Document:

Exhibit 4.7

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                      DAIMLERCHRYSLER MASTER OWNER TRUST

                                   as Issuer

                                      and

                             THE BANK OF NEW YORK

                             as Indenture Trustee

                             AMENDED AND RESTATED

                      SERIES 2004-B INDENTURE SUPPLEMENT

                         dated as of December 16, 2004

                                      to

                        AMENDED AND RESTATED INDENTURE

                         dated as of December 16, 2004

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                               TABLE OF CONTENTS

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                                   ARTICLE I
                                DEFINITIONS AND
                    OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.01.    Definitions.................................................1
SECTION 1.02.    Governing Law..............................................10
SECTION 1.03.    Counterparts...............................................11
SECTION 1.04.    Ratification of Indenture..................................11

                                  ARTICLE II
                            THE SERIES 2004-B NOTES

SECTION 2.01.    Creation and Designation...................................11
SECTION 2.02.    Form of Delivery; Depository; Denominations................11
SECTION 2.03.    Delivery and Payment.......................................11
SECTION 2.04.    ERISA Restrictions.........................................11

                                  ARTICLE III
                      ALLOCATIONS, DEPOSITS AND PAYMENTS

SECTION 3.01.    Allocations of Series 2004-B Available Interest Amount.....12
SECTION 3.02.    Amounts to be Treated as Series 2004-B Available
                 Interest Amount; Other Deposits to the Interest
                 Funding Account............................................13
SECTION 3.03.    Allocations of Reductions from Investor Charge-Offs to
                 the Overcollateralization Amount and the Nominal
                 Liquidation Amount of the Series 2004-B Notes..............13
SECTION 3.04.    Allocations of Reimbursements of Nominal Liquidation
                 Amount Deficit and Overcollateralization Amount Deficit....14
SECTION 3.05.    Application of Series 2004-B Available Principal Amount....14
SECTION 3.06.    Computation of Reductions to the Nominal Liquidation
                 Amount of the Series 2004-B Notes and the
                 Overcollateralization Amount from Reallocations of
                 Series 2004-B Available Principal Amounts..................15
SECTION 3.07.    Targeted Deposits of Series 2004-B Available Principal
                 Amounts to the Principal Funding Account...................15
SECTION 3.08.    Amounts to be Treated as Series 2004-B Available
                 Principal Amounts; Other Deposits to Principal Funding
                 Account....................................................16
SECTION 3.09.    Withdrawals from Interest Funding Account..................16
SECTION 3.10.    Withdrawals from Principal Funding Account.................16
SECTION 3.11.    Limit on Repayment of the Series 2004-B Notes..............17
SECTION 3.12.    Calculation of Nominal Liquidation Amount of Series
                 2004-B Notes and Overcollateralization Amount..............17
SECTION 3.13.    Netting of Deposits and Payments...........................19
SECTION 3.14.    Payments to Noteholders....................................19

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SECTION 3.15.    Exercise of Put Feature; Sale of Receivables for
                 Accelerated Notes..........................................19
SECTION 3.16.    Calculation Agent; Determination of LIBOR..................21
SECTION 3.17.    Excess Available Interest Amounts Sharing..................22
SECTION 3.18.    Excess Available Principal Amounts Sharing.................22
SECTION 3.19.    Computation of Interest....................................23
SECTION 3.20.    Variable Accumulation Period...............................23
SECTION 3.21.    Payments to the Issuer.....................................23
SECTION 3.22.    Payment Instructions and Monthly Noteholders' Report.......23

                                  ARTICLE IV
                           EARLY REDEMPTION OF NOTES

SECTION 4.01.    Early Redemption Events....................................24

                                   ARTICLE V
                           ACCOUNTS AND INVESTMENTS

SECTION 5.01.    Accounts...................................................26

                                   EXHIBITS

EXHIBIT A        FORM OF SERIES 2004-B NOTE
EXHIBIT B        FORM OF SERIES 2004-B SCHEDULE TO PAYMENT INSTRUCTIONS
EXHIBIT C        FORM OF SERIES 2004-B SCHEDULE TO MONTHLY NOTEHOLDERS'
                 STATEMENT

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            This AMENDED AND RESTATED SERIES 2004-B INDENTURE SUPPLEMENT (this
"Indenture Supplement"), by and between DAIMLERCHRYSLER MASTER OWNER TRUST, a
statutory trust created under the laws of the State of Delaware (the
"Issuer"), having its principal office at c/o Chase Manhattan Bank USA,
National Association, 500 Stanton Christiana Road, Newark, Delaware 19713, and
THE BANK OF NEW YORK, a New York banking corporation (the "Indenture
Trustee"), is made and entered into as of December 16, 2004.

            The Issuer and the Indenture Trustee are parties to the Series
2004-B Indenture Supplement, dated as of August 1, 2004 (the "Existing
Indenture Supplement"), which specifies the principal terms of the Series
2004-B Notes issued on the Issuance Date. In accordance with Section 1001(l)
of the Indenture, dated as of June 1, 2002 (the "Existing Indenture"), and the
terms of the Existing Indenture Supplement and the Program Amendment
Agreement, the parties hereto now desire to amend and restate the Existing
Indenture Supplement.

                                   ARTICLE I

                       DEFINITIONS AND OTHER PROVISIONS
                            OF GENERAL APPLICATION

            SECTION 1.01.  Definitions.  For all purposes of this Indenture
Supplement, except as otherwise expressly provided or unless the context
otherwise requires:

            (1) the terms defined in this Article I have the meanings assigned
      to them in this Article I, and include the plural as well as the
      singular;

            (2) all other terms used herein which are defined in the
      Indenture, either directly or by reference therein, have the meanings
      assigned to them in the Indenture and, if not defined in the Indenture,
      have the meanings assigned to them in the Sale and Servicing Agreement;

            (3) all accounting terms not otherwise defined herein have the
      meanings assigned to them in accordance with generally accepted
      accounting principles and, except as otherwise herein expressly
      provided, the term "generally accepted accounting principles" with
      respect to any computation required or permitted hereunder means such
      accounting principles as are generally accepted in the United States of
      America at the date of such computation;

            (4) all references in this Indenture Supplement to designated
      "Articles," "Sections" and other subdivisions are to the designated
      Articles, Sections and other subdivisions of this Indenture Supplement
      as originally executed. The words "herein," "hereof" and "hereunder" and
      other words of similar import refer to this Indenture Supplement as a
      whole and not to any particular Article, Section or other subdivision;

            (5) in the event that any term or provision contained herein shall
      conflict with or be inconsistent with any term or provision contained in
      the Indenture, the terms and provisions of this Indenture Supplement
      shall be controlling;

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            (6) except as expressly provided herein, each capitalized term
      defined herein shall relate only to the Series 2004-B Notes and no other
      Series of Notes issued by the Issuer;

            (7) "including" and words of similar import will be deemed to be
      followed by "without limitation"; and

            (8) "or" is not exclusive.

            "Accumulation Period" means, with respect to the Series 2004-B
Notes, the period from and including the Accumulation Period Commencement Date
to but excluding the earlier of (i) the Series 2004-B Termination Date and
(ii) the day on which an Early Redemption Period commences.

            "Accumulation Period Commencement Date" means March 1, 2007 or, if
the Issuer, acting directly or through the Administrator, makes an election
pursuant to Section 3.20, the later date selected by the Issuer pursuant to
Section 3.20.

            "Accumulation Period Length" means the number of full Collection
Periods between the Accumulation Period Commencement Date and the Series
2004-B Expected Principal Payment Date.

            "Adjusted Outstanding Dollar Principal Amount" means, with respect
to the Series 2004-B Notes, the Outstanding Dollar Principal Amount of the
Series 2004-B less (i) any funds (other than investment earnings) in the
Principal Funding Account and (ii) any amount (other than investment earnings)
in the Excess Funding Account that is allocable to Series 2004-B.

            "Aggregate Series Available Interest Amount Shortfall" means the
sum of the "Series Available Interest Amount Shortfalls" for all series of
Notes (as such term is defined in each of the related Indenture Supplements).

            "Aggregate Series Available Principal Amount Shortfall" means the
sum of the "Series Available Principal Amount Shortfalls" for all series of
Notes (as such term is defined in the related Indenture Supplements).

            "applicable investment category" means "Aaa" or "P-1" in the case
of Moody's and "AAA" or "A-1+" in the case of Standard & Poor's.

            "Calculation Agent" is defined in Section 3.16.

            "Controlled Accumulation Amount" means $200,000,000; provided,
however, that if the Accumulation Period Length with respect to the Series
2004-B Notes is determined to be less than five months pursuant to Section
3.20, the Controlled Accumulation Amount for any Payment Date will be equal to
(i) the Initial Dollar Principal Amount of the Series 2004-B Notes divided by
(ii) the Accumulation Period Length.

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            "Controlled Deposit Amount" means, with respect to any Payment
Date, the excess of (i) the Controlled Accumulation Amount over (ii) any funds
in the Excess Funding Account that are allocable to Series 2004-B and will be
deposited into the Principal Funding Account on such Payment Date.

            "DaimlerChrysler" means DaimlerChrysler Corporation, a Delaware
corporation, and its successors.

            "DCS" means DaimlerChrysler Services North America LLC, a Michigan
limited liability company, and its successors and permitted assigns.

            "Dealer Overconcentration" is defined in the Sale and Servicing
Agreement.

            "Defaulted Amount" is defined in the Sale and Servicing Agreement.

            "Determination Date" is defined in the Sale and Servicing
Agreement.

            "Early Redemption Event" means, with respect to the Series 2004-B
Notes, the occurrence of any of the events specified in Section 1201 of the
Indenture and Section 4.01 of this Indenture Supplement.

            "Early Redemption Period" means, with respect to the Series 2004-B
Notes, the period from and including the date on which an Early Redemption
Event occurs to but excluding the earlier of (i) the Series 2004-B Termination
Date and (ii) if such Early Redemption Period has commenced before the
scheduled termination of the Revolving Period, the day on which the Revolving
Period recommences pursuant to Section 4.01.

            "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended.

            "Event of Default" is defined in Section 701 of the Indenture.

            "Excess Funding Account" is defined in Section 402(b) of the
Indenture.

            "Incremental Overcollateralization Amount" means, at the time of
determination, the product obtained by multiplying

            (i) a fraction, the numerator of which is the Series 2004-B
      Nominal Liquidation Amount (calculated without including the Incremental
      Overcollateralization Amount), and the denominator of which is the Pool
      Balance on the last day of the preceding Collection Period, by

            (ii) the excess, if any, of:

                  (a)   the sum of the Overconcentration Amount and the
                        aggregate amount of Ineligible Receivables on that
                        date over

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                  (b)   the aggregate amount of Ineligible Receivables and
                        Receivables in Accounts containing Dealer
                        Overconcentrations, in each case that became Defaulted
                        Receivables during the preceding Collection Period and
                        are not subject to reassignment from the Issuer,
                        unless any Insolvency Event relating to DCWR or the
                        Servicer has occurred.

            "Indenture" means the Amended and Restated Indenture, dated as of
December 16, 2004, between the Issuer and The Bank of New York, as Indenture
Trustee, as amended, restated and supplemented from time to time.

            "Initial Cut-Off Date" is defined in the Sale and Servicing
Agreement.

            "Initial Dollar Principal Amount" means, with respect to the
Series 2004-B Notes, $1,000,000,000.

            "Insolvency Event" means, with respect to any specified Person:

            (i) such Person shall file a petition commencing a voluntary case
      under any chapter of the Federal bankruptcy laws; or such Person shall
      file a petition or answer or consent seeking reorganization,
      arrangement, adjustment, or composition under any other similar
      applicable Federal law, or shall consent to the filing of any such
      petition, answer, or consent; or such Person shall appoint, or consent
      to the appointment of, a custodian, receiver, liquidator, trustee,
      assignee, sequestrator or other similar official in bankruptcy or
      insolvency of it or of any substantial part of its property; or such
      Person shall make an assignment for the benefit of creditors, or shall
      admit in writing its inability to pay its debts generally as they become
      due; or

            (ii) any order for relief against such Person shall have been
      entered by a court having jurisdiction in the premises under any chapter
      of the Federal bankruptcy laws, and such order shall have continued
      undischarged or unstayed for a period of 60 days; or a decree or order
      by a court having jurisdiction in the premises shall have been entered
      approving as properly filed a petition seeking reorganization,
      arrangement, adjustment, or composition of such Person under any other
      similar applicable Federal law, and such decree or order shall have
      continued undischarged or unstayed for a period of 120 days; or a decree
      or order of a court having jurisdiction in the premises for the
      appointment of a custodian, receiver, liquidator, trustee, assignee,
      sequestrator, or other similar official in bankruptcy or insolvency of
      such Person or of any substantial part of its property, or for the
      winding up or liquidation of its affairs, shall have been entered, and
      such decree or order shall have remained in force undischarged or
      unstayed for a period of 120 days.

            "Interest Collections" is defined in the Sale and Servicing
Agreement.

            "Interest Funding Account" means the trust account designated as
such and established pursuant to Section 5.01(a).

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            "Interest Payment Date" means the 15th day of each calendar month,
or if such 15th day is not a Business Day, the next succeeding Business Day.
The initial Interest Payment Date was September 15, 2004.

            "Interest Period" means, with respect to any Interest Payment
Date, the period from and including the previous Interest Payment Date (or in
the case of the initial Interest Payment Date, from and including the Issuance
Date) to but excluding such current Interest Payment Date.

            "Investor Charge-Off" means, with respect to any Payment Date, the
aggregate amount, if any, by which the Series 2004-B Investor Default Amount,
if any, for the preceding Monthly Period exceeds the Series 2004-B Available
Interest Amount for such Payment Date available after giving effect to clauses
(a), (b) and (c) of Section 3.01.

            "Issuance Date" means August 31, 2004.

            "Legal Maturity Date" means the Payment Date in August 2009.

            "LIBOR" means, with respect to any Interest Period, the London
interbank offered rate determined in accordance with Section 3.16.

            "LIBOR Determination Date" means, with respect to any Interest
Period, the second London Business Day prior to the commencement of such
Interest Period.

            "London Business Day" means a day that is both a Business Day and
a day on which banking institutions in the City of London, England are not
required or authorized by law to be closed.

            "Miscellaneous Payments" is defined in the Sale and Servicing
Agreement.

            "Monthly Payment Rate" is defined in the Sale and Servicing
Agreement.

            "Monthly Period" is defined in the Indenture; provided, however,
that, with respect to the Series 2004-B Notes, the first Monthly Period was
the period beginning on the close of business on the Series 2004-B Cut-Off
Date and ending on and including August 31, 2004. The Monthly Period is the
same as the Collection Period.

            "Nominal Liquidation Amount of the Series 2004-B Notes" means,
with respect to the Series 2004-B Notes, the amount calculated pursuant to
Section 3.12(a).

            "Nominal Liquidation Amount Deficit" means, with respect to the
Series 2004-B Notes, the excess of (i) the Adjusted Outstanding Dollar
Principal Amount of the Series 2004-B Notes over (ii) the Nominal Liquidation
Amount of the Series 2004-B Notes.

            "Note Rating Agency" means, with respect to the Series 2004-B
Notes, each of Moody's, Standard & Poor's and Fitch.

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            "Overcollateralization Amount" means, with respect to the Series
2004-B Notes, the amount calculated pursuant to Section 3.12(b).

            "Overcollateralization Amount Deficit" means, with respect to the
Series 2004-B Notes, the excess of (i) the aggregate of the reallocations and
reductions made pursuant to Sections 3.12(b)(ii)(C) and (D) over (ii) the
aggregate amount of all reimbursements made pursuant to Section
3.12(b)(ii)(B).

            "Overcollateralization Percentage" means 9.89% (which, for the
avoidance of doubt, is the percentage equivalent of a fraction, the numerator
of which is 0.09 and the denominator of which is the excess of 1.00 over
0.09); provided that the Overcollateralization Percentage shall be 11.11%
(which, for the avoidance of doubt, is the percentage equivalent of a
fraction, the numerator of which is 0.1 and the denominator of which is the
excess of 1.0 over 0.1) so long as the rating of the long-term unsecured debt
of DaimlerChrysler AG is less than "BBB-" by Standard & Poor's.

            "Overconcentration Amount" is defined in the Sale and Servicing
Agreement.

            "Paying Agent" means, initially, the Indenture Trustee.

            "Payment Date" means, with respect to the Series 2004-B Notes, the
Principal Payment Date or any Interest Payment Date.

            "PFA Earnings" means, with respect to each Payment Date, the
investment earnings on funds in the Principal Funding Account (net of
investment expenses and losses) for the period from and including the
immediately preceding Payment Date to but excluding such Payment Date.

            "PFA Earnings Shortfall" means, with respect to any Payment Date,
the excess, if any, of (i) the PFA Earnings Target for such Payment Date over
(ii) the PFA Earnings for such Payment Date.

            "PFA Earnings Target" means, with respect to any Payment Date,
with respect to any amount on deposit in the Principal Funding Account, the
Dollar amount of interest that would have accrued on such amount for the
period from and including the preceding Payment Date to but excluding such
Payment Date if such amount had borne interest at the related Series 2004-B
Note Interest Rate.

            "Plan" means an employee benefit plan, as defined in Section 3(3)
of ERISA, that is subject to ERISA or a plan, as defined in Section 4975(e)(1)
of the Code.

            "Primary Overcollateralization Amount" means, with respect to the
Series 2004-B Notes, the amount calculated pursuant to Sections 3.12(b)(ii)(A)
through (D), except that the initial Primary Overcollateralization Amount as
of the Issuance Date was $98,901,099, which was the product of (i) the
Overcollateralization Percentage at the Issuance Date and (ii) the Nominal
Liquidation Amount of the Series 2004-B Notes at the Issuance Date.

            "Principal Collections" is defined in the Sale and Servicing
Agreement.

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            "Principal Funding Account" means the trust account designated as
such and established pursuant to Section 5.01(a).

            "Principal Payment Date" means, with respect to the Series 2004-B
Notes, the Series 2004-B Expected Principal Payment Date or, upon the
acceleration of the Series 2004-B Notes following an Event of Default or the
occurrence of an Early Redemption Event, each Interest Payment Date occurring
after such acceleration or Early Redemption Event.

            "Put Feature" means, with respect to the Series 2004-B Notes, the
right of the Holders to put the Series 2004-B Notes to the Issuer upon
satisfaction of the conditions set forth in Section 3.15(a) and receive the
amounts specified in Section 3.15(a).

            "Receivables Purchase Agreement" means the Second Amended and
Restated Receivables Purchase Agreement, dated as of December 16, 2004,
between DCS, as seller, and DCWR, as buyer, as amended, restated and
supplemented from time to time.

            "Receivables Sales Proceeds" means, with respect to the Series
2004-B Notes, the proceeds of the sale of Receivables with respect to such
series of Notes pursuant to Section 3.15. Receivables Sales Proceeds do not
constitute Principal Collections.

            "Record Date" means, with respect to any Payment Date, (i) if the
Series 2004-B Notes are Global Notes, the day immediately preceding such
Payment Date and (ii) if the Series 2004-B Notes are definitive Notes, the
last day of the calendar month ending before such Payment Date.

            "Reference Banks" means four major banks engaged in transactions
in the London interbank market selected by the Calculation Agent for the
purpose of determining LIBOR.

            "Required Primary Overcollateralization Amount" means, with
respect to any Payment Date, the product of (i) the Overcollateralization
Percentage and (ii) the Nominal Liquidation Amount of the Series 2004-B Notes
calculated after giving effect to allocations, deposits and payments to be
made on such Payment Date but without giving effect to the reductions in
Sections 3.12(a)(ii)(C) and (D) and the reimbursements in Section
3.12(a)(ii)(B).

            "Revolving Period" means, with respect to the Series 2004-B Notes,
the period from the close of business on the Series 2004-B Cut-Off Date to but
excluding the earlier of (i) the Accumulation Period Commencement Date and
(ii) the day on which an Early Redemption Period commences. The Revolving
Period, however, may recommence upon the termination of an Early Redemption
Period pursuant to Section 4.01.

            "Sale and Servicing Agreement" means the Sale and Servicing
Agreement, dated as of December 16, 2004, among DCWR, as Seller, DCS, as
Servicer, and the Issuer, as amended, restated and supplemented from time to
time.

            "Series 2004-B Account" is defined in Section 5.01(a).

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            "Series 2004-B Available Amount" means, with respect to any
Payment Date, the sum of the Series 2004-B Available Interest Amount and the
Series 2004-B Available Principal Amount for such Payment Date.

            "Series 2004-B Available Interest Amount" means, with respect to
any Payment Date, the sum of (a) the Interest Collections with respect to the
preceding Collection Period that are allocated to Series 2004-B pursuant to
Section 501 of the Indenture and (b) any amounts to be treated as part of the
Series 2004-B Available Interest Amount pursuant to Section 3.02(a).

            "Series 2004-B Available Interest Amount Shortfall" means, with
respect to any Payment Date, the excess, if any, of (i) the aggregate amount
required to be applied pursuant to Sections 3.01(a) through (e) for such
Payment Date over (ii) the Series 2004-B Available Interest Amount (excluding
amounts to be treated as part of the Series 2004-B Available Interest Amount
pursuant to Section 3.17(a) for such Payment Date); provided, however, that
the Issuer, when authorized by an Officer's Certificate, may amend or
otherwise modify this definition of Series 2004-B Available Interest Amount
Shortfall if the Note Rating Agencies confirm in writing that the amendment or
modification will not cause a Ratings Effect.

            "Series 2004-B Available Principal Amount" means, with respect to
any Payment Date, the sum of (a) the Principal Collections with respect to the
preceding Collection Period that are allocated to Series 2004-B pursuant to
Section 502 of the Indenture, (b) any amounts to be treated as part of the
Series 2004-B Available Principal Amount pursuant to Section 3.01(d), 3.01(e)
or 3.18(a) and (c) the Series 2004-B Miscellaneous Payments with respect to
such Payment Date.

            "Series 2004-B Available Principal Amount Shortfall" means, with
respect to any Payment Date, the excess, if any, of (i) the aggregate amount
required to be applied pursuant to Section 3.07 over (ii) the Series 2004-B
Available Principal Amount (excluding amounts to be treated as part of the
Series 2004-B Available Principal Amount pursuant to Section 3.18(a) for such
Payment Date); provided, however, that the Issuer, when authorized by an
Officer's Certificate, may amend or otherwise modify this definition of Series
2004-B Available Principal Amount Shortfall if the Note Rating Agencies
confirm in writing that the amendment or modification will not cause a Ratings
Effect.

            "Series 2004-B Cut-Off Date" means July 31, 2004.

