Document:

Exhibit 4.6

                                                             Execution Version

                            Dated 24 September 2003
                            -----------------------

                          GRANITE MORTGAGES 03-3 PLC
                               as Current Issuer

                                      and

                             THE BANK OF NEW YORK
                                as Note Trustee

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

                               ISSUER TRUST DEED

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

                          SIDLEY AUSTIN BROWN & WOOD
                             1 THREADNEEDLE STREET
                                LONDON EC2R 8AW
                            TELEPHONE 020 7360 3600
                            FACSIMILE 020 7626 7937
                              REF: 30507-19/615097

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                            CROSS-REFERENCE TABLE*

Section of Trust
Indenture Act of
1939, as amended                                               Section of Deed
----------------                                               ---------------

310(a)....................................................................14.2
310(b)....................................................................14.2
310(c)............................................................Inapplicable
311(a)................................................................10.3(kk)
311(b)................................................................10.3(kk)
311(c)............................................................Inapplicable
312(a)...................................................................5(ee)
312(b)....................................................................19.2
312(c)....................................................................19.2
313...................................................................10.3(jj)
314(a)....................................................................5(u)
314(b)...................................................................5(gg)
314(c)..............................................................16.1, 17.1
314(d)....................................................................17.1
314(e)....................................................................16.2
315(a)................................................................... 10.1
315(b)....................................................................10.8
315(c).....................................................................2.7
315(d)...................................................................10.12
316(a)...............................................................7.2, 11.2
316(b)..................................................................2.2(d)
316(c).....................................................................7.2
317(a).....................................................................6.1
317(b)....................................................................5(p)
318(a)......................................................................15
318(b)....................................................................17.4
318(c).....................................................................1.4

* This Cross-Reference Table does not constitute part of this Deed and shall
not affect the interpretation of any of its terms or provisions.

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                               Table of Contents
Clause                                                                    Page

1.   Definitions............................................................1

2.   Covenant to Repay etc..................................................3

3.   Form, Issue and Deposit of Note Certificates...........................6

4.   Covenant of Compliance.................................................9

5.   Covenants by the Current Issuer........................................9

6.   Enforcement...........................................................15

7.   Proceedings, Actions and Indemnification..............................16

8.   Application of Moneys etc.............................................18

9.   Remuneration and Indemnification of Note Trustee......................19

10.  Supplement to the Trustee Acts........................................21

11.  Modification and Waiver...............................................32

12.  Entitlement to Treat holder as owner..................................33

13.  Currency Indemnity....................................................33

14.  Appointment, Removal and Retirement of Note Trustee...................34

15.  Trust Indenture Act Prevails..........................................36

16.  Certificates and Opinions.............................................36

17.  Release of Collateral.................................................37

18.  Rights Cumulative.....................................................38

19.  Notices...............................................................38

20.  Third Party Rights....................................................39

21.  Execution in Counterparts; Severability...............................39

22.  Governing Law and Jurisdiction; Appropriate Forum.....................39

SCHEDULE 1 FORMS OF GLOBAL NOTE CERTIFICATES...............................40
SCHEDULE 2 FORMS OF INDIVIDUAL NOTE CERTIFICATES...........................62
SCHEDULE 3 CURRENT ISSUER CONDITIONS OF THE NOTES..........................79
SCHEDULE 4 PROVISIONS FOR MEETINGS OF NOTEHOLDERS..........................80

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THIS ISSUER TRUST DEED is made on 24 September 2003

BETWEEN:

(1)      GRANITE MORTGAGES 03-3 PLC (registered number 4823268) a public
         limited company incorporated under the laws of England and Wales
         whose registered office is at Fifth Floor, 100 Wood Street, London
         EC2V 7EX as Current Issuer; and

(2)      THE BANK OF NEW YORK, a New York banking corporation acting through
         its London branch at 48th Floor, One Canada Square, Canary Wharf,
         London E14 5AL in its capacity as Note Trustee.

WHEREAS:

(A)      By a resolution of a duly authorised Board of Directors of the
         Current Issuer passed on 18 September 2003 the Current Issuer
         authorised the creation and issue of the Current Issuer Notes.

(B)      The Note Trustee has agreed to act as trustee of these presents for
         the benefit of the Noteholders upon and subject to the Current Issuer
         Conditions.

NOW THIS ISSUER TRUST DEED WITNESSES AND IT IS AGREED AND DECLARED:

1.       Definitions

1.1      The provisions of:

         (a)  the Master Definitions Schedule as amended and restated by (and
              appearing as Appendix 1 to) the Master Definitions Schedule
              Fifth Amendment Deed made on 24 September 2003 between, among
              others, the Seller, Funding and the Mortgages Trustee, and

         (b)  the Issuer Master Definitions Schedule signed for the purposes
              of identification by Sidley Austin Brown & Wood and Allen &
              Overy on 24 September 2003,

         (as the same have been and may be amended, varied or supplemented
         from time to time with the consent of the parties hereto) are
         expressly and specifically incorporated into and shall apply to this
         Deed.

         The Issuer Master Definitions Schedule specified above shall prevail
         to the extent that it conflicts with the Master Definitions Schedule.

1.2      All references in these presents:

         (a)  to principal and/or premium and/or interest in respect of the
              Current Issuer Notes or to any monies payable by the Current
              Issuer under these presents shall be deemed to include a
              reference to any additional amounts which may be payable under
              Condition 4(B) (Payment Dates and Interest Periods) or, if
              applicable, under any undertaking or covenant given pursuant to
              Clause 2.2 (Covenant to Repay).

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         (b)  to "these presents" and/or to "this Deed" means this Trust
              Deed, the schedules hereto, any deed expressed to be
              supplemental hereto and the Current Issuer Deed of Charge all
              as from time to time supplemented or modified in accordance
              with the provisions contained in these presents and/or where
              applicable, therein contained.

         (c)  to guarantees or to an obligation being guaranteed shall be
              deemed to include respectively references to indemnities or to
              an indemnity being given in respect thereof.

         (d)  to any action, remedy or method of proceeding for the
              enforcement of the rights of creditors shall be deemed to
              include, in respect of any jurisdiction other than England,
              references to such action, remedy or method of proceeding for
              the enforcement of the rights of creditors available or
              appropriate in such jurisdiction as shall most nearly
              approximate to such action, remedy or method of proceeding
              described or referred to in these presents.

         (e)  to taking proceedings against the Current Issuer shall be
              deemed to include references to proving in the winding up of
              the Current Issuer.

         (f)  to DTC, Euroclear and Clearstream, Luxembourg shall be deemed
              to include references to any other or additional clearing
              system as may be approved in writing by the Note Trustee.

1.3      Unless the context otherwise requires words or expressions used in
         these presents shall bear the same meanings as in the Companies Act
         1985 of England.

1.4      Whenever these presents refers to a provision of the Trust Indenture
         Act, the provision is incorporated by reference in and made part of
         these presents. All other Trust Indenture Act terms used in these
         presents that are defined by the Trust Indenture Act, defined in the
         Trust Indenture Act by reference to another statute or defined by SEC
         rule have the meanings assigned to them in the Trust Indenture Act.

1.5      For the purposes of determining whether a direction, request or
         consent has been received from the holders of at least 25 per cent.
         in Principal Amount Outstanding of any class of Notes, the Principal
         Amount Outstanding of any Note denominated in Dollars or Euro shall
         be converted into Sterling at the relevant Dollar Currency Swap Rate
         or Euro Currency Swap Rate, as the case may be.

1.6      "outstanding"  means,  in relation to the Current  Issuer  Notes,
         all the Current  Issuer Notes other than:

         (a)  those which have been redeemed in accordance with these
              presents;

         (b)  those in respect of which the date for redemption in accordance
              with the provisions of the Current Issuer Conditions has
              occurred and for which the redemption moneys (including all
              interest accrued thereon to such date for redemption) have been
              duly paid to the Note Trustee or the Principal Paying Agent in
              the manner provided for in the Current Issuer Paying Agent and
              Agent Bank Agreement (and, where appropriate, notice to that
              effect has been

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              given to the relevant class or classes of Noteholders in
              accordance with Condition 14 (Notice to Noteholders)) and
              remain available for payment in accordance with the Current
              Issuer Conditions;

         (c)  those which have been purchased and surrendered for
              cancellation as provided in Condition 5 (Redemption, Purchase
              and Cancellation) and notice of the cancellation of which has
              been given to the Note Trustee;

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

         (e)  those mutilated or defaced Note Certificates which have been
              surrendered or cancelled and in respect of which replacement
              Note Certificates have been issued pursuant to Condition 13
              (Replacement of Notes);

         (f)  (for the purpose only of ascertaining the amount of the Current
              Issuer Notes outstanding and without prejudice to the status
              for any other purpose of the relevant Current Issuer Notes)
              those Note Certificates which are alleged to have been lost,
              stolen or destroyed and in respect of which replacements have
              been issued pursuant to Condition 13 (Replacement of Notes);

              (provided that) for each of the following purposes, namely:

              (i)  the right to attend and vote at any Meeting (as defined in
                   Schedule 4 (Provisions for Meetings of Noteholders)
                   hereto);

              (ii) the determination of how many and which Current Issuer
                   Notes are for the time being outstanding for the purposes
                   of Clauses 7 (Proceedings, Actions and Indemnification)
                   and 11.2 (Waiver), Condition 10 (Enforcement of Notes) and
                   Schedule 4 (Provisions for Meetings of Noteholders); and

              (iii) any discretion, power or authority, whether contained in
                    these presents or provided by law, which the Note Trustee
                    is required to exercise in or by reference to the
                    interests of the Noteholders or any of them,

                  those Current Issuer Notes (if any) which are for the time
                  being held by any person (including but not limited to the
                  Current Issuer or any subsidiary or affiliate of either for
                  the benefit of the Current Issuer or any subsidiary or
                  affiliate shall (unless and until ceasing to be so held) be
                  deemed not to remain outstanding.

2.       Covenant to Repay etc.

2.1      The Current Issuer Notes: The aggregate principal amount of:

         (a)  the Series 1 Class A1 Notes is limited to US$750,000,000;

         (b)  the Series 1 Class A2 Notes is limited to US$750,000,000;

         (c)  the Series 1 Class A3 Notes is limited to US$500,000,000;

         (d)  the Series 1 Class B Notes is limited to US$72,000,000;

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         (e)  the Series 1 Class M Notes is limited to US$27,000,000;

         (f)  the Series 1 Class C Notes is limited to US$50,000,000;

         (g)  the Series 2 Class A Notes is limited to (Euro)640,000,000;

         (h)  the Series 2 Class B Notes is limited to (Euro)23,000,000;

         (i)  the Series 2 Class M Notes is limited to (Euro)7,500,000;

         (j)  the Series 2 Class C Notes is limited to (Euro)55,000,000;

         (k)  the Series 3 Class A Notes is limited to (GBP)340,000,000;

         (l)  the Series 3 Class B Notes is limited to (GBP)28,500,000;

         (m)  the Series 3 Class M Notes is limited to (GBP)11,500,000;

         (n)  the Series 3 Class C Notes is limited to (GBP)7,500,000.

2.2      Covenant to Repay: The Current Issuer covenants with the Note Trustee
         that it will, in accordance with these presents, on the Final
         Maturity Date of the Current Issuer Notes, or on such earlier date as
         the same or any part thereof may become due and repayable thereunder
         in accordance with the Current Issuer Conditions, pay or procure to
         be paid unconditionally to or to the order of the Note Trustee in
         Sterling, Euro or US dollars, as applicable, in London or New York
         City, as applicable, in immediately available funds or same day
         funds, as applicable, the principal amount of the Current Issuer
         Notes repayable on that date and shall in the meantime and until all
         such payments (both before and after any judgment or other order of a
         court of competent jurisdiction) are duly made (subject to the
         provisions of the Current Issuer Conditions) pay or procure to be
         paid unconditionally to or to the order of the Note Trustee as
         aforesaid interest (which shall accrue from day to day) on the
         Principal Amount Outstanding of the Current Issuer Notes at the rates
         set out in or (as the case may be) calculated from time to time in
         accordance with Condition 4 (Interest) and on the dates on which such
         interest becomes due and payable in accordance with the Current
         Issuer Conditions provided that:

         (a)  every payment of principal or interest in respect of the
              Current Issuer Notes or any of them to or to the account of the
              Paying Agents in the manner provided in the Current Issuer
              Paying Agent and Agent Bank Agreement shall operate in
              satisfaction pro tanto of the relative covenant by the Current
              Issuer in this Clause except to the extent that there is
              default in the subsequent payment thereof to the Noteholders in
              accordance with the Current Issuer Conditions;

         (b)  if any payment of principal or interest in respect of the
              Current Issuer Notes or any of them is made after the due date,
              payment shall be deemed not to have been made until either the
              full amount is paid to the Noteholders or, if earlier, the
              seventh day after notice has been given to the Noteholders in
              accordance with the Current Issuer Conditions that the full
              amount has been received by the Note Trustee or the Paying
              Agents, to the extent that there is a failure in the subsequent
               payment to Noteholders under the Current Issuer Conditions;

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         (c)  in any case where payment of the whole or any part of the
              principal amount of any Current Issuer Note is improperly
              withheld or refused upon due presentation thereof (if so
              provided in the Current Issuer Paying Agent and Agent Bank
              Agreement) interest shall accrue on the whole or such part of
              such principal amount which has been so withheld or refused
              (both before and after any judgment or other order of a court
              of competent jurisdiction) at the rates aforesaid from and
              including the date of such withholding or refusal up to and
              including the date on which such principal amount due is paid
              to the Noteholders or (if earlier) the seventh day after notice
              is given to the Noteholders in accordance with the Current
              Issuer Conditions that the full amount (including interest as
              aforesaid) payable in respect of the principal amount is
              available for payment, provided that, upon further due
              presentation thereof (if so provided in the Current Issuer
              Paying Agent and Agent Bank Agreement), such payment is in fact
              made; and

         (d)  notwithstanding any other provision of these presents, pursuant
              to Section 316(b) of the Trust Indenture Act the right of any
              Noteholder to receive payment of principal and interest on the
              Current Issuer Notes, on or after the respective due dates
              expressed in the Current Issuer Notes, or to bring suit for the
              enforcement of any such payment on or after such respective
              dates, shall not be impaired or affected without the consent of
              the Noteholder.

2.3      Additional Interest: The Current Issuer shall pay Additional Interest
         in accordance with Condition 4(B) (Payment Dates and Interest Periods).

2.4      On trust: The Note Trustee will hold the benefit of the covenants
         contained in this Clause 2 (Covenant to Repay, etc) on trust for the
         Noteholders and itself in accordance with these presents.

2.5      Note Trustee's requirements regarding Agents, etc.: At any time after
         a Note Event of Default shall have occurred (which shall not have
         been waived by the Note Trustee or remedied to its satisfaction) or
         the Current Issuer Notes shall otherwise have become due and
         repayable or Individual Note Certificates have not been issued when
         so required in accordance with these presents and the Global Note
         Certificates, the Note Trustee may:

         (a)  by notice in writing to the Current Issuer, the Principal
              Paying Agent, the US Paying Agent, the Agent Bank, the Transfer
              Agent and the Registrar require such Agents or any of them
              pursuant to the Current Issuer Paying Agent and Agent Bank
              Agreement:

              (i)  to act thereafter, and until otherwise instructed by the
                   Note Trustee, as Agents respectively of the Note Trustee
                   on the terms provided in the Current Issuer Paying Agent
                   and Agent Bank Agreement (with consequential amendments as
                   necessary and save that the Note Trustee's liability under
                   any provisions thereof for the indemnification,
                   remuneration and payment of out-of-pocket expenses of the
                   Agents shall be limited to the amounts for the time being
                   held by the Note Trustee on the trusts of these presents
                   relating to the Current Issuer Notes and available for
                   such purpose) and thereafter to hold all Note

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

              (ii) to deliver up all Note Certificates and all sums,
                   documents and records held by them in respect of the
                   Current Issuer Notes to the Note Trustee or as the Note
                   Trustee shall direct in such notice provided that such
                   notice shall be deemed not to apply to any documents or
                   records which the relevant Agent or the Registrar, as the
                   case may be, is obliged not to release by any law or
                   regulation; and/or

         (b)  by notice in writing to the Current Issuer require it to make
              all subsequent payments in respect of the Current Issuer Notes
              to or to the order of the Note Trustee with effect from the
              issue of any such notice to the Current Issuer and until such
              notice is withdrawn, Clause 2.2(a) above relating to the
              Current Issuer Notes shall cease to have effect.

2.6      Interest following Default: The rate of interest payable in respect
         of the Current Issuer Notes if they become immediately repayable
         pursuant to a notice given to the Note Trustee pursuant to the
         Current Issuer Conditions shall be calculated at three monthly
         intervals, the first of which shall commence on the expiry of the
         Interest Period (as defined in the Current Issuer Conditions) during
         which the Current Issuer Notes become so repayable, in accordance
         with the Current Issuer Conditions (with consequential amendments as
         necessary) except that the rates of interest need not be published.

2.7      Exercise by Trustee following Default: If a Note Event of Default has
         occurred and is continuing, the Note Trustee shall exercise any or
         all of the rights and powers vested in it by these presents and use
         the same degree of care and skill in its exercise as a prudent person
         would exercise or use under the circumstances in the conduct of such
         person's own affairs in accordance with Section 315(c) of the Trust
         Indenture Act.

3.       Form, Issue and Deposit of Note Certificates

3.1      Global Note Certificates:

         (a)  The US Notes will be initially offered and sold pursuant to a
              Registration Statement filed with the SEC. Each class of the US
              Notes will be issued in fully registered global form and be
              initially represented by a US Global Note Certificate and
              which, in aggregate, will represent the aggregate Principal
              Amount Outstanding of the US Notes.

         (b)  The Reg S Notes will be initially offered and sold outside the
              United States to non-US persons pursuant to Reg S. Each class
              of the Reg S Notes will be issued in fully registered global
              form and be initially represented by a Reg S Global Note
              Certificate and which, in aggregate, will represent the
              aggregate Principal Amount Outstanding of the Reg S Notes.

         (c)  The Global Note Certificates shall be issued by the Current
              Issuer and (1) in the case of the Dollar Notes, the Dollar
              Global Note Certificates will be registered in the name of Cede
              & Co. as nominee for DTC, and be deposited with, the DTC
              Custodian and (2) in the case of the Euro Notes and the
              Sterling Notes, the Euro Global Note Certificates and the
              Sterling

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              Global Note Certificates will be registered in the name of
              Citivic Nominees Limited as nominee for, and will be
              deposited with, the Common Depositary.

         (d)  Interests in the US Global Note Certificates and the Reg S
              Global Note Certificates shall be exchangeable, in accordance
              with their respective terms and as set out in Clause 3.3
              (Individual Note Certificates) hereof, for Individual Note
              Certificates.

3.2      Form of Global Note Certificates: The Global Note Certificates shall
         be printed or typewritten and shall be in the form or substantially
         in the respective forms set out in Schedule 1 (Forms of Global Note
         Certificates) and may be a facsimile which the Current Issuer shall
         deposit with the DTC Custodian or the Common Depositary, as the case
         may be. Each Global Note Certificate shall represent such of the
         outstanding Current Issuer Notes of the relevant class as shall be
         specified therein and shall be endorsed with the relevant Current
         Issuer Conditions and each shall provide that it shall represent the
         aggregate Principal Amount Outstanding of the relevant class of
         Current Issuer Notes from time to time endorsed on the relevant
         Global Note Certificate and that the aggregate Principal Amount
         Outstanding of the Current Issuer Notes represented thereby may from
         time to time be reduced or increased, as appropriate, to reflect
         exchanges, redemptions, purchases and transfers of interests therein
         in accordance with the terms of these presents and the Current Issuer
         Paying Agent and Agent Bank Agreement. Any notation on the Register
         to reflect the amount of any increase or decrease in the Principal
         Amount Outstanding of the Current Issuer Notes represented by a
         Global Note Certificate shall be made by or on behalf of the
         Registrar in accordance with such Global Note Certificate and the
         Current Issuer Paying Agent and Agent Bank Agreement. The Global Note
         Certificates shall be issued only in registered form without coupons
         or talons and signed manually or in facsimile by a person duly
         authorised by the Current Issuer on behalf of the Current Issuer and
         the Current Issuer shall procure that the Global Note Certificates
         shall be authenticated by or on behalf of the Registrar on the
         Closing Date. The Global Note Certificates so executed and
         authenticated shall be binding and valid obligations of the Current
         Issuer, notwithstanding that such duly authorised person no longer
         holds that office at the time the Registrar authenticates the
         relevant Global Note Certificate. Title to the Current Issuer Notes
         shall only pass by and upon the registration in the Register in
         respect thereof in accordance with the provisions of the Current
         Issuer Paying Agent and Agent Bank Agreement.

3.3      Individual Note Certificates: The Current Issuer shall issue
         Individual Note Certificates only if one or more of the following
         applies while the Current Issuer Notes are represented by Global Note
         Certificates. At any time after the 40th day following the later of
         the Closing Date and the date of the issue of such Global Note
         Certificates:

         (a)  (i) (in the case of the Dollar Global Note Certificates) DTC
              has notified the Current Issuer that it is at any time
              unwilling or unable to continue as, or has ceased to be, a
              clearing agency registered under the Exchange Act, and a
              successor to DTC registered as a clearing agency under the
              Exchange Act is not able to be appointed by the Current Issuer
              within 90 days of such notification; or (ii) (in the case of
              the Euro Global Note Certificates and the Sterling Global Note
              Certificates) both Euroclear and Clearstream,

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              Luxembourg are closed for business for a continuous period of
              14 days (other than by reason of holiday, statutory or
              otherwise) or announce an intention permanently to cease
              business and do so cease to do business and no alternative
              clearing system satisfactory to the Note Trustee is available;
              or

         (b)  as a result of any amendment to, or change in, the laws or
              regulations of the United Kingdom (or of any political
              sub-division thereof) or of any authority therein or thereof
              having power to tax or in the interpretation or administration
              by a revenue authority or a court or administration of such
              laws or regulations which becomes effective on or after the
              Closing Date, the Current Issuer or any Paying Agent is or will
              be required to make any deduction or withholding from any
              payment in respect of the Current Issuer Notes which would not
              be required were the Current Issuer Notes represented by
              Individual Note Certificates.

         If required by this Clause 3.3 (Individual Note Certificates), then
         the Current Issuer shall, at its sole cost and expense within 30 days
         of the occurrence of the relevant event, issue Individual Note
         Certificates of the same class as the class of Current Issuer Notes
         represented by the relevant Global Note Certificate.

         If Individual Note Certificates are issued, the beneficial interests
         represented by the Reg S Global Note Certificate representing each
         class shall be exchanged by the Current Issuer for Reg S Individual
         Note Certificates of that class and the beneficial interests
         represented by the US Global Note Certificate representing each class
         shall be exchanged by the Current Issuer for US Individual Note
         Certificates of that class.

3.4      Form of Individual Note Certificates: The Individual Note
         Certificates shall be printed or typewritten in accordance with all
         applicable legal and stock exchange requirements and be in the form
         or substantially in the relevant form set out in Schedule 2 (Forms of
         Individual Note Certificates). Individual Note Certificates will be
         in the denominations, and transferable in units, of (i) US$1,000 and
         US$10,000 (in the case of the Dollar Notes) (ii) (GBP)1,000 or
         (GBP)10,000 (in the case of the Sterling Notes) (iii) (Euro)5,000
         (in the case of the Euro Notes) each, shall be serially numbered
         and shall be endorsed with the relevant Current Issuer Conditions
         and a form of transfer in the form or substantially in the
         relevant form also set out in Schedule 2 (Forms of Individual Note
         Certificates). Title to the Individual Note Certificates shall
         only pass by and upon the registration in the Register in respect
         thereof in accordance with the provisions of the Current Issuer
         Paying Agent and Agent Bank Agreement. The Individual Note
         Certificates shall be issued only in registered form and signed
         manually or in facsimile by a person duly authorised by or on
         behalf of the Current Issuer and the Current Issuer shall procure
         that the Individual Note Certificates shall be authenticated by or
         on behalf of the Registrar. Each Individual Note Certificate so
         executed and authenticated shall be a binding and valid obligation
         of the Current Issuer notwithstanding that such duly authorised
         person no longer holds that office at the time the Registrar
         authenticates the relevant Individual Note Certificate.

3.5      Indemnity: If the Current Issuer is obliged to issue or procure the
         issue of any Individual Note Certificate pursuant to Clause 3.3
         (Individual Note Certificates) but fails to do so within 30 days of
         the occurrence of the relevant event described in Clause 3.3
         (Individual Note Certificates), then the Current Issuer shall
         indemnify the Note Trustee and the relevant Noteholders and keep them
         indemnified against any

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         loss or damage incurred by any of them if the amount received by the
         Note Trustee or the relevant Noteholders in respect of the Current
         Issuer Notes is less than the amount that would have been received
         had Individual Note Certificates been issued in accordance with
         Clause 3.4 (Form of Individual Note Certificates). If and for so
         long as the Current Issuer discharges its obligations under this
         indemnity, the breach by the Current Issuer of the provisions of
         Clause 3.4 (Form of Individual Note Certificates) shall be deemed to
         be cured ab initio.

4.       Covenant of Compliance

4.1      Covenant: The Current Issuer covenants with the Note Trustee that it
         will comply with and perform and observe all the provisions of these
         presents, the Current Issuer Notes (including the Current Issuer
         Conditions), the Current Issuer Deed of Charge, the Current Issuer
         Paying Agent and Agent Bank Agreement, and the documents executed
         pursuant thereto and the other Current Issuer Transaction Documents.
         The Current Issuer Conditions shall be binding on the Current Issuer,
         the Noteholders, the Note Trustee and all persons claiming through or
         under any of them. The Current Issuer Notes are subject to the
         provisions of these presents, all of which shall be binding on the
         Current Issuer, the Noteholders, the Note Trustee and all persons
         claiming through or under any of them.

4.2      On trust: The Note Trustee shall hold the benefit of the covenants
         contained in this Clause 4 (Covenant of Compliance) upon trust for
         itself and the Noteholders according to its and their respective
         interests.

5.       Covenants by the Current Issuer

         The Current Issuer hereby covenants with the Note Trustee that, so
         long as any of the Current Issuer Notes remains outstanding, it will:

         (a)  Books and Records: at all times keep such books of account and
              records as may be necessary to comply with all applicable laws
              and so as to enable accounts of the Current Issuer to be
              prepared and allow the Note Trustee and any person appointed by
              the Note Trustee free access to such books of account and
              records at all reasonable times during normal business hours;

         (b)  Accounts for Stock Exchange: cause to be prepared and certified
              by the Auditors of the Current Issuer in respect of each
              Financial Year, accounts in such form as will comply with all
              relevant legal and accounting requirements and all requirements
              for the time being of any stock exchange, competent listing
              authority and/or quotation system on which the Current Issuer
              Notes are listed, quoted and/or traded;

         (c)  Noteholder Information: send to the Note Trustee two copies of
              every balance sheet, profit and loss account, report, circular
              and notice of general meeting and every other document issued
              or sent to its shareholders or holders of securities other than
              its shareholders (including the Noteholders) (or any class of
              them) as soon as practicable after the issue or publication
              thereof;

         (d)  Information: so far as permitted by applicable law, give or
              procure to be given to the Note Trustee such opinions,
              certificates, information and evidence as it

                                      9
<PAGE>

              shall require and in such form as it shall require, including
              without limitation the procurement by the Current Issuer of all
              such certificates called for by the Note Trustee pursuant to
              these presents or the purpose of the discharge or exercise of
              the duties, trusts, powers, authorities and discretions vested
              in it under these presents or by operation of law;

         (e)  Notice of Note Event of Default: give notice in writing to the
              Note Trustee forthwith upon becoming aware of the occurrence of
              any Note Event of Default or any Potential Note Event of
              Default immediately upon becoming aware thereof, including the
              status of any such default or matter and what action the
              Current Issuer is taking or proposes to take with respect
              thereto, and without waiting for the Note Trustee to take any
              action;

         (f)  Certificates Relating to Financial Information: give to the
              Note Trustee (a) within 14 days after demand by the Note
              Trustee therefor and (b) (without the necessity for any such
              demand) promptly after the publication of its audited accounts
              in respect of each Financial Year commencing with the Financial
              Year first ending after the date hereof and in any event not
              later than 180 days after the end of each such Financial Year a
              certificate signed by two directors of the Current Issuer to
              the effect that as at a date not more than seven days prior to
              the date of 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 Note Event of Default (or if
              such 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 Current Issuer has complied, with all its
              obligations contained in these presents and each of the Current
              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;

         (g)  Notice of Deferral of Payments: as soon as practicable after
              becoming aware that any part of a payment of interest on the
              Current Issuer Notes will be deferred or that a payment
              previously deferred will be made in accordance with Condition 4
              (Interest), give notice thereof to the Noteholders in
              accordance with the Current Issuer Conditions and, for so long
              as the Current Issuer Notes are listed on the Official List of
              the UK Listing Authority and admitted to trading by the London
              Stock Exchange and/or such other exchange(s) or securities
              market(s) upon which the Current Issuer Notes may become
              listed, to the UK Listing Authority and to the London Stock
              Exchange and/or such other exchange(s) or securities market(s);

         (h)  Further Assurances: so far as permitted by applicable law, at
              all times execute and do all such further documents, acts and
              things as may be necessary at any time or times in the opinion
              of the Note Trustee to give effect to these presents and the
              other Current Issuer Transaction Documents;

         (i)  Agent Bank, Reference Banks etc.: at all times maintain an
              Agent Bank, four Reference Banks, a Paying Agent, a Transfer
              Agent and a Registrar in accordance with the Current Issuer
              Conditions;

                                      10
<PAGE>

         (j)  Notification of Non-Payment: procure that any Paying Agent
              notify the Note Trustee forthwith in the event that (i) such
              Paying Agent does not, on or before any Payment Date or due
              date, as the case may be, for any payment in respect of any of
              the Current Issuer Notes, receive unconditionally pursuant to
              the Current Issuer Paying Agent and Agent Bank Agreement the
              full amount in the requisite currency of the monies payable on
              such Payment Date or due date, as the case may be, on all such
              Current Issuer Notes, or (ii) there are insufficient funds in
              Sterling, Euro or US dollars, as the case may be, available to
              the relevant Paying Agent to discharge the amount of the monies
              payable on such Payment Date or due date, as the case may be;

         (k)  Notification of Late Payment: in the event of the unconditional
              payment to the Paying Agents or the Note Trustee of any sum due
              in respect of any of the Current Issuer Notes or any of them
              being made after the due date for payment thereof, forthwith
              give or procure to be given notice to the relevant Noteholders
              in accordance with the Current Issuer Conditions that such
              payment has been made;

         (l)  Listing and Admission to Trading: use reasonable endeavours to
              maintain the listing of the Current Issuer Notes on the
              Official List of the UK Listing Authority and their admission
              to trading by the London Stock Exchange or, if it is unable to
              do so having used reasonable endeavours, use reasonable
              endeavours to obtain and maintain a quotation or listing of the
              Current Issuer Notes on such other stock exchange or exchanges
              or securities market or markets as the Current Issuer may
              decide (with the prior written approval of the Note Trustee)
              and shall also upon obtaining a quotation or listing of the
              Current Issuer Notes on such other stock exchange or exchanges
              or securities market or markets enter into a trust deed
              supplemental to these presents to effect such consequential
              amendments to these presents as the Note Trustee may require or
              as shall be requisite to comply with the requirements of any
              such stock exchange or securities market;

         (m)  Change of Agents, etc.: subject to the Current Issuer Paying
              Agent and Agent Bank Agreement, give notice to the Noteholders
              in accordance with the Current Issuer Conditions of any
              appointment, resignation or removal of any Agent Bank,
              Reference Bank, Paying Agent, Transfer Agent or Registrar
              (other than the appointment of the initial Agent Bank,
              Reference Banks, Paying Agents, Transfer Agent and Registrar)
              after, except in the case of resignation, having obtained the
              prior written approval of the Note Trustee (not to be
              unreasonably withheld or delayed) thereto or any change of the
              Specified Office of any Agent Bank, Paying Agent, Transfer
              Agent or Registrar provided always that so long as any of the
              Current Issuer Notes remains outstanding, in the case of the
              termination of the appointment of the Agent Bank, the Transfer
              Agent or the Registrar, or so long as any of the Current Issuer
              Notes remains liable to prescription, in the case of the
              termination of the appointment of the Principal Paying Agent,
              no such termination shall take effect until a new Agent Bank,
              the Transfer Agent, Registrar or Principal Paying Agent (as the
              case may be) has been appointed on terms previously approved in
              writing by the Note Trustee;

