Document:

DATED [O] SEPTEMBER 2002

                           GRANITE MORTGAGES 02-2 PLC
                                as Current Issuer

                                     - and -

                    LAW DEBENTURE CORPORATE SERVICES LIMITED
                  as Current Issuer Corporate Services Provider

                                     - and -

                                NORTHERN ROCK PLC
                                  as Originator

                                     - and -

                        GRANITE FINANCE HOLDINGS LIMITED

                                     - and -

                                  GPCH LIMITED

                                     - and -

                THE LAW DEBENTURE INTERMEDIARY CORPORATION P.L.C.
                                as Share Trustee

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                       ISSUER CORPORATE SERVICES AGREEMENT

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                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                                  REF: 551063v2

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                                    CONTENTS

CLAUSE                                                                  PAGE NO.

1.  Definitions and Interpretation                                             1

2.  Nomination of Directors                                                    2

3.  Returns                                                                    3

4.  Administrative Services                                                    3

5.  Confidentiality                                                            4

6.  Remuneration                                                               5

7.  Non Petition and Limited Recourse                                          5

8.  Termination                                                                6

9.  Non-Assignment                                                             7

10. Non-exclusive                                                              7

11. Indemnity                                                                  7

12. Governing Law and Jurisdiction, Appropriate Form                           8

13. Contracts (Rights of Third Parties) Act 1999                               8

14. Notices                                                                    8

                                       i

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THIS AGREEMENT is made [o] September 2002

BETWEEN:

(1)   GRANITE MORTGAGES 02-2 PLC (registered number 4482804) 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 the Current
      Issuer;

(2)   LAW DEBENTURE CORPORATE SERVICES LIMITED, (registered number 3388362)
      whose registered office is at Fifth Floor, 100 Wood Street, London EC2V
      7EX in its capacity as the Current Issuer Corporate Services Provider;

(3)   NORTHERN ROCK PLC (registered number 3273685) whose registered office is
      at Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL as Northern
      Rock;

(4)   GRANITE FINANCE HOLDINGS LIMITED (registered number 4127787) whose
      registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX as
      Holdings;

(5)   GPCH LIMITED (registered number 4128437) whose registered office is at
      Fifth Floor, 100 Wood Street, London EC2V 7EX as GPCH and, together with
      Holdings and the Current Issuer, the "SPV COMPANIES" and each a "SPV
      COMPANY"); and

(6)   THE LAW DEBENTURE INTERMEDIARY CORPORATION P.L.C. (registered number
      1525148) whose registered office is at Fifth Floor, 100 Wood Street,
      London EC2V 7EX in its capacity as Share Trustee.

WHEREAS:

The Current Issuer Corporate Services Provider has agreed with the other parties
hereto to provide certain corporate services as more fully described below.

IT IS HEREBY AGREED AS FOLLOWS:

1.    DEFINITIONS AND INTERPRETATION

1.1   The provisions of:

      (a)   the Master Definitions Schedule as amended and restated by (and
            appearing in Appendix 1 to) the Master Definitions Schedule Third
            Amendment and Restatement Deed made on [o] September 2002 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
            [o] September 2002,

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

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2.    NOMINATION OF DIRECTORS

      (a)   For so long as this Agreement remains in force and subject as set
            out in paragraph (b) below:

            (i)   Northern Rock will be entitled to, and shall, nominate one
                  person willing to serve in the capacity of director for each
                  SPV Company (and Northern Rock shall be deemed to have so
                  nominated Keith McCallum Currie as its first nominee in such
                  capacity) and nothing herein shall require Northern Rock to
                  nominate the same person as director for each SPV Company; and

            (ii)  the Current Issuer Corporate Services Provider will be
                  entitled to, and shall, nominate two persons willing to serve
                  in the capacity of director for each SPV Company (and shall be
                  deemed to have so nominated L.D.C. Securitisation Director No.
                  1 Limited and L.D.C. Securitisation Director No. 2 Limited as
                  its first nominees in such capacity) and nothing herein shall
                  prevent the Current Issuer Corporate Services Provider from
                  nominating itself as a corporate director for each SPV Company
                  or require the Current Issuer Corporate Services Provider to
                  nominate the same two persons as director for each SPV
                  Company.

      (b)   In relation to any person nominated or deemed to be nominated under
            (a) above, whichever of Northern Rock or the Current Issuer
            Corporate Services Provider nominated that person is referred to
            below as that person's "appointor".

      (c)   In relation to any person nominated or deemed to be nominated under
            (a) above as a director of any SPV Company, that person is referred
            to below as a "Director".

      (d)   Each appointor hereby confirms to the other that, if the person
            nominated or deemed to be nominated by it should resign or retire or
            for any other reason cease to act as Director of any SPV Company, it
            will promptly:

            (i)   procure that such Director shall acknowledge in writing that
                  he has no claim of any nature whatsoever against the SPV
                  Companies;

            (ii)  nominate another person willing to act in the relevant
                  capacity; and

            (iii) procure the consent of that other person to act in that
                  capacity.

      (e)   Each appointor shall procure that each of the persons respectively
            nominated or deemed to be nominated by it from time to time as
            provided above accepts the relevant appointment and acts in the
            relevant capacity without fee or remuneration from any SPV Company
            save that nothing in this Agreement shall prejudice any right to
            remuneration on the part of the Current Issuer Corporate Services
            Provider under Clause 6 hereof.

