be entitled to be
      indemnified out of the Sixth Issuer Charged Property in respect thereof
      save where the same arises as the result of the fraud, negligence or
      wilful default of the Sixth Issuer Security Trustee or its officers or
      employees. The Sixth Issuer Security Trustee shall not be entitled to be
      indemnified twice in respect of the same matter pursuant to this Clause
      and the indemnity contained in CLAUSE 13.2 (Indemnity) of this Deed.

25.6  SURVIVAL

      Unless otherwise specifically stated in any discharge of this Deed, the
      provisions of this CLAUSE 25 (Remuneration and Indemnification of the
      Sixth Issuer Security Trustee) shall continue in full force and effect
      notwithstanding the release, reassignment or discharge of the Sixth Issuer
      Charged Property by the Sixth Issuer Security Trustee as provided in
      CLAUSE 4.1 (On Payment or Discharge of Sixth Issuer Secured Obligations).

26.   APPOINTMENT OF NEW SIXTH ISSUER SECURITY TRUSTEE AND REMOVAL OF SIXTH
      ISSUER SECURITY TRUSTEE

26.1  POWER OF SIXTH ISSUER

(a)   The power of appointing a new Sixth Issuer Security Trustee and removing
      the Sixth Issuer Security Trustee or any new Sixth Issuer Security Trustee
      shall be vested in the Sixth Issuer, provided that such appointment or
      removal must be approved by (i) an Extraordinary Resolution of the Class A
      Sixth Issuer Noteholders, the Class B Sixth Issuer Noteholders and the
      Class C Sixth Issuer Noteholders; and (ii) by each Sixth Issuer Secured
      Creditor (such approval not to be reasonably withheld or delayed). A trust
      corporation may be appointed sole security trustee hereof but subject
      hereto there shall be at least two security trustees hereof. Any
      appointment of a new Sixth Issuer Security Trustee and any retirement or
      removal of an existing Sixth Issuer Security Trustee hereof shall as soon
      as practicable thereafter be notified by the Sixth Issuer to the Sixth
      Issuer Secured Creditors.

(b)   Any new Sixth Issuer Security Trustee must (i) meet the requirements of
      section 26(a)(1) of the US Investment Company Act of 1940; (ii) not be an
      affiliate (as defined in Rule 405 of the US Securities Act of 1933, as
      amended) of the Sixth Issuer or of any person involved in the organisation
      or operation of the Sixth Issuer; (iii) not offer or provide credit or
      credit enhancement to the Sixth Issuer; and (iv) execute an agreement or
      instrument concerning the Sixth Issuer Notes containing provisions to the
      effect set forth in section 26(a)(3) of the US Investment Company Act of
      1940.

26.2  POWER OF SIXTH ISSUER SECURITY TRUSTEE

      Notwithstanding the provisions of CLAUSE 26.1 (Power of Sixth Issuer), the
      Sixth Issuer Security Trustee may (as attorney for the Sixth Issuer) upon
      giving prior notice to the Sixth Issuer but without the consent of the
      Sixth Issuer or the Sixth Issuer Secured Creditors appoint any person
      established or resident in any jurisdiction (whether a trust corporation
      or

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                                       52

      not) to act either as a separate security trustee or as a co-trustee
      jointly with the Sixth Issuer Security Trustee:

      (a)   if the Sixth Issuer Security Trustee considers such appointment to
            be in the interests of the Sixth Issuer Secured Creditors (or any of
            them);

      (b)   for the purposes of conforming to any legal requirement,
            restrictions or conditions in any jurisdiction in which any
            particular act or acts are to be performed or any Sixth Issuer
            Charged Property is or is to be located; or

      (c)   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 or any of the other
            Transaction Documents to which the Sixth Issuer Security Trustee is
            a party or obligations arising pursuant thereto or any of the
            security constituted by or pursuant to this Deed.

      The Sixth Issuer hereby irrevocably appoints the Sixth Issuer Security
      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 or any of the other Transaction Documents to which
      the Sixth Issuer Security Trustee is a party) have such trusts, powers,
      authorities and discretions (not exceeding those conferred on the Sixth
      Issuer Security Trustee by this Deed or any of the other Transaction
      Documents to which the Sixth Issuer Security Trustee is a party) and such
      duties and obligations as shall be conferred or imposed on it by the
      instrument of appointment. The Sixth Issuer Security Trustee shall have
      power in like manner to remove any such person. Such proper remuneration
      as the Sixth Issuer Security Trustee may pay to any such person, together
      with any attributable costs, charges and expenses 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 Sixth Issuer Security Trustee.

26.3  MULTIPLE TRUSTEES

      Whenever there shall be more than two security trustees hereof, the
      majority of such security trustees shall (provided such majority includes
      a trust corporation) be competent to execute and exercise all the trusts,
      powers, authorities and discretions vested by this Deed and any of the
      other Transaction Documents in the Sixth Issuer Security Trustee
      generally.

27.   RETIREMENT OF SIXTH ISSUER SECURITY TRUSTEE

      Any security trustee for the time being of this Deed may retire at any
      time upon giving not less than three months' prior notice in writing to
      the Sixth Issuer without assigning any reason therefor and without being
      responsible for any costs resulting from such retirement. The retirement
      or removal of any security trustee shall not become effective unless there
      remains at least one security trustee hereof being a trust corporation in
      office upon such retirement or removal. The Sixth Issuer covenants that,
      in the event of a security trustee (being a sole security trustee or the
      only trust corporation) giving notice under this Clause or being removed
      as referred to in CLAUSE 26.1 (Power of Sixth Issuer), it shall use its
      best endeavours to procure a new security trustee of this Deed (being a
      trust corporation) to be appointed as soon as reasonably practicable
      thereafter.

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                                       53

28.   TRUST INDENTURE ACT PREVAILS

      If any provision of this Deed limits, qualifies or conflicts with another
      provision which is required to be included in this Deed by, and is not
      subject to a contractual waiver under, the U.S. Trust Indenture Act of
      1939, as amended, the required provision of that act shall prevail.

29.   NOTICES AND DEMANDS

29.1  SERVICE OF NOTICES

      Any notices to be given pursuant to this Agreement to any of the parties
      hereto shall be sufficiently served if sent to the addresses given in
      CLAUSE 29.2 by prepaid first class post, by hand or facsimile transmission
      and shall be deemed to be given (in the case of facsimile transmission)
      when despatched, (where delivered by hand) on the day of delivery if
      delivered before 17.00 hours on a Business Day or on the next Business Day
      if delivered thereafter or on a day which is not a Business Day or (in the
      case of first class post) when it would be received in the ordinary course
      of the post.

29.2  ADDRESS

      The addresses referred to in this CLAUSE 29 (Address) are as follows:

      (a)   in the case of the Sixth Issuer, to Holmes Financing (No. 6) plc at
            Abbey National House, 2 Triton Square, Regents Place, London NW1 3AN
            (facsimile number (44) 20 [___]) for the attention of The Company
            Secretary with a copy to Abbey House ([___]), 201 Grafton Gate East,
            Milton Keynes MK9 1AN (facsimile number (44) 1908 [___]) for the
            attention of Securitisation Team, Risk Operations;

      (b)   in the case of the Sixth Issuer Security Trustee, to The Bank of New
            York, One Canada Square, London E14 5AL (facsimile number ___) for
            the attention of ___;

      (c)   in the case of the Note Trustee, to The Bank of New York, One Canada
            Square, London E14 5AL (facsimile number ___) for the attention of
            ___;

      (d)   in the case of the Agent Bank, to JPMorgan Chase Bank, London
            Branch, Trinity Tower, 9 Thomas More Street, London E1W 1YT
            (facsimile number (44) 1202 347 945) for the attention of the
            Manager, Capital Markets Fiduciary Services,;

      (e)   in the case of the Principal Paying Agent, to JPMorgan Chase Bank,
            London Branch, Trinity Tower, 9 Thomas More Street, London E1W 1YT
            (facsimile number (44) 1202 347 945) for the attention of the
            Manager, Capital Markets Fiduciary Services,;

      (f)   in the case of the Sixth Issuer Liquidity Facility Provider, to ___
            (facsimile number ___) for the attention of ___;

      (g)   in the case of the Sixth Issuer Cash Manager, to Abbey National plc
            at Abbey National House, 2 Triton Square, Regents Place, London NW1
            3AN (facsimile number (44) 20 [___]) for the attention of The
            Company Secretary with a copy to Abbey House ([___]), 201 Grafton
            Gate East, Milton Keynes MK9 1AN (facsimile number (44) 1908 [___])
            for the attention of Securitisation Team, Risk Operations;

      (h)   in the case of the Sixth Issuer Sterling Account Bank, to Abbey
            National plc at Abbey National House, 2 Triton Square, Regents
            Place, London NW1 3AN (facsimile

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                                       54

            number (44) 20 [___]) for the attention of The Company Secretary
            with copies to (i) Abbey National plc, 21 Prescot Street, London E1
            8AD (facsimile number (44) 20 7612 5088) for the attention of Head
            of Subsidiary Banking and (ii) Abbey National plc, c/o Abbey House
            ([___]), 201 Grafton Gate East, Milton Keynes MK9 1AN (facsimile
            number (44) 1908 []) for the attention of Securitisation Team, Risk
            Operations;

      (i)   in the case of the Sixth Issuer Non-Sterling Account Bank, to
            Citibank N.A., London Branch, 336 Strand, London WC2R 1HB (facsimile
            number (44) 20 7500 2262) for the attention of Nigel Kilvington;

      (j)   in the case of the US Paying Agent, to JPMorgan Chase Bank, New York
            Branch, 450 West 33rd Street, New York, NY 10001-2697 (facsimile
            number (1) 212 946 8177) for the attention of Manager - Capital
            Markets Fiduciary Services;

      (k)   in the case of the Swiss Paying Agents, to UBS AG, Zurich
            Bahnhofstrasse 45, CH-8098 Zurich, Switzerland (facsimile number
            (41) [___]) for the attention of [___];

      (l)   in the case of the Registrar and the Transfer Agent, to J.P. Morgan
            Bank Luxembourg S.A., 5 rue Plaetis, L-2238, Luxembourg, Grand Duchy
            of Luxembourg (facsimile number (352) 4626 85380) for the attention
            of Manager, Capital Markets Fiduciary Services;

      (m)   in the case of the Series 1 Class A Dollar Currency Swap Provider,
            the Series 1 Class B Dollar Currency Swap Provider, the Series 1
            Class C Dollar Currency Swap Provider, the Series 2 Class A Dollar
            Currency Swap Provider, the Series 2 Class B Dollar Currency Swap
            Provider, the Series 2 Class C Dollar Currency Swap Provider, the
            Series 4 Class A3 Dollar Currency Swap Provider, the Series 4 Class
            B Dollar Currency Swap Provider and the Series 4 Class C Dollar
            Currency Swap Provider, to ___ (facsimile number ___) for the
            attention of ___;

      (n)   in the case of the Series 3 Class A Euro Currency Swap Provider, the
            Series 3 Class B Euro Currency Swap Provider and the Series 3 Class
            C Euro Currency Swap Provider, to ___ (facsimile number ___) for the
            attention of ___;

      (o)   in the case of the Series 4 Class A2 Swiss Franc Currency Swap
            Provider, to ___ (facsimile number ___) for the attention of ___;

      (p)   in the case of the Corporate Services Provider, to SPV Management
            Limited, 78 Cannon Street, London EC4N 6HH (facsimile number (44) 20
            7220 7819) for the attention of Martin McDermott;

      (q)   in the case of Fitch, to Fitch Ratings Limited, Eldon House, 2 Eldon
            Street, London EC2M 7UA (facsimile number (44) 20 7417 6262) for the
            attention of European Structured Finance;

      (r)   in the case of Moody's, to Moody's Investor Services, 2 Minster
            Court, Mincing Lane, London EC3R 7XB (facsimile number (44) 20 7772
            5400) for the attention of Nick Lindstrom, Asset Backed Finance; and

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                                       55

      (s)   in the case of S&P, to Standard & Poor's, Garden House, 18 Finsbury
            Circus, London EC2M 7BP (facsimile number (44) 20 7826 3598) for the
            attention of the Structured Finance Surveillance Group,

      or to such other address or facsimile number or for the attention of such
      other person or entity as may from time to time be notified by any party
      to the others by written notice in accordance with the provisions of this
      CLAUSE 29.

30.   FURTHER PROVISIONS

30.1  EVIDENCE OF INDEBTEDNESS

      In any action, proceedings or claim relating to this Deed or the charges
      contained in this Deed, a statement as to any amount due to any Sixth
      Issuer Secured Creditor or of the Sixth Issuer Secured Obligations or any
      part thereof or a statement of any amounts which have been notified to the
      Sixth Issuer Security Trustee as being amounts due to any Sixth Issuer
      Secured Creditor which is certified as being correct by an officer of the
      Sixth Issuer Security Trustee or an officer of the relevant Sixth Issuer
      Secured Creditor shall, save in the case of manifest error, be conclusive
      evidence that such amount is in fact due and payable.

30.2  RIGHTS CUMULATIVE, WAIVERS

      The respective rights of the Sixth Issuer Security Trustee, the Sixth
      Issuer Secured Creditors and any Receiver are cumulative, and may be
      exercised as often as they consider appropriate and are in addition to
      their respective rights under the general law. The respective rights of
      the Sixth Issuer Security Trustee, the Sixth Issuer Secured Creditors and
      any Receiver in relation to this Deed (whether arising under this Deed or
      under the general law) shall not be capable of being waived or varied
      otherwise than by express waiver or variation in writing; and, in
      particular, any failure to exercise or any delay in exercising any such
      rights shall not operate as a variation or waiver of that or any other
      such right; any defective or partial exercise of such rights shall not
      preclude any other or further exercise of that or any other such right;
      and no act or course of conduct or negotiation on their part or on their
      behalf shall in any way preclude them from exercising any such right or
      constitute a suspension or any variation of any such right.

30.3  INVALIDITY OF ANY PROVISION

      If any of the provisions of this Deed become invalid, illegal or
      unenforceable in any respect under any law, the validity, legality and
      enforceability of the remaining provisions shall not in any way be
      affected or impaired.

30.4  SEVERABILITY

      Any provision of this Deed which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent
      of such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision
      in any other jurisdiction. To the extent permitted by applicable law, the
      Sixth Issuer hereby waives any provision of law but only to the extent
      permitted by law which renders any provision of this Deed prohibited or
      unenforceable in any respect.

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                                       56

30.5  COUNTERPARTS

      This Deed may be executed in any number of counterparts each of which,
      when executed and delivered, shall constitute an original, but all the
      counterparts shall together constitute but one and the same instrument
      Provided, however, that this Deed shall have no force or effect until it
      is executed by the last party to execute the same and shall be deemed to
      have been executed and delivered in the place where such last party
      executed this Deed.

30.6  NOTEHOLDERS

      The Sixth Issuer, the Sixth Issuer Security Trustee, the Registrar, the
      Transfer Agent and the Paying Agents and the Swiss Paying Agents may (to
      the fullest extent permitted by applicable laws) deem and treat the
      registered holder of any Definitive Sixth Issuer Note (other than Series
      4Class A2 Definitive Sixth Issuer Note) or Global Sixth Issuer Note (other
      than Series 4 Class A2 Global Sixth Issuer Note) as the absolute owner of
      such Definitive Sixth Issuer Note or Global Sixth Issuer Note, as the case
      may be, for all purposes (whether or not such Definitive Sixth Issuer Note
      or Global Sixth Issuer Note shall be overdue and notwithstanding any
      notice of ownership or writing thereon or any notice of previous loss or
      theft thereof), and the Sixth Issuer, the Sixth Issuer Security Trustee,
      the Registrar, the Transfer Agent, the Paying Agents and the Swiss Paying
      Agents shall not be affected by any notice to the contrary. All payments
      made to the registered holder of any Definitive Sixth Issuer Note or to or
      to the order of the registered holder of any Global Sixth Issuer Note
      shall be valid and, to the extent of the sums so paid, effective to
      satisfy and discharge the liability for the monies payable upon such Sixth
      Issuer Notes.

31.   CHOICE OF LAW

31.1  GOVERNING LAW

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

31.2  SUBMISSION TO JURISDICTION

      For the benefit of the Sixth Issuer Noteholders, the Sixth Issuer
      Liquidity Facility Provider, the Sixth Issuer, the Note Trustee, the Agent
      Bank, the Account Bank and the Sixth Issuer Security Trustee:

      (a)   all the parties agree that the courts of England are, subject to
            PARAGRAPHS (B) and (C) below, to have exclusive jurisdiction to
            settle any disputes which may arise in connection with the creation,
            validity, effect, interpretation or performance of, or the legal
            relationships established by, this Deed (including, without
            limitation, claims for set-off or counterclaim) or otherwise arising
            in connection with the jurisdiction of the English courts;

      (b)   the agreement contained in PARAGRAPH (A) above is included for the
            benefit of the Sixth Issuer Noteholders, the Sixth Issuer Liquidity
            Facility Provider, the Sixth Issuer, the Note Trustee, the Agent
            Bank, the Account Bank and the Sixth Issuer Security Trustee.
            Accordingly, notwithstanding the exclusive agreement in PARAGRAPH
            (A) above, the Sixth Issuer Noteholders, the Sixth Issuer Liquidity
            Facility Provider, the Sixth Issuer, the Note Trustee, the Agent
            Bank, the Account Bank and the Sixth Issuer Security Trustee shall
            retain the right to bring proceedings in any other court which has
            jurisdiction by virtue of the Convention on Jurisdiction

<PAGE>
                                       57

            and the Enforcement of Judgments signed on 27 September 1968 (as
            from time to time amended and extended);

      (c)   each of the Sixth Issuer Noteholders, the Sixth Issuer Liquidity
            Facility Provider, the Sixth Issuer, the Note Trustee, the Agent
            Bank, the Account Bank and the Sixth Issuer Security Trustee may in
            its absolute discretion take proceedings in the courts of any other
            country which may have jurisdiction, to whose jurisdiction the Sixth
            Issuer irrevocably submits;

      (d)   the US Paying Agent, each Swiss Paying Agent, the Registrar and the
            Transfer Agent each irrevocably waives any objections on the ground
            or venue or forum non conveniens or any similar ground;

      (e)   the US Paying Agent, each Swiss Paying Agent, the Registrar and the
            Transfer Agent each irrevocably agrees that a judgment or order of
            any court referred to in this Clause in connection with this Deed is
            conclusive and binding on it and may be enforced against it in the
            courts of any other jurisdiction; and

      (f)   the US Paying Agent, each Swiss Paying Agent, the Registrar and the
            Transfer Agent each irrevocably consents to service of process by
            mail or in any other manner permitted by the relevant law.

31.3  AGENT FOR PROCESS

      The US Paying Agent, each Swiss Paying Agent, the Registrar and the
      Transfer Agent each shall at all times maintain an agent for service of
      process of any other documents in proceedings in England or any
      proceedings in connection with this Deed. Such agent shall be the
      Principal Paying Agent having its office at Trinity Tower, 9 Thomas More
      Street, London E1W 1YT (and by execution of this Deed, the Principal
      Paying Agent hereby accepts such appointment). Any writ judgment or other
      notice of legal process shall be sufficiently served on the Sixth Issuer
      if delivered to such agent at its address for the time being. The US
      Paying Agent, each Swiss Paying Agent, the Registrar and the Transfer
      Agent each undertakes not to revoke the authority of the above agent and
      if, for any reason, the Sixth Issuer Security Trustee requests the US
      Paying Agent, each Swiss Paying Agent, the Registrar or the Transfer Agent
      to do so, the US Paying Agent, each Swiss Paying Agent, the Registrar and
      the Transfer Agent shall promptly appoint another such agent with an
      address in England and advise the Note Trustee, the Sixth Issuer Liquidity
      Facility Provider, the Sixth Issuer Swap Providers, the Corporate Services
      Provider and the Sixth Issuer Security Trustee thereof. If following such
      a request the US Paying Agent, each Swiss Paying Agent, the Registrar or
      the Transfer Agent fails to appoint another agent the Sixth Issuer
      Security Trustee shall be entitled to appoint one on their behalf.

      The US Paying Agent, each Swiss Paying Agent, the Registrar and the
      Transfer Agent each agrees that failure by a process agent to notify the
      US Paying Agent, each Swiss Paying Agent, the Registrar or the Transfer
      Agent of the process will not invalidate the proceedings concerned.

<PAGE>
                                       58

                                   SCHEDULE 1

                                POWER OF ATTORNEY

THIS POWER OF ATTORNEY is made on ___ October, 2002 by HOLMES FINANCING (NO. 6)
PLC (registered number 4359738) whose registered office is Abbey National House,
2 Triton Square, Regents Place, London NW1 3AN (the "PRINCIPAL").

WHEREAS

(1)   By virtue of a deed of charge (the "SIXTH ISSUER DEED OF CHARGE") dated
      ___ October, 2002 between the Principal, the Sixth Issuer Security
      Trustee, the Note Trustee, the Agent Bank, the Principal Paying Agent, the
      Sixth Issuer Liquidity Facility Provider, the Sixth Issuer Cash Manager,
      the Sixth Issuer Account Banks, the US Paying Agent, the Swiss Paying
      Agents, the Registrar, the Transfer Agent, the Sixth Issuer Swap Providers
      and the Corporate Services Provider (each as referred to therein)
      provision was made for the execution by the Principal of this Power of
      Attorney.

(2)   Words and phrases in this Power of Attorney shall (save where expressed to
      the contrary) have the same meanings respectively as the words and phrases
      in the Sixth Issuer Deed of Charge.

NOW THIS POWER OF ATTORNEY WITNESSETH

1.    The Principal hereby irrevocably and by way of security for the
      performance of the covenants, conditions, obligations and undertakings on
      the part of the Principal contained in the Sixth Issuer Deed of Charge
      appoints The Bank of New York and any other person or persons for the time
      being the security trustee or security trustees of and under the Sixth
      Issuer Deed of Charge (the "ATTORNEY") and any Receiver (including any
      administrative receiver) and any manager (the "RECEIVER") and/or
      administrator (the "ADMINISTRATOR") appointed from time to time by the
      Attorney or on its behalf its true and lawful attorney for and in the
      Principal's name or otherwise jointly and severally to do any act matter
      or thing which the Attorney, Receiver or Administrator considers in each
      case bona fide necessary for the protection or preservation of the
      Attorney's interests and rights in and to the Sixth Issuer Charged
      Property or which ought to be done under the covenants, undertakings and
      provisions contained in the Sixth Issuer Deed of Charge on or at any time
      after the service of a Sixth Issuer Note Enforcement Notice or in any
      other circumstances where the Attorney has become entitled to take the
      steps referred to in CLAUSES 9.5 to 9.11 (inclusive) of the Sixth Issuer
      Deed of Charge including (without limitation) any or all of the following:

      (a)   to do every act or thing which the Attorney, Receiver or
            Administrator may deem to be necessary, proper or expedient for
            fully and effectually vesting, transferring or assigning the Sixth
            Issuer Security and/or the Sixth Issuer Charged Property or any part
            thereof and/or the Principal's estate, right, title, benefit and/or
            interest therein or thereto in or to the Attorney and its successors
            in title or other person or persons entitled to the benefit thereof
            in the same manner and as fully and effectually in all respects as
            the Principal could have done; and

      (b)   the power by writing under its hand by an officer of the Attorney
            (including every Receiver appointed under the Sixth Issuer Deed of
            Charge) from time to time to appoint a substitute attorney (each a
            "SUBSTITUTE") who shall have power to act on

<PAGE>
                                       59

            behalf of the Principal as if that Substitute shall have been
            originally appointed Attorney by this Power of Attorney and/or to
            revoke any such appointment at any time without assigning any reason
            therefor.

2.    In favour of the Attorney, any Receiver and/or Administrator and/or
      Substitute, or a person dealing with any of them and the successors and
      assigns of such a person, all acts done and documents executed or signed
      by the Attorney, a Receiver, an Administrator or a Substitute in the
      purported exercise of any power conferred by this Power of Attorney shall
      for all purposes be valid and binding on the Principal and its successors
      and assigns.

3.    The Principal irrevocably and unconditionally undertakes to indemnify the
      Attorney and each Receiver and/or Administrator and/or Substitute
      appointed from time to time by the Attorney and their respective estates
      against all actions, proceedings, claims, costs, expenses and liabilities
      of every description arising from the exercise, or the purported exercise,
      of any of the powers conferred by this Power of Attorney, save where the
      same arises as the result of the fraud, negligence or wilful default of
      the relevant Indemnified Party or its officers or employees.

4.    The provisions of CLAUSE 3 shall continue in force after the revocation or
      termination, howsoever arising, of this Power of Attorney.

5.    The laws of England shall apply to this Power of Attorney and the
      interpretation thereof and to all acts of the Attorney and each Receiver
      and/or Administrator and/or Substitute carried out or purported to be
      carried out under the terms hereof.

6.    The Principal hereby agrees at all times hereafter to ratify and confirm
      whatsoever the said Attorney or its attorney or attorneys or any Receiver
      or Administrator or Substitute shall properly and lawfully do or cause to
      be done in and concerning the Sixth Issuer Security Trustee's Sixth Issuer
      Security and/or the Sixth Issuer Charged Property.

IN WITNESS whereof this Power of Attorney has been executed and delivered as a
deed by the Principal the day and year first before written.

EXECUTED as a DEED by )
HOLMES FINANCING (NO. 6) PLC                         )
in the presence of:                                  )

                      Director

                      Director/Secretary

<PAGE>
                                       60

                                   SCHEDULE 2

             FORM OF NOTICE OF ASSIGNMENT AND CONSENT TO ASSIGNMENT

                          FORM OF NOTICE OF ASSIGNMENT

From:    Holmes Financing (No. 6) PLC (the "SIXTH ISSUER")
         The Bank of New York (the "SIXTH ISSUER SECURITY TRUSTEE")

To:      Barclays Bank PLC
         Barclays Capital Inc.
         J.P. Morgan Securities Ltd.
         J.P. Morgan Securities Inc.
         UBS AG, acting through its business group UBS Warburg

                                                              ___ October, 2002

Dear Sirs,

US$[1,000,000,000] SERIES 1 CLASS A ASSET BACKED FLOATING RATE NOTES DUE
 [OCTOBER 2003]
US$[33,000,000] SERIES 1 CLASS B ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
US$[49,000,000] SERIES 1 CLASS C ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
US$[1,250,000,000] SERIES 2 CLASS A ASSET BACKED FLOATING RATE NOTES DUE
 [APRIL 2008]
US$[41,000,000] SERIES 2 CLASS B ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
US$[61,000,000] SERIES 2 CLASS C ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
(euro)[1,174,000,000] SERIES 3 CLASS A ASSET BACKED FIXED-FLOATING RATE
 NOTES DUE [OCTOBER, 2009]
(euro)[39,000,000] SERIES 3 CLASS B ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
(euro)[57,000,000] SERIES 3 CLASS C ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
US$[750,000,000] SERIES 4 CLASS A1 ASSET BACKED FLOATING RATE NOTES DUE
[OCTOBER 2009]
CHF [691,000,000] SERIES 4 CLASS A2 ASSET BACKED FIXED-FLOATING RATE NOTES DUE
 [OCTOBER 2009]
US$[40,000,000] SERIES 4 CLASS B ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
US$[59,000,000] SERIES 4 CLASS C ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
US$[750,000,000] SERIES 5 CLASS A ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
US$[25,000,000] SERIES 5 CLASS B ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]
US$[36,000,000] SERIES 5 CLASS C ASSET BACKED FLOATING RATE NOTES DUE
 [JULY 2040]

We hereby give you notice that by an Sixth Issuer Deed of Charge dated o
October, 2002 and made between the Sixth Issuer, the Sixth Issuer Security
Trustee and others, the Sixth Issuer assigned to the Sixth Issuer Security
Trustee all of its right, title, interest and benefit, present and future, in,
to and under the Underwriting Agreement and the Subscription Agreements relating
to the Notes dated, in each case, ___ October, 2002, made between, inter alios,
the Sixth Issuer and the Managers named therein (the "AGREEMENT").

You are authorised and instructed henceforth to deal with the Sixth Issuer
Security Trustee in relation to the Agreement without further reference to us.

This notice is irrevocable. Please acknowledge receipt of this notice to the
Sixth Issuer Security Trustee on the attached Consent to Assignment.

<PAGE>
                                       61

Yours faithfully,

.................................                   .............................
For and on behalf of                               For and on behalf of
HOLMES FINANCING (NO. 6) PLC                       _____________________________
                                                   THE BANK OF NEW YORK

<PAGE>

                                       62

                              CONSENT TO ASSIGNMENT

From:    Barclays Bank PLC
         Barclays Capital Inc.
         J.P. Morgan Securities Ltd.
         J.P. Morgan Securities Inc.
         UBS AG, acting through its business group, UBS Warburg

To:      The Bank of New York (the "SIXTH ISSUER SECURITY TRUSTEE")
         Holmes Financing (No. 6) PLC (the "SIXTH ISSUER")

                                                             ___ October, 2002

Dear Sirs,

We hereby acknowledge receipt of the notice of assignment dated ___ October,
2002 relating to the Sixth Issuer Deed of Charge dated ___ October, 2002 between
the Sixth Issuer, the Sixth Issuer Security Trustee and others as adequate
notice of the assignment described therein.

We agree to deal only with Sixth Issuer Security Trustee in relation to (as
applicable) the Underwriting Agreement and the Subscription Agreements dated, in
each case, ___ October, 2002 between the Sixth Issuer and the Underwriters or
the Managers (as applicable) named therein (the "AGREEMENT") without any
reference to the Sixth Issuer.

We have not received from any other person any notice of assignment or charge of
or any interest in the Agreement.

Yours faithfully,

....................................        .....................................
For and on behalf of                       For and on behalf of
BARCLAYS BANK PLC                          J.P. MORGAN SECURITIES LTD.

...................................         .....................................
For and on behalf of                       For and on behalf of
BARCLAYS CAPITAL INC.                      J.P. MORGAN SECURITIES INC.

....................................
For and on behalf of
UBS AG ACTING THROUGH ITS BUSINESS GROUP UBS WARBURG (ON BEHALF OF THE MANAGERS
OF THE SERIES 4 CLASS A2 SIXTH ISSUER NOTES)

<PAGE>
                                       63

IN WITNESS WHEREOF the parties hereto have caused this Deed to be duly executed
and delivered as a deed the day and year first before written.