                                      11
<PAGE>

         (n)  Pre-Approval of Notices: obtain the prior written approval of
              the Note Trustee to, and upon publication promptly give to the
              Note Trustee and the Rating Agencies two copies of, every
              notice given to the Noteholders in accordance with the Current
              Issuer Conditions (such approval, unless so expressed, not to
              constitute approval for the purposes of Section 21 of the
              Financial Services and Markets Act 2000 (the "FSMA") of the
              United Kingdom of any such notice the content of which is an
              invitation or inducement to engage in investment activities
              within the meaning of Section 21 of the FSMA);

         (o)  Meetings: from time to time as required or contemplated by
              these presents or as reasonably requested by the Note Trustee,
              make available through the Paying Agents or otherwise such
              documents as may be required by the Noteholders in connection
              with Meetings;

         (p)  Compliance with Current Issuer Paying Agent and Agent Bank
              Agreement: (A) observe and comply with its obligations and use
              its reasonable endeavours to procure that the Agent Bank, the
              Paying Agents, the Transfer Agent and the Registrar comply with
              and perform all their respective obligations under the Current
              Issuer Paying Agent and Agent Bank Agreement and any notice
              given by the Note Trustee pursuant to Clause 2.5(a) and not
              make any amendment or modification to such agreement or agree
              to waive or authorise any breach thereof without the prior
              written approval of the Note Trustee and notify the Note
              Trustee forthwith upon becoming aware of any breach by any of
              the Agent Bank, the Paying Agents, the Transfer Agent and/or
              the Registrar, and (B) ensure that each Paying Agent under the
              Current Issuer Paying Agent and Agent Bank Agreement agrees in
              writing to (1) hold funds received by such Paying Agent for the
              payment of any sums due in respect of any Current Issuer Notes
              for the relevant Noteholders or the Note Trustee in trust to
              the extent required by Section 317(b) of the Trust Indenture
              Act, and (2) notify the Note Trustee of any default by the
              Current Issuer in making any such payment;

         (q)  Compliance with Current Issuer Transaction Documents: observe
              and comply with its obligations and use its reasonable
              endeavours to procure that each other party to any of the
              Current Issuer Transaction Documents complies with and performs
              all its respective obligations under any Current Issuer
              Transaction Document and not make any amendment or modification
              to such agreement or agree to waive or authorise any breach
              thereof without the prior written approval of the Note Trustee
              and notify the Note Trustee forthwith upon becoming aware of
              any breach by such other party to any Current Issuer
              Transaction Document;

         (r)  Individual Note Certificates: notify the Note Trustee upon the
              occurrence of any of the events referred to in Clause 3.3
              (Individual Note Certificates) and shall promptly give notice
              thereto and of its obligations to issue Individual Note
              Certificates to the Noteholders in accordance with Condition 14
              (Notice to Noteholders);

         (s)  Exercise of Redemption Rights: subject to paragraph (t) below,
              in the event that any notice of prepayment of the Current
              Issuer Intercompany Loan is given under Clause 8 (Prepayment)
              of the Intercompany Loan Terms and

                                      12
<PAGE>

              Conditions, the Current Issuer shall exercise its right to
              redeem the Current Issuer Notes on the same Payment Date under
              Condition 5(D) (Optional Redemption in Full) or, as applicable,
              Condition 5(E) (Optional Redemption for Tax and other Reasons);

         (t)  Redemption Requirements: not redeem or, as the case may be,
              give notice of redemption to Noteholders of all or any part of
              a class or classes of Current Issuer Notes pursuant to
              Condition 5(D) (Optional Redemption in Full) or Condition 5(E)
              (Optional Redemption for Tax and other Reasons) unless it shall
              first have provided to the Note Trustee such certificates and
              opinions as may be required to be given to the Note Trustee
              pursuant to and in accordance with Condition 5(D) (Optional
              Redemption in Full) or, as the case may be Condition
              5(E)(Optional Redemption for Tax and other Reasons);

         (u)  United States Reporting Requirements: file with the Note
              Trustee copies of the annual reports and of the information,
              documents, and other reports (or copies of such portions of any
              of the foregoing as the SEC may by rules and regulations
              prescribe) which the Current Issuer is required to file with
              the SEC pursuant to Section 13 or 15(d) of the Exchange Act
              within 15 days after it files them with the SEC and comply with
              the other provisions of Section 314(a) of the Trust Indenture
              Act;

         (v)  Interest in Current Issuer Charged Property: ensure that, save
              as permitted in these presents, the Current Issuer Deed of
              Charge and the other Current Issuer Transaction Documents, no
              person other than the Current Issuer and the Note Trustee shall
              have any equitable interest in the Current Issuer Charged
              Property;

         (w)  Maintenance of Current Issuer Cash Manager: ensure that there
              is at all times a cash manager appointed in accordance with the
              provisions of the Current Issuer Cash Management Agreement;

         (x)  Tax Deduction: take reasonable steps to ensure that it does not
              engage in any course of conduct that would lead to a deduction,
              for United Kingdom corporation tax purposes, in respect of
              accrued interest or discount on the Current Issuer Notes by the
              Current Issuer being denied, postponed or restricted (whether
              such denial, postponement or restriction results from the
              application of paragraph 2 or 13 of Schedule 9 of the Finance
              Act 1996 or otherwise);

         (y)  United Kingdom and United States Tax Status: ensure that it is
              at all times solely resident in the United Kingdom for United
              Kingdom tax purposes and has no branch, business establishment
              or other fixed establishment outside the United Kingdom; and
              furthermore, ensure 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, 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 income tax principles, and will
              not (and will use its best efforts to procure that any
              affiliate of the Current Issuer, including Funding, will not)
              take any position that would contradict the

                                      13
<PAGE>

              treatment of the Current Issuer Notes as indebtedness for
              United States federal income tax purposes;

         (z)  Current Issuer Pre-Enforcement Priority of Payments: prior to
              any enforcement of the security created under the Current
              Issuer Deed of Charge, ensure that amounts standing to the
              credit of the Current Issuer Transaction Account on a Payment
              Date will be applied by the Current Issuer in or towards
              satisfaction of such of the obligations set out in the
              applicable Current Issuer Pre-Enforcement Priority of Payments
              as may be, at any given time, then due and payable (in each
              case only if and to the extent that payments or provisions of a
              higher order of priority which are also due and payable or,
              where relevant, are likely to fall due at that time or prior to
              the next succeeding Payment Date have been made or provided for
              in full);

         (aa) Availability of Information: make available for inspection by
              Noteholders at the Specified Office of the Principal Paying
              Agent during normal business hours on any London Business Day
              copies of each balance sheet and profit and loss account sent
              to the Note Trustee pursuant to these presents, the Current
              Issuer Paying Agent and Agent Bank Agreement and the other
              Current Issuer Transaction Documents;

         (bb) Ratings: furnish, or procure that there is furnished, from time
              to time, any and all documents, instruments, information and
              undertakings that may be reasonably necessary in order to
              maintain the current ratings of the Current Issuer Notes by the
              Rating Agencies (save that when any such document, instrument,
              information and/or undertaking is not within the possession or
              control of the Current Issuer, the Current Issuer agrees to use
              its reasonable efforts to furnish, or procure that there is
              furnished, from time to time any such documents, instruments,
              information and undertakings as may be reasonably necessary in
              order to maintain the current ratings of the Current Issuer
              Notes by the Rating Agencies);

         (cc) Calculations: procure that there are done on its behalf, all
              calculations required pursuant to the Current Issuer
              Conditions;

         (dd) DTC, Euroclear and Clearstream, Luxembourg: use its reasonable
              endeavours to procure that DTC, Euroclear and/or Clearstream,
              Luxembourg (as the case may be) issue(s) any certificate or
              other document requested by the Note Trustee acting reasonably
              pursuant to these presents as soon as practicable after such
              request;

         (ee) Information Regarding Noteholders: pursuant to Section 312(a)
              of the Trust Indenture Act, furnish or cause to be furnished to
              the Note Trustee on 31st March and 30th September of each year,
              commencing 31st March 2004, and at such other times as the Note
              Trustee may request in writing, all information in the
              possession or control of the Current Issuer or of any of its
              Paying Agents as to the names and addresses of the Noteholders,
              and requiring the Note Trustee to preserve, in as current a
              form as is reasonably practicable, all such information so
              furnished to it;

                                      14
<PAGE>

         (ff) Officers' Certificates and Opinions of Counsel; Statements to
              be Contained Therein: upon any application, demand or request
              by the Current Issuer to the Note Trustee to take any action
              under any of the provisions of these presents (other than the
              issuance of Current Issuer Notes) and upon request of the Note
              Trustee, furnish to the Note Trustee an officers' certificate
              and opinion of counsel complying with the provisions of Section
              314 of the Trust Indenture Act (an "Officers' Certificate" and
              "Opinion of Counsel", respectively);

         (gg) Protection of Security: promptly after the execution and
              delivery of these presents and each supplement hereto, pursuant
              to Section 314(b) of the Trust Indenture Act furnish to the
              Note Trustee an Opinion of Counsel stating that in the opinion
              of such counsel, appropriate steps have been taken to protect
              the security interests of the Note Trustee in the Current
              Issuer Charged Property under the Current Issuer Deed of Charge
              and reciting the details of such action, or stating that in the
              opinion of such counsel no such action is necessary; and the
              Current Issuer shall furnish annually to the Note Trustee, not
              more than three (3) months after the anniversary of the signing
              of this Deed, commencing with calendar year 2004, an Opinion of
              Counsel stating either that, in the opinion of such counsel,
              (i) such action has been taken as is necessary for the proper
              protection of the security interests of the Note Trustee in the
              Current Issuer Charged Property under the Current Issuer Deed
              of Charge and reciting the details of such action or (ii) no
              such action is necessary for any of such purposes;

         (hh) Authorised Signatories: upon the execution of this Deed and
              thereafter forthwith upon any change of the same, deliver to
              the Note Trustee (with a copy to the Principal Paying Agent and
              the Registrar) a list of the Authorised Signatories of the
              Current Issuer, together with certified specimen signatures of
              the same; and

         (ii) Current Issuer Notes: in order to enable the Note Trustee to
              ascertain the number and amount of Current Issuer Notes for the
              time being outstanding for any of the purposes referred to in
              the proviso to the definition of "outstanding" contained in
              Clause 1.6, deliver to the Note Trustee forthwith upon being so
              requested in writing by the Note Trustee a certificate in
              writing signed by two Authorised Signatories of the Current
              Issuer setting out the total number and the principal amount of
              the Current Issuer Notes, if any, which:

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

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

6.       Enforcement

6.1      Proceedings: At any time after the occurrence of a Note Event of
         Default, the Note Trustee may, at its discretion and without notice
         (and in compliance with Section 317(a) of the Trust Indenture Act),
         recover judgment in its own name and as trustee of an express trust
         against the Current Issuer for the whole amount of principal and

                                      15
<PAGE>

         interest remaining unpaid; institute such proceedings and/or take
         other action against or in relation to the Current Issuer or any
         other person as it may think fit to enforce the obligations of the
         Current Issuer under these presents, the Current Issuer Notes and/or
         any of the other Current Issuer Transaction Documents but it shall
         not be bound to take such action save as provided in Clause 7
         (Proceedings, Actions and Indemnification).

6.2      Exercise of Powers: The Note Trustee shall be entitled to enforce the
         obligations of the Current Issuer under the Current Issuer Notes
         (including the Current Issuer Conditions) and to exercise any other
         rights, powers, authorities and discretions conferred upon the Note
         Trustee in the Current Issuer Conditions as scheduled to this Trust
         Deed, which shall be read and construed as one document with the
         Current Issuer Notes.

6.3      Evidence of Default: Unless the contrary be proved, proof that as
         regards any specified Current Issuer Note the Current Issuer has made
         default in paying any amount due in respect of such Current Issuer
         Note shall be sufficient evidence that the Current Issuer has made
         the like default as regards all other Current Issuer Notes in respect
         of which the corresponding amount is then due and payable in
         accordance with the Current Issuer Conditions and for the purposes of
         this Clause 6.3 (Evidence of Default) an amount shall be a
         corresponding amount notwithstanding that it is due in respect of a
         Current Issuer Note of a different denomination from that in respect
         of the above specified Current Issuer Note. The Note Trustee may file
         such proofs of claim and other papers or documents as may be
         necessary or advisable in order to have the claims of the Note
         Trustee and the Noteholders allowed in any judicial proceedings
         relative to the Current Issuer, its creditors or its property.

7.       Proceedings, Actions and Indemnification

7.1      The Note Trustee shall not be bound to take any proceedings mentioned
         in Clause 6.1 (Proceedings) or any other action in relation to these
         presents, the Current Issuer Notes or any documents executed pursuant
         thereto or any of the other Current Issuer Transaction Documents to
         which the Note Trustee is a party unless:

         (a)  it shall have been so directed by an Extraordinary Resolution
              of the Senior Noteholders or the Mezzanine Noteholders or the
              Class M Noteholders or the Junior Noteholders as appropriate;
              or

         (b)  it shall have been so requested in writing by the holders of at
              least one quarter of the aggregate Principal Amount Outstanding
              of the Senior Notes or by the holders of at least one quarter
              of the aggregate Principal Amount Outstanding of the Mezzanine
              Notes or by the holders of at least one quarter of the
              aggregate Principal Amount Outstanding of the Class M Notes or
              by the holders of at least one quarter of the aggregate
              Principal Amount Outstanding of the Junior Notes; and

         (c)  in either case it shall have been indemnified and/or secured to
              its satisfaction against all liabilities, proceedings, claims,
              demands, costs, charges and expenses to which it may thereby
              become liable or which may be incurred by it in connection
              therewith,

                                      16
<PAGE>

         provided that:

               (i)  the Note Trustee shall not be held liable for the
                    consequence of taking any such action and may take such
                    action without having regard to the effect of such action
                    on individual Noteholders or any other Current Issuer
                    Secured Creditor; and

               (ii) save to the extent provided otherwise under the Current
                    Issuer Conditions, the Note Trustee shall not and shall
                    not be obliged to act at the direction or request of the
                    Mezzanine Noteholders as aforesaid unless at such time no
                    Senior Notes are then outstanding; and

               (iii) save to the extent provided otherwise under the Current
                    Issuer Conditions, the Note Trustee shall not and shall
                    not be obliged to act at the direction or request of the
                    Class M Noteholders as aforesaid unless at such time no
                    Senior Notes and no Mezzanine Notes are then outstanding;
                    and

               (iv) save to the extent provided otherwise under the Current
                    Issuer Conditions, the Note Trustee shall not and shall
                    not be obliged to act at the direction or request of the
                    Junior Noteholders as aforesaid unless at such time there
                    are no Senior Notes, no Mezzanine Notes and no Class M
                    Notes then outstanding.

7.2      Only Note Trustee to Enforce: Only the Note Trustee may enforce the
         provisions of these presents, the Current Issuer Conditions or the
         Current Issuer Notes. No Noteholder or other Current Issuer Secured
         Creditor shall be entitled to proceed directly against the Current
         Issuer or any other party to any of the Transaction Documents unless
         the Note Trustee having become bound as aforesaid to institute
         proceedings has failed to do so within 30 days of becoming so bound
         and such failure is continuing; provided that save to the extent
         provided in the Current Issuer Conditions, no Junior Noteholder and
         no Mezzanine Noteholder shall be entitled to take proceedings for the
         winding up or administration of the Current Issuer unless there are
         no outstanding Current Issuer Notes of a class with higher priority,
         or if Current Issuer Notes of a class with higher priority are
         outstanding, there is consent of Noteholders of not less than 25 per
         cent. of the aggregate principal amount of the Current Issuer Notes
         outstanding of the class or classes of Current Issuer Notes with
         higher priority. Notwithstanding the foregoing and notwithstanding
         any other provision of these presents, consistent with Section 316 of
         the Trust Indenture Act, the right of each Noteholder to receive
         principal and/or interest on its Current Issuer Notes on or after the
         due date for payment of such principal or interest in accordance with
         the Current Issuer Conditions or to institute suit for the
         enforcement of the payment of that principal and/or interest may not
         be impaired or affected without the consent of the such Noteholder.
         Notwithstanding anything herein to the contrary any action to be
         taken under Section 316(a) of the Trust Indenture Act shall comply
         with Section 316(c) of the Trust Indenture Act and the record date
         for the purpose of Section 316(c) shall be such date as the Current
         Issuer shall notify to the relevant Noteholders in accordance with
         the Current Issuer Conditions.

                                      17
<PAGE>

8.       Application of Moneys etc.

8.1      Application of Moneys: All moneys received by the Note Trustee in
         respect of the Current Issuer Notes or amounts payable under these
         presents will (including any moneys which represent principal or
         interest in respect of Current Issuer Notes which have become void
         under the Current Issuer Conditions) be held by the Note Trustee on
         trust to apply them (subject to Clause 8.3 (Authorised Investments))
         in accordance with the Current Issuer Priority of Payments.

8.2      Investment of Moneys: If the amount of the moneys at any time
         available for payment of principal and interest in respect of the
         Current Issuer Notes under Clause 8.1 (Application of Moneys) shall
         be less than a sum sufficient to pay at least one-tenth of the
         principal amount of the Current Issuer Notes then outstanding, the
         Note Trustee may, at its discretion, invest such moneys upon some or
         one of the investments hereinafter authorised with power from time to
         time, with like discretion, to vary such investments; and such
         investment 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 Note Trustee and available for the purpose
         shall amount to a sum sufficient to pay at least one-tenth of the
         principal amount of the Current Issuer Notes then outstanding and
         such accumulation and funds (after deduction of any taxes and any
         other deductibles applicable thereto) shall then be applied in the
         manner aforesaid.

8.3      Authorised Investments: Any moneys which under the trusts herein
         contained may be invested by the Note Trustee may be invested in the
         name or under the control of the Note Trustee in any Authorised
         Investments and the Note Trustee may at any time vary or transfer any
         of such Authorised Investments for or into other such Authorised
         Investments as the Note Trustee in its absolute discretion may
         determine, and shall not be responsible (save where any loss results
         from the Note 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.

8.4      Payment to Noteholders: Any payment to be made in respect of the
         Current Issuer Notes by the Current Issuer or the Note Trustee may be
         made in the manner provided in the Current Issuer Conditions and any
         payment so made shall be a good discharge, to the extent of such
         payment, to the Current Issuer or the Note Trustee, as the case may
         be.

8.5      Production of Note Certificates: Upon any payment under Clause 8.4
         (Payment to Noteholders) of principal or interest, the Note
         Certificate representing the relevant Current Issuer Note in respect
         of which such payment is made shall, if the Note Trustee so requires,
         be produced to the Note Trustee or the Paying Agent by or through
         whom such payment is made and the Note Trustee shall, in the case of
         part payment, require the Registrar to make a notation in the
         Register of the amount and date of payment thereon or, in the case of
         payment in full, shall cause such Note Certificate to be surrendered
         or shall cancel or procure the same to be cancelled and shall certify
         or procure the certification of such cancellation, in each case
         subject to and in accordance with the Current Issuer Paying Agent and
         Agent Bank Agreement.

                                      18
<PAGE>

9.       Remuneration and Indemnification of Note Trustee

9.1      Normal Remuneration: The Current Issuer shall (subject as hereinafter
         provided) pay to the Note Trustee remuneration of such amount as
         shall from time to time be agreed by the Current Issuer and the Note
         Trustee. The rate of remuneration in force from time to time may upon
         the final redemption of the whole of the Current Issuer Notes of any
         Series be reduced by such amount as shall be agreed between the
         Current Issuer and the Note Trustee, such reduced remuneration to be
         calculated from such date as shall be agreed as aforesaid. Such
         remuneration shall be payable in priority to payments to Noteholders
         and other Current Issuer Secured Creditors on each Payment Date
         subject to and in accordance with the relevant Current Issuer
         Priority of Payments. Such remuneration shall accrue from day to day
         and be payable up to and including the date when, all the Current
         Issuer Notes having become due for redemption, the redemption monies
         and interest thereon to the date of redemption have been paid to the
         Principal Paying Agent or, as the case may be, the Note Trustee
         PROVIDED THAT if upon due presentation of any Note Certificate or any
         cheque payment of the monies due in respect thereof is improperly
         withheld or refused, remuneration will commence again to accrue until
         payment to Noteholders is made.

9.2      Extra Remuneration: In the event of the occurrence of a Note Event of
         Default or the Note Trustee considering it expedient or necessary or
         being requested by the Current Issuer to undertake duties which the
         Note Trustee and the Current Issuer agree to be of an exceptional
         nature or otherwise outside the scope of the normal duties of the
         Note Trustee under these presents, the Current Issuer shall pay to
         the Note Trustee such additional remuneration as shall be agreed
         between them;

9.3      Failure to Agree:  In the event of the Note Trustee and the Current
         Issuer failing to agree:

              (a)  (in a case to which Clause 9.1 (Normal Remuneration)
                   applies) upon normal remuneration; or

              (b)  (in a case to which Clause 9.2 (Extra Remuneration)
                   applies) upon whether such duties shall be of an
                   exceptional nature or otherwise outside the scope of the
                   normal duties of the Note Trustee under these presents, or
                   upon such additional remuneration;

         such matters shall be determined by an investment bank (acting as an
         expert and not as an arbitrator) selected by the Note Trustee and
         approved by the Current Issuer or, failing such approval, nominated
         (on the application of the Note Trustee) by the President for the
         time being of The Law Society of England and Wales (the expenses
         involved in such nomination and the fees of such investment bank
         being payable by the Current Issuer) and the determination of any
         such investment bank shall be final and binding upon the Note Trustee
         and the Current Issuer.

9.4      Expenses: In addition to the remuneration hereunder, the Current
         Issuer shall on written request, pay all other costs, charges and
         expenses (against production of invoices) which the Note Trustee may
         properly incur in relation to:

              (a)  the negotiation, preparation and execution of, the
                   exercise of its powers and discretions and the performance
                   of its duties under these presents and any

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<PAGE>

                   other Current Issuer Transaction Documents including, but
                   not limited to legal and travelling expenses; and

              (b)  any other action taken by or on behalf of the Note Trustee
                   to enforce the obligations of the Current Issuer under or
                   resolving any doubt in respect of these presents and/or
                   any of the other Current Issuer Transaction Documents.

9.5      Indemnity: The Current Issuer shall indemnify the Note Trustee in
         respect of all proceedings, claims, demands, losses, costs, charges,
         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 these
         presents and any of the other Current Issuer Transaction Documents)
         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 these
         presents and any of the other Current Issuer Transaction Documents
         provided that it is expressly stated that Clause 10.12 (Note Trustee
         Liable for Negligence etc.) shall apply in relation to these
         provisions.

9.6      Stamp Duties: The Current Issuer shall, 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 in the United Kingdom
         and/or Jersey on or arising out of or in consequence of:

         (a)  the execution and delivery of these presents and any other
              Current Issuer Transaction Document to which the Note Trustee
              is a party;

         (b)  the constitution and issue of the Current Issuer Notes;

         (c)  the initial delivery of the Note Certificates representing the
              Current Issuer Notes; and

         (d)  any action in any jurisdiction taken by or on behalf of the
              Note Trustee. If the Note Trustee (or any Noteholder or Current
              Issuer Secured Creditor) where permitted under these presents
              so to do) shall take any proceedings against the Current Issuer
              in any other jurisdiction and if for the purpose of any such
              proceedings these presents or any Note Certificates are taken
              into any such jurisdiction and any stamp duties or other duties
              or taxes become payable thereon in any such jurisdiction, the
              Current Issuer will pay (or reimburse the person making payment
              of) such stamp duties or other duties or taxes (including
              penalties).

9.7      VAT: The Current Issuer shall in addition pay to the Note Trustee an
         amount equal to any value added tax or similar tax chargeable in
         respect of its remuneration under these presents.

9.8      Interest: Subject as provided in Clause 9.9 (Payment), all sums
         payable by the Current Issuer under this Clause 9 (Remuneration and
         Indemnification of Note Trustee) shall be payable on demand or, in
         the case of any remuneration payable under Clause 9.1 (Normal
         Remuneration) on the due date specified therein and shall

                                      20
<PAGE>

         carry interest at the rate per annum, which is one per cent. per
         annum above the base rate from time to time of the National
         Westminster Bank Plc from the date on which they were paid, charged
         or incurred by the Note Trustee or, in the case of remuneration, the
         due date for payment thereof, to the date of actual payment, and in
         all other cases shall (if not paid on the date specified in such
         demand or, if later, within three days after such demand and, in
         either case, the Note Trustee so requires) carry interest at such
         rate from the date specified in such demand.

9.9      Payment: Notwithstanding the other provisions of this Deed, any
         amount owing by the Current Issuer pursuant to this Clause 9
         (Remuneration and Indemnification of Note Trustee) shall only be
         payable by the Current Issuer subject to and in accordance with the
         applicable Current Issuer Priority of Payments which applies at such
         time.

9.10     Apportionment: The Note Trustee shall be entitled in its absolute
         discretion to determine in respect of which Series of Current Issuer
         Notes any costs, charges, expenses or liabilities incurred under
         these presents have been incurred or to allocate such costs, charges,
         expenses or liabilities between two or more Series of Current Issuer
         Notes.

9.11     Survival: Unless otherwise specifically stated in any discharge of
         this Deed, the provisions of this Clause 9 (Remuneration and
         Indemnification of Note Trustee) shall continue in full force and
         effect notwithstanding such discharge.

10.      Supplement to the Trustee Acts

10.1     Trustee Act 1925 and Trustee Act 2000: The Note Trustee shall have
         all the powers conferred upon trustees by the Trustee Act 1925 and
         the Trustee Act 2000 of England and Wales and by way of supplement
         thereto it is expressly declared as set out in the remaining
         provisions of this Clause 10 (Supplement to Trustee Acts) (which
         provisions, except as expressly provided therein, shall be in lieu of
         the provisions contained in Section 315(a) of the Trust Indenture
         Act).

10.2     Reliance on Information:

         (a)  The Note Trustee may in relation to these presents or the
              Current Issuer Transaction Documents act and rely upon the
              opinion or advice of, or a certificate or a report 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 Current Issuer, the Note Trustee or otherwise,
              whether or not any of the aforesaid or any engagement letter or
              other document entered into by the Note Trustee and the
              relevant person in connection therewith contains any monetary
              or other limit on the liability of the relevant person and the
              Note Trustee shall not be responsible for any loss occasioned
              by so acting or relying on. Any such opinion, advice,
              certificate or information may be sent or obtained by letter,
              facsimile reproduction or in any other form and the Note
              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.

                                      21
<PAGE>

         (b)  Except in the event of wilful default or manifest error, the
              Note Trustee may call for and shall be entitled to rely upon a
              certificate, reasonably believed by it to be genuine, of the
              Current Issuer or any other person in respect of every matter
              and circumstance for which a certificate is expressly provided
              for under these presents, the Current Issuer Conditions or any
              other Current Issuer Transaction Document and to call for and
              rely upon a certificate of the Agent Bank, any Paying Agent,
              Registrar, Transfer Agent, any Reference Bank or any other
              person reasonably believed by it to be genuine as to any other
              fact or matter prima facie within the knowledge of such Agent
              Bank, Paying Agent, Registrar, Transfer Agent, Reference Bank
              or such other person as sufficient evidence thereof and the
              Note Trustee shall not be bound in any such case to call for
              further evidence or be responsible for any loss, liability,
              costs, damages, expenses or inconvenience that may be caused by
              it failing to do so.

10.3     Powers and Duties:

         (a)  The Note Trustee shall not have any responsibility for or have
              any duty to make any investigation in respect of or in any way
              be liable whatsoever for the nature, status, creditworthiness
              or solvency of the Current Issuer. Each Noteholder and each
              other Current Issuer Secured Creditor shall be solely
              responsible for making its own independent appraisal of and
              investigation into the financial condition, creditworthiness,
              affairs, status and nature of the Current Issuer and the Note
              Trustee shall not at any time have any responsibility for the
              same and each Noteholder and other Current Issuer Secured
              Creditors shall not rely on the Note Trustee in respect
              thereof.

         (b)  Save as required for the purposes of the Trust Indenture Act,
              the Note Trustee shall not be responsible for the execution,
              legality, effectiveness, adequacy, genuineness, validity or
              enforceability or admissibility in evidence of any Current
              Issuer Transaction Document or any other document entered into
              in connection therewith or any security thereby constituted or
              purported to be constituted thereby 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.

         (c)  The Note Trustee shall not be responsible for the scope or
              accuracy of any recitals, statements, warranty, representation
              or covenant of any party (other than the Note Trustee)
              contained herein or in any other Current Issuer Transaction
              Document or any other document entered into in connection
              therewith and shall assume the accuracy and correctness
              thereof.

         (d)  The Note Trustee may accept without enquiry, requisition or
              objection such title as the Current Issuer may have to the
              Current Issuer Charged Property or 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 or be liable for any defect in the title of the Current
              Issuer to the Current Issuer Charged Property or of Funding to
              the Funding Charged Property or any part thereof from time to
              time whether or not any defect was known to the Note Trustee or
              might have been discovered upon examination, inquiry or
              investigation and whether or not capable of remedy.

                                      22
<PAGE>

         (e)  The Note Trustee shall not be bound to give notice to any
              person of the execution of these presents or of an Event of
              Default under the Current Issuer Intercompany Loan Agreement
              nor shall it have any duty to make any investigation in respect
              of or in any way be liable whatsoever for the registration,
              filing, protection or perfection of any security constituted by
              any Current Issuer Transaction Document relating to the Current
              Issuer Charged Property or the priority of the security created
              thereby and shall not be liable for any failure, omission or
              defect in perfecting, protecting, procuring the registration of
              or further assuring the security created or purported to be
              created thereby.

         (f)  The Note Trustee shall not have any duty to make any
              investigation in respect of or in any way be liable whatsoever
              for 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 these presents or any other document.

         (g)  The Note Trustee shall be under no obligation to monitor or
              supervise and shall not have any duty to make any investigation
              in respect of or in any way be liable whatsoever for the
              performance or observance by the Current Issuer or any other
              person of the provisions of these presents or any other Current
              Issuer Transaction Document and shall be entitled to assume
              that each person is properly performing and complying with its
              obligations.

         (h)  The Note Trustee shall not have any responsibility for or have
              any duty to make any investigation in respect of or in any way
              be liable whatsoever for 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 Current Issuer Charged Property or any
              Current Issuer Transaction Document.

         (i)  The Note Trustee shall have no responsibility whatsoever to any
              Current Issuer Secured Creditor as regards any deficiency which
              might arise because the Note Trustee is subject to any Tax in
              respect of the Current Issuer 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 Current Issuer Secured Creditor.

         (j)  The Note Trustee will not be responsible or liable for any
              inadequacy or unfitness of any Current Issuer Charged Property
              as security or any decline in value of any loss realised upon
              any disposition of the Current Issuer Charged Property.

         (k)  The Note Trustee shall not be responsible for, nor shall it
              have any liability with respect to, any loss or theft of the
              Current Issuer Charged Property.

         (l)  The Note 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 these
              presents or under any of the other Current Issuer Transaction
              Documents save where the same arises as a result of the Note
              Trustee's fraud, wilful default or gross negligence.

                                      23
<PAGE>

         (m)  The Note Trustee shall not be responsible for the receipt or
              application by the Current Issuer of the proceeds of the
              Current Issuer Notes, the exchange of any Global Note
              Certificate for another Global Note Certificate or Individual
              Note Certificates or the exchange of any Individual Note
              Certificate for another Individual Note Certificate or the
              delivery of any Global Note Certificate or Individual Note
              Certificates to the person(s) entitled to it or them.

         (n)  The Note Trustee may appoint and pay any person to act as a
              custodian or nominee on any terms in relation to such assets of
              the trust as the Note Trustee may determine, including for the
              purpose of depositing with a custodian this Deed or any Current
              Issuer Transaction Document and the Note Trustee shall not be
              responsible for any loss, liability, expense, demand, cost,
              claim or proceedings incurred by reason of the misconduct,
              omission or default on the part of any person appointed by it
              hereunder or be bound to supervise the proceedings or acts of
              any such person.

         (o)  The Note Trustee shall (save as expressly otherwise provided in
              these presents or in any other Current Issuer Transaction
              Document) as regards all rights, powers, authorities and
              discretions vested in it by these presents or any other Current
              Issuer Transaction Document, or by operation of law, have
              absolute and uncontrolled discretion as to the exercise or
              non-exercise thereof and whenever the Note Trustee is bound to
              act at the request or direction of the Noteholders or any class
              of them, the Note Trustee shall nevertheless not be so bound
              unless first indemnified to its satisfaction against all
              actions, proceedings, claims and demands to which it may render
              itself liable and all costs, expenses, damages and liabilities
              which it may incur by so doing.

         (p)  The Note Trustee as between itself and the Noteholders or any
              class of them shall have full power to determine all questions
              and doubts arising in relation to any of the provisions of
              these presents and/or any other Current Issuer Transaction
              Document and every such determination, whether made upon a
              question actually raised or implied in the acts or proceedings
              of the Note Trustee, shall be conclusive and shall bind the
              Note Trustee, the Noteholders and the other Current Issuer
              Secured Creditors.