            "Series 2004-B EFA Earnings" means, with respect to each Payment
Date, the amount of investment earnings on funds in the Excess Funding Account
(net of investment expenses and losses) for the period from and including the
immediately preceding Payment Date to but excluding such Payment Date that is
allocable to the Series 2004-B Notes pursuant to Section 4.06(c) of the Sale
and Servicing Agreement.

            "Series 2004-B Expected Principal Payment Date" means the Payment
Date in August 2007.

            "Series 2004-B Floating Allocation Percentage" means, with respect
to any Collection Period, the percentage equivalent (which shall never exceed
100%) of a fraction, the numerator of which is the Series 2004-B Nominal
Liquidation Amount as of the last day of the

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immediately preceding Collection Period and the denominator of which is the
Pool Balance as of such last day.

            "Series 2004-B Investor Default Amount" means, with respect to any
Payment Date, the product of the Defaulted Amount with respect to the
immediately preceding Collection Period and the Series 2004-B Floating
Allocation Percentage for such Collection Period.

            "Series 2004-B Miscellaneous Allocation Percentage" means, with
respect to any Collection Period, the percentage equivalent (which shall never
exceed 100%) of a fraction, the numerator of which is the Series 2004-B
Nominal Liquidation Amount as of the last day of the immediately preceding
Collection Period and the denominator of which sum of the series nominal
liquidation amounts for all outstanding series of Notes (including Series
2004-B) as of such last day.

            "Series 2004-B Miscellaneous Payments" means, with respect to any
Payment Date, the product of the Miscellaneous Payments with respect to the
immediately preceding Collection Period and the Series 2004-B Miscellaneous
Allocation Percentage for such Collection Period.

            "Series 2004-B Monthly Interest" is defined in Section 3.01(b).

            "Series 2004-B Nominal Liquidation Amount" means, at the time of
determination, the amount equal to the sum of (i) the Nominal Liquidation
Amount of the Series 2004-B Notes at such time and (ii) the
Overcollateralization Amount at such time. The initial Series 2004-B Nominal
Liquidation Amount as of the Issuance Date was $1,098,901,099.

            "Series 2004-B Note Interest Rate" means, with respect to an
Interest Period, a rate per annum equal to LIBOR, as determined by the
Calculation Agent on the related LIBOR Determination Date with respect to such
Interest Period, plus 0.01%.

            "Series 2004-B Noteholder" means a Person in whose name a Series
2004-B Note is registered in the Note Register.

            "Series 2004-B Note" means any of the Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in
the form of Exhibit A hereto (in the case of Series 2004-B Notes authenticated
on or after December 16, 2004) and substantially in the form of Exhibit A to
the Existing Indenture Supplement (in the case of Series 2004-B Notes
authenticated before December 16, 2004).

            "Series 2004-B Principal Allocation Percentage" means, with
respect to any Collection Period, the percentage equivalent (which shall never
exceed 100%) of a fraction, the numerator of which is the Series 2004-B
Nominal Liquidation Amount as of the last day of the immediately preceding
Collection Period (or, if the Accumulation Period or Early Redemption Period
has commenced, as of the last day of the Collection Period immediately
preceding the commencement of the Accumulation Period or Early Redemption
Period) and the denominator of which is the greater of (i) the Pool Balance as
of the last day of the immediately preceding Collection Period and (ii) the
sum of the numerators used to calculate the percentages for allocating
Principal Collections to all outstanding series of notes (including the Series
2004-B

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Notes) for such Collection Period; provided, however, that, with
respect to that portion of any Collection Period that comes after the date on
which any early redemption event (in respect of which the early redemption
period is not terminated and the revolving period recommenced) in respect of a
series of Notes occurs, the Series 2004-B Principal Allocation Percentage
shall reset for such portion of the Collection Period using the greater of (i)
the Pool Balance as of the close of business on the date on which the early
redemption event occurs and (ii) the sum of the numerators used to calculate
the percentages for allocating Principal Collections to all outstanding series
of notes (including the Series 2004-B Notes) for such portion of the
Collection Period.

            "Series 2004-B Servicing Fee" means, with respect to any Payment
Date, the portion of the Servicing Fee for such Payment Date allocable to the
Series 2004-B Notes in an amount equal to the product of (i) the Monthly
Servicing Fee Rate and (ii) the Series 2004-B Nominal Liquidation Amount as of
the last day of the immediately preceding Collection Period.

            "Series 2004-B Termination Date" means the earliest to occur of
(i) the Principal Payment Date on which the Outstanding Dollar Principal
Amount of the Series 2004-B Notes is reduced to zero, (ii) the Legal Maturity
Date and (iii) the date on which the Indenture is discharged and satisfied
pursuant to Article VI thereof.

            "Shared Excess Available Interest Amount" means, with respect to
any Payment Date with respect to any series of Notes, either (i) the Series
2004-B Available Interest Amount for such Payment Date available after
application in accordance with Sections 3.01(a) through (e) or (ii) the
amounts allocated to the Notes of other series that the applicable Indenture
Supplements for such series specify are to be treated as "Shared Excess
Available Interest Amount."

            "Shared Excess Available Principal Amount" means, with respect to
any Payment Date and any series of Notes, either (i) the Series 2004-B
Available Principal Amount for such Payment Date applied as Shared Excess
Available Principal Amount in accordance with Section 3.05 or (ii) the amounts
allocated to the Notes of other series that the Indenture Supplements for such
series specify are to be treated as "Shared Excess Available Principal
Amount."

            "Stated Principal Amount" means, with respect to the Series 2004-B
Notes, $1,000,000,000.

            "Telerate Page 3750" means the display page so designated as
reported by Bloomberg Financial Markets Commodities News (or such other page
as may replace that page on that service, or any other service that may be
nominated as the information vendor, for the purpose of displaying London
interbank offered rates of major banks for Dollar deposits).

            SECTION 1.02. Governing Law. THIS INDENTURE SUPPLEMENT WILL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN Section
5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE

                                      10
<PAGE>

PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

            SECTION 1.03. Counterparts. This Indenture Supplement may be
executed in any number of counterparts, each of which so executed will be
deemed to be an original, but all such counterparts will together constitute
but one and the same instrument.

            SECTION 1.04. Ratification of Indenture. As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be
read, taken and construed as one and the same instrument.

                                  ARTICLE II

                            THE SERIES 2004-B NOTES

            SECTION 2.01.  Creation and Designation.

            (a)   There is hereby created a series of Notes to be issued
pursuant to the Indenture and this Indenture Supplement to be known as
"DaimlerChrysler Master Owner Trust Floating Rate Auto Dealer Loan Asset
Backed Notes, Series 2004-B" or the "Series 2004-B Notes." The Series 2004-B
Notes will be issued in one class.

            (b) The Series 2004-B Notes shall not be subordinated to any other
series of Notes.

            SECTION 2.02.  Form of Delivery; Depository; Denominations.

            (a) The Series 2004-B Notes, upon original issuance, shall be
delivered in the form of Global Notes and Registered Notes as provided in
Sections 202 and 301(g) of the Indenture, respectively.

            (b) The Depository for the Series 2004-B Notes shall be The
Depository Trust Company, and the Series 2004-B Notes shall initially be
registered in the name of Cede & Co., its nominee.

            (c) The Series 2004-B Notes will be issued in minimum
denominations of $1,000 and integral multiples of that amount.

            SECTION 2.03. Delivery and Payment. The Issuer shall execute and
deliver the Series 2004-B Notes to the Indenture Trustee for authentication,
and the Indenture Trustee shall deliver the Series 2004-B Notes when
authenticated, each in accordance with Section 303 of the Indenture. All
proceeds from the issuance and sale of the Series 2004-B Notes shall be
distributed by the Issuer in respect of the Seller's Certificates pursuant to
the Trust Agreement.

            SECTION 2.04. ERISA Restrictions. By accepting an interest in a
Series 2004-B Note, each owner or holder of such interest shall acknowledge
and agree that the Series 2004-B Notes may not be purchased with the assets of
a Plan if DCWR, an underwriter for the

                                      11
<PAGE>

Series 2004-B Notes, the Indenture Trustee, the Owner Trustee or any of their
Affiliates (i) has investment or administrative discretion with respect to the
assets of such Plan, (ii) has authority or responsibility to give, or
regularly gives, investment advice with respect to those Plan assets for a fee
and pursuant to an understanding or agreement that such advice will serve as a
primary basis for investment decisions with respect to those Plan assets and
will be based on the particular investment needs for such Plan or (iii) is an
employer maintaining or contributing to such Plan.

                                  ARTICLE III

                      ALLOCATIONS, DEPOSITS AND PAYMENTS

            SECTION 3.01.  Allocations of Series 2004-B Available Interest
Amount.  On each Payment Date, the Indenture Trustee will apply the Series
2004-B Available Interest Amount as follows:

            (a) first, if neither DCS nor any of its Affiliates is the
Servicer, to pay the Series 2004-B Servicing Fee, plus any previously due and
unpaid Series 2004-B Servicing Fee (to the extent it has not been waived by
the Servicer for such Payment Date) to the Servicer;

            (b) second, to deposit to the Interest Funding Account an amount
equal to (i) the product of (A) a fraction, the numerator of which is the
actual number of days in the related Interest Period and the denominator of
which is 360, times (B) the Series 2004-B Note Interest Rate applicable to the
related Interest Period, times (C) the Outstanding Dollar Principal Amount of
the Series 2004-B Notes determined as of the Record Date preceding the related
Payment Date (the "Series 2004-B Monthly Interest"), plus (ii) an amount equal
to the excess, if any, of the aggregate amount accrued pursuant to this
Section 3.01(b) as of prior Interest Periods over the aggregate amount of
interest paid to the Series 2004-B Noteholders pursuant to this Section
3.01(b) in respect of such prior Interest Periods, together with interest at
the Series 2004-B Note Interest Rate on such delinquent amount, to the extent
permitted by applicable law;

            (c) third, if DCS or any of its Affiliates is the Servicer, to pay
the Series 2004-B Servicing Fee plus any previously due and unpaid Series
2004-B Servicing Fee (to the extent it has not been waived by the Servicer for
such Payment Date) to the Servicer;

            (d) fourth, to be treated as part of the Series 2004-B Available
Principal Amount for application in accordance with Section 3.05 in an amount
equal to the Series 2004-B Investor Default Amount, if any, for the preceding
Monthly Period;

            (e) fifth, to be treated as part of the Series 2004-B Available
Principal Amount for application in accordance with Section 3.05 in an amount
equal to the sum of (x) the Nominal Liquidation Amount Deficit, if any, and
(y) the Overcollateralization Amount Deficit, if any;

            (f) sixth, to pay to the Servicer any previously due and unpaid
Series 2004-B Servicing Fee that had been waived by the Servicer in its sole
discretion, with the remaining Series 2004-B Available Interest Amount to be
treated as Shared Excess Available Interest Amount for application in
accordance with Section 3.17; and

                                      12
<PAGE>

            (g) seventh, to the Issuer for distribution in respect of the
Seller's Certificates pursuant to the Trust Agreement.

            SECTION 3.02. Amounts to be Treated as Series 2004-B Available
Interest Amount; Other Deposits to the Interest Funding Account. The following
deposits and payments will be made on the following dates:

            (a) Amounts to be Treated as Series 2004-B Available Interest
Amount. In addition to the Interest Collections allocated to Series 2004-B
pursuant to Section 501 of the Indenture, the following amounts shall be
treated as part of the Series 2004-B Available Interest Amount for application
in accordance with this Article III:

            (i) PFA Earnings Shortfall. The PFA Earnings Shortfall, to the
      extent funded pursuant to Section 4.04(d) of the Sale and Servicing
      Agreement, will be treated as part of the Series 2004-B Available
      Interest Amount for the related Payment Date.

            (ii) Account Earnings. Any PFA Earnings and any Series 2004-B EFA
      Earnings for any Payment Date will be treated as part of the Series
      2004-B Available Interest Amount for such Payment Date.

            (iii) Shared Excess Available Interest Amounts. Any Shared Excess
      Available Interest Amounts allocable to Series 2004-B will be treated as
      part of the Series 2004-B Available Interest Amount pursuant to Section
      3.17(a).

            (b) Receivables Sales Proceeds. Receivables Sales Proceeds
      received by the Issuer pursuant to Section 3.15(c)(ii) for the Series
      2004-B Notes will be deposited into the Interest Funding Account on the
      date of receipt by the Issuer.

            SECTION 3.03. Allocations of Reductions from Investor Charge-Offs
to the Overcollateralization Amount and the Nominal Liquidation Amount of the
Series 2004-B Notes. On each Payment Date when there is an Investor Charge-Off
with respect to the related Monthly Period, such Investor Charge-Off will be
allocated on that date to the Overcollateralization Amount and the Nominal
Liquidation Amount of the Series 2004-B Notes as set forth in this Section
3.03.

            (a) First, the amount of such Investor Charge-Off will be
allocated to the Overcollateralization Amount in an amount equal to lesser of
(i) such Investor Charge-Off and (ii) the Overcollateralization Amount
(computed prior to giving effect to such Investor Charge-Off and any
reallocation of Series 2004-B Available Principal Amount on such date). In
such case, the Overcollateralization Amount will be reduced by an amount equal
to the portion of such Investor Charge-Off that is allocated to the
Overcollateralization Amount pursuant to this clause (a); provided, however,
that no such allocation will reduce the Overcollateralization Amount below
zero.

            (b) Second, the amount of such Investor Charge-Off remaining after
giving effect to clause (a) above will be allocated to the Series 2004-B Notes
in an amount equal to the lesser of (i) the excess, if any, of the Investor
Charge-Off for such Monthly Period over the amount of the reduction of the
Overcollateralization Amount pursuant to clause (a) above and

                                      13
<PAGE>

(ii) the Nominal Liquidation Amount of the Series 2004-B Notes (computed prior
to giving effect to such Investor Charge-Off and any reallocations of Series
2004-B Available Principal Amounts on such date). In such case, the Nominal
Liquidation Amount of the Series 2004-B Notes will be reduced by an amount
equal to the portion of such Investor Charge-Off that is allocated to the
Series 2004-B Notes pursuant to this clause (b); provided, however, that no
such allocation will reduce the Nominal Liquidation Amount of the Series
2004-B Notes below zero.

            SECTION 3.04. Allocations of Reimbursements of Nominal Liquidation
Amount Deficit and Overcollateralization Amount Deficit. If, as of any Payment
Date, there is any Series 2004-B Available Interest Amount available pursuant
to Section 3.01(e) to reimburse any Nominal Liquidation Amount Deficit or
Overcollateralization Amount Deficit as of such Payment Date, such funds will
be allocated as follows:

            (a) first, to the Nominal Liquidation Amount of the Series 2004-B
Notes, but in no event will the Nominal Liquidation Amount of the Series
2004-B Notes be increased above the Adjusted Outstanding Dollar Principal
Amount of the Series 2004-B Notes; and

            (b) second, to the Overcollateralization Amount, but in no event
will the Overcollateralization Amount be increased above the
Overcollateralization Amount calculated as if there had been no reduction of
the Overcollateralization Amount pursuant to Section 3.03 or 3.06.

            SECTION 3.05. Application of Series 2004-B Available Principal
Amount. On each Payment Date, the Indenture Trustee will apply the Series
2004-B Available Principal Amount as follows:

            (a) first, if, after giving effect to deposits to be made with
respect to such Payment Date pursuant to Section 3.01(b), the Series 2004-B
Notes have not received the full amount targeted to be deposited pursuant to
Section 3.01(b) with respect to that Payment Date, then the Series 2004-B
Available Principal Amount will be allocated to the Interest Funding Account
in an amount equal to the lesser of the following amounts:

                  (i) the amount of the deficiency in such targeted amount to
      be deposited into the Interest Funding Account; and

                  (ii) the Series 2004-B Nominal Liquidation Amount
      (determined after giving effect to the application of the Investor
      Charge-Off pursuant to Section 3.03);

            (b) second, if Series 2004-B is in its Accumulation Period or an
Early Redemption Period, (i) any remaining Series 2004-B Available Principal
Amount (after giving effect to clause (a)) will be applied to make the
targeted deposit to the Principal Funding Account pursuant to Section 3.07 and
(ii) any remaining Series 2004-B Available Principal Amount (after giving
effect to clause (i)) will be treated as Shared Excess Available Principal
Amount for application in accordance with Section 3.18;

            (c) third, if Series 2004-B is not in its Accumulation Period or
an Early Redemption Period, any remaining Series 2004-B Available Principal
Amount (after giving

                                      14
<PAGE>

effect to clauses (a) and (b) above) will be treated as Shared Excess
Available Principal Amount for application in accordance with Section 3.18;
and

            (d) fourth, if the Outstanding Dollar Principal Amount of the
Series 2004-B has been reduced to zero on or before such Payment Date, the
remaining Series 2004-B Available Principal Amount (after giving effect to
clauses (a), (b) and (c)) shall be released to the Issuer for distribution in
respect of the Seller's Certificates pursuant to the Trust Agreement.

            SECTION 3.06. Computation of Reductions to the Nominal Liquidation
Amount of the Series 2004-B Notes and the Overcollateralization Amount from
Reallocations of Series 2004-B Available Principal Amounts.

            (a) Each reallocation of a portion of the Series 2004-B Available
Principal Amount that is deposited to the Interest Funding Account pursuant to
Section 3.05(a) will reduce the Overcollateralization Amount; provided,
however, that such reduction shall not exceed the Overcollateralization Amount
(after giving effect to any reductions pursuant to Section 3.03 for Investor
Charge-Offs).

            (b) Each reallocation of a portion of the Series 2004-B Available
Principal Amount that is deposited to the Interest Funding Account pursuant to
Section 3.05(a) in excess of the amounts applied pursuant to clause (a) above
that reduce the Overcollateralization Amount to zero will reduce the Nominal
Liquidation Amount of the Series 2004-B Notes; provided, however, that the
amount of such reduction shall not exceed the Nominal Liquidation Amount of
the Series 2004-B Notes (after giving effect to any reductions pursuant to
Section 3.03 for Investor Charge-Offs).

            SECTION 3.07. Targeted Deposits of Series 2004-B Available
Principal Amounts to the Principal Funding Account. The Series 2004-B
Available Principal Amount that is targeted to be deposited into the Principal
Funding Account with respect to any Payment Date will be (i) the amount
determined pursuant to clause (a) or (b) below for such Payment Date, as
applicable, or if more than one such clause is applicable, the higher amount
determined pursuant to either of such clauses, plus (ii) any targeted deposit
pursuant to clause (i) for any prior Payment Date to the extent not previously
deposited, but in no case more than the Nominal Liquidation Amount of the
Series 2004-B Notes (computed immediately before giving effect to such deposit
but after giving effect to any reductions thereof due to any Investor
Charge-Offs and any reallocations of the Series 2004-B Available Principal
Amount on such date).

            (a) Budgeted Deposits. Subject to Section 3.07(b), with respect to
each Principal Payment Date, beginning with the Accumulation Commencement
Date, the targeted deposit to be made into the Principal Funding Account will
be the Controlled Deposit Amount for the related Payment Date.

            (b) Event of Default, Early Redemption Event, Other Optional or
Mandatory Redemption. If the Series 2004-B Notes have been accelerated during
a Monthly Period after the occurrence of an Event of Default, or if an Early
Redemption Event with respect to the Series 2004-B Notes occurs during a
Monthly Period, or with respect to the Monthly Period immediately preceding
any other date fixed for any other optional or mandatory redemption of

                                      15
<PAGE>

the Series 2004-B Notes, the targeted deposit for the Series 2004-B Notes with
respect to the Payment Date following such Monthly Period and each following
Payment Date is equal to the Nominal Liquidation Amount of the Series 2004-B
Notes as of the close of business on the last day of the preceding Monthly
Period (taking into effect any reallocations on the following Payment Date).

            SECTION 3.08. Amounts to be Treated as Series 2004-B Available
Principal Amounts; Other Deposits to Principal Funding Account. The following
deposits and payments will be made on the following dates:

            (a) Amounts to be Treated as Series 2004-B Available Principal
Amount. In addition to the Principal Collections allocated to the Series
2004-B pursuant to Section 502 of the Indenture and any Series 2004-B
Miscellaneous Payments, any portion of the Series 2004-B Available Interest
Amount that is allocated pursuant to Section 3.01(d) or 3.01(e) shall be
treated as part of the Series 2004-B Available Principal Amount for
application in accordance with Section 3.05.

            (b) Receivables Sale Proceeds. Receivables Sales Proceeds applied
pursuant to Section 3.15(c)(i) for the Series 2004-B Notes will be deposited
into the Principal Funding Account on the date of receipt by the Indenture
Trustee.

            (c) Withdrawals from Excess Funding Account. Any withdrawal from
the Excess Funding Account pursuant to Section 4.06(d) of the Sale and
Servicing Agreement that is allocable to Series 2004-B will be deposited into
the Principal Funding Account on such date of withdrawal by the Indenture
Trustee.

            SECTION 3.09. Withdrawals from Interest Funding Account.
Withdrawals made pursuant to this Section 3.09 with respect to the Series
2004-B Notes will be made from the Interest Funding Account only after all
allocations and reallocations have been made pursuant to Sections 3.02 and
3.05. Such withdrawals will be limited to the amount then on deposit in the
Interest Funding Account.

            (a) Withdrawals for Series 2004-B Notes. On each Interest Payment
Date, any amount on deposit in the Interest Funding Account for the Series
2004-B Notes shall be paid to the Paying Agent.

            (b) Payment to the Issuer. After payment in full of the Series
2004-B Notes, any amount remaining on deposit in the Interest Funding Account
will be paid to the Issuer.

            If the aggregate amount available for withdrawal from the Interest
Funding Account is less than all withdrawals required to be made from the
Interest Funding Account, then the aggregate amount on deposit will be
withdrawn and, if payable to more than one Person, applied pro rata based on
the respective amounts of the withdrawals required to be made.

            SECTION 3.10. Withdrawals from Principal Funding Account.
Withdrawals made pursuant to this Section 3.10 with respect to the Series
2004-B Notes will be made from the Principal Funding Account only after all
allocations and reallocations have been made

                                      16
<PAGE>

pursuant to Sections 3.05, 3.07 and 3.08. In no event will the amount of the
withdrawal be more than the amount then on deposit in the Principal Funding
Account.

            (a) Withdrawals for the Series 2004-B Notes. On each Principal
Payment Date, any amount on deposit in the Principal Funding Account shall be
paid to the Paying Agent.

            (b) Payment to the Issuer. Upon payment in full of the Series
2004-B Notes, any remaining amount on deposit in the Principal Funding Account
will be paid to the Issuer.

            If the aggregate amount available for withdrawal from the
Principal Funding Account is less than all withdrawals required to be made
from that Principal Funding Account, then the amounts on deposit will be
withdrawn and, if payable to more than one Person, applied pro rata based on
the amounts of the respective withdrawals required to be made.