SIXTH ISSUER

EXECUTED as a DEED    )
by HOLMES FINANCING (NO. 6) PLC                      )      Director
acting by two directors/                             )
a director and the secretary                         )      Director/Secretary

SIXTH ISSUER SECURITY TRUSTEE AND NOTE TRUSTEE

EXECUTED as a DEED by                                )
THE BANK OF NEW YORK  )
                      )
acting by its attorney                               )
in the presence of:                                  )

Witness:

Name:

Address:

AGENT BANK AND PRINCIPAL PAYING AGENT

EXECUTED as a DEED by                                )
JP MORGAN CHASE BANK,
LONDON BRANCH                                        )
acting by its attorney                               )
in the presence of:                                  )

Witness:

Name:

Address:

<PAGE>

                                       64

SIXTH ISSUER LIQUIDITY FACILITY PROVIDER

EXECUTED as a DEED by                                )
________________________)
acting by its attorney                               )
in the presence of:                                  )

Witness:

Name:

Address:

SIXTH ISSUER CASH MANAGER AND
SIXTH ISSUER STERLING ACCOUNT BANK

EXECUTED as a DEED    )
by ABBEY NATIONAL PLC )                                       Director
acting by two directors/                             )
a director and the secretary                         )        Director/Secretary

SIXTH ISSUER NON-STERLING ACCOUNT BANK

EXECUTED as a DEED    )
by CITIBANK N.A.      )
LONDON BRANCH         )
acting by its attorney                               )
in the presence of:                                  )

Witness:

Name:

Address:

US PAYING AGENT

EXECUTED as a DEED by                                )
JP MORGAN CHASE BANK, )
NEW YORK BRANCH acting by its attorney               )
in the presence of:                                  )

Witness:

Name:

Address:

SWISS PRINCIPAL PAYING AGENT AND SWISS AGENT BANK

<PAGE>
                                       65

EXECUTED as a DEED by )
UBS AG, ZURICH        )
acting by its attorney                               )
in the presence of:                                  )

Witness:

Name:

Address:

REGISTRAR AND TRANSFER AGENT

EXECUTED as a DEED by                                )
J.P. MORGAN BANK      )
LUXEMBOURG S.A.       )
acting by its attorney                               )
in the presence of:                                  )

Witness:

Name:

Address:

SERIES 1 CLASS A DOLLAR SWAP PROVIDER,
SERIES 1 CLASS B DOLLAR SWAP PROVIDER,
SERIES 1 CLASS C DOLLAR SWAP PROVIDER
SERIES 2 CLASS A DOLLAR CURRENCY SWAP PROVIDER,
SERIES 4 CLASS A1 DOLLAR CURRENCY SWAP PROVIDER,
SERIES 4 CLASS B DOLLAR CURRENCY SWAP PROVIDER,
SERIES 4 CLASS C DOLLAR CURRENCY SWAP PROVIDER
SERIES 2 CLASS B DOLLAR CURRENCY SWAP PROVIDER,
SERIES 2 CLASS C DOLLAR CURRENCY SWAP PROVIDER AND
SWISS FRANC CURRENCY SWAP PROVIDER

EXECUTED as a DEED by
______________________)
                      )
acting by its attorney                                )
in the presence of:                                   )

Witness:

Name:

Address:

<PAGE>
                                       66

SERIES 3 CLASS A EURO CURRENCY SWAP PROVIDER,
SERIES 3 CLASS B EURO CURRENCY SWAP PROVIDER AND
SERIES 3 CLASS C EURO CURRENCY SWAP PROVIDER

EXECUTED as a DEED by                                )
______________________                               )
acting by its attorney                               )
in the presence of:                                  )

Witness:

Name:

Address:

SWISS FRANC CURRENCY SWAP PROVIDER
acting by its attorney                               )
in the presence of:                                  )

Witness:                                             )

Name:                                                )

Address:                                             )

CORPORATE SERVICES PROVIDER

EXECUTED as a DEED by                                )
SPV MANAGEMENT LIMITED                               )
acting by two directors/                             )
a director and the secretary                         )

Director

Director/SecretaryExhibit 4.5

                             DATED ___ November, 2002

                             HOLMES FUNDING LIMITED

                                        and

                         HOLMES FINANCING (NO. 1) PLC

                                      and

                          HOLMES FINANCING (NO. 2) PLC

                                       and

                          HOLMES FINANCING (NO. 3) PLC

                                       and

                          HOLMES FINANCING (NO. 4) PLC

                                       and

                          HOLMES FINANCING (NO. 5) PLC

                                       and

                          HOLMES FINANCING (NO. 6) PLC

                                       and

                               ABBEY NATIONAL PLC

                                       and

                      ABBEY NATIONAL TREASURY SERVICES PLC

                                       and

                             SPV MANAGEMENT LIMITED

                                       and

                          CITIBANK N.A., LONDON BRANCH

                                       and

                         THE ROYAL BANK OF SCOTLAND PLC

                                       and

                        JPMORGAN CHASE BANK, LONDON BRANCH

                                       and

                             HOLMES TRUSTEES LIMITED

           -----------------------------------------------------------
                   AMENDED AND RESTATED FUNDING DEED OF CHARGE
           -----------------------------------------------------------

                                  ALLEN & OVERY
                                     London
                                  ICM:632361.1

<PAGE>

                                    CONTENTS

Clause                                                                      Page

1.  Interpretation............................................................4
2.  Covenant to Pay Funding Secured Obligations and Discharge Secured
    Liabilities...............................................................5
3.  Funding's Security........................................................5
4.  Release of Funding Charged Property.......................................7
5.  Continuance of Security...................................................8
6.  Declaration of Trust......................................................9
7.  Funding's Share of Mortgages Trust and Related Matters...................10
8.  Upon Enforcement.........................................................11
9.  Exercise of Certain Rights...............................................13
10. General Covenants and Warranties.........................................14
11. Security Trustee and Events of Default...................................17
12. Security Trustee's powers................................................18
13. Receiver.................................................................20
14. Protection of Third Parties..............................................23
15. Protection of Security Trustee and Receiver..............................24
16. Expenses and Indemnity...................................................24
17. Protection of Charges....................................................26
18. Crystallisation..........................................................26
19. Power of attorney, etc...................................................27
20. Other Security, Etc......................................................28
21. Avoidance of Payments....................................................29
22. Set-Off..................................................................29
23. Execution of Documents...................................................30
24. Provisions Supplemental to the Trustee Act 1925..........................30
25. Supplemental Provisions Regarding the Security Trustee...................34
26. Remuneration of the Security Trustee.....................................37
28. Retirement of Security Trustee...........................................40
29. Notices and Demands......................................................41
30. Further Provisions.......................................................43
31. Choice of Law............................................................45

Schedules

1.  Form of Security Power of Attorney.......................................52
2.  Form of Accession Undertaking............................................54
3.  Funding Priority of Payments.............................................82

<PAGE>

THIS AMENDED AND RESTATED DEED OF CHARGE is made on ___ November, 2002

BETWEEN:

(1)     HOLMES FUNDING LIMITED (registered in England and Wales No. 3982428)
        whose registered office is at Abbey National House, 2 Triton Square,
        Regents Place, London NW1 3AN ("FUNDING");

(2)     HOLMES FINANCING (NO.1) PLC (registered in England and Wales No.
        3946294) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place,, London NW1 3AN (the "FIRST ISSUER");

(3)     HOLMES FINANCING (NO. 2) PLC (registered in England and Wales No.
        4056122) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "SECOND ISSUER");

(4)     HOLMES FINANCING (NO. 3) PLC (registered in England and Wales No.
        4154576) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "THIRD ISSUER");

(5)     HOLMES FINANCING (NO. 4) PLC (registered in England and Wales No.
        4167953) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "FOURTH ISSUER");

(6)     HOLMES FINANCING (NO. 5) PLC (registered in England and Wales No.
        4258785) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "FIFTH ISSUER");

(7)     HOLMES FINANCING (NO. 6) PLC (registered in England and Wales No.
        4359738) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "SIXTH ISSUER");

(8)     HOLMES TRUSTEES LIMITED (registered in England and Wales No. 3982431)
        whose registered office is at Abbey National House, 2 Triton Square,
        Regents Place, London NW1 3AN (the "MORTGAGES TRUSTEE");

(9)     ABBEY NATIONAL PLC, a public limited company incorporated under the laws
        of England and Wales whose registered office is at Abbey National House,
        2 Triton Square, Regents Place, London NW1 3AN in its capacity as seller
        under the Mortgage Sale Agreement (the "SELLER");

(10)    ABBEY NATIONAL PLC, a public limited company incorporated under the laws
        of England and Wales whose registered office is at Abbey National House,
        2 Triton Square, Regents Place, London NW1 3AN in its capacity as cash
        manager under the Cash Management Agreement (the "CASH MANAGER", which
        expression shall include such person and all other persons for the time
        being acting as the cash manager or cash managers pursuant to the Cash
        Management Agreement);

(11)    ABBEY NATIONAL PLC, acting through its office at 21 Prescot Street,
        London E1 8AD in its capacity as account bank under the Bank Account
        Agreement (the "ACCOUNT BANK",

<PAGE>

                                       2

        which expression shall include such person and all other persons for the
        time being acting as the account bank or account banks to Funding
        pursuant to the Bank Account Agreement);

(12)    ABBEY NATIONAL TREASURY SERVICES PLC acting through its office at Abbey
        National House, 2 Triton Square, Regents Place, London NW1 3AN (the
        "FUNDING SWAP PROVIDER", which expression shall include such person and
        all other persons for the time being acting as the variable rate swap
        provider or providers and/or as the tracker rate swap provider or
        providers and/or as the fixed floating rate swap provider or providers
        pursuant to the Funding Swap Agreement);

(13)    SPV MANAGEMENT LIMITED (registered in England and Wales No. 2548079)
        whose registered office is at 78 Canon Street, London EC4P 5LN (the
        "CORPORATE SERVICES PROVIDER", which expression shall include such
        person and all other persons for the time being acting as the corporate
        service provider or corporate service providers pursuant to the
        Corporate Services Agreement);

(14)    CITIBANK N.A., LONDON BRANCH acting through its office at 336 Strand,
        London WC2R 1HB as start-up loan provider pursuant to the First Start-up
        Loan Agreement made on 26th July, 2000 with Funding and the Security
        Trustee (the "FIRST START-UP LOAN PROVIDER") and as start-up loan
        provider pursuant to the Start-up Loan Agreement made on 29th November,
        2000 with Funding and the Security Trustee (the "SECOND START-UP LOAN
        PROVIDER") which expressions shall respectively include such person or
        all other persons for the time being acting as start-up loan provider
        pursuant to the First Start-up Loan Agreement or as start-up loan
        provider pursuant to the Second Start-up Loan Agreement;

(15)    ABBEY NATIONAL PLC, a public limited company incorporated under the laws
        of England and Wales whose registered office is at Abbey National House,
        2 Triton Square, Regents Place, London NW1 3AN as start-up loan provider
        pursuant to the Third Start-up Loan Agreement made on 23rd May, 2001
        with Funding and the Security Trustee (the "THIRD START-UP LOAN
        PROVIDER"), as start-up loan provider pursuant to the Fourth Start-up
        Loan Agreement made on 5th July, 2001 with Funding and the Security
        Trustee (the "FOURTH START-UP LOAN PROVIDER"), as start-up loan provider
        to Funding pursuant to the Fifth Start-up Loan Agreement (the "FIFTH
        START-UP LOAN PROVIDER") and as start-up loan provider to Funding
        pursuant to the Sixth Start-up Loan Agreement (the "SIXTH START-UP LOAN
        PROVIDER"),which expression shall respectively include such person or
        all other persons for the time being acting as start-up loan provider
        pursuant to the Third Start-up Loan Agreement, as start-up loan provider
        pursuant to the Fourth Start-up Loan Agreement, as start-up loan
        provider pursuant to the Fifth Start-up Loan Agreement or as start-up
        loan provider pursuant to the Sixth Start-up Loan Agreement;

(16)    THE ROYAL BANK OF SCOTLAND PLC acting through its office at Waterhouse
        Square, 138-142 Holborn, London EC1N 2TH in its capacity as Funding
        Liquidity Facility Provider (the "FUNDING LIQUIDITY FACILITY PROVIDER",
        which expression shall include such person and all other persons acting
        as the liquidity facility provider to Funding for the time being under
        the Funding Liquidity Facility Agreement); and

(17)    JPMORGAN CHASE BANK, LONDON BRANCH whose principal office is at Trinity
        Tower, 9 Thomas More Street, London E1W 1YT (the "SECURITY TRUSTEE",
        which expression shall include such person and all other persons for the
        time being acting as the security trustee or security trustees pursuant
        to this Deed).

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                                       3

WHEREAS:

(A)     Pursuant to the terms of the First Issuer Intercompany Loan Agreement,
        the First Issuer has agreed to make available the First Issuer Term
        Advances by way of term loans, upon and subject to the terms thereof.

(B)     The Seller has agreed to assign the Initial Portfolio to the Mortgages
        Trustee (as trustee for the Seller and Funding) pursuant to the Mortgage
        Sale Agreement to be held on the terms of the Mortgages Trust Deed. The
        Seller may assign New Portfolios to the Mortgages Trustee after the
        Initial Closing Date. The consideration for such assignments includes
        payment of Deferred Consideration to the Seller by Funding.

(C)     The Cash Manager has agreed to provide certain cash management services
        to Funding on the terms set out in the Cash Management Agreement.

(D)     The Account Bank has agreed to provide certain banking services to
        Funding on the terms set out in the Bank Account Agreement.

(E)     The Funding Swap Provider has agreed to provide a Variable Rate Swap, a
        Tracker Rate Swap and a Fixed-Floating Rate Swap to Funding on the terms
        set out in the Funding Swap Agreement.

(F)     The Corporate Services Provider has agreed to provide certain corporate
        services to Funding on the terms set out in the Corporate Services
        Agreement.

(G)     The First Start-Up Loan Provider has agreed to make available the First
        Start-Up Loan to Funding on the terms set out in the First Start-Up Loan
        Agreement.

(H)     The Funding Liquidity Facility Provider has agreed to provide a
        liquidity facility to Funding on the terms set out in the Funding
        Liquidity Facility Agreement.

(I)     Funding has agreed to provide security in respect of Funding's
        obligations under the Funding Agreements to which it is a party and
        under any New Intercompany Loan Agreement and associated agreements,
        subject to and in accordance with the terms thereof and hereof.

(J)     Funding has agreed to provide the Security Trustee with the benefit of
        the security described in this Deed to secure Funding's obligations
        under the Funding Agreements, upon and subject to the terms hereof. The
        Security Trustee shall hold such security on trust for the benefit of
        the Funding Secured Creditors.

(K)     Pursuant to the terms of the First Issuer Deed of Charge, the First
        Issuer will grant security to the Security Trustee (as Security Trustee
        for the First Issuer Secured Creditors) in and to all of its right,
        title, interest and benefit, present and future, under this Deed to
        secure the First Issuer's obligations to the First Issuer Secured
        Creditors upon and subject to the terms thereof.

(L)     On 29th November, 2000, the Second Issuer and the Second Start-up Loan
        Provider acceded to the Funding Deed of Charge pursuant to the First
        Deed of Accession to the Funding Deed of Charge.

<PAGE>

                                       4

(M)     On 23rd May, 2001, the Third Issuer and the Third Start-up Loan Provider
        acceded to the Funding Deed of Charge pursuant to the Second Deed of
        Accession to the Funding Deed of Charge.

(N)     On 5th July, 2001, the Fourth Issuer and the Fourth Start-up Loan
        Provider acceded to the Funding Deed of Charge pursuant to the Third
        Deed of Accession to the Funding Deed of Charge.

(O)     On 8th November, 2001, the Fifth Issuer and the Fifth Start-up Loan
        Provider acceded to the Funding Deed of Charge pursuant to the Fourth
        Deed of Accession to the Funding Deed of Charge.

(P)     The Funding Secured Creditors have agreed to amend and restate the terms
        of the Funding Deed of Charge as set out herein and to agree
        consequential changes to the Funding Priority of Payments set out in
        PART I, PART II and PART III of SCHEDULE 3 herein.

NOW THIS DEED WITNESSES AS FOLLOWS:

1.      INTERPRETATION

1.1     DEFINITIONS

        The Amended and Restated Master Definitions and Construction Schedule
        signed for the purposes of identification by Allen & Overy and Slaughter
        and May on ___ November, 2002 (as the same may be amended, varied or
        supplemented from time to time with the consent of the parties hereto)
        is expressly and specifically incorporated into this Agreement and,
        accordingly, the expressions defined in the Amended and Restated Master
        Definitions and Construction (as so amended, varied or supplemented)
        shall, except where the context otherwise requires and save where
        otherwise defined herein, have the same meanings in this Agreement,
        including the Recitals hereto and this Agreement shall be construed in
        accordance with the interpretation provisions set out in CLAUSE 2 of the
        Amended and Restated Master Definitions and Construction Schedule.

1.2     CONSTRUCTION

        In this Deed, except where the context otherwise requires:

        (a)     the terms of the First Issuer Intercompany Loan Agreement, the
                Amended and Restated Master Definitions and Construction
                Schedule and of any agreement in existence at the date hereof
                between the parties hereto in relation to any such documents are
                incorporated in this Deed to the extent required to ensure that
                any proposed disposition of the Funding Charged Property
                contained in this Deed is a valid disposition in accordance with
                Section 2(1) of the Law of Property (Miscellaneous Provisions)
                Act 1989;

        (b)     if the Security Trustee (acting reasonably) considers that an
                amount paid by Funding to a Funding Secured Creditor and/or the
                Security Trustee and/or the Receiver under or pursuant to the
                Funding Agreements or this Deed is capable of being avoided or
                otherwise set aside on the liquidation or administration of
                Funding or otherwise and that there is a reasonable prospect of
                such liquidation or administration occurring and of such payment
                being so avoided or set aside, then that amount shall not be
                considered to have been irrevocably paid for the purposes of
                this Deed; and

<PAGE>

                                       5

        (c)     a reference in this Deed to any property, assets, undertakings
                or rights includes, unless the context otherwise requires,
                present and future property, assets, undertakings or rights.

2.      COVENANT TO PAY FUNDING SECURED OBLIGATIONS AND DISCHARGE SECURED
        LIABILITIES

        Funding covenants with and undertakes to the Security Trustee as trustee
        for the Funding Secured Creditors that it will, subject to the
        provisions of the Funding Agreements:

        (a)     duly and punctually pay and discharge all monies and liabilities
                whatsoever which now are or at any time hereafter may (whether
                before or after demand) become due and payable to the Security
                Trustee (whether for its own account or as trustee for the
                Funding Secured Creditors) or any of the other Funding Secured
                Creditors by Funding, whether actually or contingently, under
                this Deed or any other of the Funding Agreements; and

        (b)     observe, perform and satisfy all its other obligations and
                liabilities under this Deed and/or any of the Funding
                Agreements.

3.      FUNDING'S SECURITY

3.1     TRUST PROPERTY

        Funding, by way of first fixed security for the payment or discharge of
        the Funding Secured Obligations, subject to CLAUSE 4 (Release of Funding
        Charged Property), hereby charges and assigns by way of security to the
        Security Trustee all of its right, title and interest in, to and under
        the Funding Share of the Trust Property (including without limitation
        all Scottish Trust Property, present and future, comprised therein),
        including all rights to receive payment of any amounts which may become
        payable to Funding thereunder and all payments received by it thereunder
        including, without limitation, all rights to serve notices and/or make
        demands thereunder and/or to 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 relief in respect thereof, and all of its right, title and
        interest in, to and under the trust's declared and created payment to
        the Mortgages Trust Deed, TO HOLD the same unto the Security Trustee
        absolutely.

3.2     CONTRACTUAL RIGHTS

        Funding, by way of first fixed security for the payment or discharge of
        the Funding Secured Obligations, subject to CLAUSE 4 (Release of Funding
        Charged Property), hereby assigns by way of security to the Security
        Trustee all of its right, title, benefit and interest in, to and under
        the Funding Agreements (other than this Deed) including all rights to
        receive payment of any amounts which may become payable to it thereunder
        and all payments received by it thereunder including, without
        limitation, all rights to serve notices and/or make demands thereunder
        and/or to 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 relief in
        respect thereof, TO HOLD the same unto the Security Trustee absolutely.

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                                       6

3.3     ACCOUNTS

        Funding, by way of first fixed security for the payment or discharge of
        the Funding Secured Obligations, subject to CLAUSE 4 (Release of Funding
        Charged Property), hereby charges by way of first fixed charge in favour
        of the Security Trustee all of its rights, interest and benefit, present
        and future, in and to all monies now or at any time hereafter standing
        to the credit of:

        (a)     the Funding GIC Account;

        (b)     the Funding Transaction Account; and

        (c)     the Funding Liquidity Facility Stand-by Account,

        and the debts represented by them together with all rights relating or
        attached thereto (including the right to interest), TO HOLD the same
        unto the Security Trustee absolutely.

3.4     AUTHORISED INVESTMENTS

        Funding, by way of first fixed security for the payment or discharge of
        the Funding Secured Obligations, subject to CLAUSE 4 (Release of Funding
        Charged Property), hereby charges by way of security to the Security
        Trustee all of its right, title and interest in, to and under any
        Authorised Investment purchased using monies standing to the credit of
        the Funding Bank Accounts for the time being owned by it and all rights
        in respect of or ancillary to such Authorised Investments, TO HOLD the
        same unto the Security Trustee absolutely.

3.5     FLOATING CHARGE

        Funding, by way of first floating security for the payment or discharge
        of the Funding Secured Obligations, subject to CLAUSE 4 (Release of
        Funding Charged Property), hereby charges by way of first floating
        charge in favour of the Security Trustee the whole of its undertaking
        and all its property, assets and rights, whatsoever and wheresoever,
        both present and future other than any property or assets from time to
        time or for the time being the subject of fixed charges pursuant to
        CLAUSES 3.1 to 3.4 (inclusive) or otherwise effectively assigned by way
        of security (but excepting from the foregoing exclusion the undertaking,
        property, assets and rights of Funding situated in or governed by the
        law of Scotland, all of which are charged by the floating charge hereby
        created).

3.6     TITLE GUARANTEE

        Each of the dispositions of or charges over property effected in or
        pursuant to CLAUSES 3.1 TO 3.5 (inclusive) is made with full title
        guarantee (or, in relation to any rights or assets situated in or
        governed by the law of Scotland, with absolute warrandice).

3.7     NOTICE AND ACKNOWLEDGEMENT

        The execution of this Deed by each Funding Secured Creditor shall
        constitute notice to each of them of the assignment of all Funding's
        right, title, interest and benefit present and future in, to and under
        the agreements referred to in CLAUSE 3.2 (Contractual rights) and the
        execution of this Deed by each of the Funding Secured Creditors shall
        constitute an express acknowledgement by each of them of such
        conveyances, transfers, charges and assignments and other security
        interests made or granted by the foregoing provisions of this CLAUSE 3

<PAGE>

                                       7

        (Funding's Security) and CLAUSE 2 (Covenant to pay Funding Secured
        Obligations and Discharge Secured Liabilities) and each of the Funding
        Secured Creditors undertakes to the Security Trustee not to do anything
        inconsistent with the security given under or pursuant to this Deed or
        knowingly to prejudice the encumbrances in favour of the Security
        Trustee constituted hereunder or the Funding Charged Property provided
        that, without prejudice to CLAUSE 9 (Exercise of Certain Rights),
        nothing herein shall be construed as limiting the rights of any of the
        Funding Secured Creditors exercisable in accordance with and subject to
        the terms of any of the Transaction Documents.

3.8     INTIMATION TO MORTGAGES TRUSTEE

        Funding hereby intimates and gives notice to the Mortgages Trustee as
        trustee under and in terms of the Mortgages Trust Deed of the
        assignation in security made in terms of CLAUSE 3.1 (Trust Property) and
        the Mortgages Trustee by its execution of this Deed as such trustee
        immediately subsequent to the execution hereof by Funding consents to
        such assignation and acknowledges such intimation and notification
        thereof and confirms that as at the date hereof it has received no
        intimation of any other dealing with the Funding Share of the Trust
        Property or any part thereof except in accordance with the terms of the
        Transaction Documents.

3.9     SECURITY TRUSTEE'S DISCRETION

        Subject to CLAUSE 25.2 (Delegation), without prejudice to the rights of
        the Security Trustee after the security created under this Deed has
        become enforceable, Funding hereby authorises the Security Trustee,
        prior to the security created by this Deed becoming enforceable, to
        exercise, or refrain from exercising, all rights, powers, authorities,
        discretions and remedies of Funding under or in respect of the Funding
        Agreements referred to in CLAUSE 3.2 (Contractual Rights) in such manner
        as in its absolute discretion it shall think fit. For the avoidance of
        doubt, the Security Trustee shall not be required to have regard to the
        interests of Funding in the exercise or non-exercise of any such rights,
        powers, authorities, discretions and remedies or to comply with any
        direction given by Funding in relation thereto.

4.      RELEASE OF FUNDING CHARGED PROPERTY

4.1     RELEASE, REASSIGN OR DISCHARGE ON PAYMENT OR DISCHARGE OF FUNDING
        SECURED OBLIGATIONS

        On the irrevocable and unconditional payment or discharge (or any
        combination of the foregoing) of all the Funding Secured Obligations,
        the Security Trustee shall at the request and cost of Funding release,
        reassign or discharge all the relevant Funding Charged Property to, or
        to the order of, Funding.

4.2     DISPOSAL OF AUTHORISED INVESTMENTS

        On the making at any time by the Cash Manager on behalf of Funding of a
        disposal of any Authorised Investment charged pursuant to CLAUSE 3.4
        (Authorised Investments), the Security Trustee shall, if so requested by
        and at the sole cost and expense (on an indemnity basis) of Funding, but
        without being responsible for any loss, costs, claims or liabilities
        whatsoever occasioned by so acting upon such request, release, reassign
        or discharge from the encumbrances constituted by or pursuant to this
        Deed the relevant Authorised Investments, provided that in the case of a
        disposal of an Authorised Investment, the proceeds of such disposal are
        paid by Funding into the Funding Bank Account from which the monies

<PAGE>

                                       8

        to make such Authorised Investment were originally drawn, subject to and
        in accordance with the provisions of the Funding Guaranteed Investment
        Contract, the Cash Management Agreement and this Deed.

5.      CONTINUANCE OF SECURITY

5.1     CONTINUING SECURITY

        Without prejudice to the generality of CLAUSE 2 (Covenant to Pay Funding
        Secured Obligations and Discharge Secured Liabilities), the charges and
        assignments contained in or granted pursuant to this Deed:

        (a)     shall be without prejudice and in addition to any other security
                whatsoever which may be held by the Funding Secured Creditors or
                the Security Trustee on behalf of the Funding Secured Creditors
                from Funding or any other person for or in respect of the whole
                or part of the Funding Secured Obligations;

        (b)     shall remain in force as continuing security for the Funding
                Secured Creditors notwithstanding any settlement of account or
                the existence at any time of a credit balance on any current or
                other account or any other act, event or matter whatsoever; and

        (c)     are made for securing New Term Advances made by any New Issuer
                and Funding's obligations that may arise from time to time to
                any person (other than the First Issuer but including, without
                limitation, a New Funding Swap Provider, a New Start-up Loan
                Provider or an Additional Funding Liquidity Facility Provider)
                who (subject to the terms of the Transaction Documents) has
                delivered a duly completed Accession Undertaking to the Security
                Trustee in accordance with CLAUSE 5.5 (New Intercompany Loans)
                hereof, but not otherwise.

5.2     ACKNOWLEDGEMENT

        Funding hereby acknowledges the assignments, charges and other security
        interests made or granted by the foregoing provisions of this Deed and
        undertakes to the Security Trustee not to do anything inconsistent with
        the security given under or pursuant to this Deed or knowingly to
        prejudice the security granted to the Security Trustee pursuant to this
        Deed or the Funding Charged Property or the Security Trustee's interest
        therein.

5.3     DISCRETIONARY ENFORCEMENT

        Subject to the provisions of this Deed including, for the avoidance of
        doubt, CLAUSE 5.4 (Mandatory Enforcement), the Security Trustee may at
        any time, at its discretion and without notice, take such proceedings
        and/or other action as it may think fit against, or in relation to,
        Funding or any other party to any of the Funding Agreements to enforce
        their obligations under any of the Funding Agreements. Subject to the
        provisions of this Deed, at any time following service of an
        Intercompany Loan Enforcement Notice which has not been withdrawn, the
        Security Trustee may, at its discretion and without notice, take such
        steps as it may think fit to enforce the security created pursuant to
        this Deed.

<PAGE>

                                       9

5.4     MANDATORY ENFORCEMENT

        The Security Trustee shall not, and shall not be bound to, take any
        proceedings, actions or steps under or in connection with any of the
        Transaction Documents (including, without limitation, any steps to
        enforce the security constituted by this Deed) unless:

        (a) (i) it shall have been directed to do so by the relevant Issuers
                whose Term Advance(s) has or have the highest Term Advance
                Rating (the "PRINCIPAL ISSUERS" and the "PRINCIPAL TERM
                ADVANCES" respectively); provided that, if there is a conflict
                between the directions of the Principal Issuers, then the
                directions of those Principal Issuers (x) who have given the
                same directions and (y) the aggregate principal amount
                outstanding of whose Principal Term Advances is greater than the
                aggregate principal amount outstanding of the Principal Term
                Advances of the other Principal Issuers who have given other
                directions; or

        (ii)    if there are no Term Advances outstanding, it shall have been
                directed to do so by the Funding Secured Creditor who ranks
                highest in the order or priority of payments set out in CLAUSE
                8.4 (Priorities of Payment - After Service of an Intercompany
                Loan Enforcement Notice); or

        (iii)   it is required to do so under any express provision of this
                Deed; and

        (b)     it shall have been indemnified to its satisfaction against all
                liabilities, actions, proceedings, claims and demands to which
                it may be or become liable and all costs, charges, damages and
                expenses which may be incurred by it in connection therewith,
                and the terms of such indemnity may include the provision of a
                fighting fund, non-recourse loan or other similar arrangement.

5.5     NEW INTERCOMPANY LOANS

        If Funding intends to enter into a New Intercompany Loan Agreement, then
        as a condition precedent thereto the relevant New Issuer, together with
        other relevant creditors (as determined by the Security Trustee)
        including any New Funding Swap Provider and any New Start-Up Loan
        Provider shall accede to the terms of this Deed by executing an
        Accession Undertaking in the form set out in SCHEDULE 2 (Accession
        Undertaking) to this Deed.

6.      DECLARATION OF TRUST

        Each of the Funding Secured Creditors declares the Security Trustee, and
        the Security Trustee hereby declares itself, trustee of all the
        covenants, undertakings, charges, assignments and other Security
        Interests made or given to it or to be made or given to it under or
        pursuant to the Funding Agreements and any Accession Undertaking for the
        Funding Secured Creditors, upon and subject to the terms and conditions
        of this Deed.

<PAGE>

                                       10

7.      FUNDING'S SHARE OF MORTGAGES TRUST AND RELATED MATTERS

7.1      FUNDING BANK ACCOUNTS

        At all times during the subsistence of the Funding Security, Funding
        shall:

        (a)     save as otherwise provided in the Funding Agreements or unless
                the Security Trustee otherwise agrees in writing (and then only
                on such terms and in such manner as the Security Trustee may
                require) procure that the Funding Share Percentage of the
                Mortgages Trustee Available Revenue Receipts and any
                distribution of Principal Receipts to Funding under the
                Mortgages Trust shall be paid into the Funding GIC Account; and

        (b)     not be entitled to withdraw or transfer from the Funding GIC
                Account any monies standing to the credit thereof or direct any
                payment to be made therefrom to any person without the Security
                Trustee's prior written consent.

7.2     WITHDRAWALS FROM FUNDING GIC ACCOUNT; AUTHORISED INVESTMENTS

(a)     Funding covenants with the Security Trustee that the amounts standing to
        the credit of the Funding GIC Account may only be withdrawn in
        accordance with this CLAUSE 7.

(b)     On any day during an Interest Period but prior to the issue of an
        Intercompany Loan Enforcement Notice, the Security Trustee shall consent
        to the transfer by the Cash Manager of monies from the Funding GIC
        Account to the Funding Transaction Account, only where such monies are
        to be applied to meet any amounts then due and payable by Funding or the
        Issuer to third parties, the Account Bank or the Issuer Account Bank in
        accordance with items (a)(ii), (a)(iii) and (c) of the Funding
        Pre-Enforcement Revenue Priority of Payments.

(c)     On each Interest Payment Date prior to the issue of an Intercompany Loan
        Enforcement Notice, the Security Trustee shall consent to the transfer
        from the Funding GIC Account to the Funding Transaction Account of such
        amounts of Funding Available Principal Receipts and Funding Available
        Revenue Receipts as may be necessary on such date to be applied to meet
        Funding's payment obligations in accordance with the Funding
        Pre-Enforcement Revenue Priority of Payments and the relevant Funding
        Principal Priorities of Payments (as the same may be amended or varied
        from time to time).

(d)     The Cash Manager may, prior to the service of an Intercompany Loan
        Enforcement Notice, make withdrawals from the relevant Funding Bank
        Account for the purposes of acquiring Authorised Investments. All
        amounts received in respect of the Authorised Investments (including
        earnings thereon) shall be deposited into the relevant Funding Bank
        Account from which they were originally drawn.

7.3     APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS

        On each Interest Payment Date prior to the service of an Intercompany
        Loan Enforcement Notice, the Security Trustee hereby authorises Funding
        or the Cash Manager in its place to make withdrawals of Funding
        Available Principal Revenues standing to the credit of the Funding
        Transaction Account and to apply such monies to repay principal due and
        payable by Funding under the Intercompany Loans in accordance with the
        provision set out in PART II of SCHEDULE 3 hereto.

<PAGE>

                                       11

7.4     APPLICATION OF FUNDING AVAILABLE REVENUE RECEIPTS

        On each Interest Payment Date prior to the service of an Intercompany
        Loan Enforcement Notice, the Security Trustee hereby authorises Funding
        or the Cash Manager in its place to withdraw Funding Available Revenue
        Receipts from the Funding Transaction Account and to apply such monies
        in accordance with the Funding Pre-Enforcement Revenue Priority of
        Payments set out in PART I of SCHEDULE 3 to this Deed.

7.5     APPLICATION OF FUNDING REVENUE RECEIPTS AND FUNDING PRINCIPAL RECEIPTS
        FOLLOWING ENTRY INTO A NEW INTERCOMPANY LOAN

(a)     Without prejudice to the provisions of paragraph (b) of this CLAUSE 7.5,
        if any New Term Advances under any New Intercompany Loan Agreements are
        made available by any New Issuer to Funding in accordance with the terms
        of the Transaction Documents, then the parties to this Deed, together
        with any person (including any New Issuer, any New Swap Provider, any
        New Start-up Loan Provider and any Additional Funding Liquidity Facility
        Provider) entering into an Accession Undertaking shall set out the new
        Funding Priority of Payments accordingly in a schedule to the Accession
        Undertaking. The new Funding Priority of Payments so amended shall
        supersede those set out in PART I, PART II and PART III of SCHEDULE 3 to
        this Deed.

(b)     If any New Term Advances under any New Intercompany Loan Agreements are
        made available by any New Issuer to Funding in accordance with the terms
        of the Transaction Documents, then, subject to the terms of this Deed
        and the relevant Scheduled Repayment Dates and permitted repayment dates
        of the Term Advances and the New Term Advances, the Funding Available
        Principal Receipts and Funding Available Revenue Receipts will be
        applied (after making payment ranking higher in the relevant Funding
        Priority of Payments to meet the revenue and principal repayments due
        first on the Term Advances with the highest Term Advance Rating, and
        thereafter on the Term Advances with the next highest Term Advance
        Rating, and so on, down to the Term Advances with the lowest Term
        Advance Rating.

8.      UPON ENFORCEMENT

8.1     PRIOR NOTIFICATION

        The Security Trustee shall, if reasonably practicable, give prior
        notification to the Seller of the Security Trustee's intention to
        enforce the security created by this Deed. However, the failure of the
        Security Trustee to provide such notification shall not prejudice the
        ability of the Security Trustee to enforce the security created by this
        Deed.