         (q)  In connection with the exercise by it of any of its trusts,
              powers, authorities and discretions under these presents
              (including without limitation any power to authorise any
              amendment or to waive any breach or to make any determination)
              the Note Trustee shall always have regard to all the
              Noteholders, provided that:

              (i)   without prejudice to the provisions of sub-paragraph (ii)
                    below where it is required to have regard to the interests
                    of the Noteholders, it shall have regard to the interests
                    of the 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 any individual
                    Noteholder resulting from their being domiciled or
                    resident or otherwise connected with or subject to the
                    jurisdiction of, any particular territory or any political
                    sub-division thereof and the Note Trustee shall not be
                    entitled to require, nor shall

                                      24
<PAGE>

                    any Noteholder be entitled to claim, from the Current
                    Issuer, the Note Trustee or any other person any
                    indemnification or payment in respect of any tax
                    consequence of any such exercise upon individual
                    Noteholders;

              (ii)  except where expressly provided otherwise in these
                    presents or any other Current Issuer Transaction Document,
                    the Note Trustee shall solely have regard to the interests
                    of the Noteholders provided that (a) if in the opinion of
                    the Note Trustee there is a conflict between the interests
                    of the Senior Noteholders, on the one hand and the
                    interests of the Mezzanine Noteholders, the Class M
                    Noteholders and/or the Junior Noteholders on the other
                    hand, the Note Trustee shall have regard only to the
                    interests of the Senior Noteholders or (b) if in the
                    opinion of the Note Trustee there is a conflict between
                    the interests of the Mezzanine Noteholders on the one hand
                    and the interests of the Class M Noteholders and/or Junior
                    Noteholders on the other hand, the Note Trustee shall have
                    regard only to the interests of the Mezzanine Noteholders
                    or (c) if in the opinion of the Note Trustee there is a
                    conflict between the interests of the Class M Noteholders
                    on the one hand and the interests of the Junior
                    Noteholders on the other hand, the Note Trustee shall have
                    regard only to the interests of the Class M Noteholders;
                    but so that this proviso shall not apply in the case of
                    powers, authorities or discretions in relation to which it
                    is expressly stated that they may be exercised by the Note
                    Trustee only if in its opinion the interests of all the
                    Noteholders would not be materially prejudiced thereby;
                    and

              (iii) it shall not have regard to, or be in any way liable for,
                    the consequences of any exercise thereof for any other
                    Current Issuer Secured Creditor or any other person.

         (r)  The Note Trustee may determine whether or not a default in the
              performance by the Current Issuer of any obligation under the
              provisions of this Deed or any other Current Issuer Transaction
              Document or a default in the performance by Funding of any
              obligation under the Current Issuer Intercompany Loan Agreement
              is capable of remedy and/or whether the same is materially
              prejudicial to the interests of the Noteholders or any class or
              classes of them and if the Note Trustee shall certify that any
              such default is, in its opinion, not capable of remedy and/or
              materially prejudicial to the interests of the Noteholders or
              any class or classes of them, such certificate shall be
              conclusive and binding upon the Current Issuer, the Noteholders
              and the other Current Issuer Secured Creditors.

         (s)  The Note Trustee may, in the conduct of its trust business,
              instead of acting personally, employ and pay an agent on any
              terms, whether or not a lawyer or other professional person, to
              transact or conduct, or concur in transacting or conducting,
              any business and to do or concur in doing all acts required to
              be done by the Note Trustee (including the receipt and payment
              of monies).

         (t)  In relation to any asset held by the Note Trustee under these
              presents, the Note Trustee may appoint any person to act as its
              nominee on any terms.

                                      25
<PAGE>

         (u)  Any trustee of these presents being a lawyer, accountant,
              broker or other person engaged in any profession or business
              shall be entitled to charge and be paid all usual professional
              and other charges for business transacted and acts done by him
              or his firm in connection with the trusts of this Deed and the
              Current Issuer Transaction Documents and also his charges in
              addition to disbursements for all other work and business done
              and all time spent by him or his firm in connection with
              matters arising in connection with this Deed and the Current
              Issuer Transaction Documents, including matters which might or
              should have been attended to in person by a trustee not being a
              banker, lawyer, broker or other professional person.

         (v)  The Note Trustee may, in the execution of all or any of the
              trusts, powers, authorities and discretions vested in it by
              these presents or any of the other Current Issuer Transaction
              Documents, act by responsible officers or a responsible officer
              for the time being of the Note Trustee. The Note Trustee may
              also, whenever it thinks expedient in the interests of the
              Noteholders, 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 these presents or any of the other Current Issuer
              Transaction Documents. Any such delegation may be made upon
              such terms and subject to such Current Issuer Conditions and
              subject to such regulations (including power to sub-delegate)
              as the Note Trustee may think fit in the interests of the
              Noteholders. The Note Trustee shall give prompt notice to the
              Current 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 Current
              Issuer.

         (w)  If the Note Trustee exercises reasonable care in selecting any
              custodian, agent, delegate, nominee or any other person
              appointed under this Clause 10.3 (Powers and Duties) (each, an
              "Appointee") it will not have any obligation to supervise such
              Appointee or be responsible for any loss, liability, costs,
              claim, proceedings or expenses incurred by reason of such
              Appointee's misconduct, omission or default or the misconduct,
              omission or default of any substitute lawfully appointed by
              such Appointee.

         (x)  Where it is necessary or desirable for any purpose in
              connection with these presents 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 Note Trustee in its absolute discretion but having regard
              to current rates of exchange if available and the Note Trustee
              shall not be liable for any loss occasioned by the said
              conversion under this paragraph (x) and any rate mentioned and
              date so specified shall be binding on the Current Issuer
              Secured Creditors.

         (y)  Any consent given by the Note Trustee for the purposes of these
              presents or any of the other Current Issuer Transaction
              Documents may be given on such terms and subject to such
              conditions (if any) as the Note Trustee thinks fit and may be
              given retrospectively.

                                      26
<PAGE>

         (z)  The Note Trustee shall not be liable for any error of judgment
              made in good faith by any officer or employee of the Note
              Trustee assigned by the Note Trustee to administer its
              corporate trust matters unless the Note Trustee was negligent
              in ascertaining the pertinent facts.

         (aa) The Note Trustee shall not (unless required by law or ordered
              to do so by a court of competent jurisdiction) be required to
              disclose to any Noteholder or any other person any information
              made available to the Note Trustee by the Current Issuer or any
              other person in connection with the trusts of these presents or
              any other Current Issuer Transaction Documents and no
              Noteholder or any other person shall be entitled to take any
              action to obtain from the Note Trustee any such information.
              The Note Trustee shall not be responsible for exercising the
              rights of any of the parties under the Current Issuer
              Transaction Documents or considering the basis upon which the
              approvals or consents are granted by any of the parties under
              the Current Issuer Transaction Documents.

         (bb) Notwithstanding anything else in these presents, the Current
              Issuer Notes or any other Current Issuer Transaction Document,
              the Note Trustee may refrain from doing anything which would or
              might in its opinion be contrary to any law of any jurisdiction
              or any directive or regulation of any governmental agency or
              which would or might otherwise render it liable to any person
              and may do anything which is, in its opinion, necessary to
              comply with any such law, directive or regulation.

         (cc) The Note Trustee shall not be liable to any person by reason of
              having acted upon an Extraordinary Resolution in writing or any
              Extraordinary Resolution or other resolution whether in writing
              or purporting to have been passed at any Meeting of all or any
              class or classes in respect whereof minutes have been made and
              signed even though subsequent to its acting it may be found
              that there was some defect in the constitution of the Meeting
              or the passing of the resolution or (in the case of an
              Extraordinary Resolution or other resolution in writing) that
              not all Noteholders had signed the Extraordinary Resolution or
              other resolution or that for any reason the resolution was not
              valid or binding upon such Noteholders.

         (dd) Without prejudice to the right of the Note Trustee to require
              and/or accept any other evidence, the Note Trustee may accept
              as conclusive evidence of any fact or matter in relation to the
              Current Issuer or required to be certified by the Current
              Issuer under the Current Issuer Conditions, a certificate
              signed by two directors of the Current Issuer and the Note
              Trustee shall not be bound in any such case to call for further
              evidence or be responsible for any liability that may be
              occasioned by it or any other person acting on such
              certificate.

         (ee) The Note Trustee shall not be liable to any person by reason of
              having accepted as valid or not having rejected any Note
              Certificate purporting to be such and subsequently found to be
              forged or not authentic.

         (ff) The Note Trustee shall not be liable to the Current Issuer or
              any Noteholder by reason of having accepted as valid or not
              having rejected any entry on the

                                      27
<PAGE>

              Register later found to be forged or not authentic and can
              assume for all purposes in relation hereto that any entry on
              the Register is correct.

         (gg) The Note Trustee shall be entitled to assume, for the purposes
              of exercising any power, right, trust, authority, duty or
              discretion under or in relation to these presents or any of the
              other Current Issuer Transaction Documents, (i) that such
              exercise will not be materially prejudicial to the interests of
              any class of Senior Noteholders if each of the Rating Agencies
              has confirmed that the then current rating by it of the Senior
              Notes would not be adversely affected by such exercise, (ii)
              that such exercise will not be materially prejudicial to the
              interests of any class of Mezzanine Noteholders if each of the
              Rating Agencies has confirmed that the then current rating by
              it of the Mezzanine Notes would not be adversely affected by
              such exercise, (iii) that such exercise will not be materially
              prejudicial to the interests of the Class M Noteholders if each
              of the Rating Agencies has confirmed that the then current
              rating by it of the Class M Notes would not be adversely
              affected by such exercise and (iv) that such exercise will not
              be materially prejudicial to the interests of any class of
              Junior Noteholders if each of the Rating Agencies has confirmed
              that the then current rating by it of the Junior Notes will not
              be adversely affected by such exercise.

         (hh) The Note Trustee may call for any certificate or other document
              to be issued by DTC, Euroclear or Clearstream, Luxembourg as to
              the Principal Amount Outstanding of the Current Issuer Notes
              standing to the account of any person. Any such certificate or
              other document shall be conclusive and binding for all
              purposes. The Note Trustee shall not be liable to any person by
              reason of having accepted as valid or not having rejected any
              certificate or other document to such effect purporting to be
              issued by DTC, Euroclear or Clearstream, Luxembourg and
              subsequently found to be forged or not authentic.

         (ii) The Note Trustee shall have no responsibility for the
              maintenance of any rating of any of the Current Issuer Notes by
              the Rating Agencies or any other person.

         (jj) If required by Section 313(a) of the Trust Indenture Act,
              within 60 days after 31st December of any year and commencing
              31 December 2003, the Note Trustee shall deliver to each
              Noteholder a brief report dated as of such 31st December that
              complies with Section 313(a) of the Trust Indenture Act. The
              Note Trustee also shall comply with Sections 313(b), 313(c) and
              313(d) of the Trust Indenture Act. Reports delivered pursuant
              to this paragraph (jj) shall be sent as provided in Clause 19
              (Notices).

         (kk) The Note Trustee shall comply with Trust Indenture Act Section
              311(a), excluding any creditor relationship listed in Trust
              Indenture Act Section 311(b). A Note Trustee who has resigned
              or been removed shall be subject to Trust Indenture Act Section
              311(a) to the extent indicated therein. The provisions of Trust
              Indenture Act Section 311 shall apply to the Current Issuer as
              the obligor of the Current Issuer Notes.

                                      28
<PAGE>

         (ll) If a Note Event of Default occurs and is continuing and if it is
              known to an Authorised Officer of the Note Trustee, the Note
              Trustee shall mail to each Noteholder notice of such Note Event
              of Default within 90 days after it occurs.

         (mm) The Note Trustee has no responsibility to verify or monitor the
              contents of, or (if applicable) to check any calculations
              contained in, any reports, information, documents, Officers'
              Certificates and Opinions of Counsel delivered to the Note
              Trustee in accordance with paragraphs (u) (United States
              Reporting Requirements), (ee) (Information Regarding
              Noteholders) or (ff) (Officers' Certificates and Opinions of
              Counsel; Statements to be Contained Therein) of Clause 5
              (Covenants by Current Issuer) or Clause 16 (Certificates and
              Opinions), and is under no obligation to inform Noteholders of
              the contents of any such reports, information, documents,
              Officers' Certificates and Opinions of Counsel, other than
              allowing Noteholders upon reasonable notice, to inspect such
              reports, information, documents, Officers' Certificates and
              Opinions of Counsel.

         (nn) The powers conferred by these presents upon the Note Trustee or
              any Receiver shall be in addition to and not in substitution for
              any powers which may from time to time be conferred on the Note
              Trustee or any such Receiver by statute or under common law.

         (oo) The Note Trustee has no duties or responsibilities except those
              expressly set out in this Deed or in the other Current Issuer
              Transaction Documents.

         (pp) In the absence of knowledge or express notice to the contrary,
              the Note Trustee may assume without enquiry (other than
              requesting a certificate of the Current Issuer) that no Current
              Issuer Notes are for the time being held by or for the benefit
              of the Current Issuer.

         (qq) The Note Trustee may, without the consent of the Current Issuer
              or the Noteholders prescribe such regulations regarding the
              giving of directions by the Noteholders as provided in the
              Current Issuer Conditions, as the Note Trustee may in its sole
              discretion determine.

         (rr) Without prejudice to the provisions of any Current Issuer
              Transaction Documents relating to insurance, the Note Trustee
              shall not be under any obligation to insure any of the Current
              Issuer Charged Property or the Funding Charged Property or any
              deeds or documents of title or other evidence in respect of the
              Current Issuer Charged Property or the Funding Charged Property
              or to require any other person to maintain any such insurance or
              monitor the adequacy of any such insurance and shall not be
              responsible for any liability which may be suffered by any
              person as a result of the lack of or inadequacy of any such
              insurance.

         (ss) The Note Trustee shall have no liability whatsoever for any
              loss, cost, damages or expenses directly or indirectly suffered
              or incurred by a person as a result of the delivery by the Note
              Trustee to the Current Issuer or to any other party to the
              Current Issuer Transaction Documents of a certificate as to
              material prejudice pursuant to the Current Issuer Conditions or
              any Current

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              Issuer Transaction Documents on the basis of an opinion formed by
              it in good faith.

         (tt) For the purpose of either Condition 5(D) (Optional Redemption in
              Full) or Condition 5(E) (Optional Redemption for Tax and other
              Reasons), the Note Trustee shall not be satisfied that the
              Current Issuer will be in a position to fulfil its obligations
              referred to therein unless, inter alia, either (i) the Current
              Issuer has available to it sufficient cash in the Current Issuer
              Transaction Account and/or in Authorised Investments which will
              mature on or before the relevant Payment Date or (ii) the
              Current Issuer has entered into a legally binding contract with
              an entity (a) the long term unsecured debt of which is rated at
              least as high as the then current rating of the Current Issuer
              Notes by the Rating Agencies or (b) any of whose short term
              unsecured debt is rated A-1 by S&P and P-1 by Moody's to provide
              sufficient cash on or before the relevant Payment Date, in each
              case to enable the Current Issuer to fulfil its obligations as
              aforesaid.

10.4     No Financial Liability: Notwithstanding any other provision of these
         presents or of any other Current Issuer Transaction Document, nothing
         shall require the Note Trustee to 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 these presents or any other Current 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. The Note Trustee
         shall not be responsible for exercising the rights of any of the
         parties under the Current Issuer Transaction Documents or considering
         the basis upon which the approvals or consents are granted by any of
         the parties under the Current Issuer Transaction Documents.

10.5     Ascertaining Default:  The Note Trustee shall not be responsible or
         liable for:

         (a)  exercising any rights or powers which are assigned to it by any
              party to the Current Issuer Transaction Documents, including,
              without limitation, any servicing, administration and management
              functions in relation to the Mortgage Loans and shall not be
              liable to any person for the exercise or non-exercise of any
              such rights and powers;

         (b)  ascertaining whether a default has occurred under the terms of
              any of the Current Issuer Transaction Documents and nor is the
              Note Trustee responsible for taking any action in connection
              with any such default or alleged default;

10.6     Rating of Current Issuer Notes: The Note Trustee shall have no
         responsibility for the maintenance of any rating of the Current
         Issuer Notes by the Rating Agencies or any other credit-rating agency
         or any other person.

10.7     Delivery of Certificates: The Note Trustee shall have no liability
         whatsoever for any loss, cost damages or expenses directly or
         indirectly suffered or incurred by the Current Issuer, any Noteholder
         or any other person as a result of the delivery by the Note Trustee
         of a certificate, or the omission by it to deliver a certificate, to
         the Current Issuer as to material prejudice, on the basis of an
         opinion formed by it in good

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         faith.

10.8     Assumption of No Default: Except to the extent required pursuant to
         Section 315(b) of the Trust Indenture Act, the Note Trustee shall not
         be bound to ascertain whether any Current Issuer Note Event of
         Default or Potential Current Issuer Event of Default has happened
         and, until it shall have actual knowledge or express notice to the
         contrary, the Note Trustee shall be entitled to assume that no such
         Current Issuer Note Event of Default or Potential Current Issuer
         Event of Default has happened and that the Current Issuer is
         observing and performing all the obligations on its part under the
         Current Issuer Notes and these presents and no event has happened as
         a consequence of which any Current Issuer Notes may become repayable.

10.9     Assumption of no Intercompany Loan Default: The Note Trustee shall
         not be bound to ascertain whether any Intercompany Loan Event of
         Default or Potential Intercompany Loan Event of Default has happened
         and, until it shall have actual knowledge or express notice to the
         contrary, the Note Trustee shall be entitled to assume that no such
         Intercompany Loan Event of Default or Potential Intercompany Loan
         Event of Default has happened and that Funding is observing and
         performing all the obligations on its part;

10.10    Commercial Transactions: The Note Trustee shall not, and no director,
         officer or employee of any corporation being a Note Trustee hereof
         shall by reason of the fiduciary position of the Note Trustee be in
         any way precluded from making any commercial contracts or entering
         into any commercial transactions with any party to the Current Issuer
         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 any party to the Current
         Issuer 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 any party
         to the Current Issuer Transaction Documents or any contract of
         banking or insurance of any party to the Current Issuer Transaction
         Documents and neither the Note Trustee nor any such director, officer
         or employee shall be accountable to any Noteholder or to any party to
         the Current Issuer Transaction Documents for any profit, fees,
         commissions, interest, discounts or share of brokerage earned,
         arising or resulting from any such contracts or transactions, and the
         Note Trustee and any such director, officer or employee shall also be
         at liberty to retain the same without accounting therefor.

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

10.12    Note Trustee Liable for Negligence etc.: Notwithstanding any other
         provision of these presents, in compliance with Section 315(d) of the
         Trust Indenture Act, none of the provisions of these presents shall,
         in any case in which the Note Trustee has failed to show the degree
         of care and diligence required of it as trustee under these presents

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         (including any requirement under the Trust Indenture Act), having
         regard to the provisions of these presents conferring on the Note
         Trustee any powers, authorities or discretions, relieve the Note
         Trustee from or indemnify the Note Trustee against any liabilities
         which by virtue of any rule of law (including any provision of the
         Trust Indenture Act) 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 these presents.

11.      Modification and Waiver

11.1     Modification: The Note Trustee may without the consent or sanction of
         relevant class or classes of the Noteholders at any time and from
         time to time concur with the Current Issuer in making any
         modification (except a Basic Terms Modification (as defined in
         Schedule 4 (Provisions for Meetings of Noteholders) hereto)) (i) to
         these presents, the Current Issuer Notes or any of the other Current
         Issuer Transaction Documents, provided that the Note Trustee is of
         the opinion that such modification will not be materially prejudicial
         to the interests of the relevant class or classes of Noteholders; or
         (ii) to these presents, the Current Issuer Notes or any of the other
         Current Issuer Transaction Documents, if in the opinion of the Note
         Trustee such modification is of a formal, minor or technical nature
         or to correct a manifest error or proven error; or (iii) to any of
         the Current Issuer Transaction Documents which it may be necessary to
         make or which are required by the Rating Agencies in respect of any
         New Issuer or any other person who has executed an Accession
         Undertaking pursuant to Clause 3.11 (New Intercompany Loans) of the
         Funding Deed of Charge or Clause 2.2 (New Intercompany Loan
         Agreement) of the Intercompany Loan Terms and Conditions. Any such
         modification may be made on such terms and subject to such conditions
         (if any) as the Note Trustee may determine, shall be binding upon the
         Noteholders and, unless the Note Trustee agrees otherwise, shall be
         notified by the Current Issuer to the Noteholders and the Rating
         Agencies in accordance with the Current Issuer Conditions as soon as
         practicable thereafter. So long as any of the Current Issuer Notes
         are rated by the Rating Agencies, the Current Issuer shall notify the
         Rating Agencies in writing as soon as reasonably practicable
         thereafter of any modification to the provisions of these presents,
         the Current Issuer Notes or any of the other Current Issuer
         Transaction Documents. The Note Trustee may also agree, without the
         consent of the Noteholders, to a change of the laws governing the
         Current Issuer Notes and/or the Current Issuer Transaction Documents
         provided that such change would not, in the opinion of the Note
         Trustee, be materially prejudicial to the interests of the
         Noteholders.

11.2     Waiver: Subject as expressly provided otherwise in the Current Issuer
         Notes or in any other Current Issuer Transaction Document, the Note
         Trustee may from time to time and at any time without the consent or
         sanction of the relevant class or classes of Noteholders and without
         prejudice to its rights in respect of any subsequent breach, but only
         if and in so far as in its opinion the interests of the relevant
         class or classes of Noteholders shall not be materially prejudiced
         thereby, waive or authorise any breach or proposed breach by the
         Current Issuer or any other party thereto of any of the covenants or
         provisions contained in these presents or in any of the other Current
         Issuer Transaction Documents or determine that any Note Event of
         Default shall not be treated as such for the purposes of these
         presents and the Current Issuer Notes provided always that the Note
         Trustee shall not exercise any powers conferred on it

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<PAGE>

         by this Clause in contravention of any express direction given by an
         Extraordinary Resolution, or of a request in writing made by the
         holders of not less than 25 per cent. in aggregate principal amount of
         the relevant class of Current Issuer Notes then outstanding, in
         accordance with the Current Issuer Conditions (but so that no such
         direction or request shall affect any waiver, authorisation or
         determination previously given or made). Any such waiver,
         authorisation or determination may be given or made on such terms and
         subject to such conditions (if any) as the Note Trustee may determine,
         shall be binding on the Noteholders and, if, but only if, the Note
         Trustee shall so require, shall be notified by the Current Issuer to
         the Noteholders in accordance with the Current Issuer Conditions as
         soon as practicable thereafter. The provisions of this Clause 11.2
         (Waivers) shall be in lieu of Section 316(a)(1)(B) of the Trust
         Indenture Act and Section 316(a)(1)(B) of the Trust Indenture Act is
         hereby expressly excluded from these presents and the Current Issuer
         Notes, as permitted by the Trust Indenture Act.

11.3     Material prejudice: For the avoidance of doubt (in the context of
         deciding material prejudice in respect of Clauses 11.1
         (Modifications) and 11.2 (Waiver)), if the Note Trustee considers in
         its sole opinion that the Noteholders of the same class of any or all
         series to which the modification or waiver relates are materially
         prejudiced by such waivers, the Note Trustee will not be able to
         sanction such modification or waiver itself, and will instead require
         an Extraordinary Resolution of the Noteholders of the Current Issuer
         Notes of such class outstanding to be passed by means of a Meeting.
         In accordance with the general provision contained herein, such
         Extraordinary Resolution must also be ratified by the Noteholders of
         the Current Issuer Notes of the higher class or classes in order for
         the Extraordinary Resolution which seeks approval of the modification
         or waiver to be valid and effective.

12. Entitlement to Treat holder as owner

         The Current Issuer, the Note Trustee and any Paying Agent may (to the
         fullest extent permitted by applicable laws) deem and treat the
         holder of any Note Certificate as the absolute owner of such Note
         Certificate, for all purposes (whether or not such Current Issuer
         Note represented by such Note Certificate shall be overdue and
         notwithstanding any notation of ownership or other writing thereon or
         any notice of loss or theft of such Note Certificate), and, except as
         ordered by a court of competent jurisdiction or as required by
         applicable law, the Current Issuer, the Note Trustee and the Paying
         Agents shall not be affected by any notice to the contrary. All
         payments made to any such holder shall be valid and, to the extent of
         the sums so paid, effective to satisfy and discharge the liability
         for the monies payable in respect of such Current Issuer Note.

13.      Currency Indemnity

13.1     Currency and Indemnity: The sole currency of account and payment (the
         "Contractual Currency") for all sums payable by the Current Issuer
         under or in connection with these presents, the Current Issuer Notes
         and the other Current Issuer Secured Obligations including damages is
         (a) in relation to any class of Current Issuer Notes, the currency in
         which such class of Current Issuer Notes is denominated and (b) in
         relation to Clauses 9.1 (Normal Remuneration), 9.2 (Extra
         Remuneration), 9.3 (Failure to Agree), 9.4 (Expenses), 9.5
         (Indemnity), 9.7 (VAT) and 9.8 (Interest), pounds sterling. An amount
         received or recovered in a currency other than the

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         Contractual Currency (whether as a result of, or of the enforcement
         of, a judgment or order of a court of any jurisdiction, in the
         winding-up or dissolution of the Current Issuer or otherwise), by the
         Note Trustee or any Noteholder or other Current Issuer Secured
         Creditors in respect of any sum expressed to be due to it from the
         Current Issuer will only discharge the Current Issuer to the extent of
         the Contractual Currency amount which the recipient is able to
         purchase with the amount so received or recovered in that other
         currency on the date of that receipt or recovery (or, if it is not
         practicable to make that purchase on that date, on the first date on
         which it is practicable to do so). If the Contractual Currency amount
         is less than the Contractual Currency amount expressed to be due to
         the recipient under these presents or the Current Issuer Notes, or the
         other Current Issuer Transaction Documents the Current Issuer will
         indemnify the recipient against any loss sustained by it as a result.
         In any event, the Current Issuer will indemnify the recipient against
         the cost of making any such purchase.

13.2     Indemnities Separate: The indemnities in these presents constitute
         separate and independent obligations from the other obligations in
         these presents and the other Current Issuer Transaction Documents,
         will give rise to separate and independent causes of action, will
         apply irrespective of any indulgence granted by the Note Trustee
         and/or any Noteholder or other Current Issuer Secured Creditor and
         will continue in full force and effect despite any judgment, order,
         claim or proof for a liquidated amount in respect of any sum due
         under these presents, the Current Issuer Notes, any other Current
         Issuer Transaction Documents or any other judgment or order. Any such
         loss as referred to in Clause 13.1 (Currency and Indemnity) shall be
         deemed to constitute a loss suffered by the Note Trustee, the
         Noteholders or the relevant Current Issuer Secured Creditors and no
         proof or evidence of any actual loss shall be required by the Current
         Issuer or its liquidator or liquidators.

14.      Appointment, Removal and Retirement of Note Trustee

14.1     Power of Current Issuer: Subject to the provisions of this Clause 14
         (Appointment, Removal and Retirement of Note Trustee), the power of
         appointing a new Note Trustee in place of an existing Note Trustee
         shall be vested in the Current Issuer but such appointment or removal
         must be approved by (save to the extent otherwise provided in the
         Current Issuer Conditions) an Extraordinary Resolution of the Senior
         Noteholders, the Mezzanine Noteholders, the Class M Noteholders and
         the Junior Noteholders of the Notes then outstanding. A trust
         corporation may be appointed sole trustee hereof but subject thereto
         there shall be at least two trustees hereof, one at least of which
         shall be a trust corporation. Any appointment of a new Note Trustee
         and any retirement of an existing Note Trustee hereof shall as soon
         as practicable thereafter be notified by the Current Issuer to the
         Noteholders. Any new Note Trustee must meet the requirements set out
         in Clause 14.2 (Eligibility and Disqualification) and Clause 14.6
         (Retirement or Removal Not Effective).

14.2     Eligibility and Disqualification: This Deed shall always have a Note
         Trustee which shall be eligible to act as Note Trustee under Trust
         Indenture Act Sections 310(a)(1) and 310(a)(2). The Note Trustee
         shall have a combined capital and surplus of at least $50,000,000 as
         set forth in its most recent published annual report of condition. If
         the Note Trustee has or shall acquire any "conflicting interest"
         within the meaning of Trust Indenture Act Section 310(b), the Note
         Trustee and the Current Issuer shall comply with the provisions of
         Trust Indenture Act Section 310(b); provided, however,

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         that there shall be excluded from the operation of Trust Indenture Act
         Section 310(b)(1) any deed or deeds under which other securities or
         certificates of interest or participation in other securities of the
         Current Issuer are outstanding if the requirements for such exclusion
         set forth in Trust Indenture Act Section 310(b)(1) are met. If at any
         time the Note Trustee shall cease to be eligible in accordance with
         the provisions of this Clause 14.2 (Eligibility and Disqualification),
         the Note Trustee shall resign promptly in the manner and with the
         effect specified in Clause 14.5 (Retirement or Removal of Note
         Trustee).

14.3     Powers of Note Trustee to appoint: Notwithstanding the provisions of
         Clause 14.1 (Power of Current Issuer), the Note Trustee may (as
         attorney for the Current Issuer) upon giving prior notice to the
         Current Issuer but without the consent of the Current Issuer or the
         Noteholders 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 Note Trustee:

         (a)  if the Note Trustee considers such appointment to be in the
              interests of the Noteholders; or

         (b)  for the purposes of conforming to any legal requirements,
              restrictions or Current Issuer Conditions in any jurisdiction in
              which any particular act or acts is or are to be performed; 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 these presents or any of
              the other Current Issuer Transaction Documents against the
              Current Issuer or any other party thereto.

         The Current Issuer hereby irrevocably appoints the Note Trustee to be
         its attorney in its name and on its behalf to execute any such
         instrument of appointment. Such a person shall (subject always to the
         provisions of these presents and any other Current Issuer Transaction
         Document to which the Note Trustee is a party) have such trusts,
         powers, authorities and discretions (not exceeding those conferred on
         the Note Trustee by these presents or any of the other Current Issuer
         Transaction Documents to which the Note Trustee is a party) and such
         duties and obligations as shall be conferred or imposed on it by the
         instrument of appointment. The Note Trustee shall have power in like
         manner to remove any such person. Such proper remuneration as the
         Note 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 these presents be treated as costs, charges and expenses
         incurred by the Note Trustee.

14.4     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 these
         presents and any of the other Current Issuer Transaction Documents in
         the Note Trustee generally.

14.5     Retirement or Removal of Note Trustee: Subject as provided in Clause
         14.6 (Retirement or Removal not Effective), any Note Trustee for the
         time being of this Deed may retire at any time upon giving not less
         than three months' prior notice in

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<PAGE>

         writing to the Current Issuer without assigning any reason therefor
         and without being responsible for any costs resulting from such
         retirement. The Noteholders may by Extraordinary Resolution of each
         class of Noteholders remove any trustee or trustees for the time being
         of these presents

14.6     Retirement or Removal not Effective: The retirement or removal of any
         Note Trustee shall not become effective unless (i) there remains at
         least one trustee hereof being a trust corporation in office upon
         such retirement or removal and (ii) while the Bank of New York
         remains Note Trustee, the Bank of New York, in its capacity as
         Security Trustee shall also retire or be removed simultaneously. The
         Current Issuer covenants that, in the event of a trustee (being a
         sole trustee or the only trust corporation) giving notice or being
         removed under Clause 14.5 (Retirement or Removal of Note Trustee) it
         shall use its best endeavours to procure a new Note Trustee of these
         presents (being a trust corporation) to be appointed as soon as
         reasonably practicable thereafter (for the avoidance of doubt, on the
         same terms as these presents). If within 30 days of having given
         notice of its intention to retire, the Current Issuer has failed to
         appoint a replacement Note Trustee, the outgoing Note Trustee will be
         entitled to appoint its successor provided that the Rating Agencies
         confirm that the then current ratings of the Current Issuer Notes
         shall not be either downgraded or reviewed as a result of such
         appointment.

15.      Trust Indenture Act Prevails

         If any provision of these presents limits, qualifies or conflicts
         with another provision which is required to be included in these
         presents by, and is not subject to a contractual waiver under, the
         Trust Indenture Act, the required provision of the Trust Indenture
         Act shall be deemed to be incorporated into these presents and shall
         prevail.

16.      Certificates and Opinions

16.1     Evidence of Compliance as to Conditions Precedent: Upon any request
         or application by the Current Issuer to the Note Trustee to take any
         action under this Trust Deed or these presents, the Current Issuer
         shall furnish to the Note Trustee in accordance with Section 314(c)
         of the Trust Indenture Act:

         (a)  an Officers' Certificate (which shall include the statements set
              forth in Clause 16.2 (Statements Required in Certificates and
              Opinions) below stating that, in the opinion of the signers, all
              conditions precedent, if any, provided for in these presents
              relating to the proposed action have been complied with; and

         (b)  an Opinion of Counsel (which shall include the statements set
              forth in Clause 16.2 (Statements Required in Certificates and
              Opinions) below) stating that, in the opinion of such counsel,
              all such conditions precedent, if any, provided for in these
              presents relating to the proposed action have been complied
              with.