            SECTION 3.11. Limit on Repayment of the Series 2004-B Notes. No
amounts on deposit in the Principal Funding Account will be applied to pay
principal of the Series 2004-B Notes in excess of the Outstanding Dollar
Principal Amount of the Series 2004-B Notes.

            SECTION 3.12. Calculation of Nominal Liquidation Amount of Series
2004-B Notes and Overcollateralization Amount.

            (a) On or prior to each Payment Date the Issuer shall calculate
the Nominal Liquidation Amount of the Series 2004-B Notes, which shall be the
following amount:

            (i) as of the Issuance Date, the Initial Dollar Principal Amount
      of the Series 2004-B Notes; and

            (ii) thereafter, an amount equal to, without duplication:

                  (A) the Nominal Liquidation Amount of the Series 2004-B
            Notes immediately after the prior date of determination; plus

                  (B) the share of all reimbursements of the Nominal
            Liquidation Amount Deficit pursuant to Section 3.01(e) that is
            allocated to the Nominal Liquidation Amount of the Series 2004-B
            Notes pursuant to Section 3.04(a) since the prior date of
            determination; minus

                  (C) the share of all reallocations of the Series 2004-B
            Available Principal Amount pursuant to Section 3.05(a) that is
            allocated to the Nominal Liquidation Amount of the Series 2004-B
            Notes pursuant to Section 3.06(b) since the prior date of
            determination; minus

                  (D) the amount of the reduction of the Nominal Liquidation
            Amount of the Series 2004-B Notes resulting from an allocation of
            an Investor Charge-Off pursuant to Section 3.03(b) since the prior
            date of determination; minus

                  (E) the amount (other than investment earnings) deposited in
            the Principal Funding Account (after giving effect to any
            deposits, allocations,

                                      17
<PAGE>

            reallocations or withdrawals to be made on that day) since the
            prior date of determination; minus

                  (F) the amount (other than investment earnings) deposited
            into the Excess Funding Account since the prior date of
            determination in connection with a reduction in Principal
            Receivables that is allocable to Series 2004-B; plus

                  (G) the amount (other than investment earnings) withdrawn
            from the Excess Funding Account since the prior date of
            determination in connection with the purchase of additional
            Principal Receivables that is allocable to Series 2004-B;

provided, however, that (1) the Nominal Liquidation Amount of the Series
2004-B Notes may never be less than zero, (2) the Nominal Liquidation Amount
of the Series 2004-B Notes may never be greater than the Adjusted Outstanding
Dollar Principal Amount of the Series 2004-B Notes and (3) if the Series
2004-B Notes have caused a sale of Receivables pursuant to Section 3.15, then
the Nominal Liquidation Amount of the Series 2004-B Notes will be zero.

            (b) On or prior to each Payment Date the Issuer shall calculate
the Overcollateralization Amount, which shall be the following amount:

            (i) as of the Issuance Date, $98,901,099; and

            (ii) thereafter, an amount equal to, without duplication:

                  (A) the product of (i) the Series 2004-B
            Overcollateralization Percentage times (ii) the Nominal
            Liquidation Amount of the Series 2004-B Notes calculated after
            giving effect to allocations, deposits and payments to be made on
            such Payment Date; provided, however, that if an Early Redemption
            Period has commenced and the Revolving Period has not recommenced,
            the amount referred to in clause (ii) shall be the Nominal
            Liquidation Amount of the Series 2004-B Notes at the commencement
            of that Early Redemption Period; plus

                  (B) the aggregate amount of all reimbursements of the
            Overcollateralization Amount Deficit pursuant to Section 3.01(e)
            that have been allocated to the Overcollateralization Amount
            pursuant to Section 3.04(b) since the Issuance Date; minus

                  (C) the aggregate amount of all reallocations of the Series
            2004-B Available Principal Amount pursuant to Section 3.05(a) that
            have been allocated to the Overcollateralization Amount pursuant
            to Section 3.06(a) since the Issuance Date; minus

                  (D) the aggregate amount of all reductions of the
            Overcollateralization Amount resulting from an allocation of
            Investor Charge-Offs to the Overcollateralization Amount pursuant
            to Section 3.03(a) since the Issuance Date; plus

                                      18
<PAGE>

                  (E) the Incremental Overcollateralization Amount;

provided, however, that the Overcollateralization Amount shall never be less
than zero and, after the Outstanding Dollar Principal Amount of the Series
2004-B Notes has been reduced to zero, the Overcollateralization Amount shall
be zero.

            SECTION 3.13. Netting of Deposits and Payments. The Issuer, in its
sole discretion, may make all deposits to the Interest Funding Account and the
Principal Funding Account pursuant to Sections 3.01 and 3.07 with respect to
any Payment Date net of, and after giving effect to, (a) all reallocations to
be made pursuant to Section 3.07 and (b) all payments to the Issuer pursuant
to Section 3.05.

            SECTION 3.14.  Payments to Noteholders.

            (a) All payments of principal, interest or other amounts to
Holders of the Series 2004-B Notes will be made pro rata based on the Stated
Principal Amount of their Series 2004-B Notes.

            (b) Any installment of interest or principal, if any, payable on
any Series 2004-B Note which is punctually paid or duly provided for by the
Issuer and the Indenture Trustee on the applicable Interest Payment Date or
Principal Payment Date shall be paid by the Paying Agent to the Person in
whose name such Series 2004-B Note (or one or more Predecessor Notes) is
registered on the Record Date, by wire transfer of immediately available funds
to such Person's account as has been designated by written instructions
received by the Paying Agent from such Person not later than the close of
business on the third Business Day preceding the date of payment or, if no
such account has been so designated, by check mailed first-class, postage
prepaid to such Person's address as it appears on the Note Register on such
Record Date, except that (i) with respect to Series 2004-B Notes registered on
the Record Date in the name of the nominee of Cede & Co., payment shall be
made by wire transfer in immediately available funds to the account designated
by such nominee and (ii) with regard to any payments of interest or principal
made pursuant to Section 3.09(b) or 3.10(b), respectively, payment shall be
made by wire transfer in immediately available funds to the account designated
by the Issuer.

            (c) The right of the Series 2004-B Noteholders to receive payments
from the Issuer will terminate on the first Business Day following the Series
2004-B Termination Date.

            SECTION 3.15.  Exercise of Put Feature; Sale of Receivables for
Accelerated Notes.

            (a) If (i) an Early Redemption Event specified in Section 4.01(3)
of this Indenture Supplement occurs or (ii) the Series 2004-B Notes have been
accelerated pursuant to Section 702 of the Indenture following an Event of
Default, each Holder of a Series 2004-B Note may notify the Indenture Trustee
that it desires to exercise the Put Feature in respect of its Series 2004-B
Notes. The Put Feature shall be deemed to be exercised only if at least one of
the following conditions is met:

            (i) the Holders of Series 2004-B Notes evidencing at least 90% of
      the Outstanding Dollar Principal Amount of the Series 2004-B Notes have
      notified the

                                      19
<PAGE>

      Indenture Trustee that they desire to exercise the Put Feature in
      respect of their Series 2004-B Notes; or

            (ii) the Majority Holders of the Series 2004-B Notes have notified
      the Indenture Trustee that they desire to exercise the Put Feature in
      respect of their Series 2004-B Notes and the net proceeds of the sale of
      Receivables pursuant to such exercise (as described below) plus amounts
      on deposit in the Principal Funding Account would be sufficient to pay
      all amounts due on the Series 2004-B Notes; or

            (iii) (A) the Indenture Trustee determines that the funds to be
      allocated to the Series 2004-B Notes, including (1) Series 2004-B
      Available Interest Amounts and Series 2004-B Available Principal Amounts
      and (2) amounts on deposit in the Principal Funding Account, may not be
      sufficient on an ongoing basis to make payments on the Series 2004-B
      Notes as such payments would have become due if such obligations had not
      been declared due and payable and (B) Holders of Series 2004-B Notes
      evidencing at least 66 2/3% of the Outstanding Dollar Principal Amount
      of the Series 2004-B Notes have notified the Indenture Trustee that they
      desire to exercise the Put Feature in respect of their Series 2004-B
      Notes.

If the Put Feature is deemed to be exercised as provided in the preceding
sentence, it shall be deemed to be exercised by all Holders of the Series
2004-B Notes, whether or not they actually give notice of their desire to
exercise the Put Feature. Upon such deemed exercise of the Put Feature, the
Indenture Trustee shall cause the Issuer to sell Principal Receivables and the
related Non-Principal Receivables (or interests therein) in an amount up to
the Series 2004-B Nominal Liquidation Amount plus any past due interest on the
Series 2004-B Notes. The proceeds of such sale shall be applied in accordance
with Section 706 of the Indenture. The Holders of the Series 2004-B Notes
shall maintain their rights in their Series 2004-B Notes until such sale
proceeds have been applied in accordance with Section 706 of the Indenture and
shall present their Series 2004-B Notes to the Issuer in accordance with
Section 706 of the Indenture as part of their exercise of the Put Feature.

            (b) If the Nominal Liquidation Amount of the Series 2004-B Notes
is greater than zero on the Legal Maturity Date (after giving effect to
deposits and distributions otherwise to be made on the Legal Maturity Date),
the Issuer will cause the Issuer to sell Principal Receivables and the related
Non-Principal Receivables on the Legal Maturity Date in an amount up to the
Series 2004-B Nominal Liquidation Amount plus any past due interest on the
Series 2004-B Notes; it being understood for the avoidance of doubt that in no
event shall the amount of Principal Receivables so sold by the Issuer exceed
the Series 2004-B Nominal Liquidation Amount.

            (c) Sales proceeds received with respect to the Series 2004-B
Notes pursuant to clause (b) above will be allocated in the following
priority:

            (i) first, to be deposited in the Principal Funding Account, an
      amount up to the Adjusted Outstanding Dollar Principal Amount of the
      Series 2004-B Notes immediately before giving effect to such deposit;
      and

                                      20
<PAGE>

            (ii) second, to be deposited in the Interest Funding Account, the
      balance of such sales proceeds.

            (d) Any amount remaining on deposit in the Interest Funding
Account after a sale of Receivables pursuant to this Section 3.15 and the
final payment of the Series 2004-B Notes pursuant to Section 503 of the
Indenture, will be treated as part of the Series 2004-B Available Interest
Amount.

            SECTION 3.16. Calculation Agent; Determination of LIBOR.

            (a) The Issuer hereby agrees that for so long as any Series 2004-B
Notes are Outstanding, there shall at all times be an agent appointed to
calculate LIBOR for each Interest Period (the "Calculation Agent"). The Issuer
hereby initially appoints the Indenture Trustee as the Calculation Agent for
purposes of determining LIBOR for each Interest Period. The Calculation Agent
may be removed by the Issuer at any time. If the Calculation Agent is unable
or unwilling to act as such or is removed by the Issuer, or if the Calculation
Agent fails to determine LIBOR for an Interest Period, the Issuer shall
promptly appoint a replacement Calculation Agent that does not control or is
not controlled by or under common control with the Issuer or its Affiliates.
The Calculation Agent may not resign its duties, and the Issuer may not remove
the Calculation Agent, without a successor having been duly appointed and
having accepted such appointment.

            (b) On each LIBOR Determination Date, the Calculation Agent shall
determine LIBOR for the following Interest Period to equal the offered rate
for United States dollar deposits for one month that appears on Telerate Page
3750 as of 11:00 A.M., London time, on such date. If that rate appears on
Telerate Page 3750, LIBOR will be that rate. If on any LIBOR Determination
Date the offered rate does not appear on Telerate Page 3750, the Calculation
Agent will request each of the Reference Banks, to provide the Calculation
Agent with its offered quotation for United States dollar deposits for one
month to prime banks in the London interbank market as of 11:00 A.M., London
time, on the date. If at least two Reference Banks provide the Calculation
Agent with the offered quotations, LIBOR on that date will be the arithmetic
mean, rounded upwards, if necessary, to the nearest 1/100,000 of 1%
(.0000001), with five one-millionths of a percentage point rounded upward, of
all the quotations. If on that date fewer than two Reference Banks provide the
Calculation Agent with the offered quotations, LIBOR on that date will be the
arithmetic mean, rounded upwards, if necessary, to the nearest 1/100,000 of 1%
(.0000001), with five one-millionths of a percentage point rounded upward, of
the offered per annum rates that one or more leading banks in The City of New
York selected by the Calculation Agent are quoting as of 11:00 A.M., New York
City time, on that date to leading European banks for United States dollar
deposits for one month. If, however, those banks are not quoting as described
above, LIBOR for that date will be LIBOR applicable to the Interest Period
immediately preceding that Interest Period.

            (c) The Series 2004-B Note Interest Rate, applicable to the then
current and the immediately preceding Interest Periods, may be obtained by
telephoning the Indenture Trustee at its Corporate Trust Office at (212)
328-7623 or such other telephone number as shall be designated by the
Indenture Trustee for such purpose by prior written notice by the Indenture
Trustee to each Series 2004-B Noteholder from time to time.

                                      21
<PAGE>

            (d) On each LIBOR Determination Date, the Calculation Agent shall
send to the Indenture Trustee, the Servicer and the Seller, by facsimile
transmission, notification of LIBOR for the following Interest Period.

            SECTION 3.17.  Excess Available Interest Amounts Sharing.

            (a) The Shared Excess Available Interest Amount allocable to
Series 2004-B on any Payment Date shall be treated as part of the Series
2004-B Available Interest Amount for such Payment Date.

            (b) The Shared Excess Available Interest Amount allocable to
Series 2004-B with respect to any Payment Date shall mean an amount equal to
the Series 2004-B Available Interest Amount Shortfall, if any, for such
Payment Date; provided, however, that if the aggregate amount of Shared Excess
Available Interest Amounts for all series of Notes for such Payment Date is
less than the Aggregate Series Available Interest Amount Shortfall for such
Payment Date, then the Shared Excess Available Interest Amount allocable to
Series 2004-B on such Payment Date shall equal the product of (i) Shared
Excess Available Interest Amounts for all series of Notes and (ii) a fraction,
the numerator of which is the Series 2004-B Available Interest Amount
Shortfall for such Payment Date and the denominator of which is the aggregate
amount of Aggregate Series Available Interest Amount Shortfall for all series
of Notes for such Payment Date.

            (c) Any Shared Excess Available Interest Amount that is not
required to be applied to make a payment or deposit in respect of a series of
Notes shall be released to the Issuer for distribution in respect of the
Seller's Certificates pursuant to the Trust Agreement.

           SECTION 3.18.  Excess Available Principal Amounts Sharing.

            (a) The Shared Excess Available Principal Amount allocable to
Series 2004-B on any Payment Date shall be treated as part of the Series
2004-B Available Principal Amount for such Payment Date.

            (b) The Shared Excess Available Principal Amount allocable to
Series 2004-B with respect to any Payment Date shall mean an amount equal to
the Series 2004-B Available Principal Amount Shortfall, if any, for such
Payment Date; provided, however, that if the aggregate amount of Shared Excess
Available Principal Amounts for all series of Notes for such Payment Date is
less than the Aggregate Series Available Principal Amount Shortfall for such
Payment Date, then the Shared Excess Available Principal Amount allocable to
Series 2004-B on such Payment Date shall equal the product of (i) Shared
Excess Available Principal Amounts for all series of Notes and (ii) a
fraction, the numerator of which is the Series 2004-B Available Principal
Amount Shortfall for such Payment Date and the denominator of which is the
aggregate amount of Aggregate Series Available Principal Amount Shortfall for
all series of Notes for such Payment Date.

            (c) Any Shared Excess Available Principal Amount not required to
be applied to make a payment or deposit in respect of a series of Notes shall
be applied as Excess Available Principal Amounts pursuant to Section 4.06 of
the Sale and Servicing Agreement.

                                      22
<PAGE>

            SECTION 3.19.  Computation of Interest.

            (a) Interest on the Series 2004-B Notes shall be computed on the
basis of a 360-day year and the actual number of days elapsed in the related
Interest Period.

            (b) Unless otherwise specified in this Indenture Supplement,
interest for any period will be calculated from and including the first day of
such period to and including the last day of such period.

            SECTION 3.20.  Variable Accumulation Period.

            The Issuer, acting directly or through the Administrator, may
elect, by written notice to the Indenture Trustee and the Beneficiary, to
delay, from time to time, the commencement of the Accumulation Period, and
extend the length of the Revolving Period, subject to the conditions set forth
in this Section 3.20; provided, however, that the Accumulation Period shall
commence no later than the first day of the Monthly Period ending immediately
prior to the Series 2004-B Expected Final Payment Date. Any such election by
the Issuer shall be made not later than the first day of the last scheduled
Monthly Period of the Revolving Period (including any prior extension of the
Revolving Period pursuant to this Section 3.20). The Issuer may make such
election only if the following conditions are satisfied:

            (i) the Issuer shall have delivered to the Indenture Trustee a
      certificate to the effect that the Issuer reasonably believes that the
      delay in the commencement of the Accumulation Period would not result in
      the Outstanding Dollar Principal Amount of the Series 2004-B Notes not
      being paid in full on the Series 2004-B Expected Principal Payment Date;

            (ii) the Note Rating Agencies shall have advised the Issuer that
      such election to delay the commencement of the Accumulation Period would
      not cause the rating of any class of any series of Notes then
      outstanding to be lowered or withdrawn; and

            (iii) the amount to be deposited in the Principal Funding Account
      in respect of Controlled Accumulation Amount shall have been adjusted.

Notwithstanding anything herein or in the Indenture to the contrary, the
Administrator may, on behalf of the Issuer, (i) perform all such calculations
as are necessary to determine whether the Accumulation Period may be delayed
pursuant to this Section 3.20 and (ii) elect to delay the Accumulation Period
pursuant to this Section 3.20.

            SECTION 3.21. Payments to the Issuer. As an administrative
convenience for the Issuer, the Indenture Trustee shall pay to the Seller all
amounts payable or to be released hereunder to the Issuer. The Issuer shall
give the Indenture Trustee written instructions as to who the Seller is and
where to make such payments.

            SECTION 3.22. Payment Instructions and Monthly Noteholders'
Report. Notwithstanding anything in the Indenture or herein to the contrary,
the Issuer may amend the form of Payment Instruction for the Series 2004-B
Notes and the Series 2004-B Schedule to Monthly Noteholders' Statement from
time to time without the consent of the Indenture Trustee

                                      23
<PAGE>

or any Noteholder if it receives written confirmation from each Note Rating
Agency that such amendment will not cause a Ratings Effect.

                                  ARTICLE IV

                           EARLY REDEMPTION OF NOTES

            SECTION 4.01. Early Redemption Events. In addition to the events
identified as Early Redemption Events in Section 1201 of the Indenture, each
of the following events will also be an Early Redemption Event with respect to
the Series 2004-B Notes:

            (1) failure on the part of the Seller, the Servicer or DCS (if DCS
      is no longer the Servicer), as applicable, (i) to make any payment or
      deposit (including any Transfer Deposit Amount or Adjustment Payment)
      required by the terms of the Sale and Servicing Agreement or the
      Receivables Purchase Agreement on or before the date occurring two
      Business Days after the date such payment or deposit is required to be
      made therein, or (ii) to deliver a Monthly Noteholders' Statement or
      Payment Instruction within five Business Days of the day such item is
      due to be delivered under the Indenture, or (iii) duly to observe or
      perform in any material respect the covenant of the Seller set forth in
      Section 2.06(a) of the Sale and Servicing Agreement or (iv) duly to
      observe or perform in any material respect any other covenants or
      agreements of the Seller or the Servicer, as the case may be, set forth
      in the Sale and Servicing Agreement or the Receivables Purchase
      Agreement, which failure in the case of this subclause (iv) continues
      unremedied for a period of 45 days after the date on which written
      notice of such failure, requiring the same to be remedied, shall have
      been given to the Seller by the Indenture Trustee;

            (2) any representation or warranty made by DCS in the Receivables
      Purchase Agreement or the Seller in the Sale and Servicing Agreement or
      any information contained in a computer file or microfiche or written
      list required to be delivered by the Seller pursuant to Section 2.01,
      2.05, 2.07 or 2.08 of the Sale and Servicing Agreement, (i) shall prove
      to have been incorrect in any material respect when made or when
      delivered, and shall continue to be incorrect in any material respect
      for a period of 60 days after the date on which written notice of such
      failure, requiring the same to be remedied, shall have been given to the
      Seller by the Indenture Trustee and (ii) as a result of such
      incorrectness the interests of the Series 2004-B Noteholders are
      materially and adversely affected; provided, however, that an Early
      Redemption Event with respect to the Series 2004-B Notes shall not be
      deemed to have occurred under this clause (2) if the Seller has
      repurchased the related Receivable or all such Receivables, if
      applicable, during such period in accordance with the provisions of the
      Sale and Servicing Agreement;

            (3) the occurrence of an Insolvency Event with respect to the
      Seller, DCS or DaimlerChrysler;

                                      24
<PAGE>

            (4) a failure by the Seller to convey Receivables in Additional
      Accounts to the Issuer within five Business Days after the day on which
      it is required to convey such Receivables pursuant to the Sale and
      Servicing Agreement;

            (5) on any Payment Date, the Primary Overcollateralization Amount
      for such Payment Date is reduced to an amount less than the Required
      Primary Overcollateralization Amount on that Payment Date after giving
      effect to the distributions to be made on such Payment Date; provided
      that, for the purpose of determining whether an Early Redemption Event
      has occurred pursuant to this clause (5), any reduction of the Primary
      Overcollateralization Amount resulting from reallocations of the Series
      2004-B Available Principal Amounts to pay interest on the Series 2004-B
      Notes in the event LIBOR is equal to or greater than the prime rate upon
      which interest on the Receivables is calculated on the applicable LIBOR
      Determination Date will be considered an Early Redemption Event only if
      LIBOR remains equal to or greater than such prime rate for the next 30
      consecutive days following such LIBOR Determination Date;

            (6) any Service Default occurs;

            (7) on any Determination Date, as of the last day of the preceding
      Collection Period, the aggregate amount of Principal Receivables
      relating to Used Vehicles exceeds 20% of the Pool Balance on that last
      day;

            (8) on any Determination Date, the average of the Monthly Payment
      Rates for the three preceding Collection Periods is less than 20%;

            (9) the Outstanding Dollar Principal Amount of the Series 2004-B
      Notes is not repaid by the Series 2004-B Expected Principal Payment
      Date;

            (10) the Seller or the Issuer becomes an investment company within
      the meaning of the Investment Company Act of 1940; and

            (11) the occurrence of an Event of Default with respect to the
      Series 2004-B Notes.