8.2     SERVICE OF INTERCOMPANY LOAN ENFORCEMENT NOTICE

        Subject to the provisions of the Transaction Documents (including,
        without limitation, CLAUSE 14.10 (Acceleration) of the Intercompany Loan
        Terms and Conditions), in the event that an Intercompany Loan
        Enforcement Notice has been served (and not withdrawn) by the Security
        Trustee on Funding, the Security Trustee shall as soon as is reasonable
        (which, in the case of a London Business Day, shall mean upon giving not
        less than three hours notice expiring during normal business hours)
        serve a copy of the Intercompany Loan Enforcement Notice on the Funding
        Secured Creditors.

<PAGE>

                                       12

8.3      CRYSTALLISATION

         From and including the date when the Security Trustee serves an
         Intercompany Loan Enforcement Notice (which has not been withdrawn) on
         Funding:

        (a)     no amount may be withdrawn from the Funding Bank Accounts (which
                accounts shall be identified in the relevant Intercompany Loan
                Enforcement Notice) except with the prior written consent of the
                Security Trustee; and

        (b)     if not already crystallised, any charge created by CLAUSE 3.5
                (Floating Charge) which is a floating charge shall crystallise.

8.4     PRIORITIES OF PAYMENT-- AFTER SERVICE OF AN INTERCOMPANY LOAN
        ENFORCEMENT NOTICE

         All monies received or recovered by the Security Trustee (or a Receiver
         appointed on its behalf) following service of an Intercompany Loan
         Enforcement Notice shall be applied by the Security Trustee (save to
         the extent required otherwise by law) in the order of priority set out
         in PART III of SCHEDULE 3 hereto.

8.5     APPLICATION OF MONIES RECEIVED AFTER INTERCOMPANY LOAN ENFORCEMENT
        NOTICE

        Each Funding Secured Creditor undertakes (but in relation to the
        relevant Issuers, in relation to the Funding Charged Property only) to
        pay to the Security Trustee or the Receiver, as the case may be, all
        monies received or recovered by it (including by way of set-off or
        otherwise) subsequent to the service of an Intercompany Loan Enforcement
        Notice in order that such amounts can be applied in accordance with
        CLAUSE 8.4 (Priorities of Payment - After Service of an Intercompany
        Loan Enforcement Notice).

8.6     LAW OF PROPERTY ACT 1925

        Sections 109(6) and (8) of the Law of Property Act 1925 (the "1925 Act")
        shall not apply in relation to a Receiver appointed under this Deed.

8.7     PETITION FOR ADMINISTRATION

        Following presentation of a petition for an administration order in
        relation to Funding, the Security Trustee shall, subject to being
        indemnified to its satisfaction in accordance with CLAUSE 5.4 (Mandatory
        Enforcement), appoint a Receiver in accordance with this Deed (who
        shall, to the extent permitted by law, be an administrative receiver)
        and the Security Trustee shall instruct the Receiver to attend at the
        hearing of the petition and take such steps as are necessary to prevent
        the appointment of an administrator. The Funding Secured Creditors shall
        co-operate and do all acts and enter into such further documents, deeds
        or agreements as the Security Trustee may deem necessary or desirable to
        ensure that an administration order is not made and that an
        administrative receiver is appointed.

8.8     ACKNOWLEDGEMENT OF FUNDING SECURED CREDITORS

        Without prejudice to the generality of CLAUSE 30.8 (Funding Secured
        Creditors), each of the Funding Secured Creditors hereby acknowledges
        and concurs with the provisions of CLAUSE 5.4 (Mandatory Enforcement)
        and CLAUSE 25.8 (Modification to Transaction Documents) and each of them
        agrees that it shall have no claim against the Security Trustee as a
        result of the application thereof.
<PAGE>

                                       13

8.9     ENFORCEMENT

        If the Security Trustee enforces the security created under this Deed at
        a time when either no amounts or not all amounts owing in respect of the
        Funding Secured Obligations have become due and payable, the Security
        Trustee (or a Receiver) may, for so long as no such amounts or not all
        such amounts have become due and payable, pay any monies referred to in
        CLAUSE 8.4 (Priorities of Payment - After Service of an Intercompany
        Loan Enforcement Notice), as the case may be, into, and retain such
        monies in, an interest-bearing account (a "RETENTION ACCOUNT") to be
        held by it as security and applied by it in accordance with CLAUSE 8.4
        (Priorities of Payment - After Service of an Intercompany Loan
        Enforcement Notice) as and when any of the amounts referred to therein
        become due and payable.

8.10    FUNDING LIQUIDITY FACILITY STAND-BY ACCOUNT

        After the service of an Intercompany Loan Enforcement Notice, all
        amounts standing to the credit of the Funding Liquidity Facility
        Stand-by Account will be applied in or towards payment of all amounts of
        principal and interest and any other amounts due or accrued due but
        unpaid to the Funding Liquidity Facility Provider under the Funding
        Liquidity Facility Agreement.

9.      EXERCISE OF CERTAIN RIGHTS

9.1     NO ENFORCEMENT BY FUNDING AGAINST RELEVANT ISSUERS

        Funding undertakes to each of the Funding Secured Creditors (including
        the Security Trustee in its capacity as such under this Amended and
        Restated Funding Deed of Charge) that unless and until all amounts
        payable pursuant to the Funding Secured Obligations have been satisfied
        in full, it shall not:

        (a)     take any steps or pursue any action whatsoever for the purpose
                of recovering any debts due or owing to it by any of the
                relevant Issuers; or

        (b)     petition or procure the petitioning for the winding-up or
                administration of any of the relevant Issuers or the appointment
                of an administrative receiver in respect of any of the relevant
                Issuers.

9.2     NO ENFORCEMENT BY FUNDING SECURED CREDITORS

        Each of the Funding Secured Creditors (other than the Security Trustee
        and any Receiver) hereby agrees with Funding and the Security Trustee
        that:

        (a)     only the Security Trustee may enforce the security created in
                favour of the Security Trustee by this Deed in accordance with
                the provisions hereof; and

        (b)     it shall not take any steps for the purpose of recovering any of
                the Funding Secured Obligations (including, without limitation,
                by exercise any rights of set-off) or enforcing any rights
                arising out of the Transaction Documents against Funding or
                procuring the winding up, administration or liquidation of
                Funding in respect of any of its liabilities whatsoever,

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                                       14

        unless an Intercompany Loan Enforcement Notice shall have been served or
        the Security Trustee, having become bound to serve an Intercompany Loan
        Enforcement Notice, and/or having become bound to take any steps or
        proceedings to enforce the said security pursuant to this Deed, fails to
        do so within 30 days of becoming so bound and that failure is continuing
        (in which case each of such Funding Secured Creditors 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
        administration order in respect of, Funding).

9.3     KNOWLEDGE OF SECURITY TRUSTEE OF INTERCOMPANY LOAN EVENT OF DEFAULT

        The Security Trustee will not be deemed to have knowledge of the
        occurrence of an Intercompany Loan Event of Default unless the Security
        Trustee has received notice from a Funding Secured Creditor stating that
        an Intercompany Loan Event of Default has occurred and describing that
        Intercompany Loan Event of Default.

9.4     DISPOSAL OF FUNDING CHARGED PROPERTY

        Notwithstanding CLAUSE 12 (Security Trustee's Powers), if the Funding
        Security has become enforceable otherwise than by reason of a default in
        payment of any amount due on the Term AAA Advances (or, once the Term
        AAA Advances have been repaid in full, the Term Advances with the next
        highest Term Advance Rating or, once those Term Advances have been
        repaid in full, the Term Advances with the next highest Term Advance
        Rating (and so on down to the Term Advances with the lowest Term Advance
        Rating)), the Security Trustee will not be entitled to dispose of any of
        the Funding Charged Property unless either a sufficient amount would be
        realised to allow discharge in full of all amounts owing in respect of
        the Term AAA Advances, and once all of the Term AAA Advances have been
        repaid, the Term Advances with the next highest Term Advance Rating and,
        once all those Term Advances have been repaid, the Term Advances with
        the next highest Term Advance Rating (and so on down to the Term
        Advances with the lowest Term Advance Rating), or the Security Trustee
        is of the opinion, which shall be binding on the Funding Secured
        Creditors, reached after considering at any time and from time to time
        the advice of any financial or such other professional advisers selected
        by the Security Trustee for the purpose of giving such advice, that the
        cash flow prospectively receivable by Funding will not (or that there is
        a significant risk that it will not) be sufficient, having regard to any
        other relevant actual, contingent or prospective liabilities of Funding,
        to discharge in full in due course all amounts owing in respect of the
        Term AAA Advances (or, once the Term AAA Advances have been repaid in
        full, the Term Advances with the next highest Term Advance Rating or,
        once those Term Advances have been repaid in full, the Term Advances
        with the next highest Term Advance Rating (and so on down to the Term
        Advances with the lowest Term Advance Rating)). The fees and expenses of
        the aforementioned financial adviser or such other professional adviser
        selected by the Security Trustee shall be paid by Funding.

10.     GENERAL COVENANTS AND WARRANTIES

10.1    FUNDING ACCOUNTS

        Funding hereby undertakes that, for so long as any Funding Secured
        Obligations remain outstanding, it shall not (without the consent of the
        Security Trustee):

        (a)     open or maintain any bank account or deposit account with any
                bank or any other financial institution other than the Funding
                Bank Accounts; or

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                                       15

        (b)     close the Funding Bank Accounts,

        other than in accordance with the Bank Account Agreement and this Deed.

10.2    CONSENTS

        Funding hereby represents and warrants to the Security Trustee (for
        itself and on trust for the other Funding Secured Creditors) that, save
        for registration of certain of the Transaction Documents with the
        Registrar of Companies in accordance with the provisions of Chapter I of
        Part XII of the Companies Act 1985, no authorisation, approval, consent,
        licence, exemption, registration, recording, filing or notarisation and
        no payment of any duty or tax and no other action whatsoever is
        necessary to ensure the validity, legality or enforceability of the
        liabilities and obligations of Funding or the rights of the Funding
        Secured Creditors and the Security Trustee in respect of Funding under
        this Deed.

10.3    REGISTRAR OF COMPANIES

        Funding undertakes to the Funding Secured Creditors to file or procure
        the filing with the Registrar of Companies pursuant to Chapter I of Part
        XII of the Companies Act 1985 of duly completed Forms 395 together with
        an executed original of this Deed within 21 days after the date of this
        Deed.

10.4    DISPOSALS

        Save as provided for in the Transaction Documents, Funding undertakes
        not to dispose of, by one or more transactions or series of transactions
        (whether related or not and whether involuntary or voluntary), the whole
        or any part of the Funding Charged Property.

10.5    UNITED STATES ACTIVITIES

        Funding represents and covenants that it will not engage in any
        activities in the United States (directly or through agents), will not
        derive any income from United States sources as determined under United
        States income tax principles and will not hold any property if doing so
        would cause it to be engaged or deemed to be engaged in a trade or
        business within the United States as determined under United States tax
        principles.

10.6    ADDITIONAL FUNDING LIQUIDITY FACILITY

        (a)     If the rating of the short-term unsecured, unguaranteed and
                unsubordinated debt obligations of the Seller fall below A-1 by
                Standard & Poor's, P-1 by Moody's and F-1 by Fitch, then Funding
                (unless otherwise agreed with the Rating Agencies and the
                Security Trustee) here covenants that it will enter into an
                additional liquidity facility agreement for an amount of not
                less than (pound)30,000,000 (the "ADDITIONAL FUNDING LIQUIDITY
                FACILITY AGREEMENT" and the facility made available thereunder
                the "ADDITIONAL FUNDING LIQUIDITY FACILITY"). The provider of
                the Additional Funding Liquidity Facility (the "ADDITIONAL
                FUNDING LIQUIDITY FACILITY PROVIDER") will be a bank the
                short-term unsecured, unguaranteed and unsubordinated debt
                obligations of which are rated at least A-1+ by Standard &
                Poor's, P-1 by Moody's and F-1+ by Fitch, unless otherwise
                agreed by the Rating Agencies and the Security Trustee.

        (b)     The terms of the Additional Funding Liquidity Facility Agreement
                will permit Funding to make drawings only if (i) an Insolvency
                Event occurs in relation to the

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                                       16

                Seller and (ii) no Intercompany Loan Enforcement Notice has been
                served and not withdrawn by the Security Trustee, in order to
                pay interest on the Term Advances and amounts ranking in
                priority to interest on the Term Advances (but excluding amounts
                required to cure any Principal Deficiency recorded on the
                Principal Deficiency Ledger) in the Funding Pre-Enforcement
                Revenue Priority of Payments. The other terms of the Additional
                Funding Liquidity Facility Agreement will be agreed at the time,
                if ever, that Funding is required to enter into that Agreement,
                subject to the prior approval of the Rating Agencies and the
                Security Trustee.

        (c)     The Additional Funding Liquidity Facility Provider will accede
                to the terms of the this Deed and all payments due to the
                Additional Funding Liquidity Facility Provider will rank in
                priority to payments of interest and principal on the Term
                Advances, and will rank pro rata and pari passu with amounts due
                to the Funding Liquidity Facility Provider. By entering into
                this Deed or, as the case may be, any Accession Undertaking,
                each Funding Secured Creditor hereby acknowledges and agrees to
                the proposed entry by Funding into the Additional Funding
                Liquidity Facility Agreement and to the proposed accession of
                the Additional Funding Liquidity Facility Provider to the terms
                of this Deed on the terms described above.

10.7    ADDITIONAL POSITIVE COVENANTS

        Funding covenants and undertakes with the Security Trustee for the
        benefit of the Funding Secured Creditors as follows:

        (a)     to cause to be prepared and certified by its auditors in respect
                of each Financial Year accounts in such form as will comply with
                relevant legal and accounting requirements for the time being;

        (b)     at all times to keep or procure the keeping of proper books of
                account and records and allow the Security Trustee and any
                person or persons appointed by the Security Trustee to whom
                Funding shall have no reasonable objection free access to such
                books of account and records at all times during normal business
                hours upon reasonable notice in writing provided that such
                inspection shall only be for the purposes of carrying out its
                duties under this Deed and any information so obtained shall
                only be used and passed on to any other person for the purpose
                of the Security Trustee carrying out its duties under this Deed;

        (c)     to give notice in writing to the Security Trustee of the
                occurrence of any Intercompany Loan Event of Default, Potential
                Intercompany Loan Event of Default and/or service of an
                Intercompany Loan Enforcement Notice (which has not been served
                by the Security Trustee) (such notice to be effective by the
                delivery of a copy of the Intercompany Loan Enforcement Notice
                to Security Trustee) immediately upon becoming aware thereof and
                without waiting for the Security Trustee to take any further
                action;

        (d)     give to the Security Trustee (i) within seven days after demand
                by the Security Trustee therefor and (ii) (without the necessity
                for any such demand) promptly after the publication of its
                audited accounts in respect of each Financial Year and in any
                event not later than the date required by statute to file or
                publish (whichever is earlier) such audited accounts after the
                end of each such Financial Year a certificate signed by two
                directors of Funding to the effect that as at a date not more
                than seven days before delivering such certificate (the
                "CERTIFICATION DATE") there did not exist

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                                       17

                and had not existed since the certification date of the previous
                certificate (or in the case of the first such certificate the
                date hereof) any Intercompany Loan Event of Default or any
                Potential Intercompany Loan Event of Default (or if such then
                exists or existed specifying the same) and that during the
                period from and including the certification date of the last
                such certificate (or in the case of the first such certificate
                the date hereof) to and including the certification date of such
                certificate Funding has complied, to the best of their knowledge
                and belief, with all its obligations contained in this Deed and
                each of the other Funding Agreements or (if such is not the
                case) specifying the respects in which it has not so complied;

        (e)     at all times to execute all such further documents and do all
                such further acts and things as may in the reasonable opinion of
                the Security Trustee be necessary at any time or times to give
                effect to the terms and conditions of this Deed and the other
                Funding Agreements;

        (f)     at all times to comply with the obligations and provisions
                binding upon it under and pursuant to this Deed and the other
                Funding Agreements; and

        (g)     duly and promptly to pay and discharge all Taxes imposed upon it
                or its assets unless such Taxes are, in the opinion of the
                Security Trustee, being contested in good faith by Funding.

11.     SECURITY TRUSTEE AND EVENTS OF DEFAULT

11.1    SECURITY TRUSTEE RIGHTS AND OBLIGATIONS

        For the period commencing upon the service of an Intercompany Loan
        Enforcement Notice and terminating upon the notification to the Funding
        Secured Creditors by the Security Trustee that all Funding Secured
        Obligations have been satisfied in full:

        (a)     all payments under or arising from this Deed shall be made to
                the Security Trustee or to its order (except as otherwise
                provided for in this Deed);

        (b)     save as otherwise expressly provided in this Deed, all rights or
                remedies provided for by this Deed or available at law or in
                equity to the Funding Secured Creditors are exercisable by the
                Security Trustee;

        (c)     save as otherwise expressly provided in this Deed, all rights to
                compel performance of the Transaction Documents are exercisable
                by the Security Trustee; and

        (d)     all payments in respect of the Funding Secured Obligations shall
                operate in satisfaction pro tanto of Funding's covenants to the
                Funding Secured Creditors.

11.2    FUNDING SECURED CREDITOR OBLIGATIONS

        For the avoidance of doubt, this CLAUSE 11 (Security Trustee and Events
        of Default) shall not impose any obligation on the Security Trustee to
        perform any of the obligations of the Funding Secured Creditors under
        this Deed. The Funding Secured Creditors shall remain liable to perform
        such obligations.

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                                       18

12.     SECURITY TRUSTEE'S POWERS

12.1    ENFORCEABLE

        Without prejudice to the provisions of CLAUSES 8.6 (Law of Property Act
        1925) and 13.1 (Appointment), (i) the security created under this Deed
        shall become immediately enforceable and (ii) the power of sale and
        other powers conferred by Section 101 of the 1925 Act, as varied or
        amended by this Deed, shall, in accordance with CLAUSE 11.1 (Security
        Trustee Rights and Obligations), be exercisable by the Security Trustee,
        in each case at any time following service of an Intercompany Loan
        Enforcement Notice or, if there are no Term Advances outstanding,
        following a default in payment of any other Funding Secured Obligations
        on its due date.

12.2    AMOUNTS DUE

        All amounts owing under the Funding Secured Obligations shall become due
        for the purposes of Section 101 of the 1925 Act and the statutory power
        of sale and of appointing a Receiver which are conferred on the Security
        Trustee under the 1925 Act (as varied or extended by this Deed) and all
        other powers shall be deemed to arise immediately after execution of
        this Deed but shall only become enforceable in accordance with CLAUSE
        12.1 (Enforceable) above. For the avoidance of doubt, the Security
        Trustee shall not be required to have regard to the interests of Funding
        in the exercise of its rights, powers, authorities, discretions and
        remedies under this Deed.

12.3    POWER OF SALE

        Section 103 of the 1925 Act shall not apply in relation to any of the
        charges contained in this Deed and the statutory power of sale (as
        extended by this Deed) and all other powers shall be exercisable at any
        time after service of an Intercompany Loan Enforcement Notice.

12.4    LAW OF PROPERTY ACT 1925

        The provisions of the 1925 Act relating to the power of sale and the
        other powers conferred by Section 101(1) and (2) are hereby extended in
        relation to Funding (as if such extensions were contained therein) to
        authorise the Security Trustee at its absolute discretion at any time
        following service of an Intercompany Loan Enforcement Notice:

        (a)     to make demand in the name of the Funding Secured Creditors or
                in its own right for any monies and liabilities in respect of
                the Funding Charged Property;

        (b)     to sell the Funding Charged Property (subject to, in respect of
                the Funding Share of the Trust Property, CLAUSE 14 of the
                Mortgages Trust Deed), and to do so for any shares, debentures
                or 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 an Encumbrance or a
                guarantee, or for such other consideration whatsoever as the
                Security Trustee may think fit, and also to grant any option to
                purchase, and to effect exchanges of, any of the Funding Charged
                Property (and nothing shall preclude any such disposal being
                made to a Funding Secured Creditor);

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                                       19

        (c)     with a view to or in connection with the sale of the Funding
                Charged Property, to carry out any transaction, scheme or
                arrangement which the Security Trustee may, in its absolute
                discretion, consider appropriate;

        (d)     to insure the Funding Charged Property against such risks and
                for such amounts as the Security Trustee may consider prudent;
                and

        (e)     to do all or any of the things or exercise all or any of the
                powers which are mentioned or referred to in CLAUSE 13.6 (Powers
                of the Receiver of Funding) as if each of them was expressly
                conferred on the Security Trustee by this Deed and which may not
                be included in PARAGRAPHS (a) to (d) above.

12.5    DELEGATION TO RECEIVER

        In addition and without prejudice to any of its statutory powers, the
        Security Trustee may at any time by deed delegate to the Receiver all or
        any of the extended powers of leasing, surrendering or accepting
        surrenders of leases conferred on the Security Trustee by this Deed.

12.6    ADDITIONAL POWERS

        The Security Trustee shall have the power to insure against any
        liabilities or obligations arising:

        (a)     as a result of the Security Trustee acting or failing to act in
                a certain way (other than which may arise from its negligence or
                wilful default or that of its officers or employees);

        (b)     as a result of any act or failure to act by any person or
                persons to whom the Security Trustee has delegated any of its
                trusts, rights, powers, duties, authorities or discretions, or
                appointed as its agent (other than which may arise from such
                person's negligence or wilful default);

        (c)     in connection with the Funding Charged Property; or

        (d)     in connection with or arising from the enforcement of the
                security created by this Deed.

        The Security Trustee shall not be under any obligation to insure in
        respect of such liabilities and/or obligations or require any other
        persons to maintain insurance, but to the extent that it does so,
        Funding shall quarterly and on written request pay all insurance
        premiums and expenses which the Security Trustee may properly incur in
        relation to such insurance. If Funding fails to reimburse the Security
        Trustee, the Security Trustee shall be entitled to be indemnified out of
        the Funding Charged Property in respect thereof, and in the case of an
        Intercompany Loan Enforcement Notice having been served, the
        indemnification of all such insurance premiums and expenses shall be
        payable in priority to payments to the Funding Secured Creditors and
        otherwise in accordance with this Deed.

12.7    AUTHORISED INVESTMENTS

        Any monies which under the trusts of this Deed ought to or may be
        invested by the Security Trustee after the service of an Intercompany
        Loan Enforcement Notice may be invested in

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                                       20

        the name or under the control of the Security Trustee in any Authorised
        Investments and the Security Trustee may at any time vary or transfer
        any of such Authorised Investments for or into other such Authorised
        Investments as the Security Trustee at its absolute discretion may
        determine, and shall not be responsible (save where any loss results
        from the Security Trustee's fraud, wilful default or negligence or that
        of its officers or employees) for any loss occasioned by reason of any
        such investments whether by depreciation in value or otherwise, provided
        that such Authorised Investments were made in accordance with the
        foregoing provisions.

12.8    SCOTTISH TRUST PROPERTY

        Without prejudice to the foregoing provisions of this CLAUSE 12
        (Security Trustee's Powers) and CLAUSE 14 of the Mortgages Trust Deed,
        Funding and the Mortgages Trustee hereby covenant and agree with and
        undertake to the Security Trustee that if at any time after the security
        constituted by or pursuant to this Deed shall have become enforceable
        the Security Trustee or any Receiver shall so require, they will join
        together in directing the Seller to sell or dispose of all or any part
        of the Scottish Trust Property on terms previously approved by the
        Security Trustee and/or in causing the trusts constituted by any
        Scottish Trust Deed to be wound up or performed and they will take all
        such actions and execute all such documents as may be necessary to
        effect such sale or disposal or winding-up or performance and the
        distribution or transfer of the Scottish Trust Property or any part
        thereof in accordance with the terms of each Scottish Trust Deed, the
        Mortgages Trust Deed and this Deed. The Seller and the Mortgages Trustee
        hereby acknowledge and consent to the foregoing as trustee and
        beneficiary respectively in terms of each Scottish Trust Deed.

13.     RECEIVER

13.1    APPOINTMENT

        On the service of an Intercompany Loan Enforcement Notice on Funding the
        Security Trustee may appoint, by writing or by deed, such person or
        persons (including an officer or officers of the Security Trustee) as
        the Security Trustee thinks fit to be a Receiver of the Funding Charged
        Property or any part thereof and, in the case of an appointment of more
        than one person, to act together or independently of the other or
        others. In the event that there is the presentation of a petition to the
        court for an administration order and such presentation is notified to
        the Funding Secured Creditors, the Funding Secured Creditors shall
        forthwith notify the Security Trustee.

13.2    REMOVAL AND REPLACEMENT

        Except as otherwise required by statute, the Security Trustee may by
        writing or by deed remove a Receiver and appoint another in its place or
        to act with a Receiver and the Security Trustee may apply to the court
        for an order removing an administrative receiver.

13.3    EXTENSION OF APPOINTMENT

        The exclusion of any part of the Funding Charged Property from the
        appointment of the Receiver shall not preclude the Security Trustee from
        subsequently extending its appointment (or that of the Receiver
        replacing it) to that part of the Funding Charged Property or appointing
        another Receiver over any other part of the Funding Charged Property.

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                                       21

13.4    AGENT OF FUNDING

        The Receiver shall be the agent of Funding and Funding alone shall be
        responsible for the Receiver's contracts, engagements, acts, omissions,
        misconduct, negligence or default and for liabilities incurred by it and
        in no circumstances whatsoever shall the Security Trustee be in any way
        responsible for or incur any liability in connection with its contracts,
        engagements, acts, omissions, misconduct, negligence or default, and if
        a liquidator of Funding shall be appointed, the Receiver shall act as
        principal and not as agent for the Security Trustee. Notwithstanding the
        generality of the foregoing, such Receiver shall in the exercise of its
        powers, authorities and discretions conform to the regulations (if any)
        from time to time made and given in writing by the Security Trustee.

13.5    REMUNERATION

        The remuneration of the Receiver shall be fixed by the Security Trustee
        and may be or include a commission calculated by reference to the gross
        amount of all monies received or otherwise and may include remuneration
        in connection with claims, actions or proceedings made or brought
        against the Receiver by Funding or any other person or the performance
        or discharge of any obligation imposed upon it by statute or otherwise)
        but subject to CLAUSE 8.4 (Priorities of Payment - After Service of an
        Intercompany Loan Enforcement Notice) and SCHEDULE 3 such remuneration
        shall be payable hereunder by Funding alone, and the amount of such
        remuneration shall be paid in accordance with the terms and conditions
        of the manner agreed from time to time between the Receiver, the
        Security Trustee and the Funding Secured Creditors.

13.6    POWERS OF THE RECEIVER OF FUNDING

        The Receiver of Funding, in addition to any powers conferred on an
        administrative receiver, receiver, manager or receiver and manager by
        statute or common law, shall have the following powers:

        (a)     to take possession of, get in and collect the Funding Charged
                Property (or such part thereof in respect of which it may be
                appointed) or any part thereof including income whether accrued
                before or after the date of its appointment;

        (b)     to carry on, manage, concur in or authorise the management of,
                or appoint a manager of, the whole or any part of the business
                of Funding;

        (c)     to sell, exchange, license, surrender, release, disclaim,
                abandon, return or otherwise dispose of or in any way whatsoever
                deal with the Funding Charged Property (subject, in the case of
                the Funding Share of the Trust Property, to CLAUSE 14 of the
                Mortgages Trust Deed) or any interest in that Funding Charged
                Property or any part thereof for such consideration (if any) and
                upon such terms (including by deferred payment or payment by
                instalments) as it may think fit and to concur in any such
                transaction;

        (d)     to sell or concur in selling the whole or any part of Funding's
                business whether as a going concern or otherwise;

        (e)     to sell on condition and to grant rights and options over the
                whole or any part of the Funding Charged Property and (with or
                without consideration) to rescind, surrender or disclaim or
                accept or agree to accept surrenders or disclaimers of
                agreements

<PAGE>

                                       22

                relating to or affecting any of the Funding Charged Property in
                such circumstances, to such persons (including, without
                limitation, to the Security Trustee), for such purposes and upon
                such terms whatsoever as it may think fit and also to vary the
                terms of any contract affecting any of the Funding Charged
                Property;

        (f)     in connection with the exercise or the proposed exercise of any
                of its powers or in order to obtain payment of its remuneration
                (whether or not it is already payable), to borrow or raise
                monies from any person, including the Security Trustee, without
                security or on the security of any of the Funding Charged
                Property and generally in such manner and on such terms as it
                may determine;

        (g)     to bring, defend, submit to arbitration, negotiate, compromise,
                abandon and settle any claims, disputes and proceedings
                concerning the Funding Charged Property or any part thereof;

        (h)     to transfer all or any of the Funding Charged Property and/or
                any of the liabilities to any other company or body corporate,
                whether or not formed or acquired for the purpose and to form a
                subsidiary or subsidiaries of Funding;

        (i)     to insure, protect, maintain, repair, alter, improve, replace,
                exploit, add to and develop or concur in so doing the Funding
                Charged Property or any part thereof in any manner and for any
                purpose whatsoever;

        (j)     to redeem, discharge or compromise any Encumbrance from time to
                time having priority to or ranking pari passu with this Deed;

        (k)     to appoint, dismiss, engage or vary the terms of employment of
                any employees, managers, agents or advisers of Funding upon such
                terms as to remuneration and otherwise and for such periods as
                it may determine;

        (l)     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 Funding or otherwise, as it may determine,
                all documents, receipts, registrations, acts or things which it
                may consider appropriate;

        (m)     to exercise any powers, discretions, voting, conversion or other
                rights or entitlements in relation to any of the Funding Charged
                Property or incidental to the ownership of or rights in or to
                any of the Funding Charged Property and to complete or effect
                any transaction entered into by Funding and complete, disclaim,
                abandon or modify all or any of the outstanding contracts or
                arrangements of Funding relating to or affecting the Funding
                Charged Property;

        (n)     to exercise all powers as are described in Schedule 1 to the
                Insolvency Act 1986, whether or not the Receiver is an
                "administrative receiver" as defined in that Act;

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

<PAGE>

                                       23

        (p)     to delegate its powers by way of power of attorney or in any
                other manner to any person any right, power or discretion
                exercisable by it under this Deed on the terms (including the
                power to sub-delegate) and subject to any regulations which such
                Receiver may think fit and such Receiver shall not be liable or
                responsible in any way to the relevant Issuers or the Security
                Trustee for any loss or liability arising from any act, default,
                omission or misconduct on the part of any such delegate or
                sub-delegate;

        (q)     to call up or require the directors of Funding to call up all or
                any portion of the uncalled capital for the time being of
                Funding and to enforce payment of any call by action (in the
                name of Funding or the Receiver as may be thought fit);

        (r)     in addition:

                (i)     to do all other acts and things which it may consider
                        desirable or necessary for realising any Funding Charged
                        Property or incidental or conducive to any of the
                        rights, powers or discretions conferred on a Receiver
                        under or by virtue of this Deed; and

                (ii)    to exercise in relation to any Funding Charged Property
                        all the powers, authorities and things which it would be
                        capable of exercising if it were the absolute beneficial
                        owner of the same,

                and may use the name of Funding for any of the above purposes;
                and

        (s)     to pay and discharge out of the profits and income of the
                Funding Charged Property the expenses incurred in the exercise
                of any of the powers conferred by this CLAUSE 13.6 (Powers of
                the Receiver of Funding) or otherwise in respect of such Funding
                Charged Property and all outgoings which it shall think fit to
                pay and to apply the residue of the said profits, income or
                monies in the manner provided by CLAUSE 8.3 (Priorities of
                Payment - After Service of an Intercompany Loan Enforcement
                Notice) and SCHEDULE 3, as the case may be.

        The Security Trustee may pay over to the Receiver any monies
        constituting part of the Funding Charged Property to the intent that the
        same may be applied for the purposes referred to in CLAUSE 8.3
        (Priorities of Payment - After Service of an Intercompany Loan
        Enforcement Notice) and SCHEDULE 3 by such Receiver and the Security
        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 its duties
        as such Receiver.

14.     PROTECTION OF THIRD PARTIES

14.1    ENQUIRY

        No purchaser from, or other person dealing with, the Security Trustee or
        a Receiver shall be concerned to enquire whether any of the powers
        exercised or purported to be exercised has arisen or become exercisable,
        whether the Funding Secured Obligations remain outstanding or have
        become payable, whether the Receiver is authorised to act or as to the
        propriety or validity of the exercise or purported exercise of any
        power; 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 and
        the protections contained in Sections 104 to 107 of the 1925 Act shall
        apply to any person purchasing from or dealing with a Receiver or the
        Security Trustee.

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                                       24

14.2    RECEIPTS

        The receipt of the Security Trustee or the Receiver shall be an absolute
        and a conclusive discharge to a purchaser or such other person and shall
        relieve it of any obligation to see to the application of any monies
        paid to or by the direction of the Security Trustee or the Receiver.

15.     PROTECTION OF SECURITY TRUSTEE AND RECEIVER

15.1    LIABILITY

        Neither the Security Trustee nor the Receiver of Funding shall be liable
        to Funding, in the absence of wilful default or negligence on their part
        or that of their employees or officers or breach by the Security Trustee
        of its obligations under this Deed, in respect of any loss or damage
        which arises out of the exercise or the attempted or purported exercise
        of or failure to exercise any of their respective powers.