16.2     Statements required in Certificates and Opinions: Each certificate
         and opinion with respect to compliance with a condition or covenant
         provided for in these presents or these presents, in accordance with
         Section 314(e) of the Trust Indenture Act, shall include:

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<PAGE>

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

         (b)  a brief statement as to the nature and scope of the examination
              or investigation upon which the statements or opinions contained
              in such certificate or opinion are based;

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

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

17.      Release of Collateral

17.1     Limitation on Release: Except to the extent expressly provided in
         this Clause 17 (Release of Collateral), the Note Trustee shall
         release the property from the security constituted by the Current
         Issuer Deed of Charge only upon receipt of a request from the Current
         Issuer accompanied by an Officers' Certificate, an Opinion of Counsel
         and certificates of independent parties in accordance with Trust
         Indenture Act Sections 314(c) and 314(d)(1) ("Independent
         Certificates") or an Opinion of Counsel in lieu of such Independent
         Certificates to the effect that the Trust Indenture Act does not
         require any such Independent Certificates.

17.2     Fair Value: Prior to the release of any property or securities
         subject to the lien of the Current Issuer Deed of Charge, the Current
         Issuer shall, in addition to any obligation imposed in this Clause 17
         (Release of Collateral) or elsewhere in these presents, furnish to
         the Note Trustee an Officers' Certificate certifying or stating the
         opinion of each person signing such certificate as to the fair value
         to the Current Issuer of the property or securities to be so
         released. The officers so certifying may consult with, and may
         conclusively rely upon a certificate as to the fair value of such
         property provided to such officers by an internationally recognised
         financial institution with expertise in such matters. Whenever the
         Current Issuer is required to furnish to the Note Trustee an
         Officers' Certificate certifying or stating the opinion of any signer
         thereof as to the matters described in this Clause 17.2 (Fair Value),
         the Current Issuer shall also deliver to the Note Trustee an
         Independent Certificate as to the same matters, if the fair value to
         the Current Issuer of the property to be so released and of all other
         such property made the basis of any such release since the
         commencement of the then current fiscal year of the Current Issuer,
         as set forth in the certificates delivered pursuant to this Clause 17
         (Release of Collateral), is 10% or more of the Principal Amount
         Outstanding of the Current Issuer Notes, but such a certificate need
         not be furnished with respect to any property so released if the fair
         value thereof to the Current Issuer as set forth in the related
         Officers' Certificate is less than $25,000 (or its equivalent) or
         less than one per cent. of the Principal Amount Outstanding of the
         Current Issuer Notes.

17.3     No Impairment: Whenever any property is to be released from the
         security constituted by the Current Issuer Deed of Charge, the
         Current Issuer shall also furnish to the Note Trustee an Officer's
         Certificate certifying or stating the opinion of each

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         person signing such certificate that in the opinion of such person the
         proposed release will not impair the security under the Current Issuer
         Deed of Charge in contravention of the provisions hereof.

17.4     Payments under Current Issuer Transaction Documents: Notwithstanding
         anything to the contrary contained herein, the Current Issuer may (a)
         make cash payments out of the Current Issuer Bank Accounts relating
         to the Current Issuer Notes as and to the extent permitted or
         required by the Current Issuer Transaction Documents (b) act in
         relation to the Current Issuer Charged Property as permitted under
         the Current Issuer Deed of Charge and (c) take any other action not
         inconsistent with the Trust Indenture Act.

18.      Rights Cumulative

         The respective rights of the Note Trustee and the Noteholders to
         these presents are cumulative and may be exercised as often as each
         considers appropriate and are in addition to their respective rights
         under the general law. No failure on the part of the Note Trustee or
         any Noteholder to exercise, and no delay in exercising, any right
         hereunder shall operate as a waiver thereof, nor shall any single or
         partial exercise of any such right preclude any other or further
         exercise thereof or the exercise of any other right. The remedies in
         these presents are cumulative and not exclusive of any remedies
         provided by law.

19.      Notices

19.1     Any notices or other communication or document to be given or
         delivered pursuant to these presents to any of the parties hereto
         shall be sufficiently served if sent by prepaid first class post,
         by hand or by facsimile transmission and shall be deemed to be
         given (in the case of  facsimile transmission) when despatched
         or (where delivered by hand) on the day of delivery if delivered
         before 17.00 hours on a London Business Day or on the next
         London Business Day if delivered thereafter or (in the case of
         first class post) when it would be received in the ordinary course
         of the post and shall be sent:

         (a)  in the case of the Current Issuer, to Granite Mortgages 03-3 plc
              c/o Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile
              number 020 7606 0643) for the attention of The Company Secretary
              with a copy to Northern Rock plc, Northern Rock House, Gosforth,
              Newcastle upon Tyne NE3 4PL (facsimile number 0191 213 2203) for
              the attention of the Group Secretary;

         (b)  in the case of the Note Trustee, to The Bank of New York, 48th
              Floor, One Canada Square, London E14 5AL (facsimile number 020
              7964 6061/6399) for the attention of (Corporate Trust) Global
              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 fifteen days prior written notice in
         accordance with the provisions of this Clause 19 (Notices).

19.2     Communications by Noteholders with other Noteholders: Noteholders may
         communicate pursuant to Trust Indenture Act Section 312(b) with other
         Noteholders

                                      38
<PAGE>

         with respect to their rights under these presents or the
         Current Issuer Notes. The Current Issuer and the Note Trustee shall
         have the protection of Trust Indenture Act Section 312(c).

19.3     Notices to Noteholders: Any notice or communication mailed to
         Noteholders hereunder shall be transmitted by mail to (a) all
         Noteholders as the names and addresses of such Noteholders appear
         upon the Register and (b) such Noteholders to whom Trust Indenture
         Act Section 313(c) requires reports to be transmitted.

20.      Third Party Rights

         A person who is not a party to these presents may not enforce any of
         its terms under the Contracts (Rights of Third Parties) Act 1999, but
         this shall not affect any right or remedy of a third party which
         exists or is available apart from that Act.

21.      Execution in Counterparts; Severability

21.1     Counterparts: This Trust Deed may be executed in any number of
         counterparts (manually or by facsimile) and by different parties
         hereto in separate counterparts, each of which when so executed shall
         be deemed to be an original and all of which when taken together
         shall constitute one and the same instrument.

21.2     Severability: Where any provision in or obligation under these
         presents shall be invalid, illegal or unenforceable in any
         jurisdiction, the validity, legality and enforceability of the
         remaining provisions or obligations under these presents, or of such
         provision or obligation in any other jurisdiction, shall not be
         affected or impaired thereby.

22.      Governing Law and Jurisdiction; Appropriate Forum

22.1     Governing  Law:  These  presents and the Current  Issuer Notes are
         governed by, and shall be construed in accordance with, English law.

22.2     Jurisdiction: Each of the parties hereto agrees for the benefit of
         the Note Trustee and the Noteholders that the courts of England shall
         have jurisdiction to hear and determine any suit, action or
         proceeding, and to settle any disputes, which may arise out of or in
         connection with these presents and, for such purposes, irrevocably
         submits to the jurisdiction of such courts.

22.3     Appropriate Forum: Each of the parties hereto irrevocably waives any
         objection which it might now or hereafter have to the courts of
         England being nominated as the forum to hear and determine any
         Proceedings and to settle any disputes, and agrees not to claim that
         any such court is not a convenient or appropriate forum.

IN WITNESS of which these presents has been executed by the parties hereto as
a deed which has been delivered on the date first appearing on page one.

                                      39
<PAGE>

                                  SCHEDULE 1

<PAGE>

                       FORMS OF GLOBAL NOTE CERTIFICATES

                          GRANITE MORTGAGES 03-3 PLC
   (Incorporated with limited liability in England and Wales with registered
                                number 4823268)

                  SERIES 1 CLASS [o] GLOBAL NOTE CERTIFICATE

                                 representing
             US$[o] Series 1 Class [o] Floating Rate Notes due [o]

1.       Introduction

         This Series 1 Class [o] Global Note Certificate is issued in respect
         of the US$[o] Series 1 Class [o] Floating Rate Notes due [o] (the
         "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"), and is
         limited to the aggregate principal amount of

                                [o] US Dollars
                                   (US$[o])

         The Notes are constituted by, are subject to, and have the benefit
         of, a trust deed dated [o] 2003 (as amended or supplemented from time
         to time, the "Current Issuer Trust Deed") between the Current Issuer
         and The Bank of New York as trustee (the trustee for the time being
         thereof being herein called the "Note Trustee") and are the subject
         of a paying agent and agent bank agreement dated [o] 2003 (as amended
         or supplemented from time to time, the "Current Issuer Paying Agent
         and Agent Bank Agreement") between the Current Issuer, the Principal
         Paying Agent, the Agent Bank, Citibank, N.A. as registrar (the
         "Registrar", which expression includes any successor registrar
         appointed from time to time in connection with the Notes), the
         Transfer Agent, the US Paying Agent and the Note Trustee.

2.       References to Conditions

         References herein to the Current Issuer Conditions (or to any
         particular numbered Condition) shall be to the Current Issuer
         Conditions (or that particular one of them) attached hereto.

3.       Registered Holder

         This is to certify that:

                                  CEDE & CO.

         is the person registered in the register maintained by the Registrar
         in relation to the Notes (the "Register") as the duly registered
         holder (the "Holder") of

                                [o] US Dollars

                                   (US$[o])

                                      40
<PAGE>

         in aggregate principal amount of the Notes.

4.       Promise to pay

         Subject only as provided in this Global Note Certificate and the
         Current Issuer Conditions, the Current Issuer, for value received,
         promises to pay to the Holder the principal amount of this Global
         Note Certificate (being at the date hereof [o] US Dollars (US$[o]))
         on the Payment Date falling in [o] (or on such earlier date as the
         said principal amount may become repayable in accordance with the
         Current Issuer Conditions or the Current Issuer Trust Deed) and to
         pay interest on the principal amount from time to time (as noted in
         the records of the custodian for DTC of this Global Note Certificate)
         quarterly in arrear on each Payment Date at the rates determined in
         accordance with the Current Issuer Conditions together with such
         premium and other amounts (if any) as may be payable, all subject to
         and in accordance with the Current Issuer Conditions and the
         provisions of the Current Issuer Trust Deed.

5.       Exchange for Individual Note Certificates

         This Global Note Certificate will be exchangeable (in whole but not
         in part and free of charge to the holder) for duly authenticated and
         completed individual note certificates ("Individual Note
         Certificates") in substantially the form (subject to completion) set
         out in Schedule 2 to the Current Issuer Trust Deed only if (i) The
         Depository Trust Company ("DTC") has notified the Current Issuer that
         it is at any time unwilling or unable to continue as, or ceases to
         be, a clearing agency under the United States Securities Exchange Act
         of 1934, as amended (the "Exchange Act"), and a successor to DTC
         registered as a clearing agency under the Exchange Act is not
         appointed by the Current Issuer within 90 days of such notification,
         or (ii) as a result of any amendment to, or change in, the laws or
         regulations of the United Kingdom (or of any political subdivision
         thereof), or of any authority therein or thereof having power to tax,
         or in the interpretation or administration by a revenue authority or
         a court or administration of such laws or regulations which becomes
         effective on or after the Closing Date, the Current Issuer or any
         Paying Agent is or will be required to make any deduction or
         withholding from any payment in respect of the Notes which would not
         be required were the relevant Notes Individual Note Certificates.
         Such exchange shall be effected in accordance with paragraph 6
         (Delivery of Individual Note Certificates) below.

6.       Delivery of Individual Note Certificates

         Whenever this Global Note Certificate is to be exchanged for
         Individual Note Certificates, such Individual Note Certificates shall
         be issued in an aggregate principal amount equal to the principal
         amount of this Global Note Certificate within five business days of
         the delivery, by or on behalf of the Holder and/or DTC, to the
         Registrar of such information as is required to complete and deliver
         such Individual Note Certificates (including, without limitation, the
         names and addresses of the persons in whose names the Individual Note
         Certificates are to be registered and the principal amount of each
         such person's holding) against the surrender of this Global Note
         Certificate at the Specified Office (as defined in the Current Issuer
         Conditions) of the Registrar. Such exchange shall be effected in
         accordance with the provisions of the Current Issuer Paying Agent and
         Agent Bank Agreement and the regulations

                                      41
<PAGE>

         concerning the transfer and registration of Notes scheduled thereto
         and, in particular, shall be effected without charge to any Holder or
         the Note Trustee, but against such indemnity as the Registrar may
         require in respect of any tax or other duty of whatsoever nature which
         may be levied or imposed in connection with such exchange. In this
         paragraph, "business day" means a day on which commercial banks are
         open for business in the city in which the Registrar has its Specified
         Office.

7.       Payments

         Payments of principal, premium (if any) and interest in respect of
         Notes represented by this Global Note Certificate will be made in
         accordance with the Current Issuer Conditions. All payments of any
         amounts payable and paid to the Holder of this Global Note
         Certificate shall be valid and, to the extent of the sums so paid,
         effectual to satisfy and discharge the liability for the monies
         payable hereon.

8.       Conditions apply

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

9.       Tax Treatment

         The Current Issuer will treat the Notes as indebtedness for U.S.
         federal income tax purposes. Each Holder of a Note, by the
         acceptance hereof, agrees to treat this Note for U.S. federal
         income tax purposes as indebtedness.

10.      Notices

         Notwithstanding Condition 14 (Notice to Noteholders), so long as this
         Global Note Certificate is held on behalf of DTC or any other
         clearing system (an "Alternative Clearing System") notices to Holders
         of Notes represented by this Global Note Certificate may be given by
         delivery of the relevant notice to DTC or (as the case may be) such
         Alternative Clearing System.

11.      Determination of Entitlement

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

12.      Authentication

         This Global Note Certificate shall not be or become valid for any
         purpose unless and until authenticated by or on behalf of Citibank,
         N.A. as Registrar.

13.      Definitions

         Terms not defined herein have the meaning ascribed to such terms in
         the Current Issuer Conditions.

                                      42
<PAGE>

14.      Rights of Third Parties

         No person shall have any right under the Contracts (Rights of Third
         Parties) Act 1999 to enforce any term or condition of this Global
         Note Certificate, but this shall not affect any right or remedy which
         exists or is available apart from that Act.

15.      Governing law

         This Global Note Certificate is governed by, and shall be construed
         in accordance with, the laws of England.

IN WITNESS whereof the Current Issuer has caused this Global Note Certificate
to be signed manually or in facsimile by a person duly authorised on its
behalf.

                                      43
<PAGE>

GRANITE MORTGAGES 03-3 PLC

By:   .......................................
         [manual or facsimile signature]
         (duly authorised)

ISSUED in London, England on [o] 2003.

AUTHENTICATED for and on behalf of CITIBANK, N.A.
as Registrar without recourse, warranty, or liability

..............................................
[manual signature]
(duly authorised)

                                      44
<PAGE>

FORM OF TRANSFER

FOR VALUE  RECEIVED  .............,  being the  registered  holder of this
Global Note Certificate, hereby transfers to..................................
of............................................................................
...............................................................................
US$ ......................  in principal amount of the US$[amount] Series 1
Class [o] Floating Rate Notes due [maturity] (the "Notes") of Granite
Mortgages 03-3 plc (the "Current  Issuer") and irrevocably
requests  and  authorises  Citibank,  N.A.,  in its  capacity  as  Registrar
in relation to the Notes (or any successor  to  Citibank,  N.A.,  in its
capacity  as  such)  to  effect  the  relevant  transfer  by means of
appropriate entries in the Register kept by it.

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

By:    ....................
      (duly authorised)

Notes

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

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

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

(c)      Any  transfer of Notes shall be in an amount equal to US$1,000 or an
         integral  multiple of  U.S.$1,000 in excess thereof.

                                      45
<PAGE>

[Attached to the Global Note Certificate:]

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                        REGISTRAR

        [Name]                                  [Name]
      [Address]                               [Address]

PAYING AGENTS AND TRANSFER AGENT

[Name]                       [Name]
[Address]                    [Address]

                                      46
<PAGE>

                        FORM OF GLOBAL NOTE CERTIFICATE

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER OF U.S. LAW, PRIOR TO
THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING DATE AND THE
COMMENCEMENT OF THE OFFERING OF THE CURRENT ISSUER NOTES MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S.
PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES.

                                      47
<PAGE>

                           GRANITE MORTGAGES 03-3PLC
   (Incorporated with limited liability in England and Wales with registered
                                number 4823268)

                  SERIES 2 CLASS [o] GLOBAL NOTE CERTIFICATE

                                 representing
            (Euro)[o] Series 2 Class [o] Floating Rate Notes due [o]

1.       Introduction

         This Series 2 Class [o] Global Note Certificate is issued in respect
         of the (Euro)[o] Series 2 Class [o] Floating Rate Notes due [o] (the
         "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"), and is
         limited to the aggregate principal amount of

                                   [o] Euro
                                  ((Euro)[o])

         The Notes are constituted by, are subject to, and have the benefit
         of, a trust deed dated [o] 2003 (as amended or supplemented from time
         to time, the "Current Issuer Trust Deed") between the Current Issuer
         and The Bank of New York as trustee (the trustee for the time being
         thereof being herein called the "Note Trustee") and are the subject
         of a paying agent and agent bank agreement dated [o] 2003 (as amended
         or supplemented from time to time, the "Current Issuer Paying Agent
         and Agent Bank Agreement") between the Current Issuer, the Principal
         Paying Agent, the Agent Bank, Citibank, N.A. as registrar (the
         "Registrar", which expression includes any successor registrar
         appointed from time to time in connection with the Notes), the
         Transfer Agent, the US Paying Agent and the Note Trustee.

2.       References to Conditions

         References herein to the Current Issuer Conditions (or to any
         particular numbered Condition) shall be to the Current Issuer
         Conditions (or that particular one of them) attached hereto.

3.       Registered Holder

         This is to certify that:

                             CITIVIC NOMINEES LTD.

         is the person registered in the register maintained by the Registrar
         in relation to the Notes (the "Register") as the duly registered
         holder (the "Holder") of

                                   [o] Euro

                                  ((Euro)[o])

         in aggregate principal amount of the Notes.

                                      48
<PAGE>

4.       Promise to pay

         Subject only as provided in this Global Note Certificate and the
         Current Issuer Conditions, the Current Issuer, for value received,
         promises to pay to the Holder the principal amount of this Global
         Note Certificate (being at the date hereof [o] Euro ((Euro)[o])) on
         the Payment Date falling in [o] (or on such earlier date as the said
         principal amount may become repayable in accordance with the Current
         Issuer Conditions or the Current Issuer Trust Deed) and to pay
         interest on the principal amount from time to time (as noted in the
         records of the common depositary for Euroclear and Clearstream,
         Luxembourg of this Global Note Certificate) quarterly in arrear on
         each Payment Date at the rates determined in accordance with the
         Current Issuer Conditions together with such premium and other
         amounts (if any) as may be payable, all subject to and in accordance
         with the Current Issuer Conditions and the provisions of the Current
         Issuer Trust Deed.

5.       Exchange for Individual Note Certificates

         This Global Note Certificate will be exchangeable (in whole but not
         in part and free of charge to the holder) for duly authenticated and
         completed individual note certificates ("Individual Note
         Certificates") in substantially the form (subject to completion) set
         out in Schedule 2 to the Current Issuer Trust Deed only if (i) both
         Euroclear and Clearstream, Luxembourg are closed for a continuous
         period of 14 days (other than by reason of a holiday, statutory or
         otherwise) or announce an intention to permanently cease business and
         do so cease to do business and no alternative clearing system
         satisfactory to the Note Trustee is available or (ii) as a result of
         any amendment to, or change in, the laws or regulations of the United
         Kingdom (or of any political subdivision thereof), or of any
         authority therein or thereof having power to tax, or in the
         interpretation or administration by a revenue authority or a court or
         administration of such laws or regulations which becomes effective on
         or after the Closing Date, the Current Issuer or any Paying Agent is
         or will be required to make any deduction or withholding from any
         payment in respect of the Notes which would not be required were the
         relevant Notes Individual Note Certificates. Such exchange shall be
         effected in accordance with paragraph 6 (Delivery of Individual Note
         Certificates) below.

6.       Delivery of Individual Note Certificates

         Whenever this Global Note Certificate is to be exchanged for
         Individual Note Certificates, such Individual Note Certificates shall
         be issued in an aggregate principal amount equal to the principal
         amount of this Global Note Certificate within five business days of
         the delivery, by or on behalf of the Holder, Euroclear and/or
         Clearstream, Luxembourg, to the Registrar of such information as is
         required to complete and deliver such Individual Note Certificates
         (including, without limitation, the names and addresses of the
         persons in whose names the Individual Note Certificates are to be
         registered and the principal amount of each such person's holding)
         against the surrender of this Global Note Certificate at the
         Specified Office (as defined in the Current Issuer Conditions) of the
         Registrar. Such exchange shall be effected in accordance with the
         provisions of the Current Issuer Paying Agent and Agent Bank
         Agreement and the regulations concerning the transfer and
         registration of Notes scheduled thereto and, in particular, shall be
         effected without charge to any Holder or the Note Trustee, but
         against such indemnity as the Registrar may require in

                                      49
<PAGE>

         respect of any tax or other duty of whatsoever nature which may be
         levied or imposed in connection with such exchange. In this
         paragraph, "business day" means a day on which commercial banks
         are open for business in the city in which the Registrar has its
         Specified Office.

7.       Payments

         Payments of principal, premium (if any) and interest in respect of
         Notes represented by this Global Note Certificate will be made in
         accordance with the Current Issuer Conditions. All payments of any
         amounts payable and paid to the Holder of this Global Note
         Certificate shall be valid and, to the extent of the sums so paid,
         effectual to satisfy and discharge the liability for the monies
         payable hereon.

8.       Conditions apply

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

9.       Notices

         Notwithstanding Condition 14 (Notice to Noteholders), so long as this
         Global Note Certificate is held on behalf of Euroclear and
         Clearstream, Luxembourg or any alternative clearing system (an
         "Alternative Clearing System"), notices to Holders of Notes
         represented by this Global Note Certificate may be given by delivery
         of the relevant notice to Euroclear and Clearstream, Luxembourg or
         (as the case may be) such Alternative Clearing System.

10.      Determination of Entitlement

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

11.      Authentication

         This Global Note Certificate shall not be or become valid for any
         purpose unless and until authenticated by or on behalf of Citibank,
         N.A. as Registrar.

12.      Definitions

         Terms not defined herein have the meaning ascribed to such terms in
         the Current Issuer Conditions.

13.      Rights of Third Parties

         No person shall have any right under the Contracts (Rights of Third
         Parties) Act 1999 to enforce any term or condition of this Global
         Note Certificate, but this shall not affect any right or remedy which
         exists or is available apart from that Act.

                                      50
<PAGE>

14.      Governing law

         This Global Note Certificate is governed by, and shall be construed
         in accordance with, the laws of England.

IN WITNESS whereof the Current Issuer has caused this Global Note Certificate
to be signed manually or in facsimile by a person duly authorised on its
behalf.

                                      51
<PAGE>

GRANITE MORTGAGES 03-3 PLC

By:      ................................
         [manual or facsimile signature]
         (duly authorised)

ISSUED in London, England on [o] 2003.

AUTHENTICATED for and on behalf of
CITIBANK, N.A.
as Registrar without recourse, warranty, or liability

..........................................
[manual signature]
(duly authorised)

                                      52
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  ........................,  being the  registered holder of
this Global Note Certificate, hereby transfers to ..........................
.............................................................................
of .........................................................................
.............................................................................
........., (Euro) ....................  in principal amount of the
(Euro)[amount] Series 2 Class [o] Floating Rate Notes due [maturity]
(the "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer") and
irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

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

By:      ............................................
                                (duly authorised)

Notes

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

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

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

(c)      Any transfer of Notes shall be in an amount equal to (Euro)50,000 or
         an integral multiple of (Euro)50,000 in excess thereof.

                                      53
<PAGE>

[Attached to the Global Note Certificate:]

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                               REGISTRAR

        [Name]                                        [Name]
      [Address]                                     [Address]

PAYING AGENTS AND TRANSFER AGENT

[Name]                 [Name]
[Address]              [Address]

                                      54
<PAGE>

                          GRANITE MORTGAGES 03-3 PLC
   (Incorporated with limited liability in England and Wales with registered
                                number 4823268)

                   SERIES 3 CLASS C GLOBAL NOTE CERTIFICATE

                                 representing
            (GBP) [o] Series 3 Class [o] Floating Rate Notes due [o]

1.       Introduction

         This Series 3 Class [o] Global Note Certificate is issued in respect
         of the (GBP) [o] Series 3 Class [o] Floating Rate Notes due [o] (the
         "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"), and is
         limited to the aggregate principal amount of

                              [o] Pounds Sterling
                                  ((GBP)[o])

         The Notes are constituted by, are subject to, and have the benefit
         of, a trust deed dated [o] 2003 (as amended or supplemented from time
         to time, the "Current Issuer Trust Deed") between the Current Issuer
         and The Bank of New York as trustee (the trustee for the time being
         thereof being herein called the "Note Trustee") and are the subject
         of a paying agent and agent bank agreement dated [o] 2003 (as amended
         or supplemented from time to time, the "Current Issuer Paying Agent
         and Agent Bank Agreement") between the Current Issuer, the Principal
         Paying Agent, the Agent Bank, Citibank, N.A. as registrar (the
         "Registrar", which expression includes any successor registrar
         appointed from time to time in connection with the Notes), the
         Transfer Agent, the US Paying Agent and the Note Trustee.

2.       References to Conditions

         References herein to the Current Issuer Conditions (or to any
         particular numbered Condition) shall be to the Current Issuer
         Conditions (or that particular one of them) attached hereto.

3.       Registered Holder

         This is to certify that:

                             CITIVIC NOMINEES LTD.

         is the person registered in the register maintained by the Registrar
         in relation to the Notes (the "Register") as the duly registered
         holder (the "Holder") of

                              [o] Pounds Sterling

                                   ((GBP)[o])

         in aggregate principal amount of the Notes.

                                      55
<PAGE>

4.       Promise to pay

         Subject only as provided in this Global Note Certificate and the
         Current Issuer Conditions, the Current Issuer, for value received,
         promises to pay to the Holder the principal amount of this Global
         Note Certificate (being at the date hereof [o] Pounds Sterling
         ((GBP)[o])) on the Payment Date falling in [o] (or on such earlier date
         as the said principal amount may become repayable in accordance with
         the Current Issuer Conditions or the Current Issuer Trust Deed) and
         to pay interest on the principal amount from time to time (as noted
         in the records of the common depositary for Euroclear and
         Clearstream, Luxembourg of this Global Note Certificate) quarterly in
         arrear on each Payment Date at the rates determined in accordance
         with the Current Issuer Conditions together with such premium and
         other amounts (if any) as may be payable, all subject to and in
         accordance with the Current Issuer Conditions and the provisions of
         the Current Issuer Trust Deed.

5.       Exchange for Individual Note Certificates

         This Global Note Certificate will be exchangeable (in whole but not
         in part and free of charge to the holder) for duly authenticated and
         completed individual note certificates ("Individual Note
         Certificates") in substantially the form (subject to completion) set
         out in Schedule 2 to the Current Issuer Trust Deed only if (i) both
         Euroclear and Clearstream, Luxembourg are closed for a continuous
         period of 14 days (other than by reason of a holiday, statutory or
         otherwise) or announce an intention to permanently cease business and
         do so cease to do business and no alternative clearing system
         satisfactory to the Note Trustee is available or (ii) as a result of
         any amendment to, or change in, the laws or regulations of the United
         Kingdom (or of any political subdivision thereof), or of any
         authority therein or thereof having power to tax, or in the
         interpretation or administration by a revenue authority or a court or
         administration of such laws or regulations which becomes effective on
         or after the Closing Date, the Current Issuer or any Paying Agent is
         or will be required to make any deduction or withholding from any
         payment in respect of the Notes which would not be required were the
         relevant Notes Individual Note Certificates. Such exchange shall be
         effected in accordance with paragraph 6 (Delivery of Individual Note
         Certificates) below.

6.       Delivery of Individual Note Certificates

         Whenever this Global Note Certificate is to be exchanged for
         Individual Note Certificates, such Individual Note Certificates shall
         be issued in an aggregate principal amount equal to the principal
         amount of this Global Note Certificate within five business days of
         the delivery, by or on behalf of the Holder, Euroclear and/or
         Clearstream, Luxembourg, to the Registrar of such information as is
         required to complete and deliver such Individual Note Certificates
         (including, without limitation, the names and addresses of the
         persons in whose names the Individual Note Certificates are to be
         registered and the principal amount of each such person's holding)
         against the surrender of this Global Note Certificate at the
         Specified Office (as defined in the Current Issuer Conditions) of the
         Registrar. Such exchange shall be effected in accordance with the
         provisions of the Current Issuer Paying Agent and Agent Bank
         Agreement and the regulations concerning the transfer and
         registration of Notes scheduled thereto and, in particular, shall be
         effected without charge to any Holder or the Note Trustee, but
         against such indemnity as the Registrar may require in

                                      56
<PAGE>

         respect of any tax or other duty of whatsoever nature which may be
         levied or imposed in connection with such exchange. In this paragraph,
         "business day" means a day on which commercial banks are open for
         business in the city in which the Registrar has its Specified Office.

7.       Payments

         Payments of principal, premium (if any) and interest in respect of
         Notes represented by this Global Note Certificate will be made in
         accordance with the Current Issuer Conditions. All payments of any
         amounts payable and paid to the Holder of this Global Note
         Certificate shall be valid and, to the extent of the sums so paid,
         effectual to satisfy and discharge the liability for the monies
         payable hereon.

8.       Conditions apply

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

9.       Notices

         Notwithstanding Condition 14 (Notice to Noteholders), so long as this
         Global Note Certificate is held on behalf of Euroclear and
         Clearstream, Luxembourg or any alternative clearing system (an
         "Alternative Clearing System"), notices to Holders of Notes
         represented by this Global Note Certificate may be given by delivery
         of the relevant notice to Euroclear and Clearstream, Luxembourg or
         (as the case may be) such Alternative Clearing System.

10.      Determination of Entitlement

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

11.      Authentication

         This Global Note Certificate shall not be or become valid for any
         purpose unless and until authenticated by or on behalf of Citibank,
         N.A. as Registrar.

12.      Definitions

         Terms not defined herein have the meaning ascribed to such terms in
         the Current Issuer Conditions.

13.      Rights of Third Parties

         No person shall have any right under the Contracts (Rights of Third
         Parties) Act 1999 to enforce any term or condition of this Global
         Note Certificate, but this shall not affect any right or remedy which
         exists or is available apart from that Act.

                                      57
<PAGE>

14.      Governing law

         This Global Note Certificate is governed by, and shall be construed
         in accordance with, the laws of England.

IN WITNESS whereof the Current Issuer has caused this Global Note Certificate
to be signed manually or in facsimile by a person duly authorised on its
behalf.

                                      58
<PAGE>

GRANITE MORTGAGES 03-3 PLC

By:      ............................................
         [manual or facsimile signature]
         (duly authorised)

ISSUED in London, England on [o] 2003.

AUTHENTICATED for and on behalf of CITIBANK, N.A.
as Registrar without recourse, warranty, or liability

.......................................................
[manual signature]
(duly authorised)

                                      59
<PAGE>

FORM OF TRANSFER

FOR  VALUE  RECEIVED  ...................,  being  the  registered  holder
of this  Global  Note Certificate, hereby transfers to .....................
.............................................................................
of .........................................................................
.............................................................................
.............................................................................
........................................,  (GBP)..................  in principal
amount of the (GBP)[amount]  Series 3 Class [o] Floating Rate Notes due
[maturity] (the "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer")
and irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A.,
in its capacity as such) to effect the relevant transfer by means of
appropriate entries in the Register kept by it.

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

By:      ............................................
                                    (duly authorised)

Notes

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

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

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

(c)      Any transfer of Notes shall be in an amount equal to (GBP)1,000 or an
         integral multiple of (GBP)1,000 in excess thereof.

