Document:

EXHIBIT 10.5.1

                                 DATED ___, 2002

                             HOLMES FUNDING LIMITED

                             HOLMES TRUSTEES LIMITED

                -------------------------------------------------
                     AMENDED AND RESTATED MASTER DEFINITIONS
                            AND CONSTRUCTION SCHEDULE
                -------------------------------------------------

                                  ALLEN & OVERY
                                     London

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AMENDED AND RESTATED MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE is signed for
the purposes of identification on ___, 2002 by:

(1)     ALLEN & OVERY of One New Change, London EC4M 9QQ; and

(2)     SLAUGHTER AND MAY of One Bunhill Row, London EC1Y 8YY.

1.      DEFINITIONS

        Words and expressions used in the Transaction Documents shall, unless
        otherwise defined in such Transaction Documents or the Issuer Master
        Definitions and Construction Schedule or unless the context otherwise
        requires, have the same meanings as set out in this Master Definitions
        and Construction Schedule except so far as the context requires
        otherwise.

        Words and expressions used in this Master Definitions and Construction
        Schedule but not defined herein shall, unless otherwise defined in the
        relevant Transaction Document or unless the context otherwise requires,
        have the same meanings as set out in the relevant Issuer Master
        Definitions and Construction Schedule.

        "AA PRINCIPAL DEFICIENCY SUB LEDGER" means the sub-ledger of the
        Principal Deficiency Ledger corresponding to the Term AA Advances, which
        will be established on the Initial Closing Date in order to record any
        Losses allocated to the Funding Share of the Trust Property or the
        application of Funding Available Principal Receipts in paying interest
        on the Term Advances and certain amounts ranking in priority thereto in
        accordance with the Funding Pre-Enforcement Revenue Priority of
        Payments;

        "AAA PRINCIPAL DEFICIENCY SUB LEDGER" means the sub-ledger of the
        Principal Deficiency Ledger corresponding to the Term AAA Advances,
        which will be established on the Initial Closing Date in order to record
        any Losses allocated to the Funding Share of the Trust Property or the
        application of Funding Available Principal Receipts in paying interest
        on the Term Advances and certain amounts ranking in priority thereto in
        accordance with the Funding Pre-Enforcement Revenue Priority of
        Payments;

        "ABBEY DEED AND POWER OF ATTORNEY" means the deed and power of attorney
        made by Abbey National in favour of Funding and its successors and
        assigns, on the Initial Closing Date, pursuant to the Mortgages Trust
        Deed;

        ["ABBEY INSURANCE POLICIES" means:

        (a)     the MIG Policies;

        (b)     the Properties in Possession Policy; and

        (c)     the Abbey National plc Policies;] [ABBEY TO CONFIRM]

        "ABBEY NATIONAL" means Abbey National plc (registered number 2294747), a
        public limited company incorporated under the laws of England and Wales,
        whose registered office is at Abbey National House, 2 Triton Square,
        Regents Place, London NW1 3AN;

        "ABBEY NATIONAL PLC POLICIES" means those of the Buildings Policies
        which are issued to Borrowers by the Seller on behalf of CGU
        Underwriting Limited (formerly known as Commercial Union Underwriting
        Limited) or such other entity as may from time to time be appointed to
        issue the Buildings Policies; [ABBEY TO CONFIRM]

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        "ABBEY SVR" or "ABBEY NATIONAL SVR" means the standard variable rate of
        interest set by the Seller which applies to all Variable Rate Loans
        (other than Tracker Loans) beneficially owned by the Seller on the
        Seller's residential mortgage book;

        "ACCESSION UNDERTAKING" means a form of deed of accession to the Funding
        Deed of Charge substantially in the form set out in SCHEDULE 2 to the
        Funding Deed of Charge;

        "ACCOUNT BANK" means the bank at which the Mortgages Trustee GIC
        Account, the Funding GIC Account, and the Funding Transaction Account
        are maintained from time to time, being as at the Initial Closing Date,
        Abbey National situated at 21 Prescot Street, London, E1 8AD and
        thereafter such other Authorised Entity as Funding may choose with the
        prior written approval of the Security Trustee or as the Mortgages
        Trustee may choose with the prior written consent of the Beneficiaries;

        "ACCRUED INTEREST" means as at any date (the "DETERMINATION DATE") on or
        after the date hereof and in relation to any Loan, interest on such Loan
        (not being interest which is currently payable on the determination
        date) which has accrued from and including the Monthly Payment Day
        immediately prior to the determination date to and including the
        determination date;

        "ADDITIONAL FUNDING LIQUIDITY FACILITY PROVIDER" has the meaning given
        in CLAUSE 10 of the Funding Deed of Charge;

        "ADDITIONAL PERCENTAGE" means the cost imputed to the Funding Liquidity
        Facility Provider of compliance with:

        (a)     cash and special deposit requirements of the Bank of England
                and/or the banking supervision or other costs imposed by the
                Financial Services Authority, as determined in accordance with
                SCHEDULE 2 of the Funding Liquidity Facility Agreement; and

        (b)     any reserve asset requirements of the European Central Bank;

        "ADVANCE" means the aggregate of the amount advanced by the Start-up
        Loan Provider to Funding on the Initial Closing Date pursuant to the
        First Start-up Loan Agreement, the amount advanced by the Start-up Loan
        Provider to Funding on the Second Issuer Closing Date pursuant to the
        Second Start-up Loan Agreement, the amount advanced by the Third
        Start-up Loan Provider to Funding on the Third Issuer Closing Date
        pursuant to the Third Start-up Loan Agreement, the amount advanced by
        the Fourth Start-up Loan Provider to Funding on the Fourth Issuer
        Closing Date pursuant to the Fourth Start-up Loan Agreement, the amount
        advanced by the Fifth Start-up Loan Provider to Funding on the Fifth
        Issuer Closing Date pursuant to the Fifth Start-up Loan Agreement, the
        amount advanced by the Sixth Start-up Loan Provider to Funding on the
        Sixth Issuer Closing Date pursuant to the Sixth Start-up Loan Agreement
        and the amount advanced by the Start-up Loan Provider or any New
        Start-up Loan Provider on the New Issuer Closing Date pursuant to any
        New Start-up Loan Agreement, or such part of such amount as shall be
        outstanding from time to time;

        "ALTERNATIVE ACCOUNT" means a bank account opened in the name of the
        Mortgages Trustee (other than the Mortgages Trustee GIC Account),
        subject to the terms set out in CLAUSE 7.3 of the Bank Account
        Agreement;

        "ALTERNATIVE INSURANCE RECOMMENDATIONS" means the Seller's standard
        documents entitled "Alternative Insurance Requirements - New Business"
        and "Alternative Insurance

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        Requirements", and any other document containing similar recommendations
        which is sent to Borrowers in accordance with the Seller's Policy;

        "AMENDED AND RESTATED FUNDING DEED OF CHARGE" means the amended and
        restated funding deed of charge dated on or about the Sixth Issuer
        Closing Date;

        "AMENDED AND RESTATED MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE" has
        the same meaning as the definitions of "MASTER DEFINITIONS SCHEDULE" and
        "MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE";

        "AMENDED AND RESTATED SERVICING AGREEMENT" means the amended and
        restated agreement entered into on or about the Third Closing Date,
        between the Servicer, the Mortgages Trustee, the Security Trustee,
        Funding and the Seller as amended and restated on the Sixth Issuer
        Closing Date (as the same may be amended and/or supplemented from time
        to time);

        "AMENDMENT AGREEMENT TO CASH MANAGEMENT AGREEMENT" means the amendment
        agreement so named dated the Second Issuer Closing Date;

        "AMENDMENT AGREEMENT TO INTERCOMPANY LOAN TERMS AND CONDITIONS" means
        the amendment agreement so named dated the Second Issuer Closing Date;

        "AMENDMENT AGREEMENT TO THE FUNDING LIQUIDITY FACILITY AGREEMENT" means
        the amendment agreement so named dated the Second Issuer Closing Date;

        "AMENDMENT AGREEMENT TO MORTGAGE SALE AGREEMENT" means the amendment
        agreement so named dated the Second Issuer Closing Date;

        "ANPLC 1995 MORTGAGE CONDITIONS" means the mortgage conditions booklet
        reference 0062/July 95 PA2 and any subsequent amendment therefor
        acceptable to a reasonable, prudent mortgage lender;

        "ANPLC 2002 MORTGAGE CONDITIONS" means the mortgage conditions booklet
        reference 0154/July 02 F and any subsequent amendment therefor
        acceptable to a reasonable, prudent mortgage lender;

        "ANTICIPATED CASH ACCUMULATION PERIOD" means the anticipated number of
        months required to accumulate sufficient Principal Receipts to pay the
        relevant Bullet Amount, which will be equal to:

        A + B - C
        ---------
        D x E x (F - G)

        calculated in months and rounded up to the nearest whole number, where:

        A   =   the relevant Bullet Amount;

        B   =   the principal amount outstanding of any Bullet Term Advance
                and/or Scheduled Amortisation Amount that was not fully repaid
                on its relevant Scheduled Repayment Date plus any other Bullet
                Amount or Scheduled Amortisation Amount the Scheduled Repayment
                Date of which falls on or before the Scheduled Repayment Date of
                the relevant Bullet Amount;

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        C   =   the amount of any available cash already standing to the
                credit of the Cash Accumulation Ledger;

        D   =   the Principal Payment Rate;

        E   =   0.90;

        F   =   the aggregate Outstanding Principal Balance of the Loans
                comprising the Trust Property; and

        G   =   the aggregate of the principal amount outstanding of the
                Payable Pass-Through Term Advances;

        "ANTS" or "ABBEY NATIONAL TREASURY SERVICES" means Abbey National
        Treasury Services plc (registered number 2338548), a public limited
        company incorporated under the laws of England and Wales, whose
        registered office is at Abbey National House, 2 Triton Square, Regents
        Place, London NW1 3AN;

        "IN ARREARS" or "IN ARREARS" means, in respect of a Mortgage Account,
        that one or more Monthly Payments in respect of such Mortgage Account
        have become due and unpaid by a Borrower;

        "ARREARS OF INTEREST" means, in respect of a given date, interest,
        principal (if applicable) and expenses which are due and payable on that
        date;

        "ASSET TRIGGER EVENT" means the event that occurs when there is an
        amount being debited to the AAA Principal Deficiency Sub Ledger;

        "ASSIGNMENT DATE" means the date of assignment of any New Portfolio to
        the Mortgages Trustee in accordance with [CLAUSE 4] of the Mortgage Sale
        Agreement;

        "ASSIGNMENT OF MIG POLICIES" means an assignment of the MIG Policies
        substantially in the form set out in SCHEDULE 8 to the Mortgage Sale
        Agreement;

        "ASSIGNMENT OF THIRD PARTY RIGHTS" means an assignment of Related
        Security and rights of action against third parties substantially in the
        form set out in [SCHEDULE 7] to the Mortgage Sale Agreement;

        "AUDITORS" means Deloitte & Touche of Stonecutter Court, 1 Stonecutter
        Street, London EC4A 4TR or such other internationally independent firm
        of auditors selected from time to time by, (in the case of the Mortgages
        Trustee), the Mortgages Trustee and the Security Trustee, or (in the
        case of Funding), Funding and the Security Trustee;

        "AUTHORISED ENTITY" means (a) any entity the short term unsecured,
        unsubordinated and unguaranteed debt of which is rated at least A-1+ by
        S&P, P-1 by Moody's, and F-1+ by Fitch or (b) any other entity approved
        in writing by the Security Trustee and the Rating Agencies, in each case
        being an institution with a Part IV permission that includes accepting
        deposits under the Financial Services and Markets Act 2000;

        "AUTHORISED INVESTMENTS" means:

        (i)     Sterling gilt-edged securities; and

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        (ii)    Sterling demand or time deposits, certificates of deposit and
                short-term debt obligations (including commercial paper)
                provided that in all cases such investments have a maturity date
                falling no later than the next following Interest Payment Date
                and the short-term unsecured, unguaranteed and unsubordinated
                debt obligations of the issuing or guaranteeing entity or the
                entity with which the demand or time deposits are made (being an
                authorised person under the Financial Services and Markets Act
                2000) are rated at least A-1+ by Standard & Poor's, P-1 by
                Moody's and F-1+ by Fitch or their equivalents by three other
                internationally recognised rating agencies;

        "AUTHORISED SIGNATORY" means any authorised signatory referred to in, as
        applicable, the Funding Transaction Account Mandate, the Funding GIC
        Account Mandate and the Mortgages Trustee GIC Account Mandate;

        "AVERAGE FIXED RATE LOAN BALANCE" has the meaning given in the Funding
        Swap Agreement;

        "AVERAGE TRACKER LOAN BALANCE" has the meaning given in the Funding Swap
        Agreement;

        "AVERAGE VARIABLE RATE LOAN BALANCE" has the meaning given in the
        Funding Swap Agreement;

        "BACS" means the Bankers' Automated Clearing Service as amended from
        time to time or any scheme replacing the same;

        "BANK ACCOUNT AGREEMENT" means the agreement entered into on the Initial
        Closing Date between the Account Bank, the Mortgages Trustee, Funding
        and the Security Trustee which governs the operation of the Mortgages
        Trustee GIC Account, the Funding GIC Account and the Funding Transaction
        Account;

        "BANK ACCOUNTS" means the Mortgages Trustee GIC Account, the Funding GIC
        Account, the Funding Transaction Account, the Funding Liquidity Stand-by
        Account and any additional or replacement bank accounts opened in the
        name of either the Mortgages Trustee and/or Funding from time to time
        with the prior written consent of the Security Trustee and the Rating
        Agencies;

        "BBB PRINCIPAL DEFICIENCY SUB LEDGER" means the sub-ledger of the
        Principal Deficiency Ledger corresponding to the Term BBB Advances which
        was established on the Initial Closing Date in order to record any
        Losses allocated to the Funding Share of the Trust Property or the
        application of Funding Available Principal Receipts in paying interest
        on the Term Advances and certain amounts ranking in priority thereto in
        accordance with the Funding Pre-Enforcement Revenue Priority of
        Payments;

        "BENEFICIARIES means both Funding and the Seller together, as
        beneficiaries of the Mortgages Trust;

        "BORROWER" means, in relation to a Loan, the individual or individuals
        specified as such in the relevant Mortgage together with the individual
        or individuals (if any) from time to time assuming an obligation to
        repay such Loan or any part of it;

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        "BUILDINGS POLICIES" means:

        (a)     all buildings insurance policies relating to freehold Properties
                which have been taken out in the name of the relevant Borrower
                (and, in the case of the Abbey National plc Policies, the
                Seller) in accordance with the applicable Mortgage Terms or the
                Alternative Insurance Recommendations; and

        (b)     all landlord's buildings insurance policies relating to
                leasehold Properties;

        "BULLET TERM ADVANCE" means any term advance where the full amount of
        principal in respect of that term advance is scheduled for repayment on
        a single Interest Payment Date (being the Scheduled Repayment Date);

        "BUSINESS DAY" means a day that is each of a London Business Day and a
        New York Business Day and a TARGET Business Day;

        "CAPITALISED ARREARS" means, in relation to a Loan at any date (the
        "DETERMINATION DATE"), the amount (if any) at such date of any Arrears
        of Interest in respect of which, at the determination date, each of the
        following conditions has been satisfied:

        (a)     the Seller has, by arrangement with the relevant Borrower,
                agreed to capitalise such Arrears of Interest; and

        (b)     such Arrears of Interest have been capitalised and added, in the
                accounts of the Seller (or, if the determination date occurs
                after the Initial Closing Date, the Mortgages Trustee), to the
                principal amount outstanding in respect of such Loan;

        "CAPITALISED EXPENSES" means, in relation to a Loan, the amount of any
        expense, charge, fee, premium or payment (excluding, however, any
        Arrears of Interest) capitalised and added to the principal amount
        outstanding in respect of such Loan in accordance with the relevant
        Mortgage Terms (including for the avoidance of doubt, any High
        Loan-to-Value Fee);

        "CAPPED RATE LOANS" means those Loans that are subject to a maximum rate
        of interest and where the interest rate payable by the Borrower is the
        lesser of the SVR or, as the case may be, the Tracker Rate and such
        specified maximum rate of interest;

        "CARFAX" means Carfax Insurance Limited situated at The Albany, South
        Esplanade, St Peter Port, Guernsey, Channel Islands;

        "CASH" means cash and/or amounts standing to the credit of a bank
        account, as the context shall require;

        "CASH ACCUMULATION LEDGER" means a ledger, to be maintained by the Cash
        Manager under the Cash Management Agreement, which will record the
        amount of Funding Principal Receipts saved by Funding to repay the
        relevant Bullet Term Advances and the relevant Scheduled Amortisation
        Term Advances;

        "CASH ACCUMULATION PERIOD" means the period beginning on the earlier of
        (i) the commencement of the Anticipated Cash Accumulation Period and
        (ii) four months prior to the Scheduled Repayment Date of the relevant
        Bullet Amount, and ending when Funding has accumulated an amount equal
        to the relevant Bullet Amount for payment to the relevant Issuer (as
        shown on the Cash Accumulation Ledger);

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        "CASH MANAGEMENT AGREEMENT" means the cash management agreement entered
        into on the Initial Closing Date between the Cash Manager, the Mortgages
        Trustee, Funding, and the Security Trustee, as amended by the Amendment
        Agreement to Cash Management Agreement;

        "CASH MANAGEMENT SERVICES" means the cash management services set out in
        the Cash Management Agreement;

        "CASH MANAGER" means Abbey National acting, pursuant to the Cash
        Management Agreement, as agent for the Mortgages Trustee, Funding, and
        the Security Trustee inter alia to manage all cash transactions and
        maintain certain ledgers on behalf of the Mortgages Trustee and Funding;

        "CASH MANAGER TERMINATION EVENT" has the meaning given in CLAUSE 13.1 of
        the Cash Management Agreement;

        "CERTIFICATE OF TITLE" means a solicitor's or licensed conveyancer's
        report or certificate of title obtained by or on behalf of the Seller in
        respect of each Property substantially in the form of the pro-forma set
        out in the Standard Documentation;

        "CLASS A NOTES" means the Class A First Issuer Notes, the Class A Second
        Issuer Notes, the Class A Third Issuer Notes, the Class A Fourth Issuer
        Notes, the Class A Fifth Issuer Notes, the Class A Sixth Issuer Notes
        and any class A notes issued by any New Issuer;

        "CLEARING AGENCY" means an agency registered under provisions of Section
        17A of the United States Securities Exchange Act of 1934;

        "CLEARING CORPORATION" means a corporation within the meaning of the New
        York Uniform Commercial Code;

        "CLEARSTREAM, LUXEMBOURG" means Clearstream Banking, societe anonyme;

        "CLOSING DATE" means the Initial Closing Date, the Second Issuer Closing
        Date, the Third Issuer Closing Date, the Fourth Issuer Closing Date, the
        Fifth Issuer Closing Date, the Sixth Issuer Closing Date and any New
        Issuer Closing Date;

        "CLOSING TRUST PROPERTY" means in each case the portfolio of Loans and
        their Related Security (other than any Loans and their Related Security
        which have been redeemed in full prior to the Assignment Date or which
        do not otherwise comply with the terms of the Mortgage Sale Agreement as
        at the Assignment Date) held by the Mortgages Trustee on or about the
        Sixth Issuer Closing Date,

        "COMPLETION" means the completion of the sale and purchase of the
        Portfolio pursuant to and in accordance with CLAUSE 6 of the Mortgage
        Sale Agreement;

        "CONVENTION" means the Modified Following Business Day Convention as
        defined in the 1991 ISDA Definitions;

        "CORPORATE SERVICES AGREEMENT" means the agreement dated on the Initial
        Closing Date and made between the Corporate Services Provider, Holdings,
        the First Issuer, Funding, the Mortgages Trustee, the Post Enforcement
        Call Option Holder, Abbey National and the Security Trustee for the
        provision by the Corporate Services Provider of certain corporate

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        services and personnel to the First Issuer, Funding, the Mortgages
        Trustee, Holdings and the Post Enforcement Call Option Holder;

        "CORPORATE SERVICES PROVIDER" means SPV Management Limited or such other
        person or persons for the time being acting as Corporate Services
        Provider under the Corporate Services Agreement;

        "CURRENT FUNDING SHARE" means the amount of Trust Property beneficially
        owned by Funding from time to time, as determined in accordance with
        CLAUSE 6 of the Mortgages Trust Deed;

        "CURRENT FUNDING SHARE PERCENTAGE" means the percentage share of Funding
        in the Trust Property from time to time, as determined in accordance
        with CLAUSE 6 of the Mortgages Trust Deed;

        "CURRENT SELLER SHARE" means the amount of Trust Property, beneficially
        owned by the Seller from time to time, as determined in accordance with
        CLAUSE 6 of the Mortgages Trust Deed;

        "CURRENT SELLER SHARE PERCENTAGE" means the percentage share of the
        Seller in the Trust Property from time to time as determined in
        accordance with CLAUSE 6 of the Mortgages Trust Deed;

        "CUSTOMER FILES" means the file or files relating to each Loan
        containing, inter alia:

        (a)     all material correspondence relating to that Loan; and

        (b)     the completed mortgage documentation applicable to the Loan
                (other than the Title Deeds) including the Valuation Report and
                the solicitor's or licensed conveyancer's Certificate of Title,

        whether original documentation, electronic form or otherwise;

        "D.D. DATE" means the date of delivery to the Account Bank or BACS (as
        the case may be) of such instructions as may be necessary from time to
        time for the debit of a Borrower's account in respect of which there is
        a direct debit mandate;

        "DEED OF AMENDMENT" means the deed so named dated the Third Issuer
        Closing Date amending the Funding Swap Agreement;

        "DEED OF AMENDMENT TO MORTGAGES TRUST DEED" means the deed so named
        dated the Second Issuer Closing Date;

        "DEED OF CONSENT" means a deed whereby a person in or intended to be in
        occupation of a Property agrees with the Seller to postpone his or her
        interest (if any) in the Property so that it ranks after the interest
        created by the relevant Mortgage;

        "DEED OF POSTPONEMENT" means a deed whereby a mortgagee of a Property
        agrees with the Seller to postpone its mortgage over the Property so
        that the sums secured by it will rank for repayment after the sums
        secured by the relevant Mortgage;

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        "DEEMED AAA RATING" means the deemed rating of a Term Advance Rating
        where the corresponding Notes are rated, on the Closing Date thereof,
        A-1+ by S&P, P-1 by Moody's and F1+ by Fitch;

        "DEFERRED CONSIDERATION" means in respect of each Interest Payment Date
        and on the date of repayment in full of all Intercompany Loans, the
        amount of (X) where the value of (X) is determined by applying the
        following formula:

        (X) = (A - (B + C))

        where:

        A       is an amount equal to Funding Available Revenue Receipts as
                determined by the Cash Manager on the Intercompany Loan
                Determination Date immediately preceding the relevant Interest
                Payment Date;

        B       is an amount equal to the amount to be applied by the Cash
                Manager on the relevant Interest Payment Date in making payment
                or provision in and towards satisfaction of items (a) to (n) and
                items (p) to (q) of the Funding Pre-Enforcement Revenue Priority
                of Payments or, as the case may be, items (a) to (k) of the
                Funding Post Enforcement Priority of Payments; and

        C       is an amount equal to all Funding Revenue Receipts received from
                the Mortgages Trustee during the relevant Interest Period
                multiplied by 0.01% per annum,

        PROVIDED THAT, for the avoidance of doubt, if the amount of (X) for any
        Interest Payment Date (or the date of repayment in full of all
        Intercompany Loans) shall be equal to or less than zero the Deferred
        Consideration shall be zero and no payment shall be due from Funding to
        the Seller pursuant to item (s) of the Funding Pre-Enforcement Revenue
        Priority of Payments or, as the case may be, item (m) of the Funding
        Post Enforcement Priority of Payments;

        "DELAYED CASHBACK" means in relation to any Loan, the agreement by the
        Seller to pay an amount to the relevant Borrower after a specified
        period of time following completion of the relevant Loan;

        "DESIGNATED INTEREST PERIOD" has the meaning given to it in CLAUSE 8.3
        of the Funding Liquidity Facility Agreement;

        "DILIGENCE" means the process (under Scots law) by which a creditor
        attaches the property of a debtor to implement or secure a court decree
        or judgment;

        "DIRECT DEBITING SCHEME" means the scheme for the manual or automated
        debiting of bank accounts operated in accordance with the detailed rules
        of certain members of the Association for Payment Clearing Services;

        "DISTRIBUTION DATE" means the eighth day of each month or, if not a
        London Business Day, the next succeeding London Business Day, or as the
        case may be, the date that Funding acquires a portion of the Current
        Seller Share of the Trust Property pursuant to CLAUSE 4 of the Mortgages
        Trust Deed or as the case may be, the date that Funding pays moneys
        (excluding Deferred Consideration) to the Seller in consideration of the
        Seller assigning New Loans to the Mortgages Trustee pursuant to CLAUSE 4
        of the Mortgage Sale Agreement;

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        "DISTRIBUTION PERIOD" means the period from and including a Distribution
        Date to but excluding the next following Distribution Date;

        "DRAWDOWN DATE" means, in respect of the First Issuer Intercompany Loan,
        the Initial Closing Date; in respect of the Second Issuer Intercompany
        Loan, the Second Issuer Closing Date; in respect of the Third Issuer
        Intercompany Loan, the Third Issuer Closing Date; in respect of the
        Fourth Issuer Intercompany Loan, the Fourth Issuer Closing Date; in
        respect of the Fifth Issuer Intercompany Loan, the Fifth Issuer Closing
        Date; in respect of the Sixth Issuer Intercompany Loan, the Sixth Issuer
        Closing Date; and in respect of any New Intercompany Loan, the date on
        which the New Term Advances thereunder are made;

        "DRAWDOWN NOTICE" means, in respect of an Intercompany Loan, a notice
        delivered by Funding to the Issuer and the Security Trustee requesting a
        drawing under that Intercompany Loan Agreement;

        "DTC" means The Depositary Trust Company;

        "EARLY REPAYMENT FEE" means any fee which a Borrower is required to pay
        in the event that he or she is in default or his or her Loan becomes
        repayable for any other mandatory reason or he or she repays all or any
        part of the relevant Loan before a specified date;

        "ENCUMBRANCE" has the same meaning as "SECURITY INTEREST";

        "ENFORCEMENT PROCEDURES" means the procedures for the enforcement of
        Mortgages undertaken by the Servicer from time to time in accordance
        with the Seller's Policy;

        "ENGLISH LOAN" means a Loan secured by an English Mortgage;

        "ENGLISH MORTGAGE" means a Mortgage secured over a property in England
        or Wales;

        "ENGLISH MORTGAGE CONDITIONS" means the Mortgage Conditions applicable
        to English Loans;

        "EUROCLEAR" means Euroclear Bank S.A./N.V., as operator of the Euroclear
        System or the successor for the time being to such business;

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

        "EXHIBIT" means the exhibit to the Mortgage Sale Agreement which sets
        out details of the Provisional Portfolio and the Standard Documentation;

        "EXTENSION REQUEST" has the meaning given in CLAUSE 2.3(A) of the
        Funding Liquidity Facility Agreement;

        "FACILITY OFFICE" means the office through which the Funding Liquidity
        Facility Provider will perform all or any of its obligations under the
        Funding Liquidity Facility Agreement;

        "FEE LETTER" means the letter dated the date of the Funding Liquidity
        Facility Agreement between the Funding Liquidity Facility Provider and
        Funding setting out the amount of various fees referred to in CLAUSE 17
        of the Funding Liquidity Facility Agreement;

        "FIFTH ISSUER" means Holmes Financing (No.5) PLC;

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        "FIFTH ISSUER CLOSING DATE" means 8th November, 2001;

        "FIFTH START-UP LOAN" means the start-up loan that the Fifth Start-up
        Loan Provider made available to Funding pursuant to the Fifth Start-up
        Loan Agreement;

        "FIFTH START-UP LOAN AGREEMENT" means the agreement entered into on or
        about the Fifth Issuer Closing Date between Funding, the Fifth Start-up
        Loan Provider and the Security Trustee relating to the provision of the
        Fifth Start-up Loan to Funding;

        "FIFTH START-UP LOAN PROVIDER" means Abbey National, in its capacity as
        provider of the Fifth Start-up Loan;

        "FINAL REPAYMENT DATE" means the final repayment date of each Term
        Advance, as specified in the relevant Issuer Master Definitions and
        Construction Schedule;

        "FINANCIAL YEAR" means the twelve month period ending on the last day of
        the calendar year;

        "FIRST DEED OF ACCESSION" means the deed of accession to the Funding
        Deed of Charge dated the Second Issuer Closing Date;

        "FIRST ISSUER" means Holmes Financing (No. 1) PLC;

        "FIRST RESERVE FUND" means a fund established from the proceeds of the
        First Start-up Loan Agreement, the Second Start-up Loan Agreement, the
        Third Start-up Loan Agreement and any New Start-up Loan Agreement which
        may be used by Funding to meet any deficit in revenue or to repay
        amounts of principal;

        "FIRST RESERVE FUND REQUIRED AMOUNT" means (pound)[185,000,000] or if
        the Third Issuer Notes and the Fourth Issuer Notes (other than the
        Series 3 Class D Fourth Issuer Notes and the Series 4 Fourth Issuer
        Notes) are redeemed in full in July 2006 then (pound)[140,000,000] or if
        the Fifth Issuer Notes (other than the Series 1 Class A Fifth Issuer
        Notes and the Series 2 Class A Fifth Issuer Notes) are redeemed in full
        in October 2006 then (pound)[100,000,000] [and if the Sixth Issuer Notes
        (other than the Series 1 Class A Sixth Issuer Notes and the Series 2
        Class A Sixth Issuer Notes) are redeemed in full in [April 2008] then of
        (pound)___];

        "FIRST RESERVE LEDGER" means the ledger that shall be maintained by the
        Cash Manager pursuant to the Cash Management Agreement to record the
        balance from time to time of the First Reserve Fund;