      (f)   The Share Trustee undertakes and agrees subject to its duties and
            obligations as Share Trustee under the Share Trust Deed dated 19
            March 2001 that it shall exercise its rights as a shareholder of
            Holdings and all rights and powers

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            vested in it under the Articles of Association of each SPV Company
            so as to procure that the Board of Directors of each SPV Company
            comprises at all times one nominee of Northern Rock (provided that
            Northern Rock shall have nominated such person to such office) and
            two nominees of the Current Issuer Corporate Services Provider as
            provided under paragraph (a) above.

      (g)   The obligations of the Current Issuer Corporate Services Provider
            under this Agreement and the obligations of each SPV Company under
            the Transaction Documents are, respectively, solely the corporate
            obligations of the Current Issuer Corporate Services Provider and
            the SPV Companies. No recourse shall be had in respect of any
            obligation or claim arising out of or based upon this Agreement or
            any of the Transaction Documents against any employee, officer or
            director of the Current Issuer Corporate Services Provider or the
            SPV Companies save where the claim, demand, liability, cost or
            expense in connection therewith arises from the negligence, wilful
            default or breach of duty of such employee, officer or director of
            the Current Issuer Corporate Services Provider or the SPV Companies.

3.    RETURNS

      Northern Rock undertakes that the person for the time being nominated by
      it as Director of a SPV Company pursuant to Clause 2 shall ensure, insofar
      as he or she is able having regard to the duties imposed on directors by
      law, that (a) all registers, filings and returns required to be made by
      such SPV Company are kept and made in accordance with the relevant
      provisions of English law or the rules of any relevant UK regulatory
      authority and (b) such SPV Company is otherwise in compliance with the
      Companies Act 1985.

4.    ADMINISTRATIVE SERVICES

4.1   The Current Issuer Corporate Services Provider shall provide the following
      services (the Services):

      (a)   a registered office and administrative office for each SPV Company;

      (b)   the services of three persons who will, if required, accept office
            as directors of each SPV Company;

      (c)   the services of a secretary to each SPV Company to perform all the
            duties properly required of a secretary by the directors of such SPV
            Company and the Companies Acts 1985 (the "Law");

      (d)   the arrangement of meetings of directors and shareholders of each
            SPV Company in the UK and the preparation of minutes of such
            meetings;

      (e)   the arrangement of annual meetings and any other meetings of the
            shareholders of each SPV Company;

      (f)   the maintenance of the statutory books of each SPV Company and any
            other books and records required by law or ordinarily required by a
            English company and the preparation and issue of share certificates;

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      (g)   the preparation and submission of any other documents required by
            law to be prepared or filed by each SPV Company including all
            filings to be made with the Registrar of Companies;

      (h)   the provision of book keeping services and preparation of each SPV
            Company's accounts based upon the ledgers and records maintained by
            the Current Issuer Cash Manager;

      (i)   the instruction of each SPV Company's auditors to prepare the annual
            audited financial statements; and

      (j)   the execution of all such agreements, documents and undertakings as
            shall be necessary in connection with the business of each SPV
            Company if so authorised by a valid resolution of the Board of
            Directors of each SPV Company;

4.2   The Current Issuer Corporate Service Provider's duties:

      (a)   The Current Issuer Corporate Service Provider shall at all times act
            in accordance with all reasonable and proper directions, orders and
            instructions given by the Board of Directors of each SPV Company.

      (b)   The Current Issuer Corporate Service Provider shall not knowingly do
            or knowingly omit to do anything which would constitute a breach of
            any provisions of the Memorandum and Articles of Association of each
            SPV Company or of any legally binding restrictions applying to each
            such SPV Company. This includes but is not limited to any legally
            binding restrictions applying to each SPV Company as a consequence
            of its being a party to the Transaction Documents.

5.    CONFIDENTIALITY

5.1   The Current Issuer Corporate Services Provider shall not, and hereby
      undertakes to procure that each person nominated or deemed to be nominated
      by the Current Issuer Corporate Services Provider as Director of each SPV
      Company shall not (regardless of whether or not such person shall still be
      in office), at any time disclose to any person, firm or company whatsoever
      (other than the Share Trustee), and shall treat as confidential, any
      information relating to the business, finances or other matters of
      Northern Rock or any SPV Company which such Director may have obtained as
      a result of (in the case of the Current Issuer Corporate Services
      Provider) its role under this Agreement as a Director or as employer or
      principal to any Director or (in the case of any Director) such Director's
      position as Director of each SPV Company, or otherwise have become
      possessed of, and the Current Issuer Corporate Services Provider shall use
      its best endeavours to prevent any such disclosure provided however that
      the provisions of this Clause shall not apply:

      (a)   to the disclosure of any information already known to the recipient;

      (b)   to the disclosure of any information which is or becomes public
            knowledge otherwise than in breach of this Clause;

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      (c)   to any extent that disclosure is required pursuant to any law or
            order of any court or pursuant to any direction, request or
            requirement (whether or not having the force of law) of any central
            bank or any governmental or other regulatory or taxation authority
            (including, without limitation, any official bank examiners or
            regulators or the London Stock Exchange plc or any other applicable
            stock exchange);

      (d)   to the disclosure of any information to professional advisers or any
            of the Rating Agencies who receive the same under a duty of
            confidentiality;

      (e)   to the disclosure of any information with the consent of all the
            parties hereto; and

      (f)   to the disclosure of any information to the Note Trustee.

      and the Current Issuer Corporate Services Provider hereby agrees to
      indemnify and hold harmless Northern Rock and the SPV Companies for all
      losses, damages, expenses, costs, claims and charges arising from or
      caused by any disclosure of information by any of the Current Issuer
      Corporate Services Provider or any Director nominated or deemed to be
      nominated by it which disclosure is made contrary to the provisions of
      this Clause.

