Document:

Exhibit
10.1

LIMITED
LIABILITY PARTNERSHIP

EXECUTION
COPY

22 November  2006

TURQUOISE FUNDING 1 LIMITED
 as Loan Note
Issuer

TURQUOISE RECEIVABLES TRUSTEE LIMITED
 as
Receivables Trustee

LAW DEBENTURE TRUST COMPANY OF NEW
YORK
 as Security Trustee

BEDELL TRUST COMPANY
LIMITED
 as Loan Note Registrar

HSBC BANK PLC

as Transferor, Transferor Beneficiary, Bank Account Operator and
Servicer

HSBC BANK PLC
 as Loan Note Issuer Account
Bank

	
				
	

SERIES 2006-2
LOAN NOTE SUPPLEMENT
 Supplemental to
the
SECURITY TRUST DEED
Dated 23 May
2006

	
				
	

CONTENTS

										
	Clause			 			Page
	1.			Interpretation					2	

	2.			Effect
of Series 2006-2 Loan Note
Supplement					4	

	3.			Loan Note
Issuer Bank
Accounts					5	

	4.			Provisions
Supplemental to Security Trust
Deed					6	

	5.			Provision of
Reports					11	

	6.			Agreement of
the Secured Creditors and Security
Trustee					11	

	7.			Covenants of
the Loan Note
Issuer					11	

	8.			Governing Law
and
Jurisdiction					13	

	9.			Severability
of Provisions					13	

	10.			No
Waiver; Cumulative
Remedies					13	

	11.			Counterparts					13	

	Schedule
1			Terms and Conditions of the Series 2006-2 Loan
Note					14	

	Schedule
2			Addition To Clause 7 (Loan Note Issuer Bank Accounts
and Application of Monies) of the Security Trust
Deed					29	

	Schedule
3			Notice Of Assignment (for the Purposes of the Security
Interests (Jersey) Law 1983, as Amended (the Jersey Security Interests
Law))					32	

	Schedule
4			Form of Series 2006-2 Loan
Note					35	

	Schedule
5			Form of
Transfer					37	

	

Table of Contents

THIS
SERIES 2006-2 LOAN NOTE SUPPLEMENT is made as a deed in Jersey on
22 November
2006

BETWEEN:

		
	(1) 	TURQUOISE
FUNDING 1 LIMITED, a private limited liability company incorporated
in Jersey, Channel Islands with registered number 92327, whose
registered office is at 26 New Street, St Helier, Jersey
(the ‘‘Loan Note
Issuer’’);

		
	(2) 	TURQUOISE
RECEIVABLES TRUSTEE LIMITED, a private limited liability company
incorporated in Jersey, Channel Islands with registered number 92324,
whose registered office is at 26 New Street, St Helier, Jersey (in its
capacity as ‘‘ Receivables
Trustee’’);

		
	(3) 	LAW DEBENTURE TRUST COMPANY OF NEW
YORK, acting through its New York branch whose principal place of
business is at 767 Third Avenue, New York, New York 10017 (in its
capacity as trustee for and on behalf of the Secured Creditors, the
‘‘Security Trustee’’ which
expression shall include such company and all other persons or
companies for the time being acting as the trustee or trustees under
the Security Trust Deed);

		
	(4) 	BEDELL TRUST COMPANY LIMITED,
whose registered office is at 26 New Street St Helier Jersey JE2 3RA,
Channel Islands (in its capacity as Loan Note Registrar of the Loan
Note, the ‘‘Loan Note
Registrar’’ which expression shall include such
company and all other persons or companies for the time being acting as
the Loan Note Registrar);

		
	(5) 	HSBC
BANK PLC, a public limited company registered in England and Wales
under registered number 14259, whose registered office is at 8 Canada
Square, London E14 5HQ (in its capacity as
‘‘Transferor’’, the
‘‘Bank Account Operator’’
and for the purposes of Clause 4 ‘‘Transferor
Beneficiary’’, and
‘‘Servicer’’;
and

		
	(6) 	HSBC BANK PLC, a public
limited company registered in England and Wales under registered number
14259, whose registered office is at 8 Canada Square, London E14 5HQ,
acting through its Jersey Branch at PO Box 14, 8 Library Place, St
Helier, Jersey, JE4 8NJ (in its capacity as ‘‘Loan
Note Issuer Account
Bank’’).

WHEREAS

		
	(A) 	The
Loan Note Issuer has established a programme for the issuance of
limited recourse loan notes pursuant to the terms of the Security Trust
Deed.

		
	(B) 	The Loan Note Issuer now
intends to issue a Series Loan Note in accordance with Clauses 6.3 and
6.4 of the Security Trust Deed, in the manner and in the amount set out
herein.