        "FIRST START-UP LOAN" means the start-up loan that the Start-up Loan
        Provider made available to Funding pursuant to the First Start-up Loan
        Agreement;

        "FIRST START-UP LOAN AGREEMENT" means the agreement entered into on or
        about the Initial Closing Date between Funding, the First Start-up Loan
        Provider and the Security Trustee relating to the provision of the First
        Start-up Loan to Funding;

        "FIRST START-UP LOAN PROVIDER" means the Start-Up Loan Provider in its
        capacity as provider of the First Start-Up Loan;

        "FITCH" means Fitch Ratings Limited;

        "FIXED RATE LOANS" means those Loans where the interest rate payable by
        the Borrower does not vary and is fixed for a certain period of time by
        the Seller together with such Capped Rate

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                                       12

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        Loans which are no longer subject to their variable rates of interest
        but instead subject to interest at their specified capped rates;

        "FLEXIBLE LOAN" means a type of Loan product that typically incorporates
        features that give the Borrower options to, among other things, make
        further drawings on the loan account and/or to overpay or underpay
        interest and principal in a given month;

        "FLEXIBLE LOAN CONDITIONS" means Mortgage Conditions applicable to any
        Flexible Loan;

        "FLEXIBLE LOAN DRAWING" means any further drawing of monies made by a
        Borrower under a Flexible Loan other than the Initial Advance;

        "FOURTH DEED OF ACCESSION" means the deed of accession to the Funding
        Deed of Charge dated the Fifth Issuer Closing Date;

        "FOURTH ISSUER" means Holmes Financing (No. 4) PLC;

        "FOURTH ISSUER CLOSING DATE" means 5th July, 2001;

        "FOURTH START-UP LOAN" means the start-up loan that the Fourth Start-up
        Loan Provider made available to Funding pursuant to the Fourth Start-up
        Loan Agreement;

        "FOURTH START-UP LOAN AGREEMENT" means the agreement entered into on or
        about the Fourth Issuer Closing Date between Funding, the Fourth
        Start-up Loan Provider and the Security Trustee relating to the
        provision of the Fourth Start-up Loan to Funding;

        "FOURTH START-UP LOAN PROVIDER" means Abbey National, in its capacity as
        provider of the Fourth Start-up Loan;

        "FUNDING" means Holmes Funding Limited;

        "FUNDING AGREEMENTS" or "FUNDING TRANSACTION DOCUMENTS" means each of
        the Transaction Documents to which Funding is a party including the
        Amended and Restated Servicing Agreement, the Mortgages Trust Deed, the
        Abbey Deed and Power of Attorney, the Funding Deed of Charge, the
        Funding Swap Agreement, the Corporate Services Agreement, the Funding
        Liquidity Facility Agreement, the First Issuer Intercompany Loan
        Agreement, the Second Issuer Intercompany Loan Agreement, the Third
        Issuer Intercompany Loan Agreement, the Fourth Issuer Intercompany Loan
        Agreement, the Fifth Issuer Intercompany Loan Agreement, the Sixth
        Issuer Intercompany Loan Agreement, the Cash Management Agreement, the
        Bank Account Agreement, the Funding Guaranteed Investment Contract, the
        First Start-up Loan Agreement, the Second Start-up Loan Agreement, the
        Third Start-up Loan Agreement, the Fourth Start-up Loan Agreement, the
        Fifth Start-up Loan Agreement, the Sixth Start-up Loan Agreement, the
        Mortgage Sale Agreement, the Seller Power of Attorney, the Insurance
        Acknowledgements and all other agreements referred to therein or
        otherwise referred to as "Funding Agreements" in each Accession
        Undertaking entered into by, inter alios, Funding and the Security
        Trustee, from time to time;

        "FUNDING AVAILABLE PRINCIPAL RECEIPTS" means on the relevant
        Intercompany Loan Determination Date, an amount equal to the aggregate
        of:

        (i)     all Funding Principal Receipts received during the Interest
                Period ending on the immediately following Interest Payment
                Date;

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                                       13

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        (ii)    the amounts (if any) to be credited to the Principal Deficiency
                Ledger pursuant to items (F), (H) and (J) in the Funding
                Pre-Enforcement Revenue Priority of Payments on the immediately
                following Interest Payment Date;

        (iii)   prior to the enforcement of the Funding Security or the
                occurrence of a Trigger Event, amounts to be drawn under the
                Funding Liquidity Facility; and

        (iv)    in respect of the Term AAA Advances, only, the amount standing
                to the credit of the Reserve Ledger (but less any amounts
                applied or to be applied on the immediately following Interest
                Payment Date in payment of interest and other revenue expenses
                as set out above in items (a) to (l) inclusive of the Funding
                Pre-Enforcement Revenue Priority of Payments);

        less

        (v)     the amount of Funding Principal Receipts (if any) to be applied
                on the immediately following Interest Payment Date to pay items
                (a) to (e) (inclusive), (g) and (i) of the Funding
                Pre-Enforcement Revenue Priority of Payments;

        "FUNDING AVAILABLE REVENUE RECEIPTS" means on the relevant Loan
        Determination Date, an amount equal to the aggregate of:

        (a)     all Funding Revenue Receipts received during the Interest Period
                ending on the immediately following Interest Payment Date;

        (b)     other net income of Funding including all amounts of interest
                received on the Funding Bank Accounts and/or Authorised
                Investments, amounts received by Funding under the Funding Swap
                Agreement (other than any early termination amount received by
                Funding under the Funding Swap Agreement which are to be applied
                to acquire a new swap, if required), in each case to be received
                on or prior to the immediately following Interest Payment Date;
                and

        (c)     the amount standing to the credit of the First Reserve Ledger
                representing the First Reserve Fund and the amount standing to
                the credit of the Second Reserve Ledger representing the Second
                Reserve Fund as at that Intercompany Loan Determination Date;

        "FUNDING BANK ACCOUNTS" means the Funding GIC Account, the Funding
        Transaction Account, the Funding Liquidity Facility Standby Account and
        such other bank account(s) held in the name of Funding with the approval
        of the Security Trustee from time to time;

        "FUNDING CHARGED PROPERTY" means the property charged by Funding
        pursuant to CLAUSES 3.1 to 3.5 (inclusive) of the Funding Deed of
        Charge;

        "FUNDING DEED OF CHARGE" means the deed of charge entered into on the
        Initial Closing Date between Funding, the First Issuer, the Corporate
        Services Provider, the Account Bank, the Funding GIC Provider, the
        Security Trustee, the Seller, the Start-up Loan Provider, the Cash
        Manager, the Funding Swap Provider and the Funding Liquidity Facility
        Provider, as supplemented and amended by the First Deed of Accession,
        the Second Deed of Accession, the Third Deed of Accession, the Fourth
        Deed of Accession, the Amended and Restated Funding Deed of Charge and
        as the same may be further supplemented, amended and/or restated from
        time to time;

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                                       14

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        "FUNDING GIC ACCOUNT" means the account in the name of Funding (sort
        code 09-00-20, account number 00648620, reference: Holmes Funding
        Limited 8259) held at the Account Bank and maintained subject to the
        terms of the Funding Guaranteed Investment Contract, the Bank Account
        Agreement and the Funding Deed of Charge or such additional or
        replacement account as may for the time being be in place with the prior
        consent of the Security Trustee;

        "FUNDING GIC ACCOUNT AGREEMENT" has the same meaning as "FUNDING
        GUARANTEED INVESTMENT CONTRACT";

        "FUNDING GIC ACCOUNT MANDATE" means the bank account mandate between
        Funding and the Account Bank relating to the operation of the Funding
        GIC Account;

        "FUNDING GIC BALANCE" means, on any day during an Interest Period, the
        amount standing to the credit of the Funding GIC Account as at the
        opening of business on such day;

        "FUNDING GIC PROVIDER" means Abbey National acting pursuant to the
        Funding Guaranteed Investment Contract and or such other person for the
        time being acting as provider of a guaranteed investment contract to
        Funding;

        "FUNDING GIC RATE" means the rate of interest accruing on the balance
        standing to the credit of the Funding GIC Account equal to a rate of
        three month LIBOR in respect of a Loan Determination Period [less 0.25
        per cent. per annum];

        "FUNDING GUARANTEED INVESTMENT CONTRACT" or "FUNDING GIC ACCOUNT
        AGREEMENT" means the guaranteed investment contract entered into on or
        about the Initial Closing Date between Funding, the Funding GIC
        Provider, the Cash Manager and the Security Trustee, in relation to
        interest to be earned on the Funding GIC Balance;

        "FUNDING INCOME DEFICIT" means the amount of the shortfall between
        Funding Available Revenue Receipts (including the Reserve Fund) and the
        amounts required to pay items (a) to (e) (inclusive), (g), (i) and (k)
        of the Funding Pre-Enforcement Revenue Priority of Payments;

        "FUNDING LEDGERS" means the Funding Principal Ledger, the Funding
        Revenue Ledger, the First Reserve Ledger, the Second Reserve Ledger, the
        Principal Deficiency Ledger, the Intercompany Loan Ledger, the Cash
        Accumulation Ledger and the Funding Liquidity Facility Ledger;

        "FUNDING LIQUIDITY DOCUMENTS" means the Funding Liquidity Facility
        Agreement, the Fee Letter, a Novation Certificate or any other document
        designated as such by the Funding Liquidity Facility Provider and
        Funding;

        "FUNDING LIQUIDITY DRAWING" means a Funding Liquidity Facility Drawing
        or a Funding Liquidity Facility Stand-by Drawing as the context so
        requires;

        "FUNDING LIQUIDITY FACILITY" means the committed revolving facility
        provided by the Funding Liquidity Facility Provider to Funding under the
        Funding Liquidity Facility Agreement;

        "FUNDING LIQUIDITY FACILITY AGREEMENT" means the liquidity facility
        agreement dated the Initial Closing Date between Funding, the Funding
        Liquidity Facility Provider, the Funding Cash Manager and the Security
        Trustee pursuant to which the Funding Liquidity Facility Provider agreed
        to provide Funding, from time to time during the Funding Liquidity
        Facility Commitment Period, with advances for the purposes specified
        therein, subject to and in

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                                       15

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        accordance with the terms thereof, as amended by the Amendment Agreement
        to the Funding Liquidity Facility Agreement;

        "FUNDING LIQUIDITY FACILITY COMMITMENT" means (pound)25,000,000 to the
        extent not cancelled or reduced under the Funding Liquidity Facility
        Agreement;

        "FUNDING LIQUIDITY FACILITY COMMITMENT PERIOD" means, subject to CLAUSE
        2.3 of the Funding Liquidity Facility Agreement, the period from and
        including the Initial Closing Date up to and excluding the date falling
        364 days after the Initial Closing Date or, if such date is not a
        Business Day, the preceding Business Day;

        "FUNDING LIQUIDITY FACILITY DEFAULT" means an event specified as such in
        CLAUSE 16.1 of the Funding Liquidity Facility Agreement;

        "FUNDING LIQUIDITY FACILITY DRAWDOWN DATE" means the date of the advance
        of a Funding Liquidity Facility Drawing or a Funding Liquidity Facility
        Stand-by Drawing which date shall be an Interest Payment Date;

        "FUNDING LIQUIDITY FACILITY DRAWDOWN NOTICE" means a notice
        substantially in the form set out in SCHEDULE 3 to the Funding Liquidity
        Facility Agreement;

        "FUNDING LIQUIDITY FACILITY DRAWING" means a loan made or to be made
        under the Funding Liquidity Facility Agreement;

        "FUNDING LIQUIDITY FACILITY INTEREST PERIOD" means, with respect to a
        Funding Liquidity Facility Loan, each successive period beginning on
        (and including) an Interest Payment Date and ending on (but excluding)
        the next following Interest Payment Date except that the first Funding
        Liquidity Facility Interest Period shall start on the Funding Liquidity
        Facility Drawdown Date for that Funding Liquidity Facility Loan and end
        on the day before the next following Interest Payment Date;

        "FUNDING LIQUIDITY FACILITY LEDGER" means a ledger, to be maintained by
        the Cash Manager under the Cash Management Agreement, which will record
        drawings under the Liquidity Facility Agreement and repayments of those
        drawings by Funding;

        "FUNDING LIQUIDITY FACILITY LOAN" means the aggregate principal amount
        of all Funding Liquidity Facility Drawings for the time being advanced
        and outstanding under the Funding Liquidity Facility;

        "FUNDING LIQUIDITY FACILITY MARGIN" means nought point seven five per
        cent. (0.75%) per annum;

        "FUNDING LIQUIDITY FACILITY PROVIDER" means The Royal Bank of Scotland
        plc, acting through its office at Waterhouse Square, 138-142 Holborn,
        London EC1N 2TH and/or such other bank or banks with at least the
        Requisite Ratings which agrees to provide a liquidity facility to
        Funding on substantially similar terms to the Funding Liquidity Facility
        Agreement;

        "FUNDING LIQUIDITY FACILITY REQUEST" means a request made by Funding for
        a Funding Liquidity Facility Drawing or a Funding Liquidity Facility
        Stand-by Drawing pursuant to a Funding Liquidity Drawdown Notice;

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                                       16

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        "FUNDING LIQUIDITY FACILITY STAND-BY ACCOUNT" means an account to be
        opened in the name of Funding with the Funding Liquidity Facility
        Provider or, if the Funding Liquidity Facility Provider ceases to have
        the Requisite Ratings, the Funding Account Bank or, if the Funding
        Account Bank ceases to have the Requisite Ratings, a bank which has the
        Requisite Ratings;

        "FUNDING LIQUIDITY FACILITY STAND-BY DEPOSIT" means the amount standing
        to the credit of the Funding Liquidity Facility Stand-by Account from
        time to time together with interest on such deposit;

        "FUNDING LIQUIDITY FACILITY STAND-BY DRAWING" means a drawing made under
        CLAUSE 5.2 of the Funding Liquidity Facility Agreement;

        "FUNDING LIQUIDITY SHORTFALL" means the difference between:

        (i)     the excess of (A) the aggregate amount of Funding's obligation
                to repay the principal amount due and payable on any of the Term
                AAA Advances on (1) prior to the occurrence of a Trigger Event,
                their respective Scheduled Repayment Dates and, to the extent
                not repaid on such Scheduled Repayment Date, on each Interest
                Payment Date thereafter or (2) following the occurrence of a
                Non-Asset Trigger Event, their respective Final Repayment Dates
                (and for the avoidance of doubt, a Funding Liquidity Shortfall
                will not occur in respect of Funding's obligation to repay the
                principal amount owing on any series of the Class A Notes
                following the occurrence of an Asset Trigger Event over (B) the
                amount available to the relevant Issuer to draw under any
                liquidity facility available to such Issuer to repay principal
                amounts on such series of Class A Notes (including, for the
                avoidance of doubt, in relation to the First Issuer, the First
                Issuer Liquidity Facility, in relation to the Second Issuer, the
                Second Issuer Liquidity Facility, in relation to the Third
                Issuer, the Third Issuer Liquidity Facility, in relation to the
                Fourth Issuer, the Fourth Issuer Liquidity Facility, in relation
                to the Fifth Issuer, the Fifth Issuer Liquidity Facility and in
                relation to the Sixth Issuer, the Sixth Issuer Liquidity
                Facility); and

        (ii)    the Funding Principal Receipts available to pay the amounts
                specified in sub-paragraph (i) above;

        "FUNDING LIQUIDITY STAND-BY FACILITY" means the facility referred to in
        CLAUSE 2.1(B) of the Funding Liquidity Facility Agreement;

        "FUNDING LIQUIDITY SUBORDINATED AMOUNTS" means (i) amounts in respect of
        withholding taxes and increased costs (including amounts payable under
        CLAUSE 12.1(A)(III) of the Funding Liquidity Facility Agreement) payable
        to the Funding Liquidity Facility Provider; and (ii) any Additional
        Percentage in aggregate in excess of 0.10 per cent. per annum on the
        maximum aggregate amount available to be drawn under the Funding
        Liquidity Facility;

        "FUNDING POST-ENFORCEMENT PRIORITY OF PAYMENTS" means the order of
        priority in which the Security Trustee will apply all monies following a
        Funding Event of Default and enforcement of the Funding Security (as set
        out in Part III of SCHEDULE 3 to the Funding Deed of Charge);

        "FUNDING POWER OF ATTORNEY" means the power of attorney granted by
        Funding in favour of the Security Trustee on the Initial Closing Date,
        substantially in the form set out in SCHEDULE 1 to the Funding Deed of
        Charge;

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                                       17

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        "FUNDING PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS" means the order
        of priority in which Funding Available Revenue Receipts will be applied
        prior to the enforcement of the Funding Security (as set out in Part I
        of SCHEDULE 3 to the Funding Deed of Charge);

        "FUNDING PRINCIPAL PRIORITIES OF PAYMENTS" means the order of priority
        for the application of Funding Available Principal Receipts, prior to
        enforcement of the Funding Security, set out in each Intercompany Loan
        Agreement and in Part II of SCHEDULE 3 to the Funding Deed of Charge;

        "FUNDING PRINCIPAL LEDGER" means the ledger on which receipts and
        payments of Funding Principal Receipts will be recorded by the Cash
        Manager;

        "FUNDING PRINCIPAL RECEIPTS" means the Funding Share of Principal
        Receipts received by Funding from the Mortgages Trustee on each
        Distribution Date;

        "FUNDING PRIORITY OF PAYMENTS" means, as applicable, the Funding
        Post-Enforcement Priority of Payments, the Funding Pre-Enforcement
        Revenue Priority of Payments and/or, as the case may be, the Funding
        Principal Priorities of Payment;

        "FUNDING REVENUE LEDGER" means the ledger on which the Cash Manager will
        record all monies received by Funding during an Interest Period other
        than the Funding Principal Receipts;

        "FUNDING REVENUE RECEIPTS" means the Funding Share of Mortgages Trustee
        Available Revenue Receipts received by Funding from the Mortgages
        Trustee on each Distribution Date;

        "FUNDING SECURED CREDITORS" means the Security Trustee, the Funding Swap
        Provider, the Cash Manager, the Funding Liquidity Facility Provider, the
        Account Bank, the First Issuer, the Second Issuer, the Third Issuer, the
        Fourth Issuer, the Fifth Issuer, the Sixth Issuer, the Seller, the
        Corporate Services Provider, the First Start-up Loan Provider, the
        Second Start-up Loan Provider, the Third Start-up Loan Provider, the
        Fourth Start-up Loan Provider, the Fifth Start-up Loan Provider, the
        Sixth Start-up Loan Provider and such other creditors of Funding who
        accede to the Funding Deed of Charge from time to time pursuant to an
        Accession Undertaking (including, for the avoidance of doubt, any New
        Issuer);

        "FUNDING SECURED OBLIGATIONS" means the moneys and liabilities which
        Funding covenants and undertakes in CLAUSE 2 of the Funding Deed of
        Charge to pay or discharge and all claims, demands or damages for breach
        of any such covenant, and references to Funding Secured Obligations
        includes references to any of them;

        "FUNDING SECURITY" means the security granted by Funding to the Security
        Trustee under the terms of the Funding Deed of Charge;"FUNDING SHARE"
        means, prior to the first Distribution Date, the Initial Funding Share
        and thereafter means the Current Funding Share;

        "FUNDING SHARE PERCENTAGE" means, prior to the first Distribution Date,
        the Initial Funding Share Percentage and thereafter means the Current
        Funding Share Percentage;

        "FUNDING SHARE/SELLER SHARE LEDGER" means the ledger to be maintained by
        the Cash Manager, on behalf of the Mortgages Trustee and the
        Beneficiaries, to record the Current Funding Share, the Current Funding
        Share Percentage, the Current Seller Share and the Current Seller Share
        Percentage of the Trust Property;

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                                       18

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        "FUNDING SWAP" means the amended and restated swap documented on the
        Second Issuer Closing Date and amended on the Third Issuer Closing Date
        under the Funding Swap Agreement which enables Funding to hedge against
        the possible variance between the fixed rates of interest payable on the
        Fixed Rate Loans and a LIBOR based rate for three-month sterling
        deposits, the possible variance between the rates of interest payable on
        the Tracker Loans and a LIBOR based rate for three-month sterling
        deposits and the possible variance between the SVR payable on the
        Variable Rate Loans and a LIBOR based rate for three-month sterling
        deposits;

        "FUNDING SWAP AGREEMENT" means the ISDA Master Agreement and schedule
        relating to the Funding Swap amended and restated on or about the Second
        Issuer Closing Date and the confirmation documented thereunder entered
        into on or about the Second Issuer Closing Date, as amended by the Deed
        of Amendment each between Funding, the Funding Swap Provider and the
        Security Trustee;

        "FUNDING SWAP PROVIDER" means Abbey National Treasury Services acting in
        its capacity as the Funding Swap Provider pursuant to the Funding Swap
        Agreement;

        "FUNDING SWAP PROVIDER DEFAULT" means the occurrence of an Event of
        Default (as defined in the Funding Swap Agreement) where the Funding
        Swap Provider is the Defaulting Party (as defined in the Funding Swap
        Agreement);

        "FUNDING TRANSACTION ACCOUNT" means the account in the name of Funding
        (account no. 00648620, sort code 09-00-20, reference: 8258) held with
        the Account Bank and maintained subject to the terms of the Bank Account
        Agreement and the Funding Deed of Charge or such other account as may
        for the time being be in place with the prior consent of the Security
        Trustee and designated as such;

        "FUNDING TRANSACTION ACCOUNT MANDATE" means the bank account mandate
        between Funding and the Account Bank relating to the operation of the
        Funding Transaction Account;

        "FUNDING TRANSACTION DOCUMENTS" has the same meaning as "FUNDING
        AGREEMENTS";

        "FURTHER ADVANCE" means, in relation to a Loan, any advance of further
        money to the relevant Borrower following the making of the Initial
        Advance which is secured by the same Mortgage as the Initial Advance but
        does not include the amount of any retention advanced to the relevant
        Borrower as part of the Initial Advance after completion of the Mortgage
        and does not include a Flexible Loan Drawing;

        "FUTURE TRUST PROPERTY" means any or all New Portfolios (including for
        the avoidance of doubt the New Portfolio to be assigned to the Mortgages
        Trustee on or about the Sixth Issuer Closing Date);

        "HIGH LOAN-TO-VALUE FEE" means any fee incurred by a Borrower as a
        result of taking out a loan with an LTV ratio in excess of a certain
        percentage specified in the Offer Conditions;

        "HOLDING COMPANY" means a holding company within the meaning of Section
        736 of the Companies Act 1985;

        "HOLDINGS" means Holmes Holdings Limited (registered number 3689577), a
        limited company incorporated under the laws of England and Wales, whose
        registered office is at Abbey National House, 2 Triton Square, London
        NW1 3AN;

<PAGE>
                                       19

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        "ICTA" means the Income and Corporation Taxes Act 1988;

        "INITIAL ADVANCE" means, in respect of any Loan, the original principal
        amount advanced by the Seller including any retention(s) advanced to the
        relevant Borrower after the date of the Mortgage but excluding any (a)
        High Loan-to-Value Fee, (b) Further Advance, (c) Flexible Loan Drawing
        and (d) Early Repayment Fee relating to any such Loan;

        "INITIAL CLOSING DATE" means 26th July, 2000;

        "INITIAL CLOSING TRUST PROPERTY" means the Initial Portfolio assigned by
        the Seller to the Mortgages Trustee on the Initial Closing Date;

        "INITIAL CONSIDERATION" is the sum of (pound)2,256,000,000 paid by
        Funding to the Seller in consideration of the Seller's assignment of the
        Initial Portfolio (together with any Accrued Interest and Arrears of
        Interest as at the Initial Closing Date) to the Mortgages Trustee and
        the Funding Share thereof;

        "INITIAL FUNDING SHARE" means the share of Funding in the Trust Property
        on the Initial Closing Date, being an amount equal to
        (pound)2,256,000,000;

        "INITIAL FUNDING SHARE PERCENTAGE" means the percentage share of Funding
        in the Trust Property on the Initial Closing Date being 35.25 per cent.;

        "INITIAL LOANS" means the portfolio of residential first mortgage loans
        assigned by the Seller to the Mortgages Trustee on the Initial Closing
        Date pursuant to the Mortgage Sale Agreement;

        "INITIAL PORTFOLIO" means the Provisional Portfolio other than any Loan
        and its Related Security redeemed in full on or before the Initial
        Closing Date;

        "INITIAL RELATED SECURITY" means the Related Security assigned by the
        Seller to the Mortgages Trustee on the Initial Closing Date pursuant to
        the Mortgage Sale Agreement;

        "INITIAL RELEVANT SCREEN RATE" has the meaning given in Condition 4(C);

        "INITIAL SELLER SHARE" means the share of the Seller in the Trust
        Property on the Initial Closing Date being an amount equivalent to
        (pound)[4,143,214,202.63];

        "INITIAL SELLER SHARE PERCENTAGE" means the percentage share of the
        Seller in the Trust Property on the Initial Closing Date being 64.75 per
        cent.;

        "INITIAL TRUST PROPERTY" means the sum of (pound)100 (one hundred
        pounds) that SPV Management settled on trust and held on trust
        absolutely as to both capital and income by the Mortgages Trustee for
        the benefit of the Seller and Funding pursuant to CLAUSE 2.1 of the
        Mortgages Trust Deed;

        "INSOLVENCY EVENT" in respect of the Seller, the Servicer or the Cash
        Manager (each, for the purposes of this definition, a "Relevant Entity")
        means:

        (a)     an order is made or an effective resolution passed or documents
                filed contemplating the winding up or administration of the
                Relevant Entity;

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                                       20

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        (b)     the Relevant Entity ceases or threatens to cease to carry on 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) or becomes unable to pay its debts as they fall due or
                the value of its assets falls to less than the amounts of its
                liabilities (taking into account, for both these purposes,
                contingent and prospective liabilities) or otherwise becomes
                insolvent; and

        (c)     proceedings are initiated against the Relevant Entity under any
                applicable liquidation, administration, reorganisation (other
                than a reorganisation where the Relevant Entity is solvent) or
                other similar laws, save where such proceedings are being
                contested in good faith or steps are taken with a view to
                obtaining a moratorium in respect of any third party action; or
                an administrative or other receiver, administrator or other
                similar official is appointed in relation to the whole or any
                substantial part of the undertaking or assets of the Relevant
                Entity; or a distress, execution or diligence or other process
                is enforced upon the whole or any substantial part of the
                undertaking or assets of the Relevant Entity and in any of the
                foregoing cases it is not discharged within fifteen London
                business days; or if the Relevant Entity initiates or consents
                to judicial proceedings relating to itself under any applicable
                liquidation, administration, insolvency, reorganisation or other
                similar laws or takes steps in relation to the appointment of an
                Administrator out of court or makes a conveyance or assignment
                for the benefit of its creditors generally;

        "INSURANCE ACKNOWLEDGEMENTS" means, in the case of the Abbey National
        plc Policies and the Properties in Possession Policy, a letter from the
        relevant insurer substantially in the form set out in SCHEDULES 10 and
        11, respectively, to the Mortgage Sale Agreement;

        "INSURANCE POLICIES" means the Buildings Policies and the Abbey
        Insurance Policies and "INSURANCE POLICY" shall be construed
        accordingly;

        "INTERCOMPANY LOAN AGREEMENTS" means the First Issuer Intercompany Loan
        Agreement, the Second Issuer Intercompany Loan Agreement, the Third
        Issuer Intercompany Loan Agreement, the Fourth Issuer Intercompany Loan
        Agreement, the Fifth Issuer Intercompany Loan Agreement, the Sixth
        Issuer Intercompany Loan Agreement and any New Intercompany Loan and
        "INTERCOMPANY LOAN AGREEMENT" means any one of them;

        "INTERCOMPANY LOAN CONFIRMATION" means a document substantially in the
        form set out in SCHEDULE 3 to the Intercompany Loan Terms and Conditions
        confirming the principal terms of each Intercompany Loan Agreement
        between Funding and the relevant Issuer;

        "INTERCOMPANY LOAN DETERMINATION DATE" means the first day of the
        relevant Interest Period;

        "INTERCOMPANY LOAN ENFORCEMENT NOTICE" means a notice served by the
        Security Trustee on Funding following the occurrence of an Intercompany
        Loan Event of Default, pursuant to CLAUSE 14.10 of the Intercompany Loan
        Terms and Conditions;

        "INTERCOMPANY LOAN EVENTS OF DEFAULT" means the occurrence of an event
        of default as specified in CLAUSE 14 of the Intercompany Loan Terms and
        Conditions;

        "INTERCOMPANY LOAN TERMS AND CONDITIONS" means the standard terms and
        conditions incorporated into each Intercompany Loan Agreement, signed
        for the purposes of identification on the Initial Closing Date by
        Funding, the Security Trustee and the Agent Bank as amended by the
        Amendment Agreement to Intercompany Loan Terms and

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                                       21

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        Conditions and the Second Amendment Agreement to Intercompany Loan Terms
        and Conditions;

        "INTERCOMPANY LOANS" means the First Issuer Intercompany Loan, the
        Second Issuer Intercompany Loan, the Third Issuer Intercompany Loan, the
        Fourth Issuer Intercompany Loan, the Fifth Issuer Intercompany Loan, the
        Sixth Issuer Intercompany Loan and any New Intercompany Loan;

        "INTEREST PAYMENT DATE" means (in relation to an Intercompany Loan) the
        15th day of January, April, July and October in each year (or, if such
        day is not a Business Day, the next succeeding Business Day);

        "INTEREST PERIOD" means the period from (and including) an Interest
        Payment Date (or in respect of the first Interest Period, the Initial
        Closing Date) to (but excluding) the next following (or first) Interest
        Payment Date;

        "IRRECOVERABLE VAT" means any amount in respect of VAT incurred by a
        party to the Transaction Documents (for the purposes of this definition,
        a "RELEVANT PARTY") as part of a payment in respect of which it is
        entitled to be indemnified under the relevant Transaction Documents to
        the extent that the Relevant Party does not or will not receive and
        retain a credit or repayment of such VAT as input tax (as that
        expression is defined in section 24(1) of the Value Added Tax Act 1994)
        for the prescribed accounting period (as that expression is used in
        section 25(1) of the Value Added Tax Act 1994) to which such input tax
        relates;