15.2    POSSESSION

        Without prejudice to the generality of CLAUSE 15.3 (Mortgagee in
        possession), entry into possession of the Funding Charged Property shall
        not render the Security Trustee or the Receiver of that company liable
        to account as mortgagee or creditor in possession. If and whenever the
        Security Trustee or the Receiver enters into possession of the Funding
        Charged Property, it shall be entitled at any time to go out of such
        possession.

15.3    MORTGAGEE IN POSSESSION

        Neither the Security Trustee nor the other Funding Secured Creditors
        shall, by reason of any assignment or other security made under this
        Deed, be or be deemed to be a mortgagee or creditor in possession nor
        shall they take any action (other than, in the case of the other Funding
        Secured Creditors, with the Security Trustee's prior written consent)
        which would be likely to lead to the Funding Secured Creditors or the
        Security Trustee becoming a mortgagee or creditor in possession in
        respect of any property referred to in this Deed. The Security Trustee,
        in its absolute discretion, may at any time, serve a written notice on
        the Funding Secured Creditors requiring the Funding Secured Creditors
        from the date such notice is served to obtain the Security Trustee's
        prior written consent before taking any action which would be likely to
        lead to the Funding Secured Creditors or the Security Trustee becoming a
        mortgagee or creditor in possession in respect of any property referred
        to in this Deed.

16.     EXPENSES AND INDEMNITY

16.1    EXPENSES

        Funding covenants with the Security Trustee to reimburse or pay to the
        Security Trustee and any Receiver of Funding (on the basis of a full
        indemnity) the amount of all costs (including legal costs), charges and
        expenses (including insurance premiums) properly incurred or sustained
        by the Security Trustee or the Receiver (including, for the avoidance of
        doubt, any such costs, charges and expenses arising from any act or
        omission of, or proceedings involving, any third person) in connection
        with:

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                                       25

        (a)     the exercise or the attempted exercise, or the consideration of
                the exercise by or on behalf of the Security Trustee or the
                Receiver of any of the powers of the Security Trustee or the
                Receiver, and the enforcement, preservation or attempted
                preservation of this Deed (or any of the charges contained in or
                granted pursuant to it) or any of the Funding Charged Property
                or any other action taken by or on behalf of the Security
                Trustee or the Receiver with a view to or in connection with the
                recovery by the Security Trustee or the Receiver of the Funding
                Secured Obligations; or

        (b)     the carrying out of any other act or matter which the Security
                Trustee or the Receiver may reasonably consider to be necessary
                for the preservation or benefit of the Funding Charged Property
                and which Funding is required to do pursuant to any of the
                Transaction Documents to which it is a party but which it has
                not done.

16.2    INDEMNITY

        Funding agrees to indemnify the Security Trustee and the Receiver of
        Funding, on an after-Tax basis, from and against all losses, actions,
        claims, costs (including legal costs), expenses (including insurance
        premiums), demands and liabilities whether in contract, tort, delict or
        otherwise now or hereafter properly sustained or incurred by the
        Security Trustee or the Receiver or by any person for whose liability,
        act or omission the Security Trustee or the Receiver may be answerable,
        in connection with anything done or omitted to be done under or pursuant
        to this Deed (including without limitation in accordance with CLAUSE 8.7
        (Petition for Administration) or any other Transaction Document to which
        such entity is a party, or in the exercise or purported exercise of the
        powers herein contained, or occasioned by any breach by Funding of any
        of its covenants or other obligations to the Security Trustee, or in
        consequence of any payment in respect of the Funding Secured Obligations
        (whether made by Funding, a relevant Issuer or a third person) being
        declared void or impeached for any reason whatsoever, save where the
        same arises as the result of the fraud, negligence, wilful misconduct or
        wilful default or breach of the terms of this Deed by the Security
        Trustee or the Receiver or their respective officers or employees.

16.3    TAXES

        All sums payable by Funding under this Deed are deemed to be exclusive
        of any amount in respect of VAT. If, pursuant to any provision of this
        Deed, the Security Trustee or the Receiver of Funding makes any taxable
        or deemed taxable supply to Funding, then Funding shall pay to the
        Security Trustee or the Receiver of Funding (as the case may be) (in
        addition to the consideration for the supply) an amount equal to the VAT
        charged in respect of such taxable or deemed taxable supply against
        production of a valid VAT invoice.

        If the Security Trustee or the Receiver of Funding shall make any
        payment for a taxable or deemed taxable supply to it pursuant to or in
        connection with this Deed and any such payment shall bear VAT which is
        Irrecoverable VAT, Funding shall indemnify the Security Trustee or the
        Receiver of Funding (as the case may be) on demand for an amount equal
        to such Irrecoverable VAT so far as it has not been taken into account
        in computing the amount of any payment made by Funding to the Security
        Trustee or the Receiver of Funding under any other indemnity contained
        in this Deed.

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                                       26

16.4    INTEREST

        All sums payable by Funding under CLAUSE 16.1 (Expenses), CLAUSE 16.2
        (Indemnity), CLAUSE 16.3 (Taxes) or CLAUSE 26 (Remuneration of the
        Security Trustee) shall be payable on demand and:

        (a)     in the case of payments actually made by the Security Trustee
                prior to the demand, shall carry interest at the rate per annum,
                which is one per cent. per annum higher than the mean base rate
                from time to time of the Reference Banks from the date of the
                same being demanded to the date of actual payment (provided that
                such demand shall be made on a Business Day, otherwise interest
                shall be payable from the second Business Day following the date
                of the demand to the date of actual payment); and

        (b)     in all other cases, shall carry interest at such rate from the
                date 14 days after the date of the same being demanded or (where
                the demand specifies that payment by the Security Trustee will
                be made on an earlier date provided such earlier date is a
                Business Day) from such earlier date (not being earlier than the
                date of such demand) to the date of actual payment.

        Any amounts payable pursuant to CLAUSES 26.1 (Remuneration) and 26.2
        (Increased Remuneration) shall carry interest at the aforesaid rate from
        the due date thereof to the date of actual payment.

17.     PROTECTION OF CHARGES

        Funding further covenants with and undertakes to the Security Trustee
        from time to time (notwithstanding that the Security Trustee may not
        have served an Intercompany Loan Enforcement Notice) upon demand to
        execute, at Funding's cost, any document or do any act or thing (other
        than any amendment hereto) which the Security Trustee or the Receiver
        may specify acting reasonably:

        (a)     with a view to registering or perfecting any charge or security
                created or intended to be created by or pursuant to this Deed
                (including the perfecting of the conversion of any floating
                charge to a fixed charge subject to CLAUSES 18.1 (Notice) or
                18.2 (Automatic Crystallisation)) subject to first having
                obtained all necessary consents; or

        (b)     with a view to facilitating the exercise or the proposed
                exercise of any of their powers or duties or the realisation of
                any of the Funding Charged Property; or

        (c)     with a view to protecting the Encumbrances created by or
                pursuant to this Deed.

18.     CRYSTALLISATION

18.1    NOTICE

        In addition and without prejudice to any other event resulting in a
        crystallisation of the floating charges created by this Deed or any
        other right the Security Trustee may have, the Security Trustee may, at
        any time if:

        (a)     a Funding Potential Intercompany Loan Event of Default has
                occurred; or

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                                       27

        (b)     it believes that the Funding Charged Property or any part
                thereof is in danger of being seized or sold under any form of
                distress, execution or diligence levied or is otherwise in
                jeopardy or;

        (c)     if any circumstance shall occur which in the reasonable opinion
                of the Security Trustee prejudices, imperils, threatens or is
                likely to do any of the foregoing in respect of the security
                created by this Deed,

        by notice in writing to Funding declare that the floating charges hereby
        created shall be converted into first specific fixed charges over the
        undertaking, property and assets as the Security Trustee considers to be
        in jeopardy and as the Security Trustee may specify in the notice.

18.2    AUTOMATIC CRYSTALLISATION

        In addition and without prejudice to any other event resulting in a
        crystallisation of the floating charge contained herein shall
        automatically be converted into fixed charges over:

        (a)     all property, assets or undertaking of Funding, subject to the
                floating charge, if and when:

                (i)     any of the events referred to in CLAUSE 15.5
                        (Insolvency) or CLAUSE 15.6 (Creditors Process) of the
                        Intercompany Loan Terms and Conditions occurs; or

                (ii)    a Intercompany Loan Event of Default occurs; and

        (b)     any property, assets or undertaking of Funding, which become
                subject to an Encumbrance in favour of any person other than the
                Security Trustee or which is/are the subject of a sale, transfer
                or other disposition, in either case, contrary to the covenants
                and undertakings contained in the Transaction Documents,
                immediately prior to such Encumbrance arising or such sale,
                transfer or other disposition being made.

18.3    FAILURE OF PETITION FOR ADMINISTRATION OR WINDING-UP

        If any petition for the administration or winding-up of Funding is
        dismissed or withdrawn or a resolution for winding-up Funding is not
        passed by the necessary majority, then without prejudice to any rights
        exercisable otherwise than in consequence of the presentation of such
        petition or resolution and subject to anything done in the meantime in
        pursuance of the powers given by this Deed and subject to the provisions
        contained in this Deed as to costs charges and expenses incurred and
        payments made, possession of the Funding Charged Property will be
        restored to Funding, and Funding and all persons concerned will be
        remitted to their original rights provided that the Security Trustee is
        satisfied that its security position at that time is not materially
        different to that as at the date of this Deed.

19.     POWER OF ATTORNEY, ETC.

19.1    EXECUTION OF POWER OF ATTORNEY

        Immediately upon execution of this Deed, Funding shall execute and
        deliver to the Security Trustee the Power of Attorney in or
        substantially in the form set out in SCHEDULE 1. For the

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                                       28

        avoidance of doubt, the Security Trustee confirms that it may only
        exercise the powers conferred under the Power of Attorney in the
        circumstances set out in PARAGRAPH 1 of the Power of Attorney.

19.2    FUNDING CHARGED PROPERTY ON TRUST

        To the extent permitted to do so under the Transaction Documents, for
        the purpose of giving effect to this Deed, Funding hereby declares that,
        after service of an Intercompany Loan Enforcement Notice, it will hold
        all of its Funding Charged Property (subject to the right of redemption)
        upon trust to convey, assign or otherwise deal with such Funding Charged
        Property in such manner and to such person as the Security Trustee shall
        direct pursuant to this Deed, and declares that it shall be lawful for
        the Security Trustee to appoint a new trustee or trustees of the Funding
        Charged Property in place of Funding.

20.     OTHER SECURITY, ETC.

20.1    NO MERGER

        The charges contained in or created pursuant to this Deed are in
        addition to, and shall neither be merged in, nor in any way exclude or
        prejudice any other Encumbrance, right of recourse, set off or other
        right whatsoever which the Security Trustee or any Funding Secured
        Creditor may now or at any time hereafter hold or have (or would apart
        from this Deed or any charge contained or created pursuant to this Deed
        hold or have) as regards any of Funding or any other person in respect
        of the Funding Secured Obligations, and neither the Security Trustee nor
        any Funding Secured Creditor shall be under any obligation to take any
        steps to call in or to enforce any security for the Funding Secured
        Obligations, and shall not be liable to Funding for any loss arising
        from any omission on the part of the Security Trustee or any Funding
        Secured Creditor to take any such steps or for the manner in which the
        Security Trustee or any Funding Secured Creditor shall enforce or
        refrain from enforcing any such security.

20.2    CONSOLIDATION

        Section 93 of the 1925 Act shall not apply in relation to any of the
        charges contained in this Deed.

20.3    RULING OFF

        If the Security Trustee receives notice of any Encumbrance affecting the
        Funding Charged Property in contravention of the provisions hereof:

        (a)     the Security Trustee may open a new account in the name of
                Funding and, if it does not, it shall nevertheless be deemed to
                have done so at the time it received such notice; and

        (b)     all payments made by Funding to the Security Trustee after the
                Security Trustee receives such notice shall be credited or
                deemed to have been credited to the new account, and in no
                circumstances whatsoever shall operate to reduce the Funding
                Secured Obligations as at the time the Security Trustee received
                such notice.

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                                       29

20.4    CHANGE OF NAME, ETC.

        This Deed shall remain valid and enforceable notwithstanding any change
        in the name, composition or constitution of the Security Trustee or
        Funding or any amalgamation or consolidation by the Security Trustee or
        Funding, with any other corporation (whether, in the case of Funding,
        permitted under the Transaction Documents or not).

21.     AVOIDANCE OF PAYMENTS

21.1    NO RELEASE

        No assurance, security or payment which may be avoided or adjusted under
        the law, including under any enactment relating to bankruptcy or
        insolvency and no release, settlement or discharge given or made by the
        Security Trustee or any Funding Secured Creditor on the faith of any
        such assurance, security or payment, shall prejudice or affect the right
        of the Security Trustee or any Funding Secured Creditor to recover the
        Funding Secured Obligations from Funding (including any monies which it
        may be compelled to pay or refund under the provisions of the Insolvency
        Act 1986 and any costs payable by it pursuant to or otherwise incurred
        in connection therewith) or to enforce the charges contained in this
        Deed to the full extent of the Funding Secured Obligations.

21.2    RETENTION OF CHARGES

        If the Security Trustee shall have reasonable grounds for believing that
        Funding may be insolvent or deemed to be insolvent pursuant to the
        provisions of the Insolvency Act 1986 (and production of a solvency
        certificate of a duly authorised officer of Funding shall be prima facie
        evidence of the solvency of the relevant company) as at the date of any
        payment made by that company to the Security Trustee and that as a
        result, such payment may be capable of being avoided or clawed back, the
        Security Trustee shall be at liberty to retain the charges contained in
        or created pursuant to this Deed until the expiry of a period of one
        month plus such statutory period within which any assurance, security,
        guarantee or payment can be avoided or invalidated after the payment and
        discharge in full of all Funding Secured Obligations notwithstanding any
        release, settlement, discharge or arrangement which may be given or made
        by the Security Trustee on, or as a consequence of, such payment or
        discharge of liability provided that, if at any time within such period,
        a petition shall be presented to a competent court for an order for the
        winding up or the making of an administration order in respect of
        Funding, or if Funding shall commence to be wound up or to go into
        administration or any analogous proceedings shall be commenced by or
        against Funding, as the case may be, the Security Trustee shall be at
        liberty to continue to retain such security for such further period as
        the Security Trustee may determine and such security shall be deemed to
        continue to have been held as security for the payment and discharge to
        the Security Trustee of all Funding Secured Obligations.

22.     SET-OFF

        The Security Trustee may at any time following the service of an
        Intercompany Loan Enforcement Notice without notice and notwithstanding
        any settlement of account or other matter whatsoever combine or
        consolidate all or any existing accounts of Funding whether in its own
        name or jointly with others and held by it or any Funding Secured
        Creditor and may set-off or transfer all or any part of any credit
        balance or any sum standing to the credit of any such account (whether
        or not the same is due to Funding from the Security Trustee or relevant
        Funding Secured Creditor and whether or not the credit balance and the
        account in

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                                       30

        debit or the Funding Secured Obligations are expressed in the same
        currency in which case the Security Trustee is hereby authorised to
        effect any necessary conversions at its prevailing rates of exchange) in
        or towards satisfaction of any of the Funding Secured Obligations and
        may in its absolute discretion estimate the amount of any liability of
        Funding which is contingent or unascertained and thereafter set-off such
        estimated amount and no amount shall be payable by the Security Trustee
        to Funding unless and until all Funding Secured Obligations have been
        ascertained and fully repaid or discharged.

23.     EXECUTION OF DOCUMENTS

        Any document required to be executed as a deed by the Security Trustee
        under or in connection with this Deed shall be validly executed if
        executed as a deed by a duly authorised attorney of the Security
        Trustee.

24.     PROVISIONS SUPPLEMENTAL TO THE TRUSTEE ACT 1925

24.1    POWERS OF SECURITY TRUSTEE

        By way of supplement to the Trustee Act 1925 it is expressly declared as
        follows:

        (a)     the Security Trustee may in relation to this Deed or any of the
                other Transaction Documents act on the opinion or advice of, or
                a certificate or any information obtained from, any lawyer,
                banker, valuer, surveyor, securities company, broker,
                auctioneer, accountant or other expert in the United Kingdom or
                elsewhere, whether obtained by the Security Trustee or any
                Receiver, and shall not be responsible for any loss occasioned
                by so acting;

        (b)     any such opinion, advice, certificate or information may be sent
                or obtained by letter, telegram, telex, facsimile reproduction
                or in any other form and the Security Trustee shall not be
                liable for acting in good faith on any opinion, advice,
                certificate or information purporting to be so conveyed although
                the same shall contain some error or shall not be authentic
                provided that such error or lack of authenticity is not
                manifest;

        (c)     the Security Trustee shall (save as expressly otherwise provided
                in this Deed or any of the other Transaction Documents) as
                regards all rights, powers, authorities and discretions vested
                in it by this Deed or any of the other Transaction Documents, or
                by operation of law, have absolute and uncontrolled discretion
                as to the exercise or non-exercise thereof;

        (d)     the Security Trustee shall be at liberty to place this Deed and
                all deeds and other documents relating to this Deed with any
                bank or banking company, or lawyer or firm of lawyers believed
                by it to be of good repute, in any part of the world, and the
                Security Trustee shall not be responsible for or be required to
                insure against any loss incurred in connection with any such
                deposit and Funding shall pay all sums required to be paid on
                account of or in respect of any such deposit;

        (e)     the Security Trustee may, in the conduct of its trust business,
                instead of acting personally, employ and pay an agent to
                transact or conduct, or concur in transacting or conducting, any
                business and to do or concur in doing all acts required to be
                done by the Security Trustee (including the receipt and payment
                of monies). The Security Trustee shall not be responsible for
                any misconduct on the part of any person

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                                       31

                appointed by it in good faith hereunder or be bound to supervise
                the proceedings or acts of any such persons;

        (f)     where it is necessary or desirable for any purpose in connection
                with this Deed to convert any sum from one currency to another
                it shall (unless otherwise provided by this Deed 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 specified by the Security Trustee in its
                absolute discretion but having regard to current rates of
                exchange if available and the Security Trustee shall not be
                liable for any loss occasioned by the said conversion under this
                PARAGRAPH (f);

        (g)     subject to CLAUSE 25.5 (Consent of Security Trustee), any
                consent given by the Security Trustee for the purposes of this
                Deed or any of the other Transaction Documents may be given on
                such terms and subject to such conditions (if any) as the
                Security Trustee thinks fit and, notwithstanding anything to the
                contrary contained in this Deed or any of the other Transaction
                Documents, may be given retrospectively;

        (h)     the Security Trustee shall be entitled to rely upon a
                certificate, reasonably believed by it to be genuine, of Funding
                or any other person in respect of every matter and circumstance
                for which a certificate is expressly provided for under this
                Deed or the other Transaction Documents and to call for and rely
                upon a certificate of Funding or any other person reasonably
                believed by it to be genuine as to any other fact or matter
                prima facie within the knowledge of Funding or such person as
                sufficient evidence thereof and the Security 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 caused by it failing to do so;

        (i)     the Security Trustee shall be entitled to rely upon any
                document, reasonably believed by it to be genuine, provided to
                it by Funding, the Mortgages Trustee or the Cash Manager in
                respect of every matter and circumstance prima facie within the
                knowledge of Funding, the Mortgages Trustee or the Cash Manager
                and the Security 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
                caused by it failing to do so;

        (j)     the Security Trustee shall not be liable for any error of
                judgment made in good faith by any officer or employee of the
                Security Trustee assigned by the Security Trustee to administer
                its corporate trust matters unless it shall be proved that the
                Security Trustee was negligent in ascertaining the pertinent
                facts;

        (k)     no provision of this Deed or any other Transaction Document
                shall require the Security 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 or otherwise in connection with this
                Deed or any other Transaction Document (including, without
                limitation, forming any opinion or employing any legal,
                financial or other adviser), if it shall believe that repayment
                of such funds or adequate indemnity against such risk or
                liability is not assured to it; and

        (l)     the Security Trustee shall not (unless and to the extent ordered
                to do so by a court of competent jurisdiction) be required to
                disclose to any Funding Secured Creditor any

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                                       32

                information made available to the Security Trustee by Funding in
                connection with the trusts of this Deed or the Transaction
                Documents and no Funding Secured Creditor shall be entitled to
                take any action to obtain from the Security Trustee any such
                information.

24.2    REPRESENTATIONS AND WARRANTIES, ETC.

        The Security Trustee shall not be responsible for any recitals or
        statements or warranties or representations of any party (other than the
        Security Trustee) contained herein or in any other Transaction Document
        or any other document entered into in connection therewith and shall
        assume the accuracy and correctness thereof and shall not be responsible
        for the execution, legality, effectiveness, adequacy, genuineness,
        validity or enforceability or admissibility in evidence of any such
        agreement or other document or any trust or security thereby constituted
        or evidenced. The Security Trustee may accept without enquiry,
        requisition or objection such title as Funding may have to the Funding
        Charged Property or any part thereof from time to time and shall not be
        required to investigate or make any enquiry into the title of Funding to
        the Funding Charged Property or any part thereof from time to time
        whether or not any default or failure is or was known to the Security
        Trustee or might be, or might have been, discovered upon examination,
        inquiry or investigation and whether or not capable of remedy.
        Notwithstanding the generality of the foregoing, each Funding Secured
        Creditor shall be solely responsible for making its own independent
        appraisal of and investigation into the financial condition,
        creditworthiness, condition, affairs, status and nature of Funding, and
        the Security Trustee shall not at any time have any responsibility for
        the same and each Funding Secured Creditor shall not rely on the
        Security Trustee in respect thereof.

24.3    PERFECTION

        The Security Trustee shall not be bound to give notice to any person of
        the execution of this Deed nor shall it be liable for any failure,
        omission or defect in perfecting the security intended to be constituted
        hereby including, without prejudice to the generality of the foregoing:

        (a)     failure to obtain any licence, consent or other authority for
                the execution of the same;

        (b)     failure to register the same in accordance with the provisions
                of any of the documents of title of Funding to any of the
                Funding Charged Property; and

        (c)     failure to effect or procure registration of or otherwise
                protect any of the Transaction Documents by registering the same
                under any registration laws in any territory, or by registering
                any notice, caution or other entry prescribed by or pursuant to
                the provisions of the said laws.

24.4    ENFORCEABILITY, ETC.

        The Security Trustee shall not be responsible for the genuineness,
        validity or effectiveness of any of the Transaction Documents or any
        other documents entered into in connection therewith or any other
        document or any obligations 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 by or pursuant to this Deed
        or any of the other Transaction Documents, 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)

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                                       33

        the Security 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:

        (a)     the nature, status, creditworthiness or solvency of Funding;

        (b)     the execution, legality, validity, adequacy, admissibility in
                evidence or enforceability of this Deed or any other Transaction
                Document relating to the Funding Charged Property or any other
                document entered into in connection therewith;

        (c)     the registration, filing, protection or perfection of any
                security relating to this Deed or the other Transaction
                Documents relating to the Funding Charged Property or the
                priority of the security thereby created whether in respect of
                any initial advance or any subsequent advance or any other sums
                or liabilities;

        (d)     the scope or accuracy of any representations, warranties or
                statements made by or on behalf of Funding or any other person
                or entity at any time provided in any Transaction Document
                relating to the Funding Charged Property or in any document
                entered into in connection therewith;

        (e)     the performance or observance by Funding or any other person
                with any provisions of this Deed or any other Transaction
                Document relating to the Funding Charged Property or in any
                document entered into in connection therewith or the fulfilment
                or satisfaction of any conditions contained therein or relating
                thereto or as to the existence or occurrence at any time of any
                default, event of default or similar event contained therein or
                any waiver or consent which has at any time been granted in
                relation to any of the foregoing;

        (f)     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 with the Funding Charged
                Property;

        (g)     the title of Funding to any of the Funding Charged Property;

        (h)     the failure to effect or procure registration of or to give
                notice to any person in relation to or otherwise protect the
                security created or purported to be created by or pursuant to
                this Deed or other documents entered into in connection
                herewith;

        (i)     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 this Deed or any other document;

        (j)     the failure to prevent, whether by act or omission, a fixed
                charge granted under this Deed from becoming a floating charge;
                or

        (k)     any other matter or thing relating to or in any way connected
                with this Deed or the Funding Charged Property or any document
                entered into in connection therewith whether or not similar to
                the foregoing.

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                                       34

24.5    NO SUPERVISION

        The Security Trustee shall be under no obligation to monitor or
        supervise the functions of the Account Bank under the Bank Account
        Agreement or of any other person under or pursuant to any of the other
        Transaction Documents.

24.6    NO LIABILITY

        The Security Trustee shall not be liable or responsible for any loss,
        cost, damage, expense or inconvenience which may result from anything
        done or omitted to be done by it under this Deed or under any of the
        other Transaction Documents save where the same arises as a result of
        the Security Trustee's fraud, wilful default or negligence.

24.7    CONCLUSIVE AND BINDING DETERMINATIONS

        The Security Trustee as between itself and the Funding Secured Creditors
        shall have full power to determine all questions and doubts arising in
        relation to any of the provisions of this Deed and the other Transaction
        Documents and every such determination, whether made upon a question
        actually raised or implied in the acts or proceedings of the Security
        Trustee, shall be conclusive and shall bind the Security Trustee and the
        Funding Secured Creditors.

24.8    USE OF PROCEEDS

        The Security Trustee shall not be responsible for the receipt or
        application by Funding of the proceeds of any Term Advance or any
        Start-up Loan.

24.9    NO INDEMNITY

        None of the provisions of this Deed shall, in any case in which the
        Security Trustee has failed to show the degree of care and diligence
        required of it as security trustee under this Deed, having regard to the
        provisions of this Deed and any of the other Transaction Documents to
        which the Security Trustee is a party conferring on the Security Trustee
        any powers, authorities or discretions, relieve or indemnify the
        Security Trustee against any liabilities 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.

24.10   DEFICIENCY OR ADDITIONAL PAYMENT

        The Security Trustee shall have no responsibility whatsoever to any
        Funding Secured Creditor as regards any deficiency or additional
        payment, as the case may be, which might arise because the Security
        Trustee is subject to any Tax in respect of the Funding Charged Property
        or any part thereof or any income therefrom or any proceeds thereof or
        is required by law to make any withholding or deduction from any payment
        to any Funding Secured Creditor.

25.     SUPPLEMENTAL PROVISIONS REGARDING THE SECURITY TRUSTEE

25.1    ASSUMPTION OF NO DEFAULT

        Except as herein otherwise expressly provided, the Security Trustee
        shall be and is hereby authorised to assume without enquiry, and it is
        hereby declared to be the intention of the

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                                       35

        Security Trustee that it shall assume without enquiry, that Funding and
        each of the other parties thereto is duly performing and observing all
        the covenants and provisions contained in this Deed and the other
        Transaction Documents and on its part to be performed and observed and
        that no event has occurred which constitutes a Potential Intercompany
        Loan Event of Default or Intercompany Loan Event of Default or which
        would cause a right or remedy to become excisable, whether by Funding or
        the Security Trustee, under or in respect of any of the Transaction
        Documents.

25.2    DELEGATION

        The Security Trustee may, in the execution of all or any of the trusts,
        powers, authorities and discretions vested in it by this Deed or any of
        the other Transaction Documents, act by responsible officers or a
        responsible officer for the time being of the Security Trustee. The
        Security Trustee may also, whenever it thinks expedient in the interests
        of the Funding Secured Creditors, whether by power of attorney or
        otherwise, delegate to any person or persons all or any of the trusts,
        rights, powers, duties, authorities and discretions vested in it by this
        Deed or any of the other Transaction Documents. Any such delegation may
        be made upon such terms and conditions and subject to such regulations
        (including power to sub-delegate) as the Security Trustee may think fit
        in the interests of the Funding Secured Creditors or any of them,
        provided that the Security Trustee shall have exercised reasonable care
        in the selection of such delegate and, where a power to sub-delegate has
        been given, shall oblige the delegate to exercise reasonable care in the
        selection of any sub-delegate. The Security Trustee shall not be bound
        to supervise the proceedings of, or be responsible for any loss incurred
        by any misconduct or default on the part of, such delegate or
        sub-delegate. The Security Trustee shall give prompt notice to Funding
        of the appointment of any delegate as aforesaid and shall procure that
        any delegate shall also give prompt notice of the appointment of any
        sub-delegate to Funding.

25.3    COMMERCIAL TRANSACTIONS

        The Security Trustee shall not, and no director, officer or employee of
        any corporation being a Security Trustee hereof shall by reason of the
        fiduciary position of the Security Trustee be in any way precluded from
        making any commercial contracts or entering into any commercial
        transactions with Funding, an Issuer, Holdings or any subsidiary of
        Holdings, an Issuer or any other party to the Transaction Documents,
        whether directly or through any subsidiary or associated company, or
        from accepting the trusteeship of any other debenture stock, debentures
        or securities of Funding, any Issuer, Holdings or any subsidiary of
        Holdings, any Issuer or any other party to the Transaction Documents,
        and without prejudice to the generality of these provisions, it is
        expressly declared that such contracts and transactions include any
        contract or transaction in relation to the placing, underwriting,
        purchasing, subscribing for or dealing with or lending monies upon or
        making payments in respect of or any stock, shares, debenture stock,
        debentures or other securities of Funding, any Issuer, Holdings or any
        subsidiary of Holdings, any Issuer or any other party to the Transaction
        Documents or any contract of banking or insurance with Funding, any
        Issuer, Holdings or any subsidiary of Holdings, any Issuer or any other
        party to the Transaction Documents and neither the Security Trustee nor
        any such director, officer or employee shall be accountable to any
        Funding Secured Creditor or to Funding or any Issuer for any profit,
        fees, commissions, interest, discounts or share of brokerage earned,
        arising or resulting from any such contracts or transactions, and the
        Security Trustee and any such director, officer or employee shall also
        be at liberty to retain the same without accounting therefor.

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                                       36

25.4    ADDITIONAL POWERS

        The powers conferred by this Deed upon the Security Trustee shall be in
        addition to any powers which may from time to time be vested in it by
        general law.

25.5    DUTIES AND RESPONSIBILITIES OF SECURITY TRUSTEE

        The Security Trustee has no duties or responsibilities except those
        expressly set out in this Deed or in the Transaction Documents.

25.6    CONSENT OF SECURITY TRUSTEE

        If a request is made to the Security Trustee to give its consent to any
        event, matter or thing, then:

        (a)     if any Transaction Document specifies that the Security Trustee
                is required to give its consent to that event, matter or thing
                if certain specified conditions are satisfied in relation to
                that event, matter or thing, then the Security Trustee shall
                give its consent to that event, matter or thing upon being
                satisfied acting reasonably that those specified conditions have
                been satisfied; and

        (b)     in any other case, the Security Trustee may give its consent to
                that event, matter or thing if the event, matter or thing is
                not, in its opinion acting reasonably, materially prejudicial to
                the interests of the Funding Secured Creditors.

25.7    INTERESTS OF FUNDING SECURED CREDITORS

        Where the Security Trustee is required to have regard to the interests
        of any Funding Secured Creditor, the Security Trustee may consult with
        such Funding Secured Creditor and may rely on the opinion of such
        Funding Secured Creditor as to whether any act, matter or thing is or is
        not in the interests of, or materially prejudicial to the interests of,
        such Funding Secured Creditor.

25.8    MODIFICATION TO TRANSACTION DOCUMENTS

        The Security Trustee may from time to time and at any time without any
        consent or sanction of the Funding Secured Creditors concur with any
        person in making or sanctioning any modification:

        (a)     to any of the Transaction Documents which in the opinion of the
                Security Trustee it may be expedient to make, provided that the
                Security Trustee is of the opinion acting reasonably that such
                modification will not be materially prejudicial to the interests
                of the Funding Secured Creditors or, if it is not of that
                opinion in relation to any Funding Secured Creditor, such
                Funding Secured Creditor has given its written consent to such
                modification;

        (b)     to any of the Transaction Documents which in the Security
                Trustee's opinion is made to correct a manifest error or is of a
                formal, minor or technical nature;

        (c)     to any of the Transaction Documents provided the Rating Agencies
                confirm that as a result of such modification there will not be
                any adverse effect on the then current ratings by the Rating
                Agencies of the existing Notes of any Issuer; or

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                                       37

        (d)     to any of the Transaction Documents which it may be necessary to
                make or which are required by the Rating Agencies in respect of
                any Additional Liquidity Facility Agreement that Funding is
                required to enter into pursuant to CLAUSE 10.6 of this Deed.

        Any such modification shall be binding on the Funding Secured Creditors
        and, unless the Security Trustee otherwise agrees, notice thereof shall
        be given by Funding to the Funding Secured Creditors as soon as
        practicable thereafter. Each of the Funding Secured Creditors agrees
        from time to time to do and perform such other and further acts and
        execute and deliver any and all such other instruments as may be
        required by law or requested by the other party at the other party's
        expense to establish, maintain and protect the rights and remedies of
        the other party and carry out and effect the intent and purpose of this
        CLAUSE 25.7 (Modifications to Transaction Documents).