5.2   The obligations of the Current Issuer Corporate Services Provider under
      this Clause 5 shall survive the termination of this Agreement.

6.    REMUNERATION

      The Current Issuer Corporate Services Provider shall be entitled to
      remuneration for the services provided by it under this Agreement of an
      amount to be agreed between the SPV Companies, Northern Rock and the
      Current Issuer Corporate Services Provider (together with Value Added Tax
      thereon) which shall consist of remuneration for corporate services
      hereunder to be borne by the SPV Companies and payable quarterly on
      Payment Dates subject to and in accordance with the Current Issuer
      Priority of Payments. The remuneration to the Current Issuer Corporate
      Services Provider as set forth in this Clause shall apply only in respect
      of this Agreement and the transactions contemplated by the Transaction
      Documents, and the remuneration to the Current Issuer Corporate Services
      Provider in respect of any previous or subsequent transaction between the
      parties shall be as agreed in connection with such transaction.

7.    NON PETITION AND LIMITED RECOURSE

7.1   Each of the parties hereto hereby agrees that it shall not institute
      against any of the SPV Companies any winding-up, administration,
      insolvency or similar proceedings in any jurisdiction for so long as any
      sum is outstanding under the Notes of any Issuer or for two years plus one
      day since the last day on which any such sum was outstanding.

7.2   Each of the parties hereto agrees that notwithstanding any other provision
      of this Agreement or any other Transaction Document:

      (a)   in relation to GPCH and/or Holdings, any amount payable by GPCH or
            Holdings to any other party to this Agreement under this Agreement
            shall only

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            be payable to the extent that GPCH or, as the case may be, Holdings
            has sufficient funds to pay such amount on such date; and

      (b)   in relation to the Current Issuer:

            (i)   only the Note Trustee may enforce the security created in
                  favour of the Note Trustee under the Current Issuer Deed of
                  Charge in accordance with the provisions thereof;

            (ii)  no sum due or owing to any party to this Agreement from or by
                  the Current Issuer under this Agreement shall be payable by
                  the Current Issuer except to the extent that the Current
                  Issuer has sufficient funds available or (following
                  enforcement of the Current Issuer Security) the Note Trustee
                  has realised sufficient funds from the Current Issuer Security
                  to pay such sum subject to and in accordance with the relevant
                  Current Issuer Priority of Payments and provided that all
                  liabilities of the Current Issuer required to be paid in
                  priority thereto or PARI PASSU therewith pursuant to such
                  Current Issuer Priority of Payments have been paid, discharged
                  and/or otherwise provided for in full; and

            (iii) it shall not take any steps for the purpose of recovering any
                  amount payable by the Current Issuer or enforcing any rights
                  arising out of this Agreement against the Current Issuer
                  otherwise than in accordance with the Current Issuer Deed of
                  Charge.

7.3   The provisions of Clause 6 of the Current Issuer Deed of Charge shall
      prevail in the event that and to the extent that they conflict with the
      provisions of this Clause 7.

8.    TERMINATION

8.1   The appointment of the Current Issuer Corporate Services Provider
      hereunder in relation to each SPV Company shall terminate:

      (a)   upon the expiration of 90 days notice in writing given by the
            Current Issuer Corporate Services Provider or by the relevant SPV
            Company and provided that a substitute corporate services provider
            acceptable to the relevant SPV Company and Northern Rock has been
            appointed in relation to the relevant SPV Company on terms
            substantially the same as those set out in this Agreement and that
            such appointment will be effective not later than the date of the
            termination;

      (b)   immediately if:

            (i)   an order has been made or a resolution has been passed to put
                  the Current Issuer Corporate Services Provider into
                  liquidation (except a voluntary liquidation for the purpose of
                  reconstruction or amalgamation); or

            (ii)  the Current Issuer Corporate Services Provider has broken or
                  is in breach of any of the terms of this Agreement and shall
                  not have remedied such breach within 30 days after service of
                  notice requiring the same to be remedied; or

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            (iii) the Current Issuer Corporate Services Provider becomes
                  insolvent; or

            (iv)  the Current Issuer Corporate Services Provider ceases or
                  threatens to cease to carry on its business or a substantial
                  part of its business or stops payment or threatens to stop
                  payment of its debts.

8.2   This agreement shall terminate automatically on the date falling 90 days
      after the later of the date on which the Mortgages Trust Deed terminates
      or the date on which all of the Current Issuer Secured Obligations have
      been discharged in full.

8.3   Termination of the appointment of the Current Issuer Corporate Services
      Provider under this Clause 8 shall be without prejudice to the rights of
      any party in respect of any antecedent claim against or breach of the
      terms of this Agreement by the Current Issuer Corporate Services Provider.

9.    NON-ASSIGNMENT

      The rights and obligations of the parties hereto are personal and, save in
      the case of the Current Issuer in accordance with the Current Issuer Deed
      of Charge, shall not be capable of assignment.

10.   NON-EXCLUSIVE

      The Current Issuer Corporate Services Provider and the Directors shall be
      at liberty to provide services of a like nature to any other persons it
      may think fit whether for its own account or that of any other person.

      Neither the Current Issuer Corporate Services Provider nor any other
      person affiliated with the Current Issuer Corporate Services Provider
      shall in consequence of the appointment of the Current Issuer Corporate
      Services Provider hereunder or in consequence of any transaction entered
      into by any SPV Company with the Current Issuer Corporate Services
      Provider be liable to account to the SPV Companies for any profits
      (whether disclosed or not) accruing to the Current Issuer Corporate
      Services Provider from or by virtue of any such transaction.