        "ISSUER" means the First Issuer, the Second Issuer, the Third Issuer,
        the Fourth Issuer, the Fifth Issuer, the Sixth Issuer or as the context
        may require, any New Issuer;

        "ISSUER ACCOUNT BANK" means the First Issuer Account Banks, the Second
        Issuer Account Banks, the Third Issuer Account Banks, the Fourth Issuer
        Account Banks, the Fifth Issuer Account Banks, the Sixth Issuer Account
        Banks and/or, as the context requires, the banks at which the accounts
        of any New Issuer are maintained;

        "ISSUER ACCOUNTS" means any of the First Issuer Accounts, the Second
        Issuer Accounts, the Third Issuer Accounts, the Fourth Issuer Accounts,
        the Fifth Issuer Accounts, the Sixth Issuer Accounts or, as the context
        may require, any accounts held by any New Issuer;

        "ISSUER AGREEMENTS" means those agreements to which any Issuer is party
        (including, for the avoidance of doubt, the First Issuer Transaction
        Documents, the Second Issuer Transaction Documents, the Third Issuer
        Transaction Documents, the Fourth Issuer Transaction Documents, the
        Fifth Issuer Transaction Documents and the Sixth Issuer Transaction
        Documents);

        "ISSUER MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE" means, as the
        context so requires, the First Issuer Master Definitions and
        Construction Schedule dated on or about the Initial Closing Date, the
        Second Issuer Master Definitions and Construction Schedule dated on or
        about the Second Issuer Closing Date, the Third Issuer Master
        Definitions and Construction Schedule dated on or about the Third Issuer
        Closing Date, the Fourth Issuer Master Definitions and Construction
        Schedule dated on or about the Fourth Issuer Closing Date, the Fifth
        Issuer Master Definitions and Construction Schedule dated on or about
        the Fifth Issuer Closing Date and/or the Sixth Issuer Master Definitions
        and Construction Schedule dated on or about the Sixth Issuer Closing
        Date, each signed for the purposes of identification by Allen & Overy
        and Slaughter and May, and/or each other master definitions and
        construction schedule related to a New Issuer;

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                                       22

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        "ISSUER SECURITY TRUSTEE" means The Bank of New York, London Branch,
        whose principal office is 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 Issuer Deed of
        Charge;

        "LARGE LOAN DISCOUNT" means the discount which allows a Borrower to pay
        interest at a discretionary discount to SVR based on the aggregate size
        of the Loans under the Mortgage Account (i) at origination or (ii) when
        a Further Advance is made;

        "LAW" includes common or customary law and any constitution, decree,
        judgment, legislation, order, ordinance, regulation, statute, treaty or
        other legislative measure in any jurisdiction and any present or future
        directive, regulation, guideline, practice, concession, request or
        requirement whether or not having the force of law issued by any
        governmental body, agency or department or any central bank or other
        fiscal, monetary, taxation, regulatory, self regulatory or other
        authority or agency;

        "LENDING CRITERIA" means the criteria contained in SCHEDULE 4 to the
        Mortgage Sale Agreement or such other criteria as would be acceptable to
        a reasonable, prudent mortgage lender;

        "LIBOR" means in relation to any Funding Liquidity Facility Drawing or,
        as the case may be, Funding Liquidity Facility Stand-by Drawing:

        (a)     the display rate per annum of the offered quotation for deposits
                in the currency of the relevant Funding Liquidity Drawing or
                unpaid sum for a period equal to the required period which
                appears on Telerate Page 3750 or Telerate Page 3740 (as
                appropriate) at or about 11.00 a.m. on the relevant Quotation
                Date; or

        (b)     if the display rate cannot be determined under paragraph (a)
                above, the rate determined by the Funding Liquidity Facility
                Provider to be the arithmetic mean (rounded, if necessary, to
                the nearest five decimal places with the midpoint rounded
                upwards) of the rates notified to the Liquidity Facility
                Provider by each of the Reference Banks quoting (provided that
                at least two Reference Banks are quoting) as the rate at which
                such Reference Bank is offering deposits in the required
                currency and for the required period in an amount comparable to
                that amount to prime banks in the London inter-bank market at or
                about 11.00 a.m. on the relevant Quotation Date for such period;

        for the purposes of this definition:

                "QUOTATION DATE" means, in relation to any Interest Period for
                which an interest rate is to be determined under the Funding
                Liquidity Facility Agreement, the day on which quotations would
                ordinarily be given by banks in the London inter-bank market for
                deposits in the relevant currency for delivery on the first day
                of that Interest Period; provided that if, for any such period,
                quotations would ordinarily be given on more than one date, the
                Quotation Date for that period shall be the last of those dates;

                "REFERENCE BANKS" means the principal London office of each of
                Barclays Bank PLC, National Westminster Bank Plc and Lloyds Bank
                PLC or any bank that replaces any of them; and

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                                       23

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                "TELERATE PAGE 3750" means the display designated as Page 3750;
                and "TELERATE PAGE 3740" means the display designated as Page
                3740, in each case on the Telerate Service (or such other pages
                as may replace Page 3750 or Page 3740 on that service or such
                other service as may be nominated by the British Bankers'
                Association (including the Reuters Screen) as the information
                vendor for the purposes of displaying British Bankers'
                Association Interest Settlement Rates for deposits in the
                currency concerned);

        "LIBOR" means in relation to the Mortgages Trustee GIC Rate, the Funding
        GIC Rate and the rate of interest payable on the Start-up Loans, LIBOR
        as determined in accordance with the Intercompany Loan Agreements;

        "LOAN" means each loan referenced by its loan identifier number and
        comprising the aggregate of all principal sums, interest, costs,
        charges, expenses and other monies (including all Further Advances) due
        or owing with respect to that loan under the relevant Mortgage Terms by
        a Borrower on the security of a Mortgage from time to time outstanding
        or, as the context may require, the Borrower's obligations in respect of
        the same;

        "LOAN REPURCHASE NOTICE" means a notice in the form set out in SCHEDULE
        6 to the Mortgage Sale Agreement;

        "LOAN WARRANTIES" means the Representations and Warranties;

        "LONDON BUSINESS DAY" means a day (other than a Saturday or Sunday) on
        which banks are generally open for business in London;

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

        "LOSSES" means all losses on the Loans;

        "LOSSES LEDGER" means the ledger of such name maintained by the Cash
        Manager pursuant to the Cash Management Agreement to record the Losses;

        "LTV RATIO" or "LOAN-TO-VALUE RATIO" means the ratio of the outstanding
        balance of a Loan to the value of the Mortgaged Property securing that
        Loan;

        "LTV TEST" means a test which assigns a credit enhancement value to each
        Loan in the Portfolio based on its current loan-to-value ratio and the
        amount of mortgage indemnity cover on that Loan. The weighted average
        credit enhancement value for the Portfolio is then determined;

        "MANDATE" means the Funding Transaction Account Mandate, the Funding GIC
        Account Mandate and/or the Mortgages Trustee GIC Account Mandate, as the
        case may be;

        "MASTER DEFINITIONS SCHEDULE" or "MASTER DEFINITIONS AND CONSTRUCTION
        SCHEDULE" or "AMENDED AND RESTATED MASTER DEFINITIONS AND CONSTRUCTION
        SCHEDULE" means this Amended and Restated Master Definitions and
        Construction Schedule signed for the purposes of identification by Allen
        & Overy and Slaughter and May on ___, 2002, as the same may be amended,
        restated and supplemented from time to time;

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                                       24

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        ["MIG POLICIES" means:

        (a)     the mortgage indemnity guarantee policy number CAR 9401A dated
                4th November, 1994 and any endorsements thereto as issued from
                time to time; and/or

        (b)     the mortgage indemnity guarantee policy number CAR9401X dated
                4th November, 1994 and any endorsements thereto as issued from
                time to time; and/or

        (c)     the mortgage indemnity guarantee policy number CAR 9601A dated
                30th December, 1996 and any endorsements thereto as issued from
                time to time,] [ABBEY TO CONFIRM]

        written by Carfax Insurance Limited in favour of the Seller, or any
        other mortgage indemnity guarantee policy as may be effected from time
        to time to cover the Seller in respect of New Loans and their Related
        Security, such other mortgage indemnity guarantee policy to provide such
        level of cover as would be acceptable to a reasonable, prudent mortgage
        lender at the date of such other policy;

        "MINIMUM SELLER SHARE" means an amount included in the Initial Seller
        Share which is calculated in accordance with CLAUSE 7.2 of the Mortgages
        Trust Deed and which, as at the Initial Closing Date was
        (pound)256,000,000;

        "MONTHLY PAYMENT" means the amount which the relevant Mortgage Terms
        require a Borrower to pay on each Monthly Payment Day in respect of that
        Borrower's Loan;

        "MONTHLY PAYMENT DAY" means the date on which interest (and principal in
        relation to a repayment mortgage) is due to be paid by a Borrower on a
        Loan or, if any such day is not a business day, the next following
        Business Day;

        "MOODY'S" means Moody's Investors Service Limited and includes any
        successor to its rating business;

        "MORTGAGE" means the legal charge or standard security securing a Loan;

        "MORTGAGE ACCOUNT" means all Loans secured on the same Property and
        thereby forming a single mortgage account;

        "MORTGAGE CONDITIONS" or "LOAN CONDITIONS" means the terms and
        conditions applicable to a Loan as contained in the Seller's "Mortgage
        Conditions" booklet for England and Wales or Scotland as applicable from
        time to time;

        "MORTGAGE SALE AGREEMENT" means the mortgage sale agreement entered into
        on 26th July, 2000 and made between the Seller, Funding, the Mortgages
        Trustee and the Security Trustee in relation to the assignment of the
        Initial Portfolio and any New Portfolios to the Mortgages Trustee, as
        amended by the Amendment Agreement to Mortgage Sale Agreement and as
        amended and restated on or about the Third Issuer Closing Date, the
        Fourth Issuer Closing Date, the Fifth Issuer Closing Date and the Sixth
        Issuer Closing Date and as further amended and/or restated from time to
        time;

        "MORTGAGE TERMS" means all the terms and conditions applicable to a
        Loan, including without limitation the applicable Mortgage Conditions
        and Offer Conditions;

        "MORTGAGEE" means the person for the time being entitled to exercise the
        rights of the mortgagee under a Mortgage;

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                                       25

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        "MORTGAGES" means the residential first mortgages, assigned by the
        Seller to the Mortgages Trustee pursuant to the Mortgage Sale Agreement,
        which secure the repayment of the Loan;

        "MORTGAGES TRUST" means the bare trust of the Trust Property held by the
        Mortgages Trustee as to both capital and income including the Initial
        Trust Property, on trust absolutely for Funding (as to the Funding
        Share) and the Seller (as to the Seller Share) pursuant to the Mortgages
        Trust Deed;

        "MORTGAGES TRUST DEED" means the mortgages trust deed made by the
        Mortgages Trustee, Funding and the Seller on 25th July, 2000, as amended
        by the Deed of Amendment to Mortgages Trust Deed and the Second Deed of
        Amendment to Mortgages Trust Deed and as amended and restated on or
        about the Fourth Issuer Closing Date, the Fifth Issuer Closing Date and
        the Sixth Issuer Closing Date and as further amended and/or restated
        from time to time;

        "MORTGAGES TRUSTEE" means Holmes Trustees Limited;

        "MORTGAGES TRUST AVAILABLE PRINCIPAL RECEIPTS" means the Principal
        Receipts available to the Mortgages Trustee to distribute in accordance
        with CLAUSE 9 of the Mortgages Trust Deed;

        "MORTGAGES TRUSTEE AVAILABLE REVENUE RECEIPTS" means an amount equal to
        the aggregate of:

        (i)     Revenue Receipts; and

        (ii)    interest payable to the Mortgages Trustee on the Mortgages
                Trustee GIC Account and on the Alternative Accounts and which
                will be paid prior to the relevant Distribution Date;

        less

        (i)     Third Party Amounts; and

        (ii)    any Early Repayment fees and Redemption Fees which shall be paid
                by the Mortages Trustee to the Seller on each Distribution Date
                following receipt and identification of the same;

        "MORTGAGES TRUSTEE GIC ACCOUNT" means the account in the name of the
        Mortgages Trustee (sort code 09-00-20, account number 00648620,
        reference: 8253) maintained with the Account Bank pursuant to the Bank
        Account Agreement and the Mortgages Trustee Guaranteed Investment
        Contract, or such additional or replacement bank account of the
        Mortgages Trustee as may for the time being be in place which is subject
        to a Guaranteed Investment Contract;

        "MORTGAGES TRUSTEE GIC ACCOUNT AGREEMENT" has the same meaning as
        "MORTGAGES TRUSTEE GUARANTEED INVESTMENT CONTRACT";

        "MORTGAGES TRUSTEE GIC ACCOUNT MANDATE" means the bank account mandate
        between the Mortgages Trustee and the Account Bank relating to the
        operation of the Mortgages Trustee GIC Account;
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                                       26

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        "MORTGAGES TRUSTEE GIC BALANCE" means, on any day during an Interest
        Period, the amount standing to the credit of the Mortgages Trustee GIC
        Account as at the opening of business on such day;

        "MORTGAGES TRUSTEE GIC PROVIDER" means Abbey National acting pursuant to
        the Mortgages Trustee Guaranteed Investment Contract or its successor or
        assignee and any provider of a replacement Mortgages Trustee GIC
        Account;

        "MORTGAGES TRUSTEE GIC RATE" means, in respect of an Interest Period,
        sterling LIBOR in respect of such Interest Period as determined on the
        relevant Interest Payment Date [minus 0.25 per cent. per annum];

        "MORTGAGES TRUSTEE GUARANTEED INVESTMENT CONTRACT" or "MORTGAGES TRUSTEE
        GIC ACCOUNT AGREEMENT" means the guaranteed investment contract entered
        into on or about the Initial Closing Date between the Mortgages Trustee,
        the Mortgages Trustee GIC Provider, the Cash Manager and the Security
        Trustee in relation to interest to be earned on the Mortgages Trustee
        GIC Balance;

        "MORTGAGES TRUSTEE LEDGERS" means the Principal Ledger, the Revenue
        Ledger, the Losses Ledger and the Funding Share/Seller Share Ledger;

        "MORTGAGES TRUSTEE SVR" means the standard variable rate which applies
        to certain Variable Rate Loans in the Portfolio as set by the Servicer
        from time to time in respect of the Loans pursuant to CLAUSE 4.1 of the
        Amended and Restated Servicing Agreement;

        "NEW BULLET TERM ADVANCE" means any term advance made under a New
        Intercompany Loan Agreement where the full amount of principal on such
        term advance is scheduled for repayment on a single interest payment
        date (other than the final repayment date);

        "NEW FUNDING SECURED CREDITOR" means such other creditor of Funding who
        accedes to the Funding Deed of Charge from time to time including
        pursuant to an Accession Undertaking;

        "NEW FUNDING SWAP" means a new swap under the existing Funding Swap
        Agreement;

        "NEW INTERCOMPANY LOAN" means a loan of the proceeds of any issue of New
        Notes, such loan being advanced to Funding by a New Issuer pursuant to
        the terms of a New Intercompany Loan Agreement;

        "NEW INTERCOMPANY LOAN AGREEMENT" means a new intercompany loan
        agreement entered into between Funding and a New Issuer in relation to a
        New Intercompany Loan;

        "NEW INTERCOMPANY LOAN CONFIRMATION" means a new Intercompany Loan
        Confirmation confirming the terms of the New Intercompany Loan
        Agreement;

        "NEW ISSUER" means a new wholly owned subsidiary of Holdings, which is
        established to issue New Notes and to make a New Intercompany Loan to
        Funding;

        "NEW ISSUER CLOSING DATE" means the date of any new issue of New Notes
        by a New Issuer;

        "NEW LIQUIDITY FACILITY PROVIDER" means a new liquidity facility
        provider to Funding and/or, as the context may require, to the
        Issuer(s);

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                                       27

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        "NEW LOANS" means Loans, other than the Initial Loans, which the Seller
        may assign, to the Mortgages Trustee after the Initial Closing Date
        pursuant to the Mortgage Sale Agreement;

        "NEW NOTES" means the notes issued and/or to be issued by the New
        Issuers to investors;

        ["NEW PORTFOLIO" means in each case the portfolio of Loans and their
        Related Security (other than any Loans and their Related Security which
        have been redeemed in full prior to the Assignment Date or which do not
        otherwise comply with the terms of the Mortgage Sale Agreement as at the
        Assignment Date), particulars of which are set out in the relevant New
        Portfolio Notice, and all right, title, interest and benefit of the
        Seller in and to:

        (a)     all payments of principal and interest (including, for the
                avoidance of doubt, all Accrued Interest, Arrears of Interest,
                Capitalised Expenses and Capitalised Arrears) and other sums due
                or to become due in respect of the Loans comprised in the
                relevant portfolio of New Loans and their Related Security
                including, without limitation, the right to demand, sue for,
                recover and give receipts for all principal monies, interest and
                costs and the right to sue on all covenants made or expressed to
                be made in favour of the Seller under the applicable Mortgage
                Terms but excluding all sums due or to become due in respect of
                any Early Repayment Fee;

        (b)     subject where applicable to the subsisting rights of redemption
                of Borrowers, all Deeds of Consent, Deeds of Postponement or any
                collateral security for the repayment of the relevant New Loans
                secured by the relevant New Mortgages;

        (c)     the right to exercise all the powers of the Seller in relation
                thereto subject to and in accordance with the relevant Mortgage
                Terms but so that, in the case of any Mortgages related to the
                New Loans which are subject to the ANPLC 1995 Mortgage
                Conditions or the ANPLC 2002 Mortgage Conditions (or any
                replacement therefor which would be acceptable to a reasonable,
                prudent mortgage lender), the Mortgages Trustee shall not, save
                as set out in the Amended and Restated Servicing Agreement, be
                entitled to exercise the entitlement set out in Condition 29.2
                of the ANPLC 1995 Mortgage Conditions or Condition 27.3 of the
                ANPLC 2002 Mortgage Conditions thereof (or their equivalent)
                (but without prejudice to any other rights under the ANPLC 1995
                Mortgage Conditions or the ANPLC 2002 Mortgage Conditions);

        (d)     all the estate and interest in the relevant Properties vested in
                the Seller;

        (e)     each relevant Certificate of Title and Valuation Report and any
                right of action of the Seller against any solicitor, valuer or
                other person in connection with any report, valuation, opinion,
                certificate or other statement of fact or opinion given in
                connection with any relevant New Loan and its Related Security,
                or any part thereof or affecting the decision of the Seller to
                make or offer to make the relevant New Loan or part thereof;

        (f)     the proceeds of all claims made by or on behalf of the Seller or
                to which the Seller is entitled under the Buildings Policies and
                the Properties in Possession Policy; and

        (g)     the MIG Policies, so far as they relate to the New Loans
                comprised in the relevant portfolio of Loans and their Related
                Security, including the right to receive the proceeds of any
                claims (but not to the extent that any such proceeds relate to
                any Early Repayment Fee);]

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                                       28

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        "NEW PORTFOLIO NOTICE" means a notice in the form set out in [SCHEDULE
        12] to the Mortgage Sale Agreement served in accordance with the terms
        of the Mortgage Sale Agreement;

        "NEW RELATED SECURITY" means the security for the New Loans (including
        any Mortgages) as assigned to the Mortgages Trustee by the Seller;

        "NEW START-UP LOAN" is a loan issued to Funding under a New Start-up
        Loan Agreement;

        "NEW START-UP LOAN AGREEMENT" means a loan agreement under which the
        Start-up Loan Provider or a New Start-up Loan Provider shall provide
        Funding with a New Start-up Loan for the purposes of meeting the costs
        of the New Issue and/or further funding the Reserve Funds, if required;

        "NEW START-UP LOAN PROVIDER" is an entity who shall supply a New
        Start-up Loan to Funding;

        "NEW TERM ADVANCE" means an advance of funds by a New Issuer to Funding
        under the terms of a New Intercompany Loan Agreement, which advance is
        funded by a corresponding class of New Notes;

        "NON-ASSET TRIGGER EVENT" means any of the following events:

        (a)     an Insolvency Event occurs in relation to the Seller;

        (b)     the role of the Seller as Servicer under the Amended and
                Restated Servicing Agreement is terminated and a new Servicer is
                not appointed within 60 days;

        (c)     the Current Seller Share at any time is equal to or less than
                the Minimum Seller Share; or

        (d)     [the Outstanding Principal Balance of Loans comprising the Trust
                Property falls below (i) (pound)[o] billion in the period from
                and including the Fifth Issuer Closing Date to but excluding the
                Interest Payment Date in [o], (ii) (pound)[o] billion in the
                period from and including the Interest Payment Date in [January
                2003] to but excluding the Interest Payment Date in [o] and
                (iii) (pound)[o] billion in the period from and including the
                Interest Payment Date in [o] to but excluding the Interest
                Payment Date in [o];

        "NOTE DETERMINATION DATE" means four Business Days prior to each
        Interest Payment Date;

        "NOTE ENFORCEMENT NOTICE" means a First Issuer Note Enforcement Notice,
        a Second Issuer Note Enforcement Notice, a Third Issuer Note Enforcement
        Notice, a Fourth Issuer Note Enforcement Notice, a Fifth Issuer Note
        Enforcement Notice, a Sixth Issuer Note Enforcement Notice or such other
        enforcement notice served in relation to the Notes (other than the First
        Issuer Notes, the Second Issuer Notes, the Third Issuer Notes, the
        Fourth Issuer Notes, the Fifth Issuer Notes or the Sixth Issuer Notes)
        pursuant to the relevant terms and conditions thereof;

        "NOTE EVENT OF DEFAULT" means the occurrence of an event of default by
        the relevant Issuer as specified in the relevant Conditions of the Notes
        (including a First Issuer Note Event of Default, a Second Issuer Note
        Event of Default, a Third Issuer Note Event of Default, a Fourth Issuer
        Note Event of Default, a Fifth Issuer Note Event of Default and a Sixth
        Issuer Note Event of Default);

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                                       29

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        "NOTES" means the First Issuer Notes, the Second Issuer Notes, the Third
        Issuer Notes, the Fourth Issuer Notes, the Fifth Issuer Notes, the Sixth
        Issuer Notes and/or as the context may require, any New Notes;

        "NOVATION CERTIFICATE" means a certificate to effect a novation of the
        Funding Liquidity Facility under the Funding Liquidity Facility
        Agreement, substantially in the form set out in SCHEDULE 4 to the
        Funding Liquidity Facility Agreement;

        "OFFER CONDITIONS" means the terms and conditions applicable to a
        specified Loan as set out in the relevant offer letter to the Borrower;

        "OUTSTANDING PRINCIPAL BALANCE":

        (1)     in relation to a Loan at any date (the "DETERMINATION DATE"),
                the aggregate at such date (but avoiding double counting) of:

                  (a)      the Initial Advance;

                  (b)      Capitalised Expenses;

                  (c)      Capitalised Arrears; and

                  (d)      Further Advances and/or Flexible Drawings,

                 in each case relating to such Loan less any prepayment,
                 repayment or payment of the foregoing made on or prior to the
                 determination date; and

         (2)     in relation to the Intercompany Loan, means the unpaid
                 principal balance of that Intercompany Loan (including any
                 capitalised arrears) or, as the context so requires, of a Term
                 Advance made under that Intercompany Loan;

        "PASS THROUGH TERM ADVANCE" means a Term Advance which is not a Bullet
        Term Advance and which has no Scheduled Repayment Date(s) other than a
        Final Repayment Date or if a Bullet Term Advance or a Scheduled
        Amortisation Term Advance is not repaid in full on its Scheduled
        Repayment Date or if a Trigger Event occurs or, the First Issuer
        Security is enforced, the Second Issuer Security is enforced, the Third
        Issuer Security is enforced, the Fourth Issuer Security is enforced, the
        Fifth Issuer Security is enforced or the Sixth Issuer Security is
        enforced, the Bullet Term Advance or the Scheduled Amortisation Term
        Advance will be deemed to be a Pass Through Term Advance;

        "PAYABLE PASS THROUGH TERM ADVANCES" in relation to the Intercompany
        Loan has the meaning given in Part II of SCHEDULE 3 to the Funding Deed
        of Charge and in relation to the Cash Accumulation Period, has the
        meaning given in CLAUSE 9.1(C) of the Mortgages Trust Deed;

        "PAYABLE SCHEDULED AMORTISATION TERM ADVANCES" means a Term Advance with
        two or more Scheduled Repayment Date(s);

        "PAYMENT HOLIDAY" means a period during which a Borrower may suspend
        payments under a Loan without penalty;

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                                       30

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        "PORTFOLIO" means the Initial Portfolio and any New Portfolio (other
        than any Loans and their Related Security which have been redeemed in
        full or repurchased by the Seller pursuant to CLAUSE 8 of the Mortgage
        Sale Agreement);

        "POST ENFORCEMENT CALL OPTION HOLDER" means PECOH Limited whose
        registered office is at Abbey House, Baker Street, London NW1 6XL;

        "POSTPONED DEFERRED CONSIDERATION" means Deferred Consideration the
        payment of which is, by reason of the application thereto of the proviso
        as to Funding Available Revenue receipts and/or the making of provisions
        as referred to in CLAUSE 3.3(B) of the Mortgage Sale Agreement,
        postponed from the date on which such Deferred Consideration would, but
        for such application, have been paid;

        "POTENTIAL INTERCOMPANY LOAN EVENT OF DEFAULT" means the occurrence of
        any event which with the giving of notice, any relevant certificate, the
        lapse of time or fulfilment of any other condition (or any combination
        of the foregoing) would become an Intercompany Loan Event of Default;

        "POTENTIAL NOTE EVENT OF DEFAULT" means the occurrence of an event which
        with the given of notice, any relevant certificate, the lapse of time or
        fulfilment of any other conditions (or any combination of the
        foregoing), would become a Note Event of Default;

        "PRINCIPAL DEFICIENCY" means any losses arising in relation to a Loan in
        the Portfolio which causes a shortfall in the amount available to pay
        principal on the Term Advances;

        "PRINCIPAL DEFICIENCY LEDGER" means the ledger of such name maintained
        by the Cash Manager pursuant to the Cash Management Agreement,
        comprising, as at the Initial Issue Date, three sub-ledgers, the AAA
        Principal Deficiency Sub Ledger, the AA Principal Deficiency Sub Ledger
        and the BBB Principal Deficiency Sub Ledger, but which may comprise
        additional sub ledgers as required;

        "PRINCIPAL DEFICIENCY SUB LEDGER" means singly or together (as the
        context requires) the AAA Principal Deficiency Sub Ledger, the AA
        Principal Deficiency Sub Ledger, the BBB Principal Deficiency Sub Ledger
        and/or such additional principal deficiency sub ledgers that may be
        established from time to time after the Initial Closing Date;

        "PRINCIPAL LEDGER" means the ledger of such name maintained by the Cash
        Manager, pursuant to the Cash Management Agreement to record the
        Principal Receipts on the Loans and distributions of such Principal
        Receipts to the Seller and Funding;

        "PRINCIPAL PAYMENT RATE" or "PPR" means the average monthly rolling
        principal payment rate on the Loans for the 12 months immediately
        preceding the relevant Distribution Date calculated on each such date
        by:

        (a)     dividing (i) the aggregate Principal Receipts received in
                relation to the Loans during the immediately preceding month on
                such calculation date by (ii) the aggregate Outstanding
                Principal Balance of the Loans or the previous calculation date;

        (b)     aggregating the result of the calculation in (a) above with the
                results of the equivalent calculation made on each of the eleven
                most recent calculation dates during the relevant 12 month
                period; and

        (c)     dividing the result of the calculation in (b) above by 12;

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        "PRINCIPAL RECEIPTS" means any payment in respect of principal received
        in respect of any Loan (including payments pursuant to any Insurance
        Policies), whether as all or part of a Monthly Payment in respect of
        such Loan, on redemption (including partial redemption) of such Loan, on
        enforcement of such Loan (including the proceeds of sale of the relevant
        Property) or on the disposal of such Loan plus on any Monthly Payment
        Date an amount equal to the amount (if any) by which arrears in respect
        of the Loans comprised in the Portfolio on the Initial Closing Date
        exceeds such arrears on such Monthly Payment Date (without double
        counting but including principal received or treated as received after
        completion of the enforcement procedures);

        "PRINCIPAL ISSUERS" has the meaning given in CLAUSE 5.4 of the Funding
        Deed of Charge;

        "PRINCIPAL TERM ADVANCES" has the meaning given in CLAUSE 5.4 of the
        Funding Deed of Charge;

        "PRODUCT SWITCH" means a variation to the financial terms or conditions
        included in the Mortgage Terms applicable to a Loan other than:

        (a)     any variation agreed with a Borrower to control or manage
                arrears on a Loan;

        (b)     any variation in the maturity date of a Loan unless, while the
                First Issuer Intercompany Loan is outstanding, it is extended
                beyond July, 2038;

        (c)     any variation imposed by statute;

        (d)     any variation of the principal available and/or the rate of
                interest payable in respect of the Loan where that rate is
                offered to the Borrowers of more than 10 per cent. by
                outstanding principal amount of Loans comprised in the Trust
                Property in any Interest Period; or

        (e)     any variation in the frequency with which the interest payable
                in respect of the Loan is charged;

        ["PROPERTIES IN POSSESSION POLICY" means the properties in possession
        policy number 23-94-000004 issued by Baker Street Risk and Insurance
        (Guernsey) Limited of 10 Lefebre Street, St. Peter Port, Guernsey GY1
        2PE on 18th December, 1995 in favour of the Seller and any endorsements
        or extensions thereto as issued from time to time, or any such similar
        alternative or replacement policy or policies as may in future be issued
        in favour of the Seller;][ABBEY TO CONFIRM]