25.9    AUTHORISATION OR WAIVER OF BREACH

        Subject to CLAUSE 15.10 (Acceleration) of the Intercompany Loan Terms
        and Conditions, the Security Trustee may, without the consent of the
        Funding Secured Creditors, without prejudice to its right in respect of
        any further or other breach, from time to time and at any time, but only
        if and in so far as in its opinion the interests of the Funding Secured
        Creditors will not be materially prejudiced thereby or, if it is not of
        that opinion acting reasonably in relation to any Funding Secured
        Creditor, such Funding Secured Creditor has given its written consent
        thereto, authorise or waive, on such terms and conditions (if any) as
        shall seem expedient to it, any proposed or actual breach of any of the
        covenants or provisions contained in or arising pursuant to any of the
        Transaction Documents. Any such authorisation or waiver shall be binding
        on the Funding Secured Creditors and, unless the Security Trustee
        otherwise agrees, notice thereof shall be given by Funding to the
        Funding Secured Creditors as soon as practicable thereafter.

26.     REMUNERATION OF THE SECURITY TRUSTEE

26.1    REMUNERATION

(a)     Funding shall (subject as hereinafter provided) pay to the Security
        Trustee annually a fee of such amount and payable on such dates as shall
        from time to time be agreed by Funding and the Security Trustee. All
        such remuneration shall be payable in accordance with the Funding
        Pre-Enforcement Revenue Priority of Payments or, as the case may be, the
        Funding Post Enforcement Priority of Payments. Such remuneration shall
        accrue from day to day and be payable up to and including the date when
        all of the Funding Secured Obligations have been paid or discharged and
        the Security Trustee has released, reassigned and/or discharged the
        Funding Charged Property as provided in CLAUSE 4 (Release of Funding
        Charged Property).

(b)     Funding shall pay to the Security Trustee an amount equal to the amount
        of any VAT chargeable in respect of its remuneration under this Deed
        subject to the Security Trustee's issuing to Funding a proper VAT
        invoice in respect thereof.

26.2    INCREASED REMUNERATION

        In the event of a Intercompany Loan Event of Default or Potential
        Intercompany Loan Event of Default occurring or in the event of the
        Security Trustee finding it expedient or being required to undertake any
        duties outside the scope of the normal duties of the Security

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                                       38

        Trustee under this Deed, the rate of remuneration in force immediately
        prior thereto shall be increased by such amount as shall be agreed
        between Funding and the Security Trustee, such increased remuneration to
        be calculated from such date as shall be agreed as aforesaid. Such
        remuneration shall accrue from day to day and be payable up to and
        including the date when all the Funding Secured Obligations have been
        paid or discharged and the Security Trustee has released, reassigned
        and/or discharged the Funding Charged Property as provided in CLAUSE 4
        (Release of Funding Charged Property).

26.3    DISPUTES

        In the event of the Security Trustee and Funding failing to agree upon
        the amount of any remuneration from time to time pursuant to CLAUSE 26.1
        (Remuneration) or to agree in a case to which CLAUSE 26.2 (Increased
        Remuneration) above applies upon whether such duties are outside the
        scope of the normal duties of the Security Trustee hereunder or upon the
        amount of such additional remuneration, such matters shall be determined
        by a merchant bank (acting as an expert and not as an arbitrator)
        selected by the Security Trustee and approved by Funding or, failing
        such approval, nominated by the President for the time being of the Law
        Society of England and Wales, the expenses being involved in such
        nomination and the fees of such merchant bank being payable by Funding
        and the Security Trustee in such proportion as the merchant bank shall
        direct, and the decision of any such merchant bank shall be final and
        binding on Funding and the Security Trustee.

26.4    EXPENSES

        In addition to remuneration hereunder, Funding shall on written request,
        pay (on an indemnity basis) all other costs, charges and expenses which
        the Security Trustee may properly incur in relation to the negotiation,
        preparation and execution of, the exercise of its powers and the
        performance of its duties under, and in any other manner in relation to,
        this Deed and any of the other Transaction Documents to which the
        Security Trustee is a party including but not limited to travelling and
        legal expenses and any stamp, issue, registration, documentary and other
        Taxes (other than Taxes on its income, profits or gains) or duties paid
        or payable by the Security Trustee in connection with any action taken
        or contemplated by or on behalf of the Security Trustee for enforcing,
        or resolving any doubt concerning, or for any other purpose in relation
        to, this Deed or any of the other Transaction Documents.

26.5    INDEMNITY

        Without prejudice to the right of indemnity by law given to trustees,
        Funding shall indemnify the Security Trustee, on an after Tax basis, in
        respect of all proceedings (including claims and liabilities in respect
        of taxes other than on its own overall net income), claims and demands
        and all costs, charges, expenses (including, without prejudice to the
        generality of the foregoing, legal and travelling expenses), and
        liabilities to which it (or any person appointed by it to whom any
        trust, power, authority or discretion may be delegated by it in the
        execution or purported execution of the trusts, powers, authorities or
        discretions vested in it by or pursuant to this Deed and any of the
        other Transaction Documents to which the Security Trustee is a party)
        may be or become liable or which may be properly incurred by it (or any
        such person as aforesaid) in the execution or purported execution of any
        of its trusts, powers, authorities and discretions hereunder or its
        functions under any such appointment or in respect of any other matter
        or thing done or omitted in any way relating to this Deed and any of the
        other Transaction Documents to which the Security Trustee is a party
        shall be entitled to be indemnified out of the Funding Charged Property
        in respect thereof, save where the same arises as a result of the fraud,
        negligence or wilful default by the Security Trustee or

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                                       39

        breach by the Security Trustee of the terms of this Deed, its officers
        or employees. The Security Trustee shall not be entitled to be
        indemnified twice in respect of the same matter pursuant to this Clause
        and the indemnity contained in CLAUSE 16.2 (Indemnity) of this Deed.

26.6    SURVIVAL

        Unless otherwise specifically stated in any discharge of this Deed, the
        provisions of CLAUSES 16 (Expenses and Indemnity) and 26 (Remuneration
        of the Security Trustee) shall continue in full force and effect
        notwithstanding such discharge.

26.7    STAMP DUTIES

        Funding shall, to the extent permitted by applicable United Kingdom law,
        pay all stamp duties and other duties or taxes of a similar nature,
        including for the avoidance of doubt any duty levied under the Stamp Act
        1891 as amended and supplemented, (if any) payable on or arising out of
        or in consequence of:

        (a)     the creation of the security constituted by or pursuant to this
                Deed; and

        (b)     the execution and delivery of this Deed and documents executed
                pursuant hereto and the other Funding Agreements (except where
                the obligation to pay all stamp duties and other duties or taxes
                of a similar nature is expressed to be the obligation of a
                person other than Funding).

27.     APPOINTMENT OF NEW SECURITY TRUSTEE AND REMOVAL OF SECURITY TRUSTEE

27.1    POWERS OF FUNDING

(a)     The power of appointing a new Security Trustee and removing the Security
        Trustee or any new Security Trustee shall be vested in Funding but such
        appointment or removal must be approved by each of the Funding Secured
        Creditors (such approval not to be unreasonably withheld or delayed). A
        trust corporation may be appointed sole trustee hereof but subject
        thereto there shall be at least two trustees hereof. Any appointment of
        a new Security Trustee and any retirement of an existing Security
        Trustee hereof shall as soon as practicable thereafter be notified by
        Funding to the Funding Secured Creditors.

(b)     Any new Security Trustee must (i) meet the requirements of section
        26(a)(1) of the US Investment Company Act of 1940; (ii) not be an
        affiliate (as defined in Rule 405 of the US Securities Act of 1933, as
        amended) of any relevant Issuer or of any person involved in the
        organisation or operation of any relevant Issuer; (iii) not offer or
        provide credit or credit enhancement to any relevant Issuer; and (iv)
        execute an agreement or instrument concerning the Notes containing
        provisions to the effect set forth in section 26(a)(3) of the US
        Investment Company Act of 1940.

27.2    POWERS OF SECURITY TRUSTEE

        Notwithstanding the provisions of CLAUSE 27.1 (Powers of Funding), the
        Security Trustee may (as attorney for Funding) upon giving prior notice
        to Funding but without the consent of Funding or the Funding Secured
        Creditors appoint any person established or resident in any jurisdiction
        (whether a trust corporation or not) to act either as a separate trustee
        or as a co-trustee jointly with the Security Trustee:

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                                       40

        (a)     if the Security Trustee reasonably considers such appointment to
                be in the interests of the Funding Secured Creditors (or any of
                them); or

        (b)     for the purposes of conforming to any legal requirement,
                restrictions or conditions in any jurisdiction in which any
                particular act or acts are to be performed or any Funding
                Charged Property is or is to be located; or

        (c)     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 or any of the
                other Transaction Documents to which the Security Trustee is a
                party or obligations arising pursuant thereto or any of the
                security constituted by or pursuant to this Deed.

        Funding hereby irrevocably appoints the Security 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 or any of the other Transaction Documents to which the
        Security Trustee is a party) have such trusts, powers, authorities and
        discretions (not exceeding those conferred on the Security Trustee by
        this Deed or any of the other Transaction Documents to which the
        Security Trustee is a party) and such duties and obligations as shall be
        conferred or imposed on it by the instrument of appointment. The
        Security Trustee shall have power in like manner to remove any such
        person. Such proper remuneration as the Security Trustee may pay to any
        such person, together with any attributable costs, charges and expenses
        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 Security Trustee.

27.3    MULTIPLE TRUSTEES

        Whenever there shall be more than two trustees hereof, the majority of
        such trustees shall (provided such majority includes a trust
        corporation) be competent to execute and exercise all the trusts,
        powers, authorities and discretions vested by this Deed and any of the
        other Transaction Documents in the Security Trustee generally.

28.     RETIREMENT OF SECURITY TRUSTEE

        Any trustee for the time being of this Deed may retire at any time upon
        giving not less than three months' prior notice in writing to Funding
        without assigning any reason therefor and without being responsible for
        any costs resulting from such retirement. The retirement or removal of
        any trustee shall not become effective unless there remains at least one
        trustee hereof being a trust corporation in office upon such retirement
        or removal. Funding covenants that, in the event of a trustee (being a
        sole trustee or the only trust corporation) giving notice under this
        Clause or being removed as referred to in CLAUSE 27.1 (Powers of
        Funding) it shall use its best endeavours to procure a new trustee of
        this Deed (being a trust corporation) to be appointed as soon as
        reasonably practicable thereafter (for the avoidance of doubt, in the
        same terms as this Deed). If within 60 days of having given notice of
        its intention to retire, Funding has failed to appoint a replacement
        Security Trustee, the outgoing Security Trustee will be entitled to
        appoint its successor (provided that such successor is acceptable to the
        Rating Agencies and will agree to the terms of this Deed).

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                                       41

29.     NOTICES AND DEMANDS

29.1    SERVICE OF NOTICES

        Any notices to be given pursuant to this Agreement to any of the parties
        hereto shall be sufficiently served if sent to the addresses given in
        CLAUSE 29.2 by prepaid first class post, by hand or facsimile
        transmission and shall be deemed to be given (in the case of facsimile
        transmission) when despatched, (where delivered by hand) on the day of
        delivery if delivered before 17.00 hours on a Business Day or on the
        next Business Day if delivered thereafter or on a day which is not a
        Business Day or (in the case of first class post) when it would be
        received in the ordinary course of the post.

29.2    ADDRESS

        The addresses referred to in this CLAUSE 29.2 (Address) are as follows:

        (a)     in the case of Funding, to Holmes Funding Limited c/o Abbey
                National House, 2 Triton Square, Regents Place, London NW1 3AN
                (facsimile number 020 7612 4319) for the attention of The
                Company Secretary with a copy to Abbey National plc, c/o Abbey
                House (AAM 126), 201 Grafton Gate East, Milton Keynes, MK9 1AN
                (facsimile number 01908 343 019) for the attention of the
                Securitisation Team, Business Relationship Management;

        (b)     in the case of the First Issuer, Second Issuer, Third Issuer,
                Fourth Issuer, Fifth Issuer and Sixth Issuer, to, respectively:
                Holmes Financing (No. 1) PLC, Holmes Financing (No. 2) PLC,
                Holmes Financing (No. 3) PLC, Holmes Financing (No. 4) PLC,
                Holmes Financing (No. 5) PLC or Holmes Financing (No. 6) PLC,
                c/o Abbey National House, 2 Triton Square, Regents Place, London
                NW1 3AN (facsimile number (44) 20 7612 4319) for the attention
                of the Company Secretary with a copy to Abbey National plc, c/o
                Abbey House (AAM 126), 201 Grafton Gate East, Milton Keynes MK9
                1AN (facsimile number (44) 1908 343 019) for the attention of
                Securitisation Team, Business Relationship Management;

        (c)     in the case of the Mortgages Trustee, to Holmes Trustees Limited
                to c/o Abbey National House, 2 Triton Square, Regents Place,
                London NW1 3AN (facsimile number 020 7612 4319) for the
                attention of The Company Secretary with a copy to Abbey National
                plc, c/o Abbey House (AAM 126), 201 Grafton Gate East, Milton
                Keynes, MK9 1AN (facsimile number 01908 343 019) for the
                attention of the Securitisation Team, Business Relationship
                Management;

        (d)     in the case of the Cash Manager, to Abbey National plc, Abbey
                National House, 2 Triton Square, Regents Place, London NW1 3AN
                (facsimile number 020 7612 4319) for the attention of The
                Company Secretary with a copy to Abbey National plc, c/o Abbey
                House (AAM 126), 201 Grafton Gate East, Milton Keynes, MK9 1AN
                (facsimile number 01908 343 019) for the attention of
                Securitisation Team, Business Relationship Management;

        (e)     in the case of the Account Bank, to Abbey National plc, 21
                Prescot Street, London E1 8AD (facsimile number 020 7612 5088)
                for the attention of Head of Subsidiary Banking;

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                                       42

        (f)     in the case of the Security Trustee, to JPMorgan Chase Bank,
                Trinity Tower, 9 Thomas More Street, London E1W 1YT attention
                Manager, Trust Administration (facsimile number 020 7777 5410);

        (g)     in the case of the First Start-Up Loan Provider or Second
                Start-Up Loan Provider to Citibank N.A., London Branch, 336
                Strand, London WC2R 1HB (facsimile number 020 7500 2262) for the
                attention of Nigel Kilvington;

        (h)     in the case of the Third Start-Up Loan Provider, Fourth Start-Up
                Loan Provider, Fifth Start-Up Loan Provider or Sixth Start-Up
                Loan Provider to Abbey National plc, Abbey National House, 2
                Triton Square, Regents Place, London NW1 3AN (facsimile number
                (44) 20 7612 4319) for the attention of the Company Secretary;

        (i)     in the case of the Corporate Services Provider, to SPV
                Management Limited, 78 Cannon Street, London EC4P 5LN (facsimile
                number 020 7220 7819) for the attention of Martin McDermott;

        (j)     in the case of the Funding Liquidity Facility Provider, to The
                Royal Bank of Scotland plc, Waterhouse Square, 138-142 Holborn,
                London EC1N 2TH (facsimile number 020 7427 9915) for the
                attention of Hugh Riddlesdell/Stuart Smith;

        (k)     in the case of the Funding Swap Provider, to Abbey National
                Treasury Service PLC, Abbey National House, 2 Triton Square,
                Regents Place, London NW1 3AN (facsimile no.: 020 7612 4319) for
                the attention of the Company Secretary;

        (l)     in the case of Moody's, to Moody's Investor Services, 2 Minster
                Court, Mincing Lane, London EC3R 7XB (facsimile number 020 7772
                5400) for the attention of [Nick Lindstrom], Asset Backed
                Finance;

        (m)     in the case of S&P, to Standard & Poor's, Garden House,18
                Finsbury Circus, London EC2M 7NJ (facsimile number 020 7826
                3598) for the attention of the Structured Finance Surveillance
                Group; and

        (n)     in the case of Fitch, to Fitch Ratings Limited, Eldon House, 2
                Eldon Street, London EC2M 7UA (facsimile number: 020 7417 6262)
                for the attention of European Structured Finance,

        or to such other address or facsimile number or for the attention of
        such other person or entity as may from time to time be notified by any
        party to the others by written notice in accordance with the provisions
        of this CLAUSE 29.

30.     FURTHER PROVISIONS

30.1    EVIDENCE OF INDEBTEDNESS

        In any action, proceedings or claim relating to this Deed or the charges
        contained in this Deed, a statement as to any amount due to any Funding
        Secured Creditor or of the Funding Secured Obligations or any part
        thereof or a statement of any amounts which have been notified to the
        Security Trustee as being amounts due to any Funding Secured Creditor
        which is certified as being correct by an officer of the Security
        Trustee or an officer of the relevant Funding Secured Creditor shall,
        save in the case of manifest error, be conclusive evidence that such
        amount is in fact due and payable.

<PAGE>

                                       43

30.2    RIGHTS CUMULATIVE, WAIVERS

        The respective rights of the Security Trustee, the Funding Secured
        Creditors and any Receiver are cumulative, and may be exercised as often
        as they consider appropriate and are in addition to their respective
        rights under the general law. The respective rights of the Security
        Trustee, the Funding Secured Creditors and any Receiver in relation to
        this Deed (whether arising under this Deed or under the general law)
        shall not be capable of being waived or varied otherwise than by express
        waiver or variation in writing and, in particular, any failure to
        exercise or any delay in exercising any such rights shall not operate as
        a variation or waiver of that or any other such right; any defective or
        partial exercise of such rights shall not preclude any other or further
        exercise of that or any other such right; and no act or course of
        conduct or negotiation on their part or on their behalf shall in any way
        preclude them from exercising any such right or constitute a suspension
        or any variation of any such right.

30.3    INVALIDITY OF ANY PROVISION

        If any of the provisions of this Deed become invalid, illegal or
        unenforceable in any respect under any law, the validity, legality and
        enforceability of the remaining provisions shall not in any way be
        affected or impaired.

30.4    LIABILITY

        All the liabilities and obligations of Funding under or by virtue of
        this Deed shall not be impaired by:

        (a)     any failure of this Deed to be legal, valid, binding and
                enforceable as regards Funding whether as a result of a lack of
                corporate powers or of directors' authority, defective execution
                or for any other reason whatsoever;

        (b)     any giving of time, forbearance, indulgence or waiver as regards
                Funding;

        (c)     a discharge or release of Funding; or

        (d)     any other matter or event whatsoever whether similar to the
                foregoing or not which might have the effect of impairing all or
                any of its liabilities or obligations except proper and valid
                payment or discharge of all Funding Secured Obligations and
                amounts whatsoever which this Deed provides are to be paid by
                Funding or an absolute discharge or release of Funding signed by
                the Funding Secured Creditors and the Security Trustee.

30.5    SEVERABILITY

        Any provision of this Deed which is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the
        extent of such prohibition or unenforceability without invalidating the
        remaining provisions hereof, and any such prohibition or
        unenforceability in any jurisdiction shall not invalidate or render
        unenforceable such provision in any other jurisdiction. To the extent
        permitted by applicable law, each of Funding hereby waives any provision
        of law but only to the extent permitted by law which renders any
        provision of this Deed prohibited or unenforceable in any respect.

<PAGE>

                                       44

30.6    VARIATION

        No variation of any provision(s) of this Deed shall be effective unless
        it is in writing and signed by (or by a person duly authorised by) each
        of the parties hereto.

30.7    COUNTERPARTS

        This Deed may be signed (manually or by facsimile) and delivered in more
        than one counterpart all of which, taken together, shall constitute one
        and the same Deed.

30.8    FUNDING SECURED CREDITORS

        Each Funding Secured Creditor shall be bound by the provisions of this
        Deed as if it contained covenants by each Funding Secured Creditor in
        favour of the Security Trustee and every other Funding Secured Creditor
        to observe and be bound by all the provisions of this Deed expressed to
        apply to Funding Secured Creditors.

30.9    ASSIGNMENT

        None of the Funding Secured Creditors may assign, encumber or transfer
        all or any part of its rights or benefits and/or transfer its
        obligations under this Deed without the prior written consent of the
        Security Trustee, save that each relevant Issuer may assign its rights
        under this Deed without such consent to the Security Trustee under the
        First Issuer Deed of Charge or the issuer deed of charge applicable to
        the New Issuer, as the case may be.

30.10   EXCLUSION OF THIRD PARTY RIGHTS

        The parties to this Deed do not intend that any term of this Deed should
        be enforced, by virtue of the Contracts (Rights of Third Parties) Act
        1999, by any person who is not a party to this Deed.

<PAGE>

                                       45

31.     CHOICE OF LAW

31.1    GOVERNING LAW

        This Deed is governed by and shall be construed in accordance with
        English law (provided that CLAUSES 3.8 (Intimation to Mortgages Trustee)
        and 12.8 (Scottish Trust Property) and any terms hereof which are
        particular to the law of Scotland shall be governed by and construed in
        accordance with Scots law).

DULY EXECUTED AND DELIVERED AS A DEED by each of the parties hereto or on its
behalf on the date appearing on page 1.

<PAGE>

                                       46

FUNDING

EXECUTED as a DEED by                      )
HOLMES FUNDING                             )
LIMITED acting by two                      )
directors/a director and the secretary     )

Director

Director/Secretary

FIRST ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.1)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

SECOND ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.2)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

THIRD ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.3)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

<PAGE>

                                       47

FOURTH ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.4)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

FIFTH ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.5)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

SIXTH ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.6)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

SELLER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

<PAGE>

                                       48

CASH MANAGER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

ACCOUNT BANK

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

FUNDING SWAP PROVIDER

THE COMMON SEAL of                         )
ABBEY NATIONAL TREASURY                    )
SERVICES PLC                               )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

CORPORATE SERVICES PROVIDER

EXECUTED as a DEED by                      )
SPV MANAGEMENT LIMITED                     )
acting by two Directors/a director         )
and the secretary                          )

Director

Director/Secretary

<PAGE>

                                       49

FIRST START-UP LOAN PROVIDER

EXECUTED as a DEED by                      )
CITIBANK N.A., LONDON BRANCH               )
                                           )
acting by its attorney                     )
in the presence of:                        )

Witness:

Name:

Address: ONE NEW CHANGE
           LONDON EC4M 9QQ......................................................

SECOND START-UP LOAN PROVIDER

EXECUTED as a DEED by                      )
CITIBANK N.A., LONDON BRANCH               )
                                           )
acting by its attorney                     )
in the presence of:                        )

Witness:

Name:

Address: ONE NEW CHANGE
           LONDON EC4M 9QQ......................................................

THIRD START-UP LOAN PROVIDER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

<PAGE>

                                       50

FOURTH START-UP LOAN PROVIDER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

FIFTH START-UP LOAN PROVIDER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

SIXTH START-UP LOAN PROVIDER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

FUNDING LIQUIDITY FACILITY PROVIDER

EXECUTED as a DEED by                      )
THE ROYAL BANK OF                          )
SCOTLAND PLC                               )
acting by its attorney                     )
in the presence of                         )

Witness:

Name:

Address: ONE NEW CHANGE
           LONDON EC4M 9QQ
<PAGE>

                                       51

SECURITY TRUSTEE

EXECUTED as a DEED by                      )
JPMORGAN CHASE                             )
BANK, LONDON BRANCH                        )
acting by its attorney                     )
in the presence of:                        )
and the secretary                          )

Witness:

Name:

Address: ONE NEW CHANGE
               LONDON EC4M 9QQ..................................................

EXECUTED as a DEED by                      )
HOLMES TRUSTEES LIMITED                    )
acting by its attorney                     )
in the presence of:                        )
and the secretary                          )

Witness:

Name:

Address:

<PAGE>

                                       52

                                   SCHEDULE 1

                       FORM OF SECURITY POWER OF ATTORNEY

THIS POWER OF ATTORNEY is made on [__], 2002 by Holmes Funding Limited
(registered in England and Wales No. 3982428) whose registered office is Abbey
National House, 2 Triton Square, Regents Place, London NW1 3AN (the
"PRINCIPAL").

WHEREAS

(1)     By virtue of a Deed (the "FUNDING DEED OF CHARGE") dated 26th July, 2000
        between Holmes Funding Limited, Holmes Financing (No. 1) PLC, the
        Corporate Services Provider, the Account Bank, the Funding GIC Provider,
        the Security Trustee, the Seller, the Start-Up Loan Provider, the Cash
        Manager and the Funding Swap Provider, as amended and restated by a Deed
        (the "AMENDED AND RESTATED FUNDING DEED OF CHARGE") dated [__], 2002
        between the foregoing parties and others, provision was made for the
        execution by the Principal of this Power of Attorney.

(2)     Words and phrases in this Power of Attorney shall (save where expressed
        to the contrary) have the same meanings respectively as the words and
        phrases in the Amended and Restated Funding Deed of Charge.

NOW THIS POWER OF ATTORNEY WITNESSETH

1.      The Principal hereby irrevocably and by way of security for the
        performance of the covenants, conditions, obligations and undertakings
        on the part of the Principal contained in the Amended and Restated
        Funding Deed of Charge (and the other Transaction Documents to which the
        Principal is a party from time to time) appoints JPMorgan Chase Bank,
        London Branch and any other person or persons for the time being the
        Security Trustee or Security Trustees of and under the Amended and
        Restated Funding Deed of Charge (the "ATTORNEY") and any receiver
        including any administrative receiver and any manager (the "RECEIVER")
        and/or administrator (the "ADMINISTRATOR") appointed from time to time
        by the Attorney or on its behalf its true and lawful attorney for and in
        the Principal's name or otherwise jointly and severally to do any act
        matter or thing which the Attorney, Receiver or Administrator considers
        in each case to be necessary for the protection or preservation of the
        Attorney's and the Funding Secured Creditors' interests and rights (as
        described in the Amended and Restated Funding Deed of Charge) in and to
        the Funding Charged Property or which ought to be done under the
        covenants, undertakings and provisions contained in the Amended and
        Restated Funding Deed of Charge and the other Transaction Documents to
        which Funding is a party from time to time on or at any time after the
        service of an Intercompany Loan Enforcement Notice or in any other
        circumstances where the Attorney has become entitled to take any of the
        steps referred to in the Amended and Restated Funding Deed of Charge
        including (without limitation) any or all of the following:

        (a)     to do every act or thing which the Attorney, Receiver or
                Administrator may deem to be necessary, proper or expedient for
                fully and effectually vesting, transferring or assigning the
                Funding Charged Property or any part thereof and/or the
                Principal's estate, right, title, benefit and/or interest
                therein or thereto in or to the Attorney and its successors in
                title or other person or persons entitled to the benefit thereof
                in the same manner and as fully and effectually, vesting,
                transferring or charging, as the case may be, in all respects as
                the Principal could have done;

<PAGE>

                                       53

        (b)     the power by writing under its hand by an officer of the
                Attorney (including every Receiver appointed under the Amended
                and Restated Funding Deed of Charge) from time to time to
                appoint a substitute attorney (each a "SUBSTITUTE") who shall
                have power to act on behalf of the Principal as if that
                Substitute shall have been originally appointed Attorney by this
                Power of Attorney and/or to revoke any such appointment at any
                time without assigning any reason therefor.

2.      In favour of the Attorney, any Receiver and/or Administrator and/or
        Substitute, or a person dealing with any of them and the successors and
        assigns of such a person, all acts properly done and documents executed
        or signed by the Attorney, a Receiver, an Administrator or a Substitute
        in the purported exercise of any power conferred by this Power of
        Attorney shall for all purposes be valid and binding on the Principal
        and its successors and assigns.

3.      The Principal irrevocably and unconditionally undertakes to indemnify
        the Attorney and each Receiver and/or Administrator and/or Substitute
        appointed from time to time by the Attorney and their respective estates
        (each an "INDEMNIFIED PARTY") against all actions, proceedings, claims,
        costs, expenses and liabilities of every description arising from the
        exercise, or the purported exercise, of any of the powers conferred by
        this Power of Attorney, save where the same arises as the result of the
        fraud, negligence or wilful default of the relevant Indemnified Party or
        its officers or employees.

4.      The provisions of CLAUSE 3 shall continue in force after the revocation
        or termination, howsoever arising, of this Power of Attorney.

5.      The laws of England and Wales shall apply to this Power of Attorney and
        the interpretation thereof and to all acts of the Attorney and each
        Receiver and/or Administrator and/or Substitute carried out or purported
        to be carried out under the terms hereof.

6.      The Principal hereby agrees at all times hereafter to ratify and confirm
        whatsoever the said Attorney or its attorney or attorneys or any
        Receiver or Administrator or Substitute shall properly and lawfully do
        or cause to be done in and concerning the Funding Charged Property.

IN WITNESS whereof this Power of Attorney has been executed as a deed by the
Principal the day and year first before written.

EXECUTED as a DEED by                  )    Director
HOLMES FUNDING LIMITED                 )
in the presence of:                    )    Director/Secretary

Signature:

Name:

Address:

<PAGE>

                                       54

                                   SCHEDULE 2

                          FORM OF ACCESSION UNDERTAKING

THIS DEED is made on [           ]

BETWEEN

(1)     HOLMES FUNDING LIMITED (registered in England and Wales No. 3982428)
        whose registered office is at Abbey National House, 2 Triton Square,
        Regents Place, London NW1 3AN ("FUNDING");

(2)     HOLMES FINANCING (NO.1) PLC (registered in England and Wales No.
        3946294) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "FIRST ISSUER");

(3)     HOLMES FINANCING (NO. 2) PLC (registered in England and Wales No.
        4056122) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "SECOND ISSUER");

(4)     HOLMES FINANCING (NO. 3) PLC (registered in England and Wales No.
        4154576) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "THIRD ISSUER");

(5)     HOLMES FINANCING (NO. 4) PLC (registered in England and Wales No.
        4167953) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "FOURTH ISSUER");

(6)     HOLMES FINANCING (NO. 5) PLC (registered in England and Wales No.
        4258785) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "FIFTH ISSUER");

(7)     HOLMES FINANCING (NO. 6) PLC (registered in England and Wales No.
        4359738) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "SIXTH ISSUER");

(8)     HOLMES TRUSTEES LIMITED (registered in England and Wales No. 3982431)
        whose registered office is at Abbey National House, 2 Triton Square,
        Regents Place, London NW1 3AN (the "MORTGAGES TRUSTEE");

(9)     ABBEY NATIONAL PLC, a public limited company incorporated under the laws
        of England and Wales whose registered office is at Abbey National House,
        2 Triton Square, Regents Place, London NW1 3AN as seller (the "SELLER");

(10)    ABBEY NATIONAL PLC, a public limited company incorporated under the laws
        of England and Wales whose registered office is at Abbey National House,
        2 Triton Square, Regents Place, London NW1 3AN as cash manager (the
        "CASH MANAGER", which expression shall include such person and all other
        persons for the time being acting as the cash manager or cash managers
        pursuant to the Cash Management Agreement);

<PAGE>

                                       55

(11)    ABBEY NATIONAL PLC, acting though its office at 21 Prescot Street,
        London E1 8AD as account bank (the "ACCOUNT BANK", which expression
        shall include such person and all other persons for the time being
        acting as the account bank or account banks to Funding pursuant to the
        Bank Account Agreement);

(12)    ABBEY NATIONAL TREASURY SERVICES PLC, acting through its office at Abbey
        National House, 2 Triton Square, Regents Place, London NW1 3AN (the
        "FUNDING SWAP PROVIDER", which expression shall include such person and
        all other persons for the time being acting as the variable rate swap
        provider or providers and/or the tracker rate swap provider or providers
        and/or interest rate swap provider or providers pursuant to the Funding
        Swap Agreements);

(13)    SPV MANAGEMENT LIMITED (registered in England and Wales No. 2548079)
        whose business address is at 78 Cannon Street, London EC4P 5LN (the
        "CORPORATE SERVICES PROVIDER", which expression shall include such
        person and all other persons for the time being acting as the corporate
        service provider or corporate service providers pursuant to the
        Corporate Services Agreement);

(14)    CITIBANK N.A., LONDON BRANCH acting through its office at 336 Strand,
        London WC2R 1HB as start-up loan provider pursuant to the First Start-up
        Loan Agreement made on 26th July, 2000 with Funding and the Security
        Trustee (the "FIRST START-UP LOAN PROVIDER") and as start-up loan
        provider pursuant to the Start-up Loan Agreement made on 29th November,
        2000 with Funding and the Security Trustee (the "SECOND START-UP LOAN
        PROVIDER") which expressions shall respectively include such person or
        all other persons for the time being acting as start-up loan provider
        pursuant to the First Start-up Loan Agreement or as start-up loan
        provider pursuant to the Second Start-up Loan Agreement;

(15)    ABBEY NATIONAL PLC, a public limited company incorporated under the laws
        of England and Wales whose registered office is at Abbey National House,
        2 Triton Square, Regents Place, London NW1 3AN as start-up loan provider
        pursuant to the Third Start-up Loan Agreement made on 23rd May, 2001
        with Funding and the Security Trustee (the "THIRD START-UP LOAN
        PROVIDER"), as start-up loan provider pursuant to the Fourth Start-up
        Loan Agreement made on 5th July, 2001 with Funding and the Security
        Trustee (the "FOURTH START-UP LOAN PROVIDER"), as start-up loan provider
        to Funding pursuant to the Fifth Start-up Loan Agreement (the "FIFTH
        START-UP LOAN PROVIDER") and as start-up loan provider to Funding
        pursuant to the Sixth Start-up Loan Agreement (the "SIXTH START-UP LOAN
        PROVIDER"),which expression shall respectively include such person or
        all other persons for the time being acting as start-up loan provider
        pursuant to the Third Start-up Loan Agreement, as start-up loan provider
        pursuant to the Fourth Start-up Loan Agreement, as start-up loan
        provider pursuant to the Fifth Start-up Loan Agreement or as start-up
        loan provider pursuant to the Sixth Start-up Loan Agreement;

(16)    THE ROYAL BANK OF SCOTLAND PLC, acting through its office at Waterhouse
        Square, 138-142 Holborn, London EC1N 2TH as Funding Liquidity Facility
        provider (the "FUNDING LIQUIDITY FACILITY PROVIDER", which expression
        shall include such person and all other persons for the time being
        acting as the funding liquidity facility provider pursuant to the
        Funding Liquidity Facility Agreement);

(17)    JPMORGAN CHASE BANK, LONDON BRANCH whose principal office is at Trinity
        Tower, 9 Thomas More Street, London E1W 1YT (the "SECURITY TRUSTEE"
        which expression

<PAGE>

                                       56

        includes such person and all other persons for the time being acting as
        the Security Trustee or trustees pursuant to the Amended and Restated
        Funding Deed of Charge); and

(18)    [Any other additional secured creditor of Funding.]