      The Current Issuer Corporate Services Provider shall be entitled to charge
      and receive remuneration in accordance with its usual charging policies
      for any legal advice initiated by and rendered to any SPV Company,
      subject, in the case of any SPV Company, to the limited recourse
      provisions set out in Clause 7.

11.   INDEMNITY

      Northern Rock undertakes to indemnify and hold harmless the Current Issuer
      Corporate Services Provider, the Directors and the Share Trustee against
      all actions, proceedings, accounts, claims or demands and any costs and
      expenses incurred in connection therewith which may be brought or made or
      threatened to be brought or made against either the Current Issuer
      Corporate Services Provider, the Directors or the Share Trustee in
      connection with the affairs of any SPV Company unless any such liability
      shall have arisen solely due to the fraud, wilful misconduct or gross
      negligence of the Current Issuer Corporate Services Provider, the
      Directors or the Share Trustee. This indemnity shall continue in force
      notwithstanding the termination of this Agreement.

                                       7

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12.   GOVERNING LAW AND JURISDICTION, APPROPRIATE FORM

12.1  This Agreement is governed by, and shall be construed in accordance with,
      the laws of England and Wales.

12.2  Each of the parties hereto irrevocably agrees 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 this Agreement and, for such purposes, irrevocably submits
      to the jurisdiction of such courts.

12.3  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.

13.   CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

      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.

14.   NOTICES

      Any notices to be given and any correspondence or communication to be
      delivered or forwarded pursuant to this Agreement shall be sufficiently
      served, delivered or forwarded if sent by prepaid airmail or by facsimile
      transmission and shall be deemed to be given (in the case of facsimile
      transmission at 10.00am on the next business day in the place of receipt
      following despatch) or (in the case of the post) three (3) days after the
      despatch thereof and shall be sent:

      (a)   in the case of the Current Issuer Corporate Services Provider, to
            its office specified against its name at the commencement of this
            Agreement, fax number 020 7606 0643, marked for the attention of
            Sharon Tyson;

      (b)   in the case of each SPV Company, to its office specified against its
            name at the commencement of this Agreement fax number 020 7606 0643,
            marked for the attention of Sharon Tyson with a copy to Northern
            Rock to its office specified against its name at the commencement of
            this Agreement, fax number 0191 279 4694, marked for the attention
            of Keith Currie; and

      (c)   in the case of the Share Trustee, to its office specified against
            its name at the commencement of this Agreement fax number 020 7606
            0643, marked for the attention of Sharon Tyson.

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IN WITNESS WHEREOF the parties hereto have executed this Agreement the date
first above written:

EXECUTED for and on behalf of                   )
GRANITE MORTGAGES 02-2 PLC                      )
by:                                             )

Name:
Representing LDC SECURITISATION DIRECTOR NO 1 LIMITED
Title: DIRECTOR

EXECUTED for and on behalf of                   )
LAW DEBENTURE CORPORATE SERVICES LIMITED        )
by:                                             )

Name:
Title: DIRECTOR

EXECUTED for and on behalf of                    )
LAW DEBENTURE INTERMEDIARY CORPORATION P.L.C.    )
by:                                              )

Name:
Title: DIRECTOR

EXECUTED for and on behalf of                    )
GRANITE FINANCE HOLDINGS LIMITED                 )
by:                                              )

Name:
Title: DIRECTOR

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EXECUTED for and on behalf of                    )
GPCH LIMITED                                     )
by:                                              )

Name:
Title: DIRECTOR

EXECUTED for and on behalf of                    )
NORTHERN ROCK PLC                                )
by:                                              )

Name:
Title:

                                       10Dated 26 March 2001

                        GRANITE FINANCE TRUSTEES LIMITED

                                      AND

                             MOURANT & CO. LIMITED

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                     CORPORATE SERVICES PROVIDER AGREEMENT

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<PAGE>

THIS AGREEMENT is made the 26 day of March 2001.

BETWEEN

(1)   GRANITE FINANCE TRUSTEES LIMITED, a company incorporated under the laws of
      Jersey, registered number 79309, whose registered office is at 22
      Grenville Street, St. Helier, Jersey JE4 8TB, Channel Islands (COMPANY);
      and

(2)   MOURANT & CO. LIMITED, a company incorporated under the laws of Jersey,
      registered number 36615, whose registered office is at 22 Grenville
      Street, St. Helier, Jersey JE4 8PX, Channel Islands (CORPORATE SERVICES
      PROVIDER).

WHEREAS

(A)   The Company has executed a Mortgages Trust Deed dated 26 March 2001
      between itself as Trustee, Northern Rock plc as Seller and Beneficiary
      (SELLER), Granite Finance Funding Limited as Beneficiary (FUNDING)
      (MORTGAGES TRUST DEED), whereby it undertakes to hold the benefit of all
      the Trust Property (as defined in the Mortgages Trust Deed) from time to
      time transferred to it or acquired by it from Northern Rock plc upon trust
      for the Seller and Funding in accordance with the terms of the Mortgages
      Trust Deed.

(B)   The Company has requested the Corporate Services Provider to provide
      administrative and secretarial services to the Company upon the terms set
      out in this Agreement in order to carry out its obligations under the
      Transaction Documents. The Corporate Services Provider is willing to
      provide such service to the Company upon such terms.