		
	(C) 	The Receivables Trustee,
the Security Trustee, the Loan Note Issuer, the Loan Note Registrar and
the Transferor intend to supplement and vary the Security Trust Deed in
the manner and to the extent set out herein with the intention that
this Deed is supplemental to the Security Trust
Deed.

		
	(D) 	It is intended by the
parties hereto that, following the completion of the transactions
contemplated by this Series 2006-2 Loan Note Supplement, Turquoise Card
Backed Securities plc will become a Secured Creditor of the Security
Trust in respect of the Secured Property, as supplemented and varied in
accordance with the provisions hereof and that the Loan Note issued in
accordance with the provisions hereof will constitute or form part of a
Series for the purposes of the Security Trust Deed, such Series to be
referred to as ‘‘Series
2006-2’’ and such Loan Note to be referred to as
the ‘‘Series 2006-2 Loan
Note’’.

NOW IT IS HEREBY AGREED as
follows:

		
	1. 	INTERPRETATION

		
	1.1 	Defined
Terms

			
		1.1.1 	Subject to Clause
1.1.3, terms defined in the Master Definitions Schedule set out in
Schedule 6 of the Receivables Trust Deed and Servicing Agreement dated
23 May  2006 

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made between, inter alios, the Loan
Note Issuer, the Receivables Trustee and the Transferor, as the same
may be amended varied or supplemented from time to time, (the
‘‘Master Definitions
Schedule’’), the Security Trust Deed and in the
Schedules attached thereto (including, without limitation, the
Conditions for the Loan Note) shall have the same meanings when used in
this Series 2006-2 Loan Note Supplement, the Schedules attached hereto
and the recitals hereto unless the context requires
otherwise.

			
		1.1.2 	Subject to Clause
1.1.3, terms defined in this Deed or in the Schedules attached hereto
(including, without limitation, the Conditions for the Series 2006-2
Loan Note) shall, unless the context otherwise requires, have the same
meaning throughout this Deed and the Schedules attached
hereto.

			
		1.1.3 	Notwithstanding Clauses
1.1.1 and 1.1.2, in the event that any term or provision contained in
this Deed or in the Schedules attached hereto shall conflict with or be
inconsistent with any provision contained in the Security Trust Deed or
the terms of the Master Definitions Schedule, the terms and provisions
contained herein or in the Schedules shall prevail with respect to
Series 2006-2 only and to the extent that there is any inconsistency
with any provision contained herein or in the Schedules the provisions
herein shall prevail.

		
	1.2 	In this
Series 2006-2 Loan Note
Supplement:

‘‘Conditions’’
means the terms and conditions of the Loan Note in respect of Series
2006-2 set out in Schedule
1;

‘‘Closing
Date’’ means 22 November
2006;

this
‘‘Deed’’ means this Series
2006-2 Loan Note Supplement as the same may be amended, varied, novated
or supplemented from time to
time;

‘‘Dealer
Agreement’’ means the dealer agreement entered
into between, amongst others the Loan Note Issuer, the Issuer, the
Receivables Trustee and the Transferor on 23 May  2006 and
amended and restated on 26 October
2006.

‘‘Jersey Security Interests
Law’’ means The Security Interests (Jersey) Law
1983, as amended;

‘‘Loan Note
Issuer Account’’ means the Series 2006-2 Loan
Note Issuer Distribution
Account;

‘‘Loan Note Issuer Account
Bank’’ means HSBC Bank plc, acting through its
Jersey Branch located at PO Box 14, 8 Library Place, St Helier, Jersey,
JE4 8NJ, or any other Qualified Institution at which such Series 2006-2
Loan Note Issuer Accounts are maintained from time to time pursuant to
the Loan Note Issuer Account Bank
Agreement;

‘‘Loan Note Issuer
Account Bank Agreement’’ means the Loan Note
Issuer Account Bank Agreement dated 23 May  2006 between, the
Loan Note Issuer, the Loan Note Issuer Account Bank and the Security
Trustee as the same may be amended, novated, or supplemented from time
to time;

‘‘Loan Note Issuer
Corporate Services Agreement’’ means the
corporate services agreement dated 23 May  2006 between the Loan
Note Issuer, HSBC Bank plc and Bedell Trust Company Limited;

‘‘Loan Note Issuer Series 2006-2 Trust
Property’’ has the meaning defined in
Clause 4.2;

‘‘Monthly
Expenses Loan Amount’’ means an amount equal to
any monthly interest accrual and any scheduled principal payment due
and repayable (including any amount still outstanding in respect of any
previous Distribution Dates) on any related Series Expenses Loan
Drawing;