                                      60
<PAGE>

[Attached to the Global Note Certificate:]

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                         REGISTRAR

        [Name]                                  [Name]
      [Address]                                [Address]

PAYING AGENTS AND TRANSFER AGENT

[Name]                 [Name]
[Address]              [Address]

                                      61
<PAGE>

                                  SCHEDULE 2
                     FORMS OF INDIVIDUAL NOTE CERTIFICATES

  --------------------------------------------------------------------------
    US$[1,000/10,000] [ISIN] [CUSIP] [COMMON CODE] [SERIES] [SERIAL NO.]
  --------------------------------------------------------------------------

                          GRANITE MORTGAGES 03-3 PLC
   (Incorporated with limited liability in England and Wales with registered
                                number 4823268)

                SERIES 1 CLASS [o] INDIVIDUAL NOTE CERTIFICATE

                                 representing
             US$[o] Series 1 Class [o] Floating Rate Notes due [o]

1.       Introduction

         This Series 1 Class [o] Individual Note Certificate is issued in
         respect of the US$[o] Series 1 Class [o] Floating Rate Notes due [o]
         (the "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"),
         limited to the aggregate principal amount of

                                [o] US Dollars
                                   (US$[o])

         The Notes are constituted by, are subject to, and have the benefit
         of, a trust deed dated [o] 2003 (as amended or supplemented from time
         to time, the "Current Issuer Trust Deed") between the Current Issuer
         and The Bank of New York as trustee (the trustee for the time being
         thereof being herein called the "Note Trustee") and are the subject
         of a paying agent and agent bank agreement dated [o] 2003 (as amended
         or supplemented from time to time, the "Current Issuer Paying Agent
         and Agent Bank Agreement") between the Current Issuer, the Principal
         Paying Agent, the Agent Bank, Citibank, N.A. as registrar (the
         "Registrar", which expression includes any successor registrar
         appointed from time to time in connection with the Notes), the
         Transfer Agent, the US Paying Agent and the Note Trustee.

2.       References to Conditions

         References herein to the Current Issuer Conditions (or to any
         particular numbered Condition) shall be to the Current Issuer
         Conditions (or that particular one of them) attached hereto.

3.       Registered Holder

         This is to certify that

                                 [Noteholder]

         is the person registered in the register maintained by the Registrar
         in relation to the Notes (the "Register") as the duly registered
         holder (the "Holder") of Notes represented from time to time by this
         Individual Note Certificate in the aggregate principal amount of:

                                      62
<PAGE>

                                    US$[o]

                         US Dollars [amount in words]

         in aggregate principal amount of the Notes.

4.       Promise to pay

         Subject only as provided in this Individual Note Certificate and the
         Current Issuer Conditions, the Current Issuer, for value received,
         promises to pay to the Holder the principal amount of this Individual
         Note Certificate (being at the date hereof [o] US Dollars (US$[o]))
         on the Payment Date falling in [o] (or on such earlier date as the
         said principal amount may become repayable in accordance with the
         Current Issuer Conditions or the Current Issuer Trust Deed) and to
         pay interest on the principal amount from time to time of this
         Individual Note Certificate quarterly in arrear on each Payment Date
         at the rates determined in accordance with the Current Issuer
         Conditions together with such premium and other amounts (if any) as
         may be payable, all subject to and in accordance with the Current
         Issuer Conditions and the provisions of the Current Issuer Trust
         Deed.

5.       Payments

         Payments of principal, premium (if any) and interest in respect of
         Notes represented by this Individual Note Certificate will be made in
         accordance with the Current Issuer Conditions. All payments of any
         amounts payable and paid to the Holder of this Individual Note
         Certificate shall be valid and, to the extent of the sums so paid,
         effectual to satisfy and discharge the liability for the monies
         payable hereon.

6.       Conditions apply

         Save as otherwise provided herein, the Holder of this Individual Note
         Certificate shall have the benefit of, and be subject to, the Current
         Issuer Conditions, and, for the purposes of this Individual Note
         Certificate, any reference in the Current Issuer Conditions to "Note
         Certificate" or "Note Certificates" shall, except where the context
         otherwise requires, be construed so as to include this Individual
         Note Certificate.

7.       Determination of Entitlement

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

8.       Authentication

         This Individual Note Certificate shall not be or become valid for any
         purpose unless and until authenticated by or on behalf of Citibank,
         N.A. as Registrar.

                                      63
<PAGE>

9.       Tax Treatment

         The Current Issuer will treat the Notes as indebtedness for U.S.
         federal income tax purposes.  Each holder of a Note, by the
         acceptance  hereof,  agrees to treat this Note for U.S. federal
         income tax purposes as indebtedness.

10.      Definitions

         Terms not defined herein have the meaning ascribed to such terms in
         the Current Issuer Conditions.

11.      Rights of Third Parties

         No person shall have any right under the Contracts (Rights of Third
         Parties) Act 1999 to enforce any term or condition of this Individual
         Note Certificate, but this shall not affect any right or remedy which
         exists or is available apart from that Act.

12.      Governing law

         This Individual Note Certificate is governed by, and shall be
         construed in accordance with, the laws of England.

IN WITNESS whereof the Current Issuer has caused this Individual Note
Certificate to be signed manually or in facsimile by a person duly authorised
on its behalf.

GRANITE MORTGAGES 03-3 PLC

By:      ............................................
         [manual or facsimile signature]
         (duly authorised)

ISSUED in London, England on [o].

AUTHENTICATED for and on behalf of CITIBANK, N.A.
as Registrar without recourse, warranty, or liability

......................................................
[manual signature]
(duly authorised)

                                      64
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  ........................,  being the registered holder of
this Individual Note Certificate, hereby transfers to ........................
of ...........................................................................
...............................................................................
US$  .....................................  in principal amount of the
US$[amount] Series 1 Class [o] Floating Rate Notes due [maturity] (the "Notes")
of Granite  Mortgages 03-3 plc (the "Current  Issuer") and irrevocably
requests  and  authorises  Citibank,  N.A.,  in its  capacity  as  Registrar
in relation to the Notes (or any successor to Citibank, N.A., in its capacity
as  such)  to  effect  the  relevant  transfer  by means of appropriate entries
in the Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agency and Agent Bank Agreement.

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

By:      ............................................
                                (duly authorised)

Notes

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

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

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

(c)      Any  transfer of Notes shall be in an amount equal to US$1,000 or an
         integral  multiple of  U.S.$1,000 in excess thereof.

                                      65
<PAGE>

[Attached to the Individual Note Certificate:]

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                          REGISTRAR

          [Name]                                 [Name]
        [Address]                               [Address]

PAYING AGENTS AND TRANSFER AGENT

[Name]                 [Name]
[Address]              [Address]

                                      66
<PAGE>

                      FORM OF INDIVIDUAL NOTE CERTIFICATE

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER OF U.S. LAW, PRIOR TO
THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING DATE AND THE
COMMENCEMENT OF THE OFFERING OF THE CURRENT ISSUER NOTES MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S.
PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES.

                                      67
<PAGE>

                          GRANITE MORTGAGES 03-3 PLC
   (Incorporated with limited liability in England and Wales with registered
                                number 4823268)

                SERIES 2 CLASS [o] INDIVIDUAL NOTE CERTIFICATE

                                 representing
            (Euro)[o] Series 2 Class [o] Floating Rate Notes Due [o]

1.       Introduction

         This Series 2 Class [o] Individual Note Certificate is issued in
         respect of the (Euro)[o] Series 2 Class [o] Floating Rate Notes due
         [o] (the "Notes") of Granite Mortgages 03-3 plc (the "Current
         Issuer"), limited to the aggregate principal amount of

                                   [o] Euro
                                  ((Euro)[o])

         The Notes are constituted by, are subject to, and have the benefit
         of, a trust deed dated [o] 2003 (as amended or supplemented from time
         to time, the "Current Issuer Trust Deed") between the Current Issuer
         and The Bank of New York as trustee (the trustee for the time being
         thereof being herein called the "Note Trustee") and are the subject
         of a paying agent and agent bank agreement dated [o] 2003 (as amended
         or supplemented from time to time, the "Current Issuer Paying Agent
         and Agent Bank Agreement") between the Current Issuer, the Principal
         Paying Agent, the Agent Bank, Citibank, N.A. as registrar (the
         "Registrar", which expression includes any successor registrar
         appointed from time to time in connection with the Notes), the
         Transfer Agent, the US Paying Agent and the Note Trustee.

2.       References to Conditions

         References herein to the Current Issuer Conditions (or to any
         particular numbered Condition) shall be to the Current Issuer
         Conditions (or that particular one of them) attached hereto.

3.       Registered Holder

         This is to certify that

                                 [Noteholder]

         is the person registered in the register maintained by the Registrar
         in relation to the Notes (the "Register") as the duly registered
         holder (the "Holder") of Notes represented from time to time by this
         Individual Note Certificate in the aggregate principal amount of:

                                      68
<PAGE>

                                   (Euro)[o]

                             Euro [amount in words]

         in aggregate principal amount of the Notes.

4.       Promise to pay

         Subject only as provided in this Individual Note Certificate and the
         Current Issuer Conditions, the Current Issuer, for value received,
         promises to pay to the Holder the principal amount of this Individual
         Note Certificate (being at the date hereof [o] (Euro) ((Euro)[o])) on
         the Payment Date falling in [o] (or on such earlier date as the said
         principal amount may become repayable in accordance with the Current
         Issuer Conditions or the Current Issuer Trust Deed) and to pay
         interest on the principal amount from time to time of this Individual
         Note Certificate quarterly in arrear on each Payment Date at the
         rates determined in accordance with the Current Issuer Conditions
         together with such premium and other amounts (if any) as may be
         payable, all subject to and in accordance with the Current Issuer
         Conditions and the provisions of the Current Issuer Trust Deed.

5.       Payments

         Payments of principal, premium (if any) and interest in respect of
         Notes represented by this Individual Note Certificate will be made in
         accordance with the Current Issuer Conditions. All payments of any
         amounts payable and paid to the Holder of this Individual Note
         Certificate shall be valid and, to the extent of the sums so paid,
         effectual to satisfy and discharge the liability for the monies
         payable hereon.

6.       Conditions apply

         Save as otherwise provided herein, the Holder of this Individual Note
         Certificate shall have the benefit of, and be subject to, the Current
         Issuer Conditions, and, for the purposes of this Individual Note
         Certificate, any reference in the Current Issuer Conditions to "Note
         Certificate" or "Note Certificates" shall, except where the context
         otherwise requires, be construed so as to include this Individual
         Note Certificate.

7.       Determination of Entitlement

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

8.       Authentication

         This Individual Note Certificate shall not be or become valid for any
         purpose unless and until authenticated by or on behalf of Citibank,
         N.A. as Registrar.

9.       Definitions

         Terms not defined herein have the meaning ascribed to such terms in
         the Current Issuer Conditions.

                                      69
<PAGE>

10.      Rights of Third Parties

         No person shall have any right under the Contracts (Rights of Third
         Parties) Act 1999 to enforce any term or condition of this Individual
         Note Certificate, but this shall not affect any right or remedy which
         exists or is available apart from that Act.

11.      Governing law

         This Individual Note Certificate is governed by, and shall be
         construed in accordance with, the laws of England.

IN WITNESS whereof the Current Issuer has caused this Individual Note
Certificate to be signed manually or in facsimile by a person duly authorised
on its behalf.

GRANITE MORTGAGES 03-3 PLC

By:      ............................................
         [manual or facsimile signature]
         (duly authorised)

ISSUED in London, England on [o].

AUTHENTICATED for and on behalf of CITIBANK, N.A.
as Registrar without recourse, warranty, or liability

......................................................
[manual signature]
(duly authorised)

                                      70
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  ..................,  being the registered holder of this
Individual Note Certificate, hereby transfers to ............................
..............................................................................
of ..........................................................................
..............................................................................
(Euro) ..................................... in principal amount of the
(Euro) [amount] Series 2 Class [o] Floating Rate Notes due [maturity] (the
"Notes") of Granite Mortgages 03-3 plc (the "Current Issuer") and irrevocably
requests and authorises Citibank, N.A., in its capacity as Registrar in
relation to the Notes (or any successor to Citibank, N.A., in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agent and Agent Bank Agreement.

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

By:      ............................................
                                 (duly authorised)

Notes

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

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

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

(c)      Any transfer of Notes shall be in an amount equal to (Euro)50,000 or
         an integral multiple of (Euro)50,000 in excess thereof.

                                      71
<PAGE>

[Attached to the Individual Note Certificate:]

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                             REGISTRAR

       [Name]                                       [Name]
      [Address]                                    [Address]

PAYING AGENTS AND TRANSFER AGENT

[Name]                 [Name]
[Address]              [Address]

                                      72
<PAGE>

                      FORM OF INDIVIDUAL NOTE CERTIFICATE

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER OF U.S. LAW, PRIOR TO
THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING DATE AND THE
COMMENCEMENT OF THE OFFERING OF THE CURRENT ISSUER NOTES MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S.
PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES.

                                      73
<PAGE>

                          GRANITE MORTGAGES 03-3 PLC
   (Incorporated with limited liability in England and Wales with registered
                                number 4823268)

                 SERIES 3 CLASS C INDIVIDUAL NOTE CERTIFICATE

                                 representing
           (GBP) [o] Series 3 Class [o] Floating Rate Notes Due [o]

1.       Introduction

0         This Series 3 Class [o] Individual Note Certificate is issued in
         respect of the (GBP) [o] Series 3 Class [o] Floating Rate Notes due [o]
         (the "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"),
         limited to the aggregate principal amount of

                              [o] Pounds Sterling
                                  ((GBP)[o])

         The Notes are constituted by, are subject to, and have the benefit
         of, a trust deed dated [o] 2003 (as amended or supplemented from time
         to time, the "Current Issuer Trust Deed") between the Current Issuer
         and The Bank of New York as trustee (the trustee for the time being
         thereof being herein called the "Note Trustee") and are the subject
         of a paying agent and agent bank agreement dated [o] 2003 (as amended
         or supplemented from time to time, the "Current Issuer Paying Agent
         and Agent Bank Agreement") between the Current Issuer, the Principal
         Paying Agent, the Agent Bank, Citibank, N.A. as registrar (the
         "Registrar", which expression includes any successor registrar
         appointed from time to time in connection with the Notes), the
         Transfer Agent, the US Paying Agent and the Note Trustee.

2.       References to Conditions

         References herein to the Current Issuer Conditions (or to any
         particular numbered Condition) shall be to the Current Issuer
         Conditions (or that particular one of them) attached hereto.

3.       Registered Holder

         This is to certify that

                                 [Noteholder]

         is the person registered in the register maintained by the Registrar
         in relation to the Notes (the "Register") as the duly registered
         holder (the "Holder") of Notes represented from time to time by this
         Individual Note Certificate in the aggregate principal amount of:

                                   (GBP) [o]

                                      74
<PAGE>

                       Pounds Sterling [amount in words]

         in aggregate principal amount of the Notes.

4.       Promise to pay

         Subject only as provided in this Individual Note Certificate and the
         Current Issuer Conditions, the Current Issuer, for value received,
         promises to pay to the Holder the principal amount of this Individual
         Note Certificate (being at the date hereof [o] Pounds Sterling
         ((GBP)[o])) on the Payment Date falling in [o] (or on such earlier date
         as the said principal amount may become repayable in accordance with
         the Current Issuer Conditions or the Current Issuer Trust Deed) and
         to pay interest on the principal amount from time to time of this
         Individual Note Certificate quarterly in arrear on each Payment Date
         at the rates determined in accordance with the Current Issuer
         Conditions together with such premium and other amounts (if any) as
         may be payable, all subject to and in accordance with the Current
         Issuer Conditions and the provisions of the Current Issuer Trust
         Deed.

5.       Payments

         Payments of principal, premium (if any) and interest in respect of
         Notes represented by this Individual Note Certificate will be made in
         accordance with the Current Issuer Conditions. All payments of any
         amounts payable and paid to the Holder of this Individual Note
         Certificate shall be valid and, to the extent of the sums so paid,
         effectual to satisfy and discharge the liability for the monies
         payable hereon.

6.       Conditions apply

         Save as otherwise provided herein, the Holder of this Individual Note
         Certificate shall have the benefit of, and be subject to, the Current
         Issuer Conditions, and, for the purposes of this Individual Note
         Certificate, any reference in the Current Issuer Conditions to "Note
         Certificate" or "Note Certificates" shall, except where the context
         otherwise requires, be construed so as to include this Individual
         Note Certificate.

7.       Determination of Entitlement

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

8.       Authentication

         This Individual Note Certificate shall not be or become valid for any
         purpose unless and until authenticated by or on behalf of Citibank,
         N.A. as Registrar.

9.       Definitions

         Terms not defined herein have the meaning ascribed to such terms in
         the Current Issuer Conditions.

                                      75
<PAGE>

10.      Rights of Third Parties

         No person shall have any right under the Contracts (Rights of Third
         Parties) Act 1999 to enforce any term or condition of this Individual
         Note Certificate, but this shall not affect any right or remedy which
         exists or is available apart from that Act.

11.      Governing law

         This Individual Note Certificate is governed by, and shall be
         construed in accordance with, the laws of England.

IN WITNESS whereof the Current Issuer has caused this Individual Note
Certificate to be signed manually or in facsimile by a person duly authorised
on its behalf.

GRANITE MORTGAGES 03-3 PLC

By:      ............................................
         [manual or facsimile signature]
         (duly authorised)

ISSUED in London, England on [o].

AUTHENTICATED for and on behalf of CITIBANK, N.A.
as Registrar without recourse, warranty, or liability

......................................................
[manual signature]
(duly authorised)

                                      76
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  ........................,  being the registered holder of
this Individual Note Certificate, hereby transfers to.........................
of ...........................................................................
...............................................................................
..............., (GBP) ..............  in principal amount of the (GBP) [amount]
Series 3 Class [o] Floating Rate Notes due [maturity] (the "Notes") of Granite
Mortgages 03-3 plc (the "Current Issuer") and irrevocably requests and
authorises  Citibank, N.A., in its capacity as Registrar in relation to the
Notes (or any successor to Citibank, N.A., in its capacity as such) to
effect the relevant transfer by means of appropriate entries in the Register
kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agent and Agent Bank Agreement.

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

By:      ............................................
                                (duly authorised)

Notes

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

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

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

(c)      Any transfer of Notes shall be in an amount equal to (GBP)1,000 or an
         integral multiple of (GBP)1,000 in excess thereof.

                                      77
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[Attached to the Individual Note Certificate:]

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                        REGISTRAR

       [Name]                                   [Name]
     [Address]                                [Address]

PAYING AGENTS AND TRANSFER AGENT

[Name]                  [Name]
[Address]               [Address]

                                      78
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                                  SCHEDULE 3
                    CURRENT ISSUER CONDITIONS OF THE NOTES

                                      79
<PAGE>

                                  SCHEDULE 4

                    PROVISIONS FOR MEETINGS OF NOTEHOLDERS

1        (A)      Definitions

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

                  "Basic Terms Modification" means any of the following
                  matters, namely:

                  (i)      any reduction or cancellation of the amount payable
                           or, where applicable, any modification, except
                           where such modification is in the opinion of the
                           Note Trustee bound to result in an increase, of the
                           method of calculating the amount payable or any
                           modification of the date of payment or, where
                           applicable, of the method of calculating the date
                           of payment in respect of any principal, premium or
                           interest in respect of the Current Issuer Notes;

                  (ii)     any alteration in the priority in which payments
                           are made to Noteholders pursuant to any Current
                           Issuer Priority of Payments;

                  (iii)    any alteration of the currency in which payments
                           under the Current Issuer Notes are to be made;

                  (iv)     any alteration of the quorum or majority required
                           to pass an Extraordinary Resolution in respect of
                           any such Basic Terms Modification; and

                  (v)      any alteration of this proviso or the proviso to
                           paragraph 6 below;

                  "Block Voting Instruction" shall mean, in relation to any
                  Meeting, an English language document issued by the
                  Registrar and dated in which:

                  (a)      it is certified that:

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

                           (ii)     each registered holder of such Current
                                    Issuer Notes or a duly authorised person
                                    on its behalf has instructed the Registrar
                                    that the vote(s) attributable to the
                                    Current Issuer Note or Current Issuer
                                    Notes so held (each a "Relevant Note")
                                    should be cast in a particular way in
                                    relation to the resolution or resolutions
                                    to be put to such Meeting or any adjourned
                                    such Meeting;

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<PAGE>

                           (iii)    and in each case that, all such
                                    instructions are, during the period
                                    commencing 48 hours prior to the time for
                                    which such Meeting or any such adjourned
                                    Meeting is convened and ending at the
                                    conclusion or adjournment thereof, neither
                                    revocable nor capable of amendment;

                  (b)      the aggregate principal amount of the Blocked Notes
                           and Relevant Notes so held are listed
                           distinguishing with regard to each such resolution
                           between those in respect of which instructions have
                           been given as aforesaid that the votes attributable
                           thereto should be cast in favour of the resolution
                           and those in respect of which instructions have
                           been so given that the votes attributable thereto
                           should be cast against the resolution; and

                  (c)      one or more persons named in such document is or
                           are authorised and instructed by such Registrar to
                           cast the votes attributable to such Blocked Note
                           and Relevant Notes so listed in accordance with the
                           instructions referred to in (a) above as set out in
                           such document;

                  "Chairman" means, in relation to any Meeting, the individual
                  who takes the chair in accordance with paragraph 4
                  (Chairman);

                  "Extraordinary Resolution" means (a) a resolution passed at
                  a Meeting duly convened and held in accordance with the
                  provisions of this Schedule 4 by a majority consisting of
                  not less than three-fourths of the persons voting thereat
                  upon a show of hands or if a poll is duly demanded by a
                  majority consisting of not less than three-fourths of the
                  votes cast on such poll or (b) a resolution in writing
                  signed by or on behalf of all the Noteholders of a
                  particular class which resolution may be contained in one
                  document or several documents in like form each signed by or
                  on behalf of one or more of the Noteholders;

                  "Form of Proxy" means, in relation to any Meeting, a
                  document in the English language available from the
                  Registrar signed by a Noteholder or, in the case of a
                  corporation, executed under its seal or signed on its behalf
                  by a duly authorised officer of the corporation and
                  delivered to the Registrar not later than 48 hours before
                  the time fixed for such Meeting, appointing one or more
                  persons who is or are authorised and instructed to vote in
                  respect of the Current Issuer Notes held by such Noteholder;

                  "Meeting" shall mean a meeting of Noteholders (whether
                  originally convened or reviewed following an adjournment);

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

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

                                      81
<PAGE>

                  (b)      any such person appointed to vote at a Meeting
                           which has been adjourned for want of a quorum and
                           who has not been re-appointed to vote at a Meeting
                           when it is resumed;

                  "Current Issuer Notes" and "Noteholders" shall mean:

                  (a)      in connection with a Meeting of Senior Noteholders,
                           Senior Notes and Senior Noteholders, respectively;

                  (b)      in connection with a Meeting of Mezzanine
                           Noteholders, Mezzanine Notes and Mezzanine
                           Noteholders respectively;

                  (c)      in connection with a Meeting of Class M
                           Noteholders, Class M Notes and Class M Noteholders
                           respectively; and

                  (d)      in connection with a Meeting of Junior Noteholders,
                           Junior Notes and Junior Noteholders respectively;

                  "Written Resolution" means a resolution in writing signed by
                  or on behalf of all holders of a class of Current Issuer
                  Notes who for the time being are entitled to receive notice
                  of a Meeting in accordance with the provisions of this
                  Schedule, whether contained in one document or several
                  documents in the same form, each signed by or on behalf of
                  one or more such holders of the relevant class of Current
                  Issuer Notes;

                  "24 hours" means a period of 24 hours including all or part
                  of a day upon which banks are open for business in both the
                  place where the relevant Meeting is to be held and in each
                  of the places where the Paying Agents have their Specified
                  Offices (disregarding for this purpose the day upon which
                  such Meeting is to be held) and such period shall be
                  extended by one period or, to the extent necessary, more
                  periods of 24 hours until there is included as aforesaid all
                  or part of a day upon which banks are open for business in
                  all of the places as aforesaid; and

                  "48 hours" means 2 consecutive periods of 24 hours.

(B)      Issue of Block Voting Instructions

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

                                      82
<PAGE>

(C)      References to Blocking/Release of Current Issuer Notes

         Where Current Issuer Notes are represented by Global Note
         Certificates or are held in individual certificated form within a
         Clearing System) references to blocking or release, of Current Issuer
         Notes shall be construed in accordance with the usual practices
         (including blocking the relevant account) of the relevant Clearing
         System.

(D)      Issue of Forms of Proxy

         (i)      A holder of Current Issuer Notes may obtain an uncompleted
                  and unexecuted Form of Proxy from the Registrar.

         (ii)     Any holder of Current Issuer Notes which is a corporation
                  may by resolution of its directors or other governing body
                  authorise any person to act as its representative (a
                  "Representative") in connection with any Meeting.

         (iii)    Any Proxy or Representative shall, so long as such
                  appointment remains in force, be deemed for all purposes in
                  connection with the relevant Meeting, to be the holder of
                  the Current Issuer Notes to which such appointment relates
                  and the holder of the Current Issuer Notes shall be deemed
                  for such purposes not to be the holder.

2.       Convening of Meeting

         The Current Issuer or the Note Trustee may convene a Meeting at any
         time, and the Note Trustee shall be obliged to do so subject to it
         being indemnified to its satisfaction upon a request in writing of
         Noteholders holding not less than one-tenth in principal amount of
         the outstanding Current Issuer Notes of any class or classes entitled
         to vote and, if the Current Issuer defaults for a period of seven
         days in convening such a Meeting, the same may be convened by the
         Note Trustee or the requisitionists. Every such Meeting shall be held
         on such date and at such time and place as the Note Trustee may
         appoint or approve.

3.       Notice

         At least 21 days' notice (exclusive of the day on which the notice is
         given and the day on which the Meeting is to be held) specifying the
         place, day and hour of Meeting shall be given to the Noteholders or,
         as the case may be the Noteholders of any class of Current Issuer
         Notes entitled to vote, the Paying Agents, the Agent Bank and the
         Registrar prior to any Meeting. Such notice, which shall be in the
         English language, shall state generally the nature of the business to
         be transacted at the Meeting thereby convened and shall specify the
         terms of any resolution to be proposed. Such notice shall include
         statements, if applicable, to the effect that (a) Current Issuer
         Notes may be blocked in clearing systems for the purposes of
         appointing Proxies under Block Voting Instructions until 48 hours
         before the time fixed for the Meeting and (b) a Noteholder may
         appoint a Proxy either (i) under a Block Voting Instruction by
         delivering written instructions to the Registrar or (ii) by executing
         and delivering a Form of Proxy to the Specified Office of the
         Registrar, in either case until 48 hours before the time fixed for
         the Meeting. A copy of the notice shall be sent by post to the Note
         Trustee (unless the Meeting is convened by the Note Trustee) and, to
         the Current Issuer (unless the Meeting is convened by the Current
         Issuer).

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<PAGE>

4.       Chairman

         A person (who may, but need not be, a Noteholder) nominated in
         writing by the Note Trustee shall be entitled to take the chair at
         the relevant Meeting, but if no such nomination is made or if at any
         Meeting the person nominated shall not be present within 15 minutes
         after the time appointed for holding the Meeting the Noteholders
         present shall choose one of their number to be Chairman, failing
         which the Current Issuer may appoint a Chairman. The Chairman of an
         adjourned Meeting need not be the same person as was Chairman of the
         Meeting from which the adjournment took place.

5.       Quorum

         Subject as provided in the Current Issuer Conditions:

         (a)      any such Meeting of two or more persons present holding
                  Current Issuer Notes or being Proxies or Representatives and
                  holding or representing in the aggregate not less than
                  one-twentieth of the principal amount of the Current Issuer
                  Notes of the relevant class or classes for the time being
                  outstanding (or, at any adjourned Meeting, two or more
                  persons being or representing Noteholders whatever the
                  aggregate Principal Amount Outstanding of the Current Issuer
                  Notes of the relevant class or classes) shall (except for
                  the purpose of passing an Extraordinary Resolution) form a
                  quorum for the transaction of business and no business
                  (other than the choosing of a Chairman) shall be transacted
                  at any Meeting unless the requisite quorum be present at the
                  commencement of the relevant business;

         (b)      the quorum at any such Meeting for passing an Extraordinary
                  Resolution other than an Extraordinary Resolution to
                  sanction a Basic Term Modification shall (subject as
                  provided below) be two or more persons present holding or
                  representing Current Issuer Notes or being Proxies or
                  Representatives and holding or representing in the aggregate
                  more than half of the aggregate principal amount of the
                  Current Issuer Notes outstanding (as defined in Clause 1.6
                  of the Current Issuer Trust Deed) of the Current Issuer
                  Notes of the relevant class of classes (or, at any adjourned
                  Meeting, two or more persons being or representing
                  Noteholders whatever the aggregate principal amount of the
                  Current Issuer Notes outstanding (as defined in Clause 1.6
                  of the Current Issuer Trust Deed) of the relevant class or
                  classes so held or represented); or

         (c)      at any Meeting the business of which includes the passing of
                  an Extraordinary Resolution to sanction a Basic Terms
                  Modification,

         the quorum for passing the requisite Extraordinary Resolution shall
         be two or more persons present holding Current Issuer Notes or being
         Proxies or Representatives and holding or representing in the
         aggregate not less than three quarters in aggregate principal amount
         of the Current Issuer Notes outstanding (as defined in Clause 1.6 of
         the Current Issuer Trust Deed) of the relevant class or classes (or,
         at any adjourned Meeting, two or more persons present holding or
         representing in the aggregate not less than one quarter in aggregate
         principal amount of the Current Issuer Notes outstanding (as defined
         in Clause 1.6 of the Current Issuer Trust Deed) of the relevant class
         or classes);

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<PAGE>

         Provided always that so long as at least the relevant fraction of the
         aggregate Principal Amount Outstanding of the relevant class of
         Current Issuer Notes referred to in sub-paragraph (a), (b) or (c)
         above, as the case may be, is represented by a Global Note
         Certificate or a single Individual Note Certificate, a single person
         being a Proxy or Representative of such class of Current Issuer Notes
         represented thereby shall be deemed to be two persons for the purpose
         of forming a quorum.

6.       Adjournment for want of quorum

         If within 15 minutes (or such longer period not exceeding 30 minutes
         as the Chairman may decide) after the time appointed for any Meeting
         a quorum is not present for the transaction of any particular
         business, then, subject and without prejudice to the transaction of
         the business (if any) for which a quorum is present:

         (a)      if convened upon the requisition of Noteholders, the Meeting
                  shall be dissolved; and

         (b)      in any other case, the Meeting shall stand adjourned to the
                  same day in the next week (or if such day is a public
                  holiday the next succeeding Business Day) at the same time
                  and place (except in the case of a Meeting at which an
                  Extraordinary Resolution is to be proposed in which case it
                  shall stand adjourned for such period, being not less than
                  13 clear days nor more than 42 clear days, and to such place
                  as may be appointed by the Chairman either at or subsequent
                  to such Meeting and approved by the Note Trustee).

         Provided, however, that, if within 15 minutes (or such longer period
         not exceeding 30 minutes as the Chairman may decide) after the time
         appointed for any adjourned Meeting a quorum is not present for the
         transaction of any particular business, then, subject and without
         prejudice to the transaction of the business (if any) for which a
         quorum is present, the Meeting shall be dissolved as no Meeting may
         be adjourned more than once for want of a quorum.

7.       Notice following Adjournment

         Notice of any adjourned Meeting at which an Extraordinary Resolution
         is to be submitted shall be given in the same manner as notice of an
         original Meeting as provided in paragraph 3 above, but as if 10 days
         notice (exclusive of the day on which the notice is given and the day
         on which the Meeting is to be resumed) were substituted for the 21
         days notice as provided in paragraph 3 above, and such notice shall
         specifically state the relevant quorum requirements which will apply
         when the Meeting resumes. Subject as aforesaid it shall not be
         necessary to give any notice of an adjourned Meeting.

8.       Show of hands

         Every question submitted to a Meeting shall be decided in the first
         instance by a show of hands and in case of equality of votes the
         Chairman shall both on a show of hands and on a poll have a casting
         vote in addition to the vote or votes (if any) to which he may be
         entitled as a Noteholder or as a Proxy or as a Representative.

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<PAGE>
9.       Chairman's declaration

         At any Meeting, unless a poll is (before or on the declaration of the
         result of the show of hands) validly demanded by the Chairman, the
         Current Issuer, the Note Trustee or any person present holding a
         Individual Note Certificate or being a Proxy or Representative
         (whatever the principal amount of the Current Issuer Notes so held or
         represented by him) a declaration by the Chairman that a resolution
         has been carried or carried by a particular majority or lost or not
         carried by a particular majority shall be conclusive evidence of the
         fact without proof of the number or proportion of the votes recorded
         in favour of or against such resolution.

10.      Poll

         Subject to paragraph 12 (Limitation on Adjournments) below, if at
         such Meeting a poll is demanded it shall be taken in such manner and
         subject as hereinafter provided either at once or after an
         adjournment as the Chairman directs and the result of such poll shall
         be deemed to be the resolution of the Meeting at which the poll was
         demanded as at the date of the taking of the poll. The demand for a
         poll shall not prevent the continuance of the Meeting for the
         transaction of any business other than the motion on which the poll
         has been demanded.