<PAGE>

NOW IT IS HEREBY AGREED as follows:

1.    INTERPRETATION

      1.1   Terms used herein and not otherwise defined herein shall have the
            meanings ascribed to them in the Articles of Association of the
            Company as in full force from time to time (hereinafter the
            "ARTICLES OF ASSOCIATION").

      1.2   Words importing the singular shall include the plural and the
            masculine gender shall include the feminine and the neuter and vice
            versa in each case and words importing persons shall include bodies
            of persons whether corporate or unincorporated.

      1.3   The Master Definitions Schedule signed for the purposes of
            identification by Brown & Wood and Clifford Chance Limited Liability
            Partnership on 26 March 2001 (as the same may be amended, varied or
            supplemented from time to time with the consent of the parties
            hereto) is expressly and specifically incorporated into this
            Agreement and, accordingly, the expressions defined in the Master
            Definitions Schedule (as amended, varied or supplemented) shall,
            except where the context otherwise requires and save where otherwise
            defined herein, have the same meanings in this Agreement and in the
            Recitals hereto, and this Agreement shall be construed in accordance
            with the interpretation provisions set out in Clause 2
            (Interpretation and Construction) of that Master Definitions
            Schedule.

      1.4   The headings in this Agreement do not affect its interpretation.

      1.5   References to 'clauses' (unless otherwise specified) are references
            to clauses of this Agreement.

      1.6   References to any agreement shall be construed as a reference to
            such agreement as the same may be, or may from time to time have
            been amended, modified, supplemented or restated.

<PAGE>

      1.7   '(pound)' and 'sterling' denote lawful currency of the United
            Kingdom.

2.    ADMINISTRATIVE SERVICES

The Corporate Services Provider shall provide the following services (the
SERVICES) in Jersey:

      2.1   a registered office and administrative office for the Company;

      2.2   the services of four individuals who will accept office as Directors
            of the Company;

      2.3   the services of a secretary to the Company to perform all the duties
            properly required of a secretary by the directors of the Company and
            the Companies (Jersey) Law 1991 (the "LAW");

      2.4   the arrangement of meetings of directors and shareholders of the
            Company on the Island of Jersey and the preparation of minutes of
            such meetings;

      2.5   the arrangement of annual meetings and any other meetings of the
            shareholders of the Company;

      2.6   the maintenance of the statutory books of the Company and any other
            books and records required by law or ordinary required by a Jersey
            company and the preparation and issue of share certificates;

      2.7   the preparation and submission of annual returns of the Company and
            procuring that the Company pays the fee required to be paid to the
            Jersey authorities in connection therewith;

      2.8   a preparation and submission of any other documents required by law
            to be prepared or filed by the Company;

<PAGE>

      2.9   the provision of bookkeeping services and preparation the Company's
            accounts based upon the Finance Trustees Ledgers as maintained by
            the Cash Manager, the quarterly management accounts maintained by
            the Cash Manager and the records maintained by the Administrator;

      2.10  the instruction of the Company's auditors to prepare the annual
            audited financial statements;

      2.11  the safekeeping of the common seal of the Company and arranging for
            sealing of documents as authorised by the directors of the Company;

      2.12  obtaining exempt status for the Company under the provisions of the
            Income Tax (Jersey) Law 1961, as amended and procuring that the
            Company pays the fee required to be paid to the Comptroller of
            Income Tax in order to obtain such status;

      2.13  the provision (if necessary) of nominees to hold the issued shares
            of the Company; and

      2.14  the execution of all such agreements, documents and undertakings as
            shall be necessary in connection with the Business of the Company if
            so authorised by a valid resolution of the Board of Directors of the
            Company;

      2.15  the acceptance of service of process and any other documents or
            notices to be served on the Company.

3.    THE CORPORATE SERVICE PROVIDER'S DUTIES

      3.1   The Corporate Service Provider shall at all times (subject to Clause
            5 hereof) act in accordance with all reasonable and proper
            directions, orders and instructions given by the Board of Directors
            of the Company.

<PAGE>

      3.2   The Corporate Service Provider shall not knowingly do or knowingly
            omit to do anything which would constitute a breach of any
            provisions of the Articles of Association of the Company or of any
            legally binding restrictions applying to the Company. This includes
            but is not limited to any legally binding restrictions applying to
            the Company as a consequence of its being a party to the Transaction
            Documents.

4.    TRANSACTION ACCOUNT AND GIC ACCOUNTS

      4.1   The Company confirms that the Mortgages Trustee Transaction Account
            and Mortgages Trustee GIC Account have been established and that a
            mandates in accordance with the Bank Account Agreement will be
            delivered to the Account Bank immediately following the execution of
            this Agreement and that as at the date of this Agreement none of the
            Accounts is overdrawn.

      4.2   The Company will operate the Mortgages Trustee Transaction Account
            and the Mortgage Trustees GIC Account in accordance with the terms
            of the Cash Management Agreement and the Bank Agreement. The
            Corporate Services Provider shall (subject to Clause 5 hereof) only
            give instructions on behalf of the Company to the Account Bank for
            the deposit, withdrawal or transfer of funds in accordance with
            information provided by the Cash Manager from time to time pursuant
            to the Cash Management Agreement.

      4.3   The Corporate Service Provider shall be entitled to rely upon the
            information provided by the Cash Manager and it shall be no part of
            its duties to make enquiry as to the accuracy or completeness of
            that information.

5.    ENFORCEMENT NOTICE

      5.1   The Company shall notify the Corporate Services Provider of the
            receipt of an Enforcement Notice.

      5.2   In the event that the Corporate Services Provider has received
            notification pursuant to Clause 5.1 hereof, the Corporate Services
            Provider shall act only in accordance with the directions of the
            Security Trustee.