‘‘Note Trust
Deed’’ means the deed entered into between the
Issuer and the Note Trustee on 23 May  2006 and
‘‘Note Trust Deed
Supplement’’ means the relevant supplement
thereto;

‘‘Register’’
means the register for the Series 2006-2 Loan Note Holder maintained by
the Loan Note
Registrar;

‘‘Registered
Holder’’ means the person specified as the
Registered Holder of the Series 2006-2 Loan Note in the Register at the
relevant time;

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‘‘Security
Trust’’ means the security trust in relation to
Series 2006-2 settled on the Security Trustee and created for the
benefit inter alios of the holder of Series 2006-2 Loan
Note;

‘‘Secured
Creditors’’ means those parties listed in Clause
4.1(ii) below;

‘‘Series 2006-2
Jersey Security Interest’’ means the security
interest created pursuant to Clause 4.4 of this Deed in accordance with
the requirements of the Jersey Security Interests Law;

‘‘Series 2006-2 Loan Note
Holder’’ means Turquoise Card Backed Securities
plc, or any transferee permitted hereunder (including, without
limitation, the Note
Trustee);

‘‘Series 2006-2 Loan Note
Issuer Distribution Account’’ means the account
of the Loan Note Issuer held with the Loan Note Issuer Account Bank
titled as the ‘‘Turquoise Funding 1 Limited
– Distribution Account – Series
2006-2’’ with sort code 40-25-34 and account number
60211142;

‘‘Series 2006-2 Loan Note
Issuer Jersey Secured Property’’ means, in
relation to the Loan Note
Issuer:

			
		(a) 	to the extent they
constitute Jersey Assets, all its right, title, interest and benefit
present and future in, to and under the Receivables Trust as an
Investor Beneficiary thereof as provided for in the Series 2006-2 Trust
Supplement and in the Receivables Trust Deed and Servicing Agreement in
respect of Series 2006-2 (and all rights and interest arising in
respect thereof), including, without limitation, the Investor
Certificate, all supplements and accretions thereto, all rights to
receive payment of any amounts which may become payable thereunder and
all payments received by the Loan Note Issuer thereunder and all items
expressed to be held on trust for the Loan Note Issuer thereunder or
comprised therein, all rights to serve notices or give consents and
directions to make demands thereunder or take such steps as are
required to cause payments to become due and payable thereunder and all
rights of actions in respect of any breach thereof and all rights to
receive damages or obtain other relief in respect thereof;
and

			
		(b) 	to the extent it constitutes
a Jersey Asset, all its right, title, interest and benefit in and to
the Series 2006-2 Loan Note Issuer Distributions Account including
(without limitation) its right to call for and require payment of all
sums at any time standing to the credit
thereof;

‘‘Series 2006-2 Scheduled
Redemption Date’’ means 15 October
2009;

‘‘Series 2006-2 Trust
Supplement’’ means the supplement to the
Receivables Trust Deed and Servicing Agreement dated the date hereof,
identified by series number
2006-2;

‘‘Series Expenses Loan
Drawing’’ means the drawing made by the Issuer in
respect of Series 2006-2 under the terms of the Expenses Loan Agreement
dated 23 May  2006 between HSBC Bank plc, Turquoise Card Backed
Securities plc and Law Debenture Trust Company of New York,
and

‘‘Subscription
Agreement’’ means the subscription agreement
dated on 15 November  2006 between, inter alios, the Loan
Note Issuer, the Issuer, the Receivables Trustee and the
Transferor.

		
	2. 	EFFECT OF SERIES
2006-2 LOAN NOTE
SUPPLEMENT

		
	2.1 	Issue of Series
2006-2 Loan
Note

Upon:

			
		(i) 	the
making by the Series 2006-2 Loan Note Holder of the advance and the
payment referred to in Clause
2.2;

			
		(ii) 	the issue of a duly
executed Series 2006-2 Loan Note to the Series 2006-2 Loan Note Holder
and the transfer of such Series 2006-2 Loan Note by way of security to
Law Debenture Trust Company of New York in its capacity as note trustee
(the ‘‘Note Trustee’’) under
the Note Trust Deed as supplemented by the relevant Note Trust Deed
Supplement relating to the corresponding series of Notes issued by the
Series 2006-2 Loan Note Holder or a nominee of the Note Trustee;
and

			
		(iii) 	the Loan Note Issuer (or
the Loan Note Registrar on its behalf) making the appropriate entries
in the Loan Note Register in respect of the issuance of the Series
2006-2 Loan Note to the Series 2006-2 Loan Note Holder and its transfer
to the Note Trustee or a nominee of the Note Trustee,