            Notwithstanding the foregoing in this Section 4.01, in the case of
any event described in clause (1), (2) or (6) above, an Early Redemption Event
with respect to Series 2004-B will be deemed to have occurred only if, after
the applicable grace period described in such clause, if any, either the
Indenture Trustee or Series 2004-B Noteholders holding Series 2004-B Notes
evidencing more than 50% of the Outstanding Dollar Principal Amount of the
Series 2004-B Notes by written notice to the Seller, the Servicer and the
Indenture Trustee, if given by Series 2004-B Noteholders, declare that an
Early Redemption Event with respect to the Series 2004-B Notes has occurred as
of the date of that notice. In the case of any Early Redemption Event
described in clause (3), (4), (5), (7), (8), (9), (10) or (11) above, an Early
Redemption Event with respect to the Series 2004-B Notes shall be deemed to
have occurred without any notice or other action on the part of the Indenture
Trustee or the Series 2004-B Noteholders immediately upon the occurrence of
such event.

                                      25
<PAGE>

            Notwithstanding the foregoing in this Section 4.01, if (x) an
Early Redemption Period results from the failure by DCWR to convey Receivables
in Additional Accounts to the Issuer, as described in clause (4) above during
the Revolving Period, (y) no other Early Redemption Event that has not been
cured or waived in accordance with the Indenture has occurred and (z) each
Note Rating Agency has confirmed that recommencing the Revolving Period will
not cause a Ratings Effect, then the Early Redemption Period resulting from
such failure will terminate and the Revolving Period will recommence as of the
end of the first Collection Period during which the Seller would no longer be
required to convey Receivables in Additional Accounts to the Issuer; provided
that the Revolving Period will not recommence if the scheduled termination
date of the Revolving Period has occurred.

            Notwithstanding the foregoing in this Section 4.01, if an Early
Redemption Event (other than an Early Redemption Event specified in clause (3)
or (10) above) has occurred and the scheduled termination of the Revolving
Period has not occurred, the Indenture Trustee shall request from Standard &
Poor's a confirmation that such Early Redemption Event will not cause a
Ratings Effect. If the Indenture Trustee receives such confirmation and the
Majority Holders of Series 2004-B Notes consent to the recommencement of the
Revolving Period, the related Early Redemption Period shall terminate and the
Revolving Period shall recommence.

                                   ARTICLE V

                           ACCOUNTS AND INVESTMENTS

            SECTION 5.01.  Accounts.

            (a) Accounts; Deposits to and Distributions from Accounts. On or
before the Issuance Date, the Indenture Trustee will cause to be established
and maintained two Qualified Accounts denominated as follows: the "Interest
Funding Account" and the "Principal Funding Account" (collectively, the
"Series 2004-B Accounts") in the name of the Indenture Trustee, bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2004-B Noteholders. The Series 2004-B Accounts
constitute Supplemental Accounts and shall be under the sole dominion and
control of the Indenture Trustee for the benefit of the Series 2004-B
Noteholders. If, at any time, the institution holding any Series 2004-B
Account ceases to be a Qualified Institution, the Issuer will within ten (10)
Business Days (or such longer period, not to exceed thirty (30) calendar days,
as to which each Note Rating Agency may consent) establish a new applicable
Series 2004-B Account, that is a Qualified Account and shall transfer any cash
and/or investments to such new Series 2004-B Account. From the date such new
Series 2004-B Account is established, it will be a Series 2004-B Account,
bearing the name of the Series 2004-B Account it has replaced.

            (b) All payments to be made from time to time by the Indenture
Trustee to Series 2004-B Noteholders out of funds in the Series 2004-B
Accounts pursuant to this Indenture Supplement will be made by the Indenture
Trustee to the Paying Agent not later than 12:00 noon on the applicable
Interest Payment Date or Principal Payment Date but only to the extent of
funds in the applicable Series 2004-B Account or as otherwise provided in
Article III.

                                      26
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Amended
and Restated Indenture Supplement to be duly executed as of the day and year
first above written.

                        DAIMLERCHRYSLER MASTER OWNER TRUST,

                        By: DaimlerChrysler Wholesale Receivables LLC,
                            as Beneficiary and not in its individual capacity

                        By: /s/ M. L. Davis
                            -------------------------------------
                        Name:   M. L. Davis
                        Title:  Assistant Controller,
                                Chrysler Auto Receivables Company, a member of
                                DaimlerChrysler Wholesale Receivables LLC

                        THE BANK OF NEW YORK,
                          as Indenture Trustee and not in its individual
                          capacity

                        By: /s/ Scott J. Tepper
                            -------------------------------------
                        Name:   Scott J. Tepper
                        Title:  Vice President

<PAGE>

                                                                     EXHIBIT A
                                                                     ---------

                         [FORM OF] SERIES 2004-B NOTE

            UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

            THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND
AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR
DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC, OR JOIN IN ANY INSTITUTION AGAINST
THE ISSUER OR DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC OF, ANY BANKRUPTCY
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW
IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE.

            THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A
BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF
DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC FOR APPLICABLE FEDERAL, STATE AND
LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON OR MEASURED BY INCOME.

            BY ACCEPTING AN INTEREST IN THIS NOTE, EACH OWNER OR HOLDER OF
SUCH INTEREST SHALL ACKNOWLEDGE AND AGREE THAT THE NOTES MAY NOT BE PURCHASED
WITH THE ASSETS OF EITHER AN EMPLOYEE BENEFIT PLAN, AS DEFINED IN SECTION 3(3)
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"),
THAT IS SUBJECT TO ERISA OR A PLAN, AS DEFINED IN SECTION 4975(E)(1) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED, IF DAIMLERCHRYSLER WHOLESALE
RECEIVABLES LLC, AN UNDERWRITER FOR THE NOTES, THE INDENTURE TRUSTEE, THE
OWNER TRUSTEE OR ANY OF THEIR AFFILIATES (I) HAS INVESTMENT OR ADMINISTRATIVE
DISCRETION WITH RESPECT TO THE ASSETS OF SUCH PLAN, (II) HAS AUTHORITY OR
RESPONSIBILITY TO GIVE, OR REGULARLY GIVES, INVESTMENT ADVICE WITH RESPECT TO
THOSE PLAN ASSETS FOR A FEE AND PURSUANT TO AN UNDERSTANDING OR AGREEMENT THAT
SUCH ADVICE WILL SERVE AS A PRIMARY BASIS FOR INVESTMENT DECISIONS WITH
RESPECT TO THOSE PLAN ASSETS AND WILL BE BASED ON THE PARTICULAR INVESTMENT
NEEDS FOR SUCH PLAN OR (III) IS AN EMPLOYER MAINTAINING OR CONTRIBUTING TO
SUCH PLAN.

                                      A-1
<PAGE>

REGISTERED                                                          $_________
No. __                                                   CUSIP NO. 23384B AE 3

                      DAIMLERCHRYSLER MASTER OWNER TRUST

       FLOATING RATE AUTO DEALER LOAN ASSET BACKED NOTES, SERIES 2004-B

            DaimlerChrysler Master Owner Trust, a statutory trust created
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, subject to the following provisions, a principal sum of
______________________________ DOLLARS ONLY payable on the August 2007 Payment
Date (the "Expected Principal Payment Date"), except as otherwise provided
below or in the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the August 2009 Payment Date
(the "Legal Maturity Date"). On each Interest Payment Date, the Issuer will
pay interest on the outstanding principal of this Note at the per annum rate
equal to the applicable LIBOR (determined as provided in the Indenture
Supplement referred to within) plus 0.01%. Interest will accrue on this Note
from each Interest Payment Date (or, in the case of the first Interest Payment
Date, from the date of issuance of this Note) to but excluding the following
Interest Payment Date. Interest will be computed on the basis of a 360-day
year and the actual number of days elapsed. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof.

            The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

            Reference is made to the further provisions of this Note set forth
on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note.

            Unless the certificate of authentication hereon has been executed
by the Indenture Trustee whose name appears below by manual signature, this
Note shall not be entitled to any benefit under the Indenture referred to on
the reverse hereof, or be valid or obligatory for any purpose.

                                      A-2
<PAGE>

            IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

                        DAIMLERCHRYSLER MASTER OWNER TRUST,
                        as Issuer

                        By: DAIMLERCHRYSLER WHOLESALE
                            RECEIVABLES LLC, not in its individual capacity
                            but solely as Beneficiary under the Trust
                            Agreement

                        By: CHRYSLER FINANCIAL RECEIVABLES
                            CORPORATION, a member

                        By:____________________________________
                        Name:
                        Title:

                        Date:  _____________________

              INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                              THE BANK OF NEW YORK, not in its individual
                              capacity but solely as Indenture Trustee

                              By:____________________________________
                              Name:
                              Title:

                              Date: _____________________

                                     A-3
<PAGE>

                               [REVERSE OF NOTE]

            This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Floating Rate Auto Dealer Loan Asset Backed Notes,
Series 2004-B (the "Notes" or "Series 2004-B Notes"), all issued under an
Amended and Restated Indenture, dated as of December 16, 2004 (as amended,
restated and supplemented from time to time, the "Indenture"), as supplemented
by an Amended and Restated Series 2004-B Indenture Supplement, dated as of
December 16, 2004 (as amended, restated and supplemented from time to time,
the "Indenture Supplement"), each between the Issuer and The Bank of New York,
as indenture trustee (the "Indenture Trustee," which term includes any
successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of
the Indenture and the Indenture Supplement. All terms used in this Note that
are defined in the Indenture or the Indenture Supplement, each as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the
Indenture or the Indenture Supplement.

            The Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

            Principal of the Notes will be payable on the Expected Principal
Payment Date in an amount described on the face hereof. Upon the occurrence of
certain events specified in the Indenture or the Indenture Supplement,
payments of principal of the Notes may be made prior to or after the Expected
Principal Payment Date.

            As described above, the entire unpaid principal amount of this
Note shall be due and payable on the Legal Maturity Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes may be due and
payable following an Event of Default in the manner provided in Section 702 of
the Indenture; provided, however, that such acceleration of the entire unpaid
principal amount of the Notes may be rescinded by the holders of not less than
a majority of the Outstanding Dollar Principal Amount of the Notes. All
principal payments on the Notes shall be made pro rata to the Noteholders
entitled thereto.

            On any day occurring on or after the date on which the aggregate
Nominal Liquidation Amount of the Series 2004-B Notes is reduced to less than
10% of the Initial Dollar Principal Amount of the Series 2004-B Notes, the
Servicer has the right, but not the obligation, to cause the Issuer to redeem
the Series 2004-B Notes in whole but not in part, pursuant to Section 1202 of
the Indenture equal the Outstanding Dollar Principal Amount of the Series
2004-B Notes, plus interest accrued and unpaid to but excluding the date of
redemption.

            Subject to the terms and conditions of the Indenture, the
Beneficiary may, from time to time, direct the Owner Trustee, on behalf of the
Issuer, to issue one or more series or classes of notes.

            On each Payment Date, the Paying Agent shall distribute to each
Series 2004-B Noteholder of record on the related Record Date (except for the
final distribution with respect to this Note) such Series 2004-B Noteholder's
pro rata share of the amounts held by the Paying

                                     A-4
<PAGE>

Agent that are allocated and available on such Payment Date to pay interest
and principal on the Series 2004-B Notes. Final payments of this Note will be
made only upon presentation and surrender of this Note at the office or
offices therein specified.

            Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the clearing agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Holder hereof as of the Record Date preceding
such Payment Date by notice mailed within five days of such Payment Date and
the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in the City of New York.

            As provided in the Indenture and subject to certain limitations
set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the
office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
his attorney duly authorized in writing, with such signature guaranteed by a
commercial bank or trust company located, or having a correspondent located,
in the City of New York or the city in which the Corporate Trust Office is
located, or a member firm of a national securities exchange, and such other
documents as the Indenture Trustee may require, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee
in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner,

                                     A-5
<PAGE>

beneficiary, agent, officer, director or employee of the Indenture Trustee or
the Owner Trustee in its individual capacity, any holder of a beneficial
interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any
successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed and
except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that by accepting the benefits of the Indenture that it will not at any time
institute against DaimlerChrysler Wholesale Receivables LLC or the Issuer, or
join in any institution against DaimlerChrysler Wholesale Receivables LLC or
the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States Federal
or state bankruptcy or similar law in connection with any obligations relating
to the Notes, the Indenture or any Derivative Agreement.

            Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day
of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note is overdue, and neither the Issuer, the Indenture Trustee nor any
such agent shall be affected by notice to the contrary.

            The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Holders of Notes
representing not less than a majority of the Outstanding Dollar Principal
Amount of all Notes at the time Outstanding. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages
of the Outstanding Dollar Principal Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or
any one of more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms
and conditions set forth in the Indenture without the consent of Holders of
the Notes issued thereunder.

            The term "Issuer" as used in this Note includes any successor to
the Issuer under the Indenture.

            The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

                                     A-6
<PAGE>

            The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

            THIS NOTE AND THE INDENTURE AND THE INDENTURE SUPPLEMENT WILL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION
5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

            No reference herein to the Indenture and no provision of this Note
or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place, and rate, and in the coin or currency herein
prescribed.

            No recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer on the Notes or under the Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) the Owner Trustee in its individual capacity, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director, employee or agent of the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer or the
Owner Trustee or of any successor or assign of the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Owner Trustee has no such obligations in its
individual capacity). The Holder of this Note by the acceptance hereof agrees
that, except as expressly provided in the Indenture and the Indenture
Supplement in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

                                     A-7
<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D.  or other identifying number of assignee

___________________________

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:______________________________     _________________________________*
                                               Signature Guaranteed:

_____________________
* NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                     A-8
<PAGE>

                                                                     EXHIBIT B
                                                                     ---------

                            [FORM OF] SERIES 2004-B
                        SCHEDULE TO PAYMENT INSTRUCTION

DAIMLERCHRYSLER MASTER OWNER TRUST:
Reconciliation of Cash Flows
Collection Period: __________ through __________
Accrual Period: __________ through __________
Distribution Date: __________

                                                  DCMOT
                                                  2004-B
                                               -------------
AMOUNTS AVAILABLE FOR DISBURSEMENT
Interest Collections
Recoveries on Defaulted Receivables
Investment Income on Collection Account
PFA Earnings
PFA Earnings Shortfall
Series EFA Earnings
Principal Collections
Miscellaneous Payments
Balance in Principal Funding Accounts
Balance in Excess Funding Account
Other Adjustments

                                               -------------
Total Available
                                               =============

AMOUNTS DISBURSED
Interest Due to Noteholders
Principal Due to Noteholders
Principal to Principal Funding Accounts
Principal to Excess Funding Account
Servicing Fees
Excess Avail Interest Amount to Seller
Excess Avail Principal Amount to Seller
Excess Funding Account Balance to Seller
Other Adjustments
                                               -------------
Total Disbursements
                                               =============
             Proof
                                               =============

NET FUNDS TRANSFER TO/(FROM) BNY:
                                               =============

                                     B-1
<PAGE>

                                                                     EXHIBIT C
                                                                     ---------

                            [FORM OF] SERIES 2004-B
                  SCHEDULE TO MONTHLY NOTEHOLDERS' STATEMENT

DaimlerChrysler Master Owner Trust - SERIES 2004-B
Collection Period: _________ through __________
Payment Date: _________

<TABLE>
<CAPTION>

                                                                              Expected Final      Accumulation       Early Redem
Amounts owed on Notes on Current Payment Date                                  Payment Date          Period            Period
---------------------------------------------                                  ------------          ------            ------
<S>                                                                           <C>                 <C>                <C>
Outstanding Dollar Principal Amount of Notes
Total principal to be paid on Notes
         per $1,000 of Notes
                                                                              Days in Accrual      LIBOR 3750          Spread
                                                                              ---------------      ----------          ------
Total interest to be paid on Notes
         per $1,000 of Notes

Series Nominal Liquidation Amount and Series Required Participation Amount at End of Current Payment Date
---------------------------------------------------------------------------------------------------------
NLA of Notes as of prior payment date
Reimbursements of NLA Deficit since prior payment date
Reallocated Principal Collections since prior payment date
Investor Charge-Offs since prior payment date
PFA deposit since prior payment date
EFA deposit since prior payment date
EFA withdrawal since prior payment
                                                             -------------
         NLA of Notes

Overcollateralization Percentage of NLA of Notes
Cumulative reimbursements of OC Amount Deficit since
issuance
Cumulative reallocated Principal Collections since issuance
Cumulative Investor Charge-Offs since issuance
                                                             -------------
         Primary OC Amount
Is Primary OC Amt < Required Primary OC Amt?

Ineligible Receivables allocated to Series
Overconcentration Amount allocated to Series
                                                             -------------
         Incremental OC Amount

Series Nominal Liquidation Amount
Seller's Required Participation Amount
                                                             -------------
Series Required Participation Amount

Interest Collections                                           Total Pool     Series Alloc %    Series Allocation
--------------------                                           ----------     --------------    -----------------
Collections of Interest                                                     x                =
Recoveries on Defaulted Receivables                                         x                =
Investment Income from Collection Account                                   x                =
                                                             -------------                     -------------------
         Total Interest Collections
</TABLE>

                                      C-1
<PAGE>

<TABLE>
<CAPTION>

<S>                                                            <C>            <C>               <C>
Series Share of Interest Collections
PFA Earnings (if any)
PFA Earnings Shortfall (if any)
Series EFA Earnings (if any)
Shared Excess Avail Interest Amts from other series (if needed) _____________
         Series Available Interest Amount

Application of Series Available Interest Amount per Section 3.01 of Indenture Supplement
----------------------------------------------------------------------------------------
Total interest to be paid on Notes (for deposit in IFA)
Series Servicing Fee
To cover Series Investor Default Amount
To cover prior NLA Deficit (if any)
To cover prior OC Amount Deficit (if any)
Previously waived Series Servicing Fee (if any)
Amt to be shared with other series (if needed)
                                                             -------------
         Excess Series Available Interest Amount

Deposit in IFA from Series Available Interest Amount
Receivables Sale Proceeds (if any) for deposit in IFA
Deposit in IFA from reallocated Principal Collections
                                                             -------------
         Total amount to be deposited in IFA

Principal Collections and Investor Default Amount              Total Pool     Series Alloc %    Series Allocation
-------------------------------------------------              ----------     --------------    -----------------
Collections of Principal                                                    x                =
Miscellaneous Payments (if any)                                             x                =
Losses from Defaulted Dealers                                               x                =

Series Share of Principal Collections
Series Share of Miscellaneous Payments
Reallocated interest to cover Series Investor Default Amt
Reallocated interest to cover prior NLA Deficit
Reallocated interest to cover prior OC Amount Deficit
Shared Excess Avail Principal Amts from other series (if needed)
                                                                  -------------
         Series Available Principal Amount

Application of Series Available Principal Amount per Section 3.05 of Indenture Supplement
-----------------------------------------------------------------------------------------
To cover shortfalls in interest owed on Notes (for deposit in IFA)
Deposit in PFA if in Accumulation or Early Redemption Period
Amt to be shared with other series (if needed)
Amt to be deposited in EFA
                                                             -------------
         Excess Series Available Principal Amount

Deposit in PFA from Series Available Principal Amount
Receivables Sale Proceeds (if any) for deposit in PFA
EFA withdrawal for deposit in PFA
                                                             -------------
         Total amount to be deposited in PFA
</TABLE>

                                     C-2Exhibit 4.1

                                Dated [o] 2005

                       GRANITE FINANCE FUNDING 2 LIMITED
                                 as Funding 2

                           GRANITE MASTER ISSUER PLC
                               as Master Issuer

                             THE BANK OF NEW YORK
                         as Funding 2 Security Trustee

                                    -and -

                                CITIBANK, N.A.
                                 as Agent Bank

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

                      GLOBAL INTERCOMPANY LOAN AGREEMENT

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

                          SIDLEY AUSTIN BROWN & WOOD
                               WOOLGATE EXCHANGE
                             25 BASINGHALL STREET,
                                LONDON EC2V 5HA
                            TELEPHONE 020 7360 3600
                            FACSIMILE 020 7626 7937

<PAGE>
                                   CONTENTS

Clause                                                                Page No.

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

2.       The Facility.......................................................1

3.       The Loan Tranches..................................................1

4.       Purpose............................................................2

5.       Limited Recourse...................................................3

6.       Advance of Loan Tranches...........................................4

7.       Interest...........................................................5

8.       Repayment..........................................................9

9.       Prepayment.........................................................9

10.      Taxes.............................................................10

11.      Illegality........................................................10

12.      Mitigation........................................................10

13.      Representations and Warranties of Funding 2.......................11

14.      Covenants.........................................................13

15.      Default...........................................................15

16.      [Acceleration of Individual Loan Tranches.........................17

17.      Default Interest and Indemnity....................................17

18.      Payments..........................................................18

19.      Entrenched Provisions.............................................19

20.      Further Provisions................................................19

21.      Redenomination....................................................21

22.      Notices...........................................................21

23.      Governing Law and Submission to Jurisdiction......................22

SCHEDULE 1  LOAN TRANCHE NOTICE............................................23

SCHEDULE 2  FORM OF LOAN TRANCHE SUPPLEMENT................................24

                                      i
<PAGE>

THIS AGREEMENT is dated [o], 2005

BETWEEN:

(1)      GRANITE FINANCE FUNDING 2 LIMITED (registered number 5249387), a
         private limited company incorporated under the laws of England and
         Wales whose registered office is at Fifth Floor, 100 Wood Street,
         London EC2V 7EX as Master Issuer;

(2)      GRANITE MASTER ISSUER PLC (registered number 5250668), 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 Funding 2;

(3)      THE BANK OF NEW YORK a New York banking corporation whose London
         branch address is at One Canada Square, 48th Floor, London E14 5AL in
         its capacity as Funding 2 Security Trustee; and

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

WHEREAS:

(A)      From time to time, the Master Issuer will issue Notes pursuant to the
         Programme.

(B)      The Master Issuer has agreed that it will lend the proceeds (or, as
         applicable, the sterling equivalent thereof) of any issue of Notes by
         it to Funding 2.

(C)      This Agreement sets out the terms and conditions with respect to
         lending of the proceeds of the issue of Notes by the Master Issuer to
         Funding 2.

1.       Interpretation

1.1      The provisions of the Programme Master Definitions Schedule signed
         for the purposes of identification by Sidley Austin Brown & Wood and
         Allen & Overy LLP on [o], 2005 (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.

2.       The Facility

2.1      Subject to the terms of this Agreement, the Master Issuer agrees to
         make available to Funding 2 a facility in an aggregate amount equal
         to the Total Credit Commitment (the "Global Loan Facility"). On the
         London Business Day prior to each Closing Date, the Master Issuer
         shall offer Loan Tranches to Funding 2 under the Global Loan Facility
         that correspond to each Series and Class of Notes to be issued by the
         Master Issuer on the following Closing Date. Each Loan Tranche shall
         be denominated in Sterling. Subject to the terms of this Agreement,
         on each Closing Date Funding 2 shall accept the offer.