<PAGE>

6.    STATUTORY ACCOUNTS

      6.1   The Corporate Services Provider shall, subject to all applicable
            laws, provide all information and access to books and records as the
            Auditors may reasonably require for the purpose of auditing the
            annual accounts of the Company;

      6.2   The Corporate Services Provider shall, in conjunction with the
            Auditors and subject to the provision of any necessary information
            by the Cash Manager, assist in the preparation of the profit and
            loss account, balance sheet and directors' report and any other
            report or information required by law to be attached to them or
            incorporated in them for the Company in respect of each accounting
            reference period. Subject to the approval of the Company, the
            Corporate Services Provider shall cause such accounts to be audited
            by the Auditors and shall procure, so far as it is able to do so,
            that the Auditors shall make a report thereon as required by law;

      6.3   The Corporate Services Provider shall arrange for the Cash Manager
            and the Security Trustee to receive such copies of the audited
            accounts as shall be required by the Transaction Documents within
            120 days of the end of the each accounting reference period. It
            shall also send copies of the audited accounts to such other parties
            as either the Cash Manager or the Security Trustee shall request;

      6.4   The Corporate Services Provider shall take all reasonable steps to
            procure that, within 120 days of the end of each accounting
            reference period, the Auditors provide to the Cash Manager for
            submission to the Financial Services Authority, the London Stock
            Exchange plc, the Jersey Registrar of Companies, S&P, Moody's and
            Fitch a copy of the Auditor's report.

7.    DATA PROTECTION AND CONSUMER CREDIT

      The Company confirms that it has applied for registration under the Data
      Protection

<PAGE>

      Act 1998 and obtained a licence under the Consumer Credit Act 1974 in the
      United Kingdom and applied for the Data Protection (Jersey) Law 1987 in
      Jersey. The Corporate Services Provider will use its best endeavours to
      procure that the Company maintains such registrations and that the Company
      obtains and maintains all necessary registrations, licences and
      authorities required to enable the Company to perform its obligations
      under the Transaction Documents.

8.    DESIGNATED RESOURCES--DESIGNATED CSP STAFF

      8.1   The Corporate Services Provider shall procure that from the Initial
            Closing Date until the Final Redemption (the CSP STAFF PERIOD),
            three of its full time employees (the DESIGNATED CSP STAFF, each
            employee being a DESIGNATED CSP STAFF MEMBER) are available on a
            non-exclusive and part time basis to the Company.

      8.2   On the Initial Closing Date, the initial Designated CSP Staff
            Members are expected to be: Richard Gough; Shelagh Thornhill and
            Annette Cunningham. The Corporate Services Provider may designate an
            alternative individual or individuals to be a Designated CSP Staff
            Member, PROVIDED THAT if the Corporate Services Provider becomes
            aware of any notice of termination of the contract of employment
            given or received from a Designated CSP Staff Member, the Corporate
            Services Provider will promptly notify the Security Trustee and
            shall ensure that an alternative individual is designated as a
            replacement Designated CSP Staff Member.

      8.3   This Agreement is a contract for services and is not intended to
            constitute and nothing in this Agreement shall have the effect of
            constituting any relationship of employer and employee between the
            Company, (as employer), and the Designated CSP Staff Members (as
            employee). Notwithstanding the designation of the Designated CSP
            Staff as available on a non-exclusive basis to provide Services, the
            Designated CSP Staff will not, at any time, be under the control or
            management of the Company. None of the Designated CSP Staff will be
            employed the Corporate Services Provider (or such other

<PAGE>

            company as the Corporate Services Provider may designate for this
            purpose) exclusively to perform the Services.

      8.4   This Agreement is not intended to and nothing in this Agreement
            shall have the effect of constituting a Designated CSP Staff Member
            as agent of the Company. No Designated CSP Staff Member shall have
            the authority or right to contract on behalf of the Company or to
            bind it in any way in relation to third parties, save as
            specifically authorised by the Company from time to time or, as
            applicable, where the Designated CSP Staff Member is acting solely
            in his capacity as a director if the Company and has been duly
            authorised in that regard by the board of directors of the Company.
            Nothing in this Agreement shall constitute a partnership or joint
            venture between the parties.

      8.5   For the avoidance of doubt, the Corporate Services Provider may at
            its discretion, and shall where necessary, use other persons in the
            performance of the Services where need in supplement to, or
            substitution of the Designated CSP Staff.

9. DESIGNATED RESOURCES--OFFICE SPACE

      9.1   The Corporate Services Provider agrees to designate a specific area
            (the DESIGNATED OFFICE SPACE) within the premises of the Corporate
            Services Provider as the office from which the Designated CSP Staff
            may perform the Services, and where the Corporate Services Provider
            may (but is not required to) store files, records and correspondence
            referred to in Clause 10 below.

      9.2   The Designated Office Space will not be used exclusively by the
            Corporate Services Provider to provide the Services.

      9.3   The Corporate Services Provider may provide services to other
            companies managed and administered by the Corporate Services
            Provider from the Designated Office Space.

<PAGE>

      9.4   The Corporate Services Provider will retain possession and control
            of the Designated Office Space and the Company will not have
            possession or control of either:

            (a)   the Designated Office Space itself; or

            (b)   any means of access thereto or egress therefrom; or

            (c)   any plant or substance in the Designated Office Space; or

            (d)   any equipment or files in the Designated Office Space.