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the Series 2006-2 Loan Note Holder
shall, prior to the service of a Loan Note Enforcement Notice or as the
case may be, in accordance with the provisions of Clause 6.1 of the
Note Trust Deed and notwithstanding any other provisions of the
Security Trust Deed as supplemented by this Series 2006-2 Loan Note
Supplement or the Note Trust Deed as supplemented by the relevant Note
Trust Deed Supplement, be treated for all purposes under the Security
Trust Deed, as supplemented by this Series 2006-2 Loan Note Supplement,
as:

			
		(1) 	a Loan Note Holder in
respect of Series 2006-2 in respect of the benefit and entitlements
conferred on the Series 2006-2 Loan Note Holder as Loan Note Holder of
the Series 2006-2 Loan Note excluding the entitlement to receive any
payments of amounts due under such Series 2006-2 Loan Note which at all
times shall be vested in the Registered Holder of the Series 2006-2
Loan Note, and in any case where the Registered Holder is the Note
Trustee's nominee on the basis that it is held on behalf of the
Note Trustee; and

			
		(2) 	a Secured
Creditor under the Security Trust Deed in respect of Series 2006-2 in
accordance with the Security Trust Deed,

and as such
shall be beneficially entitled to a security interest in the assets
comprising the security for the Series 2006-2 Loan Note, such security
created as security for the Secured
Obligations.

		
	2.2 	Deposit of Series
2006-2 Loan Note Proceeds

In order for the issue,
execution and delivery of the Series 2006-2 Loan Note referred to in
Clause 2.1 to be effected, the Series 2006-2 Loan Note Holder shall
deposit the subscription monies for the Series 2006-2 Loan Note in
favour of the Loan Note Issuer in such account as specified or directed
by the Loan Note Issuer for value on the Closing
Date.

		
	2.3 	Exercise of
Rights

For the purposes of the Security Trust Deed
and this Series 2006-2 Loan Note Supplement all rights, obligations and
duties of the Series 2006-2 Loan Note Holder shall be exercised at its
discretion prior to the occurrence of a Loan Note Event of Default in
respect of Series 2006-2 and, after the occurrence of a Loan Note Event
of Default in respect of Series 2006-2, (unless such has been remedied
or waived to the satisfaction of the Security Trustee acting on the
direction of the Note Trustee) by the Note
Trustee.

		
	2.4 	Form of Loan
Note

The Loan Note in respect of Series 2006-2 shall
be substantially in the form of Schedule
4.

		
	3. 	LOAN NOTE ISSUER BANK
ACCOUNTS 

		
	3.1 	Series
2006-2 Loan Note Issuer Distribution
Account

			
		3.1.1 	The Loan Note
Issuer will, with the consent of the Security Trustee (as evidenced by
the execution of this Series 2006-2 Loan Note Supplement), open the
Series 2006-2 Loan Note Issuer Distribution Account, such account to be
operated and maintained by the Loan Note Issuer Account Bank on behalf
of the Loan Note Issuer in respect of Series 2006-2 in accordance with
the provisions of this Series 2006-2 Loan Note Supplement and the Loan
Note Issuer Account Bank Agreement and applicable
mandate.

			
		3.1.2 	The Loan Note Issuer
shall establish and maintain the ledgers required for its operations
and shall at all times maintain accurate records reflecting each
transaction in the Series 2006-2 Loan Note Issuer Distribution Account,
and shall debit and credit the relevant ledgers
accordingly.

			
		3.1.3 	The Loan Note
Issuer shall establish a ledger on the Series 2006-2 Loan Note
Distribution Account identified as the ‘‘Series
2006-2 Loan Note Issuer Profit
Ledger’’.

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	3.2 	Replacement
of Loan Note Issuer Account Bank

If at any time the
Loan Note Issuer Account Bank has notified the Loan Note Issuer and the
Security Trustee that it has ceased to be a Qualified Institution (in
accordance with the provisions of the Loan Note Issuer Account Bank
Agreement) the Loan Note Issuer shall, or, after service of an Loan
Note Enforcement Notice, the Security Trustee shall, subject to such
matters being reasonably practicable and to it being indemnified and/or
secured to its satisfaction, become entitled to direct the Loan Note
Issuer, within 10 Business Days of being so notified by the Loan Note
Issuer Account Bank to establish a new Series 2006-2 Loan Note Issuer
Distribution Account meeting the conditions originally specified with
respect to such Series 2006-2 Loan Note Issuer Distribution Account
with a Qualified Institution which shall become the new Loan Note
Issuer Account Bank under the terms of the Loan Note Issuer Account
Bank Agreement, and shall transfer any cash or any investments standing
to the credit of the existing Series 2006-2 Loan Note Issuer
Distribution Account to the new Series 2006-2 Loan Note Issuer
Distribution Account. If the Loan Note Issuer shall fail to establish
the new Series 2006-2 Loan Note Issuer Distribution Account as required
by this Clause 3.2, the Security Trustee shall (subject to such matters
being reasonably practicable and to it being indemnified and/or secured
to its satisfaction) be entitled to establish the new Series 2006-2
Loan Note Issuer Distribution Account itself and to make such transfers
on behalf of the Loan Note Issuer, and the Security Trustee is hereby
irrevocably authorised and empowered for such purpose to execute and
deliver on behalf of the Loan Note Issuer, by way of security as its
attorney, all documents, records and other instruments upon the failure
of the Loan Note Issuer to execute or deliver such documents, records
or instruments, and to do and to accomplish all other acts or things
necessary or appropriate to effect such establishment and transfers,
and the Loan Note Issuer hereby agrees to confirm and ratify all such
acts.