3.       The Loan Tranches

3.1      Conditions precedent: Save as the Master Issuer and the Funding 2
         Security Trustee

                                      1
<PAGE>

         may otherwise agree, each Loan Tranche will not be available for
         utilisation on a Closing Date unless:

         (a)      the related Series and Class of Notes has been issued by the
                  Master Issuer on the relevant Closing Date and the
                  subscription proceeds thereof have been received by or on
                  behalf of the Master Issuer;

         (b)      not later than [2.00 pm (London time)] on the relevant
                  Closing Date, Funding 2 and the Master Issuer have signed a
                  Loan Tranche Supplement (generally in the form set out in
                  Schedule 2 (Form of Loan Tranche Supplement)) which shall
                  oblige Funding 2 to borrow the whole amount stated in the
                  Loan Tranche Supplement on the Closing Date subject to the
                  terms of this Agreement;

         (c)      Funding 2 has confirmed in the applicable Loan Tranche
                  Supplement that:

                  (i)       no Funding 2 Intercompany Loan Event of Default
                            has occurred and is continuing unremedied (if
                            capable of remedy) or unwaived or would result
                            from the making of such Loan Tranche;

                  (ii)      the representations set out in Clause 13
                            (Representations and warranties of Funding 2) are
                            true on and as of the Closing Date by reference to
                            the facts and circumstances then existing;

                  (iii)     there is no debit balance on the Funding 2
                            Principal Deficiency Ledger;

         (d)      Funding 2 has delivered to the Funding 2 Security Trustee a
                  solvency certificate in form and substance satisfactory to
                  the Funding 2 Security Trustee;

         (e)      The Master Issuer has confirmed in the applicable Loan
                  Tranche Supplement that:

                  (i)       no Issuer Event of Default has occurred and is
                            continuing unremedied (if capable of remedy) or
                            unwaived or would result from the making of such
                            Loan Tranche; and

                  (ii)      the aggregate amount of the Loan Tranches to be
                            made on such Closing Date and any Loan Tranches
                            outstanding on such Closing Date do not exceed the
                            Total Credit Commitment;

         (f)      each of the Rating Agencies has confirmed in writing to the
                  Funding 2 Security Trustee that there will not, as a result
                  of the Master Issuer issuing any Notes, be any reduction,
                  withdrawal or qualification of the then current ratings by
                  the Rating Agencies of any existing Notes; and

         (g)      all other conditions precedent specified in the applicable
                  Loan Tranche Supplement have been satisfied.

4.       Purpose

4.1      Purpose and application of a Loan Tranche: The proceeds of each Loan
         Tranche

                                      2
<PAGE>

         may only be used by Funding 2 either:

         (a)      to make a Contribution (excluding a Deferred Contribution)
                  to the Mortgages Trustee (which shall increase the Funding 2
                  Share of the Trust Property); and/or

         (b)      to refinance the existing debt of Funding 2, including any
                  existing Loan Tranche; and/or

         (c)      to fund or partly fund or replenish the Funding 2 Reserve
                  Fund or make a deposit into the Funding 2 GIC Account.

4.2      Application of amounts: Without prejudice to the obligations of
         Funding 2 under this Clause 4, neither the Funding 2 Security Trustee
         nor any of the Funding 2 Secured Creditors shall be obliged to
         concern themselves as to the application of amounts raised by Funding
         2 under a Loan Tranche.

5.       Limited Recourse

5.1      Recourse limited to available funds: Notwithstanding the terms of any
         other provision in this Agreement or any other Transaction Document,
         each of the Master Issuer and the Funding 2 Security Trustee agree
         that the liability of Funding 2 in respect of its obligations to
         repay principal and pay interest or any other amounts due under this
         Agreement or for any breach of any other representation, warranty,
         covenant or undertaking of Funding 2 under this Agreement shall be
         limited to:

         (a)      in respect of amounts payable prior to the enforcement of
                  the Funding 2 Security:

                  (i)       the amount of Funding 2 Available Revenue Receipts
                            in respect of interest, fees or other amounts (but
                            excluding principal) payable by Funding 2 to the
                            Master Issuer, but only to the extent of an amount
                            of Funding 2 Available Revenue Receipts remaining
                            after paying amounts of a higher order of priority
                            and providing for amounts payable pari passu
                            therewith in accordance with, and subject to, the
                            relevant Funding 2 Pre-Enforcement Revenue
                            Priority of Payments; and

                  (ii)      the amount of Funding 2 Available Principal
                            Receipts in respect of principal payable by
                            Funding 2 to the Master Issuer, but only to the
                            extent of the amount of Funding 2 Available
                            Principal Receipts but only to the extent of an
                            amount of Funding 2 Available Principal Receipts
                            remaining after paying amounts of a higher
                            priority and providing for amounts pari passu
                            therewith, and subject to, the rules set forth in
                            the Funding 2 Pre-Enforcement Principal Priority
                            of Payments; and

         (b)      in respect of amounts payable following enforcement of the
                  Funding 2 Security, amounts received or recovered by Funding
                  2, the Funding 2 Security Trustee or a Receiver appointed on
                  behalf of the Funding 2 Security Trustee, but only to the
                  extent of such amount thereof as remains after paying
                  amounts

                                      3
<PAGE>

                  of a higher order of priority and providing for amounts
                  payable pari passu therewith in accordance with, and subject
                  to, the Funding Post-Enforcement Priority of Payments,

         provided that the application of such amounts set forth in
         sub-clauses (a) and (b) above to the discharge of Funding 2's
         obligations under this Agreement shall be subject to the terms of the
         Funding 2 Deed of Charge.

5.2      Shortfall on Final Repayment Date: On the Final Repayment Date of
         this Agreement, the amount of interest and principal due and payable
         under this Agreement shall be an amount equal to the sum available to
         pay all outstanding interest and/or principal amounts due (including
         interest and principal amounts deferred and unpaid) under this
         Agreement after paying amounts of a higher order of priority in
         accordance with the relevant Funding 2 Priority of Payments. To the
         extent that on the Final Repayment Date of this Agreement there is a
         shortfall between the amount available to Funding 2 to pay such
         interest and principal under this Agreement and the amount of
         interest and principal due and payable under this Agreement, the
         Master Issuer agrees that Funding 2 shall not be obliged to pay that
         shortfall to the Master Issuer and that any claim that the Master
         Issuer may otherwise have against Funding 2 in respect of that
         shortfall will be extinguished.

6.       Advance of Loan Tranches

6.1      Notice to Funding 2: On the London Business Day prior to each Closing
         Date, the Master Issuer shall give to Funding 2 (copied to the
         Funding 2 Security Trustee) a Loan Tranche Notice (generally in the
         form set out in Schedule 1 (Form of Loan Tranche Notice)) setting
         out, inter alia:

         (a)      the amount and currency or currencies of the proposed issue
                  on the next London Business Day of each Series and Class of
                  Notes under the Programme;

         (b)      the Specified Currency Exchange Rate(s) at which the Master
                  Issuer will swap the proceeds of each Series and Class of
                  Notes that is not denominated in Sterling into Sterling; and

         (c)      the principal amount of each Loan Tranche available for
                  drawing under the Global Loan Facility on the next Closing
                  Date.

6.2      Loan Tranches correspond to Series and Classes of Notes: Each Loan
         Tranche shall be identified by reference to the relevant Series and
         Class of Notes that is used to fund it, as set out in each Loan
         Tranche Supplement. [For instance, the Series 05-1 Class A1 Notes
         shall fund the Series 05-1 AAA (Class A1) Loan Tranche.]

6.3      Loan Tranche Supplement: The Loan Tranche Supplement to be signed on
         each Closing Date in accordance with Clause 3.1(b) shall record,
         amongst other things, the amount of each Loan Tranche to be made on
         such Closing Date, which shall correspond to the principal amount of
         such Loan Tranche that is available for drawing which is notified to
         Funding 2 in the applicable Loan Tranche Notice.

6.4      Single drawing of the Loan Tranche: On satisfaction of the conditions
         set out in

                                      4
<PAGE>

         Clause 3.1 (Conditions Precedent), the Master Issuer shall
         make the applicable Loan Tranches available to Funding 2 on the
         applicable Closing Date. The aggregate of the Loan Tranches to be
         made on such Closing Date will only be available for drawing in one
         amount by Funding 2 on the such Closing Date.

6.5      Issuance Fees: The Master Issuer shall, on behalf of Funding 2 and
         itself, pay the fees and expenses incurred by Funding 2 and/or itself
         in connection with the issuance of Notes, the making of Loan Tranches
         by it to Funding 2 and the acquisition by Funding 2 of an additional
         share in the Trust Property using the proceeds of such Loan Tranches.

7.       Interest

7.1      Loan Tranche Interest Periods: The first Loan Tranche Interest Period
         in respect of a Loan Tranche will commence on (and include) the Loan
         Tranche Interest Commencement Date relating to that Loan Tranche and
         end on (but exclude) the first Payment Date falling thereafter. Each
         subsequent Loan Tranche Interest Period shall commence on (and
         include) a Payment Date and end on (but exclude) the next following
         Payment Date.

7.2      Day Count Fraction: Whenever it is necessary to compute an amount of
         interest in respect of a Loan Tranche for any period (including any
         Loan Tranche Interest Period), such interest shall be calculated on
         the basis of [actual days elapsed in a 365 day year].

7.3      Determination of Intercompany Loan Tranche Interest Amount: In
         relation to any Loan Tranche, the rate of interest payable (the "Loan
         Tranche Rate of Interest") and the relevant sterling interest amount
         (each an "Loan Tranche Interest Amount") in respect of such Loan
         Tranche shall be determined on the basis or the provisions set out
         below:

         (a)      On the Loan Tranche Interest Reset Date in relation to such
                  Loan Tranche, the Agent Bank will determine the Relevant
                  Screen Rate in respect of such Loan Tranche at or about
                  11.00 am London time.

                  If the Relevant Screen Rate is unavailable, the Agent Bank
                  will request the principal London Office of each of the
                  Reference Banks to provide the Agent Bank with its offered
                  quotation to leading Banks for Sterling Deposits of
                  (GBP)10,000,000 for [three months] in the London
                  inter-bank market as at or about 11.00 am London time on
                  such Loan Tranche Interest Reset Date.

                  The Loan Tranche Rate of Interest for such Loan Tranche for
                  the Loan Tranche Interest Period relating to such Loan
                  Tranche shall be the aggregate of:

                  (i)       the Relevant Margin in respect of such Loan
                            Tranche; and

                  (ii)      the Relevant Screen Rate in respect of such Loan
                            Tranche or, if the Relevant Screen Rate is
                            unavailable, the arithmetic mean (or, in the case
                            of the initial Loan Tranche Interest Determination
                            Date for such Loan Tranche, the linear
                            interpolation of the arithmetic mean) of such

                                      5
<PAGE>

                            offered quotations by the Reference Banks (rounded
                            upwards, if necessary, to five decimal places).

         (b)      If on any Loan Tranche Interest Reset Date in relation to
                  such Loan Tranche, the Relevant Screen Rate in respect of
                  such Loan Tranche is unavailable and only two or three of
                  the Reference Banks provide offered quotations, the Loan
                  Tranche Rate of Interest for such Loan Tranche for the
                  relevant Loan Tranche Interest Period shall be determined in
                  accordance with the provisions of sub-paragraph (a) above on
                  the basis of the offered quotations of those Reference Banks
                  providing such quotations.

         (c)      If, on any such Loan Tranche Interest Reset Date, only one
                  or none of the Reference Banks provides the Agent Bank with
                  such an offered quotation, the Agent Bank shall forthwith
                  consult with the Funding 2 Security Trustee for the purposes
                  of agreeing two banks (or, where one only of the Reference
                  Banks provided such a quotation, one additional bank) to
                  provide such a quotation or quotations to the Agent Bank
                  (which bank or banks are in the opinion of the Funding 2
                  Security Trustee suitable for such purpose) and the Loan
                  Tranche Rate of Interest for such Loan Tranche for the Loan
                  Tranche Interest Period in question shall be determined, as
                  aforesaid, on the basis of the offered quotations of such
                  banks as so agreed (or, as the case may be, the offered
                  quotations of such bank as so agreed and the relevant
                  Reference Bank).

         (d)      If no such bank or banks is or are so agreed or such bank or
                  banks as so agreed does or do not provide such a quotation
                  or quotations, then the Loan Tranche Rate of Interest for
                  such Loan Tranche for the relevant Loan Tranche Interest
                  Periods shall be the Loan Tranche Rate of Interest in
                  relation to such Loan Tranche in effect for the immediately
                  preceding Loan Tranche Interest Period to which
                  sub-paragraph (a) above shall have applied but taking
                  account of any change in the Relevant Margin in relation to
                  such Loan Tranche.

         (e)      There will be no minimum or maximum Loan Tranche Rate of
                  Interest for such Loan Tranche.

         (f)      The Agent Bank shall: (i) as soon as practicable on each
                  Loan Tranche Interest Reset Date, determine and notify the
                  Master Issuer, Funding 2, the Cash Manager and the Funding 2
                  Security Trustee of the Loan Tranche Rate of Interest
                  applicable to such Loan Tranche for the relevant Loan
                  Tranche Interest Periods and (ii) as soon as practicable on
                  each Loan Interest Determination Date determine and notify
                  the Master Issuer, Funding 2, the Cash Manager and the
                  Funding 2 Security Trustee of the Loan Tranche Interest
                  Amount payable in respect of such Loan Tranche for the
                  relevant Loan Tranche Interest Period.

         (g)      The Loan Tranche Interest Amount for such Loan Tranche shall
                  be determined by applying the relevant Loan Tranche Rate of
                  Interest to the Outstanding Principal Balance of such Loan
                  Tranche, multiplying the sum by the day count fraction
                  described in Clause 7.2 (Day Count Fraction) and rounding
                  the resultant figure to the nearest penny (half a penny
                  being rounded upwards).

                                      6
<PAGE>

         (h)      If the Agent Bank does not at any time for any reason
                  determine the Loan Tranche Rate of Interest and the Loan
                  Tranche Interest Amount for any Loan Tranche in accordance
                  with Clause 7.2(a) to (g) above, the Funding 2 Security
                  Trustee shall (subject to it being indemnified to its
                  satisfaction) determine the Loan Tranche Rate of Interest
                  and Loan Tranche Interest Amount for each Loan Tranche and
                  any such determination shall be deemed to have been made by
                  the Agent Bank.

         (i)      All notifications, opinions, determinations, certificates,
                  calculations and decisions given, expressed, made or
                  obtained for the purposes of this Clause 7, whether by the
                  Agent Bank or the Funding 2 Security Trustee, shall (in the
                  absence of wilful default, bad faith or manifest error) be
                  binding on Funding 2, the Master Issuer, the Cash Manager,
                  the Agent Bank, the Funding 2 Security Trustee and (in such
                  absence as aforesaid) no liability to Funding 2 shall attach
                  to such Master Issuer, the Agent Bank, the Funding 2
                  Security Trustee or the Cash Manager in connection with the
                  exercise or non-exercise by them or any of them of their
                  powers, duties and discretions hereunder.

         (j)      In the event of the then Agent Bank being unwilling to act
                  as the Agent Bank, or resigning pursuant to the Issuer
                  Paying Agent and Agent Bank Agreement, the Master Issuer
                  shall, with the approval of the Issuer Security Trustee,
                  appoint a successor Agent Bank. If the Master Issuer shall
                  fail to appoint a successor Agent Bank, the Agent Bank shall
                  appoint such other bank as may be previously approved in
                  writing by the Issuer Security Trustee to act as the Agent
                  Bank. The resignation of the Agent Bank will not take effect
                  until a successor approved by the Issuer Security Trustee
                  has been appointed.

7.4      Payment on Payment Dates: Subject to Clause 5.1 (Recourse limited to
         available funds), interest payable on any Loan Tranche shall be
         payable on the Payment Dates specified for such Loan Tranche in the
         applicable Loan Tranche Supplement.

7.5      Deferred Interest: To the extent that there are insufficient funds
         available to pay interest on a Loan Tranche on any Payment Date, the
         shortfall in the interest amount payable will not then fall due but
         will instead be due on the following Payment Date on which sufficient
         funds are available to pay such interest, and pending such payment,
         will accrue interest at the rate specified for such Loan Tranche in
         the applicable Loan Tranche Supplement.

7.6      Certain Fees: In addition to the interest and principal payments to
         be made by Funding 2 in respect of each Loan Tranche under this
         Clause 7 and Clause 8 (Repayment), respectively, on each Payment Date
         (or, in respect of the payment to be made as set forth in (a) below,
         on the Closing Date for each Loan Tranche) or on any other date on
         which the Master Issuer notifies Funding 2, but subject to Clause 5.1
         (Recourse limited to available funds), Funding 2 shall pay to the
         Master Issuer for same day value to the Issuer Transaction Account a
         fee for the provision of the Global Loan Facility (except that in the
         case of payments due under paragraphs (c), (e), (f) and (k) below,
         such payments shall be paid when due). Such fee shall be an amount or
         amounts in the aggregate equal to the following:

         (a)      the amount equal to the Issuance Fees (other than to the
                  extent such Issuance Fees are specified in items (b) to (k)
                  below);

                                      7
<PAGE>

         (b)      the fees, costs, charges, liabilities and expenses and any
                  other amounts due and payable to the Note Trustee and the
                  Issuer Security Trustee pursuant to the Issuer Trust Deed,
                  the Issuer Deed of Charge or any other Transaction Document,
                  together with interest thereon as provided therein;

         (c)      the reasonable fees and expenses of any legal advisers,
                  accountants and auditors appointed by the Master Issuer and
                  properly incurred in their performance of their functions
                  under the Transaction Documents which have fallen due;

         (d)      the fees, costs and expenses due and payable to the Paying
                  Agents and the Agent Bank pursuant to the Issuer Paying
                  Agent and Agent Bank Agreement and the fees, costs and
                  expenses due and payable to the Transfer Agent, the
                  Registrar;

         (e)      any amounts due and payable by the Master Issuer to the
                  Inland Revenue in respect of the Master Issuer's liability
                  to United Kingdom corporation tax (insofar as payment is not
                  satisfied by the surrender of group relief or out of the
                  profits, income or gains of the Master Issuer and subject to
                  the terms of the Issuer Deed of Charge) or any other Taxes
                  payable by the Master Issuer;

         (f)      the fees, costs, charges, liabilities and expenses due and
                  payable to the Issuer Account Bank pursuant to the Issuer
                  Bank Account Agreement (if any);

         (g)      the fees, costs, charges, liabilities and expenses due and
                  payable to the Issuer Cash Manager pursuant to the Issuer
                  Cash Management Agreement;

         (h)      any termination payment due and payable by the Master Issuer
                  to an Issuer Swap Provider pursuant to an Issuer Swap
                  Agreement;

         (i)      the fees, costs, charges, liabilities and expenses due and
                  payable to the Issuer Corporate Services Provider pursuant
                  to the Issuer Corporate Services Agreement;

         (j)      any amounts due and payable (other than principal) by the
                  Master Issuer to the Start-Up Loan Provider(s) in respect of
                  the Master Issuer's obligations under the Start-Up Loan
                  Agreements; and

         (k)      any other amounts due or overdue by the Master Issuer to
                  third parties including the Rating Agencies and the amounts
                  paid by the Master Issuer under the Programme Agreement,
                  each Subscription Agreement and each Underwriting Agreement
                  (excluding, for these purposes, the Noteholders) other than
                  amounts specified in paragraphs (b) to (j) above,

         together with, (i) in respect of taxable supplies made to the Master
         Issuer, any amount in respect of any VAT or similar tax payable in
         respect thereof against production of a valid tax invoice; and (ii)
         in respect of taxable supplies made to a person other than the Master
         Issuer, any amount in respect of any Irrecoverable VAT or similar tax
         payable in respect thereof (against production of a copy of the
         relevant tax invoice), and to be applied subject to and in accordance
         with the provisions of the Issuer Pre-

                                      8
<PAGE>

         Enforcement Revenue Priority of Payments in the Issuer Cash Management
         Agreement.

7.7      Set-off: Funding 2 and each of the other parties to this Agreement
         agree that the Master Issuer shall be entitled to set-off those
         amounts due and payable by Funding 2 pursuant to Clause 7.6 (Certain
         Fees) on the Closing Date for a Loan Tranche against the amount to be
         advanced by the Master Issuer to Funding 2 under such Loan Tranche on
         such Closing Date.

8.       Repayment

8.1      Repayment of Loan Tranches: Subject to Clause 5.1 (Recourse limited
         to available funds), each Loan Tranche shall be repaid in instalments
         on the dates and in the amounts specified for such Loan Tranche in
         the related Loan Tranche Supplement or as calculated pursuant to the
         terms of the Funding 2 Deed of Charge and the Cash Management
         Agreement (as applicable).

8.2      Loan Tranche Ratings: Unless otherwise specified for any Loan Tranche
         in the applicable Loan Tranche Supplement, such Loan Tranche shall be
         repaid (as to both interest and principal) in the priority according
         with the Loan Tranche Rating of that Loan Tranche. The Loan Tranche
         Rating for a Loan Tranche will be specified for such Loan Tranche in
         the applicable Loan Tranche Supplement.

8.3      Payment subject to terms of the Issuer Deed of Charge: The terms and
         conditions of Clause 7 (Interest) and this Clause 8 (Repayment) are
         to be read in conjunction with the provisions of Schedule 2 to the
         Issuer Deed of Charge, as the same may be amended or varied from time
         to time in accordance with the provisions thereof.

9.       Prepayment

9.1      Prepayment for taxation or other reasons: If:

         (a)      Funding 2 is required to withhold or deduct from any payment
                  of principal or interest in respect of any Loan Tranche any
                  amount for or on account of Tax; or

         (b)      the Master Issuer is required to withhold or deduct from any
                  payment of principal, interest or premium in respect of its
                  Notes any amount for or on account of Tax; or

         (c)      a Loan Tranche becomes illegal as described in Clause 11
                  (Illegality);

         then, without prejudice to the obligations of Funding 2 under Clause
         11 (Illegality) and subject to Clause 12 (Mitigation), the Master
         Issuer may require Funding 2 to prepay, on any Payment Date, having
         given not more than 60 days and not less than 30 days' (or such
         shorter period as may be required by any relevant law in the case of
         any Loan Tranche which becomes illegal pursuant to Clause 11
         (Illegality)) prior written notice to Funding 2 and the Note Trustee
         (or on or before the latest date permitted by the relevant law in the
         case of Clause 11 (Illegality)) and while the relevant circumstances
         continue, the applicable Loan Tranches without penalty or premium but
         subject to Clause 17 (Default interest and indemnity), provided that
         the

                                      9
<PAGE>

         Master Issuer is able to repay the related Notes used to fund
         such Loan Tranche on such Payment Date from funds received from
         repayment of such Loan Tranche.