        "PROPERTY" means a freehold, heritable or leasehold property which is
        subject to a Mortgage;

        "PROVISIONAL PORTFOLIO" means the portfolio of Loans and their Related
        Security, particulars of which are set out in Part 1 of the Exhibit to
        the Mortgage Sale Agreement, and all right, title, interest and benefit
        of the Seller in and to:

        (a)     all payments of principal and interest (including, for the
                avoidance of doubt, all Accrued Interest, Arrears of Interest,
                Capitalised Expenses and Capitalised Arrears) and other sums due
                or to become due in respect of the Loans comprised in that
                portfolio of Loans and their Related Security including, without
                limitation, the right to demand, sue for, recover and give
                receipts for all principal monies, interest and costs and the
                right to sue on all covenants made or expressed to be made in
                favour of

<PAGE>

                                       32

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                the Seller under the applicable Mortgage Terms but excluding all
                sums due or to become due in respect of any Early Repayment Fee;

        (b)     subject where applicable to the subsisting rights of redemption
                of Borrowers, all Deeds of Consent, Deeds of Postponement or any
                collateral security for the repayment of the relevant Loans
                secured by the Mortgages;

        (c)     the right to exercise all the powers of the Seller in relation
                thereto subject to and in accordance with the relevant Mortgage
                Terms but so that, in the case of Mortgages which are subject to
                the ANPLC 1995 Mortgage Conditions, the Mortgages Trustee shall
                not, save as set out in the Amended and Restated Servicing
                Agreement, be entitled to exercise the entitlement set out in
                Condition 29.2 thereof (but without prejudice to any other
                rights under the ANPLC 1995 Mortgage Conditions);

        (d)     all the estate and interest in the Properties vested in the
                Seller;

        (e)     each Certificate of Title and Valuation Report and any right of
                action of the Seller against any solicitor, valuer or other
                person in connection with any report, valuation, opinion,
                certificate or other statement of fact or opinion given in
                connection with any Loan and its Related Security, or any part
                thereof or affecting the decision of the Seller to make or offer
                to make the relevant Loan or part thereof;

        (f)     the proceeds of all claims made by or on behalf of the Seller or
                to which the Seller is entitled under the Buildings Policies and
                the Properties in Possession Policy; and

        (g)     the MIG Policies, so far as they relate to the Loans comprised
                in that portfolio of Loans and their Related Security, including
                the right to receive the proceeds of any claim (but not to the
                extent that any such proceeds relate to any Early Repayment
                Fee);

        "PURCHASE PRICE" means:

        (a)     in respect of the Initial Portfolio the amount payable by the
                Issuer pursuant to CLAUSE 3.3 of the Mortgage Sale Agreement;
                and

        (b)     in respect of each New Portfolio, the amount payable by the
                Issuer pursuant to CLAUSE 4.4 of the Mortgage Sale Agreement;

        "QUALIFYING BANK" means an institution which is beneficially entitled to
        interest payable under the Funding Liquidity Facility and is:

        (a)     at the relevant time a bank as defined for the purposes of
                section 349 of ICTA and which is, at the time of any payment of
                interest to it pursuant to the Funding Liquidity Facility
                Agreement within the charge to United Kingdom corporation tax as
                respects such interest; or

        (b)     a bank lending through any branch or agency which is outside the
                United Kingdom if the bank is resident in a country with which
                the United Kingdom has an appropriate double taxation treaty
                pursuant to which that bank is (subject to making any relevant
                claim) entitled to receive principal, interest and fees under
                the Funding Liquidity Facility Agreement from Funding without
                withholding of United Kingdom income tax and such bank has
                effectively claimed the benefit of such treaty in respect of the

<PAGE>
                                       33

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                Funding Liquidity Facility Agreement so that Funding is not
                required to make any such withholding;

        "QUALIFYING LENDER" has the meaning given to it in section 376(4) to (6)
        of ICTA;

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

        "RECEIVER" means any person or persons appointed (and any additional
        person or persons appointed or substituted) as an administrative
        receiver, receiver, manager, or receiver and manager of the Funding
        Charged Property by the Issuer Security Trustee pursuant to CLAUSE 13.1
        of the Funding Deed of Charge;

        "REDEMPTION FEE" means the standard redemption fee charged to the
        Borrower by the Seller where the Borrower makes a repayment of the full
        outstanding principal of a Loan;

        "REFERENCE BANKS" means the principal London office of each of ABN Amro
        Bank N.V., Barclays Bank plc, Citibank N.A. and Royal Bank of Scotland
        plc and/or such other bank as may be appointed agent bank from time to
        time pursuant to the Paying Agent and Agent Bank Agreement;

        "REGISTERED LAND" means land, title to which is, or is required to be,
        registered at H.M. Land Registry;

        "REGISTERED TRANSFER" means a deed of transfer of a Mortgage or
        Mortgages over Registered Land substantially in the form set out in
        SCHEDULE 2 to the Mortgage Sale Agreement with such modifications as may
        be required from time to time;

        "REGISTERS OF SCOTLAND" means the Land Register of Scotland and/or the
        General Register of Sasines;

        "REGULATED MORTGAGE CONTRACT" a contract is a regulated mortgage
        contract if, at the time it is entered into: (i) the contract is one
        under which the lender provides credit to an individual or to the
        trustee: (ii) the contract provides that the obligation of the
        individual/trustee to repay is to be secured by a first legal mortgage
        or standard security on land (other than timeshare accommodation) in the
        UK: and (iii) at least 40% of that land is used, or is intended to be
        used, as or in connection with a dwelling by the individual or (in the
        case of credit provided to the trustee) by an individual who is a
        beneficiary of the trust, or by a related person;

        "RELATED SECURITY" means, in relation to a Loan, the security for the
        repayment of that Loan including the relevant Mortgage and all other
        matters applicable thereto acquired as part of the Portfolio assigned to
        the Mortgage Trustee pursuant to CLAUSE 2.1 or CLAUSE 4.1 of the
        Mortgage Sale Agreement (but excluding, for the avoidance of doubt, the
        Properties in Possession Policy in respect of which the Mortgages
        Trustee, Funding and the Security Trustee have received the Insurance
        Acknowledgement);

        "RELEVANT EVENT" means, in relation to the Funding Liquidity Facility
        Provider:

        (a)     the downgrade on any day of the Funding Liquidity Facility
                Provider's short-term, unsecured, unsubordinated and
                unguaranteed debt to below the Requisite Ratings; or

        (b)     the refusal by the Funding Liquidity Facility Provider, to grant
                an extension of the Funding Liquidity Facility Commitment
                Period, in accordance with CLAUSE 2.3 of the Funding Liquidity
                Facility Agreement;

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                                       34

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        "RELEVANT SCREEN RATE" in relation to each Intercompany Loan means (i)
        in respect of the first Interest Period, the Initial Relevant Screen
        Rate specified in the relevant Intercompany Loan Confirmation; and (ii)
        in respect of subsequent Interest Periods, means the arithmetic mean of
        offered quotations for three month Sterling deposits in the London
        inter-bank market displayed on the Moneyline Telerate Monitor at
        Telerate Page No. 3750; in each case, displayed on the above mentioned
        page of the Moneyline Telerate Monitor (or such replacement page on that
        service which displays the information) or, if that service ceases to
        display the information, such other screen serivce as may be determined
        by Funding with the approval of the Security Trustee (rounded upwards,
        if necessary, to five decimal places);

        "REPAYMENT DATE" means the earlier to occur of (i) the date when the
        Intercompany Loans have been repaid in full and (ii) the Interest
        Payment Date in July 2040 (unless the parties hereto otherwise agree to
        extend the provision of the Funding Liquidity Facility beyond such
        date);

        "REPRESENTATIONS AND WARRANTIES" means the representations and
        warranties set out in SCHEDULE 1 to the Mortgage Sale Agreement;

        "REQUISITE RATING" means a rating of P-1 by Moody's, F-1+ by Fitch and
        A-1+ by S&P;

        "REVENUE LEDGER" means the ledger that shall be maintained by the Cash
        Manager pursuant to the Cash Management Agreement to record Revenue
        Receipts received by the Mortgage Trustee and payment of the same to
        Beneficiaries;

        "REVENUE RECEIPTS" means any payment received in respect of any Loan,
        whether as all or part of a Monthly Payment in respect of such Loan, on
        redemption (including partial redemption) of such Loan, on enforcement
        of such Loan (including the proceeds of sale of), on the disposal of
        such Loan or otherwise (including payments pursuant to any Insurance
        Policy) which in any such case is not a Principal Receipt in respect of
        such Loan;

        "S&P" and "STANDARD & POOR'S" means Standard & Poor's Rating Services, a
        division of The McGraw-Hill Companies, Inc. and includes any successor
        to its rating business;

        "SCHEDULED AMORTISATION AMOUNT" means the amount payable on each
        Scheduled Repayment Date under the relevant Scheduled Amortisation Term
        Advance as set out in the relevant Issuer Master Definitions and
        Construction Schedule;

        "SCHEDULED AMORTISATION PERIOD" means, unless otherwise specified in
        writing by the Mortgages Trustee (as directed by the Beneficiaries), the
        period commencing on the Distribution Date falling three months prior to
        the Scheduled Repayment Date of a Scheduled Amortisation Amount and
        which ends on the date that an amount equal to the Scheduled
        Amortisation Amount has been accumulated by Funding, subject as follows.

        In respect of the Fifth Issuer Series 1 Term AAA Advance, if at any time
        prior to the Interest Payment Date falling in July 2002, the monthly
        constant prepayment rate in respect of the Loans in the Mortgages Trust
        is less than 8 per cent. per annum, then the Scheduled Amortisation
        Period means, in respect of the Scheduled Amortisation Amount falling
        due (or accrued due) on the Fifth Issuer Series 1 Term AAA Advance in,
        the period from (and including) the Distribution Date immediately
        following the date of such occurrence to (but excluding) the date when
        that Scheduled Amortisation Amount has been accumulated by Funding;

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                                       35

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        [In respect of the Sixth Issuer Series 1 Term AAA Advance, if at any
        time prior to the Interest Payment Date falling in [July 2003], the
        monthly constant prepayment rate in respect of the Loans in the
        Mortgages Trust is less than ___ per cent. per annum, then the Scheduled
        Amortisation Period means, in respect of the Scheduled Amortisation
        Amount falling due (or accrued due) on the Sixth Issuer Series 1 Term
        AAA Advance in [October 2003], the period from (and including) the
        Distribution Date immediately following the date of such occurrence to
        (but excluding) the date when that Scheduled Amortisation Amount has
        been accumulated by Funding;]

        "SCHEDULED AMORTISATION TERM ADVANCES" means the Second Issuer Series 2
        Term AAA Advance, the Second Issuer Series 3 Term AAA Advance, the
        Fourth Issuer Series 1 Term AAA Advance, the Fifth Issuer Series 1 Term
        AAA Advance, the Sixth Issuer Series 1 Term AAA Advance and any New Term
        Advance that is payable in the Scheduled Amortisation Amount on more
        than one Scheduled Repayment Date;

        "SCHEDULED REPAYMENT DATE" means the scheduled repayment date(s) of the
        Term Advances, as set out in the relevant Issuer Master Definitions and
        Construction Schedules;

        "SCOTTISH LOAN" means a Loan secured by a Scottish Mortgage;

        "SCOTTISH MORTGAGE" means a Mortgage secured over a property in
        Scotland;

        "SCOTTISH MORTGAGE CONDITIONS" means the Mortgage Conditions applicable
        to Scottish Loans;

        "SEC" or "SECURITIES AND EXCHANGE COMMISSION" means the United States
        Security and Exchange Commission;

        "SECOND AMENDMENT AGREEMENT TO INTERCOMPANY LOAN TERMS AND CONDITIONS"
        means the agreement so named between Funding, Holmes Financing (No.1),
        Holmes Financing (No.2), Holmes Financing (No.3), the Security Trustee
        and the Agent Bank dated the Fourth Issuer Closing Date;

        "SECOND DEED OF ACCESSION" means the deed of accession to the Funding
        Deed of Charge dated the Third Issuer Closing Date;

        "SECOND DEED OF AMENDMENT TO MORTGAGES TRUST DEED" means the deed so
        named dated the Third Issuer Closing Date;

        "SECOND ISSUER" means Holmes Financing (No. 2) PLC;

        "SECOND ISSUER CLOSING DATE" means 29th November, 2000;

        "SECOND RESERVE FUND" means a fund to be established on the Second
        Issuer Closing Date and funded by Funding Available Revenue Receipts
        which may be used by Funding to meet any deficit in revenue after there
        are no funds remaining in the First Reserve Fund;

        "SECOND RESERVE FUND CALCULATION" means an amount equal to "X" where "X"
        is calculated on the relevant Assignment Date as follows:

<PAGE>
                                       36

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        A / ( B x C) = X

        where,

        A   =   the balance of the Second Reserve Fund

        B   =   the aggregate Outstanding Principal Balance of all the Term
                Advances

        C   =   the weighted average life of all the Term Advances. The
                weighted average life of the Term Advances will be calculated
                based on the following assumptions:

                1.      the lower of a 15% CPR and the actual 12 month rolling
                        CPR;

                2.      the Sixth Issuer not exercising its option to redeem the
                        Sixth Issuer Notes (other than the Series 1 Class A
                        Sixth Issuer Notes and the Series 2 Class A Sixth Issuer
                        Notes and the Series 3 Class A1 Sixth Issuer Notes) on
                        the Interest Payment Date falling in [April 2005];

                3.      the Fifth Issuer not exercising its option to redeem the
                        Fifth Issuer Notes (other than the Series 1 Class A
                        Fifth Issuer Notes and the Series 2 Class A Fifth Issuer
                        Notes) on the Interest Payment Date falling in October
                        2006, the Fourth Issuer not exercising its option to
                        redeem the Fourth Issuer Notes (other than the Series 3
                        Class D Fourth Issuer Notes and the Series 4 Issuer
                        Notes) on the Interest Payment Date falling in July
                        2006, the Fourth Issuer not exercising its right to
                        redeem the Series 4 Fourth Issuer Notes on the Interest
                        Payment Date falling in October 2006, the Third Issuer
                        not exercising its option to redeem the Third Issuer
                        Notes on the Interest Payment Date falling in July 2006,
                        the Second Issuer not exercising its option to redeem
                        the Second Issuer Notes on the Interest Payment Date
                        falling in October 2007 and the First Issuer not
                        exercising its right to redeem the First Issuer Notes on
                        the Interest Payment Date falling in July 2010; and

                4.      a minimum life of 2.5 years;

        "SECOND RESERVE FUND REQUIRED AMOUNT" means an amount determined
        calculated in accordance with the formula set out in paragraph 18 of the
        Cash Management Agreement;

        "SECOND RESERVE LEDGER" means the ledger that shall be maintained by the
        Cash Manager pursuant to the Cash Management Agreement to record the
        balance from time to time of the Second Reserve Fund;

        "SECOND START-UP LOAN" means the start-up Loan that the Start-up Loan
        Provider made available to Funding pursuant to the Second Start-up Loan
        Agreement;

        "SECOND START-UP LOAN AGREEMENT" means the agreement entered into on or
        about the Second Issuer Closing Date between Funding, the Second
        Start-up Loan Provider and the Security Trustee relating to the
        provision of the Second Start-up Loan to Funding;

        "SECOND START-UP LOAN PROVIDER" means the Start-up Loan Provider, in its
        capacity as provider of the Second Start-up Loan;

        "SECURED AMOUNTS" means any and all of the moneys and liabilities which
        an Issuer covenants to pay or discharge under of the relevant Issuer
        Deed of Charge and all other

<PAGE>
                                       37

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        amounts owed by it to the Beneficiaries under and pursuant to the
        relevant Transaction Documents;

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

        "SECURITY INTEREST" or "ENCUMBRANCE" means any mortgage, sub mortgage,
        charge, sub charge, pledge, lien (other than a lien arising in the
        ordinary course of business or by operation of law) or other encumbrance
        or security interest howsoever created or arising;

        "SECURITY POWER OF ATTORNEY" means the power of attorney granted by
        Funding in favour of the Security Trustee under the Funding Deed of
        Charge on the Initial Closing Date substantially in the form set out in
        SCHEDULE 1 to the Funding Deed of Charge;

        "SECURITY TRUSTEE" means JPMorgan Chase Bank, London Branch (formerly
        known as The Chase Manhattan Bank, London Branch), whose principal
        office is Trinity Tower, 9 Thomas More Street, London E1W 1YT, or such
        other persons and all other persons for the time being acting as the
        security trustee or security trustees pursuant to the Funding Deed of
        Charge;

        "SELLER" means Abbey National;

        "SELLER BANK ACCOUNTS" means the bank account(s) of the Seller into
        which monies may be paid from time to time pursuant to the terms of the
        Mortgages Trust Deed, details of which will be given to the Mortgages
        Trustee and Funding;

        "SELLER POWER OF ATTORNEY" means the power of attorney granted by the
        Seller in favour of Funding, the Mortgages Trustee and the Security
        Trustee on the Initial Closing Date, substantially in the form set out
        in SCHEDULE 5 to the Mortgage Sale Agreement;

        "SELLER SHARE" means, prior to the first Distribution Date, the Initial
        Seller Share and thereafter, shall mean the Current Seller Share;

        "SELLER SHARE PERCENTAGE" means prior to the first Distribution Date,
        the Initial Seller Share Percentage and thereafter means the Current
        Seller Share Percentage;

        "SELLER'S POLICY" means the originating, underwriting, administration,
        arrears and enforcement policy applied by the Seller from time to time
        to loans and the security for their repayment which are beneficially
        owned solely by the Seller;

        "SERVICER" means Abbey National, or such other person as may from time
        to time be appointed as servicer of the Portfolio pursuant to the
        Amended and Restated Servicing Agreement;

        "SERVICER TERMINATION EVENT" means any of the events listed in CLAUSE 21
        of the Amended and Restated Servicing Agreement;

        "SERVICES" has the meaning set out in CLAUSE 3.1(A) of the Amended and
        Restated Servicing Agreement;

        "SIS" means SIS SEGAINTERSETTLE AG, The Swiss Securities Services
        Corporation;

        "SIXTH ISSUER" means Holmes Financing (No. 6) PLC;

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                                       38

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        "SIXTH ISSUER CLOSING DATE" means ___, 2002;

        "SIXTH START-UP LOAN" means the start-up loan that the Sixth Start-up
        Loan Provider made available to Funding pursuant to the Sixth Start-up
        Loan Agreement;

        "SIXTH START-UP LOAN AGREEMENT" means the agreement entered into on or
        about the Sixth Issuer Closing Date between Funding, the Sixth Start-up
        Loan Provider and the Security Trustee relating to the provision of the
        Sixth Start-up Loan to Funding;

        "SIXTH START-UP LOAN PROVIDER" means Abbey National, in its capacity as
        provider of the Sixth Start-up Loan;

        "SPV MANAGEMENT" means SPV Management Limited of 78 Cannon Street,
        London EC4N 6HH;

        "STANDARD DOCUMENTATION" means the standard documentation, copies of
        which are contained as [Part 2 of the Exhibit] to the Mortgage Sale
        Agreement and which have been initialled on behalf of the parties
        thereto for the purposes of identification, or any update or replacement
        therefor as the Seller may from time to time introduce acting in
        accordance with the standards of a reasonable, prudent mortgage lender;

        "START-UP LOAN AGREEMENTS" means the First Start-up Loan Agreement, the
        Second Start-up Loan Agreement, the Third Start-up Loan Agreement, the
        Fourth Start-up Loan Agreement, the Fifth Start-up Loan Agreement, the
        Sixth Start-up Loan Agreement and any New Start-up Loan Agreements and
        "START-UP LOAN AGREEMENT" means any of them;

        "START-UP LOAN PROVIDER" means Citibank N.A., London Branch, in its
        capacity as provider of the First Start-up Loan and in its capacity as
        provider of the Second Start-up Loan;

        "START-UP LOAN PROVIDERS" means the First Start-up Loan Provider, the
        Second Start-up Loan Provider, the Third Start-up Loan Provider, the
        Fourth Start-up Loan Provider, the Fifth Start-up Loan Provider, the
        Sixth Start-up Loan Provider or, as the context may require, any New
        Start-up Loan Provider;

        "START-UP LOANS" means the First Start-up Loan, the Second Start-up
        Loan, the Third Start-up Loan, the Fourth Start-up Loan, the Fifth
        Start-up Loan, the Sixth Start-up Loan and any New Start-up Loan;

        "SUBSIDIARY" means a subsidiary as defined in Section 736 of the
        Companies Act 1985;

        "SVR" or "STANDARD VARIABLE RATE" means the standard variable rate set
        by the Seller which applies to all Variable Rate Loans (other than the
        Tracker Loans), beneficially owned by the Seller on the Seller's
        residential mortgage book;

        "SWISS EXCHANGE" means the SWX Swiss Exchange;

        "TARGET BUSINESS DAY" means a day on which the Trans-European Automated
        Real-time Gross settlement Express (TARGET) system is open;

        "TAX CREDIT" means a credit against Tax obtained on the Funding
        Liquidity Facility Provider's or, as the case may be, the relevant
        Issuer Liquidity Facility Provider's overall net income which the
        Funding Liquidity Facility Provider or the relevant Issuer Liquidity
        Facility Provider is able to identify as attributable to a specific Tax
        Payment;

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                                       39

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        "TAX PAYMENT" means a payment made by Funding to the Funding Liquidity
        Facility Provider as per CLAUSE 10.1 of the Funding Liquidity Facility
        Agreement;

        "TAXES" means all present and future taxes, levies, imposts, duties
        (other than stamp duty), fees, deductions, withholdings or charges of
        any nature whatsoever and wheresoever imposed, including, without
        limitation, value added tax or other tax in respect of added value and
        any franchise, transfer, sales, gross receipts, use, business,
        occupation, excise, personal property, real property or other tax
        imposed by any national, local or supranational taxing or fiscal
        authority or agency together with any penalties, fines or interest
        thereon and "TAX" and "TAXATION" shall be construed accordingly;

        "TERMINATION PRICE" means an amount equal to the Funding Share of the
        Trust Property as at the relevant date of termination of the Mortgages
        Trust pursuant to CLAUSE 14 of the Mortgages Trust Deed;

        "TERM ADVANCE RATING" means the designated rating of each Term Advance
        which reflects the rating assigned to the corresponding class of Notes
        used to fund each such Term Advance on the relevant Closing Date of that
        Term Advance;

        "TERM AAA ADVANCES" means the First Issuer Term AAA Advances, the Second
        Issuer Term AAA Advances, the Third Issuer Term AAA Advances, the Fourth
        Issuer Term AAA Advances, the Fifth Issuer Term AAA Advances, the Sixth
        Issuer Term AAA Advances and any term AAA advances made by any New
        Issuer;

        "TERM ADVANCES" has the meaning given in each Issuer Master Definitions
        and Construction Schedule;

        "THIRD DEED OF ACCESSION" means the deed of accession to the Funding
        Deed of Charge dated the Fourth Issuer Closing Date;

        "THIRD ISSUER" means Holmes Financing (No. 3) PLC;

        "THIRD ISSUER CLOSING DATE" means 23rd May, 2001;

        "THIRD PARTY AMOUNTS" includes:

        (a)     payments of High Loan-to-Value Fee;

        (b)     amounts under a direct debit which are repaid to the bank making
                the payment if such a bank is unable to recoup that amount
                itself from the customer's account; or

        (c)     payments by Borrowers of Early Repayment Fees and other charges
                due to the Seller;

        "THIRD PARTY COLLECTION AGENT" means an entity that shall act as
        collection agent for the Mortgages Trustee and the Beneficiaries under
        the Direct Debiting Scheme or any successor to that scheme pursuant to
        CLAUSE 5.1(A)(I) of the Amended and Restated Servicing Agreement;

        "THIRD START-UP LOAN" means the Start-up Loan that the Third Start-up
        Loan Provider shall make available to Funding pursuant to the Third
        Start-up Loan Agreement;

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                                       40

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        "THIRD START-UP LOAN AGREEMENT" means the agreement entered into on or
        about the Third Issuer Closing Date between Funding, the Third Start-up
        Loan Provider and the Security Trustee relating to the provision of the
        Third Start-up Loan to Funding;

        "THIRD START-UP LOAN PROVIDER" means Abbey National, in its capacity as
        provider of the Third Start-up Loan;

        "TITLE DEEDS" means, in relation to each Loan and its Related Security
        and the Property relating thereto, all conveyancing deeds and documents
        which make up the title to the Property and the security for the Loan
        and all searches and enquiries undertaken in connection with the grant
        by the Borrower of the related Mortgage;

        "TRACKER LOAN" means a loan where interest is linked to a variable
        interest rate other than the SVR. For example, the rate on a Tracker
        Loan may be set at a margin above sterling LIBOR or above rates set by
        the Bank of England;

        "TRACKER RATE" means the rate of interest applicable to a Tracker Loan
        (before applying any cap or minimum rate);

        "TRACKER SWAP RATE" means a rate linked to the Bank of England repo
        rate, as shall be determined by the Cash Manager in accordance with the
        provisions of the Cash Management Agreement;

        "TRANSACTION DOCUMENTS" means the Funding Agreements, the First Issuer
        Transaction Documents, the Second Issuer Transaction Documents, the
        Third Issuer Transaction Documents, the Fourth Issuer Transaction
        Documents, the Fifth Issuer Transaction Documents, the Sixth Issuer
        Transaction Documents, any documents and agreements to which any New
        Issuer is a party, the Mortgages Trustee Guaranteed Investment Contract
        and all other documents and agreements referred to therein;

        "TRIGGER EVENT" means an Asset Trigger Event and/or a Non-Asset Trigger
        Event, as the case may be;

        "TRUST CORPORATION" means a corporation entitled by rules made under the
        Public Trustee Act 1906, or entitled pursuant to any comparable
        legislation applicable to a trustee in any jurisdiction, to carry out
        the functions of a custodian trustee;

        "TRUST INDENTURE ACT" means the United States Trust Indenture Act of
        1939, as amended;

        "TRUST PROPERTY" means the Initial Trust Property, the Closing Trust
        Property and any Future Trust Property (together with the proceeds of
        sale of any of them) but excludes any Loans that have been repaid or
        which have been repurchased by the Seller pursuant to the Mortgage Sale
        Agreement or other actual adjustments and, for the avoidance of doubt,
        not deemed adjustments to the Trust Property as set out in the Mortgages
        Trust Deed;

        "UNDERPAYMENT" means a reduced payment by a Borrower which is in place
        of the Monthly Payment set out in the Offer Conditions (or any changed
        Monthly Payment subsequently notified to the Borrower) and where there
        are sufficient available funds to fund the difference between the
        Monthly Payment and this reduced payment and where the Borrower is not
        penalised for making such payment;

        "UNITED KINGDOM" means The United Kingdom of Great Britain and Northern
        Ireland;

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        "UNITED STATES" means The United States of America;

        "UNREGISTERED LAND" means land title to which is not, and is not
        required to be, registered at H.M. Land Registry;

        "UNREGISTERED TRANSFER" means a deed of transfer of a Mortgage or
        Mortgages over unregistered land substantially in the form set out in
        SCHEDULE 3 to the Mortgage Sale Agreement with such modifications as may
        be required from time to time;

        "VALUATION REPORT" means the valuation report or reports for mortgage
        purposes, in the form of the pro-forma contained in the Standard
        Documentation, obtained by the Seller from a Valuer in respect of each
        Property or a valuation report in respect of a valuation made using a
        methodology which would be acceptable to a reasonable prudent mortgage
        lender and which has been approved by the Director of Group Property and
        Survey of the Seller (or his successor);

        "VALUER" means an Associate or Fellow of the Royal Institution of
        Chartered Surveyors or the Incorporated Society of Valuers and
        Auctioneers who was at the relevant times either a member of a firm
        which was on the list of Valuers approved by or on behalf of the Seller
        from time to time or an Associate or Fellow of the Royal Institute of
        Chartered Surveyors or the Incorporated Society of Valuers and
        Auctioneers employed in-house by the Seller acting for the Seller in
        respect of the valuation of a Property;

        ["VARIABLE RATE LOANS" means those Loans which are subject to a rate of
        interest which may at any time be varied in accordance with the relevant
        Mortgage Terms (and shall, for the avoidance of doubt, exclude Fixed
        Rate Loans and Tracker Loans);]

        "WAFF" means the weighted average repossession frequency in respect of
        the Portfolio; and

        "WALS" means the weighted average loss severity in respect of the
        Portfolio.

2.      INTERPRETATION AND CONSTRUCTION

        Any reference in this Amended and Restated Master Definitions and
        Construction Schedule or any Transaction Document to:

        "AFFILIATE" of any person shall be construed as a reference to the
        ultimate holding company of that person or an entity of which that
        person or its ultimate holding company (a) has direct or indirect
        control or (b) owns directly or indirectly more than fifty per cent.
        (50%) of the share capital or similar rights of ownership;

        the "ASSETS" of any person shall be construed as a reference to the
        whole or any part of its business, undertakings, property, intellectual
        property, shares, securities, debts, accounts, revenues (including any
        right to receive revenues), goodwill, shareholdings and uncalled capital
        including premium whether now or hereafter acquired and any other assets
        whatsoever;

        "DISPOSAL" shall be construed as any sale, lease, transfer, conveyance,
        assignment, assignation, licence, sub-licence or other disposal and
        "DISPOSE" shall be construed accordingly;

        a "GUARANTEE" means any guarantee, bond, indemnity, letter of credit,
        third party security or other legally binding assurance against
        financial loss granted by one person in respect of any

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                                       42

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        indebtedness of another person, or any agreement to assume any
        indebtedness of any other person or to supply funds or to invest in any
        manner whatsoever in such other person by reason of, or otherwise in
        relation to, indebtedness of such other person;

        "INDEBTEDNESS" shall be construed so as to include any obligation
        (whether incurred as principal or as surety) for the payment or
        repayment of money, whether present or future, actual or contingent;

        a "MONTH" is a reference to a period starting on one day in a calendar
        month and ending on the numerically corresponding day in the next
        calendar month save that, where any such period would otherwise end on a
        day which is not a business day, it shall end on the next business day,
        unless that day falls in the calendar month succeeding that in which it
        would otherwise have ended, in which case it shall end on the preceding
        business day Provided that, if a period starts on the last business day
        in a calendar month or if there is no numerically corresponding day in
        the month in which that period ends, that period shall end on the last
        business day in that later month (and references to "MONTHS" shall be
        construed accordingly);

        "VAT" means value added tax imposed by the United Kingdom as referred to
        in the Value Added Tax Act 1994 and legislation (whether delegated or
        otherwise) replacing the same or supplemental thereto or in any primary
        or subordinate legislation promulgated by the European Union or any
        official body or agency thereof, and any similar turnover tax replacing
        or introduced in addition to any of the same;

        a "WHOLLY-OWNED SUBSIDIARY" of a company or corporation shall be
        construed as a reference to any company or corporation which has no
        other members except that other company or corporation and that other
        company's or corporation's wholly-owned subsidiaries or persons acting
        on behalf of that other company or corporation or its wholly-owned
        subsidiaries; and

        the "WINDING-UP", "DISSOLUTION" or "ADMINISTRATION" of a company or
        corporation shall be construed so as to include any equivalent or
        analogous proceedings under the law of the jurisdiction in which such
        company or corporation is incorporated or any jurisdiction in which such
        company or corporation carries on business including the seeking of
        liquidation, winding-up, bankruptcy, reorganisation, dissolution,
        administration, arrangement, adjustment, protection or relief of
        debtors.