		
	4. 	PROVISIONS
SUPPLEMENTAL TO SECURITY TRUST
DEED 

		
	4.1 	Provisions
varying and supplementing Security Trust Deed

The
Security Trust Deed shall be supplemented and varied in the manner and
to the extent set out below and shall from the Closing Date be read and
construed for all purposes as supplemented and varied as set out in
Schedule 2 and the security trust in respect of Series 2006-2 shall be
constituted in accordance with the provisions of the Security Trust
Deed as supplemented by this Series 2006-2 Loan Note
Supplement:

			
		(i) 	Clause 1 of the
Security Trust Deed shall be supplemented and varied with respect to
Series 2006-2 by the addition of the definitions set out in Clause 1.2
above and in the Conditions for the Loan Note as contained in Schedule
1. In the event that any term or provision contained herein and in the
Conditions for the Loan Note as contained in Schedule 1 shall conflict
with or be inconsistent with any provision contained in the Security
Trust Deed, the terms and provisions of this Series 2006-2 Loan Note
Supplement and the Conditions for the Loan Note as contained in
Schedule 1 shall prevail. All clause or sub-clause references in
Schedules 1, 2 and 3 shall be to the relevant clause or sub-clauses of
the Security Trust Deed, except as otherwise provided in such
Schedules. All capitalised terms used in Schedules 1, 2 and 3 which are
not otherwise defined therein are defined in the Master Definitions
Schedule. Each capitalised term defined in Schedules 1, 2 and 3 shall
relate only to Series 2006-2 and no other Series of Loan
Note;

			
		(ii) 	for the purposes of
Clause 5.4.1 of the Security Trust Deed, the Series 2006-2 Loan Note
Holder, the Security Trustee, any Receiver or other appointee of the
Security Trustee in respect of the Security relating to Series 2006-2
shall be ‘‘Secured
Creditors’’ for the purposes of the security
created pursuant to this Series 2006-2 Loan Note Supplement in respect
of the Loan Note Issuer obligations under the Series 2006-2 Loan Note;
and

			
		(iii) 	Clause 7.1 of the Security
Trust Deed and Clause 2 of this Series 2006-2 Loan Note Supplement
shall together incorporate the additional provisions set out in
Schedule 2. Clauses 7.2 to 7.4 (inclusive) of the Security Trust Deed
shall be read in their entirety as supplemented by the additional
provisions set out in Schedule 2.

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	4.2 	Security
Assignment in respect of Series 2006-2 Loan Note

As
continuing security for the payment or discharge of the Secured
Obligations (as such term is defined in Clause 1.2 of the Security
Trust Deed), save to the extent that they constitute Jersey Assets, and
subject to Clause 4.12 below, the Loan Note Issuer with full title
guarantee, in favour of the Security Trustee for itself and on trust
for the Secured Creditors in respect of Series
2006-2:

			
		(i) 	assigns absolutely all
its right, title and interest, both legal and beneficial, (and all
rights and interests arising in respect thereof) in the Receivables
Trust as an Investor Beneficiary thereof as provided for in the Series
2006-2 Trust Supplement and in the Receivables Trust Deed and Servicing
Agreement in respect of Series 2006-2 (the ‘‘Loan
Note Issuer Series 2006-2 Trust
Property’’);

			
		(ii) 	assigns
absolutely all its right, title, interest and benefit present and
future in any agreement relating solely to Series 2006-2 which the Loan
Note Issuer is, or may at any time be expressed to have the benefit of
and to any other agreement or document relating to Series 2006-2 (other
than for the avoidance of doubt the Receivables Trust Deed and
Servicing Agreement, as supplemented by the Series 2006-2 Trust
Supplement, the Loan Note Issuer Corporate Services Agreement, the
Dealer Agreement and the Subscription Agreement) which the Loan Note
Issuer is or may at any time be, expressed to have the benefit of or to
have any rights under or to have any other interest in unless otherwise
charged or secured by way of security under this Clause 4.2,
(including, without limitation, all supplements and accretions thereto,
all rights to receive payment of any amounts which may become payable
thereunder and all payments received by the Loan Note Issuer thereunder
and all items expressed to be held on trust for the Loan Note Issuer
thereunder or comprised therein, all rights to serve notices or give
consents and directions or make demands thereunder or take such steps
as are required to cause payments to become due and payable thereunder
and all rights of actions in respect of any breach thereof and all
rights to receive damages or obtain other relief in respect
thereof);