11.      Adjourned Meeting

         The Chairman may with the consent of (and shall if directed by) any
         such Meeting adjourn the same from time to time and from place to
         place, but no business shall be transacted at any adjourned Meeting
         except business which might lawfully (but for lack of required
         quorum) have been transacted at the Meeting from which the
         adjournment took place.

12.      Limitation on Adjournments

         Any poll demanded at any adjourned Meeting on the election of a
         Chairman or on any question of adjournment shall be taken at the
         Meeting without adjournment.

13.      Participation

         Any Proxy and/or Representative, the Note Trustee and its lawyers and
         financial advisers and any director, officer or employee of a
         corporation being a trustee of the Current Issuer Trust Deed and any
         director or officer of the Current Issuer and its lawyers and
         financial advisers, the Registrar, and any other person authorised so
         to do by the Meeting or the Note Trustee may attend and speak at any
         Meeting. Save as aforesaid, but without prejudice to the definition
         of "Principal Amount Outstanding", no person shall be entitled to
         attend and speak nor shall any person be entitled to vote at any
         Meeting or join with others in requesting the convening of such a
         Meeting or to exercise the rights conferred on the Noteholders by
         Clause 7 (Proceedings, Actions and Indemnification) of the Current
         Issuer Trust Deed unless he either produces a Note Certificate or is
         a Proxy or a Representative or is the holder of an Individual Note
         Certificate or Individual Note Certificates. No person shall be
         entitled to vote at any Meeting in respect of Current Issuer Notes
         held by, for the benefit of, or on behalf of, the Current Issuer or
         the Borrowers. Nothing herein shall prevent any of the Proxies named
         in any Block Voting Instruction or Form of Proxy or any

                                      86
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         Representative from being a director, officer or representative of or
         otherwise connected with the Current Issuer.

14.      Votes

         Subject as provided in paragraph 13 (Participation) hereof at any
         Meeting:

         (a)      on a show of hands every person who is present in person and
                  is a holder of Current Issuer Notes or is a Proxy or
                  Representative shall have one vote; and

         (b)      on a poll every such person who is so present shall have one
                  vote in respect of each US$1,000 (in the case of the Dollar
                  Notes) or (GBP)1,000 (in the case of the Sterling Notes) or
                  (Euro)50,000 (in the case of the Euro Notes) in Principal
                  Amount Outstanding of the Current Issuer Notes in respect of
                  which he is a Proxy or Representative or in respect of which
                  he is the holder.

         Without prejudice to the obligations of the proxies named in any
         Block Voting Instruction or Form of Proxy any person entitled to more
         than one vote need not use all his votes or cast all the votes to
         which he is entitled in the same way.

15.      Proxies need not be Noteholders

         The Proxies named in any Block Voting Instruction or Form of Proxy
         and representatives need not be Noteholders.

16.      Deposit of votes

         Each Block Voting Instruction together (if so requested by the Note
         Trustee) with proof satisfactory to the Note Trustee of its due
         execution on behalf of the Registrar and each Form of Proxy shall be
         deposited by the Registrar at such place as the Note Trustee shall
         approve not less than 24 hours before the time appointed for holding
         the Meeting or adjourned Meeting at which the Proxies named in the
         Block Voting Instruction or Form of Proxy propose to vote and in
         default the Block Voting Instruction or Form of Proxy shall not be
         treated as valid unless the Chairman decides otherwise before such
         Meeting or adjourned Meeting proceeds to business. A notarially
         certified copy of each Block Voting Instruction and Form of Proxy
         shall be deposited with the Note Trustee before the commencement of
         the Meeting or adjourned Meeting but the Note Trustee shall not
         thereby be obliged to investigate or be concerned with the validity
         of or the authority of the Proxies named in any such Block Voting
         Instruction or Form of Proxy.

17.      Validity of Votes by Proxies

         Any vote by a Proxy given in accordance with the terms of a Block
         Voting Instruction or Form of Proxy shall be valid notwithstanding
         the previous revocation or amendment of the Block Voting Instruction
         or the Form of Proxy or of any of the Noteholders' instructions
         pursuant to which it was executed provided that no intimation in
         writing of such revocation or amendment shall have been received from
         the Noteholder by the Registrar by the time being 24 hours before the
         time appointed for holding the Meeting or adjourned Meeting at which
         the Block Voting Instruction or Form of Proxy is to be used. Unless
         revoked, any appointment of a Proxy under a

                                      87
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         Block Voting Instruction or Form of Proxy in relation to a Meeting
         shall remain in force in relation to any resumption of such Meeting
         following an adjournment; provided, however, that no such appointment
         of a Proxy in relation to a Meeting originally convened which has
         been adjourned for want of a quorum shall remain in force in relation
         to such Meeting when it is resumed. Any person appointed to vote at
         such a Meeting must be re-appointed under a Block Voting Instruction
         or Form of Proxy to vote at the Meeting when it is resumed.

18.      Record Date

         The Current Issuer may fix a record date for the purposes of any
         Meeting or any resumption thereof following its adjournment for want
         of a quorum provided that such record date is not more than 10 days
         prior to the time fixed for such Meeting or (as the case may be) its
         resumption. The person in whose name a Current Issuer Note is
         registered in the Register on the record date at close of business in
         the city in which the Registrar has its Specified Office shall be
         deemed to be the holder of such Current Issuer Note for the purposes
         of such Meeting and notwithstanding any subsequent transfer of such
         Current Issuer Note or entries in the Register; and provided that any
         Proxy appointed pursuant to a Form of Proxy shall so long as such
         appointment remains in force, be deemed for all purposes in
         connection with any Meeting or proposed Meeting specified in such
         appointment, to be the holder of the Current Issuer Note to which
         such appointment relates and the holder of the Current Issuer Note
         shall be deemed for the purposes not to be the holder.

19.      Powers

         Subject always to the provisions of Clause 11 (Modification and
         Waiver) of the Current Issuer Trust Deed and the Current Issuer
         Conditions, a Meeting shall, in addition to the powers hereinbefore
         given, have the following powers exercisable only by Extraordinary
         Resolution (subject to the provisions relating to quorum contained in
         paragraphs 5 (Quorum) and 6 (Adjournment for want of Quorum) above)
         namely:

         (A)      power to sanction any compromise or arrangement proposed to
                  be made between the Current Issuer, the Note Trustee, any
                  appointee of the Note Trustee and the Noteholders or any of
                  them;

         (B)      power to sanction any abrogation, modification, compromise
                  or arrangement in respect of the rights of the Note Trustee,
                  any appointee of the Note Trustee, the Noteholders or the
                  Current Issuer against any other or others of them or
                  against any other party to any of the Current Issuer
                  Transaction Documents or against any of their property
                  whether such rights shall arise under the Current Issuer
                  Trust Deed, any other Current Issuer Transaction Document or
                  otherwise;

         (C)      power to assent to any modification of the provisions of the
                  Current Issuer Conditions, the Current Issuer Trust Deed or
                  any other Current Issuer Transaction Document which shall be
                  proposed by the Current Issuer, the Note Trustee, or any
                  Noteholder or any other person;

                                      88
<PAGE>

         (D)      power to give any authority or sanction which under the
                  provisions of the Current Issuer Conditions or the Current
                  Issuer Trust Deed is required to be given by Extraordinary
                  Resolution;

         (E)      power to appoint any persons (whether Noteholders or not) as
                  a committee or committees to represent the interests of the
                  Noteholders and to confer upon such committee or committees
                  any powers or discretions which the Noteholders could
                  themselves exercise by Extraordinary Resolution;

         (F)      power to approve of a person to be appointed a trustee and
                  power to remove any trustee or trustees for the time being
                  of the Current Issuer Trust Deed;

         (G)      power to discharge or exonerate the Note Trustee and/or any
                  appointee of the Note Trustee from all liability in respect
                  of any act or omission for which the Note Trustee and/or
                  such appointee may have become responsible under the Current
                  Issuer Trust Deed;

         (H)      power to remove any trustee;

         (I)      power to authorise the Note Trustee and/or any appointee of
                  the Note Trustee to concur in and execute and do all such
                  deeds, instruments, acts and things as may be necessary to
                  carry out and give effect to any Extraordinary Resolution;

         (J)      power to sanction any scheme or proposal for the exchange or
                  sale of the Current Issuer Notes for or the conversion of
                  the Current Issuer Notes into or the cancellation of the
                  Current Issuer Notes in consideration of shares, stock,
                  notes, bonds, debentures, debenture stock and/or other
                  obligations and/or notes of the Current Issuer or any other
                  company formed or to be formed, or for or into or in
                  consideration of cash, or partly for or into or in
                  consideration of such shares, stock, notes, bonds,
                  debentures, debenture stock and/or other obligations and/or
                  notes as aforesaid and partly for or into or in
                  consideration of cash and for the appointment of some person
                  with power on behalf of the Noteholders to execute an
                  instrument of transfer of the Individual Note Certificates
                  held by them in favour of the persons with or to whom the
                  Current Issuer Notes are to be exchanged or sold
                  respectively,

         provided, however, that:

         (i)      no Extraordinary Resolution of the Senior Noteholders or the
                  Mezzanine Noteholders or the Class M Noteholders or the
                  Junior Noteholders to sanction a Basic Terms Modification
                  shall be effective for any purpose unless it shall have been
                  sanctioned by an Extraordinary Resolution of (aa) (in the
                  case of an Extraordinary Resolution of the Senior
                  Noteholders) the Mezzanine Noteholders, the Class M
                  Noteholders and the Junior Noteholders or (bb) (in the case
                  of an Extraordinary Resolution of the Mezzanine Noteholders)
                  the Senior Noteholders (to the extent that any Senior Notes
                  are then outstanding) and the Junior Noteholders, or (cc)
                  (in the case of an Extraordinary Resolution of the Class M
                  Noteholders) the Senior Noteholders and the Mezzanine
                  Noteholders (to the extent that any Senior Notes and/or
                  Mezzanine Notes are then outstanding) and the Junior
                  Noteholders or (dd) (in the case of an Extraordinary
                  Resolution of the Junior Noteholders) the Senior
                  Noteholders,

                                      89
<PAGE>

                  the Class M Noteholders and the Mezzanine Noteholders (to
                  the extent that any Senior Notes, Class M Notes and/or
                  Mezzanine Notes are then outstanding).

         (ii)     subject as provided above in relation to an Extraordinary
                  Resolution concerning a Basic Terms Modification, no
                  Extraordinary Resolution of the Mezzanine Noteholders shall
                  be effective for any purpose while any Senior Notes remain
                  outstanding unless either (aa) the Note Trustee is of the
                  opinion that it will not be materially prejudicial to the
                  interests of any or all of the Senior Noteholders or (bb) it
                  is sanctioned by an Extraordinary Resolution of the Senior
                  Noteholders.

         (iii)    subject as provided above in relation to an Extraordinary
                  Resolution concerning a Basic Terms Modification, no
                  Extraordinary Resolution of the Class M Noteholders shall be
                  effective for any purpose while any Senior Notes or
                  Mezzanine Notes remain outstanding unless either (aa) the
                  Note Trustee is of the opinion that it will not be
                  materially prejudicial to the interests of any or all of the
                  Senior Noteholders or Mezzanine Noteholders (as the case may
                  be) or (bb) it is sanctioned by an Extraordinary Resolution
                  of the Senior Noteholders or Mezzanine Noteholders.

         (iv)     subject as provided above in relation to an Extraordinary
                  Resolution concerning a Basic Terms Modification, no
                  Extraordinary Resolution of the Junior Noteholders shall be
                  effective for any purpose while any Senior Notes, Mezzanine
                  Notes or Class M Notes remain outstanding unless either (aa)
                  the Note Trustee is of the opinion that it will not be
                  materially prejudicial to the interests of any or all of the
                  Senior Noteholders, the Mezzanine Noteholders and/or the
                  Class M Noteholders (as the case may be) or (bb) it is
                  sanctioned by an Extraordinary Resolution of the Senior
                  Noteholders, the Mezzanine Noteholders and/or the Class M
                  Noteholders (as the case may be).

20.      Extraordinary Resolution binds all Noteholders

         Subject to the provisos to paragraph 19 (Powers), any Extraordinary
         Resolution passed at a Meeting duly convened and held in accordance
         with the Current Issuer Trust Deed shall be binding upon the
         Noteholders of all classes whether present or not present at such
         Meeting and whether or not voting and each of them shall be bound to
         give effect thereto accordingly and the passing of any such
         Extraordinary Resolution shall be conclusive evidence that the
         circumstances justify the passing thereof. Notice of the result of
         the voting on any Extraordinary Resolution duly considered by the
         Noteholders shall be given by the Current Issuer to the Noteholders
         in accordance with Condition 14 (Notice to Noteholders) within 14
         days of such result being known provided that the non-publication of
         such notice shall not invalidate such result.

21.      Senior Notes

         Notwithstanding the foregoing, the following additional provisions
         shall apply to Senior Notes:

                                      90
<PAGE>

         (i)      a single Meeting of the holders of all classes of Senior
                  Notes may be held whether or not there is a conflict of
                  interest between the holders of such classes of the Senior
                  Notes;

         (ii)     there shall be no provision for a Meeting of the holders of
                  one class only of the Senior Notes; and

         (iii)    as the Senior Notes are not all denominated in the same
                  currency, the Principal Amount Outstanding of any Senior
                  Note denominated in Dollars or Euro shall be converted into
                  Sterling at the relevant Dollar Currency Swap Rate or Euro
                  Currency Swap Rate, as the case may be.

22.      Mezzanine Notes

         Notwithstanding the foregoing, the following additional provisions
         shall apply to Mezzanine Notes:

         (i)      a single Meeting of the holders of all classes of Mezzanine
                  Notes may be held whether or not there is a conflict of
                  interest between the holders of such classes of the
                  Mezzanine Notes;

         (ii)     there shall be no provision for a Meeting of the holders of
                  one class only of the Mezzanine Notes; and

         (iii)    as the Mezzanine Notes are not all denominated in the same
                  currency, the Principal Amount Outstanding of any Mezzanine
                  Note denominated in Dollars or Euro shall be converted into
                  Sterling at the relevant Dollar Currency Swap Rate or Euro
                  Currency Swap Rate, as the case may be.

23.      Class M Notes

         Notwithstanding the foregoing, the following additional provisions
         shall apply to Class M Notes:

         (i)      a single Meeting of the holders of all classes of the Class
                  M Notes may be held whether or not there is a conflict of
                  interest between the holders of such classes of the Class M
                  Notes;

         (ii)     there shall be no provision for a Meeting of the holders of
                  one class only of the Class M Notes; and

         (iii)    as the Class M Notes are not all denominated in the same
                  currency, the Principal Amount Outstanding of any Class M
                  Note denominated in US Dollars or Euro shall be converted
                  into Sterling at the relevant Dollar Currency Swap Rate or
                  the Euro Currency Swap Rate, as the case may be.

24.      Junior Notes

         Notwithstanding the foregoing, the following additional provisions
         shall apply to Junior Notes

                                      91
<PAGE>

         (i)      a single Meeting of the holders of all classes of Junior
                  Notes may be held whether or not there is a conflict of
                  interest between the holders of such classes of the Junior
                  Notes;

         (ii)     there shall be no provision for a Meeting of the holders of
                  one class only of the Junior Notes; and

         (iii)    as the Junior Notes are not all denominated in the same
                  currency, the Principal Amount Outstanding of any Junior
                  Note denominated in Dollars or Euro shall be converted into
                  Sterling at the relevant Dollar Currency Swap Rate or Euro
                  Currency Swap Rate, as the case may be.

25.      Minutes

         Minutes of all resolutions and proceedings at every Meeting shall be
         made and entered in books to be from time to time provided for that
         purpose by the Current Issuer and any such minutes as aforesaid if
         purporting to be signed by the Chairman of the Meeting at which such
         resolutions were passed or proceedings transacted shall be conclusive
         evidence of the matters therein contained and until the contrary is
         proved every such Meeting in respect of the proceedings of which
         minutes have been made shall be deemed to have been duly held and
         convened and all resolutions passed or proceedings transacted thereat
         to have been duly passed or transacted.

26.      Further Regulations

         Subject to all other provisions of the Current Issuer Trust Deed, the
         Note Trustee may without the consent of the Current Issuer or the
         Noteholders:-

         (i)      prescribe such further regulations regarding the
                  requisitioning and/or the holding of Meetings of Noteholders
                  and attendance and voting thereat as the Note Trustee may in
                  its sole discretion think fit; and

         (ii)     interpret the Current Issuer Conditions in the context of
                  the more detailed provisions set out herein.

                                      92
<PAGE>

<TABLE>
<CAPTION>
                                             EXECUTION PAGE

<S>                                                        <C>
The Current Issuer
Executed by
GRANITE MORTGAGES 03-3 PLC
as its deed as follows:                                    By    _______________________________________
Signed for and on its behalf by one of its directors             for and on behalf of LDC Securitisation
and by another of its directors/its secretary                    Director No. 1 Limited

                                                                 Clive Rakestrow
                                                           Name  ---------------------------------------

                                                           By    _______________________________________
                                                                 for and on behalf of LDC
                                                                 Securitisation Director No.2 Limited

                                                                 Ian Bowden
                                                           Name  ---------------------------------------

The Note Trustee
Executed by                                                By    ______________________________________
THE BANK OF NEW YORK                                             Duly Authorised Attorney/Signatory
as follows:
Signed for and on its behalf by one of its duly            Name  ______________________________________
authorised attorneys/signatories
</TABLE>

                                                93Exhibit 4.7

                                                             Execution Version

                           Dated 24 September 2003

                          GRANITE MORTGAGES 03-3 PLC
                               as Current Issuer

                                CITIBANK, N.A.
                         as Principal Paying Agent,
                   Agent Bank, Registrar and Transfer Agent

                       CITIBANK, N.A. (NEW YORK BRANCH)
                              as US Paying Agent

                                    - and -

                             THE BANK OF NEW YORK
                                as Note Trustee

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

                 ISSUER PAYING AGENT AND AGENT BANK AGREEMENT

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

                          SIDLEY AUSTIN BROWN & WOOD
                             1 THREADNEEDLE STREET
                                LONDON EC2R 8AW
                            TELEPHONE 020 7360 3600
                            FACSIMILE 020 7626 7937

<PAGE>

                                   CONTENTS

1.   Definitions and Interpretation..........................................1

2.   Appointment of the Agents...............................................2

3.   The Current Issuer Notes; Authentication................................3

4.   Duties of Agents........................................................4

5.   Exchanges of Global Note Certificates and Delivery of Individual
     Note Certificates.......................................................6

6.   Replacement Note Certificates...........................................6

7.   Payments to the Paying Agents...........................................7

8.   Payments to Noteholders.................................................9

9.   Transfers of Current Issuer Notes......................................11

10.  Miscellaneous Duties of the Agents.....................................12

11.  Agents to act for Note Trustee.........................................15

12.  Fees and Expenses......................................................16

13.  Terms of Appointment...................................................17

14.  No Liability for Consequential Loss....................................18

15.  Termination of Appointment.............................................19

16.  Non-Petition and Limited Recourse......................................22

17.  Notices................................................................23

18.  Third Party Rights.....................................................24

19.  Time of the Essence....................................................24

20.  Variation and Waiver...................................................24

21.  Execution in Counterparts; Severability................................24

22.  Governing Law and Jurisdiction; Process Agent; Appropriate Forum.......25

23.  Exclusion of Liability.................................................25

                                      ii
<PAGE>

SCHEDULE 1 SPECIFIED OFFICES OF THE AGENTS..................................26
SCHEDULE 2 REGULATIONS CONCERNING THE TRANSFER, EXCHANGE
           AND REGISTRATION OF THE CURRENT ISSUER NOTES.....................27
EXECUTION PAGE..............................................................31

                                     iii
<PAGE>

THIS AGREEMENT is made on 24 September 2003

BETWEEN:

(1)     GRANITE MORTGAGES 03-3 PLC (registered number 4823268), a public
        limited company incorporated under the laws of England and Wales
        whose registered office is Fifth Floor, 100 Wood Street, London EC2V
        7EX as Current Issuer;

(2)     CITIBANK, N.A., acting through its office at 5 Carmelite Street,
        London EC4Y 0PA in its capacity as Principal Paying Agent;

(3)     CITIBANK, N.A., acting through its office at Global Agency and Trust,
        111 Wall Street, 14th Floor, New York, N.Y. 10043, U.S.A. in its
        capacity as US Paying Agent;

(4)     CITIBANK, N.A., acting through its office at 5 Carmelite Street,
        London EC4Y 0PA in its capacity as Agent Bank;

(5)     CITIBANK, N.A., acting through its office at 5 Carmelite Street,
        London EC4Y 0PA in its capacity as Registrar;

(6)     CITIBANK, N.A., acting through its office at 5 Carmelite Street,
        London EC4Y 0PA in its capacity as Transfer Agent; and

(7)     THE BANK OF NEW YORK, acting through its office at 48th Floor, One
        Canada Square, London E14 5Al at in its capacity as Note Trustee.

WHEREAS:

By a resolution of a duly authorised Board of Directors of the Current Issuer
passed on 24 September 2003, the Current Issuer authorised the creation and
issue of the Current Issuer Notes constituted by the Current Issuer Trust Deed
and secured by the Current Issuer Deed of Charge.

IT IS AGREED as follows:

1.      Definitions and Interpretation

1.1     The provisions of:

        (a)  the Master Definitions Schedule as amended and restated by (and
             appearing as Appendix 1 to) the Master Definitions Schedule Sixth
             Amendment Deed made on 24 September 2003 between, among others,
             the Seller, Funding and the Mortgages Trustee, and

        (b)  the Issuer Master Definitions Schedule signed for the purposes of
             identification by Sidley Austin Brown & Wood and Allen & Overy on
             24 September 2003,

        (as the same have been and may be amended, varied or supplemented
        from time to time with the consent of the parties hereto) are
        expressly and specifically incorporated into and shall apply to this
        Agreement.

                                      1
<PAGE>

        The Issuer Master Definitions Schedule specified above shall prevail
        to the extent that it conflicts with the Master Definitions Schedule.

1.2     Where the context permits, references in this agreement to a "Current
        Issuer Note" shall mean, while any of the Current Issuer Notes are
        represented by a Global Note Certificate, such Global Note
        Certificate, and while any of the Current Issuer Notes are represented
        by one or more Individual Note Certificates, such Individual Note
        Certificates.

1.3     Where the context permits, references in this agreement to the
        "Holder" of a Current Issuer Note means the person in whose name such
        Current Issuer Note is for the time being registered in the Register
        (or, in the case of a joint holding, the first named thereof) and
        "Noteholder" shall be construed accordingly.

2.      Appointment of the Agents

2.1     Appointment: Upon and subject to the terms of this Agreement, the
        Current Issuer and, for the purposes of Clause 11 (Agents to act for
        Note Trustee) only, the Note Trustee hereby appoint, for the purposes
        specified in, and to carry out their respective duties under, this
        Agreement and under the Current Issuer Conditions on a several but not
        joint basis:

        (a)  the Principal Paying Agent acting through its Specified Office as
             principal paying agent in respect of the Reg S Notes;

        (b)  the US Paying Agent acting through its Specified Office as paying
             agent in the United States in respect of the US Notes;

        (c)  the Agent Bank acting through its Specified Office as agent bank
             for the purpose of determining interest payable in respect of the
             Current Issuer Notes;

        (d)  the Registrar acting through its Specified Office as registrar
             for the Current Issuer Notes; and

        (e)  the Transfer Agent acting through its Specified Office as
             transfer agent for the Current Issuer Notes.

2.2     Obligations of Agents: The obligations of the Agents under this
        Agreement shall be several and not joint.

2.3     Acceptance of appointment by Paying Agents and Agent Bank: Each of the
        Principal Paying Agent, the US Paying Agent and the Agent Bank accepts
        its appointment as agent of the Current Issuer and, for the purpose of
        Clause 11 (Agents to act for Note Trustee) only, the Note Trustee in
        relation to the Current Issuer Notes and agrees to comply with the
        provisions of this Agreement and to perform its duties under the
        Current Issuer Conditions.

2.4     Acceptance of appointment by Registrar and Transfer Agent: Each of the
        Registrar and the Transfer Agent accepts its appointment as agent of
        the Current Issuer and, for the purpose of Clause 11 (Agents to act
        for Note Trustee) only, the Note Trustee in relation to the Current
        Issuer Notes and agrees to comply with the provisions of this
        Agreement and to perform its duties under the Current Issuer
        Conditions.

                                      2
<PAGE>

3.      The Current Issuer Notes; Authentication

3.1     Global Note Certificates: The US Notes will be initially offered and
        sold pursuant to a Registration Statement filed with the SEC. Each
        class of the US Notes will be issued in fully registered global form
        and be initially represented by a Global Note Certificate and which,
        in aggregate, will represent the aggregate Principal Amount
        Outstanding of the US Notes. The Reg S Notes will be initially offered
        and sold outside the United States to non-US persons pursuant to Reg
        S. Each class of the Reg S Notes will be issued in fully registered
        global form and be initially represented by a Global Note Certificate
        and which, in aggregate, will represent the aggregate Principal Amount
        Outstanding of the Reg S Notes. Each Global Note Certificate shall be
        substantially in the respective forms set out in Schedule 1 (Forms of
        Global Note Certificates) to the Current Issuer Trust Deed. The Global
        Note Certificates shall be executed manually or in facsimile by an
        Authorised Signatory of the Current Issuer and authenticated manually
        by or on behalf of the Registrar on the Closing Date.

3.2     Individual Note Certificates: The Global Note Certificates will be
        exchangeable for Individual Note Certificates in the circumstances
        described therein. If the Current Issuer is required to deliver
        Individual Note Certificates pursuant to the terms of the relevant
        Global Note Certificate and the Current Issuer Trust Deed, each
        Individual Note Certificate shall:

        (a)  be printed or typewritten in accordance with all applicable legal
             and stock exchange requirements;

        (b)  be in substantially the form set out in Schedule 2 (Forms of
             Individual Note Certificates) to the Current Issuer Trust Deed;

        (c)  be in registered form and, in each case, in an Authorised
             Denomination;

        (d)  bear a unique serial number; and

        (e)  be executed manually or in facsimile by an Authorised Signatory
             of the Current Issuer and authenticated manually by or on behalf
             of the Registrar.

3.3     Facsimile signatures on Note Certificates: The Current Issuer may use
        for the purposes of executing any Note Certificate, the facsimile
        signature of any person who at the date of this Agreement was duly
        authorised to sign the same on behalf of the Current Issuer, even if
        at the time of issue of such Note Certificate, such person no longer
        holds (for whatever reason including death) the relevant office and
        any Note Certificate so executed and authenticated will be valid and
        binding obligations of the Current Issuer. No Note Certificate
        representing a Current Issuer Note shall be valid for any purpose
        until it has been authenticated by or on behalf of the Registrar in
        accordance with this Agreement and the Current Issuer Trust Deed.

3.4     Authentication and Deposit of Global Note Certificates: The Current
        Issuer shall, on or prior to the Closing Date, deliver each
        unauthenticated Global Note Certificate to or to the order of the
        Registrar for authentication in accordance with Clause 3.1 (Global
        Note Certificates). The Registrar shall, on or about the Closing Date,
        authenticate each Global Note Certificate in accordance with Clause
        3.1 (Global Note Certificates). The Euro Global Note Certificates and
        the Sterling Global Note

                                      3
<PAGE>

        Certificates shall be registered in the name of Citivic Nominees
        Limited as nominee for, and shall be deposited on or about the Closing
        Date with, the Common Depositary. The Dollar Global Note Certificates
        shall be registered in the name of Cede & Co. as nominee of DTC, and
        shall be deposited on or about the Closing Date with, the DTC
        Custodian. The Current Issuer shall also arrange, on written request,
        for such unauthenticated Global Note Certificates as are required to
        enable the Registrar and Transfer Agent to perform their obligations
        under Clause 6 (Replacement Note Certificates) and Clause 9 (Transfers
        of Current Issuer Notes) to be made available to or to the order of
        the Registrar from time to time. Participants in DTC, Euroclear and
        Clearstream, Luxembourg shall have no rights under this Agreement with
        respect to the Global Note Certificates and DTC, Euroclear,
        Clearstream, Luxembourg or their respective nominees may be treated by
        the Current Issuer or any Agent as the absolute owner of each Global
        Note Certificate for all purposes under this Agreement.
        Notwithstanding the foregoing, nothing in this Agreement shall impair,
        as between DTC, Euroclear and Clearstream, Luxembourg and their
        respective participants, the operation of customary practices
        governing the exercise of the rights of a Holder of any Current Issuer
        Note.

3.5     Availability of Individual Note Certificates: If the Current Issuer is
        required to deliver Individual Note Certificates pursuant to the terms
        of the Global Note Certificates (or either of them) and the Current
        Issuer Trust Deed, the Current Issuer shall promptly arrange for a
        stock of Individual Note Certificates (both bearing and not bearing
        the Regulation S Legend, and, in either case, unauthenticated and with
        the names of the registered holders left blank but otherwise complete
        and executed on behalf of the Current Issuer) to be made available to
        or to the order of the Registrar by the date falling 30 days after the
        occurrence of the relevant event as set out in Clause 3.2 (Individual
        Note Certificates) of the Current Issuer Trust Deed for authentication
        in accordance with Clause 3.2 (Individual Note Certificates). The
        Current Issuer shall also arrange for such Individual Note
        Certificates as are required to enable the Registrar and the Transfer
        Agent to perform their respective obligations under Clause 5
        (Exchanges of Global Note Certificates and Delivery of Individual Note
        Certificates), Clause 9 (Transfers of Current Issuer Notes) and Clause
        6 (Replacement Note Certificates) to be made available to or to the
        order of the Registrar and the Transfer Agent from time to time.

4.      Duties of Agents

4.1     Duties of the Agent Bank: The Agent Bank shall perform such duties at
        its Specified Office as are set forth in this Agreement and in the
        Current Issuer Conditions and such other duties as are reasonably
        incidental thereto at the request of the Current Issuer or the
        Registrar or the Paying Agents (or for the purposes of Clause 11
        (Agents to act for Note Trustee), the Note Trustee) and agrees to
        comply with the provisions of Condition 4 (Interest). In particular
        and save as hereinafter provided, the Agent Bank shall:

        (a)  on each Interest Determination Date determine the Rate of
             Interest for each class of Current Issuer Notes for the relevant
             Interest Period and the Interest Amount in respect of each class
             of Current Issuer Notes on the Payment Date falling at the end of
             such Interest Period in each case in accordance with the Current
             Issuer Conditions;

                                      4
<PAGE>

        (b)  promptly following each such Interest Determination Date or as
             soon as practicable (or, in any event, within 2 days) after
             determining the Rate of Interest applicable to each class of
             Current Issuer Notes for any period in accordance with the
             Current Issuer Conditions, cause the Rate of Interest and the
             Interest Amount in respect of each class of Current Issuer Notes
             and the Payment Date falling at the end of the relevant Interest
             Period to be notified to the Current Issuer, the Note Trustee,
             the Account Bank, the Current Issuer Account Bank, the Registrar,
             the Paying Agents, the Current Issuer Cash Manager and the London
             Stock Exchange (or other stock exchange or, as the case may be,
             listing authority that it may be notified of pursuant to Clause
             4.2 (Listing)), specifying the rates upon which the same are
             based and (where relevant) the names of the banks quoting such
             rates provided that the Agent Bank shall make such determination
             and calculations in relation to each class of Current Issuer
             Notes as provided in Condition 4 (Interest) of the Current Issuer
             Notes;

        (c)  cause notice of the Rate of Interest and Interest Amounts in
             respect of each class of Current Issuer Notes for each Interest
             Period and the related Payment Date to be notified to the London
             Stock Exchange or any other stock exchange or, as the case may
             be, listing authority that it may be notified of pursuant to
             Clause 4.2 (Listing) and to be published in accordance with the
             Current Issuer Conditions;

        (d)  determine the Rate of Interest in respect of each class of
             Current Issuer Notes in accordance with Condition 4(C) (Rates of
             Interest) and notify the Funding GIC Provider of the Rates of
             Interest which shall apply for the relevant Interest Period;

        (e)  save as expressly provided otherwise carry out all other relevant
             calculations (if any) under the Current Issuer Conditions; and

        (f)  maintain such records of the quotations obtained and all rates
             determined and all calculations made by it and make such records
             available for inspection at all reasonable times by the Current
             Issuer, the Current Issuer Cash Manager, the other Agents and the
             Note Trustee.

4.2     Listing: The Current Issuer Notes, on issue, are expected to be
        admitted to the Official List of the UK Listing Authority and to be
        admitted to trading on the London Stock Exchange. The Current Issuer
        will advise the Agent Bank and the Note Trustee in writing if such
        listing is withdrawn or if the Current Issuer Notes become listed by
        any other listing authority or, as the case may be, admitted to
        trading on any other stock exchange.