2.1     "(POUND)", "STERLING" or "POUNDS STERLING" denotes the lawful currency
        for the time being of the United Kingdom and "(EURO)" or "EURO" denotes
        the single currency introduced at the start of the third stage of
        European Economic Monetary Union pursuant to the Treaty of Rome of 25th
        March, 1957, as amended by, inter alia, the Single European Act of 1986
        and the Treaty of European Union of 7th February, 1992 and the Treaty of
        Amsterdam of 2nd October, 1997 establishing the European Community, as
        further amended from time to time.

2.2     In this Amended and Restated Master Definitions and Construction
        Schedule and in any of the Transaction Documents in which this Amended
        and Restated Master Definitions and Construction Schedule is expressed
        to be incorporated or to which this Amended and Restated Master
        Definitions and Construction Schedule is expressed to apply:

        (a)     words denoting the singular number only shall include the plural
                number also and vice versa;

        (b)     words denoting one gender only shall include the other genders;

        (c)     words denoting persons only shall include firms and corporations
                and vice versa;

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                                       43

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        (d)     references to any statutory provision shall be deemed also to
                refer to any statutory modification or re-enactment thereof or
                any statutory instrument, order or regulation made thereunder or
                under any such re-enactment;

        (e)     references to any agreement or other document (including any of
                the Transaction Documents) shall be deemed also to refer to such
                agreement or document as amended, varied, supplemented or
                novated from time to time;

        (f)     clause, paragraph and schedule headings are for ease of
                reference only;

        (g)     reference to a statute shall be construed as a reference to such
                statute as the same may have been, or may from time to time be,
                amended or re-enacted to the extent such amendment or
                re-enactment is substantially to the same effect as such statute
                on the date hereof;

        (h)     reference to a time of day shall be construed as a reference to
                London time; and

        (i)     references to any person shall include references to his
                successors, transferees and assigns and any person deriving
                title under or through him.

2.3     Any requirement in any Transaction Document for any action to be taken
        according to the standards of a "reasonable, prudent mortgage lender"
        shall be satisfied by the relevant party taking the relevant action in
        accordance with the Seller's Policy from time to time.

2.4     Any definition that appears in the Funding Agreements or the Mortgages
        Trustee Guarantee Investment Contract that does not appear in this
        Master Definitions and Construction Schedule, shall have the meaning
        given in the relevant Issuer Master Definitions and Construction
        Schedule or each Issuer Master Definitions and Construction Schedule, as
        the context so requires.

3.      GOVERNING LAW

        This Amended and Restated Master Definitions and Construction Schedule
        is governed by, and shall be construed in accordance with, the laws of
        England.

                                   SIGNATORIES

Signed for the purposes of identification by         )
ALLEN & OVERY                                        )

Signed for the purposes of identification by         )
SLAUGHTER AND MAY                                    )EXHIBIT 10.5.2

                                 DATED ___, 2002

                          HOLMES FINANCING (NO. 6) PLC

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

                SIXTH ISSUER MASTER DEFINITIONS AND CONSTRUCTION
                                    SCHEDULE
   ---------------------------------------------------------------------------

<PAGE>

                                  ALLEN & OVERY
                                     London
                                  ICM:572268.3

<PAGE>

THIS SIXTH ISSUER MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE is signed for the
purposes of identification on o, 2002 by:

(1)     ALLEN & OVERY of One New Change, London EC4M 9QQ; and

(2)     SLAUGHTER AND MAY of One Bunhill Row, London EC1Y 8YY.

1.      DEFINITIONS

        Words and expressions used in the Transaction Documents shall, unless
        otherwise defined in such Transaction Documents or unless the context
        otherwise requires, have the same meanings as set out in this Sixth
        Issuer Master Definitions and Construction Schedule.

        "ADDITIONAL INTEREST" has the meaning given in Condition 4(B) of the
        Sixth Issuer Notes;

        "ADDITIONAL PERCENTAGE" means the cost imputed to the Sixth Issuer
        Liquidity Facility Provider of compliance with:

        (a)     cash and special deposit requirements of the Bank of England
                and/or the banking supervision or other costs imposed by the
                Financial Services Authority, as determined in accordance with
                Schedule 2 of the Sixth Issuer Liquidity Facility Agreement; and

        (b)     any reserve asset requirements of the European Central Bank;

        "AGENT BANK" means JPMorgan Chase Bank, London Branch or such other
        person for the time being acting as agent bank under the Sixth Issuer
        Paying Agent and Agent Bank Agreement;

        "AGENTS" means the Principal Paying Agent, the US Paying Agent, the
        Swiss Paying Agents, the Registrar, the Transfer Agent and the Agent
        Bank;

        "AMENDMENT AGREEMENT TO INTERCOMPANY LOAN TERMS AND CONDITIONS" means
        the amendment agreement so named dated the Second Issuer Closing Date;

        "AUDITORS" means Deloitte & Touche of Stonecutter Court, 1 Stonecutter
        Street, London EC4A 4TR or such other internationally recognised
        independent firm of auditors selected from time to time by the Sixth
        Issuer, the Sixth Issuer Security Trustee and the Security Trustee;

        "AUTHORISED DENOMINATIONS" means denominations of, in the case of the
        Series 1 Class A Sixth Issuer Notes, the Series 1 Class B Sixth Issuer
        Notes, the Series 1 Class C Sixth Issuer Notes, the Series 2 Class A
        Sixth Issuer Notes, the Series 2 Class B Sixth Issuer Notes, the Series
        2 Class C Sixth Issuer Notes, the Series 4 Class A1 Sixth Issuer Notes,
        the Series 4 Class B Sixth Issuer Notes and the Series 4 Class C Sixth
        Issuer Notes, US$1,000, US$10,000 or US$100,000 and integral multiples
        thereof; in the case of the Series 3 Class A Sixth Issuer Notes, the
        Series 3 Class B Sixth Issuer Notes and the Series 3 Class C Sixth
        Issuer Notes, (euro)10,000 or (euro)100,000 and integral multiples
        thereof; in the case of the Series 5 Class A Sixth Issuer Notes, the
        Series 5 Class B Sixth Issuer Notes and the Series 5 Class C Sixth
        Issuer Notes, (pound)10,000 or (pound)100,000 and integral multiples
        thereof; and in the case of

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        the Series 4 Class A2 Sixth Issuer Notes, CHF5,000 and integral
        multiples thereof, and in any case such denominations (in each case) as
        the Note Trustee shall determine and notify to the relevant Sixth Issuer
        Noteholders;

        "AUTHORISED INVESTMENTS" means:

        (a)     Sterling gilt-edged securities; and

        (b)     Sterling demand or time deposits, certificates of deposit and
                short-term debt obligations (including commercial paper) (which
                may include deposits in any account which earns a rate of
                interest related to LIBOR) provided that in all cases such
                investments have a maturity date of 90 days or less and mature
                on or before the next Interest Payment Date and the short-term
                unsecured, unguaranteed and unsubordinated debt obligations of
                the issuing or guaranteeing entity or entity with which the
                demand or time deposits are made (being an authorised person
                under the Financial Services and Markets Act 2000) are rated
                A-1+ by Standard & Poor's, F-1+ by Fitch and P-1 by Moody's or
                their equivalents by three other internationally recognised
                rating agencies;

        "AUTHORISED SIGNATORY" means any authorised signatory referred to in the
        Sixth Issuer Account Mandates;

        "BASIC TERMS MODIFICATION" has the meaning given in paragraph 5 of
        Schedule 4 to the Sixth Issuer Trust Deed;

        "BOOK-ENTRY INTEREST" means a beneficial interest in a global note
        representing the relevant class of Sixth Issuer Notes shown on records
        maintained in book-entry form by DTC, Euroclear or Clearstream,
        Luxembourg or SIS, as the case may be;

        "BULLET AMOUNT" means:

        (a)     in respect of the Sixth Issuer Series 2 Term AAA Advance, the
                sum of (pound)[798,000,000], in respect of the Sixth Issuer
                Series 3 Term AAA Advance, the sum of (pound)[752,000,000], in
                respect of the Sixth Issuer Series 4A1 Term AAA Advance, the sum
                of (pound)[479,000,000] and in respect of the Sixth Issuer
                Series 4A2 Term AAA Advance, the sum of (pound)[299,000,000]; or

        (b)     in respect of any New Term Advance which is a Bullet Term
                Advance, the scheduled amount of principal due in respect of
                such Bullet Term Advance on the relevant Scheduled Repayment
                Date;

        "BULLET TERM ADVANCE" means the Sixth Issuer Series 2 Term AAA Advance,
        the Sixth Issuer Series 3 Term AAA Advance, the Sixth Issuer Series 4
        Term AAA Advances and any New Term Advance, the full amount of principal
        of which is due on a Scheduled Repayment Date;

        "BUSINESS DAY" means a day which is a London Business Day and a New York
        Business Day and a TARGET Business Day and also (in the case of the
        Series 4 Class A2 Sixth Issuer Notes) a Zurich Business Day;

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        "CLASS A SIXTH ISSUER ENFORCEMENT NOTICE" means a notice issued by the
        Note Trustee to the Sixth Issuer and the Sixth Issuer Security Trustee
        declaring the Class A Sixth Issuer Notes to be due and repayable
        pursuant to Condition 9(A) of the Sixth Issuer Notes;

        "CLASS B SIXTH ISSUER ENFORCEMENT NOTICE" means a notice issued by the
        Note Trustee to the Sixth Issuer and the Sixth Issuer Security Trustee
        declaring the Class B Sixth Issuer Notes to be due and repayable
        pursuant to Condition 9(B) of the Sixth Issuer Notes;

        "CLASS C SIXTH ISSUER ENFORCEMENT NOTICE" means a notice issued by the
        Note Trustee to the Sixth Issuer and the Sixth Issuer Security Trustee
        declaring the Class C Sixth Issuer Notes to be due and repayable
        pursuant to Condition 9(C) of the Sixth Issuer Notes;

        "CLASS A SIXTH ISSUER NOTEHOLDERS" means the holders for the time being
        of the Class A Sixth Issuer Notes;

        "CLASS B SIXTH ISSUER NOTEHOLDERS" means the holders for the time being
        of the Class B Sixth Issuer Notes;

        "CLASS C SIXTH ISSUER NOTEHOLDERS" means the holders for the time being
        of the Class C Sixth Issuer Notes;

        "CLASS A SIXTH ISSUER NOTES" means the Series 1 Class A Sixth Issuer
        Notes, the Series 2 Class A Sixth Issuer Notes, the Series 3 Class A
        Sixth Issuer Notes, the Series 4 Class A Sixth Issuer Notes and the
        Series 5 Class A Sixth Issuer Notes;

        "CLASS B SIXTH ISSUER NOTES" means the Series 1 Class B Sixth Issuer
        Notes, the Series 2 Class B Sixth Issuer Notes, the Series 3 Class B
        Sixth Issuer Notes, the Series 4 Class B Sixth Issuer Notes and the
        Series 5 Class B Sixth Issuer Notes;

        "CLASS C SIXTH ISSUER NOTES" means the Series 1 Class C Sixth Issuer
        Notes, the Series 2 Class C Sixth Issuer Notes, the Series 3 Class C
        Sixth Issuer Notes, the Series 4 Class C Sixth Issuer Notes and the
        Series 5 Class C Sixth Issuer Notes;

        "COMMON DEPOSITARY" means JPMorgan Chase Bank, London Branch, in its
        capacity as common depositary for Euroclear Bank S.A./N.V., as operator
        of the Euroclear System and Clearstream Banking, societe anonyme;

        "CONDITIONS" or "TERMS AND CONDITIONS" means the terms and conditions of
        the Sixth Issuer Notes set out in Schedule 3 to the Sixth Issuer Trust
        Deed, as any of the same may from time to time be amended, varied or
        restated in accordance with the provisions of the Sixth Issuer Trust
        Deed and any reference to a numbered Condition shall be construed
        accordingly;

        "CORPORATE SERVICES AGREEMENT" means the agreement dated on or about the
        Initial Closing Date and made between the Funding Corporate Services
        Provider, Holdings, the First Issuer, Funding, the Mortgages Trustee,
        the First Issuer Post-Enforcement Call Option Holder, the Seller and the
        Security Trustee for the provision by the Corporate Services Provider of
        certain corporate services and personnel to the First Issuer, Funding,
        the Mortgages Trustee, Holdings and the First Issuer Post-Enforcement
        Call Option Holder;

        "CORPORATE SERVICES PROVIDER" means SPV Management Limited or such other
        person or persons for the time being acting as corporate services
        provider to Funding and certain other

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        parties under the Corporate Services Agreement and acting as corporate
        services provider under the Sixth Issuer Corporate Services Agreement;

        "CURRENCY SWAP AGREEMENTS" means the Series 1 Class A Dollar Currency
        Swap Agreement, the Series 1 Class B Dollar Currency Swap Agreement, the
        Series 1 Class C Dollar Currency Swap Agreement, the Series 2 Class A
        Dollar Currency Swap Agreement, the Series 2 Class B Dollar Currency
        Swap Agreement, the Series 2 Class C Dollar Currency Swap Agreement, the
        Series 3 Class A Euro Currency Swap Agreement, the Series 3 Class B Euro
        Currency Swap Agreement, the Series 3 Class C Euro Currency Swap
        Agreement, the Series 4 Class A1 Dollar Currency Swap Agreement, the
        Series 4 Class B Dollar Currency Swap Agreement, the Series 4 Class C
        Dollar Currency Swap Agreement and the Series 4 Class A2 Swiss Franc
        Currency Swap Agreement;

        "CURRENCY SWAP PROVIDER" means the relevant swap provider in relation to
        each of the Dollar Currency Swaps, Euro Currency Swapsor Swiss Franc
        Currency Swap, as the case may be, and "CURRENCY SWAP PROVIDERS" means
        all of them;

        "CURRENCY SWAP PROVIDER DEFAULT" means the occurrence of an Event of
        Default (as defined in the Currency Swap Agreements) where a Currency
        Swap Provider is the Defaulting Party;

        "DEFAULT" means a Sixth Issuer Liquidity Facility Event of Default or an
        event which, with the giving of notice, lapse of time, determination of
        materiality or fulfilment of any other applicable condition (or any
        combination of the foregoing), would constitute a Sixth Issuer Liquidity
        Facility Event of Default;

        "DEFAULT RATE" means the rate of interest charged to, in respect of the
        Sixth Issuer Liquidity Facility Agreement, the Sixth Issuer on the
        amount the Sixth Issuer is owing and is overdue under the terms of the
        Sixth Issuer Liquidity Facility Agreement to the Sixth Issuer Liquidity
        Facility Provider;

        "DEFAULTING PARTY" has the meaning given to it in the Sixth Issuer Swap
        Agreements;

        "DEFERRED INTEREST" has the meaning given in Condition 4(B) of the Sixth
        Issuer Notes;

        "DEFINITIVE SIXTH ISSUER NOTES" means the Dollar Definitive Sixth Issuer
        Notes, the Reg S Definitive Sixth Issuer Notes and the Swiss Reg S
        Definitive Sixth Notes;

        "DESIGNATED SUBSIDIARY" has the meaning given in Clause 2.2 of the Sixth
        Issuer Post-Enforcement Call Option Agreement;

        "DISTRIBUTION COMPLIANCE PERIOD" means the period until and including
        the 40th day after the later of the commencement of the offering of the
        Sixth Issuer Notes and the Sixth Issuer Closing Date;

        "DOLLAR CURRENCY SWAP AGREEMENTS" means the Series 1 Dollar Currency
        Swap Agreements, the Series 2 Dollar Currency Swap Agreements and the
        Series 4 Dollar Currency Swap Agreements;

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                                       5

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        "DOLLAR CURRENCY SWAP PROVIDER DEFAULT" means the occurrence of an Event
        of Default (as defined in the Currency Swap Agreements) where a Dollar
        Currency Swap Provider is the Defaulting Party;

        "DOLLAR CURRENCY SWAP PROVIDERS" means the Series 1 Dollar Currency Swap
        Provider, the Series 2 Dollar Currency Swap Provider and the Series 4
        Dollar Currency Swap Provider;

        "DOLLAR CURRENCY SWAP RATES" means the rates at which Dollars are
        converted to Sterling or, as the case may be, Sterling is converted to
        Dollars pursuant to, as applicable, the Series 1 Class A Dollar Currency
        Swap Agreement, the Series 1 Class B Dollar Currency Swap Agreement, the
        Series 1 Class C Dollar Currency Swap Agreement, the Series 2 Class A
        Dollar Currency Swap Agreement, the Series 2 Class B Dollar Currency
        Swap Agreement, the Series 2 Class C Dollar Currency Swap Agreement, the
        Series 4 Class A1 Dollar Currency Swap Agreement, the Series 4 Class B
        Dollar Currency Swap Agreement and the Series 4 Class C Dollar Currency
        Swap Agreement (in each case, as applicable), or, if there is no
        relevant Dollar Currency Swap Agreement in effect at such time, the
        "SPOT" rate at which Dollars are converted to Sterling or, as the case
        may be, Sterling is converted to Dollars on the foreign exchange
        markets;

        "DOLLAR CURRENCY SWAPS" means the Sterling-Dollar currency swaps made
        under the Series 1 Dollar Currency Swap Agreements, the Series 2 Dollar
        Currency Swap Agreements and the Series 4 Dollar Currency Swap
        Agreements;

        "DOLLAR DEFINITIVE SIXTH ISSUER NOTES" means the Series 1 Class A
        Definitive Sixth Issuer Notes, the Series 1 Class B Definitive Sixth
        Issuer Notes, the Series 1 Class C Definitive Sixth Issuer Notes, the
        Series 2 Class A Definitive Sixth Issuer Notes, the Series 2 Class B
        Definitive Sixth Issuer Notes, the Series 2 Class C Definitive Sixth
        Issuer Notes, the Series 4 Class A1 Definitive Sixth Issuer Notes, the
        Series 4 Class B Definitive Sixth Issuer Notes and the Series 4 Class C
        Definitive Sixth Issuer Notes;

        "DOLLAR GLOBAL SIXTH ISSUER NOTES" means the Series 1 Class A Global
        Sixth Issuer Note, the Series 1 Class B Global Sixth Issuer Note, the
        Series 1 Class C Global Sixth Issuer Note, the Series 2 Class A Global
        Sixth Issuer Note, the Series 2 Class B Global Sixth Issuer Note, the
        Series 2 Class C Global Sixth Issuer Note, the Series 4 Class A1 Global
        Sixth Issuer Note, the Series 4 Class B Global Sixth Issuer Note and the
        Series 4 Class C Global Sixth Issuer Note;

        "DOLLAR INTEREST DETERMINATION DATE" means two London Business Days
        before the first day of the Interest Period for which the rate will
        apply;

        "EURO CURRENCY SWAPS" means the Sterling-Euro currency swaps made under
        the Euro Currency Swap Agreements;

        "EURO CURRENCY SWAP AGREEMENTS" means the Series 3 Class A Euro Currency
        Swap Agreement, the Series 3 Class B Euro Currency Swap Agreement and
        the Series 3 Class C Euro Currency Swap Agreement;

        "EURO CURRENCY SWAP PROVIDER" means the Series 3 Class A Euro Currency
        Swap Provider, the Series 3 Class B Euro Currency Swap Provider and the
        Series 3 Class C Euro Currency Swap Provider;

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                                       6

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        "EURO CURRENCY SWAP PROVIDER DEFAULT" means the occurrence of an Event
        of Default (as defined in the Euro Currency Swap Agreements) where a
        Euro Currency Swap Provider is the Defaulting Party;

        "EURO CURRENCY SWAP RATES" means the rates at which Euros are converted
        to Sterling or, as the case may be, Sterling is converted to Euros
        pursuant to the Series 3 Class A Euro Currency Swap Agreement, the
        Series 3 Class B Euro Currency Swap Agreement and the Series 3 Class C
        Euro Currency Swap Agreement (in each case, as applicable), or, if there
        is no relevant Euro Currency Swap Agreement in effect at such time, the
        "SPOT" rate at which Euros are converted to Sterling or, as the case may
        be, Sterling is converted to Euros on the foreign exchange markets;

        "EURO INTEREST DETERMINATION DATE" means two TARGET Business Days before
        the first day of the Interest Period for which the rate will apply;

        "EVENT OF DEFAULT" means an event of default pursuant to Condition 9 of
        the Sixth Issuer Notes;

        "EXCHANGE RATE" means the exchange rate set out in each swap
        confirmation dated on or about the Sixth Issuer Closing Date under the
        Currency Swap Agreements;

        "EXTENSION REQUEST" has the meaning set out in Clause 2.3(a) of the
        Sixth Issuer Liquidity Facility Agreement;

        "EXTRAORDINARY RESOLUTION" has the meaning set out in paragraph 23 of
        Schedule 4 to the Sixth Issuer Trust Deed;

        ["FEE LETTER" means, the letter dated the date of the Sixth Issuer
        Liquidity Facility Agreement between the Sixth Issuer Liquidity Facility
        Provider and the Sixth Issuer setting out the amount of various fees
        referred to in Clause 17 of the Sixth Issuer Liquidity Facility
        Agreement;]

        "FINAL MATURITY DATE" means in respect of:

        (a)     the Series 1 Class A Sixth Issuer Notes, the Interest Payment
                Date falling in [October 2003];

        (b)     the Series 2 Class A Sixth Issuer Notes, the Interest Payment
                Date falling in [April 2008];

        (c)     the Series 3 Class A Sixth Issuer Notes, the Interest Payment
                Date falling in [October, 2009];

        (d)     the Series 4 Class A1 Sixth Issuer Notes, the Interest Payment
                Date falling in [October 2009];

        (e)     the Series 4 Class A2 Sixth Issuer Notes, the Interest Payment
                Date falling in [October 2009];

        (f)     the Series 5 Class A Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040];

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        (g)     the Series 1 Class B Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040];

        (h)     the Series 2 Class B Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040];

        (i)     the Series 3 Class B Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040];

        (j)     the Series 4 Class B Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040];

        (k)     the Series 5 Class B Sixth Issuer notes, the Interest Payment
                Date falling in [July 2040];

        (l)     the Series 1 Class C Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040];

        (m)     the Series 2 Class C Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040];

        (n)     the Series 3 Class C Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040];

        (o)     the Series 4 Class C Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040]; and

        (p)     the Series 5 Class C Sixth Issuer Notes, the Interest Payment
                Date falling in [July 2040];

        "FINAL REDEMPTION" means the date on which all moneys and other
        liabilities for the time being due or owing by the Sixth Issuer to the
        Note Trustee on behalf of the Noteholders have been paid in full;

        "FINAL REPAYMENT DATE" means in respect of:

        (a)     the Sixth Issuer Series 1 Term AAA Advance, the Interest Payment
                Date falling in [October 2003];

        (b)     the Sixth Issuer Series 2 Term AAA Advance, the Interest Payment
                Date falling in [April 2008];

        (c)     the Sixth Issuer Series 3 Term AAA Advance, the Interest Payment
                Date falling in [October 2009];

        (d)     the Sixth Issuer Series 4A1 Term AAA Advance, the Interest
                Payment Date falling in [October 2009];

        (e)     the Sixth Issuer Series 4A2 Term AAA Advance, the Interest
                Payment Date falling in [October 2009];

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        (f)     the Sixth Issuer Series 5 Term AAA Advance, the Interest Payment
                Date falling in [July 2040];

        (g)     the Sixth Issuer Series 1 Term AA Advance, the Interest Payment
                Date falling in [July 2040];

        (h)     the Sixth Issuer Series 2 Term AA Advance, the Interest Payment
                Date falling in [July 2040];

        (i)     the Sixth Issuer Series 3 Term AA Advance, the Interest Payment
                Date falling in [July 2040];

        (j)     the Sixth Issuer Series 4 Term AA Advance, the Interest Payment
                Date falling in [July 2040];

        (k)     the Sixth Issuer Series 5 Term AA Advance, the Interest Payment
                Date falling in [July 2040];

        (l)     the Sixth Issuer Series 1 Term BBB Advance, the Interest Payment
                Date falling in [July 2040];

        (m)     the Sixth Issuer Series 2 Term BBB Advance, the Interest Payment
                Date falling in [July 2040];

        (n)     the Sixth Issuer Series 3 Term BBB Advance, the Interest Payment
                Date falling in [July 2040];

        (o)     the Sixth Issuer Series 4 Term BBB Advance, the Interest Payment
                Date falling in [July 2040]; and

        (p)     the Sixth Issuer Series 5 Term BBB Advance, the Interest Payment
                Date falling in [July 2040];

        "FINANCIAL ADVISER" means any financial adviser selected by the Sixth
        Issuer Security Trustee to give such financial advice in relation to the
        Sixth Issuer Notes as the Sixth Issuer Security Trustee may request from
        time to time;

        "FINANCIAL PERIOD" means a Financial Year or any other period in respect
        of which accounts are required to be prepared and certified by the
        auditors of the relevant company to enable it to comply with all
        relevant legal and accounting requirements and all requirements of any
        stock exchange on which are securities of the company are listed;

        "FINANCIAL YEAR" means, in the case of the Sixth Issuer, each
        twelve-month period ending on the last day of the calendar year; "GLOBAL
        SIXTH ISSUER NOTES" means the global notes issued in respect of the
        Sixth Issuer Notes, initially in the form of the Dollar Global Sixth
        Issuer Notes, the Reg S Global Sixth Issuer Notes and the Swiss Reg S
        Global Sixth Issuer Note;

        "HOLDINGS" means Holmes Holdings Limited;

        "ICTA" means the Income and Corporation Taxes Act 1988;

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        "INDEPENDENT CERTIFICATES" means certificates of independent parties
        furnished by the Sixth Issuer to the Note Trustee and in accordance with
        sections 314(c) and 314(d)(1) of the Trust Indenture Act;

        "INITIAL RELEVANT SCREEN RATE" means:

        (a)     in respect of the Series 1 Class A Sixth Issuer Notes, the
                linear interpolation of the arithmetic mean of the offered
                quotations to leading banks for [one-month] Dollar deposits and
                the arithmetic mean of the offered quotations to leading banks
                for [two-month] Dollar deposits and in respect of the Series 1
                Class B Sixth Issuer Notes, the Series 1 Class C Sixth Issuer
                Notes, the Series 2 Class A Sixth Issuer Notes, the Series 2
                Class B Sixth Issuer Notes, the Series 2 Class C Sixth Issuer
                Notes, the Series 4 Class A1 Sixth Issuer Notes, the Series 4
                Class B Sixth Issuer Notes and the Series 4 Class C Sixth Issuer
                Notes, the linear interpolation of the arithmetic mean of the
                offered quotations to leading banks for [two month] Dollar
                deposits and the arithmetic mean of the offered quotations to
                leading banks for [three-month] Dollar deposits (in each case)
                (rounded upwards, if necessary, to five decimal places),
                displayed on the Moneyline Telerate Monitor at Moneyline
                Telerate Page No. 3750 (or such replacement page on that service
                which displays the information) or, if that service ceases to
                display the information, such other screen service as may be
                determined by the Sixth Issuer with the approval of the Note
                Trustee;

        (b)     in respect of the Series 3 Class A Sixth Issuer Notes, the
                Series 3 Class B Sixth Issuer Notes and the Series 3 Class C
                Sixth Issuer Notes, the linear interpolation of the arithmetic
                mean of the offered quotations to prime banks for [two-month]
                Euro deposits and the arithmetic mean of the offered quotations
                to prime banks for [three-month] Euro deposits (rounded upwards,
                if necessary, to five decimal places), displayed on the
                Moneyline Telerate monitor at Moneyline Telerate page number 248
                (or such replacement page on that service which displays the
                information) or, if that service ceases to display the
                information, such other screen service as may be determined by
                the Sixth Issuer with the approval of the Note Trustee; or

        (c)     in respect of the Series 5 Class A Sixth Issuer Notes, the
                Series 5 Class B Sixth Issuer Notes and the Series 5 Class C
                Sixth Issuer Notes, the linear interpolation of the arithmetic
                mean of the offered quotations to leading banks for [two-month]
                Sterling deposits and the arithmetic mean of the offered
                quotations to leading banks for [three-month] Sterling deposits
                (rounded upwards, if necessary, to five decimal places),
                displayed on the Moneyline Telerate monitor at Moneyline
                Telerate page number 3750 (or such replacement page on that
                service which displays the information) or, if that service
                ceases to display the information, such other screen service as
                may be determined by the Sixth Issuer with the approval of the
                Note Trustee;