(19)     [                              ] (the "NEW FUNDING SECURED CREDITOR").

NOW THIS DEED WITNESSES AS FOLLOWS

WHEREAS

(A)     Pursuant to the terms of a [describe agreement] (the "AGREEMENT") dated
        [ ] made between Funding and the New Funding Secured Creditor, Funding
        has agreed to [describe nature of the obligations of Funding under the
        Agreement].

(B)     Funding has agreed to provide the Security Trustee with the benefit of
        the security described in the Amended and Restated Funding Deed of
        Charge to secure Funding's obligations to the Funding Secured Creditors.

(C)     The terms of the Amended and Restated Funding Deed of Charge permit
        Funding to secure its obligations to a New Funding Secured Creditor
        thereunder.

(D)     The New Funding Secured Creditor has agreed to enter into this Deed to
        accede to the provisions of the Amended and Restated Funding Deed of
        Charge.

(E)     The Funding Secured Creditors have agreed to enter into this Deed to
        agree consequential charges to the Funding Priority of Payments set out
        in PART I, PART II and PART III of SCHEDULE 3 of the Amended and
        Restated Funding Deed of Charge as are required and any other amendment
        as may be required to give effect to this Accession Undertaking.

1.      INTERPRETATION

        The Amended and Restated Master Definitions and Construction Schedule
        signed for the purposes of identification by Allen & Overy and Slaughter
        and May on ___ November, 2000 (as the same may be amended, varied or
        supplemented from time to time with the consent of the parties hereto)
        are expressly and specifically incorporated into this Agreement and,
        accordingly, the expressions defined in the Amended and Restated Master
        Definitions and Construction Schedule (as so amended, varied or
        supplemented) shall, except where the context otherwise requires and
        save where otherwise defined herein, have the same meanings in this
        Agreement, including the Recitals hereto and this Agreement shall be
        construed in accordance with the interpretation provisions set out in
        Clause [2] of the Amended and Restated Master Definitions and
        Construction Schedule.

2.      REPRESENTATIONS AND WARRANTIES

2.1     The New Funding Secured Creditor hereby represents and warrants to the
        Security Trustee and each of the Funding Secured Creditors in respect of
        itself that as of the date of this Deed:

        (a)     pursuant to the terms of the Agreement, Funding has agreed to
                pay to the New Funding Secured Creditor the amount (if any)
                [describe in relation to the Agreement]; and

<PAGE>

                                       57

        (b)     the Agreement expressly provides that all amounts due from
                Funding thereunder are to be secured by the Amended and Restated
                Funding Deed of Charge.

2.2     Funding hereby represents and warrants to the Security Trustee and each
        of the Funding Secured Creditors that as at the date of this Deed, the
        conditions to incurring further secured Financial Indebtedness set out
        in CLAUSE 2.2 (New Intercompany Loan Agreements) are satisfied.

3.      ACCESSION

        In consideration of the New Funding Secured Creditor being accepted as
        an Funding Secured Creditor for the purposes of the Amended and Restated
        Funding Deed of Charge by the parties thereto as from [date], the New
        Funding Secured Creditor:

        (a)     confirms that as from [date], it intends to be a party to the
                Amended and Restated Funding Deed of Charge as a Funding Secured
                Creditor;

        (b)     undertakes to comply with and be bound by all of the provisions
                of the Amended and Restated Master Definitions and Construction
                Schedule (as the same may be amended, varied or restated from
                time to time) and the Amended and Restated Funding Deed of
                Charge in its capacity as a Funding Secured Creditor, as if it
                had been an original party thereto;

        (c)     undertakes to perform comply with and be bound by all of the
                provisions of the Amended and Restated Funding Deed of Charge in
                its capacity as a Funding Secured Creditor, as if it had been an
                original party thereto as provided in CLAUSE 30.8 (Funding
                Secured Creditors) (including without limitation CLAUSES 8.4
                (Priority of Payments - After Service of an Intercompany Loan
                Enforcement Notice), 8.5 (Application of Monies Received After
                Intercompany Loan Enforcement Notice) and 9.2 (No Enforcement by
                Funding Secured Creditors)); and

        (d)     agrees that the Security Trustee shall be the Security Trustee
                of the Amended and Restated Funding Deed of Charge for all
                Funding Secured Creditors upon and subject to the terms set out
                in the Amended and Restated Funding Deed of Charge.

4.      SCOPE OF THE AMENDED AND RESTATED FUNDING DEED OF CHARGE

        Funding, the New Funding Secured Creditor and the Security Trustee
        hereby agree that for relevant purposes under the Amended and Restated
        Funding Deed of Charge and the Amended and Restated Master Definitions
        and Construction Schedule:

        (a)     the Agreement shall be treated as a Funding Agreement; and

        (b)     the New Funding Secured Creditor shall be treated as an Funding
                Secured Creditor.

5.      AMENDMENT TO THE FUNDING PRIORITY OF PAYMENTS

        The Funding Secured Creditors agree to amend and restate the Funding
        Priority of Payments set out in PART I and PART II of SCHEDULE 3 of the
        Amended and Restated Funding Deed of Charge in accordance with APPENDIX
        1 hereto.

<PAGE>

                                       58

6.      NOTICES AND DEMANDS

        Any notice or communication under or in connection with this Deed, the
        Amended and Restated Funding Deed of Charge or the Amended and Restated
        Master Definitions and Construction Schedule shall be given in the
        manner and at the times set out in CLAUSE 29 (Notices and Demands) of
        the Amended and Restated Funding Deed of Charge to the addresses given
        in this Clause or at such other address as the recipient may have
        notified to the other parties hereto and/or thereto in writing.

        The address referred to in this CLAUSE 5 for the New Funding Secured
        Creditor is:

        [         ]

        For the attention of:      [   ]
        Telephone:                 [   ]
        Facsimile:                 [   ]

        or such other address and/or numbers as the New Issuer may notify to the
        parties to the Amended and Restated Funding Deed of Charge in accordance
        with the provisions thereof.

7.      CHOICE OF LAW

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

DULY EXECUTED AND DELIVERED AS A DEED by each of the parties hereto or on its
behalf on the date appearing on page 1.

NEW FUNDING SECURED CREDITOR

EXECUTED as a DEED by                       )
[                ]                          )
acting by two                               )
directors/a director and the secretary      )

Director

Director/Secretary

FUNDING

EXECUTED as a DEED by                      )
HOLMES FUNDING                             )
LIMITED acting by two                      )
directors/a director and the secretary     )

Director

Director/Secretary

<PAGE>

                                       59

FIRST ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.1)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

SECOND ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.2)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

THIRD ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.3)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

FOURTH ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.4)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

<PAGE>

                                       60

FIFTH ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.5)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary

SIXTH ISSUER

EXECUTED as a DEED by                      )
HOLMES FINANCING (NO.6)                    )
PLC acting by two                          )
directors/a director and the secretary     )

Director

Director/Secretary..............................................................

EXECUTED as a DEED by                      )
HOLMES TRUSTEES LIMITED                    )
                                           )
acting by its attorney                     )
in the presence of                         )

Witness:

Name:

Address:

SELLER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of             )

Authorised Signatory                       )
                                           )
Authorised Signatory                       )

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                                       61

CASH MANAGER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory                       )
                                           )
Authorised Signatory                       )

ACCOUNT BANK

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )
                                           )

Authorised Signatory                       )
                                           )
Authorised Signatory                       )

FUNDING SWAP PROVIDER

EXECUTED as a DEED by                      )
ABBEY NATIONAL TREASURY                    )
SERVICES PLC                               )
acting by two Directors/a director         )
and the secretary                          )

Director

Director/Secretary

CORPORATE SERVICES PROVIDER

EXECUTED as a DEED by                      )
SPV MANAGEMENT LIMITED                     )
acting by two Directors/a director         )
and the secretary                          )

Director

Director/Secretary

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                                       62

FIRST START-UP LOAN PROVIDER

EXECUTED as a DEED by                      )
CITIBANK N.A.,                             )
LONDON BRANCH                              )
                                           )
acting by its attorney                     )
in the presence of:                        )

Witness:

Name:

Address:

SECOND START-UP LOAN PROVIDER

EXECUTED as a DEED by                      )
CITIBANK N.A., LONDON BRANCH               )
                                           )
acting by its attorney                     )
in the presence of:                        )

Witness:

Name:

Address: ONE NEW CHANGE
           LONDON EC4M 9QQ......................................................

THIRD START-UP LOAN PROVIDER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

FOURTH START-UP LOAN PROVIDER

<PAGE>

                                       63

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

FIFTH START-UP LOAN PROVIDER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

SIXTH START-UP LOAN PROVIDER

THE COMMON SEAL of                         )
ABBEY NATIONAL PLC                         )
was affixed in the presence of:            )

Authorised Signatory

Authorised Signatory

FUNDING LIQUIDITY FACILITY PROVIDER

EXECUTED as a DEED by                      )
THE ROYAL BANK OF                          )
SCOTLAND PLC                               )
acting by its attorney in                  )
the presence of:                           )

Witness:

Name:

Address:

<PAGE>

                                       64

SECURITY TRUSTEE

EXECUTED as a DEED by                      )
JPMORGAN CHASE                             )
BANK, LONDON BRANCH                        )
                                           )
acting by its attorney                     )
in the presence of                         )

Witness:

Name:

Address:

<PAGE>

                                       65

                                   APPENDIX 1

                AMENDED AND RESTATED FUNDING PRIORITY OF PAYMENTS

                                     PART I

              FUNDING PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS

On each Intercompany Loan Determination Date, Funding or the Cash Manager in its
place will determine the Funding Available Revenue Receipts available to pay the
amount set out below on the immediately succeeding Interest Payment Date.

Funding Available Revenue Receipts will be applied on each Interest Payment Date
(or, in the case of amounts due by Funding or the First Issuer, the Second
Issuer, the Third Issuer, the Fourth Issuer, the Fifth Issuer or the Sixth
Issuer as the case may be, to third parties or to the First Issuer Account Bank,
the Second Issuer Account Bank, the Third Issuer Account Bank, the Fourth Issuer
Account Bank, the Fifth Issuer Account Bank or the Sixth Issuer Account Bank
pursuant to item (a) below or to the Account Bank pursuant to item (c) below, on
the date when due) until enforcement of the Funding Security or until such time
as there are no amounts outstanding under any Intercompany Loan Agreements, in
making such payments and provisions in the following order of priority (the
"FUNDING PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS") (in each case only if
and to the extent that payments or provisions of a higher priority have been
made in full):

(a)     firstly, in or towards satisfaction pro rata and pari passu according to
        the respective amounts thereof of:

        (i)     any remuneration then due and payable to the Security Trustee
                and any other amounts then due or to become due to the Security
                Trustee in the immediately succeeding Interest Period under the
                provisions of this Amended and Restated Funding Deed of Charge
                together with interest and any amounts in respect of VAT thereon
                as provided herein;

        (ii)    any amounts due to:

                (1)     the First Issuer under the First Issuer Intercompany
                        Loan Agreement in respect of the First Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the First Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the First Issuer Post-Enforcement Priority
                        of Payments;

                (2)     the Second Issuer under the Second Issuer Intercompany
                        Loan Agreement in respect of the Second Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Second Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Second Issuer Post-Enforcement Priority
                        of Payments;

                (3)     the Third Issuer under the Third Issuer Intercompany
                        Loan Agreement in respect of the Third Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Third Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Third Issuer Post-Enforcement Priority
                        of Payments;

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                                       66

                (4)     the Fourth Issuer under the Fourth Issuer Intercompany
                        Loan Agreement in respect of the Fourth Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Fourth Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Fourth Issuer Post-Enforcement Priority
                        of Payments;

                (5)     the Fifth Issuer under the Fifth Issuer Intercompany
                        Loan Agreement in respect of the Fifth Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Fifth Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Fifth Issuer Post-Enforcement Priority
                        of Payments; and

                (6)     the Sixth Issuer under the Sixth Issuer Intercompany
                        Loan Agreement in respect of the Sixth Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Sixth Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Sixth Issuer Post-Enforcement Priority
                        of Payments; and

        (iii)   any amounts due and payable by Funding to third parties (other
                than those referred to below) and incurred without breach by
                Funding of the Transaction Documents to which it is a party (and
                for which payment has not been provided for elsewhere) and to
                provide for any such amounts expected to become due and payable
                by Funding in the immediately succeeding Interest Period and to
                pay or discharge any liability of Funding for corporation tax on
                any chargeable income, profit or gain of Funding;

(b)     secondly, in or towards satisfaction of any remuneration then due and
        payable to the Cash Manager and any costs, charges, liabilities and
        expenses then due or to become due and payable to the Cash Manager in
        the immediately succeeding Interest Period under the provisions of the
        Cash Management Agreement, together with amounts in respect of VAT
        thereon as provided therein;

(c)     thirdly, in or towards satisfaction pro rata and pari passu, according
        to the respective amounts thereof, of amounts (if any) due to the
        Account Bank (including costs) pursuant to the terms of the Bank Account
        Agreement and to the Corporate Services Provider pursuant to the terms
        of the Corporate Services Agreement;

(d)     fourthly, in or towards satisfaction, pro rata and pari passu, according
        to the respective amounts thereof, of amounts due and payable (if any)
        by Funding to (i) the Funding Swap Provider pursuant to the Funding Swap
        Agreement except for any termination payments due and payable by Funding
        under the Funding Swap Agreement following a Funding Swap Provider
        Default and (ii) the Funding Liquidity Facility Provider under the
        Funding Liquidity Facility Agreement except for principal repayments and
        any Funding Liquidity Subordinated Amounts;

(e)     fifthly, to pay pro rata and pari passu according to the respective
        amounts outstanding of each Term AAA Advance, interest then due and
        payable on each of the First Issuer Term AAA Advances, the Second Issuer
        Term AAA Advances, the Third Issuer Term AAA Advances, the Fourth Issuer
        Term AAA Advances, the Fifth Issuer Term AAA Advances and the Sixth
        Issuer Term AAA Advances;

<PAGE>

                                       67

(f)     sixthly, to make provision for a credit to the AAA Principal Deficiency
        Sub Ledger in an amount sufficient to eliminate any debit thereon;

(g)     seventhly, to pay pro rata and pari passu according to the respective
        amounts outstanding of each Term AA Advance, interest then due and
        payable on each of the First Issuer Term AA Advances, the Second Issuer
        Term AA Advances, the Third Issuer Term AA Advances, the Fourth Issuer
        Term AA Advances, the Fifth Issuer Term AA Advances and the Sixth Issuer
        Term AA Advances;

(h)     eighthly, to make provision for a credit to the AA Principal Deficiency
        Sub Ledger in an amount sufficient to eliminate any debit thereon;

(i)     ninthly, to pay pro rata and pari passu according to the respective
        amounts outstanding of each Term BBB Advance, interest then due and
        payable on the First Issuer Term BBB Advances, the Second Issuer Term
        BBB Advances, the Third Issuer Term BBB Advances, the Fourth Issuer Term
        BBB Advances, the Fifth Issuer Term BBB Advances and the Sixth Issuer
        Term BBB Advances;

(j)     tenthly, to make provision for a credit to the BBB Principal Deficiency
        Sub Ledger in an amount sufficient to eliminate any debit thereon;

(k)     eleventhly, to pay the interest then due and payable on the Fourth
        Issuer Term BB Advance;

(l)     twelfthly, to pay pro rata and pari passu according to the respective
        amounts thereof:

        (i)     any amounts due to the First Issuer in respect of the First
                Issuer's obligation (if any) to make a termination payment due
                to any First Issuer Swap Provider (but excluding any termination
                payment due to a First Issuer Swap Provider as a result of a
                First Issuer Swap Provider Default);

        (ii)    any amounts due to the Second Issuer in respect of the Second
                Issuer's obligation (if any) to make a termination payment due
                to any Second Issuer Swap Provider (but excluding any
                termination payment due to a Second Issuer Swap Provider as a
                result of a Second Issuer Swap Provider Default);

        (iii)   any amounts due to the Third Issuer in respect of the Third
                Issuer's obligation (if any) to make a termination payment due
                to any Third Issuer Swap Provider (but excluding any termination
                payment due to a Third Issuer Swap Provider as a result of a
                Third Issuer Swap Provider Default);

        (iv)    any amounts due to the Fourth Issuer in respect of the Fourth
                Issuer's obligation (if any) to make a termination payment due
                to any Fourth Issuer Swap Provider (but excluding any
                termination payment due to a Fourth Issuer Swap Provider as a
                result of a Fourth Issuer Swap Provider Default);

        (v)     any amounts due to the Fifth Issuer in respect of the Fifth
                Issuer's obligation (if any) to make a termination payment due
                to any Fifth Issuer Swap Provider (but excluding any termination
                payment due to a Fifth Issuer Swap Provider as a result of a
                Fifth Issuer Swap Provider Default); and

<PAGE>

                                       68

        (vi)    any amounts due to the Sixth Issuer in respect of the Sixth
                Issuer's obligation (if any) to make a termination payment due
                to any Sixth Issuer Swap Provider (but excluding any termination
                payment due to a Sixth Issuer Swap Provider as a result of a
                Sixth Issuer Swap Provider Default);

(m)     thirteenthly, to credit the First Reserve Ledger in an amount up to the
        First Reserve Fund Required Amount (except that amounts standing to the
        credit of the Second Reserve Ledger shall not be available for this
        purpose);

(n)     fourteenthly, to pay pro rata and pari passu according to the respective
        amounts due:

        (i)     amounts due to the First Issuer in respect of the First Issuer's
                obligations specified in items (h), (i), (j), (k) and (l) of the
                First Issuer Pre-Enforcement Revenue Priority of Payments or, as
                the case may be, items (g), (h), (i) and (j) of the First Issuer
                Post-Enforcement Priority of Payments;

        (ii)    amounts due to the Second Issuer in respect of the Second
                Issuer's obligations specified in items (h), (i), (j) and (k) of
                the Second Issuer Pre-Enforcement Revenue Priority of Payments
                or, as the case may be, items (g), (h), (i) and (j) of the
                Second Issuer Post-Enforcement Priority of Payments;

        (iii)   amounts due to the Third Issuer in respect of the Third Issuer's
                obligations specified in items (h), (i), (j) and (k) of the
                Third Issuer Pre-Enforcement Revenue Priority of Payments or, as
                the case may be, items (g), (h), (i) and (j) of the Third Issuer
                Post-Enforcement Priority of Payments;

        (iv)    amounts due to the Fourth Issuer in respect of the Fourth
                Issuer's obligations specified in items (i), (j), (k), (l) and
                (m) of the Fourth Issuer Pre-Enforcement Revenue Priority of
                Payments or, as the case may be, items (h), (i), (j), (k) and
                (l) of the Fourth Issuer Post-Enforcement Priority of Payments;

        (v)     amounts due to the Fifth Issuer in respect of the Fifth Issuer's
                obligations specified in items (h), (i), (j) and (k) of the
                Fifth Issuer Pre-Enforcement Revenue Priority of Payments or, as
                the case may be, items (g), (h), (i) and (j) of the Fifth Issuer
                Post-Enforcement Priority of Payments;

        (vi)    amounts due to the Sixth Issuer in respect of the Sixth Issuer's
                obligations specified in items (h), (i), (j) and (k) of the
                Sixth Issuer Pre-Enforcement Revenue Priority of Payments or, as
                the case may be, items (g), (h), (i) and (j) of the Sixth Issuer
                Post-Enforcement Priority of Payments;

        (vii)   any other amounts due to the First Issuer under the First Issuer
                Intercompany Loan Agreement;

        (viii)  any other amounts due to the Second Issuer under the Second
                Issuer Intercompany Loan Agreement;

        (ix)    any other amounts due to the Third Issuer under the Third Issuer
                Intercompany Loan Agreement;

<PAGE>

                                       69

        (x)     any other amounts due to the Fourth Issuer under the Fourth
                Issuer Intercompany Loan Agreement;

        (xi)    any other amounts due to the Fifth Issuer under the Fifth Issuer
                Intercompany Loan Agreement;

        (xii)   any other amounts due to the Sixth Issuer under the Sixth Issuer
                Intercompany Loan Agreement;

        (xiii)  after the occurrence of a Funding Swap Provider Default, amounts
                due to the Funding Swap Provider in respect of any termination
                payments due and payable by Funding under the Funding Swap
                Agreement; and

        (xiv)   to the Funding Liquidity Facility Provider to pay any Funding
                Liquidity Subordinated Amounts under the Funding Liquidity
                Facility Agreement;

(o)     fifteenthly, to credit the Second Reserve Ledger in an amount up to the
        Second Reserve Fund Required Amount;

(p)     sixteenthly, subject to satisfying the conditions to prepayment of
        principal on the Fourth Issuer Term BB Advance as set out in CLAUSE 5.7
        of the Fourth Issuer Intercompany Loan Agreement, to repay the Fourth
        Issuer Term BB Advance;

(q)     seventeenthly, to pay pro rata and pari passu according to the
        respective amounts outstanding thereof, any amounts due to the First
        Start-up Loan Provider, the Second Start-up Loan Provider, the Third
        Start-Up Loan Provider, the Fourth Start-up Loan Provider, the Fifth
        Start-up Loan Provider and the Sixth Start-up Loan Provider under the
        Start-up Loan Agreements;

(r)     eighteenthly, to pay any Postponed Deferred Consideration;

(s)     nineteenthly, to pay any Deferred Consideration other than that referred
        to in item (r) above and excluding an amount equal to 0.01 per cent of
        the Funding Available Revenue Receipts; and

(t)     twentiethly, to pay to shareholders of Funding any dividend declared by
        Funding.

<PAGE>

                                       70

                                     PART II

RULES FOR APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS AND FUNDING
PRINCIPAL RECEIPTS

On each Intercompany Loan Determination Date, Funding or the Cash Manager in its
place will determine the Funding Available Principal Receipts available to repay
the Term Advances on the immediately succeeding Interest Payment Date.

1.      GENERAL PRINCIPLES FOR APPLICATION OF FUNDING AVAILABLE PRINCIPAL
        RECEIPTS PRIOR TO THE OCCURRENCE OF A TRIGGER EVENT OR ENFORCEMENT OF
        THE FUNDING SECURITY

1.1     On each Interest Payment Date prior to the occurrence of a Trigger Event
        or enforcement of the Funding Security, Funding or the Cash Manager on
        its behalf will apply Funding Available Principal Receipts:

        (a)     first, on each Interest Payment Date to repay the Funding
                Liquidity Facility Provider amounts drawn under the Funding
                Liquidity Facility on the previous Interest Payment Date in
                order to repay principal due on the First Issuer Term AAA
                Advances, the Second Issuer Series 1 Term AAA Advance, the Third
                Issuer Series 1 Term AAA Advance, the Third Issuer Series 2 Term
                AAA Advance, the Fourth Issuer Series 1 Term AAA Advance, the
                Fourth Issuer Series 2 Term AAA Advance, the Fourth Issuer
                Series 4 Term AAA Advance, the Fifth Issuer Series 1 Term AAA
                Advance, the Fifth Issuer Series 2 Term AAA Advances, the Fifth
                Issuer Series 3A1 Term AAA Advance, the Sixth Issuer Series 1
                Term AAA Advance, the Sixth Issuer Series 2 Term AAA Advance,
                the Sixth Issuer Series 3 Term AAA Advance and the Sixth Issuer
                Series 4 Term AAA Advances;

        (b)     second, on each Interest Payment Date to replenish the First
                Reserve Fund to the extent that monies have been drawn from the
                First Reserve Fund on a previous Interest Payment Date and have
                not been repaid, where such drawing was made for the purpose of
                repaying principal amounts then due and payable on any of the
                First Issuer Term AAA Advances, the Second Issuer Series 1 Term
                AAA Advance, the Third Issuer Series 1 Term AAA Advance, the
                Third Issuer Series 2 Term AAA Advance, the Fourth Issuer Series
                1 Term AAA Advance, the Fourth Issuer Series 2 Term AAA Advance,
                the Fourth Issuer Series 4 Term AAA Advance, the Fifth Issuer
                Series 1 Term AAA Advance, the Fifth Issuer Series 2 Term AAA
                Advances, the Fifth Issuer Series 3A1 Term AAA Advance, the
                Sixth Issuer Series 1 Term AAA Advance, the Sixth Issuer Series
                2 Term AAA Advance, the Sixth Issuer Series 3 Term AAA Advance
                and the Sixth Issuer Series 4 Term AAA Advances; and

        (c)     third, (subject to the terms of this Deed and each Intercompany
                Loan Agreement) on each Interest Payment Date to repay the Term
                Advances (to the extent that amounts are then due and payable on
                the Term Advances taking into account their relevant Scheduled
                Repayment Dates and permitted repayment dates) in accordance
                with the terms and provisions of each Intercompany Loan
                Agreement and the relative Term Advance Rating of the Term
                Advances so that Funding Available Principal Receipts will be
                applied (pro rata and pari passu between Term Advances with the
                same Term Advance Rating) to meet the principal repayments due
                and payable (or due and payable subject to the availability of
                Funding Available Principal Receipts) first on the Term Advances

<PAGE>

                                       71

                with the highest Term Advance Rating, and thereafter on the Term
                Advances with the next highest Term Advance Rating, and so on,
                down to the Term Advances with the lowest Term Advance Rating.

1.2     If on any Interest Payment Date, prior to the occurrence of a Trigger
        Event or enforcement of the Funding Security, amounts are due and
        payable under more than one Term AAA Advance, Funding shall apply
        Funding Available Principal Receipts to repay such Term AAA Advances in
        order according to their respective Final Maturity Dates, so that the
        Term AAA Advance with the earliest Final Repayment Date is paid first,
        and so on.

1.3     If any Term AAA Advances have the same Final Maturity Date, then Funding
        shall apply Funding Available Principal Receipts to repay those Term AAA
        Advances pro rata and pari passu according to the respective amounts
        due. If on an Interest Payment Date prior to the occurrence of a Trigger
        Event or enforcement of the Funding Security (the "RELEVANT INTEREST
        PAYMENT DATE"):

        (a)     a Principal Loss has been recorded on the Principal Deficiency
                Ledger in respect of any of the Term BBB Advances and/or the
                Term AA Advances under any Intercompany Loan Agreement and such
                Principal Loss has not been cured on the Relevant Interest
                Payment Date; or

        (b)     monies standing to the credit of the First Reserve Fund have
                been used, on or prior to the Relevant Interest Payment Date, to
                cure a Principal Deficiency in respect of any of the Term BBB
                Advances and/or the Term AA Advances under any Intercompany Loan
                Agreement, and the First Reserve Fund has not been replenished
                by a corresponding amount on the Relevant Interest Payment Date,

        then the Term BBB Advances and (if there has been an amount debited to
        the AA Principal Deficiency Sub Ledger as described in (a) above, or if
        monies standing to the credit of the First Reserve Fund have been used
        to cure a Principal Deficiency in respect of any Term AA Advance as
        described in (b) above) the Term AA Advances, will not be entitled to
        principal repayments until the relevant circumstance as described above
        has been cured or otherwise ceases to exist.

1.4     If the aggregate Outstanding Principal Balance of Loans in the Mortgages
        Trust, in respect of which the aggregate amount in arrear is more than
        three times the monthly payment then due, is more than 5 per cent. of
        the aggregate Outstanding Principal Balance of Loans in the Mortgages
        Trust, then the Term BBB Advances and the Term AA will not be entitled
        to principal repayments until that circumstance has been cured or
        otherwise ceases to exist.

1.5     The principles set out in this CLAUSE 1 shall prevail except to the
        extent that they are subject to the exceptions set out in CLAUSES 2 to 6
        below (inclusive).

2.      APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS DURING A CASH
        ACCUMULATION PERIOD OR A SCHEDULED AMORTISATION PERIOD

        Subject to CLAUSES 1.1(a) and 1.1(b) above and CLAUSE 3.4 below, on and
        from the commencement of a Cash Accumulation Period or a Scheduled
        Amortisation Period (but prior to the occurrence of a Trigger Event or
        enforcement of the Funding Security), Funding Available Principal
        Receipts (except to the extent required to make payment in respect of
        any other Bullet Term Advance or any Scheduled Amortisation Term Advance
        with a Deemed AAA Rating in each case taken into account in determining
        the commencement of a Cash

<PAGE>

                                       72

        Accumulation Period) will be deposited in the Funding GIC Account and
        the amount of such deposits will be recorded on the Cash Accumulation
        Ledger until the relevant Bullet Amount due in respect of the relevant
        Bullet Term Advance has been saved by Funding or, as the case may be,
        until the relevant Scheduled Amortisation Amount has been saved by
        Funding.

        Accordingly, during a Cash Accumulation Period, no payments will be made
        in respect of any Payable Pass Through Term Advances or Payable
        Scheduled Amortisation Term Advances under an Intercompany Loan
        Agreement (unless that Scheduled Amortisation Term Advance has a Deemed
        AAA Rating and a Scheduled Repayment Date thereof falls during the Cash
        Accumulation Period), except as provided in CLAUSE 3.4 below.

3.      APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS TO PAY PASS THROUGH
        TERM ADVANCES AND SCHEDULED AMORTISATION TERM ADVANCES IN CERTAIN
        CIRCUMSTANCES

3.1     If:

        (a)     amounts are due and payable in respect of any Pass Through Term
                Advances (the "PAYABLE PASS THROUGH TERM ADVANCES");

        (b)     no amounts are due and payable on any Scheduled Amortisation
                Term Advances; and

        (c)     (i) the Cash Accumulation Period has not commenced in respect of
                any Bullet Term Advance, or (ii) all Bullet Term Advances have
                been repaid,

        then, subject to CLAUSE 1 above and CLAUSES 3.2 and 3.3 below, on each
        Interest Payment Date prior to the occurrence of a Trigger Event or
        enforcement of the Funding Security, Funding or the Cash Manager on its
        behalf will apply all Funding Available Principal Receipts to repay the
        Payable Pass Through Term Advances.

3.2     If:

        (a)     amounts are due and payable on any Scheduled Amortisation Term
                Advances (the "PAYABLE SCHEDULED AMORTISATION TERM ADVANCES");

        (b)     no amounts are due and payable on any Pass Through Term
                Advances; and

        (c)     (i) the Cash Accumulation Period has not commenced in respect of
                any Bullet Term Advance, or (ii) all Bullet Term Advances have
                been repaid,

        then, subject to CLAUSE 1 above and CLAUSE 3.3 below, on each Interest
        Payment Date prior to the occurrence of a Trigger Event or enforcement
        of the Funding Security, Funding or the Cash Manager on its behalf will
        apply all Funding Available Principal Receipts to repay the Payable
        Scheduled Amortisation Term Advances.

3.3     If:

        (a)     under an Intercompany Loan Agreement ("INTERCOMPANY LOAN
                AGREEMENT A"), amounts are due and payable in respect of a Pass
                Through Term Advance and/or a Scheduled Amortisation Term
                Advance in either case which has a Term Advance Rating of "AAA"
                (the "SENIOR PAYABLE PASS THROUGH TERM ADVANCE" and the "SENIOR
                PAYABLE SCHEDULED AMORTISATION TERM ADVANCE" respectively);

<PAGE>

                                       73

        (b)     under a different Intercompany Loan Agreement ("INTERCOMPANY
                LOAN AGREEMENT B"), amounts are due and payable in respect of a
                Pass Through Term Advance and/or a Scheduled Amortisation Term
                Advance in either case which does not have a Term Advance Rating
                of "AAA" (the "SUBORDINATED PAYABLE PASS THROUGH TERM ADVANCE"
                and the "SUBORDINATED PAYABLE SCHEDULED AMORTISATION TERM
                ADVANCE" respectively); and

        (c)     there is no Cash Accumulation Period affecting payments under
                either Intercompany Loan Agreement A or Intercompany Loan
                Agreement B,

        then on each Interest Payment Date prior to the occurrence of a Trigger
        Event or enforcement of the Funding Security, Funding or the Cash
        Manager on its behalf will apply Funding Available Principal Receipts:

        (i)     to repay the Senior Payable Pass Through Term Advance and the
                Senior Payable Scheduled Amortisation Term Advance as follows:

<TABLE>
<CAPTION>
<S>              <C>    <C>              <C>         <C>
Funding Share             Principal                   Outstanding Principal Balance of Intercompany
Percentage         x      Receipts         x          Loan Agreement A
                                                      --------------------------------------------------
                                                      Aggregate Outstanding Principal Balance of all
                                                      Intercompany Loans
</TABLE>

        (ii)    to repay the Subordinated Payable Pass Through Term Advance and
                the Subordinated Payable Scheduled Amortisation Term Advance, as
                follows:

<TABLE>
<CAPTION>
<S>              <C>    <C>              <C>         <C>
Funding Share              Principal                    Outstanding Principal Balance of the
Percentage         x       Receipts        x            Intercompany Loan Agreement B
                                                        ------------------------------------------------
                                                        Aggregate  Outstanding  Principal Balance of all
                                                        Intercompany Loans
</TABLE>

        (d)     If, after applying the Funding Share Percentage of Principal
                Receipts to repay the Payable Pass Through Term Advance and the
                Payable Scheduled Amortisation Term Advance pursuant to
                paragraphs (i) and (ii) above, there is a shortfall in the
                amount due and payable on that Interest Payment Date on the
                Payable Scheduled Amortisation Term Advance, Funding will apply
                those additional Principal Receipts received on the immediately
                preceding Distribution Date under CLAUSE 9.1(D) of the Mortgages
                Trust Deed (as amended and restated) towards repayment of the
                relevant Payable Scheduled Amortisation Term Advance.