9.2      Prepayment at option of Master Issuer: The Master Issuer, at its
         option, may require Funding 2 to prepay the outstanding principal
         amount of a Loan Tranche (together with any accrued interest) on any
         Payment Date on which the Master Issuer has decided to exercise its
         option, if any, to redeem in full the Notes used to fund such Loan
         Tranche. The Master Issuer shall give Funding 2 not more than 60
         days' and not less than 30 days' prior written notice of the Master
         Issuer's decision to exercise its option to require Funding 2 to
         prepay the relevant Loan Tranche. Any prepayment by Funding 2 will be
         made without penalty or premium but will be subject to Clause 17
         (Default interest and indemnity).

9.3      Application of monies: The Master Issuer hereby agrees to apply any
         amounts received by way of prepayment pursuant to Clause 9.1
         (Prepayment for taxation or other reasons) or Clause 9.2 (Prepayment
         at option of Master Issuer) in making prepayments under the relevant
         Notes.

10.      Taxes

10.1     No gross up: All payments by Funding 2 under this Agreement shall be
         made without any deduction or withholding for or on account of, and
         free and clear of, any Taxes, except to the extent that Funding 2 is
         required by law to make payment subject to any Taxes.

10.2     Tax receipts: All Taxes required by law to be deducted or withheld by
         Funding 2 from any amounts paid or payable under this Agreement shall
         be paid by Funding when due and Funding 2 shall, within 30 days of
         the payment being made, deliver to the Master Issuer evidence
         satisfactory to the Master Issuer (including all relevant Tax
         receipts) that the payment has been duly remitted to the appropriate
         authority.

11.      Illegality

         If, at any time, it is unlawful for the Master Issuer to make, fund
         or allow to remain outstanding a Loan Tranche made by it under this
         Agreement, then the Master Issuer shall, promptly after becoming
         aware of the same, deliver to Funding 2, the Funding 2 Security
         Trustee and the Rating Agencies a certificate to that effect and if
         the Master Issuer so requires, Funding 2 shall promptly to the extent
         necessary to cure such illegality prepay such Loan Tranche subject to
         and in accordance with the provisions of Clause 9.1 (Prepayment for
         taxation or other reasons).

12.      Mitigation

         If circumstances arise in respect of the Master Issuer which would,
         or would upon the giving of notice, result in:

         (a)      the prepayment of the Loan Tranches pursuant to Clause 11
                  (Illegality);

         (b)      a withholding or deduction from the amount to be paid by
                  Funding 2 on account of Taxes, pursuant to Clause 10
                  (Taxes),

                                      10
<PAGE>

         then, without in any way limiting, reducing or otherwise qualifying
         the obligations of Funding 2 under this Agreement, the Master Issuer
         shall:

         (i)      promptly upon becoming aware of the circumstances, notify
                  the Funding 2 Security Trustee, Funding 2 and the Rating
                  Agencies; and

         (ii)     upon written request from Funding 2, take such reasonable
                  steps as may be practical to mitigate the effects of those
                  circumstances including (without limitation) the assignment
                  by novation of the Master Issuer's rights under this Loan
                  Agreement to, and assumption by novation of all the Master
                  Issuer's obligations under this Agreement by, another
                  company, which is willing to participate in the Loan
                  Tranches in its place and which is not subject to (a) and/or
                  (b) above,

         provided that no such transfer or assignment and transfer by novation
         of such rights and obligations may be permitted unless the Rating
         Agencies confirm in writing to Funding 2 and the Funding 2 Security
         Trustee that there will be no downgrading of the then current rating
         of the Notes issued by the Master Issuer as a result and Funding 2
         indemnifies the Master Issuer for any reasonable costs and expenses
         properly incurred as a result of such transfer or assignment.

13.      Representations and Warranties of Funding 2

13.1     Representations and warranties: Funding 2 makes the representations
         and warranties set out in this Clause 13 to the Master Issuer and the
         Funding 2 Security Trustee (as trustee for each of the Funding 2
         Secured Creditors).

13.2     Status:

         (a)      It is a limited liability company duly incorporated, validly
                  existing and registered under the laws of the jurisdiction
                  in which it is incorporated, capable of being sued in its
                  own right and not subject to any immunity from any
                  proceedings; and

         (b)      it has the power to own its property and assets and to carry
                  on its business as it is being conducted.

13.3     Powers and authority: It has the power to enter into, perform and
         deliver, and has taken all necessary corporate and other action to
         authorise the execution, delivery and performance by it of, each of
         the Transaction Documents to which it is a party.

13.4     Legal validity: Each Transaction Document to which it is or will be a
         party constitutes or when executed in accordance with its terms will
         constitute, a legal, valid and binding obligation of Funding 2.

13.5     Non-conflict: The execution by it of each of the Transaction
         Documents to which it is a party and the exercise by it of its rights
         and the performance of its obligations under such Transaction
         Documents including, without limitation, borrowing pursuant to the
         terms of this Agreement or granting any security contemplated by the
         Transaction Documents will not:

                                      11
<PAGE>

         (a)      result in the existence or imposition of, nor oblige it to
                  create, any Security Interest in favour of any person (other
                  than the Funding 2 Security Trustee for itself and on behalf
                  of the other Funding 2 Secured Creditors or as otherwise
                  contemplated in the Transaction Documents) over all or any
                  of its present or future revenues or assets;

         (b)      conflict with any document which is binding upon it or any
                  of its assets;

         (c)      conflict with its constitutional documents; or

         (d)      conflict with any law, regulation or official or judicial
                  order of any government, governmental body or court,
                  domestic or foreign, having jurisdiction over it.

13.6     No litigation: It is not a party to any material litigation,
         arbitration or administrative proceedings and, to its knowledge, no
         material litigation, arbitration or administrative proceedings are
         pending or threatened against it.

13.7     No default: No Funding 2 Intercompany Loan Event of Default is
         continuing unremedied (if capable of remedy) or unwaived or would
         result from the making of any Loan Tranche.

13.8     Authorisations: All governmental consents, licences and other
         approvals and authorisations required or desirable in connection with
         the entry into, performance, validity and enforceability of, and the
         transactions contemplated by, the Transaction Documents have been
         obtained or effected (as appropriate) and are in full force and
         effect.

13.9     Registration requirements: Except for due registration of the Funding
         2 Deed of Charge under Section 395 of the Companies Act 1985, it is
         not necessary that the Funding 2 Deed of Charge or this Agreement be
         filed, recorded or enrolled with any authority or that, except for
         registration fees payable at Companies Registry in respect of the
         Funding 2 Deed of Charge, any stamp, registration or similar tax be
         paid on or in respect thereof.

13.10    Ranking of security: The security conferred by the Funding 2 Deed of
         Charge constitutes a first priority security interest of the type
         described, and over the security assets referred to, in the Funding 2
         Deed of Charge and the Funding 2 Charged Property is not subject to
         any prior or pari passu Security Interests.

13.11    No other business:

         (a)      It has not traded or carried on any business since its date
                  of incorporation or engaged in any activity whatsoever that
                  is not incidental to or necessary in connection with any of
                  the activities in which the Transaction Documents provide or
                  envisage that it will engage; and

         (b)      it is not party to any material agreements other than the
                  Transaction Documents.

13.12    Ownership:

                                      12
<PAGE>

         (a)      Its entire issued share capital is legally and beneficially
                  owned and controlled by Holdings; and

         (b)      its shares are fully paid.

13.13    Good title as to assets: Subject to the Security Interests created
         under the Funding 2 Deed of Charge, it is and will remain the
         absolute beneficial owner of the Funding 2 Share and absolute legal
         and beneficial owner of all other assets charged or assigned by the
         Funding 2 Deed of Charge to which it is a party.

13.14    Repetition: The representations in this Clause 13 (Representations
         and Warranties of Funding 2) shall survive the execution of this
         Agreement and the making of each Loan Tranche under this Agreement,
         and shall be repeated by Funding 2 on each Closing Date relating to
         the making of each Loan Tranche by reference to the facts and
         circumstances then existing.

14.      Covenants

14.1     Duration: The undertakings in this Clause 14 (Covenants) shall remain
         in force from the date of this Agreement for so long as any amount is
         or may be outstanding under this Agreement.

14.2     Information: Funding 2 shall supply to the Funding 2 Security Trustee
         and the Rating Agencies:

         (a)      as soon as the same are available its audited accounts for
                  that Financial Year; and

         (b)      promptly, such other information in connection with the
                  matters contemplated by the Transaction Documents as the
                  Funding 2 Security Trustee or the Rating Agencies may
                  reasonably request.

14.3     Notification of Default: Funding 2 shall notify the Master Issuer and
         the Funding 2 Security Trustee of any Funding 2 Intercompany Loan
         Event of Default (and the steps, if any, being taken to remedy it) or
         any event which with the giving of notice or lapse of time or
         certification would constitute the same promptly upon Funding 2
         becoming aware of the occurrence of each Funding 2 Intercompany Loan
         Event of Default or such other event.

14.4     Authorisations: Funding 2 shall promptly:

         (a)      obtain, maintain and comply with the terms of; and

         (b)      upon request, supply certified copies to the Master Issuer
                  and the Funding 2 Security Trustee of,

         any authorisation required under any law or regulation to enable it
         to perform its obligations under, or for the validity or
         enforceability of, any Transaction Document to which it is a party.

14.5     Pari passu ranking: Funding 2 shall procure that its obligations
         under the Transaction Documents do and will rank at least pari passu
         with all its other present and future

                                      13
<PAGE>

         unsecured obligations, except for obligations mandatorily preferred
         by law.

14.6     Negative pledge: Funding 2 shall not create or permit to subsist any
         security interest (including but not limited to any mortgage,
         standard security, charge (whether legal or equitable), assignment by
         way of security, pledge, lien, hypothecation or other security
         interest securing any obligation of any person (including, without
         limitation, any trust or arrangement having the effect of providing
         security)) over or in respect of any of its assets (unless arising by
         operation of law) other than as provided pursuant to the Transaction
         Documents.

14.7     Disposals; Mergers and Acquisitions: Funding 2 shall not, either in a
         single transaction or in a series of transactions, whether related or
         not and whether voluntarily or involuntarily, sell, assign, transfer,
         lease or otherwise dispose of or grant any option over all or any
         part of its assets, properties or undertakings or any interest,
         estate, right, title or benefit therein, other than as provided for
         pursuant to the Transaction Documents. In addition to the foregoing:

         (a)      Funding 2 shall not enter into any amalgamation, demerger,
                  merger or reconstruction; and

         (b)      Funding 2 shall not acquire any assets or business or make
                  any investments other than as contemplated in the
                  Transaction Documents.

14.8     Lending and borrowing:

         (a)      Except as provided or contemplated under the Transaction
                  Documents, Funding 2 shall not make any loans or provide any
                  other form of credit to any person.

         (b)      Funding 2 shall not give any guarantee or indemnity to or
                  for the benefit of any person in respect of any obligation
                  of any other person or enter into any document under which
                  Funding assumes any liability of any other person.

         (c)      Funding 2 shall not incur any indebtedness in respect of any
                  borrowed money other than under the Transaction Documents.

14.9     Shares and dividends: Funding 2 shall not:

         (a)      declare or pay any dividend or make any other distribution
                  in respect of any of its shares other than in accordance
                  with the Funding 2 Deed of Charge;

         (b)      issue any further shares or alter any rights attaching to
                  its issued shares as at the date hereof; or

         (c)      repay or redeem any of its share capital.

14.10    Change of business:

         (a)      Funding 2 shall not carry on any business or engage in any
                  activity other than as contemplated by the Transaction
                  Documents or which is not incidental to or necessary in
                  connection with any of the activities in which the
                  Transaction Documents provide or envisage that Funding 2
                  will engage.

                                      14
<PAGE>

         (b)      Other than in respect of the Master Issuer, Funding 2 shall
                  not have any subsidiaries or subsidiary undertakings as
                  defined in the Companies Act 1985, as amended.

         (c)      Funding 2 shall not own any premises.

14.11    Tax: Funding 2 shall not apply to become part of any group for the
         purposes of section 43 of the Value Added Tax Act 1994 (as amended)
         with the Master Issuer unless required to do so by law.

14.12    United States Activities: Funding 2 will not engage in any activities
         in the United States (directly or through agents), will not derive
         any income from United States sources as determined under United
         States income tax principles and will not hold any property if doing
         so would cause it to be engaged or deemed to be engaged in a trade or
         business within the United States as determined under United States
         tax principles.

14.13    Funding Ledgers: Funding 2 shall maintain, or cause to be maintained,
         the Funding 2 Ledgers in accordance with the Cash Management
         Agreement.

14.14    Funding 2 Liquidity Reserve Fund: Funding 2 will establish the
         Funding 2 Liquidity Reserve Fund and the Funding 2 Liquidity Reserve
         Ledger, should the long-term, unsecured, unsubordinated and
         unguaranteed debt obligations of the Seller cease to be rated at
         least A3 by Moody's or A- by Fitch (unless Moody's or Fitch, as
         applicable, confirms the then current ratings of the Notes of the
         Master Issuer will not be adversely affected by such ratings
         downgrade). Any such Funding 2 Liquidity Reserve Fund and Funding 2
         Liquidity Reserve Ledger shall be established and maintained in
         accordance with the provisions of the Cash Management Agreement.

15.      Default

15.1     Funding 2 Intercompany Loan Events of Default: Each of the events set
         out in Clause 14.2 (Non-payment) to Clause 15.8 (Ownership)
         (inclusive) is a Funding 2 Intercompany Loan Event of Default
         (whether or not caused by any reason whatsoever outside the control
         of Funding 2 or any other person).

15.2     Non-payment: Subject to Clause 5.1 (Recourse limited to available
         funds), Funding 2 does not pay on the due date or for a period of
         five London Business Days after such due date any amount payable by
         it under any Funding 2 Intercompany Loan Agreement at the place at
         and in the currency in which it is expressed to be payable.

15.3     Breach of other obligations: Funding 2 does not comply in any
         material respect with any of its obligations under the Transaction
         Documents (other than those referred to in Clause 15.2 (Non-payment))
         and such non-compliance, if capable of remedy, is not remedied
         promptly and in any event within twenty London Business Days of
         Funding 2 becoming aware of the non-compliance or receipt of a notice
         from the Funding 2 Security Trustee requiring Funding 2's
         non-compliance to be remedied.

15.4     Misrepresentation: A representation, warranty or statement made or
         repeated in or in connection with any Transaction Document or in any
         document delivered by or on behalf of Funding 2 under or in
         connection with any Transaction Document is incorrect in any material
         respect when made or deemed to be made or repeated.

                                      15
<PAGE>

15.5     Insolvency:

         (a)      An order is made or an effective resolution is passed for
                  the winding up of Funding 2 (except, in any such case, a
                  winding-up or dissolution for the purpose of a
                  reconstruction, amalgamation or merger the terms of which
                  have been previously approved by the Funding 2 Security
                  Trustee or as approved by an Extraordinary Resolution of the
                  holders of the Class A Notes of all Series issued by the
                  Master Issuer); or

         (b)      Except for the purposes of an amalgamation, merger or
                  restructuring as described in (a) above, Funding 2 ceases or
                  threatens to cease to carry on all or a substantial part of
                  its business or stops payment or threatens to stop payment
                  of its debts or is deemed unable to pay its debts within the
                  meaning of Section 123(a), (b), (c) or (d) of the Insolvency
                  Act 1986 (as amended, modified or re-enacted) or becomes
                  unable to pay its debts within the meaning of Section 132(2)
                  of the Insolvency Act 1986 (as amended, modified or
                  re-enacted); or

         (c)      Proceedings are otherwise initiated against Funding 2 under
                  any applicable liquidation, insolvency, composition,
                  reorganisation or other similar laws (including, but not
                  limited to, presentation of a petition for an administration
                  order or the making of an application for an administration
                  order or the filing of documents for an administration
                  order) and (except in the case of presentation of a petition
                  for an administration order) such Proceedings are not, in
                  the opinion of the Funding 2 Security Trustee being disputed
                  in good faith with a reasonable prospect of success; or a
                  formal notice is given of intention to appoint an
                  administrator; or an administration order being granted or
                  an administrative receiver or other receiver, liquidator or
                  other similar official being appointed in relation to
                  Funding 2 or in relation to the whole or any substantial
                  part of the undertaking or assets of Funding 2; or an
                  encumbrancer taking possession of the whole or any
                  substantial part of the undertaking or assets of Funding 2;
                  or a distress, execution, diligence or other process being
                  levied or enforced upon or sued out against the whole or any
                  substantial part of the undertaking or assets of Funding 2
                  and such possession or process (as the case may be) not
                  being discharged or not otherwise ceasing to apply within 30
                  days; or Funding 2 initiating or consenting to judicial
                  proceedings relating to itself under applicable liquidation,
                  insolvency, composition, reorganisation or other similar
                  laws or making a conveyance or assignment for the benefit of
                  its creditors generally.

15.6     Unlawfulness: It is or becomes unlawful for Funding 2 to perform any
         of its obligations under any Transaction Document.

15.7     The Funding 2 Deed of Charge: The Funding 2 Deed of Charge is no
         longer binding on or enforceable against Funding 2 or effective to
         create the security intended to be created by it.

15.8     Ownership: The entire issued share capital of Funding 2 ceases to be
         legally and beneficially owned and controlled by Holdings.

15.9     Acceleration of Global Intercompany Loan: Upon the Funding 2 Security
         Trustee's receipt from the Master Issuer or other party to a
         Transaction Document of notice of

                                      16
<PAGE>

         the occurrence of a Funding 2 Intercompany Loan Event of Default which
         is continuing unremedied and/or has not been waived, the Funding 2
         Security Trustee may by written notice to Funding 2 (a "Funding 2
         Intercompany Loan Enforcement Notice") which is copied to each of the
         Funding 2 Secured Creditors and the Mortgages Trustee:

         (a)      declare all Loan Tranches made under this Agreement to be
                  immediately due and payable, whereupon the same shall,
                  subject to Clause 15.10 (Repayment of Global Intercompany
                  Loan on acceleration), become so payable together with
                  accrued interest thereon and any other sums then owed by
                  Funding 2 under this Agreement; and/or

         (b)      declare the Loan Tranches to be due and payable on demand of
                  the Funding 2 Security Trustee.

15.10    Repayment of Intercompany Loans on acceleration: Upon the Funding 2
         Security Trustee declaring the Loan Tranches to be immediately due
         and payable pursuant to Clause 15.9 (Acceleration), the amount due
         and payable in respect of shall be paid by Funding 2 without penalty
         or premium but subject to Clause 17 (Default interest and indemnity).

16.      Acceleration of Individual Loan Tranches

16.1     Acceleration Notice:  In relation to a Loan Tranche, upon:

         (a)      the occurrence of any applicable date set out in the
                  applicable Loan Tranche Supplement;

         (b)      the date upon which a Trigger Event occurs;

         (c)      the date upon which an Issuer Enforcement Notice is served
                  on the Funding 2 Issuer who funded such Loan Tranche under
                  the Issuer Deed of Charge occurs;

         (d)      the date upon which a Note Acceleration Notice in relation
                  to the Series and Class of Notes that funded such Loan
                  Tranche is served on the applicable Funding 2 Issuer under
                  the Issuer Deed of Charge; or

         (e)      the occurrence of the Step-Up Date (if any) in relation to
                  such Loan Tranche,

         then the Outstanding Principal Balance of such Loan Tranche will
         become immediately due.

17.      Default Interest and Indemnity

17.1     Default Loan Interest Periods: If any sum due and payable by Funding
         2 under a Loan Tranche is not paid on the due date for payment in
         accordance with this Agreement or if any sum due and payable by
         Funding 2 under any judgment or decree of any court in connection
         with this Agreement is not paid on the date of such judgment or
         decree, the period beginning on such due date or, as the case may be,
         the date of such judgment or decree and ending on the date upon which
         the obligation of Funding 2 to pay such sum (the balance thereof for
         the time being unpaid being herein

                                      17
<PAGE>

         referred to as an "unpaid sum") is discharged shall be divided into
         successive periods, each of which (other than the first) shall start
         on the last day of the preceding such period and the duration of each
         of which shall (except as otherwise provided in this Clause 17) be
         selected by the Funding 2 Security Trustee having regard to when such
         unpaid sum is likely to be paid.

17.2     Default interest: During each such period relating to an unpaid sum
         as is mentioned in this Clause 17 an unpaid sum shall bear interest
         at the rate per annum which the Master Issuer, acting reasonably,
         determines and certifies to Funding 2 and the Funding 2 Security
         Trustee, will be sufficient to enable it to pay interest and other
         costs and indemnities on or in respect of any amount which the Master
         Issuer does not pay as a result of Funding 2's non-payment under this
         Agreement, as a result of such unpaid sum not being paid to it.

17.3     Payment of default interest: Any interest which shall have accrued
         under Clause 17.2 (Default interest) in respect of an unpaid sum
         shall be due and payable and shall be paid by Funding 2 at the end of
         the period by reference to which it is calculated or on such other
         date or dates as the Funding 2 Security Trustee may specify by
         written notice to Funding 2.

17.4     Broken periods: Funding 2 shall forthwith on demand indemnify the
         Master Issuer against any loss or liability that the Master Issuer
         incurs as a consequence of any payment of principal being received
         from any source otherwise than on a Payment Date or an overdue amount
         being received otherwise than on its due date.

17.5     Funding 2's payment indemnity: Funding 2 undertakes to indemnify the
         Master Issuer:

         (a)      against any cost, claim, loss, expense (including legal
                  fees) or liability together with any amount in respect of
                  Irrecoverable VAT thereon (other than by reason of the
                  negligence or wilful default by the Master Issuer) which it
                  may sustain or incur as a consequence of the occurrence of
                  any Funding 2 Intercompany Loan Event of Default or any
                  default by Funding 2 in the performance of any of the
                  obligations expressed to be assumed by it in any of the
                  Transaction Documents (other than by reason of negligence or
                  wilful default on the part of the Master Issuer or prior
                  breach by the Master Issuer of the terms of any of the
                  Transaction Documents to which it is a party); and

         (b)      against any other loss or liability (other than by reason of
                  the negligence or default of the Master Issuer or breach by
                  the Master Issuer of the terms of any of the Transaction
                  Documents to which it is a party (except where such breach
                  is caused by the prior breach of Funding 2) or loss of
                  profit) it may suffer by reason of having made a Loan
                  Tranche available or entering into this Agreement or
                  enforcing any security granted pursuant to the Funding 2
                  Deed of Charge.

18.      Payments

18.1     Payment:

                                      18
<PAGE>

         (a)      Subject to Clause 5 (Limited Recourse), all amounts of
                  interest and principal to be paid to the Master Issuer under
                  this Agreement shall be paid in Sterling for value by
                  Funding 2 to the Issuer Transaction Account and the relevant
                  irrevocable payment instruction for such payment shall be
                  given by Funding 2 by no later than noon to the Issuer Cash
                  Manager under the Issuer Cash Management Agreement (with a
                  copy to the Master Issuer and the Funding 2 Security
                  Trustee) on the Distribution Date immediately preceding the
                  relevant Payment Date.