4.3     Duties of the Registrar: The Registrar and the Transfer Agent shall
        hold or shall procure the holding in safe custody of any
        unauthenticated Global Note Certificates delivered to it in accordance
        with Clause 3.4 (Authentication, and Deposit of Global Note
        Certificates) and any Individual Note Certificates delivered to it in
        accordance with Clause 3.5 (Availability of Individual Note
        Certificates) and shall ensure that such Global Note Certificates and
        Individual Note Certificates are authenticated and delivered only in
        accordance with the terms of this Agreement, the Current Issuer Trust
        Deed, the Global Note Certificates and the Current Issuer Conditions.

                                      5
<PAGE>

4.4     Authority to authenticate: Each of the Registrar, the Transfer Agent
        or their designated agent is authorised and instructed by the Current
        Issuer to authenticate the Note Certificates as may be required to be
        authenticated hereunder by the signature of any of its officers or any
        other person duly authorised for the purpose by the Registrar or (as
        the case may be) the Transfer Agent.

5.      Exchanges of Global Note Certificates and Delivery of Individual Note
        Certificates

5.1     Exchange of Global Note Certificates for Individual Note Certificates
        and Delivery of Individual Note Certificates: A Global Note
        Certificate may only be exchanged for Individual Note Certificates in
        the circumstances set forth in the Global Note Certificate and set out
        in Clause 3.3 (Individual Note Certificates) of the Current Issuer
        Trust Deed. If any Global Note Certificate becomes exchangeable for
        Individual Note Certificates in accordance with its terms, the
        Registrar shall, subject to its having received any certificates
        required by the terms of the relevant Global Note Certificate, against
        surrender of such Global Note Certificate to it or to its order,
        authenticate and deliver in accordance with this Agreement, the Global
        Note Certificates, the Current Issuer Conditions and the Current
        Issuer Trust Deed, Individual Note Certificates, provided that in no
        circumstances shall the aggregate principal amount of such Individual
        Note Certificates exceed the aggregate principal amount of the
        relevant Global Note Certificate. The Individual Note Certificates so
        issued in exchange for any Global Note Certificate shall be issued in
        such names as the DTC Custodian or the Common Depositary, as the case
        may be, (based on the instructions of DTC, Euroclear and Clearstream,
        Luxembourg) shall instruct the Registrar and the Registrar shall, in
        accordance with this Agreement, the Global Notes, the Current Issuer
        Conditions and the Current Issuer Trust Deed, deliver or cause to be
        delivered to the persons designated in such instructions Individual
        Note Certificates of the relevant class in the appropriate principal
        amounts and the Registrar will enter the names and addresses of such
        persons on the Register. Individual Note Certificates issued in
        exchange for a Reg S Global Note Certificate pursuant to this Clause
        5.1 (Exchange of Global Note Certificates for Individual Note
        Certificates) shall bear the Regulation S Legend and shall be subject
        to all restrictions on transfer contained therein to the same extent
        as the Global Note Certificate so exchanged.

5.2     Exchange of Global Note Certificates: Global Note Certificates may
        also be exchanged or replaced, in whole or in part, as provided in
        Clause 6 (Replacement Note Certificates). Every Global Note
        Certificate authenticated and delivered in exchange for, or in lieu
        of, another Global Note Certificate or any portion thereof, pursuant
        to Clause 6 (Replacement Note Certificates) hereof, shall be
        authenticated and delivered in the form of, and shall be, a Global
        Note Certificate. A Global Note Certificate may not be exchanged for
        another Global Note Certificate other than as provided in this Clause
        5 (Exchanges of Global Note Certificates and Delivery of Individual
        Note Certificates).

6.      Replacement Note Certificates

6.1     Delivery of Replacements: Subject to and in accordance with this
        Clause 6 (Replacement Note Certificates) and Condition 13 (Replacement
        of Notes) and receipt of replacement Global Note Certificates and/or
        Individual Note Certificates (as the

                                      6
<PAGE>

        case may be), the Registrar or the Transfer Agent, as the case may be
        shall, upon and in accordance with the instructions of the Current
        Issuer (which instructions may, without limitation, include such terms
        as to the payment of expenses and as to evidence, security and
        indemnity as the Current Issuer, the Transfer Agent and the Registrar
        may reasonably require and otherwise as required by Condition 13
        (Replacement of Notes), as necessary), complete, authenticate and
        deliver, or procure the authentication and delivery on their behalf
        of, a Global Note Certificate or, as the case may be, an Individual
        Note Certificate, as a replacement for (and being a Current Issuer
        Note in the same form as) the relevant Global Note Certificate or, as
        the case may be, Individual Note Certificate which the Current Issuer
        has determined to issue as a replacement for any Global Note
        Certificate or Individual Note Certificate which has been mutilated or
        defaced or which is alleged to have been destroyed, stolen or lost and
        the Registrar shall, in addition, as promptly as is practicable, enter
        such details on the Register; provided, however, that neither the
        Registrar nor the Transfer Agent shall deliver any Global Note
        Certificate or Individual Note Certificate as a replacement for any
        Global Note Certificate or Individual Note Certificate which has been
        mutilated or defaced otherwise than against surrender of the same and
        shall not issue any replacement Global Note Certificate or Individual
        Note Certificate until the applicant has furnished the Current Issuer,
        Registrar or Transfer Agent, as the case may be, with such evidence
        and indemnity as the Current Issuer and the Transfer Agent or the
        Registrar (as the case may be) may reasonably require and has paid
        such costs and expenses as may be incurred in connection with such
        replacement.

6.2     Replacements to be numbered: Each replacement Global Note Certificate
        or Individual Note Certificate delivered hereunder shall bear a unique
        serial number.

6.3     Cancellation and destruction: Each of the Registrar and the Transfer
        Agent, as the case may be, shall cancel and destroy each mutilated or
        defaced Note Certificate surrendered to it in respect of which a
        replacement has been delivered and the Registrar shall, in addition,
        as promptly as is practicable, enter such details on the Register.

6.4     Notification: The Registrar or the Transfer Agent, as the case may be,
        shall notify the Current Issuer, the other Agents and the Note Trustee
        of the delivery by it in accordance herewith of any replacement Note
        Certificate, specifying the serial number thereof and the serial
        number (if any and if known) of the Note Certificate which it replaces
        and confirm (if such is the case) that the Note Certificate which it
        replaces has been cancelled or destroyed.

7.      Payments to the Paying Agents

7.1     Current Issuer to pay the Paying Agents: In order to provide for the
        payment of interest and principal in respect of the Current Issuer
        Notes as the same becomes due and payable in accordance with the
        Current Issuer Conditions and the Current Issuer Trust Deed, the
        Current Issuer shall pay to the Paying Agents or otherwise cause the
        Paying Agents to receive on or before the date on which such payment
        becomes due, an amount which is equal to the amount of principal and
        interest then falling due in respect of the Current Issuer Notes on
        such Payment Date.

7.2     Manner and Time of Payment: The Current Issuer shall, not later than
        10.00 a.m. (London time) or, in the case of any payment in dollars,
        10.00 a.m. (New York time)

                                      7
<PAGE>

        on each Payment Date, or other date on which any payment of principal
        and interest in respect of the Current Issuer Notes becomes due,
        unconditionally pay or cause to be unconditionally paid to the Paying
        Agents by credit transfer such amounts in sterling, euro or dollars,
        as the case may be, in immediately available funds or, as the case may
        be, same day freely-transferable funds as may be required for the
        purpose of paying interest and (to the extent applicable) principal
        under the Current Issuer Notes (after taking account of any cash then
        held by the Paying Agents and available for the purpose), such amounts
        to be paid to the credit of such accounts of the Paying Agents with
        such banks (in the case of sterling and euro payments, in London and
        in the case of dollar payments, New York) as shall be notified to the
        Current Issuer, the Current Issuer Cash Manager and to the Note
        Trustee by the Paying Agents in writing not less than two weeks before
        the first payment is due to be made to the Noteholders. Each Paying
        Agent shall notify the Current Issuer, the Current Issuer Cash Manager
        and/or the Note Trustee in writing, 15 Business Days prior to any
        change of those accounts, or any of them.

7.3     Notification of Payment by Current Issuer: The Current Issuer shall
        procure that each bank or other person effecting payment for it in
        accordance with Clause 7.2 (Manner and Time of Payment) shall by not
        later than 2.00 p.m. (Local time) on the second Business Day before
        the due date of each payment under Clause 7.2 (Manner and Time of
        Payment) confirm by tested telex, facsimile or authenticated SWIFT
        message to the Paying Agents that it has issued irrevocable payment
        instructions for the transfer of the relevant sum due to the relevant
        account of the Paying Agents.

7.4     Confirmation of Amounts Payable in respect of the Current Issuer
        Notes: The Current Issuer shall by not later than 2.00 p.m. (Local
        time) on the second Business Day before each Payment Date, or other
        date on which any payment is due under Clause 7.2 (Manner and Time of
        Payment), notify, or procure the notification by the Current Issuer
        Cash Manager or other person on behalf of the Current Issuer to, the
        Paying Agents, the Note Trustee and the Registrar of the amount of
        interest and/or principal (as the case may be) payable to Noteholders
        in accordance with the Current Issuer Conditions in respect of each
        class of the Current Issuer Notes on the Payment Date, or other date
        in question and the apportionment of such amount as between principal
        and interest. All such amounts shall be payable subject to and in
        accordance with the Current Issuer Priority of Payments.

7.5     Exclusion of Liens and Interest: Save as expressly provided otherwise
        in this Agreement, the Paying Agents shall be entitled to deal with
        each amount paid to them under this Clause 7 (Payments to the Paying
        Agents) in the same manner as other amounts paid to them as bankers by
        their customers; provided, however, that:

        (a)  they shall not exercise against the Current Issuer any lien,
             right of set-off or similar claim in respect thereof;

        (b)  they shall not be liable to any person for interest thereon; and

        (c)  funds received by the Paying Agents for the payment of any sums
             due in respect of any Current Issuer Notes shall be segregated
             only to the extent required by law.

7.6     Application by Paying Agents: The Paying Agents shall apply (or direct
        or cause the

                                      8
<PAGE>

        application of) each amount paid to them under this Clause 7 (Payments
        to the Paying Agents) in accordance with Clause 8 (Payments to
        Noteholders) and shall not be obliged to repay any such amount other
        than as provided herein or unless the claim for the relevant payment
        becomes void under the Current Issuer Conditions in which event they
        shall repay to the Current Issuer such portion of such amount as
        relates to such payment, by paying the same by credit transfer in
        sterling, euro or dollars, as the case may be, to such account with
        such bank as the Current Issuer has by notice to the Paying Agents
        specified for the purpose.

7.7     Notification if Funds Not Received on Payment Date: Each Paying Agent
        shall forthwith notify the Current Issuer, the Current Issuer Cash
        Manager, the Note Trustee and the other Agents if it has not, by the
        due date of payment to it specified in Clause 7.2 (Manner and Time of
        Payment), received unconditionally the full amount required for any
        payment.

8.      Payments to Noteholders

8.1     Payments in respect of Current Issuer Notes: Each Paying Agent acting
        through its Specified Office shall make payments of interest and
        principal in respect of the Current Issuer Notes in accordance with
        the Current Issuer Conditions and so long as the Current Issuer Notes
        are evidenced by Global Note Certificates, the terms thereof, provided
        however, that:

        (a)  no Paying Agent will make any payment of interest or principal in
             respect of any class of the Current Issuer Notes in an amount
             which is greater than the amount of interest or principal payable
             in accordance with the Current Issuer Conditions in respect of
             such class of Current Issuer Notes and notified to the Paying
             Agents in accordance with Clause 7.4 (Confirmation of Amounts
             Payable in respect of the Current Issuer Notes);

        (b)  whilst the Current Issuer Notes of any class continue to be
             represented by Global Note Certificates, all payments of
             principal or interest (as the case may be) due in respect of such
             Current Issuer Notes will be payable to, or to the order of, DTC
             or its nominee or Euroclear, Clearstream Luxembourg or their
             nominee;

        (c)  if any Note Certificate is presented or surrendered for payment
             to any Paying Agent and such Paying Agent has delivered a
             replacement therefor or has been notified that the same has been
             replaced, such Paying Agent shall as soon as is reasonably
             practicable notify the Current Issuer in writing of such
             presentation or surrender and shall not make payment against the
             same until it is so instructed by the Current Issuer and has
             received the amount to be so paid;

        (d)  each Paying Agent shall cancel each Note Certificate against
             presentation and surrender of which it has made full payment and
             shall deliver each such Note Certificate so cancelled by it to
             the Registrar;

        (e)  all payments in respect of the Current Issuer Notes will be
             distributed without deduction or withholding for any taxes,
             duties, assessments or other governmental charges of whatever
             nature except as and then only to the extent required by
             applicable law, in which case each Paying Agent shall be entitled

                                      9
<PAGE>

             to make such deduction or withholding from any payment which it
             makes hereunder. If any such deduction or withholding is required
             to be made, then neither the Current Issuer nor any other person
             will be obliged to pay any additional amounts in respect thereof;
             and

        (f)  a Paying Agent shall not be obliged (but shall be entitled) to
             make payments of principal or interest if it has not received the
             full amount of any payment due to it under Clause 7 (Payments to
             the Paying Agents).

8.2     Registrar Notification: The Registrar will notify the Paying Agents,
        not later than five days after each Record Date, of the names of all
        Noteholders appearing in the Register on the Record Date and the
        addresses of such Noteholders to which cheques should be posted and
        whether any Noteholder has elected to receive payments by transfer to
        a bank account and, if so, the relevant details of such bank account
        and the Registrar and the Paying Agents shall make or shall procure
        that payments of interest and principal in respect of the Current
        Issuer Notes will be made in accordance with Condition 6 (Payments)
        either by cheque posted to the address of the Noteholder appearing in
        the Register on the Record Date or, if the Noteholder has so elected
        in accordance with the Current Issuer Conditions, by transfer to the
        relevant dollar, euro or sterling account, as the case may be;
        provided that no payment in respect of any Current Issuer Notes will
        be made on the final date for redemption or payment, or such earlier
        date as the relevant Current Issuer Notes may become repayable or
        payable, in whole unless the Registrar or the Transfer Agent confirms
        to the Paying Agents that the relevant Note Certificate has been
        surrendered to it.

8.3     Partial Payments: If at any time and for any reason a Paying Agent
        makes a partial payment in respect of any Global Note Certificate or
        any Individual Note Certificate presented for payment to it, such
        Paying Agent shall endorse thereon a statement indicating the amount
        and the date of such payment. In addition, if, on any due date for
        payment, less than the full amount of any principal or interest is
        paid in respect of the Current Issuer Notes, the Registrar will note
        on the Register a memorandum of the amount and date of any payment
        then made and, if a Global Note Certificate or Individual Note
        Certificate is presented for payment in accordance with the Conditions
        and no payment is then made, the date of presentation of such Global
        Note Certificate or Individual Note Certificate.

8.4     Appropriation by Paying Agent: If any Paying Agent makes any payment
        in accordance with Clause 8.1 (Payments in respect of Current Issuer
        Notes), it shall be entitled to appropriate for its own account out of
        the funds received by it under Clause 7.1 (Current Issuer to pay the
        Paying Agents) an amount equal to the amount so paid by it.

8.5     Reimbursement by Current Issuer: If any Paying Agent makes a payment
        in respect of the Current Issuer Notes at any time at which the
        relevant Paying Agent has not received the full amount of the relevant
        payment due to it under Clause 7.1 (Current Issuer to pay the Paying
        Agents) and that Paying Agent is not able out of the funds received by
        it under Clause 7.1 (Current Issuer to pay the Paying Agents) to
        reimburse such Paying Agent therefor by appropriation under Clause 8.4
        (Appropriation by Paying Agent), the Current Issuer shall from time to
        time on written demand pay to that Paying Agent for account of such
        Paying Agent:

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<PAGE>

        (a)  the amount so paid out by such Paying Agent and not so reimbursed
             to it; and

        (b)  interest on such amount from the date on which such Paying Agent
             made such payment until the date of reimbursement of such amount,

        provided, however, that any payment under paragraph (a) above shall
        satisfy pro tanto the Current Issuer's obligations under Clause 7.1
        (Current Issuer to pay the Paying Agents) and provided, further, that
        interest shall accrue for the purpose of paragraph (b) (as well after
        as before judgment) on the basis of a year of 365 days and the actual
        number of days elapsed and at a rate per annum specified by the
        Paying Agents as reflecting its cost of funds for the time being in
        relation to the unpaid amount.

9.      Transfers of Current Issuer Notes

9.1     Authentication and Delivery of Individual Note Certificates: The
        Registrar shall authenticate and deliver, or cause the Transfer Agent
        or other designated agent to authenticate and deliver, any Individual
        Note Certificate issued upon a transfer in accordance with this
        Agreement and the Current Issuer Conditions.

9.2     Maintenance of Register: The Registrar shall maintain the Register at
        its Specified Office or at such other place as the Note Trustee may
        approve in writing, in accordance with the Current Issuer Conditions.
        The Register shall show the aggregate principal amount outstanding of
        each Current Issuer Note, the serial numbers thereof and the
        respective dates of issue of the related Note Certificate(s) and all
        subsequent transfers, cancellations and replacements thereof and the
        names and addresses of the initial holders thereof and the dates of
        all transfers and changes of ownership thereto and the names and
        addresses of all subsequent holders of such Note Certificates. The
        Registrar shall make the Register available to the Current Issuer, the
        Current Issuer Cash Manager, the Note Trustee, the other Agents or any
        person authorised by any of them at all reasonable times during its
        office hours for their inspection and for the taking of copies thereof
        or extracts therefrom and the Registrar shall deliver to such persons
        all such lists of Noteholders, their addresses and holdings as they
        may request.

9.3     Registration of transfers in the Register: The Registrar shall make
        available forms of transfer and receive requests for the transfer of
        Current Issuer Notes and shall make the necessary entries in the
        Register to record all transfers in each case subject to and in
        accordance with the Current Issuer Notes, the Current Issuer
        Conditions, the Regulations and the Current Issuer Trust Deed. In
        particular the Registrar shall, subject to and in accordance with the
        Current Issuer Conditions and the Regulations, within such period of
        time as is set out in the Current Issuer Conditions after the receipt
        by it of (or the receipt by it of notification from the Transfer Agent
        of delivery to it of) the relevant Note Certificates duly endorsed for
        transfer, authenticate and issue the duly dated and completed new Note
        Certificate(s) and deliver the new Note Certificate(s) in the name of
        the transferee at its Specified Office or (at the risk of the
        transferee) send the new Note Certificate(s) by mail to such address
        as may be specified in the form of transfer and make all necessary
        entries on the Register to record such transfer.

9.4     Closed Period: No transfer shall be registered for a period of 15 days
        immediately preceding any due date for payment of principal or
        interest in respect of the Current

                                      11
<PAGE>

        Issuer Notes or, as the case may be, the due date for redemption, or
        as the case may be, payment of any of the relevant Current Issuer
        Notes.

9.5     Transfer Agent to receive requests for transfers of Current Issuer
        Notes: The Transfer Agent shall receive requests for the transfer of
        Current Issuer Notes in accordance with the Current Issuer Conditions
        and the Regulations and assist, if required, in the issue of new Note
        Certificates to give effect to such transfers and, in particular, upon
        any such request being duly made, shall promptly notify the Registrar
        of:

        (a)  the aggregate principal amount of the Current Issuer Notes to be
             transferred;

        (b)  the name(s) and addressees to be entered on the Register of the
             holder(s) of the new Note Certificate(s) to be issued in order to
             give effect to such transfer; and

        (c)  the place and manner of delivery of the new Note Certificate(s)
             to be delivered in respect of such transfer,

        and shall forward the Note Certificate(s) relating to the Current
        Issuer Note(s) to be transferred (with the relevant form(s) of
        transfer duly completed) to the Registrar with such notification. The
        Transfer Agent shall maintain in safe custody all Note Certificates
        delivered to and held by it hereunder and shall ensure that Current
        Issuer Notes are transferred only in accordance with the Current
        Issuer Conditions, the Regulations, this Agreement and the Current
        Issuer Trust Deed.

9.6     Regulations: In the event that Individual Note Certificates with
        respect to the Current Issuer Notes are required to be issued, the
        Registrar shall (after consultation with the Current Issuer, the
        Paying Agents, the Transfer Agent and the Note Trustee) promulgate
        reasonable regulations concerning the carrying out of their respective
        duties (the "Regulations"), including the carrying out of transfers
        and exchanges of Current Issuer Notes and the forms and evidence to be
        proved. All such transfers and exchanges will be made subject to the
        Regulations. The initial Regulations are set out in Schedule 2
        (Regulations concerning the Transfer, Exchange and Registration of the
        Current Issuer Notes) hereto. The Regulations may be changed by the
        Current Issuer with the prior written approval of the Registrar and
        the Note Trustee, which approval shall not be unreasonably withheld or
        delayed. A copy of the current Regulations will be sent by the
        Registrar to any holder of a Current Issuer Note who so requests.

10.     Miscellaneous Duties of the Agents

10.1    Maintenance of Records: Each of the Agents shall maintain records of
        all documents received by it in connection with its duties hereunder
        and shall make such records available for inspection at all reasonable
        times by the Current Issuer, the Current Issuer Cash Manager, the Note
        Trustee and the other Agents and, in particular, the Registrar shall:

        (a)  maintain a full and complete record of all Note Certificates
             delivered hereunder and of their exchange, redemption, payment,
             partial payment, cancellation, mutilation, defacement, alleged
             destruction, theft, loss or, as the case may be, replacement
             (including all replacement Note Certificates issued

                                      12
<PAGE>

             in substitution for any lost, stolen, mutilated, defaced or
             destroyed Note Certificates);

        (b)  make such records available for inspection at all reasonable
             times by the Current Issuer, the Current Issuer Cash Manager, the
             Note Trustee and the other Agents; and

        (c)  make copies of this Agreement, the Current Issuer Trust Deed, the
             Current Issuer Deed of Charge, the Master Definitions Schedule
             and the Current Issuer Master Definitions Schedule available for
             inspection at its Specified Office at all reasonable times.

10.2    Cancellation: The Transfer Agent, the Paying Agents or the Registrar
        (as the case may be) shall:

        (a)  procure that all Note Certificates surrendered or delivered to it
             as (i) redeemed in full, (ii) mutilated or defaced, surrendered
             and replaced pursuant to the Current Issuer Conditions, or (iii)
             exchanged, shall forthwith be cancelled on behalf of the Current
             Issuer;

        (b)  shall keep a record of the aggregate principal amount of the
             Current Issuer Notes, and the serial numbers of the Note
             Certificates, which are so cancelled by it; and

        (c)  shall notify the other party or parties (i.e. the Paying Agents,
             the Transfer Agent or the Registrar (as the case may be)) of all
             action taken pursuant to Clause 10.2(a) and 10.2(b).

10.3    Information from Agents: The Agents shall make available to the other
        Agents such information as is reasonably required for the maintenance
        of the records referred to in Clause 10.1 (Maintenance of Records).

10.4    Certifications: Each Paying Agent shall promptly copy to the Current
        Issuer, any other Paying Agent and the Note Trustee any certifications
        received by it in accordance with or otherwise in relation to the
        Current Issuer Notes.

10.5    Forwarding of Communications: Each Agent shall promptly forward to the
        Current Issuer and the Note Trustee a copy of any notice or
        communication addressed to the Current Issuer or the Note Trustee by
        any Noteholder and which is received by such Agent.

10.6    Safe Custody of Note Certificates: Each of the Registrar and the
        Transfer Agent shall maintain in safe custody all Note Certificates
        delivered to it and held by it hereunder.

10.7    Publication and Delivery of Notices: The Registrar shall, upon and in
        accordance with the instructions of the Current Issuer and the Note
        Trustee received at least 10 days before the proposed publication
        date, arrange for the publication and delivery in accordance with the
        Current Issuer Conditions of any notice which is to be given to the
        Noteholders and shall promptly supply two copies thereof to the Note
        Trustee, the other Agents, the London Stock Exchange or other stock
        exchange on which the Current Issuer Notes are then listed, (if any)
        and any Clearing System.

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<PAGE>

10.8    Destruction: The Registrar may destroy each Note Certificate which has
        been cancelled and delivered to it in accordance with the terms of
        this Agreement, in which case it shall promptly furnish the Current
        Issuer and the Note Trustee, on request, a certificate as to such
        destruction, specifying the reason for such destruction and the serial
        numbers of the relevant Note Certificate.

10.9    Forms of Proxy and Block Voting Instructions: In the event of a
        Meeting (as defined in Schedule 4 (Provisions for Meetings of
        Noteholders) to the Current Issuer Trust Deed) of the Noteholders, the
        Registrar shall, at the request of any Noteholder in accordance with
        the Current Issuer Trust Deed, make available uncompleted and
        unexecuted Forms of Proxy and issue Block Voting Instructions in a
        form and manner which comply with the provisions of the Schedule 4
        (Provisions for Meetings of Noteholders) to the Current Issuer Trust
        Deed (except that it shall not be required to issue the same less than
        forty-eight hours before the time for which the Meeting or the poll to
        which the same relates has been convened or called). The Registrar
        shall keep a full record of completed and executed Forms of Proxy and
        Block Voting Instructions issued or received by it and will give to
        the Current Issuer and the Note Trustee not less than twenty-four
        hours before the time appointed for any Meeting or adjourned Meeting,
        full particulars of duly completed Forms of Proxy received by it and
        of all Block Voting Instructions issued by it in respect of such
        Meeting or adjourned Meeting.

10.10   Additional Duties of the Registrar: If Individual Note Certificates
        are required to be delivered pursuant to the terms of any Global Note
        Certificate and the Current Issuer Trust Deed, the Registrar shall:

        (a)  five Business Days prior to each Payment Date notify the Current
             Issuer, the Current Issuer Cash Manager and the other Agents of
             the aggregate principal amount outstanding of the relevant
             Current Issuer Notes;

        (b)  receive any document relating to or affecting the title to any
             Individual Note Certificates including all forms of transfer,
             forms of exchange, probates, letters of administration and powers
             of attorney and maintain proper records of the details of all
             documents received;

        (c)  prepare all such lists of the holders of the Individual Note
             Certificates as may be required by the Current Issuer, the
             Current Issuer Cash Manager, the Paying Agents or the Note
             Trustee or any person authorised by any of them;

        (d)  comply with the proper and reasonable requests of the Current
             Issuer with respect to the maintenance of the Register and
             provide the Paying Agents with such information relating to the
             Individual Note Certificates as they may reasonably require for
             the proper performance of their duties; and

        (e)  carry out such other acts as may reasonably be necessary to give
             effect to the Current Issuer Conditions, this Agreement and the
             Regulations. In carrying out its functions the Registrar shall
             act in accordance with the terms of this Agreement, the
             Regulations, the Current Issuer Conditions and the Current Issuer
             Trust Deed.

                                      14
<PAGE>

        No transfer from a holder of an Individual Note Certificate shall be
        registered for a period of 15 days immediately preceding a Payment
        Date.

10.11   Additional Duties of the Transfer Agent: Subject as provided in and in
        accordance with the Current Issuer Conditions, the Regulations and
        this Agreement or if otherwise requested by the Current Issuer, the
        Transfer Agent shall:

        (a)  on behalf of the Registrar, authenticate Note Certificates in
             accordance with this Agreement upon any transfer of interests in
             a Global Note Certificate, Individual Note Certificate or
             otherwise upon any transfer of any Current Issuer Notes;

        (b)  on behalf of the Registrar, make available forms of transfer,
             Forms of Proxy and any certificates as to beneficial ownership in
             respect of the Current Issuer Notes, receive requests for the
             transfer of Note Certificates, forms of transfer, Forms of Proxy,
             certificates and other evidence, inform the Registrar of the name
             and address of the holder of each such Note Certificate, the
             serial numbers of any Note Certificates, the name and address of
             the relevant person to be inserted in the Register, forward each
             such document to the Registrar and, upon being informed by the
             Registrar that the appropriate entries have been made in the
             Register and all formalities complied with, forthwith upon
             request by the Registrar issue new Note Certificates on behalf of
             the Registrar representing the relevant new Note Certificates to
             be transferred;

        (c)  keep the Registrar informed of all transfers and exchanges and
             give to the Paying Agents and the Registrar such further
             information with regard to its activities hereunder as may
             reasonably be required by them for the proper carrying out of
             their respective duties; and

        (d)  carry out such other acts as may be necessary to give effect to
             the Current Issuer Conditions, this Agreement and the
             Regulations.

11.     Agents to act for Note Trustee

11.1    Actions of Agents after Notice by Note Trustee of a Note Event of
        Default: At any time after a Note Event of Default in respect of the
        Current Issuer Notes or any of them shall have occurred (which shall
        not have been waived by the Note Trustee or remedied to its
        satisfaction), the Paying Agents, the Agent Bank, the Transfer Agent
        and the Registrar shall, if so required by notice in writing given by
        the Note Trustee to the Current Issuer and the Agents (or such of them
        as are specified in such notice):

        (a)  act thereafter, and until otherwise instructed by the Note
             Trustee, as the Agents of the Note Trustee on the terms mutatis
             mutandis provided herein (with consequential amendments as
             necessary and save that the Note Trustee's liability under any
             provision herein contained for the remuneration indemnification
             and payment of out-of pocket expenses of such Agents shall be
             limited to the amount for the time being held by the Note Trustee
             on the trusts of the Current Issuer Trust Deed which is available
             to be applied by the Note Trustee for such purpose) and
             thereafter hold all Note Certificates and all sums, documents and
             records held by them in their respective capacities in respect of
             the Current Issuer Notes on behalf of the Note Trustee; and/or

                                      15
<PAGE>

        (b)  deliver up all Note Certificates and all sums, documents and
             records held by them in respect of the Current Issuer Notes to
             the Note Trustee or as the Note Trustee shall direct in such
             notice, provided that such notice shall be deemed not to apply to
             any document or record which any Agent is obliged not to release
             by any applicable law or regulation.

11.2    Withdrawal of Notice: The Note Trustee may, at any time if a Note
        Event of Default is remedied to the reasonable satisfaction of the
        Note Trustee during any applicable grace period, by notice in writing
        to the Current Issuer and the relevant Agents, withdraw any notice
        given by the Note Trustee pursuant to Clause 11.1 (Actions of Agents
        after Notice by Note Trustee of a Note Event of Default) whereupon
        such Agents shall act as agents of the Current Issuer in accordance
        with the terms hereof. The withdrawal of any notice given by the Note
        Trustee pursuant to Clause 11.1 (Actions of Agents after Notice by
        Note Trustee of a Note Event of Default) shall not preclude the Note
        Trustee from issuing any other or further notices pursuant to that
        Clause on any subsequent occasion and at any time after the occurrence
        of a Note Event of Default, no notice given by the Note Trustee
        pursuant to Clause 11.1 (Actions of Agents after Notice by Note
        Trustee of a Note Event of Default) shall be withdrawn except at the
        absolute discretion of the Note Trustee.

12.     Fees and Expenses

12.1    Fees: The Current Issuer shall pay to each Agent, during the period
        when any of the Current Issuer Notes remains outstanding, such fees as
        have been agreed in writing between the Current Issuer and each Agent
        in respect of the respective services of each Agent hereunder
        (together with any amounts in respect of value added tax (against
        production of a valid tax invoice)). If any agent shall cease to be an
        Agent hereunder, it shall repay to the Current Issuer, the unearned
        portion, calculated on a pro rata basis of the said fees.

12.2    Front-end Expenses: The Current Issuer shall after receipt of an
        account of such expenses reimburse each Agent for all reasonable
        out-of-pocket expenses incurred by it in the negotiation, preparation
        and execution of this Agreement and for all reasonable expenses
        (including, without limitation, reasonable legal fees and any
        communication, courier, postage and other out-of-pocket expenses)
        properly incurred in connection with its services hereunder (together
        with any amounts in respect of value added tax (against production of
        a valid tax invoice)) provided that such expenses shall not have been
        incurred as a result of the Agent's negligence, wilful misconduct or
        bad faith, other than such costs and expenses as are separately agreed
        to be reimbursed out of the fees payable under Clause 12.1 (Fees).

12.3    Taxes and Expenses Occasioned by Default: The Current Issuer shall pay
        all stamp, registration and other similar taxes, duties and
        governmental levies of whatsoever nature (including any interest and
        penalties thereon or in connection therewith) which are payable upon
        or in connection with the execution and delivery of this Agreement.

12.4    Payment: All amounts to be paid by the Current Issuer to any Agent
        under this Clause 12 (Fees and Expenses) shall only be payable in
        accordance with and subject to the Current Issuer Priority of Payments
        which is applicable to the Current Issuer at the time of payment.