            For the avoidance of doubt, nothing in this Agreement shall be taken
            as granting a lease, licence or other interest in the Designated
            Office Space which shall remain the property of the Corporate
            Services Provider.

10.   DESIGNATED RESOURCES

      10.1  The Corporate Services Provider further agrees that dedicated
            communication facilities may be provided to the Company, which
            facilities may include a separate telephone and telefax line and be
            (but shall not be required to be) provided in the Designated Office
            Space and which may be (but shall not be required to be) manned by
            the Designated CSP Staff.

      10.2  The Corporate Services Provider shall maintain files, records and
            correspondence relating to the Company and may do so, but shall not
            be required to, in the Designated Office Space.

11.   WARRANTIES AND UNDERTAKINGS OF THE CORPORATE SERVICES PROVIDER

      11.1  The Corporate Services Provider warrants to the Company:

            (a)   it is duly registered as a company limited by shares under
                  Jersey Law;

<PAGE>

            (b)   it has power under its Memorandum and Articles of Association,
                  and all necessary corporate authority has been obtained and
                  action taken for it to sign and deliver and perform the
                  transactions contemplated in this Agreement; and

            (c)   the signing and delivery of this Agreement does or will not
                  contravene or constitute a default under, or cause to be
                  exceeded any limitation on it or the powers of its directors,
                  imposed by or contained in, (1) any law by which it or any of
                  its assets is bound or affected, (2) its Memorandum and
                  Articles of Association, or (3) any agreement to which it is
                  a party or by which any of its assets is bound.

      11.2  The Corporate Services Provider undertakes generally to provide
            or procure such human and other resources as is appropriate to
            perform all the Services described in this Agreement to the
            appropriate standard.

12.   NON-PETITION AND LIMITED RECOURSE

      The Corporate Services Provider agrees that it will not initiate or join
      any person in initiating an Insolvency Event in relation to the Company.

      In relation to the Company, any amount payable under this Agreement by
      the Company to any other party to this Agreement, not being an amount
      payable out of the Trust Property in accordance with the terms of the
      Mortgages Trust Deed, shall only be payable to the extent that, on that
      date, the Company has sufficient funds to pay such amount out of the fees
      paid to it under the Mortgages Trust Deed.

13.   ASSIGNMENT

      Except with the consent of the Security Trustee, the Corporate Services
      Provider may not assign or transfer or purport to assign or transfer a
      right or obligation under this Agreement.

<PAGE>

14.   INFORMATION AND DATA REGARDING THE COMPANY

      14.1  The Corporate Services Provider hereby agrees that all information
            and data held by it in respect of the Company on any computer
            system of Corporate Services Provider is the sole property of the
            Company.

      14.2  The Corporate Services Provider agrees that all such information and
            data and all other information relating to the services provided
            under this Agreement shall be kept safely and treated as
            confidential. It shall not be disclosed to any third party, except
            with the prior written consent of the Company or except as may be
            required by law or by any regulatory authority. The Corporate
            Services Provider agrees to use the same solely for the purposes of
            this Agreement. The agreement constituted by the terms of this
            Clause 14.2 shall continue even after the termination of this
            Agreement.

      14.3  After termination of this Agreement the Corporate Services Provider
            shall deliver up to the Company, within 2 working days of the
            Company's request therefor, all such information and data, or, at
            the request of the Company, destroy the same.

15.  REMUNERATION

     15.1   The Company shall remunerate the Corporate Service Provider in
            accordance with the fees set out in the Schedule hereto for the
            supply of services to the Company pursuant to this Agreement.

     15.2   In addition to the scale of fees, the Corporate Services Provider,
            its officers, employees, and any person to whom it has delegated
            its duties hereunder shall be entitled to reimbursement of all out
            of pocket expenses reasonably incurred by them in the proper
            performance of such services hereunder.

<PAGE>

16.  INDEMNITY

     16.1   The Company shall at all times keep the Corporate Services Provider,
            its directors, officers, employees, agents and nominees fully and
            effectively indemnified and saved harmless against all actions,
            proceedings, claims, demands, damages, costs and other liabilities
            whatsoever arising out of the performance of its or their duties
            under this Agreement save only liabilities arising as a consequence
            of negligence, bad faith, fraud or wilful misconduct on the part of
            such persons. This indemnity shall continue after the termination
            of the duties of the Corporate Services Provider under this
            Agreement and the benefit shall extend to all directors, officers,
            employees, agents and nominees of the Corporate Services Provider
            from time to time and to the successors in title of the Corporate
            Services Provider.

     16.2   The Corporate Services Provider shall at all times keep the Company,
            its directors, officers, employees, agents and nominees fully and
            effectively indemnified and saved harmless against all actions,
            proceedings, claims, demands, damages, costs and other liabilities
            whatsoever arising out of any breach by the Corporate Services
            Provider in its duties under this Agreement or arising as a
            consequence of negligence, bad faith, fraud or wilful misconduct on
            the part of the Corporate Services Provider. This indemnity shall
            continue after the termination of the duties of the Corporate
            Services Provider under this Agreement and the benefit shall extend
            to all directors, officers, employees, agents and nominees of the
            Company from time to time and to the successors in title of the
            Company.

17.  LIABILITY OF THE CORPORATE SERVICES PROVIDER

     17.1   The Corporate Services Provider shall not be liable for any loss to
            the Company arising in consequences of the failure, depreciation
            or loss of any investments (of the Company) made in accordance with
            instructions and guidelines given by the Board of Directors of the
            Company except by reason of fraud, wilful misconduct or negligence
            on the part of the Corporate Services Provider.