			
		(iii) 	charges by way of
first fixed charge all its right, title, interest and benefit present
and future in and to the Series 2006-2 Loan Note Issuer Distribution
Account and to any Additional Loan Note Issuer Accounts for Series
2006-2 (as such term is defined in Clause 7.1 of the Security Trust
Deed, which may at any time be opened in accordance with Clause 7.1 of
the Security Trust Deed) and in and to which all sums of money which
may now or hereafter from time to time be credited to the Series 2006-2
Loan Note Issuer Distribution Account or in respect of any amounts
representing or derived from the Loan Note Issuer Series 2006-2 Trust
Property to any bank or other accounts in which the Loan Note Issuer
may at any time in relation to Series 2006-2 have or acquire any right,
title, interest or benefit together with all interest accruing from
time to time thereon and the debts represented thereby and all its
right, title, interest and benefit present and future therein;
and

			
		(iv) 	charges by way of first
fixed charge all of the Loan Note Issuer's rights in and to the
Permitted Investments in respect of Series 2006-2 and any payment due
in respect thereof and the debts represented
thereby,

and for the purposes of perfection and in
connection with the creation of the security interests pursuant hereto
the Loan Note Issuer agrees to give such notices of assignment to
perfect the security interests as may from time to time be deemed
necessary.

		
	4.3 	Notice of
Assignment

The Loan Note Issuer hereby gives notice
to the Receivables Trustee, the Transferor Beneficiary, the Transferor,
the Loan Note Issuer Account Bank, the Bank Account Operator, and the
Servicer, (each a ‘‘ Notified
Party’’) of the assignment by way of security
made by the Loan Note Issuer to the Security Trustee on trust (for
itself and the other Secured Creditors in respect of Series 2006-2)
under Clause 4.2, which notice each Notified Party acknowledges by
execution of this Series 2006-2 Loan Note
Supplement.

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	4.4 	Series
2006-2 Loan Note Issuer Jersey Secured Property

The
Loan Note Issuer by way of first fixed security for payment and
discharge of the Secured Obligations, as beneficial owner thereof
hereby assigns to the Security Trustee (for itself and on
trust for the other Secured Creditors in respect of Series 2006-2) the
Series 2006-2 Loan Note Issuer Jersey Secured Property in
order to create a security interest or interests therein pursuant to
Article 2(6) of the Jersey Security Interests Law as a continuing
security for discharge of the Secured Obligations. The Loan
Note Issuer covenants to join the Security Trustee in giving notice of
assignment forthwith upon demand to each party, not a party hereto,
from whom the Loan Note Issuer is entitled to claim the Series 2006-2
Loan Note Issuer Jersey Secured Property and to procure the
acknowledgement of such parties thereto, such notice and
acknowledgement to be substantially in the form set out in Schedule 3.
If at any time the Series 2006-2 Loan Note Issuer Distribution Account
is moved to a new Operating Bank, the Loan Note Issuer shall procure
that notice substantially in the form of Schedule 3 is served on such
Operating Bank and acknowledgement thereof
received.

		
	4.5 	Jersey Security
Interests Law

For the purposes of Article 3 of the
Jersey Security Interests Law and for the avoidance of doubt, it is
hereby agreed as follows:

			
		4.5.1 	the
debtor in respect of the creation of the Series 2006-2 Jersey Security
Interest is the Loan Note
Issuer;

			
		4.5.2 	the secured parties in
respect of the creation of the Series 2006-2 Jersey Security Interest
are the Security Trustee and the Secured Creditors, provided however
that all rights in connection therewith are to be exercised on their
behalf by the Security Trustee in accordance with the terms of this
Loan Note Supplement, the Security Trust Deed and the Jersey Security
Interests Law;

			
		4.5.3 	the collateral
in respect of which the Series 2006-2 Jersey Security Interest is
created comprises the Series 2006-2 Loan Note Issuer Jersey Secured
Property;

			
		4.5.4 	the events of
default in respect of he Series 2006-2 Jersey Security Interest are the
events set out in Condition 9 of the Loan Note Conditions under the
heading ‘‘Loan Note Events of
Default’’;