        "INTERCOMPANY LOAN TERMS AND CONDITIONS" means the standard terms and
        conditions incorporated into the Sixth Issuer Intercompany Loan
        Agreement and signed for the purposes of identification by the Security
        Trustee and Funding on or about the First Issuer Closing Date as amended
        by the Amendment Agreement to Intercompany Loan Terms and Conditions and
        the Second Amendment Agreement to Intercompany Loan Terms and
        Conditions;

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                                       10

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        "INTEREST AMOUNT" means the amount of interest payable on each Sixth
        Issuer Note in respect of the relevant Interest Period;

        "INTEREST DETERMINATION DATE" has the meaning given to it in Condition
        4(C) of the Sixth Issuer Notes;

        "INTEREST PAYMENT DATE" means, as applicable, a Quarterly Interest
        Payment Date, a Series 1 Class A Interest Payment Date, and/or a Series
        4 Class A2 Interest Payment Date;

        "INTEREST PERIOD" means in respect of:

        (a)     interest payments made in respect of the Sixth Issuer Notes
                (other than the Series 1 Class A Sixth Issuer Notes and the
                Series 4 Class A2 Sixth Issuer Notes) the period from (and
                including) a Quarterly Interest Payment Date (or in respect of
                the first Interest Period, the Closing Date) to (but excluding)
                the next following (or first) Quarterly Interest Payment Date;

        (b)     the Series 1 Class A Sixth Issuer Notes, the period from (and
                including) a Series 1 Class A Interest Payment Date (or in
                respect of the first interest period, the Closing Date) to (but
                excluding) the next following (or first) Series 1 Class A
                Interest Payment Date, except that following the occurrence of a
                Trigger Event or the enforcement of the Sixth Issuer Security in
                accordance with the Sixth Issuer Deed of Charge, the Interest
                Period for the Series 1 Class A Sixth Issuer Notes will be the
                monthly period from (and including) the 15th day of a month (or,
                if such day is not a Business Day, the next succeeding Business
                Day) to (but excluding) the 15th day of the next following month
                (or, if such day is not a Business Day, the next succeeding
                Business Day); and

        (c)     the Series 4 Class A2 Sixth Issuer Notes, the period from (and
                including) the Closing Date to (but excluding) the [15th October
                2003] and thereafter means the period from (and including) the
                15th day of each of October to (but excluding) the 15th day of
                the next following October, except that:

                (1)     prior to the Interest Payment Date falling in [October
                        2007], if a Trigger Event occurs or the Sixth Issuer
                        Security is enforced in accordance with the Sixth Issuer
                        Deed of Charge, then the Interest Period for the Series
                        4 Class A2 Sixth Issuer Notes will be the period from
                        (and including) the 15th day of the then next to occur
                        of January, April, July and October to (but excluding)
                        the 15th day of the following earliest to occur of
                        January, April, July and October, and thereafter will be
                        the period from (and including) the 15th day of each of
                        January, April, July and October to (but excluding) the
                        next following 15th day of January, April, July and
                        October, provided that the Interest Period ending in
                        [October 2007] shall extend to (but exclude) the Series
                        4 Class A2 Interest Payment Date falling in [October
                        2007]; and

                (2)     on and from the Series 4 Class A2 Interest Payment Date
                        falling in [October 2007], the Interest Period for the
                        Series 4 Class A2 Sixth Issuer Notes will be

<PAGE>

                                       11

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                        the period from (and including) a Series 4 Class A2
                        Interest Payment Date to (but excluding) the next
                        following Series 4 Class A2 Interest Payment Date;

        "ISSUER ORDER" means a written order or request signed in the name of
        the Sixth Issuer by two directors of the Sixth Issuer;

        "ISSUER'S CERTIFICATE" means a certificate signed in the name of the
        Sixth Issuer by two directors of the Sixth Issuer;

        "LEAD MANAGERS" means Barclays Bank PLC, and J.P. Morgan Securities
        Ltd.;

        "LETTER OF REPRESENTATIONS" means the letter of representations to DTC
        dated on or about the Sixth Issuer Closing Date from the Principal
        Paying Agent and the Sixth Issuer;

        "LIBOR" means in relation to the Sixth Issuer Liquidity Facility Drawing
        or, as the case may be, the Sixth Issuer Liquidity Facility Stand-by
        Drawing:

        (a)     the display rate per annum of the offered quotation for deposits
                in the currency of the relevant Sixth Issuer Liquidity Drawing
                or unpaid sum for a period equal to the required period which
                appears on Moneyline Telerate Page 3750 or Moneyline Telerate
                Page 3740 (as appropriate) at or about 11.00 a.m. on the
                relevant Quotation Date; or

        (b)     if the display rate cannot be determined under paragraph (a)
                above, the rate determined by the Sixth Issuer Liquidity
                Facility Provider to be the arithmetic mean (rounded, if
                necessary, to the nearest five decimal places with the midpoint
                rounded upwards) of the rates notified to the Sixth Issuer
                Liquidity Facility Provider by each of the Reference Banks
                quoting (provided that at least two Reference Banks are quoting)
                as the rate at which such Reference Bank is offering deposits in
                the required currency and for the required period in an amount
                comparable to that amount to prime banks in the London
                inter-bank market at or about 11.00 a.m. on the relevant
                Quotation Date for such period;

        for the purposes of this definition:

                "QUOTATION DATE" means, in relation to any Interest Period for
                which an interest rate is to be determined under the Sixth
                Issuer Liquidity Facility Agreement, the day on which quotations
                would ordinarily be given by banks in the London inter-bank
                market for deposits in the relevant currency for delivery on the
                first day of that Interest Period; provided that if, for any
                such period, quotations would ordinarily be given on more than
                one date, the Quotation Date for that period shall be the last
                of those dates;

                "REFERENCE BANKS" means the principal London office of each of
                Barclays Bank PLC, National Westminster Bank Plc and Lloyds Bank
                PLC or any bank that replaces any of them; and

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                                       12

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                "MONEYLINE TELERATE PAGE 3750" means the display designated as
                Page 3750; and "MONEYLINE TELERATE PAGE 3740" means the display
                designated as Page 3740, in each case on the Telerate Service
                (or such other pages as may replace Page 3750 or Page 3740 on
                that service or such other service as may be nominated by the
                British Bankers' Association (including the Reuters Screen) as
                the information vendor for the purposes of displaying British
                Bankers' Association Interest Settlement Rates for deposits in
                the currency concerned);

        "LONDON BUSINESS DAY" means a day (other than a Saturday or Sunday) on
        which banks are generally open for business in London;

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

        "MANAGERS" means:

        (a)     in relation to the Series 1 Sixth Issuer Notes the Series 2
                Sixth Issuer Notes, and the Series 4 Sixth Issuer Notes (other
                than the Series 4 Class A2 Sixth Issuer Notes) Barclays Bank PLC
                and J.P. Morgan Securities Inc.;

        (b)     in relation to the Series 3 Sixth Issuer Notes and the Series 5
                Sixth Issuer Notes, Barclays Bank PLC and J.P. Morgan Securities
                Ltd.; and

        (c)     in relation to the Series 4 Class A2 Sixth Issuer Notes, the
                Swiss Managers; "MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE"
                means the Amended and Restated Master Definitions and
                Construction Schedule signed for the purposes of identification
                by Allen & Overy and Slaughter and May on or about the Sixth
                Issuer Closing Date, as the same may be further amended,
                restated and supplemented from time to time;

        "NEW SIXTH ISSUER LIQUIDITY FACILITY PROVIDER" has the meaning given to
        it in Clause 24.4 of the Sixth Issuer Liquidity Facility Agreement;

        "NEW YORK BUSINESS DAY" means a day (other than a Saturday or a Sunday)
        on which banks are generally open in the city of New York;

        "NOTE DETERMINATION DATE" means four Business Days prior to each
        Interest Payment Date;

        "NOTE ENFORCEMENT NOTICE" means a Class A Enforcement Notice a Class B
        Enforcement Notice or a Class C Enforcement Notice either alone or
        together;

        "NOTE EVENT OF DEFAULT" means an event of default pursuant to Condition
        9 of the Sixth Issuer Notes;

        "NOTE PRINCIPAL PAYMENT" means the principal amount redeemable in
        respect of each Note;

        "NOTE TRUSTEE" means The Bank of New York, London Branch at One Canada
        Square, London E14 5HL or such person or persons for the time being
        acting as note trustee or trustees under the Sixth Issuer Trust Deed;

        "NOTEHOLDERS" means the holders for the time being of the Sixth Issuer
        Notes;

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                                       13

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        "NOTICE" means, in respect of notice being given to the Noteholders, a
        notice duly given in accordance with Condition 14 of the Sixth Issuer
        Notes;

        "NOTICE OF EXTENSION" has the meaning given to that term in Clause
        2.3(C) of the Sixth Issuer Liquidity Facility Agreement;

        "NOVATION CERTIFICATE" has the meaning given to it in Clause 24.5 of the
        Sixth Issuer Liquidity Facility Agreement;

        "OFFICER'S CERTIFICATE" means an officers' certificate furnished by the
        Sixth Issuer to the Note Trustee and complying with the provisions of
        Section 314 of the Trust Indenture Act;

        "OPINION OF COUNSEL" means an opinion of counsel furnished by the Sixth
        Issuer to the Note Trustee and complying with the provisions of Section
        314 of the Trust Indenture Act;

        "OPTION" has the meaning given to it in Clause 2.2 of the Sixth Issuer
        Post-Enforcement Call Option Agreement;

        "OPTION EXERCISE DATE" has the meaning ascribed to that expression in
        Condition 10(B) of the Sixth Issuer Notes and Clause 2.1 of the Sixth
        Issuer Post-Enforcement Call Option Agreement;

        "PAYING AGENTS" means the Principal Paying Agent and the US Paying
        Agent;

        "POOL FACTOR" has the meaning given to it in Condition 5(C) of the Sixth
        Issuer Notes;

        "POST-ENFORCEMENT CALL OPTION HOLDER" or "PECOH" means PECOH Limited;

        "POTENTIAL NOTE EVENT OF DEFAULT" has the same meaning as "POTENTIAL
        SIXTH ISSUER EVENT OF DEFAULT";

        "POTENTIAL SIXTH ISSUER EVENT OF DEFAULT" or "POTENTIAL SIXTH ISSUER
        NOTE EVENT OF DEFAULT" means any condition, event or act which with the
        lapse of time and/or the giving of any notice would constitute a Sixth
        Issuer Event of Default;

        "PRINCIPAL AMOUNT OUTSTANDING" has the meaning set out in Condition 5(C)
        of the Sixth Issuer Notes;

        "PRINCIPAL PAYING AGENT" means JPMorgan Chase Bank, London Branch in its
        capacity as principal paying agent in the United Kingdom pursuant to the
        Sixth Issuer Paying Agent and Agent Bank Agreement;

        "PROSPECTUS" means the prospectus dated ___ October, 2002 in relation to
        the issue of the Sixth Issuer Notes;

        "QUARTERLY INTEREST PAYMENT DATE" means in respect of the Sixth Issuer
        Notes (other than the Series 1 Class A Sixth Issuer Notes and the Series
        4 Class A2 Sixth Issuer Notes ) the 15th day of January, April, July and
        October in each year (or, if such day is not a Business Day, the next
        succeeding Business Day);

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                                       14

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        "QUALIFYING BANK" means an institution which is beneficially entitled to
        interest payable under the Sixth Issuer Liquidity Facility and is:

        (a)     at the relevant time a bank as defined for the purposes of
                section 349 of ICTA and which is, at the time of any payment of
                interest to it pursuant to the Sixth Issuer Liquidity Facility
                Agreement within the charge to United Kingdom corporation tax as
                respects such interest; or

        (b)     a bank lending through any branch or agency which is outside the
                United Kingdom if the bank is resident in a country with which
                the United Kingdom has an appropriate double taxation treaty
                pursuant to which that bank is (subject to making any relevant
                claim) entitled to receive principal, interest and fees under
                the Sixth Issuer Liquidity Facility Agreement from the Sixth
                Issuer without withholding of United Kingdom income tax and such
                bank has effectively claimed the benefit of such treaty in
                respect of the Sixth Issuer Liquidity Facility Agreement so that
                the Sixth Issuer is not required to make any such withholding;

        "RATE OF INTEREST" has the meaning given in Condition 4(C) of the Sixth
        Issuer Notes;

        "RATING AGENCIES" means Standard & Poor's Rating Services, Moody's
        Investors Service Limited and Fitch Ratings Ltd.;

        "RECEIVER" means any person or persons appointed (and any additional
        person or persons appointed or substituted) as an administrative
        receiver, receiver, manager, or receiver and manager of the Sixth Issuer
        Charged Property by the Sixth Issuer Security Trustee and/or the
        Security Trustee, respectively pursuant to the Sixth Issuer Deed of
        Charge and/or the Funding Deed of Charge;

        "RECORD DATE" in respect of the Definitive Sixth Issuer Notes (other
        than Swiss Reg S Definitive Sixth Issuer Notes) means the 15th day prior
        to each Interest Payment Date;

        "REFERENCE BANKS" means the Initial Reference Banks (as defined in
        Condition 4(H) of the Sixth Issuer Notes) and/or such other bank as may
        be appointed pursuant to Condition 4(H) of the Sixth Issuer Notes;

        "REG S" means Regulation S under the United States Securities Act of
        1933, as amended;

        "REG S DEFINITIVE SIXTH ISSUER NOTES" are, where Definitive Sixth Issuer
        Notes are issued, the Sixth Issuer Notes issued by the Sixth Issuer in
        exchange for the beneficial interests represented by the Reg S Global
        Sixth Issuer Note of each class;

        "REG S GLOBAL SIXTH ISSUER NOTES" means the Series 3 Global Sixth Issuer
        Notes and the Series 5 Global Sixth Issuer Notes;

        "REGISTER" means (other than in respect of the Series 4 Class A2 Sixth
        Issuer Notes) the register of noteholders kept by the Registrar and
        which records the identity of each Sixth Issuer Noteholder and the
        number of Sixth Issuer Notes which each Sixth Issuer Noteholder owns;

        "REGULATED MORTGAGE CONTRACT" a contract is a regulated mortgage
        contract if, at the time it is entered into: (i) the contract is one
        under which the lender provides credit to an individual

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                                       15

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        or to a trustee: (ii) the contract provides that the obligation of the
        individual/trustee to repay is to be secured by a first legal mortgage
        or standard security on land (other than timeshare accommodation) in the
        UK: and (iii) at least 40% of that land is used, or is intended to be
        used, as or in connection with a dwelling by the individual or (in the
        case of credit provided to the trustee) by an individual who is a
        beneficiary of the trust, or by a related person;

        "REGISTRAR" means J.P. Morgan Bank Luxembourg S.A. in its capacity as
        the registrar appointed by the Sixth Issuer under the Sixth Issuer
        Paying Agent and Agent Bank Agreement to record the holders of Sixth
        Issuer Notes;

        "REGULATIONS" means as the context may require either (i) the Unfair
        Terms in Consumer Contracts Regulations 1999 and/or, as applicable, the
        Unfair Terms in Consumer Contracts Regulations 1994 or (ii) the
        Regulations set out in Schedule 2 to the Sixth Issuer Paying Agent and
        Agent Bank Agreement;

        "RELEVANT EVENT" means, in relation to the Sixth Issuer Liquidity
        Facility Provider:

        (a)     the downgrade on any day of the Sixth Issuer Liquidity Facility
                Provider's short-term, unsecured, unsubordinated and
                unguaranteed debt ratings to below the Requisite Ratings, as the
                case may be; or

        (b)     the refusal by the Sixth Issuer Liquidity Facility Provider to
                grant an extension of the Sixth Issuer Liquidity Facility
                Commitment Period in accordance with Clause 2.3 of the Sixth
                Issuer Liquidity Facility Agreement;

        "RELEVANT MARGIN" means:

        (a)     in respect of the Series 1 Class A Sixth Issuer Notes, ___ per
                cent. per annum;

        (b)     in respect of the Series 1 Class B Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

        (c)     in respect of the Series 1 Class C Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

        (d)     in respect of the Series 2 Class A Sixth Issuer Notes, ___ per
                cent. per annum;

        (e)     in respect of the Series 2 Class B Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

        (f)     in respect of the Series 2 Class C Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

        (g)     in respect of the Series 3 Class A Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

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                                       16

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        (h)     in respect of the Series 3 Class B Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

        (i)     in respect of the Series 3 Class C Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

        (j)     in respect of the Series 4 Class A1 Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

        (k)     in respect of the Series 4 Class A2 Sixth Issuer Notes, ___ per
                cent. per annum from (but excluding) the Interest Period ending
                in [October 2007] and thereafter ___ per cent. per annum;

        (l)     in respect of the Series 4 Class B Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum; and

        (m)     in respect of the Series 4 Class C Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

        (n)     in respect of the Series 5 Class A Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [October 2008] and thereafter ___ per cent. per annum;

        (o)     in respect of the Series 5 Class B Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum; and

        (p)     in respect of the Series 5 Class C Sixth Issuer Notes, ___ per
                cent. per annum up to and including the Interest Period ending
                in [April 2008] and thereafter ___ per cent. per annum;

        "RELEVANT SCREEN RATE" means:

        (a)     in respect of the first Interest Period, the Initial Relevant
                Screen Rate, if any; and

        (b)     (i)     in respect of subsequent Interest Periods in respect of
                        the Series 1 Class A Sixth Issuer Notes, the arithmetic
                        mean of the offered quotations to leading banks for
                        one-month Dollar deposits in the London inter-bank
                        market displayed on the Moneyline Telerate Monitor at
                        Moneyline Telerate page number 3750;

                (ii)    in respect of subsequent Interest Periods in respect of
                        the Series 1 Class B Sixth Issuer Notes, the Series 1
                        Class C Sixth Issuer Notes, the Series 2 Class A Sixth
                        Issuer Notes, the Series 2 Class B Sixth Issuer Notes,
                        the Series 2 Class C Sixth Issuer Notes, the Series 4
                        Class A1 Sixth Issuer Notes, the

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                                       17

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                        Series 4 Class B Sixth Issuer Notes and the Series 4
                        Class C Sixth Issuer Notes, the arithmetic mean of the
                        offered quotations to leading banks for three-month
                        Dollar deposits in the London inter-bank market
                        displayed on the Moneyline Telerate Monitor at Moneyline
                        Telerate Page No. 3750;

                (iii)   in respect of subsequent Interest Periods in respect of
                        the Series 3 Class A Sixth Issuer Notes, the Series 3
                        Class B Sixth Issuer Notes and the Series 3 Class C
                        Sixth Issuer Notes, the arithmetic mean of offered
                        quotations to prime banks for three-month Euro deposits
                        in the Euro-zone inter-bank market displayed on the
                        Moneyline Telerate Monitor at Telerate Page No. 248;

                (iv)    in respect of subsequent Interest Periods in respect of
                        the Series 5 Class A Sixth Issuer Notes, the Series 5
                        Class B Sixth Issuer Notes and the Series 5 Class C
                        Sixth Issuer Notes, the arithmetic mean of offered
                        quotations for three-month Sterling deposits in the
                        London inter-bank market displayed on the Moneyline
                        Telerate Monitor at Moneyline Telerate Page No. 3750;
                        and

                (v)     in respect of the Series 4 Class A2 Sixth Issuer Notes
                        (commencing from but excluding the Interest Payment Date
                        falling in October 2007), the arithmetic mean of the
                        offered quotations for three-month Swiss Franc deposits
                        in the London inter-bank market displayed on the
                        Moneyline Telerate Monitor at Moneyline Telerate Page
                        No. 3740,

        in each case, displayed on the above-mentioned page of the Moneyline
        Telerate Monitor (or such replacement page on that service which
        displays the information) or, if that service ceases to display the
        information, such other screen service as may be determined by the Sixth
        Issuer with the approval of the Note Trustee (rounded upwards, if
        necessary, to five decimal places);

        "RELEVANT SIXTH ISSUER NOTES" has the meaning given in Clause 2.2 of the
        Sixth Issuer Post-Enforcement Call Option Agreement;

        "REPAYMENT DATE" means the earlier to occur of (a) the date when the
        Notes have been redeemed in full and (b) the Interest Payment Date in
        [July, 2040];

        "REQUISITE RATINGS" means a rating of P-1 by Moody's, F-1+ by Fitch and
        A-1+ by Standard & Poor's;

        "SCHEDULED PRINCIPAL REPAYMENT" means, in respect of the Sixth Issuer
        Term AAA Advances, the Sixth Issuer Term AA Advances, the Sixth Issuer
        Term BBB Advances, or any New Term Advance, the amount of principal, if
        any, scheduled to be repaid in respect of such advance on the relevant
        Scheduled Repayment Date;

        "SCHEDULED REDEMPTION DATES" means:

        (a)     in respect of the Series 1 Class A Sixth Issuer Notes, the
                Interest Payment Dates in [July 2003] and [October 2003];

        (b)     in respect of the Series 2 Class A Sixth Issuer Notes, the
                Interest Payment Date in [April 2005];

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        (c)     in respect of the Series 3 Class A Sixth Issuer Notes, the
                Interest Payment date in [April 2007];

        (d)     in respect of the Series 4 Class A1 Sixth Issuer Notes, the
                Interest Payment Date in [October 2007]; and

        (e)     in respect of the Series 4 Class A2 Sixth Issuer Notes, the
                Interest Payment Date in [October 2007];

        "SCHEDULED REPAYMENT DATES" means:

        (a)     in respect of the Sixth Issuer Series 1 Term AAA Advance, the
                Interest Payment Dates in [July 2003] and [October 2003];

        (b)     in respect of the Sixth Issuer Series 2 Term AAA Advance, the
                Interest Payment Date in [April 2005]; and

        (c)     in respect of the Sixth Issuer Series 3 Term AAA Advance, the
                Interest Payment Date in [April 2007];

        (d)     in respect of the Sixth Issuer Series 4A1 Term AAA Advance, the
                Interest Payment Date in [October 2007];

        (e)     in respect of the Sixth Issuer Series 4A2 Term AAA Advance the
                Interest Payment Date in [October 2007];

        "SECOND AMENDMENT AGREEMENT TO INTERCOMPANY LOAN TERMS AND CONDITIONS"
        means the agreement so named between Funding, Holmes Financing (No. 1),
        Holmes Financing (No. 2), Holmes Financing (No. 3), the Security Trustee
        and the Agent Bank dated 5th July 2001;

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

        "SECURITY TRUSTEE" means JPMorgan Chase Bank, London Branch (formerly
        known as The Chase Manhattan Bank, London Branch) or such other persons
        and all other persons for the time being acting as the security trustee
        or security trustees pursuant to the Sixth Issuer Deed of Charge;

        "SENIOR LIABILITIES" means the items listed in paragraphs (a) and items
        (c) to (g) of the Sixth Issuer Pre-Enforcement Revenue Priority of
        Payments;

        "SERIES 1 CLASS A DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 1
        Class A Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 1
        Class A Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part A of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 1 CLASS B DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 1
        Class B Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 1

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        Class B Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part B of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 1 CLASS C DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 1
        Class C Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 1
        Class C Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part C of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 1 DEFINITIVE SIXTH ISSUER NOTES" means the Series 1 Class A
        Definitive Sixth Issuer Notes, the Series 1 Class B Definitive Sixth
        Issuer Notes and the Series 1 Class C Definitive Sixth Issuer
        Notes; "SERIES 2 CLASS A DEFINITIVE SIXTH ISSUER NOTES" means the
        registered notes in definitive form which may be issued in respect of
        the Series 2 Class A Sixth Issuer Notes pursuant to, and in the
        circumstances specified in, Condition 1 and includes any replacement for
        Series 2 Class A Definitive Sixth Issuer Notes issued pursuant to
        Condition 13 and which are issued substantially in the form described in
        and set out in Part D of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 2 CLASS B DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 2
        Class B Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 2
        Class B Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part E of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 2 CLASS C DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 2
        Class C Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 2
        Class C Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part F of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 2 DEFINITIVE SIXTH ISSUER NOTES" means the Series 2 Class A
        Definitive Sixth Issuer Notes, the Series 2 Class B Definitive Sixth
        Issuer Notes and the Series 2 Class C Definitive Sixth Issuer Notes;

        "SERIES 3 CLASS A DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 3
        Class A Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 3
        Class A Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part G of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 3 CLASS B DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 3
        Class B Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 3
        Class B Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued

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                                       20

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        substantially in the form described in and set out in Part H of Schedule
        2 to the Sixth Issuer Trust Deed;

        "SERIES 3 CLASS C DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 3
        Class C Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 3
        Class C Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part I of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 3 DEFINITIVE SIXTH ISSUER NOTES" means the Series 3 Class A
        Definitive Sixth Issuer Notes, the Series 3 Class B Definitive Sixth
        Issuer Notes and the Series 3 Class C Definitive Sixth Issuer Notes;

        "SERIES 4 CLASS A DEFINITIVE SIXTH ISSUER NOTES" means the Series 4
        Class A1 Definitive Sixth Issuer Notes and the Series 4 Class A2
        Definitive Sixth Issuer Notes;

        "SERIES 4 CLASS A1 DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 4
        Class A1 Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 4
        Class A1 Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part J of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 4 CLASS A2 DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 4
        Class A2 Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 4
        Class A2 Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part K of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 4 CLASS B DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 4
        Class B Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 4
        Class B Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part L of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 4 CLASS C DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 4
        Class C Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 4
        Class C Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part M of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 4 DEFINITIVE SIXTH ISSUER NOTES" means the Series 4 Class A
        Definitive Sixth Issuer Notes, the Series 4 Class B Definitive Sixth
        Issuer Notes and the Series 4 Class C Definitive Sixth Issuer Notes;

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                                       21

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        "SERIES 5 CLASS A DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 5
        Class A Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 5
        Class A Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part N of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 5 CLASS B DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 5
        Class B Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 5
        Class B Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part O of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 5 CLASS C DEFINITIVE SIXTH ISSUER NOTES" means the registered
        notes in definitive form which may be issued in respect of the Series 5
        Class C Sixth Issuer Notes pursuant to, and in the circumstances
        specified in, Condition 1 and includes any replacement for Series 5
        Class C Definitive Sixth Issuer Notes issued pursuant to Condition 13
        and which are issued substantially in the form described in and set out
        in Part P of Schedule 2 to the Sixth Issuer Trust Deed;

        "SERIES 5 DEFINITIVE SIXTH ISSUER NOTES" means the Series 5 Class A
        Definitive Sixth Issuer Notes, the Series 5 Class B Definitive Sixth
        Issuer Notes and the Series 5 Class C Definitive Sixth Issuer Notes;

        "SERIES 1 CLASS A DOLLAR CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 1 Class A
        Dollar Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 1 CLASS B DOLLAR CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 1 Class B
        Dollar Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 1 CLASS C DOLLAR CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 1 Class C
        Dollar Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 1 CLASS A DOLLAR CURRENCY SWAP PROVIDER" means ___;

        "SERIES 1 CLASS B DOLLAR CURRENCY SWAP PROVIDER" means ___;

        "SERIES 1 CLASS C DOLLAR CURRENCY SWAP PROVIDER" means ___;

        "SERIES 1 DOLLAR CURRENCY SWAP AGREEMENTS" the Series 1 Class A Dollar
        Currency Swap Agreement, the Series 1 Class B Dollar Currency Swap
        Agreement and the Series 1 Class C Dollar Currency Swap Agreement;

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                                       22

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        "SERIES 1 DOLLAR CURRENCY SWAP PROVIDER" means the Series 1 Class A
        Dollar Currency Swap Provider, the Series 1 Class B Dollar Currency Swap
        Provider and the Series 1 Class C Dollar Currency Swap Provider;

        "SERIES 2 CLASS A DOLLAR CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 2 Class A
        Dollar Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 2 CLASS B DOLLAR CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 2 Class B
        Dollar Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 2 CLASS C DOLLAR CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 2 Class C
        Dollar Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 2 CLASS A DOLLAR CURRENCY SWAP PROVIDER" means ___;

        "SERIES 2 CLASS B DOLLAR CURRENCY SWAP PROVIDER" means ___;

        "SERIES 2 CLASS C DOLLAR CURRENCY SWAP PROVIDER" means ___;

        "SERIES 2 DOLLAR CURRENCY SWAP AGREEMENTS" means the Series 2 Class A
        Dollar Currency Swap Agreement, the Series 2 Class B Dollar Currency
        Swap Agreement and the Series 2 Class C Dollar Currency Swap Agreement;

        "SERIES 2 DOLLAR CURRENCY SWAP PROVIDER" means the Series 2 Class A
        Dollar Currency Swap Provider, the Series 2 Class B Dollar Currency Swap
        Provider and the Series 2 Class C Currency Swap Provider;

        "SERIES 4 CLASS A1 DOLLAR CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 4 Class A1
        Dollar Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 4 CLASS B DOLLAR CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 4 Class B
        Dollar Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 4 CLASS C DOLLAR CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 4 Class C
        Dollar Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 4 CLASS A DOLLAR CURRENCY SWAP PROVIDER" means ___;

        "SERIES 4 CLASS B DOLLAR CURRENCY SWAP PROVIDER" means ___;

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                                       23

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        "SERIES 4 CLASS C DOLLAR CURRENCY SWAP PROVIDER" means ___;

        "SERIES 4 DOLLAR CURRENCY SWAP AGREEMENTS" the Series 4 Class A Dollar
        Currency Swap Agreement, the Series 4 Class B Dollar Currency Swap
        Agreement and the Series 4 Class C Dollar Currency Swap Agreement;

        "SERIES 4 DOLLAR CURRENCY SWAP PROVIDER" means the Series 4 Class A
        Dollar Currency Swap Provider, the Series 4 Class B Dollar Currency Swap
        Provider and the Series 4 Class C Dollar Currency Swap Provider;

        "SERIES 3 CLASS A EURO CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 3 Class A
        Euro Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 3 CLASS B EURO CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 3 Class B
        Euro Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 3 CLASS C EURO CURRENCY SWAP AGREEMENT" means the ISDA Master
        Agreement (including the schedule and confirmation thereto) entered into
        on or about the Sixth Issuer Closing Date between the Series 3 Class C
        Euro Currency Swap Provider, the Sixth Issuer and the Sixth Issuer
        Security Trustee as amended and supplemented from time to time;