                                      16
<PAGE>

13.     Terms of Appointment

13.1    Rights and Powers of the Paying Agents:

        (a)  The Paying Agents shall (except as ordered by a court of
             competent jurisdiction or as required by law) in connection with
             their services hereunder (whether or not the relevant Current
             Issuer Note shall be overdue and notwithstanding any notice to
             the contrary or writing shown thereon or any notice of previous
             loss or theft or of trust or other interest therein (other than a
             duly executed form of transfer)) be entitled to treat the
             registered holder of any Current Issuer Note as the absolute
             owner of such Current Issuer Note for all purposes and (save as
             expressly provided hereunder) make payments thereon.

        (b)  Each Agent may in connection with its services hereunder:

             (i)    rely upon the terms of any notice, communication or other
                    document reasonably believed by it to be genuine;

             (ii)   engage and pay for the advice or services of any lawyers
                    or other experts (being an appointee who shall have been
                    previously approved in writing by the Note Trustee) whose
                    advice or services it considers necessary and rely upon
                    any written advice so obtained (and such Agent shall be
                    protected and shall incur no liability as against the
                    Current Issuer in respect of any action taken, or suffered
                    to be taken in good faith, in accordance with such advice
                    except to the extent that such liability arises out of any
                    breach of contract, bad faith, misconduct or negligence on
                    the part of such Agent);

             (iii)  assume that the terms of each Global Note Certificate and
                    Individual Note Certificate as issued are correct;

             (iv)   refer any question relating to the ownership of any Note
                    Certificate, or the adequacy or sufficiency of any
                    evidence supplied in connection with the replacement,
                    transfer or exchange of any Note Certificate to the
                    Current Issuer for determination by the Current Issuer and
                    in good faith conclusively rely upon any determination so
                    made; and

             (v)    whenever in the administration of this Agreement it shall
                    deem it desirable that a matter be proved or established
                    prior to taking, suffering or omitting any action
                    hereunder, in the absence of bad faith or negligence or
                    wilful misconduct on its part, accept a certificate signed
                    by any person duly authorised on behalf of the Current
                    Issuer as to any fact or matter prima facie within the
                    knowledge of the Current Issuer as sufficient evidence
                    thereof.

13.2    Provision of Specimen Signatures: The Current Issuer will supply the
        Paying Agents, the Transfer Agent and the Registrar with the names and
        specimen signatures of its Authorised Signatories.

13.3    Extent of Duties: Each Agent shall only be obliged to perform the
        duties set out herein and such other duties as are necessarily
        incidental thereto. No Agent shall (i)

                                      17
<PAGE>

        be under any fiduciary duty towards or have any relationship of agency
        or trust for or with any person other than the Current Issuer and (to
        the extent expressly provided herein only) the Note Trustee (ii) be
        responsible for or liable in respect of the authorisation, validity or
        legality or enforceability of any Current Issuer Note or any Note
        Certificate (other than in respect of the authentication of Note
        Certificates by it in accordance with this Agreement) or any act or
        omission of any other person including, without limitation, any other
        Agent (except to the extent that such liability arises out of any
        breach of contract, bad faith, misconduct or negligence on the part of
        any such Agent), (iii) be under any obligation towards any person
        other than the Current Issuer, the other Agents and the Note Trustee
        or (iv) assume any relationship of agency or trust for or with any
        Noteholder except that funds received by the Paying Agents for the
        payment of any sums due in respect of any Current Issuer Notes shall
        be held by them on trust for the relevant Noteholders to the extent
        required by the Trust Indenture Act until the expiration of the
        relevant prescription period under the Current Issuer Trust Deed.

13.4    Freedom to Transact: Each Agent may purchase, hold and dispose of
        beneficial interests in a Current Issuer Note and may enter into any
        transaction (including, without limitation, any depository, trust or
        agency transaction) with the Current Issuer or any holders or owners
        of any Current Issuer Notes or with any other party hereto in the same
        manner as if it had not been appointed as the agent of the Current
        Issuer or the Note Trustee in relation to the Current Issuer Notes.

13.5    Indemnity in favour of the Agents: The Current Issuer agrees to
        indemnify each Agent for, and to hold such Agent harmless against, any
        loss, liability or expense incurred by it arising out of, or in
        connection with, its acting as agent of the Current Issuer or the Note
        Trustee in relation to the Current Issuer Notes provided that such
        loss, liability and/or expense has not arisen as a result of its own
        fraud, negligence, wilful misconduct or breach of contract. No
        termination of this Agreement shall affect the obligations created by
        this Clause 13.5 (Indemnity in favour of the Agents).

13.6    Indemnity in favour of the Current Issuer: Each Agent shall severally
        indemnify the Current Issuer and, for the purposes of Clause 11
        (Agents to act for Note Trustee), the Note Trustee, against any loss,
        liability, reasonable costs and expenses including any claim, action
        or demand which the Current Issuer or Note Trustee may incur or which
        may be made against it as a result of the breach by such Agent of the
        terms of this Agreement or its negligence, breach of contract, bad
        faith or wilful misconduct or that of its officers or employees
        including any failure to obtain and maintain in existence any consent,
        authorisation, permission or licence required by it for the
        assumption, exercise and performance of its powers and duties
        hereunder. No termination of this Agreement shall affect the
        obligations created by this Clause 13.6 (Indemnity in favour of the
        Current Issuer).

14.     No Liability for Consequential Loss

        No Paying Agent shall in any event be liable to the Current Issuer or
        to any other party to the Current Issuer Transaction Documents for
        any special, indirect, punitive or consequential loss or damage of
        any kind whatsoever (including but not limited to lost profits),
        whether or not foreseeable and in each case however caused or
        arising.

                                      18
<PAGE>

15.     Termination of Appointment

15.1    Resignation: Subject to Clause 15.8 (Limitations on Resignation and
        Revocation), each Paying Agent in respect of any or all classes of
        Current Issuer Notes or the Agent Bank, the Registrar or the Transfer
        Agent may resign its appointment upon not less than 60 days' written
        notice to the Current Issuer, the Current Issuer Cash Manager and the
        Note Trustee to that effect, provided, however, that

        (a)  if such resignation would otherwise take effect less than 30 days
             before or after the maturity date or other date for redemption of
             the Current Issuer Notes or any Payment Date in relation to the
             Current Issuer Notes, it shall not take effect until the
             thirtieth day following such date; and

        (b)  in the case of the Registrar, the only remaining Paying Agent
             with its Specified Office in the United Kingdom, the Agent Bank
             or the only remaining Paying Agent with its Specified Office
             outside the United Kingdom, such resignation shall not take
             effect until a successor has been duly appointed in accordance
             with Clause 15.4 (Additional and Successor Agents) and notice of
             such appointment has been given to the Noteholders.

15.2    Revocation: Subject to Clause 15.7 (Maintenance of a Paying Agent in
        the European Union) and Clause 15.8 (Limitations on Resignation and
        Revocation), the Current Issuer may at any time with the prior written
        consent of the Note Trustee revoke its appointment of any Agent as its
        agent in relation to the Current Issuer Notes by not less than 60
        days' written notice to the Note Trustee and such Agent whose
        appointment is to be revoked, which notice shall expire not less than
        30 days before a Payment Date, provided, however, that in the case of
        the Registrar, the Principal Paying Agent, the Agent Bank or the only
        remaining Paying Agent with its Specified Office outside the United
        Kingdom, such resignation shall not take effect until a successor has
        been duly appointed consistently with Clause 15.4 (Additional and
        Successor Agents) and notice of such appointment has been given to the
        Noteholders.

15.3    Automatic Termination: The appointment of any Agent shall terminate
        forthwith if at any time:

        (a)  such Agent becomes incapable of acting;

        (b)  a secured party takes possession, or a receiver, manager or other
             similar officer is appointed, of the whole or any part of the
             undertaking, assets and revenues of such Agent;

        (c)  such Agent admits in writing its insolvency or inability to pay
             its debts as they fall due or suspends payments of its debts;

        (d)  an administrator or liquidator of such Agent or the whole or any
             part of the undertaking, assets and revenues of such Agent is
             appointed (or application for any such appointment is made);

        (e)  such Agent takes any action for a readjustment or deferment of
             any of its obligations or makes a general assignment or an
             arrangement or composition

                                      19
<PAGE>

             with or for the benefit of its creditors or declares a moratorium
             in respect of any of its indebtedness;

        (f)  an order is made or an effective resolution is passed for the
             winding up of such Agent; or

        (g)  any event occurs which has an analogous effect to any of the
             foregoing in relation to such Agent.

        On the occurrence of any of the above, the relevant Agent shall
        forthwith notify the Current Issuer, the Current Issuer Cash Manager,
        the Note Trustee and the Paying Agents. If the appointment of the
        Registrar or the only remaining Principal Agent with a Specified
        Office in the United Kingdom, the Agent Bank or the only remaining
        Paying Agent with its Specified Office outside of the United Kingdom
        is terminated in accordance with the preceding sentence, the Current
        Issuer shall forthwith appoint a successor in accordance with Clause
        15.4 (Additional and Successor Agents).

15.4    Additional and Successor Agents: The Current Issuer may with the prior
        written approval of the Note Trustee appoint a successor principal
        paying agent, US paying agent, agent bank or registrar and additional
        or successor transfer agents or paying agents and shall forthwith give
        notice of any such appointment to the continuing Agents, the
        Noteholders, the Current Issuer Cash Manager and the Note Trustee,
        whereupon the successor or additional agents shall acquire and become
        subject to the same rights and obligations between themselves as if
        they had entered into an agreement in the form mutatis mutandis of
        this Agreement.

15.5    Agent may appoint Successor: If any Agent gives notice of its
        resignation in accordance with Clause 15.1 (Resignation) and by the
        tenth day before the expiration of such notice a successor agent has
        not been duly appointed in accordance with Clause 15.4 (Additional and
        Successor Agents), such Agent may itself, following such consultation
        with the Current Issuer as is practicable in the circumstances and
        with the prior written approval of the Note Trustee and the Current
        Issuer (provided such failure to appoint was not due to default by the
        Current Issuer), appoint as its successor agent any reputable and
        experienced bank or financial institution and give notice of such
        appointment to the Current Issuer, the Note Trustee, the Current
        Issuer Cash Manager, the remaining Agents and the Noteholders.

15.6    Rights of Successor Agent: Upon the execution by the Current Issuer
        and any successor agent of an instrument effecting the appointment of
        a successor agent, such successor agent shall, without any further
        act, deed or conveyance, become vested with all the authority, rights,
        powers, trusts, immunities, duties and obligations of its predecessor
        with like effect as if originally named as the relevant agent herein
        and such predecessor, upon payment to it of the pro rata proportion of
        its administration fee and disbursements then unpaid (if any), shall
        thereupon become obliged to transfer, deliver and pay over, and such
        successor agent shall be entitled to receive, all monies, records and
        documents (including any Note Certificates of the relevant class or
        classes of Current Issuer Notes, if any) held by such predecessor
        hereunder.

15.7    Maintenance of a Paying Agent in the European Union: The Current
        Issuer undertakes that it shall ensure that it maintains a Paying
        Agent in a European Union member state that will not be obliged to
        withhold or deduct tax (i) pursuant to the

                                      20
<PAGE>

        Directive on the taxation of savings adopted by the Council of
        Economic and Finance Ministers of the European Union on 3 June 2003,
        or (ii) any law implementing or complying with, or introduced in order
        to conform to such Directive.

15.8    Limitations on Resignation and Revocation: Notwithstanding Clause 15.1
        (Resignation) and Clause 15.2 (Revocation):

        (a)  if at any time there should be only one Paying Agent, no
             resignation by or termination of the appointment of the Paying
             Agent shall take effect until a successor paying agent in respect
             of the affected class or classes of Current Issuer Notes approved
             in writing by the Note Trustee has been appointed on terms
             previously approved in writing by the Note Trustee;

        (b)  no resignation by or termination of the appointment of any Paying
             Agent shall take effect if as a result of such resignation or
             termination there would cease to be a Paying Agent in respect of
             the affected class or classes of Current Issuer Notes having a
             Specified Office in London or New York (as the case may be);

        (c)  no appointment or termination of the appointment of a Paying
             Agent shall take effect unless and until notice thereof shall
             have been given to the relevant Noteholders in accordance with
             the Current Issuer Conditions;

        (d)  no resignation by or revocation of the appointment of the Agent
             Bank shall take effect until a new Agent Bank having its
             Specified Office in London has been appointed;

        (e)  no resignation by or termination of the appointment of the
             Registrar shall take effect until a new Registrar having its
             Specified Office in London has been appointed; and

        (f)  the appointment of any additional Paying Agent shall be mutatis
             mutandis on the terms and subject to the conditions of this
             Agreement and each of the parties hereto shall co-operate fully
             to do all such further acts and things and execute any further
             documents as may be necessary or desirable to give effect to the
             appointment of such Paying Agent.

15.9    Effect of Resignation, Revocation and Termination: Upon any
        resignation or revocation taking effect under Clause 15.1
        (Resignation) or Clause 15.2 (Revocation) or any termination under
        Clause 15.3 (Automatic Termination), the relevant Agent shall:

        (a)  without prejudice to any accrued liabilities and obligations, be
             released and discharged from any further obligations under this
             Agreement (save that it shall remain entitled to the benefit of,
             and subject to, Clauses 12 (Fees and Expenses), Clause 13 (Terms
             of Appointment) and Clause 15 (Termination of Appointment));

        (b)  repay to the Current Issuer such part of any fee paid to it in
             accordance with Clause 12.1 (Fees) as shall relate to any period
             thereafter;

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<PAGE>

        (c)  deliver to the Current Issuer and to its successor agent a copy,
             certified as true and up-to-date by an officer of such Agent of
             the records maintained by it pursuant to this Agreement;

        (d)  forthwith transfer all monies and papers (including any unissued
             Note Certificates held by it hereunder) to its successor in that
             capacity and provide reasonable assistance to its successor for
             the discharge by it of its duties and responsibilities hereunder;
             and

        (e)  in the case of any Paying Agent, pay to the successor paying
             agent any amount held by it for payment of principal or interest
             in respect of the relevant Current Issuer Notes.

15.10   Change of Specified Office: If any Agent shall determine to change its
        Specified Office (which, in the case of each Paying Agent, may only be
        effected within the same city where each Paying Agent currently has
        its Specified Office), it shall give to the Current Issuer and the
        Note Trustee written notice of such determination giving the address
        of the new Specified Office and stating the date on which such change
        is to take effect, which date shall not be less than 30 days after the
        date of such notice, provided that no such notice shall take effect
        within the period of 30 days before or after any Payment Date. The
        Current Issuer shall, within 40 days of receipt of such notice (unless
        the appointment is pursuant to a revocation or termination under
        Clause 15.2 (Revocation) or Clause 15.3 (Automatic Termination) above
        on or prior to the date of such change), give to the Noteholders
        notice of such change as approved by the Note Trustee and of the
        address of the Specified Office in accordance with the Current Issuer
        Conditions but the costs of giving such notice shall be borne by such
        Agent changing its office and not by the Current Issuer.

15.11   Merger: Any legal entity into which any Agent is merged or converted
        or any legal entity resulting from any merger or conversion to which
        such Agent is a party shall, to the extent permitted by applicable
        law, be the successor to such Agent without any further formality,
        whereupon the Current Issuer, the Note Trustee, the other Agents and
        such successor shall acquire and become subject to the same rights and
        obligations between themselves as if they had entered into an
        agreement in the form mutatis mutandis of this Agreement. Written
        notice of any such merger or conversion shall forthwith be given by
        such successor to the Current Issuer, the Note Trustee and the other
        Agents.

16.     Non-Petition and Limited Recourse

16.1    Limited Recourse: Each party hereto agrees that notwithstanding any
        other provisions hereof, all payments to be made by the Current Issuer
        under this Agreement will be payable only from, and to the extent of,
        the sums paid to, or net proceeds recovered by or on behalf of, the
        Current Issuer or the Note Trustee in respect of the Current Issuer
        Charged Property less any amount which is required to be paid to any
        other person in priority to or in the same priority as the relevant
        party hereto subject to and in accordance with the Current Issuer
        Priority of Payments and there will be no other assets of the Current
        Issuer available for any further payments and following the
        realisation of the Current Issuer Charged Property and the
        distribution of the proceeds thereof in accordance with the Current
        Issuer Deed of Charge none of the parties hereto shall be entitled to
        take any further steps against the

                                      22
<PAGE>

        Current Issuer to recover any sums due hereunder but still unpaid and
        all outstanding claims in respect of such sums due but still unpaid
        shall be extinguished. The parties hereto look solely to such sums and
        proceeds and the rights of the Current Issuer in respect of the
        Current Issuer Charged Property (net as aforesaid) for payments to be
        made by the Current Issuer. The obligations of the Current Issuer to
        make such payments hereunder will be limited to such sums and the
        proceeds of realisation of the Current Issuer Charged Property (net as
        aforesaid) and the parties hereto will have no further recourse in
        respect thereof.

16.2    Non-Petition: Each of the Agents hereby covenants and agrees with the
        Current Issuer and the Note Trustee that:

        (a)  only the Note Trustee may enforce the security created in favour
             of the Note Trustee by the Current Issuer Deed of Charge in
             accordance with its provisions; and

        (b)  save as provided in the Current Issuer Trust Deed, it shall not
             take any steps for the purpose of recovering any sums due under
             this Agreement or enforcing any rights arising out of this
             Agreement or institute against the Current Issuer or join any
             other person in instituting against the Current Issuer any
             winding-up, administration, reorganisation, liquidation,
             bankruptcy, insolvency or other proceedings of the Current Issuer
             for so long as the Current Issuer Notes are outstanding and until
             two years and one day has elapsed after all amounts outstanding
             under the Current Issuer Secured Obligations have been paid in
             full.

16.3    Payment to Note Trustee: Each of the Agents hereby undertakes with the
        Note Trustee and the Current Issuer that if, whether in the
        liquidation of the Current Issuer or otherwise any payment is made to
        or amount recovered by any Agent otherwise than in accordance with the
        Current Issuer Deed of Charge, the amount so paid or recovered shall
        be paid by such Agent to the Note Trustee.

17.     Notices

        Any notices or other communication or document to be given or
        delivered pursuant to this Agreement to any of the parties hereto
        shall be sufficiently served if sent by prepaid first class post, by
        hand or by facsimile transmission and shall be deemed to be given (in
        the case of facsimile transmission) when despatched or (where
        delivered by hand) on the day of delivery if delivered before 17.00
        hours on a business day in the place of the addressee or otherwise on
        the next business day in the place of the addressee if delivered
        thereafter or (in the case of first class post) when it would be
        received in the ordinary course of the post and shall be sent:

        (a)  in the case of the Current Issuer, to Granite Mortgages 03-3 plc,
             c/o Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile
             number 020 7606 0643) for the attention of: Company Secretary
             with a copy to Northern Rock plc, Northern Rock House, Gosforth,
             Newcastle upon Tyne NE3 4PL (facsimile number 0191 213 2203) for
             the attention of the Group Secretary;

        (b)  in the case of the Note Trustee, to The Bank of New York (London
             Branch) at 48th Floor, One Canada Square, London E14 5AI
             (facsimile number 020 7964

                                      23
<PAGE>

             6061/6399) for the attention of: Global Structured Products Unit
             (Corporate Trust);

        (c)  in the case of the Current Issuer Cash Manager to Northern Rock
             plc, Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL
             (facsimile number 0191 213 2203) for the attention of the Group
             Secretary;

        (d)  in the case of any Agent, to it at the address or fax number
             specified against its name in Schedule 1 (Specified Offices of
             the Agents) hereto (or in the case of an Agent not originally a
             party hereto, specified by notice to the parties hereto at the
             time of its appointment) for the attention of the person or
             department specified therein,

        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 fifteen days prior written notice in
        accordance with the provisions of this Clause 17 (Notices).

18.     Third Party Rights

        A person who is not a party to this Agreement may not enforce any of
        its terms under the Contracts (Rights of Third Parties) Act 1999, but
        this shall not affect any right or remedy of a third party which
        exists or is available apart from that Act.

19.     Time of the Essence

        Any date or period specified in this Agreement may be postponed or
        extended by mutual agreement among the parties, but as regards any
        date or period originally fixed or so postponed or extended, time
        shall be of the essence.

20.     Variation and Waiver

        No variation or waiver of this Agreement shall be effective unless it
        is in writing and signed by a duly authorised signatory of each
        party. No single or partial exercise of, or failure or delay in
        exercising, any right under this Agreement shall constitute a waiver
        or preclude any other or further exercise of that or any other right.

21.     Execution in Counterparts; Severability

21.1    Counterparts: This Agreement may be executed in any number of
        counterparts (manually or by facsimile) and by different parties
        hereto in separate counterparts, each of which when so executed shall
        be deemed to be an original and all of which when taken together shall
        constitute one and the same instrument.

21.2    Severability: Where any provision in or obligation under this
        Agreement shall be invalid, illegal or unenforceable in any
        jurisdiction, the validity, legality and enforceability of the
        remaining provisions or obligations under this Agreement, or of such
        provision or obligation in any other jurisdiction, shall not be
        affected or impaired thereby.

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<PAGE>

22.     Governing Law and Jurisdiction; Process Agent; Appropriate Forum

22.1    Governing Law: This Agreement is governed by, and shall be construed
        in accordance with, English law.

22.2    Jurisdiction: The parties hereto irrevocably agree for the benefit of
        the Current Issuer and the Note Trustee that the courts of England are
        to have jurisdiction to settle any suit, action or proceeding, and to
        settle any disputes which may arise out of or in connection with this
        Agreement and, for such purposes, irrevocably submit to the
        jurisdiction of such courts.

22.3    Process Agent: The US Paying Agent irrevocably and unconditionally
        appoints the Principal Paying Agent at its registered office for the
        time being as its agent for service of process in England in respect
        of any proceedings in respect of this Agreement and undertakes that in
        the event of the Principal Paying Agent ceasing so to act it will
        appoint another person with a registered office in London as its agent
        for service of process.

22.4    Appropriate Forum: Each of the parties hereto irrevocably waives any
        objection which it might now or hereafter have to the courts of
        England being nominated as the forum to hear and determine any
        Proceedings and to settle any disputes, and agrees not to claim that
        any such court is not a convenient or appropriate forum.

23.     Exclusion of Liability

        The Note Trustee is a party to this Agreement only to receive the
        benefit of the provisions in this Agreement and has no liability
        under this Agreement.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.

                                      25
<PAGE>

                                  SCHEDULE 1
                        SPECIFIED OFFICES OF THE AGENTS

The Principal Paying Agent

Citibank, N.A.
5 Carmelite Street
London EC4Y 0PA

The US Paying Agent

Citibank, N.A.
Global Agency and Trust
111 Wall Street, 14th Floor
New York N.Y. 10043
U.S.A.

The Agent Bank

Citibank, N.A.
5 Carmelite Street
London EC4Y 0PA

The Registrar

Citibank, N.A.
5 Carmelite Street
London EC4Y 0PA

The Transfer Agent

Citibank, N.A.
5 Carmelite Street
London EC4Y 0PA

The Note Trustee

The Bank of New York (London Branch)
48th  Floor
One Canada Square
London E14 5AL

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<PAGE>

                                  SCHEDULE 2

              REGULATIONS CONCERNING THE TRANSFER, EXCHANGE AND
                   REGISTRATION OF THE CURRENT ISSUER NOTES

1.    The Current Issuer Notes are in their respective Authorised
      Denominations of (GBP)1,000, (GBP)10,000, $1,000, $10,000 or
      (Euro)50,000 depending on the currency of denomination, or in such other
      denominations as the Note Trustee shall determine and notify to the
      relevant Noteholders. Each Dollar Note shall be held in an Authorised
      Dollar Holding, each Sterling Note shall be held in an Authorised
      Sterling Holding and each Euro Note shall be held in an Authorised Euro
      Holding.

2.    Subject to paragraphs 4, 6 and 11 below, a Current Issuer Note may be
      transferred by execution of the relevant form of transfer under the hand
      of the transferor or, where the transferor is a corporation, under its
      common seal or under the hand of two of its officers duly authorised in
      writing. Where the form of transfer is executed by an attorney or, in
      the case of a corporation, under seal or under the hand of two of its
      officers duly authorised in writing, a copy of the relevant power of
      attorney certified by a financial institution in good standing or a
      notary public or in such other manner as the Registrar may require or,
      as the case may be, copies certified in the manner aforesaid of the
      documents authorising such officers to sign and witness the affixing of
      the seal must be delivered with the form of transfer. In this Schedule,
      "transferor" shall, where the context permits or requires, include joint
      transferors and shall be construed accordingly.

3.    The Note Certificate issued in respect of a Current Issuer Note to be
      transferred or exchanged must be surrendered for registration, together
      with a duly completed and executed form of transfer (including any
      certification as to compliance with restrictions on transfer included in
      such form of transfer) at the Specified Office of the Registrar or the
      Transfer Agent, together with such evidence as the Registrar or (as the
      case may be) the Transfer Agent may reasonably require to prove the
      title of the transferor and the authority of the persons who have
      executed the form of transfer. The signature of the person effecting a
      transfer or exchange of a Current Issuer Note shall conform to any list
      of duly authorised specimen signatures supplied by the holder of such
      Current Issuer Note or be certified by a financial institution in good
      standing, notary public or in such other manner as the Registrar or the
      Transfer Agent may require.

4.    No Noteholder may require the transfer of a Current Issuer Note to be
      registered during the period of 15 calendar days ending on a Payment
      Date in respect of such Current Issuer Note.

5.    No Noteholder which has executed a Form of Proxy in relation to any
      Meeting may require the transfer of a Current Issuer Note covered by
      such Form of Proxy to be registered until the earlier of the conclusion
      of the Meeting and its adjournment for want of quorum.

6.    The executors or administrator of a deceased holder of a Current Issuer
      Note (not being one of several joint holders) and, in the case of the
      death of one or more of several joint holders, the survivor or survivors
      of such joint holders, shall be the only

                                      27
<PAGE>

      persons recognised by the Current Issuer as having any title to such
      Current Issuer Note.

7.    Any person becoming entitled to any Current Issuer Notes in consequence
      of the death or bankruptcy of the holder of such Current Issuer Notes
      may, upon producing such evidence that he holds the position in respect
      of which he proposes to act under this paragraph or of his title as the
      Registrar or the Transfer Agent shall require (including legal
      opinions), become registered himself as the holder of such Current
      Issuer Notes or, subject to the provisions of these Regulations, the
      Current Issuer Notes and the relevant Current Issuer Conditions as to
      transfer, may transfer such Current Issuer Notes. The Current Issuer,
      the Transfer Agent and the Registrar shall be at liberty to retain any
      amount payable upon the Current Issuer Notes to which any person is so
      entitled until such person shall be registered as aforesaid or shall
      duly transfer such Current Issuer Notes.

8.    Unless otherwise required by him and agreed by the Current Issuer and
      the Registrar, the holder of any Current Issuer Notes shall be entitled
      to receive only one Note Certificate in respect of his holding.

9.    The joint holders of any Current Issuer Note shall be entitled to one
      Note Certificate only in respect of their joint holding which shall,
      except where they otherwise direct, be delivered to the joint holder
      whose name appears first in the Register in respect of the joint
      holding.

10.   Where there is more than one transferee (to hold other than as joint
      holders), separate forms of transfer (obtainable from the specified
      office of the Registrar or the Transfer Agent) must be completed in
      respect of each new holding.

11.   A holder of Current Issuer Notes may transfer all or part of his holding
      provided that both the principal amount of Current Issuer Notes
      transferred and the principal amount of the balance transferred are in
      an amount equal to an Authorised Denomination. Where a holder of Current
      Issuer Notes has transferred part only of his holding comprised therein,
      there shall be delivered to him a new Note Certificate in respect of the
      balance of such holding.

12.   The Current Issuer, the Transfer Agent and the Registrar shall, save in
      the case of the issue of replacement Current Issuer Notes pursuant to
      the Current Issuer Conditions, make no charge to the holders for the
      registration of any holding of Current Issuer Notes or any transfer
      thereof or for the issue of any Current Issuer Notes or for the delivery
      thereof at the Specified Office of the Transfer Agent or the Registrar
      or by uninsured post to the address specified by the holder, but such
      registration, transfer, issue or delivery shall be effected against such
      indemnity from the holder or the transferee thereof as the Registrar or
      the Transfer Agent may require in respect of any tax or other duty of
      whatever nature which may be levied or imposed in connection with such
      registration, transfer, issue or delivery.

13.   Provided a transfer of a Current Issuer Note is duly made in accordance
      with all applicable requirements and restrictions upon transfer and the
      Note Certificate(s) issued in relation to such Current Issuer Note
      transferred are presented to the Transfer Agent and/or the Registrar in
      accordance with the Current Issuer Paying Agency and Agent Bank
      Agreement and these Regulations and subject to unforeseen

                                      28
<PAGE>

      circumstances beyond the control of the Transfer Agent or the Registrar
      arising, the Transfer Agent and the Registrar will, within five business
      days of the request for transfer being duly made, deliver at its
      Specified Office or despatch to the transferee by uninsured post (at the
      request and risk of the transferee) to such address as the transferee
      entitled to the Current Issuer Notes in relation to which such Note
      Certificate is issued may have specified, a Note Certificate in respect
      of which entries have been made in the Register, all formalities
      complied with and the name of the transferee completed on the Note
      Certificate by or on behalf of the Registrar; and, for the purposes of
      this paragraph, "business day" means a day (other than a Saturday or a
      Sunday) on which commercial banks are open for business (including
      dealings in foreign currencies) in the cities in which the Registrar and
      the Transfer Agent have their respective Specified Office.

14.   No transfer may be effected unless:

      (a)  such Current Issuer Note is transferred in a transaction that does
           not require registration under the Securities Act and is not in
           violation of the United States Investment Company Act of 1940;

      (b)  such transfer is effected in accordance with the provision of any
           restrictions on transfer specified in the legends (if any) set
           forth on the face of the Note Certificate issued in relation to
           such Current Issuer Note;

      (c)  the transferee delivers to the Registrar or the Transfer Agent a
           form of transfer (including any certification as to compliance with
           restrictions on transfer included in such form of transfer)
           endorsed on the Note Certificate issued in relation to such Current
           Issuer Note; and

      (d)  if the Current Issuer so requests, the Transfer Agent and the
           Registrar receive an opinion of counsel satisfactory to all of
           them.

15.   Except for in connection with the issue of replacement Note Certificates
      pursuant to Clause 6 (Replacement Note Certificates) hereof, no charge
      shall be made to the Noteholders in connection with, inter alia,

      (a)  the registration of any holding of Current Issuer Notes; or

      (b)  the transfer of Current Issuer Notes subject to any registration,
           transfer, issue or delivery which may be effected against an
           indemnity from the Noteholder or transferee as any relevant Paying
           Agent or, as the case may be, the Transfer Agent may require in
           respect of any tax or other duty levied or imposed in connection
           with such registration, transfer, issue or delivery.

16.   If Current Issuer Notes are issued upon the transfer, exchange or
      replacement of Note Certificates not bearing the Regulation S Legend (as
      defined below), the Note Certificates so issued shall not bear the
      Regulation S Legend. If Note Certificates are issued upon the transfer,
      exchange or replacement of Note Certificates bearing the Regulation S
      Legend, the Note Certificates so issued shall bear the Regulation S
      Legend. Each Note Certificate issued in exchange therefor shall bear a
      legend (the "Regulation S Legend") in substantially the following form:

                                      29
<PAGE>

      "THIS CURRENT ISSUER NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
      THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
      ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND, AS A
      MATTER OF U.S. LAW, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF
      THE CLOSING DATE AND THE COMMENCEMENT OF THE OFFERING OF THE CURRENT
      ISSUER NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
      IN THE UNITED STATES OR TO A U.S. PERSON (AS DEFINED IN REGULATION S
      UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
      ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES."

17.   Notwithstanding any provision to the contrary herein, so long as Current
      Issuer Notes are represented by a Global Note Certificate which is held
      by or on behalf of DTC, transfers, exchanges or replacements of the
      Current Issuer Notes represented by such Global Note Certificate shall
      only be made in accordance with the legends relating to DTC set forth
      thereon.

                                      30
<PAGE>

EXECUTION PAGE

<TABLE>
The Current Issuer

<S>                                                 <C>
Executed by
GRANITE MORTGAGES 03-3 PLC
as follows:                                         By    _________________________________________
Signed for and on its behalf by one of its duly           Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                    Name  __________________________________________

The Principal Paying Agent, the Agent Bank,
the Registrar, and the Transfer Agent

Executed by
CITIBANK, N.A.
as follows:                                         By    _________________________________________
Signed for and on its behalf by one of its duly           Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                    Name  __________________________________________

The US Paying Agent

Executed by
CITIBANK, N.A.
as follows:                                         By    _________________________________________
Signed for and on its behalf by one of its duly           Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                    Name  __________________________________________

The Note Trustee

Executed by
THE BANK OF NEW YORK
as follows:                                         By    _________________________________________
Signed for and on its behalf by one of its duly           Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                    Name  __________________________________________

                                                 31
</TABLE>

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