3.4     If:

        (a)     amounts are due and payable in respect of a Pass Through Term
                Advance and/or a Scheduled Amortisation Term Advance made under
                an Intercompany Loan Agreement ("INTERCOMPANY LOAN AGREEMENT
                X"); and

        (b)     in respect of a different Intercompany Loan Agreement
                ("INTERCOMPANY LOAN AGREEMENT Y"), the Cash Accumulation Period
                in relation to a Bullet Term Advance made under Intercompany
                Loan Agreement Y has commenced,

<PAGE>

                                       74

        then (subject to CLAUSES 1.1(a), 1.1(b), 1.3 and 1.4 above) on each
        Interest Payment Date, Funding or the Cash Manager on its behalf will
        apply an amount equal to the amount determined as follows to repay the
        outstanding Payable Pass Through Term Advances and the Payable Scheduled
        Amortisation Term Advances under Intercompany Loan Agreement X:

<TABLE>
<CAPTION>
<S>              <C>    <C>              <C>         <C>
Funding Share               Principal                   Outstanding Principal Balance of the
Percentage           x      Receipts        x           Intercompany Loan Agreement X
                                                        ------------------------------------------------
                                                        Aggregate  Outstanding  Principal Balance of all
                                                        Intercompany Loans
</TABLE>

        If however, the relevant Interest Payment Date is also the Scheduled
        Repayment Date for a Bullet Term Advance under Intercompany Loan
        Agreement Y and there is not enough money to repay that Bullet Term
        Advance and the outstanding Payable Pass Through Term Advances and the
        outstanding Payable Scheduled Amortisation Term Advances under
        Intercompany Loan Agreement X, then (to the extent that the relevant
        Bullet Term Advance has a higher Term Advance Rating that then the
        Payable Pass Through Term Advances or the Payable Scheduled Amortisation
        Term Advances) all Funding Available Principal Receipts will be applied
        to repay the Bullet Term Advance.

3.5     If the Scheduled Amortisation Period of the Fifth Issuer Series 1 Term
        AAA Advance scheduled for repayment on the Interest Payment Date falling
        in October 2002 is extended (because the monthly constant prepayment
        rate on the Loans in the Mortgages Trust is less than 8 per cent. per
        annum), then the extra amounts accumulated by Funding during the
        extended Scheduled Amortisation Period will not be available for any
        other purpose other than to repay the Fifth Issuer Series 1 Term AAA
        Advance on the Scheduled Repayment Date in October 2002.

3.6     If the Scheduled Amortisation Period of the Sixth Issuer Series 1 Term
        AAA Advance scheduled for repayment on the Interest Payment Date falling
        in July 2003 is extended (because the monthly constant prepayment rate
        on the Loans in the Mortgages Trust is less than 8 per cent. per annum),
        then the extra amounts accumulated by Funding during the extended
        Scheduled Amortisation Period will not be available for any other
        purpose other than to repay the Sixth Issuer Series 1 Term AAA Advance
        on the Scheduled Repayment Dates in July and October 2003.

4.      APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS FOLLOWING THE
        OCCURRENCE OF A NON-ASSET TRIGGER EVENT

        On and from the Interest Payment Date following the occurrence of a
        Non-Asset Trigger Event but prior to enforcement of the Funding
        Security, Funding shall (subject to CLAUSES 1.1(a) and 1.1(b) above)
        repay the First Issuer, the Second Issuer, the Third Issuer, the Fourth
        Issuer, the Fifth Issuer and the Sixth Issuer on each Interest Payment
        Date from Funding Available Principal Receipts as follows:

        (a)     firstly, the Fifth Issuer Series 1 Term AAA Advance until the
                Fifth Issuer Series 1 Term AAA Advance is fully repaid;

        (b)     secondly, the Sixth Issuer Series 1 Term AAA Advance until the
                Sixth Issuer Series 1 Term AAA Advance is fully repaid;

<PAGE>

                                       75

        (c)     thirdly, the Second Issuer Series 1 Term AAA Advance until the
                Second Issuer Series 1 Term AAA Advance is fully repaid;

        (d)     fourthly, the Third Issuer Series 1 Term AAA Advance until the
                Third Issuer Series 1 Term AAA Advance is fully repaid;

        (e)     fifthly, the First Issuer Series 1 Term AAA Advance until the
                First Issuer Series 1 Term AAA Advance is fully repaid;

        (f)     sixthly, in no order of priority between them but in proportion
                to the respective amounts due, the Fifth Issuer Series 2A1 Term
                AAA Advance and the Fifth Issuer Series 2A2 Term AAA Advance
                until both those Fifth Issuer Series 2 Term AAA Advances are
                fully repaid;

        (g)     seventhly, the Third Issuer Series 2 Term AAA Advance until the
                Third Issuer Series 2 Term AAA Advance is fully repaid;

        (h)     eighthly, the First Issuer Series 2 Term AAA Advance until the
                First Issuer Series 2 Term AAA Advance is fully repaid;

        (i)     ninthly, the Sixth Issuer Series 2 Term AAA Advance until the
                Sixth Issuer Series 2 Term AAA Advance is fully repaid;

        (j)     tenthly, the Fourth Issuer Series 2 Term AAA Advance until the
                Fourth Issuer Series 2 Term AAA Advance is fully repaid;

        (k)     eleventhly, the Fifth Issuer Series 3A1 Term AAA Advance until
                the Fifth Issuer Series 3A1 Term AAA Advance is fully repaid;

        (l)     twelfthly, in no order of priority between them but in
                proportion to the respective amounts due the Fourth Issuer
                Series 4 Term AAA Advance, the Sixth Issuer Series 3 Term AAA
                Advance and the Sixth Issuer Series 4 Term AAA Advances until
                all those Term AAA Advances are fully repaid;

        (m)     thirteenthly, the First Issuer Series 3 Term AAA Advance until
                the First Issuer Series 3 Term AAA Advance is fully repaid;

        (n)     fourteenthly, the First Issuer Series 4 Term AAA Advance until
                the First Issuer Series 4 Term AAA Advance is fully repaid;

        (o)     fifteenthly, the Fourth Issuer Series 1 Term AAA Advance until
                the Fourth Issuer Series 1 Term AAA Advance is fully repaid;

        (p)     sixteenthly, the Second Issuer Series 2 Term AAA Advance until
                the Second Issuer Series 2 Term AAA Advance is fully repaid;

        (q)     seventeenthly, the Second Issuer Series 3 Term AAA Advance until
                the Second Issuer Series 3 Term AAA Advance is fully repaid;

        (r)     eighteenthly, in no order of priority between them but in
                proportion to the respective amounts due, the Second Issuer
                Series 4 Term AAA Advance, the Third Issuer Series

<PAGE>

                                       76

                3 Term AAA Advance, the Fourth Issuer Series 3 Term AAA Advance,
                the Fifth Issuer Series 3A2 Term AAA Advance and the Sixth
                Issuer Series 5 Term AAA Advance until all of these Issuer Term
                AAA Advances are fully repaid;

        (s)     nineteenthly, pro rata and pari passu (according to the
                respective amounts outstanding of the Term AA Advances), the
                First Issuer Term AA Advances, the Second Issuer Term AA
                Advances, the Third Issuer Term AA Advances, the Fourth Issuer
                Term AA Advances, the Fifth Issuer Term AA Advances and the
                Sixth Issuer Term AA Advances until all the Term AA Advances are
                fully repaid; and

        (t)     twentiethly, pro rata and pari passu (according to the
                respective amounts outstanding of the Term BBB Advances), the
                First Issuer Term BBB Advances, the Second Issuer Term BBB
                Advances, the Third Issuer Term BBB Advances, the Fourth Issuer
                Term BBB Advances, the Fifth Issuer Term BBB Advances and the
                Sixth Issuer Term BBB Advances until all the Term BBB Advances
                are fully repaid.

5.      APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS FOLLOWING THE
        OCCURRENCE OF AN ASSET TRIGGER EVENT

        Following the occurrence of an Asset Trigger Event but prior to
        enforcement of the Funding Security, Funding shall (subject to CLAUSES
        1.1(a) and 1.1(b) above) repay the First Issuer, the Second Issuer, the
        Third Issuer, the Fourth Issuer, the Fifth Issuer and the Sixth Issuer
        on each Interest Payment Date from Funding Available Principal Receipts:

        (a)     firstly, pro rata and pari passu (according to the respective
                amounts outstanding of each Term AAA Advance) the First Issuer
                Term AAA Advances, the Second Issuer Term AAA Advances, the
                Third Issuer Term AAA Advances, the Fourth Issuer Term AAA
                Advances, the Fifth Issuer Term AAA Advances and the Sixth
                Issuer Term AAA Advances until all the Term AAA Advances are
                fully repaid;

         (b)      secondly, pro rata and pari passu (according to the respective
                  amounts outstanding of each Term AA Advance) the First Issuer
                  Term AA Advances, the Second Issuer Term AA Advances, the
                  Third Issuer Term AA Advances, the Fourth Issuer Term AA
                  Advances, the Fifth Issuer Term AA Advances and the Sixth
                  Issuer Term AA Advances until all the Term AA Advances are
                  fully repaid; and

         (c)      thirdly, pro rata and pari passu (according to the respective
                  amounts outstanding of each Term BBB Advance) the First Issuer
                  Term BBB Advances, the Second Issuer Term BBB Advances, the
                  Third Issuer Term BBB Advances, the Fourth Issuer Term BBB
                  Advances, the Fifth Issuer Term BBB Advances and the Sixth
                  Issuer Term BBB Advances until all the Term BBB Advances are
                  fully repaid.

6.      EFFECT ON BULLET TERM ADVANCES AND SCHEDULED AMORTISATION TERM ADVANCES
        WHEN A TRIGGER EVENT OCCURS OR WHEN THE ISSUER SECURITY IS ENFORCED

6.1     If a Trigger Event occurs then (i) the Scheduled Repayment Dates of the
        Bullet Term Advances and the Scheduled Amortisation Term Advances made
        under each Intercompany Loan Agreement will cease to apply and each such
        Term Advance shall be repaid, subject to the terms of this SCHEDULE 3,
        on each Interest Payment Date to the extent of Funding Available
        Principal Receipts therefor and (ii) all Bullet Term Advances and
        Scheduled

<PAGE>

                                       77

        Amortisation Term Advances made under the Intercompany Loan Agreements
        will be deemed to be Payable Pass Through Term Advances.

6.2     If the First Issuer Security is enforced under the First Issuer Deed of
        Charge and/or the Second Issuer Security is enforced under the Second
        Issuer Deed of Charge and/or the Third Issuer Security is enforced under
        the Third Issuer Deed of Charge and/or the Fourth Issuer Security is
        enforced under the Fourth Issuer Deed of Charge and/or the Fifth Issuer
        Security is enforced under the Fifth Issuer Deed of Charge and/or the
        Sixth Issuer Security is enforced under the Sixth Issuer Deed of Charge,
        then (as applicable) (i) the Scheduled Repayment Dates of any
        outstanding Bullet Term Advances and any Scheduled Amortisation Term
        Advances made under, as the case may be, the First Issuer Intercompany
        Loan Agreement and/or the Second Issuer Intercompany Loan Agreement
        and/or the Third Issuer Intercompany Loan Agreement and/or the Fourth
        Issuer Intercompany Loan Agreement and/or the Fifth Issuer Intercompany
        Loan Agreement and/or the Sixth Issuer Intercompany Loan Agreement will
        cease to apply and each such Term Advance shall be repaid, subject to
        the terms of this SCHEDULE 3, on each Interest Payment Date to the
        extent of Funding Available Principal Receipts therefore and (ii) all
        Bullet Term Advances and any Scheduled Amortisation Term Advances made
        under, as the case may be, the First Issuer Intercompany Loan Agreement
        and/or the Second Issuer Intercompany Loan Agreement and/or the Third
        Issuer Intercompany Loan Agreement and/or the Fourth Issuer Intercompany
        Loan Agreement and/or the Fifth Issuer Intercompany Loan Agreement
        and/or the Sixth Issuer Intercompany Loan Agreement will be deemed to be
        Payable Pass Through Term Advances.

<PAGE>

                                       78

                                    PART III

                  FUNDING POST-ENFORCEMENT PRIORITY OF PAYMENTS

All the monies received or recovered by the Security Trustee (or a Receiver
appointed on its behalf) following service of an Intercompany Loan Enforcement
Notice shall be applied (save to the extent required otherwise by law) on each
Interest Payment Date (except for amounts due to the Account Bank under items
(c) below, which will be paid when due) in the following order of priority (and
to the extent that payments or provisions of a higher priority have been made in
full):

(a)     firstly, in or towards satisfaction, pro rata and pari passu according
        to the respective amounts thereof, of:

        (i)     any remuneration then due and payable to the Security Trustee
                and any Receiver appointed by the Security Trustee and any other
                amounts due or to become due in the immediately succeeding
                Interest Period to the Security Trustee and the Receiver under
                the provisions of the Amended and Restated Funding Deed of
                Charge together with interest and any amounts in respect of VAT
                thereon as provided therein;

        (ii)    any amounts due to the First Issuer in respect of its
                obligations specified in items (a) to (c) of the First Issuer
                Post-Enforcement Priority of Payments;

        (iii)   any amounts due to the Second Issuer in respect of its
                obligations specified in items (a) to (c) of the Second Issuer
                Post-Enforcement Priority of Payments;

        (iv)    any amounts due to the Third Issuer in respect of its
                obligations specified in items (a) to (c) of the Third Issuer
                Post-Enforcement Priority of Payments;

        (v)     any amounts due to the Fourth Issuer in respect of its
                obligations specified in items (a) to (c) of the Fourth Issuer
                Post-Enforcement Priority of Payments;

        (vi)    any amounts due to the Fifth Issuer in respect of its
                obligations specified in items (a) to (c) of the Fifth Issuer
                Post-Enforcement Priority of Payments; and

        (vii)   any amounts due to the Sixth Issuer in respect of its
                obligations specified in items (a) to (c) of the Sixth Issuer
                Post-Enforcement Priority of Payments;

(b)     secondly, in or towards satisfaction of any remuneration then due and
        payable to the Cash Manager and any costs, charges, liabilities and
        expenses then due or to become due and payable in the immediately
        succeeding Interest Period to the Cash Manager under the provisions of
        the Cash Management Agreement, together with any amounts in respect of
        VAT thereon as provided therein;

(c)     thirdly, in or towards satisfaction pro rata and pari passu of any
        amounts due to the Account Bank (including costs) pursuant to the terms
        of the Bank Account Agreement and the Corporate Services Provider
        pursuant to the Corporate Services Agreement;

(d)     fourthly, in or towards satisfaction pro rata and pari passu of those
        amounts due and payable (if any) by Funding to (i) the Funding Swap
        Provider pursuant to the Funding Swap Agreement (except for any
        termination payments due and payable by Funding under the

<PAGE>

                                       79

        Funding Swap Agreement following a Funding Swap Provider Default) and
        (ii) the Funding Liquidity Facility Provider under the Funding Liquidity
        Facility Agreement (except for any Funding Liquidity Subordinated
        Amounts);

(e)     fifthly, to pay pro rata and pari passu (according to the respective
        amount of each Term AAA Advance outstanding), interest and principal due
        and payable on the First Issuer Term AAA Advances, the Second Issuer
        Term AAA Advances, the Third Issuer Term AAA Advances, the Fourth Issuer
        Term AAA Advances, the Fifth Issuer Term AAA Advances and the Sixth
        Issuer Term AAA Advances;

(f)     sixthly, to pay pro rata and pari passu (according to the respective
        amount of each Term AA Advance outstanding), interest and principal due
        and payable on the First Issuer Term AA Advances, the Second Issuer Term
        AA Advances, the Third Issuer Term AA Advances, the Fourth Issuer Term
        AA Advances, the Fifth Issuer Term AA Advances and the Sixth Issuer Term
        AA Advances;

(g)     seventhly, to pay pro rata and pari passu (according to the respective
        amount of each Term BBB Advance outstanding), interest and principal due
        and payable on the First Issuer Term BBB Advances, the Second Issuer
        Term BBB Advances, the Third Issuer Term BBB Advances, the Fourth Issuer
        Term BBB Advances, the Fifth Issuer Term BBB Advances and the Sixth
        Issuer Term BBB Advances;

(h)     eighthly, to pay pro rata and pari passu according to the respective
        amounts outstanding thereof:

        (i)     amounts due to the First Issuer in respect of the First Issuer's
                obligation (if any) to make a termination payment to any First
                Issuer Swap Provider (but excluding any termination payment due
                to a First Issuer Swap Provider as a result of a First Issuer
                Swap Provider Default);

        (ii)    amounts due to the Second Issuer in respect of the Second
                Issuer's obligation (if any) to make a termination payment to
                any Second Issuer Swap Provider (but excluding any termination
                payment due to a Second Issuer Swap Provider as a result of a
                Second Issuer Swap Provider Default);

        (iii)   amounts due to the Third Issuer in respect of the Third Issuer's
                obligation (if any) to make a termination payment to any Third
                Issuer Swap Provider (but excluding any termination payment due
                to a Third Issuer Swap Provider as a result of a Third Issuer
                Swap Provider Default);

        (iv)    amounts due to the Fourth Issuer in respect of the Fourth
                Issuer's obligation (if any) to make a termination payment to
                any Fourth Issuer Swap Provider (but excluding any termination
                payment due to a Fourth Issuer Swap Provider as a result of a
                Fourth Issuer Swap Provider Default);

        (v)     amounts due to the Fifth Issuer in respect of the Fifth Issuer's
                obligation (if any) to make a termination payment to any Fifth
                Issuer Swap Provider (but excluding any termination payment due
                to a Fifth Issuer Swap Provider as a result of a Fifth Issuer
                Swap Provider Default); and

<PAGE>

                                       80

        (vi)    amounts due to the Sixth Issuer in respect of the Sixth Issuer's
                obligation (if any) to make a termination payment to any Sixth
                Issuer Swap Provider (but excluding any termination payment due
                to a Sixth Issuer Swap Provider as a result of a Sixth Issuer
                Swap Provider Default);

(i)     ninthly, to pay interest and principal due and payable on the Fourth
        Issuer Term BB Advance;

(j)     tenthly, to pay pro rata and pari passu according to the respective
        amounts outstanding thereof:

        (i)     any amounts due to the First Issuer in respect of the First
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the First Issuer Post-Enforcement Priority of Payments;

        (ii)    any amounts due to the Second Issuer in respect of the Second
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the Second Issuer Post-Enforcement Priority of Payments;

        (iii)   any amounts due to the Third Issuer in respect of the Third
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the Third Issuer Post-Enforcement Priority of Payments;

        (iv)    any amounts due to the Fourth Issuer in respect of the Fourth
                Issuer's obligations specified in items (h), (i), (j) and (k) of
                the Fourth Issuer Post-Enforcement Priority of Payments;

        (v)     any amounts due to the Fifth Issuer in respect of the Fifth
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the Fifth Issuer Post-Enforcement Priority of Payments;

        (vi)    any amounts due to the Sixth Issuer in respect of the Sixth
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the Sixth Issuer Post-Enforcement Priority of Payments;

        (vii)   any other amounts due to the First Issuer in respect of any
                other obligation of Funding under the First Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (viii)  any other amounts due to the Second Issuer in respect of any
                other obligation of Funding under the Second Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (ix)    any other amounts due to the Third Issuer in respect of any
                other obligation of Funding under the Third Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (x)     any other amounts due to the Fourth Issuer in respect of any
                other obligation of Funding under the Fourth Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

<PAGE>

                                       81

        (xi)    any other amounts due to the Fifth Issuer in respect of any
                other obligation of Funding under the Fifth Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (xii)   any other amounts due to the Sixth Issuer in respect of any
                other obligation of Funding under the Sixth Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (xiii)  after the occurrence of a Funding Swap Provider Default, to the
                Funding Swap Provider in respect of any termination payment due
                and payable by Funding under the Funding Swap Agreement; and

        (xiv)   the Funding Liquidity Facility Provider in respect of Funding
                Liquidity Subordinated Amounts;

(k)     eleventhly, to pay any amounts due to the First Start-up Loan Provider,
        the Second Start-up Loan Provider, the Third Start-up Loan Provider, the
        Fourth Start-up Loan Provider, the Fifth Start-up Loan Provider and the
        Sixth Start-up Loan Provider under the Start-up Loan Agreements;

(l)     twelfthly, to pay any Postponed Deferred Consideration; and

(m)     thirteenthly, to pay any Deferred Consideration other than that referred
        to in item (l) above.

<PAGE>

                                       82

                                   SCHEDULE 3

                          FUNDING PRIORITY OF PAYMENTS

                                     PART I

              FUNDING PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS

On each Intercompany Loan Determination Date, Funding or the Cash Manager in its
place will determine the Funding Available Revenue Receipts available to pay the
amount set out below on the immediately succeeding Interest Payment Date.

Funding Available Revenue Receipts will be applied on each Interest Payment Date
(or, in the case of amounts due by Funding or the First Issuer, the Second
Issuer, the Third Issuer, the Fourth Issuer, the Fifth Issuer or the Sixth
Issuer as the case may be, to third parties or to the First Issuer Account Bank,
the Second Issuer Account Bank, the Third Issuer Account Bank, the Fourth Issuer
Account Bank, the Fifth Issuer Account Bank or the Sixth Issuer Account Bank
pursuant to item (a) below or to the Account Bank pursuant to item (c) below, on
the date when due) until enforcement of the Funding Security or until such time
as there are no amounts outstanding under any Intercompany Loan Agreements, in
making such payments and provisions in the following order of priority (the
"FUNDING PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS") (in each case only if
and to the extent that payments or provisions of a higher priority have been
made in full):

(a)     firstly, in or towards satisfaction pro rata and pari passu according to
        the respective amounts thereof of:

        (i)     any remuneration then due and payable to the Security Trustee
                and any other amounts then due or to become due to the Security
                Trustee in the immediately succeeding Interest Period under the
                provisions of this Amended and Restated Funding Deed of Charge
                together with interest and any amounts in respect of VAT thereon
                as provided herein;

        (ii)    any amounts due to:

                (1)     the First Issuer under the First Issuer Intercompany
                        Loan Agreement in respect of the First Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the First Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the First Issuer Post-Enforcement Priority
                        of Payments;

                (2)     the Second Issuer under the Second Issuer Intercompany
                        Loan Agreement in respect of the Second Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Second Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Second Issuer Post-Enforcement Priority
                        of Payments;

                (3)     the Third Issuer under the Third Issuer Intercompany
                        Loan Agreement in respect of the Third Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Third Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Third Issuer Post-Enforcement Priority
                        of Payments;

<PAGE>

                                       83

                (4)     the Fourth Issuer under the Fourth Issuer Intercompany
                        Loan Agreement in respect of the Fourth Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Fourth Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Fourth Issuer Post-Enforcement Priority
                        of Payments;

                (5)     the Fifth Issuer under the Fifth Issuer Intercompany
                        Loan Agreement in respect of the Fifth Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Fifth Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Fifth Issuer Post-Enforcement Priority
                        of Payments; and

                (6)     the Sixth Issuer under the Sixth Issuer Intercompany
                        Loan Agreement in respect of the Sixth Issuer's
                        obligations specified in items (a) to (d) inclusive of
                        the Sixth Issuer Pre-Enforcement Revenue Priority of
                        Payments or, as the case may be, items (a) to (c)
                        inclusive of the Sixth Issuer Post-Enforcement Priority
                        of Payments; and

        (iii)   any amounts due and payable by Funding to third parties (other
                than those referred to below) and incurred without breach by
                Funding of the Transaction Documents to which it is a party (and
                for which payment has not been provided for elsewhere) and to
                provide for any such amounts expected to become due and payable
                by Funding in the immediately succeeding Interest Period and to
                pay or discharge any liability of Funding for corporation tax on
                any chargeable income, profit or gain of Funding;

(b)     secondly, in or towards satisfaction of any remuneration then due and
        payable to the Cash Manager and any costs, charges, liabilities and
        expenses then due or to become due and payable to the Cash Manager in
        the immediately succeeding Interest Period under the provisions of the
        Cash Management Agreement, together with amounts in respect of VAT
        thereon as provided therein;

(c)     thirdly, in or towards satisfaction pro rata and pari passu, according
        to the respective amounts thereof, of amounts (if any) due to the
        Account Bank (including costs) pursuant to the terms of the Bank Account
        Agreement and to the Corporate Services Provider pursuant to the terms
        of the Corporate Services Agreement;

(d)     fourthly, in or towards satisfaction, pro rata and pari passu, according
        to the respective amounts thereof, of amounts due and payable (if any)
        by Funding to (i) the Funding Swap Provider pursuant to the Funding Swap
        Agreement except for any termination payments due and payable by Funding
        under the Funding Swap Agreement following a Funding Swap Provider
        Default and (ii) the Funding Liquidity Facility Provider under the
        Funding Liquidity Facility Agreement except for principal repayments and
        any Funding Liquidity Subordinated Amounts;

(e)     fifthly, to pay pro rata and pari passu according to the respective
        amounts outstanding of each Term AAA Advance, interest then due and
        payable on each of the First Issuer Term AAA Advances, the Second Issuer
        Term AAA Advances, the Third Issuer Term AAA Advances, the Fourth Issuer
        Term AAA Advances, the Fifth Issuer Term AAA Advances and the Sixth
        Issuer Term AAA Advances;

<PAGE>

                                       84

(f)     sixthly, to make provision for a credit to the AAA Principal Deficiency
        Sub Ledger in an amount sufficient to eliminate any debit thereon;

(g)     seventhly, to pay pro rata and pari passu according to the respective
        amounts outstanding of each Term AA Advance, interest then due and
        payable on each of the First Issuer Term AA Advances, the Second Issuer
        Term AA Advances, the Third Issuer Term AA Advances, the Fourth Issuer
        Term AA Advances, the Fifth Issuer Term AA Advances and the Sixth Issuer
        Term AA Advances;

(h)     eighthly, to make provision for a credit to the AA Principal Deficiency
        Sub Ledger in an amount sufficient to eliminate any debit thereon;

(i)     ninthly, to pay pro rata and pari passu according to the respective
        amounts outstanding of each Term BBB Advance, interest then due and
        payable on the First Issuer Term BBB Advances, the Second Issuer Term
        BBB Advances, the Third Issuer Term BBB Advances, the Fourth Issuer Term
        BBB Advances, the Fifth Issuer Term BBB Advances and the Sixth Issuer
        Term BBB Advances;

(j)     tenthly, to make provision for a credit to the BBB Principal Deficiency
        Sub Ledger in an amount sufficient to eliminate any debit thereon;

(k)     eleventhly, to pay the interest then due and payable on the Fourth
        Issuer Term BB Advance;

(l)     twelfthly, to pay pro rata and pari passu according to the respective
        amounts thereof:

        (i)     any amounts due to the First Issuer in respect of the First
                Issuer's obligation (if any) to make a termination payment due
                to any First Issuer Swap Provider (but excluding any termination
                payment due to a First Issuer Swap Provider as a result of a
                First Issuer Swap Provider Default);

        (ii)    any amounts due to the Second Issuer in respect of the Second
                Issuer's obligation (if any) to make a termination payment due
                to any Second Issuer Swap Provider (but excluding any
                termination payment due to a Second Issuer Swap Provider as a
                result of a Second Issuer Swap Provider Default);

        (iii)   any amounts due to the Third Issuer in respect of the Third
                Issuer's obligation (if any) to make a termination payment due
                to any Third Issuer Swap Provider (but excluding any termination
                payment due to a Third Issuer Swap Provider as a result of a
                Third Issuer Swap Provider Default);

        (iv)    any amounts due to the Fourth Issuer in respect of the Fourth
                Issuer's obligation (if any) to make a termination payment due
                to any Fourth Issuer Swap Provider (but excluding any
                termination payment due to a Fourth Issuer Swap Provider as a
                result of a Fourth Issuer Swap Provider Default);

        (v)     any amounts due to the Fifth Issuer in respect of the Fifth
                Issuer's obligation (if any) to make a termination payment due
                to any Fifth Issuer Swap Provider (but excluding any termination
                payment due to a Fifth Issuer Swap Provider as a result of a
                Fifth Issuer Swap Provider Default); and

<PAGE>

                                       85

        (vi)    any amounts due to the Sixth Issuer in respect of the Sixth
                Issuer's obligation (if any) to make a termination payment due
                to any Sixth Issuer Swap Provider (but excluding any termination
                payment due to a Sixth Issuer Swap Provider as a result of a
                Sixth Issuer Swap Provider Default);

(m)     thirteenthly, to credit the First Reserve Ledger in an amount up to the
        First Reserve Fund Required Amount (except that amounts standing to the
        credit of the Second Reserve Ledger shall not be available for this
        purpose);

(n)     fourteenthly, to pay pro rata and pari passu according to the respective
        amounts due:

        (i)     amounts due to the First Issuer in respect of the First Issuer's
                obligations specified in items (h), (i), (j), (k) and (l) of the
                First Issuer Pre-Enforcement Revenue Priority of Payments or, as
                the case may be, items (g), (h), (i) and (j) of the First Issuer
                Post-Enforcement Priority of Payments;

        (ii)    amounts due to the Second Issuer in respect of the Second
                Issuer's obligations specified in items (h), (i), (j) and (k) of
                the Second Issuer Pre-Enforcement Revenue Priority of Payments
                or, as the case may be, items (g), (h), (i) and (j) of the
                Second Issuer Post-Enforcement Priority of Payments;

        (iii)   amounts due to the Third Issuer in respect of the Third Issuer's
                obligations specified in items (h), (i), (j) and (k) of the
                Third Issuer Pre-Enforcement Revenue Priority of Payments or, as
                the case may be, items (g), (h), (i) and (j) of the Third Issuer
                Post-Enforcement Priority of Payments;

        (iv)    amounts due to the Fourth Issuer in respect of the Fourth
                Issuer's obligations specified in items (i), (j), (k), (l) and
                (m) of the Fourth Issuer Pre-Enforcement Revenue Priority of
                Payments or, as the case may be, items (h), (i), (j), (k) and
                (l) of the Fourth Issuer Post-Enforcement Priority of Payments;

        (v)     amounts due to the Fifth Issuer in respect of the Fifth Issuer's
                obligations specified in items (h), (i), (j) and (k) of the
                Fifth Issuer Pre-Enforcement Revenue Priority of Payments or, as
                the case may be, items (g), (h), (i) and (j) of the Fifth Issuer
                Post-Enforcement Priority of Payments;

        (vi)    amounts due to the Sixth Issuer in respect of the Sixth Issuer's
                obligations specified in items (h), (i), (j) and (k) of the
                Sixth Issuer Pre-Enforcement Revenue Priority of Payments or, as
                the case may be, items (g), (h), (i) and (j) of the Sixth Issuer
                Post-Enforcement Priority of Payments;

        (vii)   any other amounts due to the First Issuer under the First Issuer
                Intercompany Loan Agreement;

        (viii)  any other amounts due to the Second Issuer under the Second
                Issuer Intercompany Loan Agreement;

        (ix)    any other amounts due to the Third Issuer under the Third Issuer
                Intercompany Loan Agreement;

<PAGE>

                                       86

        (x)     any other amounts due to the Fourth Issuer under the Fourth
                Issuer Intercompany Loan Agreement;

        (xi)    any other amounts due to the Fifth Issuer under the Fifth Issuer
                Intercompany Loan Agreement;

        (xii)   any other amounts due to the Sixth Issuer under the Sixth Issuer
                Intercompany Loan Agreement;

        (xiii)  after the occurrence of a Funding Swap Provider Default, amounts
                due to the Funding Swap Provider in respect of any termination
                payments due and payable by Funding under the Funding Swap
                Agreement; and

        (xiv)   to the Funding Liquidity Facility Provider to pay any Funding
                Liquidity Subordinated Amounts under the Funding Liquidity
                Facility Agreement;

(o)     fifteenthly, to credit the Second Reserve Ledger in an amount up to the
        Second Reserve Fund Required Amount;

(p)     sixteenthly, subject to satisfying the conditions to prepayment of
        principal on the Fourth Issuer Term BB Advance as set out in CLAUSE 5.7
        of the Fourth Issuer Intercompany Loan Agreement, to repay the Fourth
        Issuer Term BB Advance;

(q)     seventeenthly, to pay pro rata and pari passu according to the
        respective amounts outstanding thereof, any amounts due to the First
        Start-up Loan Provider, the Second Start-up Loan Provider, the Third
        Start-Up Loan Provider, the Fourth Start-up Loan Provider, the Fifth
        Start-up Loan Provider and the Sixth Start-up Loan Provider under the
        Start-up Loan Agreements;

(r)     eighteenthly, to pay any Postponed Deferred Consideration;

(s)     nineteenthly, to pay any Deferred Consideration other than that referred
        to in item (r) above and excluding an amount equal to 0.01 per cent of
        the Funding Available Revenue Receipts; and

(t)     twentiethly, to pay to shareholders of Funding any dividend declared by
        Funding.