			
		4.5.5 	the
obligations in respect of which the Series 2006-2 Jersey Security
Interest is created comprise the Secured Obligations;
and

			
		4.5.6 	the Loan Note Issuer and
the Security Trustee hereby give notice to the parties hereto from whom
the Loan Note Issuer would have been entitled to claim the Series
2006-2 Loan Note Issuer Jersey Secured Property, for the purposes of
Article 2(8) of the Jersey Security Interests Law, of the creation of
the Series 2006-2 Jersey Security Interest by way of assignment of the
Series 2006-2 Loan Note Issuer Jersey Secured Property. Each of the
parties hereto from whom the Loan Note Issuer would have been entitled
to claim the Series 2006-2 Loan Note Issuer Jersey Secured Property
hereby, by execution of this Loan Note
Supplement:

			
		(a) 	acknowledges receipt
of such notice;

			
		(b) 	other than as
set out in the relevant documents to which it and the Loan Note Issuer
are party, confirms that it does not have, and will not make or
exercise, any claims or demands, any rights of counterclaim, rights of
set off or any other rights against the Issuer in respect of the Series
2006-2 Loan Note Issuer Jersey Secured Property or any part thereof;
and has not, as of the date hereof, received any notice that any third
party has or will have any right or interest whatsoever in or has made
or will be making any claim or demand or taking any action whatsoever
against the Series 2006-2 Loan Note Issuer Jersey Secured Property or
any part thereof, and

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		(c) 	undertakes
in the event that it becomes aware at any time that any person or
entity other than the Security Trustee (as trustee for the Secured
Creditors) has or will have any right or interest whatsoever against
the Series 2006-2 Loan Note Issuer Jersey Secured Property or any part
thereof, it will immediately give written notice of any of the terms of
such right or interest, claim or demand or action to both the Security
Trustee and the Loan Note
Issuer.

		
	4.6 	Loan Note Issuer
– Power of Attorney

For the avoidance of
doubt, the power of attorney granted by the Loan Note Issuer under
clause 9.11 of the Security Trust Deed is granted in respect of the
security created by this Clause 4, inter alia,
pursuant to Article 5 of the Powers of Attorney (Jersey) Law 1995 for
the purposes of facilitating the Security Trustee's powers
hereunder and under the Jersey Security Interests Law in respect of the
Series 2006-2 Jersey Security
Interest.

		
	4.7 	Payments to Loan Note
Issuer

Notwithstanding the charges and securities
created by or pursuant to this Series 2006-2 Loan Note
Supplement, the Security Trustee acknowledges that, until the service
of an Loan Note Enforcement Notice, payments becoming due to the Loan
Note Issuer by the Receivables Trustee as provided by the Receivables
Trust Deed and Servicing Agreement and the Series 2006-2 Trust
Supplement, together with all other monies payable to the Loan Note
Issuer in connection with Series 2006-2 pursuant to any other documents
or arrangements to which it is a party, may (in any case) be made to
the Loan Note Issuer in accordance with the provisions of the
Receivables Trust Deed and Servicing Agreement and the Series 2006-2
Trust Supplement or (as the case may be) the documents or arrangements
concerned, and the Loan Note Issuer may exercise its rights, powers and
discretions and perform its obligations in relation to the Secured
Property and under the Relevant Documents in accordance with the
provisions of the Relevant Documents or (as the case may be) such other
documents or arrangements provided that in so doing it does not
prejudice the security created hereunder in favour of the Security
Trustee.

		
	4.8 	Withdrawals from Loan
Note Issuer Account

Notwithstanding the security
created by or pursuant to this Series 2006-2 Loan Note Supplement and
the Security Trust Deed, prior to the service of a Loan Note
Enforcement Notice, amounts standing to the credit of the Series 2006-2
Loan Note Issuer Distribution Account or any Additional Loan Note
Issuer Accounts for Series 2006-2 from time to time may be withdrawn
therefrom by the Loan Note Issuer but only in accordance with the
applicable provisions of the Relevant Documents, including (without
limitation) the terms
hereof.

		
	4.9 	Enforcement

Subject,
in the case of the Series 2006-2 Loan Note Issuer Jersey Secured
Property, to the Jersey Security Interests Law, from and including the
time when either the Loan Note in respect of this Series 2006-2 has
become immediately due and payable in accordance with the Conditions
and the Security Trustee has been directed or requested pursuant to
Clause 8.4 of the Security Trust Deed or from the time when a Receiver
has been appointed pursuant to Clause 8.1 of the Security Trust
Deed:

			
		(i) 	the Security created
pursuant to this Series 2006-2 Loan Note Supplement shall become
enforceable and, subject to the Security Trustee being indemnified
and/or secured to its satisfaction, the Security Trustee may enforce
any rights it may have in respect of the Secured Property including
without limitation, accelerating the Loan Note (but shall not be
obliged to do so unless so indemnified and/or secured and so directed
or requested pursuant to Clause 8.4 of the Security Trust Deed);
and

			
		(ii) 	no amount may be withdrawn
from the Series 2006-2 Loan Note Issuer Distribution Account by the
Loan Note Issuer or on its behalf without the prior written consent of
the Security Trustee.