         (b)      On each date on which this Agreement requires any amount
                  other than the amounts specified in Clause 18.1(a) to be
                  paid by Funding 2, Funding 2 shall save as provided
                  otherwise herein, make the same available to the Master
                  Issuer by payment in Sterling in immediately available,
                  freely transferable, cleared funds to the Issuer Transaction
                  Account.

18.2     Alternative payment arrangements: If, at any time, it shall become
         impracticable (by reason of any action of any governmental authority
         or any change in law, exchange control regulations or any similar
         event) for Funding 2 to make any payments under this Agreement in the
         manner specified in Clause 18.1 (Payment), then Funding 2 shall make
         such alternative arrangements for the payment direct to the Master
         Issuer of amounts due under this Agreement as are acceptable to the
         Funding 2 Security Trustee.

18.3     No set-off: All payments required to be made by Funding 2 under an
         this Agreement shall be calculated without reference to any set-off
         or counterclaim and shall be made free and clear of, and without any
         deduction for or on account of, any set-off or counterclaim.

19.      Entrenched Provisions

         Each of Funding 2, the Master Issuer and the Funding 2 Security
         Trustee acknowledge and agree that Funding 2 may from time to time
         enter into new Funding 2 Intercompany Loan Agreements and that the
         obligation of Funding 2 to repay the Loan Tranches made under this
         Agreement will rank pari passu with the obligations of Funding 2 to
         repay any such other Funding 2 Intercompany Loans. If Funding 2
         intends to enter into a new Funding 2 Intercompany Loan Agreement
         then the provisions of this Agreement may be varied (with the consent
         of the parties to this Agreement to the extent necessary to reflect
         the terms of that Funding 2 Intercompany Loan Agreement PROVIDED THAT
         no variation shall be made to any of the following terms without the
         prior written consent of the Funding 2 Secured Creditors and the
         Rating Agencies:

         (a) the Payment Dates;

         (b) Clause 5 (Limited Recourse);

         (c) Clause 10 (Taxes); and

         (d) Clause 20.5 (Funding 2 Security Trustee).

20.      Further Provisions

                                      19
<PAGE>

20.1     Evidence of indebtedness: In any proceeding, action or claim relating
         to an a Loan Tranche a statement as to any amount due to the Master
         Issuer under such Loan Tranche which is certified as being correct by
         an officer of the Funding 2 Security Trustee shall, unless otherwise
         provided in this Agreement, be prima facie evidence that such amount
         is in fact due and payable.

20.2     Amendments and Waiver:

         (a)      Entire Agreement: This Agreement sets out the entire
                  agreement and understanding between the parties with respect
                  to the subject matter of this Agreement superseding all
                  prior oral or written understandings other than the other
                  Transaction Documents.

         (b)      Amendments and Waiver: Subject to Clause 19 (Entrenched
                  Provisions), no amendment or waiver of any provision of this
                  Agreement nor consent to any departure by any of the parties
                  therefrom shall in any event be effective unless the same
                  shall be in writing and signed by each of the parties
                  hereto. In the case of a waiver or consent, such waiver or
                  consent shall be effective only in the specific instance and
                  as against the party or parties giving it for the specific
                  purpose for which it is given.

         (c)      Rights cumulative: The respective rights of each of the
                  parties to this Agreement are cumulative and may be
                  exercised as often as they consider appropriate. No failure
                  on the part of any party 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 this
                  Agreement are cumulative and not exclusive of any remedies
                  provided by law.

20.3     Assignment: Neither the Master Issuer nor Funding 2 may assign or
         transfer any of its respective rights and obligations under this
         Agreement PROVIDED THAT:

         (a)      the Master Issuer may assign its rights, title, interest or
                  benefit thereunder to the Issuer Security Trustee pursuant
                  to the Issuer Deed of Charge;

         (b)      Funding 2 may assign its rights hereunder to the Funding 2
                  Security Trustee pursuant to the Funding 2 Deed of Charge.

20.4     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.

20.5     Funding 2 Security Trustee:

         (a)      The Funding 2 Security Trustee shall have no responsibility
                  for any of the obligations of any other party to this
                  Agreement (other than itself). For the avoidance of doubt,
                  the parties to this Agreement acknowledge that the rights
                  and obligations of the Funding 2 Security Trustee under this
                  Agreement are governed by the Funding 2 Deed of Charge.

                                      20
<PAGE>

         (b)      As between the Funding 2 Security Trustee and the parties
                  hereto any liberty or power which may be exercised or any
                  determination which may be made hereunder by the Funding 2
                  Security Trustee may be exercised or made in the Funding 2
                  Security Trustee's absolute discretion without any
                  obligation to give reasons therefor, but in any event must
                  be exercised or made in accordance with the provisions of
                  the Funding 2 Deed of Charge.

20.6     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.

20.7     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.

20.8     Corporate Obligations: To the extent permitted by law, no recourse
         under any obligation, covenant, or agreement of any person contained
         in this Agreement shall be had against any shareholder, officer or
         director of such person as such, by the enforcement of any assessment
         or by any legal proceeding, by virtue of any statute or otherwise; it
         being expressly agreed and understood that this Agreement is a
         corporate obligation of each person expressed to be a party hereto
         and no personal liability shall attach to or be incurred by the
         shareholders, officers, agents or directors of such person as such,
         or any of them, under or by reason of any of the obligations,
         covenants or agreements of such person contained in this Agreement,
         or implied therefrom, and that any and all personal liability for
         breaches by such person of any of such obligations, covenants or
         agreements, either under any applicable law or by statute or
         constitution, of every such shareholder, officer, agent or director
         is hereby expressly waived by each person expressed to be a party
         hereto as a condition of and consideration for the execution of this
         Agreement.

21.      Redenomination

         Each obligation under this Agreement which has been denominated in
         sterling shall be redenominated in Euro in accordance with applicable
         legislation passed by the European Monetary Union upon such
         redenomination of the Sterling Notes.

22.      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 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 Master Issuer, to Granite Issuer Master plc
                  Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile
                  number 020 7606 0643) for the

                                      21
<PAGE>

                  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 Funding 2, to Granite Finance Funding 2
                  Limited 69 Park Lane, Croydon, CR9 1TA (facsimile number 020
                  8409 8911) 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);

         (c)      in the case of Funding 2 Security Trustee, to The Bank of
                  New York, 48th Floor, One Canada Square, London, E14 5AL
                  (facsimile number 020 7964 6399) for the attention of the
                  Global Structured Finance (Corporate Trust); and

         (d)      in the case of Agent Bank, to Citibank, N.A., 5 Carmelite
                  Street, London EC4Y 0PA, (facsimile number 020 7508 3881)
                  for the attention of Rate Fixing,

                  or to such other address or facsimile number or for the
                  attention of such other person or entity as may from time to
                  time be notified by any party to the others by written
                  notice in accordance with the provisions of this Clause 22.
                  All notices served under this Agreement shall be
                  simultaneously copied to the Funding 2 Security Trustee by
                  the person serving the same.

23.      Governing Law and Submission to Jurisdiction

23.1     Governing Law: This Agreement is governed by, and shall be construed
         in accordance with, English law.

23.2     Submission to Jurisdiction: 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.

23.3     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 suit, action or
         proceeding and to settle any disputes, and agrees not to claim that
         any such court is not a convenient or appropriate forum.

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

                                      22
<PAGE>

                                  SCHEDULE 1

                          FORM OF LOAN TRANCHE NOTICE

From:  Granite Master Issuer plc (the "Master Issuer")

To:    Granite Finance Funding 2 Limited ("Funding 2")

Copy:  The Bank of New York (the "Funding 2 Security Trustee")

Dear Sirs,

1.       We refer to the agreement between, inter alios, ourselves, the Master
         Issuer and the Funding 2 Security Trustee (as from time to time
         amended, varied, novated or supplemented (the "Global Intercompany
         Loan Agreement")) dated [o], 2005 whereby a Global Loan Facility was
         made available to Funding 2. Terms defined in the Global Intercompany
         Loan Agreement shall have the same meaning in this notice.

2.       We hereby give you notice that, pursuant to the Global Intercompany
         Loan Agreement and upon the terms and subject to the conditions
         contained therein, we wish to make the following Loan Tranches
         available to Funding 2 on [specify Closing Date]:

         o        Series [o] [o] (Class [o]) Loan Tranche to be funded by the
                  Series [o] Class [o] Notes on the Closing Date:

                  (a)     principal amount and currency of [o];

                  (b)     specified Currency Exchange Rate of GBP 1.00/[o];

                  (c)     Principal amount (in Sterling) available to be
                          drawn in respect of such Loan Tranche of
                          (GBP)[o];

         [repeat for all applicable Loan Tranches]

3.       The interest rate(s) applicable to each Loan Tranche will be as
         follows:

         o        Series [o] [o] (Class [o]) Loan Tranche: [o] [Set out
                  relevant interest rate(s)]

         [repeat for all applicable Loan Tranches]

Yours faithfully,

For and on behalf of
Granite Finance Funding Limited

                                      23
<PAGE>

                                  SCHEDULE 2

                        FORM OF LOAN TRANCHE SUPPLEMENT

                                      24
<PAGE>

                                  Dated [o]

                       GRANITE FINANCE FUNDING 2 LIMITED
                                 as Funding 2

                           GRANITE MASTER ISSUER PLC
                               as Master Issuer

                             THE BANK OF NEW YORK
                         as Funding 2 Security Trustee

                                 CITIBANK, NA
                                 as Agent Bank

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

                            LOAN TRANCHE SUPPLEMENT

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

                                      25
<PAGE>

THIS LOAN TRANCHE SUPPLEMENT is dated [o] between:

(1)      GRANITE FINANCE FUNDING 2 LIMITED (registered number 5249387) a
         private limited liability company incorporated under the laws of
         England and Wales whose registered office is at Fifth Floor, 100 Wood
         Street, London EC2V 7EX as Master Issuer;

(2)      GRANITE MASTER ISSUER PLC (registered number 5250668) 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 Funding 2;

(3)      THE BANK OF NEW YORK, whose offices are at One Canada Square, 48th
         Floor, London E14 5AL in its capacity as the Funding 2 Security
         Trustee; and

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

This document constitutes the Loan Tranche Supplement relating to the Loan
Tranches described herein. Terms used herein shall be deemed to be defined as
such for the purposes of the Global Intercompany Loan Agreement entered into
between the parties hereto on [o], 2005. This Loan Tranche Supplement contains
the final terms of the Loan Tranches identified and described herein, is
supplemental to and must be read in conjunction with the Global Intercompany
Loan Agreement.

[To be repeated for each Loan Tranche funded by Notes of each class of the
same Series]

Loan Tranche:  The Series [o] Class [o] Notes will fund the [identifier] Loan
Tranche which shall have thefollowing terms:

1.       Borrower:                           Granite Finance Funding 2 Limited

2.       Lender:                             Granite Master Issuer plc

3.       (i)    Loan Tranche Rating:         [o]

         (ii)   Series Number:               [o]

4.       Initial Outstanding Principal       [o]
         Balance:

5.       (i)    Closing Date:                [o]

         (ii)   Loan Tranche Interest        [o]
                Commencement Date:

         (iii)  Loan Tranche Interest Reset  [o]
                Dates:

6.       Final Repayment Date                [o]

7.       Payment Dates:                      [o]

                                      26
<PAGE>

8.       Initial Relevant Screen Rate:       [o]

9.       Relevant Margin:                    [o]

10.      Step-Up Date                        [Not Applicable/The Payment Date
                                             occurring in [specify date]]
                                             (If not applicable, delete the
                                             remaining parts of this sub-
                                             paragraph)

11.      Relevant Margin following Step-Up   [Not Applicable/[o]]
         Date:

12.      Redemption/Payment Basis            [Redemption at par]
                                             [Index Linked Redemption]
                                             [Dual Currency Redemption]
                                             [Bullet Redemption]
                                             [Scheduled Redemption]
                                             [Controlled Amortisation]
                                             [Pass-through]

13.      Change of Redemption/Payment        [Specify details of any provision
         Basis                               for change of Loan Tranches into
                                             another Redemption/Payment Basis

14.      Details relating to Bullet Loan     [Applicable/Not Applicable]
         Tranche:

                                             [if not applicable, delete the
                                             remaining sub-paragraphs of this
                                             paragraph]

         (i)   Bullet Repayment Loan         [o]
               Amount:

         (ii)  Bullet Redemption Date:       [o]

15.      Details relating to Scheduled       [Applicable/Not Applicable]
         Repayment Loan Tranche:
                                             [If the Scheduled Repayment Loan
                                             Tranche is applicable, specify the
                                             Scheduled Repayment Dates and
                                             Scheduled Repayment Loan
                                             Instalments below]
                                             [if not applicable, delete the
                                             remaining sub-paragraphs of this
                                             paragraph]

               Scheduled Repayment Dates     Scheduled Repayment Loan Instalment

                         [o]                                   [o]

                                      27
<PAGE>

16.      Details relating to Controlled      [Applicable/Not Applicable]
         Amortisation Loan Tranche:
                                             [If the Controlled Amortisation
                                             Loan Tranche is applicable,
                                             specify the Target Balance for
                                             each Payment Date below]
                                             [if not applicable, delete the
                                             remaining sub-paragraphs of this
                                             paragraph]

               Payment Date occurring in                   Target Balance

                         [o]                                    [o]

17.      Details relating to Pass-through    [Applicable/Not Applicable]
         Loan Tranches:
                                             [If the Pass-through Loan Tranche
                                             is applicable, specify the
                                             [permitted redemption date]
                                             following which the Pass-through
                                             Loan Tranches will be due and
                                             payable]

18.      Other terms and special conditions: [Not Applicable/give details]

Confirmations:

Funding 2 confirms that:

(a)      no Funding 2 Intercompany Loan Event of Default has occurred and is
         continuing which has not been waived, or would result from the making
         of such Loan Tranche;

(b)      the representations and warranties set out in Clause 12
         (Representations and warranties of Funding 2 are true on and as of
         the Closing Date specified in this Loan Tranche Supplement by
         reference to the facts and circumstances then existing; and

(c)      as of the Closing Date specified in this Loan Tranche Supplement,
         there is no debit balance on the Funding 2 Principal Deficiency
         Ledger.

The Master Issuer confirms that:

(a)      no Issuer Event of Default has occurred and is continuing which has
         not been waived, or would result from the making of such Loan
         Tranche;

(b)      the aggregate amount of the Loan Tranches to be made on the Closing
         Date specified in this Loan Tranche Supplement and any Loan Tranches
         outstanding on such Closing Date do not exceed the Total Credit
         Commitment.

                                      28
<PAGE>

<TABLE>
<CAPTION>

                                EXECUTION PAGE
                          for Loan Tranche Supplement

Funding 2

<S>                                                             <C>
Executed by
GRANITE FINANCE FUNDING 2
LIMITED                                                         By
as follows:                                                       ----------------------------------------------
Signed for and on its behalf by one of its duly                   Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                                Name
                                                                  ----------------------------------------------

The Master Issuer

Executed by                                                     By
GRANITE MASTER ISSUER PLC                                         -----------------------------------------------
as follows:                                                       Duly Authorised Attorney/Signatory
Signed for and on its behalf by one of its duly
authorised attorneys/signatories
                                                              Name
                                                                  ----------------------------------------------

The Funding 2 Security Trustee

Executed by                                                     By
THE BANK OF NEW YORK                                              ----------------------------------------------
as follows:                                                       Duly Authorised Attorney/Signatory
Signed for and on its behalf by one of its duly
authorised attorneys/signatories
                                                              Name
                                                                  ----------------------------------------------

The Agent Bank

Executed by                                                     By
CITIBANK, NA                                                      ----------------------------------------------
as follows:                                                       Duly Authorised Attorney/Signatory
Signed for and on its behalf by one of its duly
authorised attorneys/signatories

                                                              Name
                                                                  ----------------------------------------------

                                      29
<PAGE>

                                                EXECUTION PAGE

Funding 2

Executed by                                                     By
GRANITE FINANCE FUNDING 2 LIMITED                                 ---------------------------------------------
as follows:                                                       Duly Authorised Attorney/Signatory
Signed for and on its behalf by one of its duly
authorised attorneys/signatories
                                                              Name
                                                                  ----------------------------------------------

The Master Issuer

Executed by                                                     By
GRANITE MASTER ISSUER PLC                                         ----------------------------------------------
as follows:                                                       Duly Authorised Attorney/Signatory
Signed for and on its behalf by one of its duly
authorised attorneys/signatories
                                                              Name
                                                                  ----------------------------------------------

The Funding 2 Security Trustee

Executed by                                                     By
THE BANK OF NEW YORK                                              ---------------------------------------------
as follows:                                                       Duly Authorised Attorney/Signatory
Signed for and on its behalf by one of its duly
authorised attorneys/signatories

                                                              Name
                                                                  ----------------------------------------------

The Agent Bank

Executed by                                                     By
CITIBANK, NA                                                      ----------------------------------------------
as follows:                                                       Duly Authorised Attorney/Signatory
Signed for and on its behalf by one of its duly
authorised attorneys/signatories

                                                              Name
                                                                  ----------------------------------------------

</TABLE>

                                      30
<PAGE>

  Definitions (to be incorporated into revised Master Definitions and Issuer
                            Definitions Schedules)

"AAA Loan Tranche" means, a tranche of any Funding 2 Intercompany Loan which
has been structured so as to reflect the payment obligations on the Notes of
the relevant Funding 2 Issuer which are rated AAA by S&P, Aaa by Moody's and
AAA by Fitch at their date of issue;

"AAA Principal Deficiency Sub Ledger" means the sub-ledger of the Funding 2
Principal Deficiency Ledger corresponding to the AAA Loan Tranches;

"AA Loan Tranche" means, a tranche of any Funding 2 Intercompany Loan which
has been structured so as to reflect the payment obligations on the Notes of
the relevant Funding 2 Issuer which are rated AA by S&P, Aa2 by Moody's and AA
by Fitch at their date of issue;

"AA Principal Deficiency Sub Ledger" means the sub-ledger of the Funding 2
Principal Deficiency Ledger corresponding to the AA Loan Tranches;

"A Loan Tranche" means, a tranche of any Funding 2 Intercompany Loan which has
been structured so as to reflect the payment obligations on the Notes of the
relevant Funding 2 Issuer which are rated A by S&P, A2 by Moody's and A by
Fitch at their date of issue;

"A Principal Deficiency Sub Ledger" means the sub-ledger of the Funding 2
Principal Deficiency Ledger corresponding to the A Loan Tranches;

"Acceleration Notice" means, in relation to a Funding 2 Issuer, a notice
issued by the relevant Note Trustee to such Funding 2 Issuer, the relevant
Issuer Security Trustee and the Funding 2 Security Trustee which has the
effect of deeming the Series and Class of Notes specified in such notice to be
Pass-Through Notes which have passed their Step-Up Date;

"BBB Loan Tranche" means, a tranche of any Funding 2 Intercompany Loan which
has been structured so as to reflect the payment obligations on the Notes of
the relevant Funding 2 Issuer which are rated BBB by S&P, Baa2 by Moody's and
BBB by Fitch at their date of issue;

"BBB Principal Deficiency Sub Ledger" means the sub-ledger of the Funding 2
Principal Deficiency Ledger corresponding to the BBB Loan Tranches;

"BB Loan Tranche" means, a tranche of any Funding 2 Intercompany Loan which
has been structured so as to reflect the payment obligations on the Notes of
the relevant Funding 2 Issuer which are rated BB by S&P, Ba2 by Moody's and BB
by Fitch at their date of issue;

"BB Principal Deficiency Sub Ledger" means the sub-ledger of the Funding 2
Principal Deficiency Ledger corresponding to the BB Loan Tranches;

"Class" means in relation to the Notes or the Noteholders, the Class A Notes,
the Class B Notes, the Class M Notes, the Class C Notes or the Class D Notes,
as the context requires;

"Closing Date" means, in relation to a Funding 2 Issuer and a Series and Class
of Notes issued by such Funding 2 Issuer, the date on which such Series and
Class of Notes is issued to the Noteholders;

                                      31
<PAGE>

"Contributions" means the consideration in the form of cash provided to the
Mortgages Trustee by any Beneficiary in respect of the share of such
Beneficiary in the Trust Property under the Mortgages Trust Deed, being any of
an Initial Contribution, a Further Contribution or a Deferred Contribution;

"Current Funding 2 Share" means the amount of Trust Property beneficially
owned by Funding 2 from time to time, as determined in accordance with Clause
8 (Adjustment of Funding Share Percentage, Funding 2 Share Percentage and
Seller Share Percentage) of the Mortgages Trust Deed;

"Final Repayment Date" means, in respect of any Loan Tranche made under the
Global Intercompany Loan Agreement, the date specified as such for that Loan
Tranche in the related Loan Tranche Supplement and, in respect of the Global
Intercompany Loan Agreement, means, at any time, the latest Final Repayment
Date specified in respect of the Loan Tranches outstanding at that time;

"Funding 2 Available Principal Receipts" in respect of a Payment Date will be
calculated by the Cash Manager or otherwise on behalf of Funding 2 (or,
following enforcement of the Funding 2 Security, the Funding 2 Security
Trustee) on the Distribution Date immediately preceding that Payment Date and
will be an amount equal to the sum of:

(a)      all Funding 2 Principal Receipts standing to the credit of the
         Funding 2 Cash Accumulation Ledger which are to be applied on the
         next Payment Date to repay a Bullet Repayment Loan Amount or to make
         a payment under items (A), (B) or (C) of the Funding 2
         Pre-Enforcement Principal Priority of Payments and, if such Payment
         Date occurs on or after a Trigger Event, the remainder of such
         receipts standing to the credit of the Funding 2 Cash Accumulation
         Ledger;

(b)      all other Mortgages Trustee Principal Receipts received by Funding 2
         from the Mortgages Trustee during the Interest Period ending on the
         relevant Payment Date standing to the credit of the Funding 2
         Principal Ledger;

(c)      the amounts, if any, credited to the Funding 2 Principal Deficiency
         Ledger pursuant to items [(I), (L), (N),(P) (R)] of the Funding 2
         Pre-Enforcement Revenue Priority of Payments;

(d)      in so far as needed to make a Funding 2 Reserve Principal Payment,
         any amount available to be drawn under the Funding 2 Reserve Fund
         less any amounts applied or to be applied on the relevant Payment
         Date in payment of interest and expenses under the Funding 2
         Pre-Enforcement Revenue Priority of Payments, plus any amounts to be
         credited to the Funding 2 Reserve Ledger on the relevant Payment
         Date;

(e)      in so far as needed to make a Funding 2 Liquidity Reserve Principal
         Payment, any amount available to be drawn under the Funding 2
         Liquidity Reserve Fund less any amounts applied or to be applied on
         the relevant Payment Date in payment of interest and expenses under
         the Funding 2 Pre-Enforcement Revenue Priority of Payments, plus any
         amounts to be credited to the Funding 2 Liquidity Reserve Ledger on
         that relevant Payment Date;

                                      32
<PAGE>

(f)      in so far as needed to make a Funding 2 Liquidity Facility Principal
         Payment, any amount available to be drawn under the Funding 2
         Liquidity Facility less any amounts applied or to be applied on the
         relevant Payment Date in payment of interest and expenses under the
         Funding 2 Pre-Enforcement Revenue Priority of Payments, plus any
         amounts to be repaid to the Funding 2 Liquidity Facility Provider
         under item (A) of the relevant Funding 2 Pre-Enforcement Principal
         Priority of Payments on that relevant Payment Date, to the extent
         that such amounts are available to be drawn;

         less

(g)      amounts to be applied on the relevant payment date to any items [(H),
         (J), (M), (O) and (Q)] of the Funding 2 Pre-Enforcement Revenue
         Priority of Payments.