<PAGE>

     17.2   Without prejudice to the generality of clause 17.1 of this Agreement
            the Corporate Services Provider shall not incur any liability
            whatsoever arising from:

            (a)   the negligence or fraud of any delegate or agent appointed or
                  employed with the consent, or on the instructions of, the
                  Board of Directors of the Company; or

            (b)   anything done or omitted in conformity with any advice given
                  or purporting to have been given by any agent appointed or
                  employed in connection with the affairs of the Company with
                  the consent of the Board of Directors of the Company.

18.  SCOPE OF OBLIGATIONS

     18.1   The Corporate Services Provider, its directors, officers, employees,
            agents and nominees shall not be obliged to act in any manner which
            may be contrary to law.

     18.2   The Corporate Services Provider shall not be required to take any
            legal action on behalf of the Company unless fully indemnified to
            its satisfaction.

     18.3   When deemed necessary for the proper performance of its
            administrative duties, the Corporate Services Provider may, on
            behalf of the Company seek legal, tax, financial, administrative
            or other advice as well as employ third parties to provide
            services.

     18.4   The Corporate Services Provider's obligations hereunder to procure
            that the Company make all payments required of it shall be subject
            to the availability of the Company's funds to do so and in no
            circumstances shall the Corporate Services Provider be required
            to make payments in connection with the Business of the Company
            out of its own funds.

<PAGE>

19.  TERMINATION

     19.1   The appointment of the Corporate Services Provider hereunder shall
            terminate:

            (a)   upon the expiration of 90 days notice in writing given by the
                  Corporate Services Provider or by the Company and provided
                  that a substitute administrator acceptable to the Company
                  and (if applicable) the Financial Services Department of the
                  States of Jersey Finance and Economics Committee (if required
                  under any consent granted pursuant to the Control of
                  Borrowing (Jersey) Order 1958 as amended) has been appointed
                  on terms substantially the same as those set out in this
                  Agreement and that such appointment will be effective not
                  later than the date of the termination;

            (b)   immediately if:

                  (i)   an order has been made or a resolution has been passed
                        to put the Corporate Services Provider into liquidation
                        (except a voluntary liquidation for the purpose of
                        reconstruction or amalgamation); or

                  (ii)  the Corporate Services Provider has broken or is in
                        breach of any of the terms of this Agreement and shall
                        not have remedied such breach within 30 days after
                        service of notice requiring the same to be remedied; or

                  (iii) the Corporate Services Provider is declared en desastre
                        or has committed any act or omission indicative of
                        insolvency; or

                  (iv)  the Corporate Services Provider ceases or threatens to
                        cease to carry on its business or a substantial part of
                        its business or stops payment or threatens to stop
                        payment of its debts.

<PAGE>

      19.2  Termination of the appointment of the Corporate Services Provider
            under this Clause shall be without prejudice to the rights of any
            party in respect of any antecedent claim against or breach of the
            terms of this Agreement by the Corporate Services Provider.

20.   NOTICES

      Notices to be given hereunder shall be delivered by hand or mailed to the
      address of the relevant party set out herein and where mailed shall be
      deemed to be duly given on the third day after the day of mailing.

21.   NO RESTRICTIONS

      Nothing in this Agreement shall limit or restrict the right of any
      director, officer or employee of the Corporate Services Provider or any
      director, officer, employee or partner of any of its subsidiaries or its
      affiliates to engage in any other business or to devote his time and
      attention to the management or other aspects of any other business,
      whether of a similar or dissimilar nature, nor to limit or restrict the
      right of the Corporate Services Provider or any of its subsidiaries or
      affiliates to engage in any other business or to render services of any
      kind to any other corporation, firm, individual or association.

22.   COUNTERPARTS

      This Agreement may be signed in several counterparts which, taken
      together, shall constitute one and the same Agreement.

23.   GOVERNING LAW

      This Agreement shall be governed and construed in accordance with the
      laws of Jersey.

<PAGE>

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly
executed this day and year first above written.

SIGNED by                          )
For and on behalf of               ) /s/ signature
GRANITE FINANCE TRUSTEES LIMITED   )

SIGNED by                          )
For and on behalf of               ) /s/ signature
MOURANT & CO. LIMITED              )

<PAGE>

                                    SCHEDULE

                 THE CORPORATE SERVICES PROVIDER'S REMUNERATION

The Corporate Services Provider's remuneration for the provision of the Services
during the period that it acts as Corporate Services Provider of the Company on
the terms of this Agreement Administration will be subject to review on an
annual basis from the date of the Corporate Services Provider's appointment and
initially will be as follows:

SET-UP FEES

A one off set up fee cost of (pound)2000.

DIRECTORS FEES

A fixed annual fee of (pound)2,500 per annum.

MANAGEMENT FEES

A fixed annual management fee of (pound)2500 per annum to include provisions of
registered office, company secretary, maintenance of the Company's statutory
records, dealing with filing requirements, keeping the company in good standing
and maintaining its exempt company status.

ADMINISTRATION AND PREPARATION OF ACCOUNTS

Fees calculated on a time spent basis in respect of the day to administration of
the Company affairs and for the preparation of Financial Statements and the
provision of accounting data to the auditors of the Company.

OTHER COSTS

Out of pocket expenses/disbursements incurred in the course of administration
(including but not limited to the prescribed filing fee in relation to the
Company's annual return and the annual exempt company charge payable by the
Company pursuant to Article 123A of the Income Tax (Jersey) Law 1961 (as
amended)).

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