        "SERIES 3 CLASS A EURO CURRENCY SWAP PROVIDER" means ___;

        "SERIES 3 CLASS B EURO CURRENCY SWAP PROVIDER" means ___;

        "SERIES 3 CLASS C EURO CURRENCY SWAP PROVIDER" means ___;

        "SERIES 4 CLASS A2 SWISS FRANC CURRENCY SWAP AGREEMENT" means the ISDA
        Master Agreement (including the schedule and confirmation thereto)
        entered into on or about the Sixth Issuer Closing Date between the
        Series 4 Class A2 Swiss Currency Swap Provider, the Sixth Issuer and the
        Sixth Issuer Security Trustee as amended and supplemented from time to
        time;

        "SERIES 4 CLASS A2 SWISS FRANC CURRENCY SWAP PROVIDER" means o;

        "SERIES 1 CLASS A SIXTH ISSUER NOTES" means the US$1,000,000,000 series
        1 class A asset backed floating rate notes due [October 2003];

        "SERIES 1 CLASS B SIXTH ISSUER NOTES" means the US$[34,000,000] series 1
        class B asset backed floating rate notes due [July 2040];

        "SERIES 1 CLASS C SIXTH ISSUER NOTES" means the US$[57,000,000] series 1
        class C asset backed floating rate notes due [July 2040];

        "SERIES 2 CLASS A SIXTH ISSUER NOTES" means the US$[1,250,000,000]
        series 2 class A asset backed floating rate notes due [April 2008];

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                                       24

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        "SERIES 2 CLASS B SIXTH ISSUER NOTES" means the US$[42,000,000] series 2
        class B asset backed floating rate notes due [July 2040];

        "SERIES 2 CLASS C SIXTH ISSUER NOTES" means the US$[71,000,000] series 2
        class C asset backed floating rate notes due [July 2040];

        "SERIES 3 CLASS A SIXTH ISSUER NOTES" means the (euro)[1,200,000,000]
        series 3 class A asset backed floating rate notes due [October 2009];

        "SERIES 3 CLASS B SIXTH ISSUER NOTES" means the (euro)[40,000,000]
        series 3 class B asset backed floating rate notes due [July 2040];

        "SERIES 3 CLASS C SIXTH ISSUER NOTES" means the (euro)[69,000,000]
        series 3 class C asset backed floating rate notes due [July 2040];

        "SERIES 4 CLASS A SIXTH ISSUER NOTES" means the Series 4 Class A1 Sixth
        Issuer notes and the Series 4 Class A2 Sixth Issuer Notes;

        "SERIES 4 CLASS A1 SIXTH ISSUER NOTES" means the US$[750,000,000] series
        4 class A1 asset backed floating rate issuer notes due [October 2009]

        "SERIES 4 CLASS A2 ISSUER NOTES" means the CHF[700,000,000] series 4
        class A2 asset backed fixed-floating rate issuer notes due [October
        2009];

        "SERIES 4 CLASS B ISSUER NOTES" means the US$[41,000,000] series 4 class
        B asset backed floating rate issuer notes due [July 2040];

        "SERIES 4 CLASS C ISSUER NOTES" means the US$[70,000,000] series 4 class
        C asset backed floating rate issuer notes due [July 2040];

        "SERIES 5 CLASS A ISSUER NOTES" means the (pound)[750,000,000] series 5
        class A asset backed floating rate issuer notes due [July 2040];

        "SERIES 5 CLASS B ISSUER NOTES" means the (pound)[25,000,000] series 5
        class B asset backed floating rate issuer notes due [July 2040];

        "SERIES 5 CLASS C ISSUER NOTES" means the (pound)[43,000,000] series 5
        class C asset backed floating rate issuer notes due [July 2040];

        "SERIES 1 CLASS A SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 1 Class A Sixth Issuer Notes;

        "SERIES 1 CLASS B SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 1 Class B Sixth Issuer Notes;

        "SERIES 1 CLASS C SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 1 Class C Sixth Issuer Notes;

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                                       25

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        "SERIES 2 CLASS A SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 2 Class A Sixth Issuer Notes;

        "SERIES 2 CLASS B SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 2 Class B Sixth Issuer Notes;

        "SERIES 2 CLASS C SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 2 Class C Sixth Issuer Notes;

        "SERIES 3 CLASS A SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 3 Class A Sixth Issuer Notes;

        "SERIES 3 CLASS B SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 3 Class B Sixth Issuer Notes;

        "SERIES 3 CLASS C SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 3 Class C Sixth Issuer Notes;

        "SERIES 4 CLASS A SIXTH ISSUER NOTEHOLDERS" means the Series 4 Class A1
        Sixth Issuer Noteholders and the Series 4 Class A2 Sixth Issuer
        Noteholders;

        "SERIES 4 CLASS A1 SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 4 Class A1 Sixth Issuer Notes;

        "SERIES 4 CLASS A2 SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 4 Class A2 Sixth Issuer Notes;

        "SERIES 4 CLASS B SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 4 Class B Sixth Issuer Notes;

        "SERIES 4 CLASS C SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 4 Class C Sixth Issuer Notes;

        "SERIES 5 CLASS A SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 5 Class A Sixth Issuer Notes;

        "SERIES 5 CLASS B SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 5 Class B Sixth Issuer Notes;

        "SERIES 5 CLASS C SIXTH ISSUER NOTEHOLDERS" means the holders for the
        time being of the Series 5 Class C Sixth Issuer Notes;

        "SERIES 1 CLASS A GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 1 Class A Sixth Issuer Notes;

        "SERIES 1 CLASS B GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 1 Class B Sixth Issuer Notes;

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                                       26

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        "SERIES 1 CLASS C GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 1 Class C Sixth Issuer Notes;

        "SERIES 1 GLOBAL SIXTH ISSUER NOTES" means the Series 1 Class A Global
        Sixth Issuer Note, the Series 1 Class B Global Sixth Issuer Note and the
        Series 1 Class C Global Sixth Issuer Note;

        "SERIES 2 CLASS A GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 2 Class A Sixth Issuer Notes;

        "SERIES 2 CLASS B GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 2 Class B Sixth Issuer Notes;

        "SERIES 2 CLASS C GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 2 Class C Sixth Issuer Notes;

        "SERIES 2 GLOBAL SIXTH ISSUER NOTES" means the Series 2 Class A Global
        Sixth Issuer Note, the Series 2 Class B Global Sixth Issuer Note and the
        Series 2 Class C Global Sixth Issuer Note;

        "SERIES 3 CLASS A GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 3 Class A Sixth Issuer Notes;

        "SERIES 3 CLASS B GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 3 Class B Sixth Issuer Notes;

        "SERIES 3 CLASS C GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 3 Class C Sixth Issuer Notes;

        "SERIES 3 GLOBAL SIXTH ISSUER NOTES" means the Series 3 Class A Global
        Sixth Issuer Note, the Series 3 Class B Global Sixth Issuer Note and the
        Series 3 Class C Global Sixth Issuer Note;

        "SERIES 4 CLASS A GLOBAL SIXTH ISSUER NOTES" means the Series 4 Class A1
        Global Sixth Issuer Note and the Series 4 Class A2 Global Sixth Issuer
        Note;

        "SERIES 4 CLASS A1 GLOBAL SIXTH ISSUER NOTE" means a separate global
        note in registered form representing the Series 4 Class A1 Sixth Issuer
        Notes;

        "SERIES 4 CLASS A2 GLOBAL SIXTH ISSUER NOTE" means a separate global
        note in registered form representing the Series 4 Class A1 Sixth Issuer
        Notes;

        "SERIES 4 CLASS B GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 4 Class B Sixth Issuer Notes;

        "SERIES 4 CLASS C GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 4 Class C Sixth Issuer Notes;

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        "SERIES 4 GLOBAL SIXTH ISSUER NOTE" means the Series 4 Class A Global
        Sixth Issuer Note, the Series 4 Class B Global Sixth Issuer Note and the
        Series 4 Class C Global Sixth Issuer Note;

        "SERIES 5 CLASS A GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 5 Class A Sixth Issuer Notes;

        "SERIES 5 CLASS B GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 5 Class B Sixth Issuer Notes;

        "SERIES 5 CLASS C GLOBAL SIXTH ISSUER NOTE" means a separate global note
        in registered form representing the Series 5 Class C Sixth Issuer Notes;

        "SERIES 5 GLOBAL SIXTH ISSUER NOTES" means the Series 5 Class A Global
        Sixth Issuer Note, the Series 5 Class B Global Sixth Issuer Note and the
        Series 5 Class C Global Sixth Issuer Note;

        "SERIES 1 SIXTH ISSUER NOTES" means collectively the Series 1 Class A
        Sixth Issuer Notes, the Series 1 Class B Sixth Issuer Notes and the
        Series 1 Class C Sixth Issuer Notes;

        "SERIES 2 SIXTH ISSUER NOTES" means collectively the Series 2 Class A
        Sixth Issuer Notes, the Series 2 Class B Sixth Issuer Notes and the
        Series 2 Class C Sixth Issuer Notes;

        "SERIES 3 SIXTH ISSUER NOTES" means collectively the Series 3 Class A
        Sixth Issuer Notes, the Series 3 Class B Sixth Issuer Notes and the
        Series 3 Class C Sixth Issuer Notes;

        "SERIES 4 SIXTH ISSUER NOTES" means the Series 4 Class A Sixth Issuer
        Notes, the Series 4 Class B Sixth Issuer Notes and the Series 4 Class C
        Sixth Issuer Notes;

        "SERIES 5 SIXTH ISSUER NOTES" means the Series 5 Class A Issuer Notes,
        the Series 5 Class B Sixth Issuer Notes and the Series 5 Class C Sixth
        Issuer Notes;

        "SERIES 1 CLASS A INTEREST PAYMENT DATE" in respect of the Series 1
        Class A Sixth Issuer Notes the 15th day of each consecutive month in
        each year (or, if such day is not a Business Day, the next succeeding
        Business Day), until the earliest of (i) the occurrence of a Trigger
        Event and (ii) enforcement of the Sixth Issuer Security in accordance
        with the Sixth Issuer Deed of Charge, and thereafter the 15th day of
        January, April, July and October in each year (or if such day is not a
        Business Day, the next succeeding Business Day);

        "SERIES 4 CLASS A2 INTEREST PAYMENT DATE" means in respect of the Series
        4 Class A2 Sixth Issuer Notes the 15th day of October in each year (or,
        if such day is not a Business Day, the next succeeding Business Day)
        until the earliest of (i) the 15th day of [October 2007] (or if such day
        is not a Business Day, the next succeeding Business Day), (ii) the
        occurrence of a Trigger Event and (iii) enforcement of the Sixth Issuer
        Security in accordance with the Sixth Issuer Deed of Charge, and
        thereafter the 15th day of January, April, July and October in each year
        (or, if such day is not a Business Day, the next succeeding Business
        Day);

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        "SIXTH ISSUER" means Holmes Financing (No. 6) PLC;

        "SIXTH ISSUER ACCOUNT BANKS" means the Sixth Issuer Sterling Account
        Bank and the Sixth Issuer Non-Sterling Account Bank;

        "SIXTH ISSUER ACCOUNT MANDATES" means the Sixth Issuer Sterling Account
        Mandate and the Sixth Issuer Non-Sterling Account Mandate;

        "SIXTH ISSUER ACCOUNTS" means the Sixth Issuer Transaction Accounts and
        the Sixth Issuer Liquidity Facility Stand-by Account (which will be
        established if and when required pursuant to the terms of the Sixth
        Issuer Liquidity Facility Agreement) and such other bank account(s) held
        in the name of the Sixth Issuer with the approval of the Sixth Issuer
        Security Trustee from time to time;

        "SIXTH ISSUER AVAILABLE FUNDS" means together Sixth Issuer Revenue
        Receipts and Sixth Issuer Principal Receipts;

        "SIXTH ISSUER BANK ACCOUNT AGREEMENT" means the bank account agreement
        dated on or about the Sixth Issuer Closing Date between the Sixth
        Issuer, the Seller, the Sixth Issuer Cash Manager, the Sixth Issuer
        Account Banks and the Sixth Issuer Security Trustee;

        "SIXTH ISSUER BANK ACCOUNTS" has the same meaning as "SIXTH ISSUER
        ACCOUNTS";

        "SIXTH ISSUER CASH MANAGEMENT AGREEMENT" means the cash management
        agreement dated on or about the Sixth Issuer Closing Date between the
        Sixth Issuer, the Sixth Issuer Cash Manager and the Sixth Issuer
        Security Trustee;

        "SIXTH ISSUER CASH MANAGEMENT SERVICES" means the services to be
        provided to the Sixth Issuer and the Sixth Issuer Security Trustee
        pursuant to the Sixth Issuer Cash Management Agreement;

        "SIXTH ISSUER CASH MANAGER" means Abbey National acting pursuant to the
        Sixth Issuer Cash Management Agreement as agent for the Sixth Issuer and
        the Sixth Issuer Security Trustee, to manage all cash transactions and
        maintain certain ledgers on behalf of the Sixth Issuer;

        "SIXTH ISSUER CASH MANAGER TERMINATION EVENT" has the meaning given in
        Clause 12.1 of the Sixth Issuer Cash Management Agreement;

        "SIXTH ISSUER CHARGED PROPERTY" means the property charged by the Sixth
        Issuer pursuant to Clauses 3.1 to 3.6 (inclusive) of the Sixth Issuer
        Deed of Charge;

        "SIXTH ISSUER CLOSING DATE" means ___ November, 2002;

        "SIXTH ISSUER CORPORATE SERVICES AGREEMENT" means the agreement dated on
        or about the Sixth Issuer Closing Date and made between the Corporate
        Services Provider, the Sixth Issuer, the Sixth Issuer Post-Enforcement
        Call Option Holder and the Sixth Issuer Security Trustee for the
        provision by the Corporate Services Provider of certain corporate
        services and personnel to the Sixth Issuer and the Sixth Issuer
        Post-Enforcement Call Option Holder;

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        "SIXTH ISSUER CURRENCY SWAP AGREEMENTS" or "SIXTH ISSUER SWAP
        AGREEMENTS" means the Series 1 Class A Dollar Currency Swap Agreement,
        the Series 1 Class B Dollar Currency Swap Agreement, the Series 1 Class
        C Dollar Currency Swap Agreement, the Series 2 Class A Dollar Currency
        Swap Agreement, the Series 2 Class B Dollar Currency Swap Agreement, the
        Series 2 Class C Dollar Currency Swap Agreement, the Series 3 Class A
        Euro Currency Swap Agreement, the Series 3 Class B Euro Currency Swap
        Agreement, the Series 3 Class C Euro Currency Swap Agreement the Series
        4 Class A2 Swiss Franc Currency Swap Agreement, the Series 4 Class A
        Dollar Currency Swap Agreement, the Series 4 Class B Dollar Currency
        Swap Agreement, and the Series 4 Class C Dollar Currency Swap Agreement;

        SIXTH ISSUER DEED OF CHARGE" means the deed of charge dated on or about
        the Sixth Issuer Closing Date between the Sixth Issuer, the Sixth Issuer
        Cash Manager, the Sixth Issuer Security Trustee, the Note Trustee, the
        Sixth Issuer Liquidity Facility Provider, the Agent Bank, the Sixth
        Issuer Account Banks, the Paying Agents, the Registrar, the Transfer
        Agent, the Sixth Issuer Corporate Services Provider and the Currency
        Swap Providers;

        "SIXTH ISSUER DOLLAR ACCOUNT" means the dollar account in the name of
        the Sixth Issuer (swift code [CITIGB2L], account number [___], sort code
        [18-50-04]) held with [Citibank N.A., London Branch];

        "SIXTH ISSUER DOLLAR ACCOUNT MANDATE" means the mandate pursuant to
        which the Sixth Issuer Dollar Account has been established;

        "SIXTH ISSUER EURO ACCOUNT" means the euro account in the name of the
        Sixth Issuer (swift code [___], account number [___], sort code [___])
        held with Citibank N.A., London Branch;

        "SIXTH ISSUER EURO ACCOUNT MANDATE" means the mandate pursuant to which
        the Sixth Issuer Euro Account has been established;

        "SIXTH ISSUER EVENT OF DEFAULT" has the meaning given to it in Condition
        9 of the Sixth Issuer Notes;

        "SIXTH ISSUER INTERCOMPANY LOAN" means the loan of the Sixth Issuer Term
        Advances made by the Sixth Issuer to Funding under the Sixth Issuer
        Intercompany Loan Agreement on or about the Sixth Issuer Closing Date;

        "SIXTH ISSUER INTERCOMPANY LOAN AGREEMENT" means the Sixth Issuer
        Intercompany Loan Confirmation and the Intercompany Loan Terms and
        Conditions together entered into on or about the Sixth Issuer Closing
        Date by the Sixth Issuer, Funding and the Security Trustee;

        "SIXTH ISSUER INTERCOMPANY LOAN CONFIRMATION" means the loan
        confirmation in respect of the Sixth Issuer Intercompany Loan Agreement
        entered into on or about the Sixth Issuer Closing Date and made between
        Funding, the Sixth Issuer and the Security Trustee;

        "SIXTH ISSUER INTERCOMPANY LOAN DETERMINATION DATE" means the date
        falling four Business Days prior to each Interest Payment Date;

        "SIXTH ISSUER INTERCOMPANY LOAN ENFORCEMENT NOTICE" means an enforcement
        notice served by the Security Trustee in relation to the enforcement of
        Sixth Issuer Security

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                                       30

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        following a Sixth Issuer Intercompany Loan Event of Default under the
        Sixth Issuer Intercompany Loan;

        "SIXTH ISSUER INTERCOMPANY LOAN EVENT OF DEFAULT" means the occurrence
        of an event of default by Funding as specified in Clause 14 of the Sixth
        Issuer Intercompany Loan Terms and Conditions;

        "SIXTH ISSUER INTERCOMPANY LOAN LEDGER" means the ledger maintained by
        the Sixth Issuer Cash Manager which will record payments of interest and
        repayments of principal made on each of the Term Advances on each
        Interest Payment Date under the Sixth Issuer Intercompany Loan
        Agreement;

        "SIXTH ISSUER LIQUIDITY DOCUMENTS" means the Sixth Issuer Liquidity
        Facility Agreement, [the Fee Letter], a Novation Certificate or any
        other document designated as such by the Sixth Issuer Liquidity Facility
        Provider and the Sixth Issuer;

        "SIXTH ISSUER LIQUIDITY FACILITY" means the committed revolving facility
        provided by the Sixth Issuer Liquidity Facility Provider to the Sixth
        Issuer under the Sixth Issuer Liquidity Facility Agreement;

        "SIXTH ISSUER LIQUIDITY FACILITY AGREEMENT" means the liquidity facility
        agreement entered into on or about the Sixth Issuer Closing Date by the
        Sixth Issuer, the Sixth Issuer Liquidity Facility Provider, the Sixth
        Issuer Cash Manager and the Sixth Issuer Security Trustee pursuant to
        which the Sixth Issuer Liquidity Facility Provider agrees to provide the
        Sixth Issuer, from time to time during the Sixth Issuer Liquidity
        Facility Commitment Period, with advances for the purposes specified
        therein, subject to and in accordance with the terms thereof;

        "SIXTH ISSUER LIQUIDITY FACILITY COMMITMENT" means (pound)[25,000,000]
        to the extent not cancelled or reduced under the Sixth Issuer Liquidity
        Facility Agreement;

        "SIXTH ISSUER LIQUIDITY FACILITY COMMITMENT PERIOD" means, subject to
        Clause 2.3 of the Sixth Issuer Liquidity Facility Agreement, the period
        from (and including) the Sixth Issuer Closing Date up to (but excluding)
        the date falling 364 days after the Sixth Issuer Closing Date or, if
        such date is not a Business Day, the preceding Business Day;

        "SIXTH ISSUER LIQUIDITY FACILITY DRAWDOWN DATE" means the date of the
        advance of a Sixth Issuer Liquidity Facility Drawing or a Sixth Issuer
        Liquidity Facility Stand-by Drawing which date shall be an Interest
        Payment Date;

        "SIXTH ISSUER LIQUIDITY FACILITY DRAWING" means a drawing made under
        Clause 5.1 of the Sixth Issuer Liquidity Facility Agreement;

        "SIXTH ISSUER LIQUIDITY FACILITY EVENT OF DEFAULT" means an event
        specified as such in Clause 16.1 of the Sixth Issuer Liquidity Facility
        Agreement;

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                                       31

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        "SIXTH ISSUER LIQUIDITY FACILITY INTEREST PERIOD" means, with respect to
        a Sixth Issuer Liquidity Facility Loan, each successive period beginning
        on (and including) an Interest Payment Date and ending on (but
        excluding) the next following Interest Payment Date except that:

        (a)     the Sixth Issuer Liquidity Facility Interest Period for a Sixth
                Issuer Liquidity Facility Loan shall start on the Sixth Issuer
                Liquidity Facility Drawdown Date for that Sixth Issuer Liquidity
                Facility Loan and end on the day before the next following
                Interest Payment Date; and

        (b)     if a Sixth Issuer Liquidity Facility Interest Period would end
                on a day which is not a Business Day it shall be extended to the
                next Business Day in the same calendar month (if there is one)
                or shall be shortened to the preceding Business Day (if there is
                not);

        "SIXTH ISSUER LIQUIDITY FACILITY LOAN" means the principal amount of all
        Sixth Issuer Liquidity Facility Drawings or Sixth Issuer Liquidity
        Facility Stand-by Drawings (as applicable) for the time being advanced
        and outstanding under the Sixth Issuer Liquidity Facility;

        "SIXTH ISSUER LIQUIDITY FACILITY MARGIN" means:

        (a)     [___] per cent. ([___]%) per annum up to but excluding the
                Interest Payment Date in [___]; and

        (b)     [___] per cent. ([___]%) per annum on and from the Interest
                Payment Date in [___];

        "SIXTH ISSUER LIQUIDITY FACILITY PROVIDER" means ___ and/or such other
        bank or banks with at least the Requisite Ratings which agree to provide
        a liquidity facility to the Sixth Issuer on substantially similar terms
        to the Sixth Issuer Liquidity Facility Agreement;

        "SIXTH ISSUER LIQUIDITY FACILITY REQUEST" means a request made by the
        Sixth Issuer for a Sixth Issuer Liquidity Facility Drawing or a Sixth
        Issuer Liquidity Facility Stand-by Drawing (as applicable),
        substantially in the form set out in Schedule 3 to the Sixth Issuer
        Liquidity Facility Agreement;

        "SIXTH ISSUER LIQUIDITY SHORTFALL" means:

        (a)     the difference between the aggregate amount of the Sixth
                Issuer's obligations in respect of the Senior Liabilities and
                the Sixth Issuer Revenue Receipts available to pay those Senior
                Liabilities; and

        (b)     the difference between:

                (i)     the aggregate amount of the Sixth Issuer's obligations
                        to repay the principal amounts owing on the Series 1
                        Class A Sixth Issuer Notes and/or the Series 2 Class A
                        Sixth Issuer Notes and/or the Series 3 Class A Sixth
                        Issuer Notes and/or the Series 4 Class A Sixth Issuer
                        Notes and/or the Series 5 Class A Sixth Issuer Notes, as
                        applicable, on (1) prior to the occurrence of a Trigger
                        Event, their respective Scheduled Redemption Dates or
                        (2) following the occurrence of a Non-Asset Trigger
                        Event, their respective Final Maturity

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                                       32

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                        Dates (and for the avoidance of doubt, a Sixth Issuer
                        Liquidity Shortfall will not occur in respect of the
                        Sixth Issuer's obligation to repay the principal amount
                        owing on the Series 1 Class A Sixth Issuer Notes, the
                        Series 2 Class A Sixth Issuer Notes, the Series 3 Class
                        A Sixth Issuer Notes, the Series 4 Class A Sixth Issuer
                        Note or the Series 5 Class A Sixth Issuer Notes
                        following the occurrence of an Asset Trigger Event); and

                (ii)    the Sixth Issuer Principal Receipts available to pay the
                        amounts specified in sub-paragraph (i) above;

        "SIXTH ISSUER LIQUIDITY FACILITY STAND-BY ACCOUNT" means an account to
        be opened in the name of the Sixth Issuer with the Sixth Issuer
        Liquidity Facility Provider or, if the Sixth Issuer Liquidity Facility
        Provider ceases to have the Requisite Ratings, the Sixth Issuer Sterling
        Account Bank or, if the Sixth Issuer Sterling Account Bank ceases to
        have the Requisite Ratings, a bank which has the Requisite Ratings;

        "SIXTH ISSUER LIQUIDITY FACILITY STAND-BY DEPOSIT" means the amount
        standing to the credit of the Sixth Issuer Liquidity Facility Stand-by
        Account from time to time together with interest on such deposit;

        "SIXTH ISSUER LIQUIDITY FACILITY STAND-BY DRAWING" means a drawing made
        under Clause 5.2 of the Sixth Issuer Liquidity Facility Agreement;

        "SIXTH ISSUER LIQUIDITY FACILITY STAND-BY DRAWING PERIOD" means the
        period from the date on which a Sixth Issuer Liquidity Facility Stand-by
        Drawing is made in accordance with the terms of the Sixth Issuer
        Liquidity Facility Agreement to the date on which it is repaid by the
        Sixth Issuer to the Sixth Issuer Liquidity Facility Provider pursuant to
        Clause 6 of the Sixth Issuer Liquidity Facility Agreement;

        "SIXTH ISSUER LIQUIDITY STAND-BY FACILITY" means the facility referred
        to in Clause 2.1(b) of the Sixth Issuer Liquidity Facility Agreement;

        "SIXTH ISSUER LIQUIDITY SUBORDINATED AMOUNTS" means (a) amounts in
        respect of withholding taxes and increased costs (including amounts
        payable under Clause 12.1(a)(iii) of the Sixth Issuer Liquidity Facility
        Agreement) payable to the Sixth Issuer Liquidity Facility Provider; (b)
        any additional costs incurred by the Sixth Issuer Liquidity Facility
        Provider to comply with the requirements of the Bank of England, the
        Financial Services Authority and/or the European Central Bank and/or
        changes to the capital adequacy rules applicable to the Sixth Issuer
        Liquidity Facility Provider; (c) any Additional Percentage in aggregate
        in excess of [___] per cent. per annum on the maximum aggregate amount
        available to be drawn under the Sixth Issuer Liquidity Facility and (d)
        on and from the Interest Payment Date in [___] (i) the amount of the
        Sixth Issuer Liquidity Facility Margin referred to in paragraph (b) of
        the definition of Sixth Issuer Liquidity Facility Margin in excess of
        the amount referred to in paragraph (a) of the definition of Sixth
        Issuer Liquidity Facility Margin and (ii) the amount of the commitment
        fee referred to in Clause 17.1(a)(ii) of the Sixth Issuer Liquidity
        Facility Agreement in excess of the amount referred to in Clause
        17.1(a)(i) of the Sixth Issuer Liquidity Facility Agreement;

        "SIXTH ISSUER MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE" means this
        Sixth Issuer Master Definitions and Construction Schedule signed for the
        purposes of identification by

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                                       33

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        Allen & Overy and Slaughter and May on or about the Sixth Issuer Closing
        Date, as the same may be amended, restated and supplemented from time to
        time;

        "SIXTH ISSUER NON-STERLING ACCOUNT" means the Sixth Issuer Dollar
        Account and the Sixth Issuer Euro Account;

        "SIXTH ISSUER NON-STERLING ACCOUNT BANK" means Citibank N.A., London
        Branch, situated at 336 Strand, London WC2R 1HB;

        "SIXTH ISSUER NON-STERLING ACCOUNT MANDATE" means the mandate pursuant
        to which the Sixth Issuer Non-Sterling Account has been established;

        "SIXTH ISSUER NOTE DETERMINATION DATE" means four Business Days prior to
        each Interest Payment Date;

        "SIXTH ISSUER NOTE ENFORCEMENT NOTICE" means a Class A Sixth Issuer
        Enforcement Notice, a Class B Sixth Issuer Enforcement Notice or a Class
        C Sixth Issuer Enforcement Notice either alone or together;

        "SIXTH ISSUER NOTE EVENT OF DEFAULT" an event of default by the Sixth
        Issuer as defined in Condition 9 of the Sixth Issuer Notes;

        "SIXTH ISSUER NOTEHOLDERS" means the holders for the time being of the
        Sixth Issuer Notes;

        "SIXTH ISSUER NOTES" means the Class A Sixth Issuer Notes, the Class B
        Sixth Issuer Notes and the Class C Sixth Issuer Notes;

        "SIXTH ISSUER PAYING AGENT AND AGENT BANK AGREEMENT" means the paying
        agent and agent bank agreement entered into on or about the Sixth Issuer
        Closing Date between the Sixth Issuer, the Principal Paying Agent, the
        Agent Bank, the US Paying Agent, the Registrar, the Transfer Agent and
        the Sixth Issuer Security Trustee in respect of the Sixth Issuer Notes
        (other than the Series 4 Class A2 Sixth Issuer Notes);

        "SIXTH ISSUER PAYING AGENT AND AGENT BANK AGREEMENTS" means the Sixth
        Issuer Paying Agent and Agent Bank Agreement and the Swiss Paying Agent
        and Agent Bank Agreement;

        "SIXTH ISSUER POST-ENFORCEMENT CALL OPTION AGREEMENT" means the
        post-enforcement call option agreement entered into on or about the
        Sixth Issuer Closing Date between the Sixth Issuer, the Post-Enforcement
        Call Option Holder and the Sixth Issuer Security Trustee;

        "SIXTH ISSUER POST-ENFORCEMENT PRIORITY OF PAYMENTS" means the order of
        priority of payments in which the Sixth Issuer Revenue Receipts and the
        Sixth Issuer Principal Receipts will be applied following the
        enforcement of the Sixth Issuer Security, as set out in Clause 6.4 of
        the Sixth Issuer Deed of Charge;