"Funding 2 Available Revenue Receipts" in respect of any Payment Date will be
calculated by the Cash Manager on the Distribution Date immediately preceding
such Payment Date and will be an amount equal to the sum of:

(a)      all Mortgages Trustee Available Revenue Receipts distributed to
         Funding 2 during the Interest Period ending on the relevant Payment
         Date;

(b)      other net income of Funding 2 including all amounts of interest
         received on the Funding 2 GIC Account and the Funding 2 Transaction
         Account, and/or all income from Funding 2's Authorized Investments,
         on each Distribution Date during the Interest Period ending on such
         Payment Date, in each case to be received on or prior to such Payment
         Date; and

(c)      amounts received from the Funding 2 Basis Rate Swap Provider under
         the Funding 2 Basis Rate Swap Agreement (excluding Swap Collateral
         standing to the credit of the Funding 2 Swap Collateral Accounts)
         including any early termination amounts (other than such early
         termination amounts applied or to be applied by Funding 2 in the
         purchase of one or more replacement hedge transactions) recovered by
         Funding 2 under the Funding 2 Basis Rate Swap Agreement);

(d)      [(only to the extent required after making the calculation set out in
         paragraph [__] to Schedule [__] of the Funding 2 Deed of Charge the
         aggregate of amounts standing to the credit of the Funding 2
         Principal Ledger or the Funding 2 Cash Accumulation Ledger (as
         applicable) which are to be applied on the relevant payment date to
         pay items (H), (J), (M), (O), and (Q) of the Funding 2
         Pre-Enforcement Revenue Priority of Payments;]

(e)      the amount standing to the credit of the Funding 2 Reserve Ledger,
         subject to any limits or conditions on the purposes for which the
         Funding 2 Reserve Fund may be utilized; and

(f)      the amount standing to the credit of the Funding 2 Liquidity Reserve
         Ledger, if any, subject to any limits or conditions on the purposes
         for which the Funding 2 Liquidity Reserve Fund may be utilized.

(g)      in so far as is needed, any amount available to be drawn under the
         Funding 2 Liquidity Facility, if any, for the payment of interest and
         expenses.

                                      33
<PAGE>

"Funding 2 Charged Property" means the property, assets and undertakings of
Funding 2 which from time to time are or are expressed to be mortgaged,
charged, assigned, pledged or otherwise encumbered to, or in favour of the
Funding 2 Security Trustee for itself and for the Funding 2 Secured Creditors
under the Funding 2 Deed of Charge or any other Funding 2 Transaction
Document;

"Funding 2 Deed of Charge" means the deed of charge entered into on or about
the Funding 2 Program Date between Funding 2, the Funding 2 Security Trustee,
the Issuer Security Trustee, Granite Master Issuer plc, the Funding 2 Basis
Rate Swap Provider, the Corporate Services Provider, the Account Bank, the
Funding 2 GIC Provider, the Mortgages Trustee and the Cash Manager and the
Schedules thereto and including each Deed of Accession or Accession
Undertaking entered into in connection therewith;

"Funding 2 GIC Account" means the account in the name of Funding 2 (sort code
30-00-59, account number [o]) held at Northern Rock, and maintained subject to
the Funding 2 Guaranteed Investment Contract and the Bank Account Agreement
and such additional or replacement accounts as may for the time being be in
place with the prior consent of the Funding 2 Security Trustee;

"Funding 2 GIC Provider" means, Northern Rock or such other person or persons
as are for the time being the GIC Provider to Funding 2 under the Funding 2
Guaranteed Investment Contract;

"Funding 2 Guaranteed Investment Contract" means the guaranteed investment
contract entered into on or about the Funding 2 Program Date between Funding
2, the Funding 2 GIC Provider, the Cash Manager and the Funding 2 Security
Trustee under which the Funding 2 GIC Provider agrees to pay Funding 2 a
guaranteed rate of interest on the balance from time to time of the Funding 2
GIC Account and shall include any additional guaranteed investment contract
entered into by Funding 2 in accordance with the Transaction Documents;

"Funding 2 Intercompany Loan" means a loan (or the aggregate of a number of
separate loans) of the net proceeds of any issue (or all issues) of Notes by a
Funding 2 Issuer, such loan(s) being advanced to Funding 2 by such Funding 2
Issuer pursuant to the terms of a Funding 2 Intercompany Loan Agreement;

"Funding 2 Intercompany Loan Agreement" means an intercompany loan agreement
entered into between Funding 2 and a Funding 2 Issuer in relation to a Funding
2 Intercompany Loan;

"Funding 2 Intercompany Loan Enforcement Notice" means an enforcement notice
served by the Funding 2 Security Trustee on Funding 2 in relation to the
enforcement of the Funding 2 Security following the occurrence of a Funding 2
Intercompany Loan Event of Default;

"Funding 2 Intercompany Loan Event of Default" means, in relation to the
Global Intercompany Loan Agreement, the occurrence of an event of default
specified as such in Clause 15 (Default) of the Global Intercompany Loan
Agreement, and in relation to any other Funding 2 Intercompany Loan Agreement,
the occurrence of an event of default specified as such in such Funding 2
Intercompany Loan Agreement;

"Funding 2 Ledgers" means the Funding 2 Principal Ledger, the Funding 2
Revenue Ledger, the Funding 2 Reserve Ledger, the Funding 2 Liquidity Reserve
Ledger (if any), the Funding

                                      34
<PAGE>

2 Liquidity Facility Ledger (if any), the Funding 2 Principal Deficiency
Ledger, the Funding 2 Cash Accumulation Ledger, the Funding 2 Intercompany
Loan Ledger and the Funding 2 Swap Collateral Ledger;

"Funding 2 Liquidity Facility" means a liquidity facility entered into by
Funding 2 at any time after the Funding 2 Program Date;

"Funding 2 Liquidity Facility Agreement" means any agreement entered into by
Funding 2 relating to the provision of a Funding 2 Liquidity Facility;

"Funding 2 Liquidity Facility Principal Payment" means the payments specified
as such in the Funding 2 Liquidity Facility Agreement (if any);

"Funding 2 Liquidity Facility Provider" means such person or persons for the
time being the provider of liquidity under any Funding 2 Liquidity Facility
Agreement;

"Funding 2 Liquidity Reserve Fund" means the liquidity reserve fund which
Funding 2 will be required to establish if the long term, unsecured,
unsubordinated and unguaranteed debt obligations of the Seller cease to be
rated at least A3 by Moody's or A- by Fitch (unless Moody's or Fitch, as
applicable, confirms that the then-current ratings of the Notes of any Funding
2 Issuer will not be adversely affected). The Funding 2 Liquidity Reserve
Fund, if any, will be funded to the relevant Funding 2 Liquidity Reserve
Required Amount;

"Funding 2 Liquidity Reserve Ledger" means the ledger maintained by the Cash
Manager in the name of Funding 2 pursuant to the Cash Management Agreement to
record the amount standing to the credit of the Funding 2 Liquidity Reserve
Fund from time to time;

"Funding 2 Liquidity Reserve Principal Payment" means any drawing from the
Funding 2 Liquidity Reserve Fund to help meet any deficit in Funding 2
Available Principal Receipts available for:

(a)      prior to the occurrence of a Trigger Event, repayment of principal
         due and payable in respect of Original Bullet Loan Tranches (which
         are AAA Loan Tranches); and

(b)      on or after the occurrence of a Trigger Event, repayment of principal
         due and payable in respect of Original Bullet Loan Tranches (which
         are AAA Loan Tranches) on their respective Final Maturity Dates,

in each case, prior to the service of a Funding 2 Intercompany Loan
Enforcement Notice;

"Funding 2 Liquidity Reserve Required Amount" means [o];

"Funding 2 Post-Enforcement Priority of Payments" means the rules and the
order of priority in which Funding 2 Available Revenue Receipts, Funding 2
Available Principal Receipts and all other monies, income, receipts and
recoveries of Funding 2 or the Funding 2 Security Trustee or any Receiver of
Funding 2 and the proceeds of enforcement of the Funding 2 Security are to be
applied following service of an Intercompany Loan Enforcement Notice or
otherwise following an enforcement of the Funding 2 Security as set out in
Part [o] of Schedule [o] (Funding 2 Priority of Payments) to the Funding 2
Deed of Charge, as the same may be amended, varied or superseded from time to
time in accordance with the terms of the Funding 2 Deed of Charge;

                                      35
<PAGE>

"Funding 2 Pre-Enforcement Principal Priority of Payments" means the rules and
the order of priority in which Funding 2 Available Principal Receipts will be
applied prior to the enforcement of the Funding 2 Security as set out in Part
[o] of Schedule [o] (Funding 2 Priority of Payments) to the Funding 2 Deed of
Charge, as the same may be amended, varied or superseded from time to time in
accordance with the terms of the Funding 2 Deed of Charge;

"Funding 2 Pre-Enforcement Revenue Priority of Payments" means the rules and
the order of priority in which Funding 2 Available Revenue Receipts will be
applied prior to the enforcement of the Funding 2 Security as set out in Part
[o] of Schedule [o] (Funding 2 Priority of Payments) to the Funding 2 Deed of
Charge, as the same may be amended, varied or superseded from time to time in
accordance with the terms of the Funding 2 Deed of Charge;

"Funding 2 Principal Deficiency Ledger" means the ledger maintained by the
Cash Manager in the name of Funding 2 which will be established on the Funding
2 Program Date and will be sub-divided into sub ledgers corresponding to the
AAA Loan Tranches, the AA Loan Tranches, the A Loan Tranches, the BBB Loan
Tranches and the BB Loan Tranches in order to record Losses on Mortgage Loans
allocated to Funding 2, the application of Funding 2 Available Principal
Receipts in paying interest on the Funding 2 Intercompany Loans and certain
amounts ranking in priority thereto in accordance with the Funding 2
Pre-Enforcement Revenue Priority of Payments and the application of Funding 2
Principal Receipts to fund or replenish the Funding 2 Liquidity Reserve Fund
(if any);

"Funding 2 Principal Receipts" means the Principal Receipts received by
Funding 2 from the Mortgages Trustee on each Distribution Date;

"Funding 2 Priority of Payments" means, as applicable, any of the Funding 2
Pre-Enforcement Revenue Priority of Payments, the Funding 2 Pre-Enforcement
Principal Priority of Payments or the Funding 2 Post-Enforcement Priority of
Payments;

"Funding 2 Reserve Fund" means the reserve fund established in the name of
Funding 2 on the Funding 2 Program Date in an amount up to the Funding 2
Reserve Maximum Amount, which prior to enforcement may be allocated to help
meet any deficit in Funding Available Revenue Receipts and thereby any deficit
recorded on the Funding 2 Principal Deficiency Ledgers and/or utilised to fund
expenses in connection with the issuance of Notes by Funding 2 Issuers;

"Funding 2 Reserve Principal Payment" means any drawing from the Funding 2
Reserve Fund to help meet any deficit in Funding 2 Available Principal
Receipts available for:

(a)      prior to the occurrence of a Trigger Event, repayment of principal
         due and payable in respect of a Bullet Loan Tranche; and

(b)      on or after the occurrence of a Trigger Event, repayment of principal
         due and payable in respect of Bullet Loan Tranches on their
         respective Final Maturity Dates,

in each case, prior to the service of a Funding 2 Intercompany Loan
Enforcement Notice;

"Funding 2 Secured Creditors" means the Funding 2 Security Trustee (and any
Receiver of Funding 2 appointed pursuant to the Funding 2 Deed of Charge), the
Issuer Security Trustee,

                                      36
<PAGE>

Granite Master Issuer plc, the Corporate Services Provider in relation to
Funding 2, the Account Bank, the Funding 2 GIC Provider, the Mortgages
Trustee, the [NR] Start-up Loan Provider, the Cash Manager, the Funding 2
Basis Rate Swap Provider and each New Funding 2 Secured Creditor who accedes
to the Funding 2 Deed of Charge from time to time pursuant to a Deed of
Accession (including, for the avoidance of doubt, any new Funding 2 Issuer);

"Funding 2 Security" means the security granted by Funding 2 under or pursuant
to the Funding 2 Deed of Charge in favour of the Funding 2 Security Trustee
for the benefit of the Funding 2 Secured Creditors or any of them including
the security granted by Funding 2 under or pursuant to any Deed of Accession;

"Funding 2 Security Trustee" means, The Bank of New York, whose principal
office is at 48th Floor, One Canada Square, London E14 5AL, or such other
persons and all other persons for the time being acting as the security
trustee or security trustees pursuant to the Funding 2 Deed of Charge;

"Funding 2 Share" means the Current Funding 2 Share;

"Further Contribution" means the consideration in the form of cash payable to
the Mortgages Trustee by any Beneficiary to increase the Funding Share, the
Funding 2 Share or, as the case may be, the Seller Share of the Trust Property
pursuant to and in accordance with the Mortgages Trust Deed but excluding any
Initial Contribution or Deferred Contribution paid by Funding or by Funding 2
to the Mortgages Trustee;

"Global Intercompany Loan Agreement" means the Funding 2 Intercompany Loan
Agreement entered into on or around the Funding 2 Programme Date between the
Issuer, Funding 2, the Funding 2 Security Trustee and the Agent Bank;

"Global Loan Facility" means the facility in an aggregate amount equal to the
Total Credit Commitment made available to Funding 2 by the Issuer pursuant to
the Global Intercompany Loan Agreement;

"Initial Contribution" the consideration in the form of cash payable by
Funding to the Mortgages Trustee in respect of the Funding Share of the Trust
Property or by Funding 2 to the Mortgages Trustee in respect of the Funding 2
Share of the Trust Property pursuant to and in accordance with the Mortgages
Trust Deed, which Contribution is to fund the payment to the Seller by the
Mortgages Trustee of (and is equal to) the Initial Purchase Price in respect
of the Initial Mortgage Portfolio or (if any is payable) any New Mortgage
Portfolio sold and assigned to the Mortgages Trustee and is to be funded from
the proceeds of an Intercompany Loan;

"Initial Relevant Screen Rate" means, in respect of a Loan Tranche, the
Initial Relevant Screen Rate for such Loan Tranche specified as such in the
applicable Loan Tranche Supplement;

"Issuance Fees" means the fees and expenses incurred by the Master Issuer and
Funding 2 (and paid by the Master Issuer under the terms of the Global
Intercompany Loan Agreement) in connection with the issuance of Notes, the
making of Loan Tranches by the Master Issuer to Funding 2 and the acquisition
by Funding 2 of an additional share of the Trust Property from the proceeds of
such Loan Tranches;

                                      37
<PAGE>

"Issuer Event of Default" means, in relation to a Funding 2 Issuer, the
occurrence of an event of default by such Issuer as specified in the terms and
conditions of the Notes;

"Issuer Pre-Enforcement Revenue Priority of Payments" means the rules and the
order of priority in which Issuer Available Revenue Receipts will be applied
prior to the enforcement of the Issuer Security as set out in Part [o] of
Schedule [o] (Issuer Priority of Payments) to the Issuer Deed of Charge, as
the same may be amended, varied or superseded from time to time in accordance
with the terms of the Issuer Transaction Documents;

"Issuer Swap Agreements", in respect of any Funding 2 Issuer, means the ISDA
master agreements, schedules thereto and confirmations thereunder relating to
the Issuer Swaps to be entered into on or about each Closing Date, and any
credit support annexes or other credit support documents entered into at any
time, as amended from time to time, among the Issuer, the applicable Issuer
Swap Provider and the applicable Issuer Security Trustee and/or any credit
support provider and includes any additional and/or replacement Issuer Swap
Agreement entered into by the Issuer from time to time in connection with the
Notes;

"Issuer Swap Provider" means the institutions identified in respect of each
issuer swap in the note supplement and the issuer swap agreement related to
the relevant Series and Class of Notes;

"Issuer Swaps" means the sterling-specified issuer swaps which enable a
Funding 2 Issuer to receive and pay amounts under the relevant Funding 2
Intercompany Loan Agreement in sterling and to receive and pay amounts under
the Notes issued by such Issuer not denominated in sterling in the applicable
Specified Currency;

"Issuer Transaction Account" means the account in the name of the Master
Issuer (account no. [o], sort code [o]) held with the Issuer Account Bank and
maintained subject to the terms of the Issuer Bank Account Agreement and the
Issuer Deed of Charge or any additional or replacement account as may for the
time being be in place with the prior consent of the Issuer Security Trustee;

"Loan Tranche Interest Amount" in respect of a Loan Tranche, has the meaning
given to it in Clause 7.3 (Determination of Loan Tranche Interest Amount) of
the Global Intercompany Loan Agreement;

"Loan Tranche Interest Commencement Date" means, in respect of a Loan Tranche,
the Closing Date for such Loan Tranche or such other date specified as such in
the applicable Loan Tranche Supplement;

"Loan Tranche Interest Determination Date" means, in respect of a Loan
Tranche, for any Loan Tranche Interest Period for which the applicable Loan
Tranche Rate of Interest will apply, the first day of such Loan Tranche
Interest Period;

"Loan Tranche Interest Period" means, in relation to a Loan Tranche and any
Payment Date, the period from (and including) the immediately preceding
Payment Date for such Loan Tranche (or, in respect of the first Loan Tranche
Interest Period, the Loan Tranche Interest Commencement Date) to (but
excluding) the next following (or first) Payment Date for such Loan Tranche;

                                      38
<PAGE>

"Loan Tranche Interest Reset Date" means, in respect of a Loan Tranche, the
dates specified as such for such Loan Tranche in the applicable Loan Tranche
Supplement;

"Loan Tranche Notice" means a document substantially in the form set out in
Schedule 1 (Form of Loan Tranche Notice) to the Global Intercompany Loan
Agreement setting out, amongst other things, the principal amount of each Loan
Tranche available for drawing on the next Closing Date;

"Loan Tranche Rate of Interest" in respect of a Loan Tranche, has the meaning
given to it in Clause 7.3 (Determination of Loan Tranche Interest Amount) of
the Global Intercompany Loan Agreement;

"Loan Tranche Rating" means the designated rating assigned to a Loan Tranche
which corresponds to the rating of the series and class of notes when first
issued to provide funds for that loan tranche so that, for example, any AAA
loan tranche has a loan tranche rating of "AAA" to reflect the ratings of
AAA/Aaa/AAA then assigned to the corresponding series and class of notes;

"Loan Tranches" means the AAA loan tranches, the AA loan tranches, the A loan
tranches, the BBB loan tranches and the BB loan tranches, being the advances
made by a Funding 2 Issuer to Funding 2, pursuant to the Funding 2
Intercompany Loan Agreement between such Issuer and Funding 2, each being
funded from proceeds received by such Issuer from the issue of a Series and
Class of Notes;

"Loan Tranche Supplement" means, in relation to any Loan Tranche, means the
document between, amongst others, Funding 2 and applicable Funding 2 Issuer
substantially in the form set out in Schedule [__] (Form of Loan Tranche
Supplement) to the Funding 2 Intercompany Loan Agreement entered into between
Funding 2 and such Funding 2 Issuer recording the principal terms of such Loan
Tranche;

"London Business Day" means a day (other than a Saturday or Sunday or public
holiday) on which banks are generally open for business in London;

"Outstanding Principal Balance" means, in relation to any Loan Tranche and as
of any date, means the unpaid principal balance of that Loan Tranche at such
date;

"Pass-Through Notes" means, in relation to a Funding 2 Issuer, any Series and
Class of Notes issued by such Issuer which has no specified redemption date
other than the Final Maturity Date. If a date specified in relation to a
Series and Class of Bullet Redemption Notes, Scheduled Redemption Notes or
Controlled Amortisation Notes in the applicable Note Supplement occurs or a
Trigger Event occurs or the [Issuer] Security in respect of such Funding 2
Issuer is enforced or a Note Acceleration Notice is served in respect of such
Series and Class of Notes or a Step-Up Date (if any) in relation to such
Series and Class of Notes occurs, then that Series and Class of Notes issued
by such Funding 2 Issuer will be deemed to be Pass-Through Notes;

"Programme" means the Mortgage Backed Note programme established by, or
otherwise contemplated in the Programme Agreement and the Issuer Trust Deed;

"Programme Limit" has the meaning given to it in the Issuer Trust Deed;

"Reference Banks" means [__];

                                      39
<PAGE>

"Relevant Margin" means, in respect of a Loan Tranche, the Relevant Margin for
such Loan Tranche specified as such in the applicable Loan Tranche Supplement;

"Relevant Screen Rate" means, in respect of a Loan Tranche:

(a)      for the first Loan Tranche Interest Period, the Initial Relevant
         Screen Rate; and

(b)      in respect of subsequent Loan Tranche Interest Periods, the
         arithmetic mean of offered quotations for three month Sterling
         deposits in the London inter-bank market displayed on the Dow
         Jones/Telerate Monitor at Telerate Page No. 3750.

"Specified Currency Exchange Rate" means, in relation to a Series and Class of
Notes, the exchange rate specified in the Issuer Swap Agreement relating to
such Series and Class of Notes or, if the Issuer Swap Agreement has been
terminated, the applicable spot rate;

"Subscription Agreement" means an agreement supplemental to the Programme
Agreement (by whatever name called) in or substantially in the form set out in
Schedule [__] of the Programme Agreement or in such other form as may be
agreed between the [Issuer] and the Lead Arrangers or one or more Dealers (as
the case may be);

"Total Credit Commitment" means an amount equal to the Programme Limit from
time to time;

"Underwriting Agreement" means an underwriting agreement relating to the sale
of a Series or Class of US Notes among the Master Issuer and the underwriters
designated therein;

                                      40

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