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                                       87

                                     PART II

RULES FOR APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS AND FUNDING
PRINCIPAL RECEIPTS

On each Intercompany Loan Determination Date, Funding or the Cash Manager in its
place will determine the Funding Available Principal Receipts available to repay
the Term Advances on the immediately succeeding Interest Payment Date.

1.      GENERAL PRINCIPLES FOR APPLICATION OF FUNDING AVAILABLE PRINCIPAL
        RECEIPTS PRIOR TO THE OCCURRENCE OF A TRIGGER EVENT OR ENFORCEMENT OF
        THE FUNDING SECURITY

1.1     On each Interest Payment Date prior to the occurrence of a Trigger Event
        or enforcement of the Funding Security, Funding or the Cash Manager on
        its behalf will apply Funding Available Principal Receipts:

        (a)     first, on each Interest Payment Date to repay the Funding
                Liquidity Facility Provider amounts drawn under the Funding
                Liquidity Facility on the previous Interest Payment Date in
                order to repay principal due on the First Issuer Term AAA
                Advances, the Second Issuer Series 1 Term AAA Advance, the Third
                Issuer Series 1 Term AAA Advance, the Third Issuer Series 2 Term
                AAA Advance, the Fourth Issuer Series 1 Term AAA Advance, the
                Fourth Issuer Series 2 Term AAA Advance, the Fourth Issuer
                Series 4 Term AAA Advance, the Fifth Issuer Series 1 Term AAA
                Advance, the Fifth Issuer Series 2 Term AAA Advances, the Fifth
                Issuer Series 3A1 Term AAA Advance, the Sixth Issuer Series 1
                Term AAA Advance, the Sixth Issuer Series 2 Term AAA Advance,
                the Sixth Issuer Series 3 Term AAA Advance and the Sixth Issuer
                Series 4 Term AAA Advances;

        (b)     second, on each Interest Payment Date to replenish the First
                Reserve Fund to the extent that monies have been drawn from the
                First Reserve Fund on a previous Interest Payment Date and have
                not been repaid, where such drawing was made for the purpose of
                repaying principal amounts then due and payable on any of the
                First Issuer Term AAA Advances, the Second Issuer Series 1 Term
                AAA Advance, the Third Issuer Series 1 Term AAA Advance, the
                Third Issuer Series 2 Term AAA Advance, the Fourth Issuer Series
                1 Term AAA Advance, the Fourth Issuer Series 2 Term AAA Advance,
                the Fourth Issuer Series 4 Term AAA Advance, the Fifth Issuer
                Series 1 Term AAA Advance, the Fifth Issuer Series 2 Term AAA
                Advances, the Fifth Issuer Series 3A1 Term AAA Advance, the
                Sixth Issuer Series 1 Term AAA Advance, the Sixth Issuer Series
                2 Term AAA Advance, the Sixth Issuer Series 3 Term AAA Advance
                and the Sixth Issuer Series 4 Term AAA Advances; and

        (c)     third, (subject to the terms of this Deed and each Intercompany
                Loan Agreement) on each Interest Payment Date to repay the Term
                Advances (to the extent that amounts are then due and payable on
                the Term Advances taking into account their relevant Scheduled
                Repayment Dates and permitted repayment dates) in accordance
                with the terms and provisions of each Intercompany Loan
                Agreement and the relative Term Advance Rating of the Term
                Advances so that Funding Available Principal Receipts will be
                applied (pro rata and pari passu between Term Advances with the
                same Term Advance Rating) to meet the principal repayments due
                and payable (or due and payable subject to the availability of
                Funding Available Principal Receipts) first on the Term Advances

<PAGE>

                                       88

                with the highest Term Advance Rating, and thereafter on the Term
                Advances with the next highest Term Advance Rating, and so on,
                down to the Term Advances with the lowest Term Advance Rating.

1.2     If on any Interest Payment Date, prior to the occurrence of a Trigger
        Event or enforcement of the Funding Security, amounts are due and
        payable under more than one Term AAA Advance, Funding shall apply
        Funding Available Principal Receipts to repay such Term AAA Advances in
        order according to their respective Final Maturity Dates, so that the
        Term AAA Advance with the earliest Final Repayment Date is paid first,
        and so on.

1.3     If any Term AAA Advances have the same Final Maturity Date, then Funding
        shall apply Funding Available Principal Receipts to repay those Term AAA
        Advances pro rata and pari passu according to the respective amounts
        due. If on an Interest Payment Date prior to the occurrence of a Trigger
        Event or enforcement of the Funding Security (the "RELEVANT INTEREST
        PAYMENT DATE"):

        (a)     a Principal Loss has been recorded on the Principal Deficiency
                Ledger in respect of any of the Term BBB Advances and/or the
                Term AA Advances under any Intercompany Loan Agreement and such
                Principal Loss has not been cured on the Relevant Interest
                Payment Date; or

        (b)     monies standing to the credit of the First Reserve Fund have
                been used, on or prior to the Relevant Interest Payment Date, to
                cure a Principal Deficiency in respect of any of the Term BBB
                Advances and/or the Term AA Advances under any Intercompany Loan
                Agreement, and the First Reserve Fund has not been replenished
                by a corresponding amount on the Relevant Interest Payment Date,

        then the Term BBB Advances and (if there has been an amount debited to
        the AA Principal Deficiency Sub Ledger as described in (a) above, or if
        monies standing to the credit of the First Reserve Fund have been used
        to cure a Principal Deficiency in respect of any Term AA Advance as
        described in (b) above) the Term AA Advances, will not be entitled to
        principal repayments until the relevant circumstance as described above
        has been cured or otherwise ceases to exist.

1.4     If the aggregate Outstanding Principal Balance of Loans in the Mortgages
        Trust, in respect of which the aggregate amount in arrear is more than
        three times the monthly payment then due, is more than 5 per cent. of
        the aggregate Outstanding Principal Balance of Loans in the Mortgages
        Trust, then the Term BBB Advances and the Term AA will not be entitled
        to principal repayments until that circumstance has been cured or
        otherwise ceases to exist.

1.5     The principles set out in this CLAUSE 1 shall prevail except to the
        extent that they are subject to the exceptions set out in CLAUSES 2 to 6
        below (inclusive).

2.      APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS DURING A CASH
        ACCUMULATION PERIOD OR A SCHEDULED AMORTISATION PERIOD

        Subject to CLAUSES 1.1(a) and 1.1(b) above and CLAUSE 3.4 below, on and
        from the commencement of a Cash Accumulation Period or a Scheduled
        Amortisation Period (but prior to the occurrence of a Trigger Event or
        enforcement of the Funding Security), Funding Available Principal
        Receipts (except to the extent required to make payment in respect of
        any other Bullet Term Advance or any Scheduled Amortisation Term Advance
        with a Deemed AAA Rating in each case taken into account in determining
        the commencement of a Cash

<PAGE>

                                       89

        Accumulation Period) will be deposited in the Funding GIC Account and
        the amount of such deposits will be recorded on the Cash Accumulation
        Ledger until the relevant Bullet Amount due in respect of the relevant
        Bullet Term Advance has been saved by Funding or, as the case may be,
        until the relevant Scheduled Amortisation Amount has been saved by
        Funding.

        Accordingly, during a Cash Accumulation Period, no payments will be made
        in respect of any Payable Pass Through Term Advances or Payable
        Scheduled Amortisation Term Advances under an Intercompany Loan
        Agreement (unless that Scheduled Amortisation Term Advance has a Deemed
        AAA Rating and a Scheduled Repayment Date thereof falls during the Cash
        Accumulation Period), except as provided in CLAUSE 3.4 below.

3.      APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS TO PAY PASS THROUGH
        TERM ADVANCES AND SCHEDULED AMORTISATION TERM ADVANCES IN CERTAIN
        CIRCUMSTANCES

3.1     If:

        (a)     amounts are due and payable in respect of any Pass Through Term
                Advances (the "PAYABLE PASS THROUGH TERM ADVANCES");

        (b)     no amounts are due and payable on any Scheduled Amortisation
                Term Advances; and

        (c)     (i) the Cash Accumulation Period has not commenced in respect of
                any Bullet Term Advance, or (ii) all Bullet Term Advances have
                been repaid,

        then, subject to CLAUSE 1 above and CLAUSES 3.2 and 3.3 below, on each
        Interest Payment Date prior to the occurrence of a Trigger Event or
        enforcement of the Funding Security, Funding or the Cash Manager on its
        behalf will apply all Funding Available Principal Receipts to repay the
        Payable Pass Through Term Advances.

3.2     If:

        (a)     amounts are due and payable on any Scheduled Amortisation Term
                Advances(the "PAYABLE SCHEDULED AMORTISATION TERM ADVANCES");

        (b)     no amounts are due and payable on any Pass Through Term
                Advances; and

        (c)     (i) the Cash Accumulation Period has not commenced in respect of
                any Bullet Term Advance, or (ii) all Bullet Term Advances have
                been repaid,

        then, subject to CLAUSE 1 above and CLAUSE 3.3 below, on each Interest
        Payment Date prior to the occurrence of a Trigger Event or enforcement
        of the Funding Security, Funding or the Cash Manager on its behalf will
        apply all Funding Available Principal Receipts to repay the Payable
        Scheduled Amortisation Term Advances.

3.3     If:

        (a)     under an Intercompany Loan Agreement ("INTERCOMPANY LOAN
                AGREEMENT A"), amounts are due and payable in respect of a Pass
                Through Term Advance and/or a Scheduled Amortisation Term
                Advance in either case which has a Term Advance

<PAGE>

                                       90

                Rating of "AAA" (the "SENIOR PAYABLE PASS THROUGH TERM ADVANCE"
                and the "SENIOR PAYABLE SCHEDULED AMORTISATION TERM ADVANCE"
                respectively);

        (b)     under a different Intercompany Loan Agreement ("INTERCOMPANY
                LOAN AGREEMENT B"), amounts are due and payable in respect of a
                Pass Through Term Advance and/or a Scheduled Amortisation Term
                Advance in either case which does not have a Term Advance Rating
                of "AAA" (the "SUBORDINATED PAYABLE PASS THROUGH TERM ADVANCE"
                and the "SUBORDINATED PAYABLE SCHEDULED AMORTISATION TERM
                ADVANCE" respectively); and

        (c)     there is no Cash Accumulation Period affecting payments under
                either Intercompany Loan Agreement A or Intercompany Loan
                Agreement B,

        then on each Interest Payment Date prior to the occurrence of a Trigger
        Event or enforcement of the Funding Security, Funding or the Cash
        Manager on its behalf will apply Funding Available Principal Receipts:

        (i)     to repay the Senior Payable Pass Through Term Advance and the
                Senior Payable Scheduled Amortisation Term Advance as follows:

<TABLE>
<CAPTION>
<S>             <C>      <C>             <C>         <C>
Funding Share             Principal                   Outstanding Principal Balance of Intercompany
Percentage         x      Receipts         x          Loan Agreement A
                                                      --------------------------------------------------
                                                      Aggregate Outstanding Principal Balance of all
                                                      Intercompany Loans
</TABLE>

        (ii)    to repay the Subordinated Payable Pass Through Term Advance and
                the Subordinated Payable Scheduled Amortisation Term Advance, as
                follows:

<TABLE>
<CAPTION>
<S>              <C>      <C>            <C>         <C>
Funding Share              Principal                    Outstanding Principal Balance of the
Percentage         x       Receipts        x            Intercompany Loan Agreement B
                                                        ------------------------------------------------
                                                        Aggregate  Outstanding  Principal Balance of all
                                                        Intercompany Loans
</TABLE>

        (d)     If, after applying the Funding Share Percentage of Principal
                Receipts to repay the Payable Pass Through Term Advance and the
                Payable Scheduled Amortisation Term Advance pursuant to
                paragraphs (i) and (ii) above, there is a shortfall in the
                amount due and payable on that Interest Payment Date on the
                Payable Scheduled Amortisation Term Advance, Funding will apply
                those additional Principal Receipts received on the immediately
                preceding Distribution Date under CLAUSE 9.1(d) of the Mortgages
                Trust Deed (as amended and restated) towards repayment of the
                relevant Payable Scheduled Amortisation Term Advance.

3.4     If:

        (a)     amounts are due and payable in respect of a Pass Through Term
                Advance and/or a Scheduled Amortisation Term Advance made under
                an Intercompany Loan Agreement ("INTERCOMPANY LOAN AGREEMENT
                X"); and

<PAGE>

                                       91

        (b)     in respect of a different Intercompany Loan Agreement
                ("INTERCOMPANY LOAN AGREEMENT Y"), the Cash Accumulation Period
                in relation to a Bullet Term Advance made under Intercompany
                Loan Agreement Y has commenced,

         then (subject to CLAUSES 1.1(a), 1.1(b), 1.3 and 1.4 above) on each
         Interest Payment Date, Funding or the Cash Manager on its behalf will
         apply an amount equal to the amount determined as follows to repay the
         outstanding Payable Pass Through Term Advances and the Payable
         Scheduled Amortisation Term Advances under Intercompany Loan Agreement
         X:

<TABLE>
<CAPTION>
<S>                <C>      <C>          <C>           <C>
Funding Share               Principal                   Outstanding Principal Balance of the
Percentage           x      Receipts        x           Intercompany Loan Agreement X
                                                        ------------------------------------------------
                                                        Aggregate  Outstanding  Principal Balance of all
                                                        Intercompany Loans
</TABLE>

        If however, the relevant Interest Payment Date is also the Scheduled
        Repayment Date for a Bullet Term Advance under Intercompany Loan
        Agreement Y and there is not enough money to repay that Bullet Term
        Advance and the outstanding Payable Pass Through Term Advances and the
        outstanding Payable Scheduled Amortisation Term Advances under
        Intercompany Loan Agreement X, then (to the extent that the relevant
        Bullet Term Advance has a higher Term Advance Rating that then the
        Payable Pass Through Term Advances or the Payable Scheduled Amortisation
        Term Advances) all Funding Available Principal Receipts will be applied
        to repay the Bullet Term Advance.

3.5     If the Scheduled Amortisation Period of the Fifth Issuer Series 1 Term
        AAA Advance scheduled for repayment on the Interest Payment Date falling
        in October 2002 is extended (because the monthly constant prepayment
        rate on the Loans in the Mortgages Trust is less than 8 per cent. per
        annum), then the extra amounts accumulated by Funding during the
        extended Scheduled Amortisation Period will not be available for any
        other purpose other than to repay the Fifth Issuer Series 1 Term AAA
        Advance on the Scheduled Repayment Date in October 2002.

3.6     If the Scheduled Amortisation Period of the Sixth Issuer Series 1 Term
        AAA Advance scheduled for repayment on the Interest Payment Date falling
        in July 2003 is extended (because the monthly constant prepayment rate
        on the Loans in the Mortgages Trust is less than 8 per cent. per annum),
        then the extra amounts accumulated by Funding during the extended
        Scheduled Amortisation Period will not be available for any other
        purpose other than to repay the Sixth Issuer Series 1 Term AAA Advance
        on the Scheduled Repayment Dates in July and October 2003.

4.      APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS FOLLOWING THE
        OCCURRENCE OF A NON-ASSET TRIGGER EVENT

        On and from the Interest Payment Date following the occurrence of a
        Non-Asset Trigger Event but prior to enforcement of the Funding
        Security, Funding shall (subject to CLAUSES 1.1(a) and 1.1(b) above)
        repay the First Issuer, the Second Issuer, the Third Issuer, the Fourth
        Issuer, the Fifth Issuer and the Sixth Issuer on each Interest Payment
        Date from Funding Available Principal Receipts as follows:

        (a)     firstly, the Fifth Issuer Series 1 Term AAA Advance until the
                Fifth Issuer Series 1 Term AAA Advance is fully repaid;

<PAGE>

                                       92

        (b)     secondly, the Sixth Issuer Series 1 Term AAA Advance until the
                Sixth Issuer Series 1 Term AAA Advance is fully repaid;

        (c)     thirdly, the Second Issuer Series 1 Term AAA Advance until the
                Second Issuer Series 1 Term AAA Advance is fully repaid;

        (d)     fourthly, the Third Issuer Series 1 Term AAA Advance until the
                Third Issuer Series 1 Term AAA Advance is fully repaid;

        (e)     fifthly, the First Issuer Series 1 Term AAA Advance until the
                First Issuer Series 1 Term AAA Advance is fully repaid;

        (f)     sixthly, in no order of priority between them but in proportion
                to the respective amounts due, the Fifth Issuer Series 2A1 Term
                AAA Advance and the Fifth Issuer Series 2A2 Term AAA Advance
                until both those Fifth Issuer Series 2 Term AAA Advances are
                fully repaid;

        (g)     seventhly, the Third Issuer Series 2 Term AAA Advance until the
                Third Issuer Series 2 Term AAA Advance is fully repaid;

        (h)     eighthly, the First Issuer Series 2 Term AAA Advance until the
                First Issuer Series 2 Term AAA Advance is fully repaid;

        (i)     ninthly, the Sixth Issuer Series 2 Term AAA Advance until the
                Sixth Issuer Series 2 Term AAA Advance is fully repaid;

        (j)     tenthly, the Fourth Issuer Series 2 Term AAA Advance until the
                Fourth Issuer Series 2 Term AAA Advance is fully repaid;

        (k)     eleventhly, the Fifth Issuer Series 3A1 Term AAA Advance until
                the Fifth Issuer Series 3A1 Term AAA Advance is fully repaid;

        (l)     twelfthly, in no order of priority between them but in
                proportion to the respective amounts due the Fourth Issuer
                Series 4 Term AAA Advance, the Sixth Issuer Series 3 Term AAA
                Advance and the Sixth Issuer Series 4 Term AAA Advances until
                all those Term AAA Advances are fully repaid;

        (m)     thirteenthly, the First Issuer Series 3 Term AAA Advance until
                the First Issuer Series 3 Term AAA Advance is fully repaid;

        (n)     fourteenthly, the First Issuer Series 4 Term AAA Advance until
                the First Issuer Series 4 Term AAA Advance is fully repaid;

        (o)     fifteenthly, the Fourth Issuer Series 1 Term AAA Advance until
                the Fourth Issuer Series 1 Term AAA Advance is fully repaid;

        (p)     sixteenthly, the Second Issuer Series 2 Term AAA Advance until
                the Second Issuer Series 2 Term AAA Advance is fully repaid;

<PAGE>

                                       93

        (q)     seventeenthly, the Second Issuer Series 3 Term AAA Advance until
                the Second Issuer Series 3 Term AAA Advance is fully repaid;

        (r)     eighteenthly, in no order of priority between them but in
                proportion to the respective amounts due, the Second Issuer
                Series 4 Term AAA Advance, the Third Issuer Series 3 Term AAA
                Advance, the Fourth Issuer Series 3 Term AAA Advance, the Fifth
                Issuer Series 3A2 Term AAA Advance and the Sixth Issuer Series 5
                Term AAA Advance until all of these Issuer Term AAA Advances are
                fully repaid;

        (s)     nineteenthly, pro rata and pari passu (according to the
                respective amounts outstanding of the Term AA Advances), the
                First Issuer Term AA Advances, the Second Issuer Term AA
                Advances, the Third Issuer Term AA Advances, the Fourth Issuer
                Term AA Advances, the Fifth Issuer Term AA Advances and the
                Sixth Issuer Term AA Advances until all the Term AA Advances are
                fully repaid; and

        (t)     twentiethly, pro rata and pari passu (according to the
                respective amounts outstanding of the Term BBB Advances), the
                First Issuer Term BBB Advances, the Second Issuer Term BBB
                Advances, the Third Issuer Term BBB Advances, the Fourth Issuer
                Term BBB Advances, the Fifth Issuer Term BBB Advances and the
                Sixth Issuer Term BBB Advances until all the Term BBB Advances
                are fully repaid.

5.      APPLICATION OF FUNDING AVAILABLE PRINCIPAL RECEIPTS FOLLOWING THE
        OCCURRENCE OF AN ASSET TRIGGER EVENT

        Following the occurrence of an Asset Trigger Event but prior to
        enforcement of the Funding Security, Funding shall (subject to CLAUSES
        1.1(a) and 1.1(b) above) repay the First Issuer, the Second Issuer, the
        Third Issuer, the Fourth Issuer, the Fifth Issuer and the Sixth Issuer
        on each Interest Payment Date from Funding Available Principal Receipts:

        (a)     firstly, pro rata and pari passu (according to the respective
                amounts outstanding of each Term AAA Advance) the First Issuer
                Term AAA Advances, the Second Issuer Term AAA Advances, the
                Third Issuer Term AAA Advances, the Fourth Issuer Term AAA
                Advances, the Fifth Issuer Term AAA Advances and the Sixth
                Issuer Term AAA Advances until all the Term AAA Advances are
                fully repaid;

        (b)     secondly, pro rata and pari passu (according to the respective
                amounts outstanding of each Term AA Advance) the First Issuer
                Term AA Advances, the Second Issuer Term AA Advances, the Third
                Issuer Term AA Advances, the Fourth Issuer Term AA Advances, the
                Fifth Issuer Term AA Advances and the Sixth Issuer Term AA
                Advances until all the Term AA Advances are fully repaid; and

        (c)     thirdly, pro rata and pari passu (according to the respective
                amounts outstanding of each Term BBB Advance) the First Issuer
                Term BBB Advances, the Second Issuer Term BBB Advances, the
                Third Issuer Term BBB Advances, the Fourth Issuer Term BBB
                Advances, the Fifth Issuer Term BBB Advances and the Sixth
                Issuer Term BBB Advances until all the Term BBB Advances are
                fully repaid.

<PAGE>

                                       94

6.      EFFECT ON BULLET TERM ADVANCES AND SCHEDULED AMORTISATION TERM ADVANCES
        WHEN A TRIGGER EVENT OCCURS OR WHEN THE ISSUER SECURITY IS ENFORCED

6.1     If a Trigger Event occurs then (i) the Scheduled Repayment Dates of the
        Bullet Term Advances and the Scheduled Amortisation Term Advances made
        under each Intercompany Loan Agreement will cease to apply and each such
        Term Advance shall be repaid, subject to the terms of this SCHEDULE 3,
        on each Interest Payment Date to the extent of Funding Available
        Principal Receipts therefor and (ii) all Bullet Term Advances and
        Scheduled Amortisation Term Advances made under the Intercompany Loan
        Agreements will be deemed to be Payable Pass Through Term Advances.

6.2     If the First Issuer Security is enforced under the First Issuer Deed of
        Charge and/or the Second Issuer Security is enforced under the Second
        Issuer Deed of Charge and/or the Third Issuer Security is enforced under
        the Third Issuer Deed of Charge and/or the Fourth Issuer Security is
        enforced under the Fourth Issuer Deed of Charge and/or the Fifth Issuer
        Security is enforced under the Fifth Issuer Deed of Charge and/or the
        Sixth Issuer Security is enforced under the Sixth Issuer Deed of Charge,
        then (as applicable) (i) the Scheduled Repayment Dates of any
        outstanding Bullet Term Advances and any Scheduled Amortisation Term
        Advances made under, as the case may be, the First Issuer Intercompany
        Loan Agreement and/or the Second Issuer Intercompany Loan Agreement
        and/or the Third Issuer Intercompany Loan Agreement and/or the Fourth
        Issuer Intercompany Loan Agreement and/or the Fifth Issuer Intercompany
        Loan Agreement and/or the Sixth Issuer Intercompany Loan Agreement will
        cease to apply and each such Term Advance shall be repaid, subject to
        the terms of this SCHEDULE 3, on each Interest Payment Date to the
        extent of Funding Available Principal Receipts therefore and (ii) all
        Bullet Term Advances and any Scheduled Amortisation Term Advances made
        under, as the case may be, the First Issuer Intercompany Loan Agreement
        and/or the Second Issuer Intercompany Loan Agreement and/or the Third
        Issuer Intercompany Loan Agreement and/or the Fourth Issuer Intercompany
        Loan Agreement and/or the Fifth Issuer Intercompany Loan Agreement
        and/or the Sixth Issuer Intercompany Loan Agreement will be deemed to be
        Payable Pass Through Term Advances.

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                                    PART III

                  FUNDING POST-ENFORCEMENT PRIORITY OF PAYMENTS

All the monies received or recovered by the Security Trustee (or a Receiver
appointed on its behalf) following service of an Intercompany Loan Enforcement
Notice shall be applied (save to the extent required otherwise by law) on each
Interest Payment Date (except for amounts due to the Account Bank under items
(c) below, which will be paid when due) in the following order of priority (and
to the extent that payments or provisions of a higher priority have been made in
full):

(a)     firstly, in or towards satisfaction, pro rata and pari passu according
        to the respective amounts thereof, of:

        (i)     any remuneration then due and payable to the Security Trustee
                and any Receiver appointed by the Security Trustee and any other
                amounts due or to become due in the immediately succeeding
                Interest Period to the Security Trustee and the Receiver under
                the provisions of the Amended and Restated Funding Deed of
                Charge together with interest and any amounts in respect of VAT
                thereon as provided therein;

        (ii)    any amounts due to the First Issuer in respect of its
                obligations specified in items (a) to (c) of the First Issuer
                Post-Enforcement Priority of Payments;

        (iii)   any amounts due to the Second Issuer in respect of its
                obligations specified in items (a) to (c) of the Second Issuer
                Post-Enforcement Priority of Payments;

        (iv)    any amounts due to the Third Issuer in respect of its
                obligations specified in items (a) to (c) of the Third Issuer
                Post-Enforcement Priority of Payments;

        (v)     any amounts due to the Fourth Issuer in respect of its
                obligations specified in items (a) to (c) of the Fourth Issuer
                Post-Enforcement Priority of Payments;

        (vi)    any amounts due to the Fifth Issuer in respect of its
                obligations specified in items (a) to (c) of the Fifth Issuer
                Post-Enforcement Priority of Payments; and

        (vii)   any amounts due to the Sixth Issuer in respect of its
                obligations specified in items (a) to (c) of the Sixth Issuer
                Post-Enforcement Priority of Payments;

(b)     secondly, in or towards satisfaction of any remuneration then due and
        payable to the Cash Manager and any costs, charges, liabilities and
        expenses then due or to become due and payable in the immediately
        succeeding Interest Period to the Cash Manager under the provisions of
        the Cash Management Agreement, together with any amounts in respect of
        VAT thereon as provided therein;

(c)     thirdly, in or towards satisfaction pro rata and pari passu of any
        amounts due to the Account Bank (including costs) pursuant to the terms
        of the Bank Account Agreement and the Corporate Services Provider
        pursuant to the Corporate Services Agreement;

(d)     fourthly, in or towards satisfaction pro rata and pari passu of those
        amounts due and payable (if any) by Funding to (i) the Funding Swap
        Provider pursuant to the Funding Swap Agreement (except for any
        termination payments due and payable by Funding under the

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                                       96

        Funding Swap Agreement following a Funding Swap Provider Default) and
        (ii) the Funding Liquidity Facility Provider under the Funding Liquidity
        Facility Agreement (except for any Funding Liquidity Subordinated
        Amounts);

(e)     fifthly, to pay pro rata and pari passu (according to the respective
        amount of each Term AAA Advance outstanding), interest and principal due
        and payable on the First Issuer Term AAA Advances, the Second Issuer
        Term AAA Advances, the Third Issuer Term AAA Advances, the Fourth Issuer
        Term AAA Advances, the Fifth Issuer Term AAA Advances and the Sixth
        Issuer Term AAA Advances;

(f)     sixthly, to pay pro rata and pari passu (according to the respective
        amount of each Term AA Advance outstanding), interest and principal due
        and payable on the First Issuer Term AA Advances, the Second Issuer Term
        AA Advances, the Third Issuer Term AA Advances, the Fourth Issuer Term
        AA Advances, the Fifth Issuer Term AA Advances and the Sixth Issuer Term
        AA Advances;

(g)     seventhly, to pay pro rata and pari passu (according to the respective
        amount of each Term BBB Advance outstanding), interest and principal due
        and payable on the First Issuer Term BBB Advances, the Second Issuer
        Term BBB Advances, the Third Issuer Term BBB Advances, the Fourth Issuer
        Term BBB Advances, the Fifth Issuer Term BBB Advances and the Sixth
        Issuer Term BBB Advances;

(h)     eighthly, to pay pro rata and pari passu according to the respective
        amounts outstanding thereof:

        (i)     amounts due to the First Issuer in respect of the First Issuer's
                obligation (if any) to make a termination payment to any First
                Issuer Swap Provider (but excluding any termination payment due
                to a First Issuer Swap Provider as a result of a First Issuer
                Swap Provider Default);

        (ii)    amounts due to the Second Issuer in respect of the Second
                Issuer's obligation (if any) to make a termination payment to
                any Second Issuer Swap Provider (but excluding any termination
                payment due to a Second Issuer Swap Provider as a result of a
                Second Issuer Swap Provider Default);

        (iii)   amounts due to the Third Issuer in respect of the Third Issuer's
                obligation (if any) to make a termination payment to any Third
                Issuer Swap Provider (but excluding any termination payment due
                to a Third Issuer Swap Provider as a result of a Third Issuer
                Swap Provider Default);

        (iv)    amounts due to the Fourth Issuer in respect of the Fourth
                Issuer's obligation (if any) to make a termination payment to
                any Fourth Issuer Swap Provider (but excluding any termination
                payment due to a Fourth Issuer Swap Provider as a result of a
                Fourth Issuer Swap Provider Default);

        (v)     amounts due to the Fifth Issuer in respect of the Fifth Issuer's
                obligation (if any) to make a termination payment to any Fifth
                Issuer Swap Provider (but excluding any termination payment due
                to a Fifth Issuer Swap Provider as a result of a Fifth Issuer
                Swap Provider Default); and

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                                       97

        (vi)    amounts due to the Sixth Issuer in respect of the Sixth Issuer's
                obligation (if any) to make a termination payment to any Sixth
                Issuer Swap Provider (but excluding any termination payment due
                to a Sixth Issuer Swap Provider as a result of a Sixth Issuer
                Swap Provider Default);

(i)     ninthly, to pay interest and principal due and payable on the Fourth
        Issuer Term BB Advance;

(j)     tenthly, to pay pro rata and pari passu according to the respective
        amounts outstanding thereof:

        (i)     any amounts due to the First Issuer in respect of the First
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the First Issuer Post-Enforcement Priority of Payments;

        (ii)    any amounts due to the Second Issuer in respect of the Second
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the Second Issuer Post-Enforcement Priority of Payments;

        (iii)   any amounts due to the Third Issuer in respect of the Third
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the Third Issuer Post-Enforcement Priority of Payments;

        (iv)    any amounts due to the Fourth Issuer in respect of the Fourth
                Issuer's obligations specified in items (h), (i), (j) and (k) of
                the Fourth Issuer Post-Enforcement Priority of Payments;

        (v)     any amounts due to the Fifth Issuer in respect of the Fifth
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the Fifth Issuer Post-Enforcement Priority of Payments;

        (vi)    any amounts due to the Sixth Issuer in respect of the Sixth
                Issuer's obligations specified in items (g), (h), (i) and (j) of
                the Sixth Issuer Post-Enforcement Priority of Payments;

        (vii)   any other amounts due to the First Issuer in respect of any
                other obligation of Funding under the First Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (viii)  any other amounts due to the Second Issuer in respect of any
                other obligation of Funding under the Second Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (ix)    any other amounts due to the Third Issuer in respect of any
                other obligation of Funding under the Third Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (x)     any other amounts due to the Fourth Issuer in respect of any
                other obligation of Funding under the Fourth Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

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                                       98

        (xi)    any other amounts due to the Fifth Issuer in respect of any
                other obligation of Funding under the Fifth Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (xii)   any other amounts due to the Sixth Issuer in respect of any
                other obligation of Funding under the Sixth Issuer Intercompany
                Loan Agreement and not otherwise provided for earlier in this
                order of priority of payments;

        (xiii)  after the occurrence of a Funding Swap Provider Default, to the
                Funding Swap Provider in respect of any termination payment due
                and payable by Funding under the Funding Swap Agreement; and

        (xiv)   the Funding Liquidity Facility Provider in respect of Funding
                Liquidity Subordinated Amounts;

(k)     eleventhly, to pay any amounts due to the First Start-up Loan Provider,
        the Second Start-up Loan Provider, the Third Start-up Loan Provider, the
        Fourth Start-up Loan Provider, the Fifth Start-up Loan Provider and the
        Sixth Start-up Loan Provider under the Start-up Loan Agreements;

(l)     twelfthly, to pay any Postponed Deferred Consideration; and

(m)     thirteenthly, to pay any Deferred Consideration other than that referred
        to in item (l) above.

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