        "SIXTH ISSUER PRE-ENFORCEMENT PRINCIPAL PRIORITY OF PAYMENTS" means the
        order of priority of payments in which the Sixth Issuer Principal
        Receipts will be applied until enforcement of the Sixth Issuer Security
        and as set out in Schedule 2 to the Sixth Issuer Cash Management
        Agreement;

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                                       34

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        "SIXTH ISSUER PRE-ENFORCEMENT PRIORITY OF PAYMENTS" means the Sixth
        Issuer Pre-Enforcement Principal Priority of Payments and the Sixth
        Issuer Pre-Enforcement Revenue Priority of Payments;

        "SIXTH ISSUER PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS" means the
        order of priority of payments in which the Sixth Issuer Revenue Receipts
        will be applied until enforcement of the Sixth Issuer Security and as
        set out in Schedule 2 to the Sixth Issuer Cash Management Agreement;

        "SIXTH ISSUER PRINCIPAL RECEIPTS" means principal amounts repaid by
        Funding in respect of the Sixth Issuer Term Advances under the terms of
        the Sixth Issuer Intercompany Loan Agreement;

        "SIXTH ISSUER REVENUE RECEIPTS" means on an Interest Payment Date, an
        amount equal to the aggregate of:

        (a)     interest paid by Funding on the relevant Interest Payment Date
                in respect of the Sixth Issuer Term Advances under the terms of
                the Sixth Issuer Intercompany Loan Agreement;

        (b)     fees to be paid by Funding on the relevant Interest Payment Date
                under the terms of the Sixth Issuer Intercompany Loan Agreement;

        (c)     interest payable on the Sixth Issuer Bank Accounts and any
                Authorised Investments made with funds standing to the credit of
                the Sixth Issuer Bank Accounts which will be received on or
                before the relevant Interest Payment Date;

        (d)     other net income of the Sixth Issuer including amounts received
                or to be received under the Sixth Issuer Swap Agreements (but
                excluding, for the avoidance of doubt, Sixth Issuer Principal
                Receipts);

        (e)     if the Sixth Issuer receives any additional amount from a Sixth
                Issuer Swap Provider pursuant to Clause 2(d)(i)(4) of any Sixth
                Issuer Swap Agreement, and the Sixth Issuer subsequently
                receives a refund from the relevant taxing authority in respect
                of that additional amount (so that the Sixth Issuer receives a
                windfall) (for the purposes of this definition, a "REFUND
                PAYMENT"), an amount equal to that Refund Payment; and

        (f)     amounts available to be drawn under the Sixth Issuer Liquidity
                Facility on the relevant Interest Payment Date;

        "SIXTH ISSUER SECURED CREDITORS" means those parties to the Sixth Issuer
        Deed of Charge who have the benefit of the Sixth Issuer Security being
        the Sixth Issuer Security Trustee, the Currency Swap Providers, the Note
        Trustee, the Sixth Issuer Liquidity Facility Provider, the Sixth Issuer
        Account Banks, the Paying Agents, the Registrar, the Transfer Agent, the
        Agent Bank, the Sixth Issuer Corporate Services Provider and the Sixth
        Issuer Cash Manager;

        "SIXTH ISSUER SECURED OBLIGATIONS" means any and all of the moneys and
        liabilities which the Sixth Issuer covenants to pay or discharge under
        Clause 2 of the Sixth Issuer Deed of Charge and all other amounts owed
        by it to the Sixth Issuer Secured Creditors under and pursuant to the
        Transaction Documents;

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                                       35

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        "SIXTH ISSUER SECURITY" means the security granted by the Sixth Issuer
        under the Sixth Issuer Deed of Charge;

        "SIXTH ISSUER SECURITY TRUSTEE" means The Bank of New York or such other
        person or all other persons for the time being acting as the security
        trustee or security trustee pursuant to the Sixth Issuer Deed of Charge;

        "SIXTH ISSUER SERIES 1 TERM AA ADVANCE" means the sub-loan of the Sixth
        Issuer Term AA Advances in the amount of (pound)[21,000,000] and
        corresponding to the issue of the Series 1 Class B Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 1 TERM AAA ADVANCE" means the sub-loan of the Sixth
        Issuer Term AAA Advances in the amount of (pound)[638,000,000] and
        corresponding to the issue of the Series 1 Class A Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 1 TERM ADVANCES" means the Sixth Issuer Series 1
        Term AAA Advance, the Sixth Issuer Series 1 Term AA Advance and the
        Sixth Issuer Series 1 Term BBB Advance;

        "SIXTH ISSUER SERIES 1 TERM BBB ADVANCE" means the sub-loan of the Sixth
        Issuer Term BBB Advances in the amount of (pound)[36,000,000] and
        corresponding to the issue of the Series 1 Class C Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 2 TERM AA ADVANCE" means the sub-loan of the Sixth
        Issuer Term AA Advances in the amount of (pound)[26,000,000] and
        corresponding to the issue of the Series 2 Class B Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 2 TERM AAA ADVANCE" means the sub-loan of the Sixth
        Issuer Term AAA Advances in the amount of (pound)[798,000,000] and
        corresponding to the issue of the Series 2 Class A Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 2 TERM ADVANCES" means the Sixth Issuer Series 2
        Term AAA Advance, the Sixth Issuer Series 2 Term AA Advance and the
        Sixth Issuer Series 2 Term BBB Advance;

        "SIXTH ISSUER SERIES 2 TERM BBB ADVANCE" means the sub-loan of the Sixth
        Issuer Term BBB Advances in the amount of (pound)[45,000,000] and
        corresponding to the issue of the Series 2 Class C Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 3 TERM AA ADVANCE" means the sub-loan of the Sixth
        Issuer Term AA Advances in the amount of (pound)[25,000,000] and
        corresponding to the issue of the Series 3 Class B Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 3 TERM AAA ADVANCE" means the sub-loan of the Sixth
        Issuer Term AAA Advances in the amount of (pound)[752,000,000] and
        corresponding to the issue of the Series 3 Class A Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 3 TERM ADVANCES" means the Sixth Issuer Series 3
        Term AAA Advances, the Sixth Issuer Series 3 Term AA Advance and the
        Sixth Issuer Series 3 Term BBB Advance;

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                                       36

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        "SIXTH ISSUER SERIES 3 TERM BBB ADVANCE" means the sub-loan of the Sixth
        Issuer Term BBB Advance in the amount of (pound)[43,000,000] and
        corresponding to the issue of the Series 3 Class C Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 4 TERM AA ADVANCE" means the sub-loan of the Sixth
        Issuer Term AA Advances in the amount of (pound)[26,000,000] and
        corresponding to the issue of the Series 4 Class B Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 4 TERM AAA ADVANCES" means the Sixth Issuer Series
        4A1 Term AAA Advance and the Sixth Issuer Series 4A2 Term AAA Advance;

        "SIXTH ISSUER SERIES 4A1 TERM AAA ADVANCE" means the sub-loan of the
        Sixth Issuer Term AAA Advances in the amount of (pound)[479,000,000] and
        corresponding to the issue of the Series 4 Class A1 Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 4A2 TERM AAA ADVANCE" means the sub-loan of the
        Sixth Issuer Term AAA Advances in the amount of (pound)[299,000,000] and
        corresponding to the issue of the Series 4 Class A2 Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 4 TERM ADVANCES" means the Sixth Issuer Series 4
        Term AAA Advances, the Sixth Issuer Series 4 Term AA Advance and the
        Sixth Issuer Series 4 Term BBB Advance;

        "SIXTH ISSUER SERIES 4 TERM BBB ADVANCE" means the sub-loan of the Sixth
        Issuer Term BBB Advances in the amount of (pound)[44,000,000] and
        corresponding to the issue of the Series 4 Class C Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 5 TERM AA ADVANCE" means the sub-loan of the Sixth
        Issuer Term AA Advances in the amount of (pound)[25,000,000] and
        corresponding to the issue of the Series 5 Class B Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 5 TERM AAA ADVANCE" means the sub-loan of the Sixth
        Issuer Term AAA Advances in the amount of (pound)[750,000,000] and
        corresponding to the issue of the Series 5 Class A Sixth Issuer Notes;

        "SIXTH ISSUER SERIES 5 TERM ADVANCES" means the Sixth Issuer Series 5
        Term AAA Advance, the Sixth Issuer Series 5 Term AA Advance and the
        Sixth Issuer Series 5 Term BBB Advance;

        "SIXTH ISSUER SERIES 5 TERM BBB ADVANCE" means the sub-loan of the Sixth
        Issuer Term BBB Advances in the amount of (pound)[43,000,000] and
        corresponding to the issue of the Series 5 Class C Sixth Issuer Notes;

        "SIXTH ISSUER STERLING ACCOUNT" means the sterling account in the name
        of the Sixth Issuer (account number o, Holmes Financing (No. 6) PLC,
        reference o, sort code o) held with Abbey National plc;

        "SIXTH ISSUER STERLING ACCOUNT BANK" means Abbey National plc, situated
        at 21 Prescot Street, London E1 8AD;

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                                       37

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        "SIXTH ISSUER STERLING ACCOUNT MANDATE" means the mandate pursuant to
        which the Sixth Issuer Sterling Account has been established;

        "SIXTH ISSUER SWAP AGREEMENTS" means the Dollar Currency Swap
        Agreements, the Euro Currency Swap Agreements and the Swiss Franc
        Currency Swap Agreement;

        "SIXTH ISSUER SWAP PROVIDER DEFAULT" means the occurrence of an Event of
        Default (as defined in the Sixth Issuer Swap Agreements) where a Sixth
        Issuer Swap Provider is the Defaulting Party;

        "SIXTH ISSUER SWAP PROVIDERS" means the Dollar Currency Swap Providers,
        the Euro Currency Swap Provider and the Swiss Franc Currency Swap
        Provider or any of them as the context requires;

        "SIXTH ISSUER SWAPS" means the Dollar Currency Swaps, the Euro Currency
        Swaps and the Swiss Franc Currency Swap;

        "SIXTH ISSUER TERM AA ADVANCES" means the Sixth Issuer Series 1 Term AA
        Advance, the Sixth Issuer Series 2 Term AA Advance, the Sixth Issuer
        Series 3 Term AA Advance, the Sixth Issuer Series 4 Term AA Advance and
        the Sixth Issuer Series 5 Term AA Advance;

        "SIXTH ISSUER TERM AAA ADVANCES" means the Sixth Issuer Series 1 Term
        AAA Advance, the Sixth Issuer Series 2 Term AAA Advance, the Sixth
        Issuer Series 3 Term AAA Advance, the Sixth Issuer Series 4 Term AAA
        Advance and the Sixth Issuer Series 5 Term AAA Advance;

        "SIXTH ISSUER TERM ADVANCES" means the Sixth Issuer Term AAA Advances,
        the Sixth Issuer Term AA Advances and the Sixth Issuer Term BBB Advances
        together and, as the context may require, any New Term Advance;

        "SIXTH ISSUER TERM BBB ADVANCES" means the Sixth Issuer Series 1 Term
        BBB Advance, the Sixth Issuer Series 2 Term BBB Advance, the Sixth
        Issuer Series 3 Term BBB Advance, the Sixth Issuer Series 4 Term BBB
        Advance and the Sixth Issuer Series 5 Term BBB Advance;

        "SIXTH ISSUER TRANSACTION ACCOUNT BANKS" means the Sixth Issuer Sterling
        Account Bank and the Sixth Issuer Non-Sterling Account Bank;

        "SIXTH ISSUER TRANSACTION ACCOUNT MANDATES" means the Sixth Issuer
        Sterling Account Mandate and the Sixth Issuer Non-Sterling Account
        Mandate;

        "SIXTH ISSUER TRANSACTION ACCOUNTS" means the Sixth Issuer Sterling
        Account and the Sixth Issuer Non-Sterling Accounts (or such other
        accounts at such other banks as may become a Sixth Issuer Transaction
        Account in accordance with the Transaction Documents);

        "SIXTH ISSUER TRANSACTION DOCUMENTS" means those Transaction Documents
        to which the Sixth Issuer is a party, including the Sixth Issuer
        Intercompany Loan Agreement, the Sixth Issuer Trust Deed, the Sixth
        Issuer Paying Agent and Agent Bank Agreement, the Sixth Issuer Swiss
        Paying Agent and Agent Bank Agreement the Sixth Issuer Deed of Charge,
        the Sixth Issuer Cash Management Agreement, the Currency Swap
        Agreements, the Sixth Issuer Liquidity Facility Agreement, the Sixth
        Issuer Bank Account Agreement, the Sixth Issuer

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        Post-Enforcement Call Option Agreement, the Sixth Issuer Corporate
        Services Agreement and the Fifth Deed of Accession;

        "SIXTH ISSUER TRUST DEED" means the trust deed entered into on or about
        the Sixth Issuer Closing Date between the Sixth Issuer and the Note
        Trustee constituting the Sixth Issuer Notes;

        "SPECIFIED OFFICE" means as the context may require, in relation to any
        of the Agents, the office specified against the name of such Agent in
        the Sixth Issuer Paying Agent and Agent Bank Agreement or such other
        specified notice as may be notified to the Sixth Issuer and the Sixth
        Issuer Security Trustee pursuant to the Sixth Issuer Paying Agent and
        Agent Bank Agreement;

        "STERLING INTEREST DETERMINATION DATE" means the first day of the
        Interest Period for which the rate will apply;

        "SUBSCRIPTION AGREEMENTS" means (a) the Subscription Agreement relating
        to the sale of the Series 3 Sixth Issuer Notes and the sale of the
        Series 5 Sixth Issuer Notes dated ___, 2002 between the Sixth Issuer,
        Abbey National, Funding, the Mortgages Trustee and, as appropriate, the
        Managers; and (b) the Swiss Subscription Agreement;

        "SUCCESSOR AGENT" means any successor to any Agent who may be appointed
        by the Sixth Issuer under the Sixth Issuer Paying Agent and Agent Bank
        Agreement;

        "SUCCESSOR AGENT BANK" means any successor to the Agent Bank who may be
        appointed by the Sixth Issuer under the Sixth Issuer Paying Agent and
        Agent Bank Agreement;

        "SUCCESSOR PAYING AGENT" means any successor to any Paying Agent who may
        be appointed by the Sixth Issuer under the Sixth Issuer Paying Agent and
        Agent Bank Agreement;

        "SUCCESSOR PRINCIPAL PAYING AGENT" means any successor to the Principal
        Paying Agent who may be appointed by the Sixth Issuer under the Sixth
        Issuer Paying Agent and Agent Bank Agreement;

        "SUCCESSOR SWISS PAYING AGENT" means any successor to any Swiss Paying
        Agent who may be appointed by the Sixth Issuer under the Sixth Issuer
        Swiss Paying Agent and Agent Bank Agreement;

        "SUCCESSOR SWISS PRINCIPAL PAYING AGENT" means any successor to the
        Swiss Principal Paying Agent who may be appointed by the Sixth Issuer
        under the Sixth Issuer Swiss Paying Agent and Agent Bank Agreement;

        "SWISS FRANC CURRENCY SWAP" means the Sterling-Swiss Franc currency swap
        made under the Series 4 Class A2 Swiss Franc Currency Swap Agreement;

        "SWISS FRANC CURRENCY SWAP AGREEMENT" means the Series 4 Class A2 Swiss
        Franc Currency Swap Agreement;

        "SWISS FRANC CURRENCY SWAP PROVIDER" means ___;

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        "SWISS FRANC CURRENCY SWAP PROVIDER" means the occurrence of an Event of
        Default (as defined in the Currency Swap Agreements) where the Swiss
        Franc Currency Swap Provider is the Defaulting Party;

        "SWISS FRANC CURRENCY SWAP RATES" means the rates at which Swiss Francs
        are converted to Sterling or, as the case may be, Sterling is converted
        to Swiss Francs pursuant to the Series 4 Class A2 Swiss Franc Currency
        Swap Agreement, or, if there is no relevant Swiss Franc Currency Swap
        Agreement in effect at such time, the "SPOT" rate at which Swiss Francs
        are converted to Sterling or, as the case may be, Sterling is converted
        to Swiss Francs on the foreign exchange markets;

        "SWISS EXCHANGE" means the SWX Swiss Exchange;

        "SWISS FRANC INTEREST DETERMINATION DATE" means the first day of the
        Interest Period for which the rate will apply;

        "SWISS GLOBAL REG S SIXTH ISSUER NOTE" means the Series 4 Class A2
        Global Sixth Issuer Note;

        "SWISS MANAGERS" means UBS AG, acting through its business group UBS
        Warburg;

        "SWISS PAYING AGENT AND AGENT BANK AGREEMENT" means the agreement
        entered into on or about the Sixth Issuer Closing Date between the Sixth
        Issuer, the Swiss Principal Paying Agent, the Agent Bank, the Swiss
        Paying Agents and the Security Trustee which sets out the appointment of
        the Swiss Paying Agents, the Transfer Agent and the Agent Bank for the
        Series 4 Class A2 Sixth Issuer Notes;

        "SWISS PAYING AGENTS" means UBS AG,;

        "SWISS PRINCIPAL PAYING AGENT" means UBS AG;

        "SWISS PROSPECTUS" means the prospectus dated ___, 2002 in relation to
        the listing of the Series 4 Class A2 Sixth Issuer Notes on the Swiss
        Exchange;

        "SWISS REG S DEFINITIVE SIXTH ISSUER NOTES" means where Definitive Sixth
        Issuer Notes are issued, the Sixth Issuer Notes issued by the Sixth
        Issuer in exchange for beneficial represented by the Swiss Reg S Global
        Sixth Issuer Note;

        "SWISS REG S GLOBAL SIXTH ISSUER NOTE" means the Series 4 Class A2
        Global Sixth Issuer Note;

        "SWISS SUBSCRIPTION AGREEMENT" means the Subscription Agreement relating
        to the sale of the Series 4 Class A2 Sixth Issuer Notes dated ___, 2002
        between the Sixth Issuer, Abbey National, Funding, the Mortgages
        Trustee, ___, and the other Swiss Managers;

        "TAX PAYMENT" means a payment made by the Sixth Issuer to the Sixth
        Issuer Liquidity Facility Provider as per Clause 10.1 of the Sixth
        Issuer Liquidity Facility Agreement;

        "TERM ADVANCE RATE OF INTEREST" has the meaning given in Clause 6.2 of
        the Intercompany Loan Terms and Conditions;

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        "TERM ADVANCE RATING" means the designated ratings which corresponds to
        the ratings assigned on the Sixth Issuer Closing Date to the
        corresponding class of Sixth Issuer Notes, the proceeds of which are
        applied by the Sixth Issuer to make such Term Advance to Funding. Any
        subsequent changes made to the ratings of the Sixth Issuer Notes will
        not affect the Term Advance Ratings of the Term Advances;

        "TERMS AND CONDITIONS" has the same meaning as "CONDITIONS";

        "TRANSACTION" means the transaction contemplated by the Transaction
        Documents;

        "TRANSACTION DOCUMENT" or "RELEVANT DOCUMENT" means any of the following
        documents:

        (a)     the Subscription Agreement;

        (b)     the Underwriting Agreement;

        (c)     the Sixth Issuer Intercompany Loan Agreement;

        (d)     the Mortgages Trust Deed;

        (e)     the Abbey Deed and Power of Attorney in relation to the
                Mortgages Trust Deed;

        (f)     the Mortgage Sale Agreement;

        (g)     each Scottish Trust Deed;

        (h)     the Seller Power of Attorney;

        (i)     the Sixth Issuer Deed of Charge;

        (j)     the Sixth Issuer Power of Attorney;

        (k)     the Funding Deed of Charge;

        (l)     the Funding Power of Attorney;

        (m)     the Fifth Deed of Accession;

        (n)     the Funding Liquidity Facility Agreement;

        (o)     the Sixth Issuer Liquidity Facility Agreement;

        (p)     the Dollar Currency Swap Agreements;

        (q)     the Euro Currency Swap Agreements;

        (r)     the Swiss Franc Currency Swap Agreement;

        (s)     the Funding Swap Agreement;

        (t)     the Sixth Issuer Trust Deed;

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        (u)     the Sixth Issuer Paying Agent and Agent Bank Agreement;

        (v)     the Sixth Issuer Swiss Paying Agent and Agent Bank Agreement;

        (w)     the Amended and Restated Servicing Agreement;

        (x)     the Cash Management Agreement;

        (y)     the Sixth Issuer Cash Management Agreement;

        (z)     the Funding Guaranteed Investment Contract;

        (aa)    the Mortgages Trustee Guaranteed Investment Contract;

        (bb)    the Sixth Issuer Post-Enforcement Call Option Agreement;

        (cc)    the Bank Account Agreement;

        (dd)    the Sixth Issuer Bank Account Agreement;

        (ee)    the Corporate Services Agreement;

        (ff)    the Sixth Issuer Corporate Services Agreement; and

        (gg)    the Sixth Start-up Loan Agreement;

        "TRANSFER AGENT" means J.P. Morgan Bank Luxembourg S.A. in its capacity
        as the transfer agent appointed by the Sixth Issuer under the Sixth
        Issuer Paying Agent and Agent Bank Agreement to administer the transfer
        of Sixth Issuer Notes;

        "UNDERWRITING AGREEMENT" means the Underwriting Agreement relating to
        the sale of the Series 1 Sixth Issuer Notes the Series 2 Sixth Issuer
        Notes, and the Series 4 Sixth Issuer Notes, (other than the Series 4
        Class A2 Sixth Issuer Notes) dated o, 2002 between the Sixth Issuer,
        Funding, the Mortgages Trustee and, as applicable, Barclays Capital PLC
        and J.P. Morgan Securities Inc.;

        "US PAYING AGENT" means JPMorgan Chase Bank, New York Branch as paying
        agent in the United States of America; and

         "ZURICH BUSINESS DAY" means a day (other than a Saturday or Sunday) on
         which banks generally open for business in Zurich.

2.      INTERPRETATION AND CONSTRUCTION

2.1     Any reference in this Master Definitions and Construction Schedule or
        any Transaction Document to:

        "AFFILIATE" of any person shall be construed as a reference to the
        ultimate holding company of that person or an entity of which that
        person or its ultimate holding company (a) has direct or indirect
        control or (b) owns directly or indirectly more than fifty per cent.
        (50%) of the share capital or similar rights of ownership;

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        the "ASSETS" of any person shall be construed as a reference to the
        whole or any part of its business, undertakings, property, intellectual
        property, shares, securities, debts, accounts, revenues (including any
        right to receive revenues), goodwill, shareholdings and uncalled capital
        including premium whether now or hereafter acquired and any other assets
        whatsoever;

        "DIRECTION" or request of the holders of at least 25 per cent. in
        aggregate Principal Amount Outstanding of the Class A Sixth Issuer Notes
        shall mean:

        (a)     in relation to a matter which, in the opinion of the Note
                Trustee or, as the case may be, the Sixth Issuer Security
                Trustee, affects the interests of the holders of one class only
                of the Class A Sixth Issuer Notes, a single direction of the
                holders of at least 25 per cent. in aggregate Principal Amount
                Outstanding of such class of Class A Sixth Issuer Notes;

        (b)     in relation to a matter which, in the opinion of the Note
                Trustee or, as the case may be, the Sixth Issuer Security
                Trustee, affects the interests of the holders of any two or more
                classes of the Class A Sixth Issuer Notes but does not give rise
                to a conflict of interest between the holders of such two or
                more classes of the Class A Sixth Issuer Notes, a single
                direction of the holders of at least 25 per cent. in aggregate
                Principal Amount Outstanding of such two or more classes of the
                Class A Sixth Issuer Notes; and

        (c)     in relation to a matter which, in the opinion of the Note
                Trustee or, as the case may be, the Sixth Issuer Security
                Trustee, affects the interests of the holders of any two or more
                classes of the Class A Sixth Issuer Notes and gives or may give
                rise to conflict of interest between the holders of such two or
                more classes of the Class A Sixth Issuer Notes, separate
                directions of the holders of at least 25 per cent. in aggregate
                Principal Amount Outstanding of any two or more such classes of
                the Class A Sixth Issuer Notes;

        and, in the case of (b) above, where the relevant classes of the Class A
        Sixth Issuer Notes are not all in the same currency, the Principal
        Amount Outstanding of Class A Sixth Issuer Notes denominated in US
        dollars or euro shall be the equivalent in sterling at the currency Swap
        Rate;

        "DISPOSAL" shall be construed as any sale, lease, transfer, conveyance,
        assignment, assignation, licence, sub-licence or other disposal and
        "DISPOSE" shall be construed accordingly;

        a "GUARANTEE" means any guarantee, bond, indemnity, letter of credit,
        third party security or other legally binding assurance against
        financial loss granted by one person in respect of any indebtedness of
        another person, or any agreement to assume any indebtedness of any other
        person or to supply funds or to invest in any manner whatsoever in such
        other person by reason of, or otherwise in relation to, indebtedness of
        such other person;

        "HOLDING COMPANY" means a holding company within the meaning of Section
        736 of the Companies Act 1985;

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        "INDEBTEDNESS" shall be construed so as to include any obligation
        (whether incurred as principal or as surety) for the payment or
        repayment of money, whether present or future, actual or contingent;

        a "MONTH" is a reference to a period starting on one day in a calendar
        month and ending on the numerically corresponding day in the next
        calendar month save that, where any such period would otherwise end on a
        day which is not a Business Day, it shall end on the next Business Day,
        unless that day falls in the calendar month succeeding that in which it
        would otherwise have ended, in which case it shall end on the preceding
        Business Day Provided that, if a period starts on the last Business Day
        in a calendar month or if there is no numerically corresponding day in
        the month in which that period ends, that period shall end on the last
        Business Day in that later month (and references to "MONTHS" shall be
        construed accordingly);

        "PARTY" shall be construed as a party to a particular agreement, as the
        case may be;

        "SUBSIDIARY" means, (a) a subsidiary within the meaning of Section 736
        of the Companies Act 1985, and (b) unless the context requires
        otherwise, a subsidiary undertaking within the meaning of Section 258 of
        the Companies Act 1985;

        "TARGET BUSINESS DAY" means a day on which the Trans-European Automated
        Real-time Gross settlement Express transfer (TARGET) system is open;

        "VAT" means value added tax imposed by the United Kingdom as referred to
        in the Value Added Tax Act 1994 and legislation (whether delegated or
        otherwise) replacing the same or supplemental thereto or in any primary
        or subordinate legislation promulgated by the European Union or any
        official body or agency thereof, and any similar turnover tax replacing
        or introduced in addition to any of the same;

        a "WHOLLY-OWNED SUBSIDIARY" of a company or corporation shall be
        construed as a reference to any company or corporation which has no
        other members except that other company or corporation and that other
        company's or corporation's wholly-owned subsidiaries or persons acting
        on behalf of that other company or corporation or its wholly-owned
        subsidiaries; and

        the "WINDING-UP", "DISSOLUTION" or "ADMINISTRATION" of a company or
        corporation shall be construed so as to include any equivalent or
        analogous proceedings under the law of the jurisdiction in which such
        company or corporation is incorporated or any jurisdiction in which such
        company or corporation carries on business including the seeking of
        liquidation, winding-up, bankruptcy, reorganisation, dissolution,
        administration, arrangement, adjustment, protection or relief of
        debtors.

2.2     "(POUND)", "STERLING" or "POUNDS STERLING" denotes the lawful currency
        for the time being of the United Kingdom; "$", "US$", "DOLLAR" or "USD"
        denotes the lawful currency for the time being of the United States of
        America, "CHF" or "SWISS FRANCS" denotes the lawful currency for the
        time being of Switzerland and "(euro)", "EURO" or "EURO" denotes the
        single currency introduced at the start of the third stage of European
        Economic Monetary Union pursuant to the Treaty of Rome of 25th March,
        1957, as amended by, inter alia, the Single European Act of 1986 and the
        Treaty of European Union of 7th February, 1992 and the Treaty of
        Amsterdam of 2nd October 1997 establishing the European Community, as
        further amended from time to time.

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2.3     In this Sixth Issuer Master Definitions and Construction Schedule and in
        any of the Transaction Documents in which this Master Sixth Issuer
        Definitions Schedule is expressed to be incorporated or to which this
        Sixth Issuer Master Definitions and Construction Schedule is expressed
        to apply:

        (a)     words denoting the singular number only shall include the plural
                number also and vice versa;

        (b)     words denoting one gender only shall include the other genders;

        (c)     words denoting persons only shall include firms and corporations
                and vice versa;

        (d)     references to any statutory provision shall be deemed also to
                refer to any statutory modification or re-enactment thereof or
                any statutory instrument, order or regulation made thereunder or
                under any such re-enactment;

        (e)     references to any agreement or other document (including any of
                the Transaction Documents) shall be deemed also to refer to such
                agreement or document as amended, varied, supplemented or
                novated from time to time;

        (f)     clause, paragraph and schedule headings are for ease of
                reference only;

        (g)     reference to a statute shall be construed as a reference to such
                statute as the same may have been, or may from time to time be,
                amended or re-enacted to the extent such amendment or
                re-enactment is substantially to the same effect as such statute
                on the date hereof;

        (h)     reference to a time of day shall be construed as a reference to
                London time; and

        (i)     references to any person shall include references to his
                successors, transferees and assigns and any person deriving
                title under or through him.

2.4     Any definition that appears in the Sixth Issuer Agreements that does not
        appear in this Sixth Issuer Master Definitions and Construction
        Schedule, shall have the meaning given in the Master Definitions and
        Construction Schedule (as the same may be amended or varied from time to
        time), as the context so requires. In the event of a conflict between
        the definitions in the Sixth Issuer Master Definitions and Construction
        Schedule and the Master Definitions and Construction Schedule, the
        definitions in the Sixth Issuer Master Definitions and Construction
        Schedule shall prevail.

3.      GOVERNING LAW

        This Master Definitions and Construction Schedule is governed by, and
        shall be construed in accordance with, the laws of England, and the
        parties hereto irrevocably submit to the jurisdiction of the courts of
        England.

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                                       45

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                                   SIGNATORIES

Signed for the purposes of identification by         )
ALLEN & OVERY                                        )

Signed for the purposes of identification by         )
SLAUGHTER AND MAY                                    )

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