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	4.10 	Action
Upon Enforcement

Subject, in the case of the Series
2006-2 Loan Note Issuer Jersey Secured Property to the Jersey Security
Interests Law, at any time after a Loan Note Event of Default for
Series 2006-2 has occurred (which has not been waived by the Security
Trustee or remedied to its satisfaction) or the Series 2006-2 Loan Note
shall otherwise have become due and repayable or the Security Trustee
shall have received any money which it proposes to pay to the Series
2006-2 Loan Note Holder, the Security Trustee
may:

			
		4.10.1 	by notice in writing to
the Loan Note Issuer and the Loan Note Registrar pursuant to the
Security Trust Deed require the Loan Note
Registrar:

			
		(i) 	to act thereafter as
Loan Note Registrar respectively of the Security Trustee on the terms
provided in the Security Trust Deed and this Series 2006-2 Loan Note
Supplement (with consequential amendments as necessary and save that
the Security Trustee's liability under any provisions thereof for
the indemnification of the Loan Note Registrar shall be limited to that
amount for the time being held by the Security Trustee on the trusts of
the Security Trust Deed and this Series 2006-2 Loan Note Supplement and
which is available to be applied by the Security Trustee for such
purpose in respect of Series 2006-2) and thereafter to hold the
Register and all sums, documents and records held by them in respect of
such Series 2006-2 Loan Note on behalf of the Security Trustee;
and/or

			
		(ii) 	to deliver up the
Register and all sums, documents and records held by them on behalf of
the Loan Note Issuer in respect of such Series 2006-2 Loan Note to the
Security Trustee or as the Security Trustee shall direct in such
notice,

provided that such notice shall be deemed not
to apply to any documents or records which the Loan Note Registrar is
obliged not to release by any law or regulation;
and

			
		4.10.2 	by notice in writing to
the Loan Note Issuer require the Loan Note Issuer to make all
subsequent payments in respect of the Series 2006-2 Loan Note to or to
the order of the Security
Trustee.

		
	4.11 	Further Provisions in
relation to enforcement of Jersey
Security

			
		4.11.1 	in the case of
the Series 2006-2 Jersey Security Interest, subject to the provisions
of Articles 6(4) and 8(3) of the Jersey Security Interests Law, service
by the Security Trustee of a notice upon the Loan Note Issuer
specifying the Loan Note Event of Default in respect of the Series
2006-2 Loan Note and, if the default is capable of remedy, requiring
the Loan Note Issuer to remedy it, shall constitute notice for the
purposes of the Jersey Security Interests Law of an event of default in
respect of such Series 2006-2 Jersey Security Interest and the Security
Trustee shall have an immediate power of sale over the Series 2006-2
Loan Note Issuer Jersey Secured Property, without having to apply to
the Royal Court of Jersey for authority to exercise the
same.

			
		4.11.2 	Following the service of
a Loan Note Enforcement Notice, the power of sale in respect of the
Series 2006-2 Jersey Security Interest shall be exercisable by the
Security Trustee in such manner as the Security Trustee may in its
discretion deem appropriate and with all powers of a beneficial owner.
Without limitation the Security Trustee may, without liability and
subject to the Security Trustee having been indemnified in full to its
satisfaction, sell or dispose of the whole or part of the Series 2006-2
Loan Note Issuer Jersey Secured Property at such times and in such
manner and generally on such terms and conditions and for such
consideration as the Security Trustee may think fit. Any such sale or
disposal may be for cash, debentures or other obligations, shares,
stocks, securities or other valuable consideration and may be payable
immediately or by instalment spread over such a period as the Security
Trustee may think fit. The Security Trustee shall have right of
recourse to any monies forming part of the Series 2006-2 Loan Note
Issuer Jersey 

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Secured Property and may, without liability
and subject to the Security Trustee having been indemnified in full to
its satisfaction, apply such monies in the payment or discharge of the
Secured Obligations (in respect of Secured Property relating solely to
Series 2006-2), as if such monies were proceeds of
sale.

		
	4.12 	Release of
Security

Upon proof being given to the satisfaction
of the Security Trustee as to the irrevocable and unconditional payment
or discharge of the Secured Obligations (as such term is defined in
Clause 3.2 of the Security Trust Deed) the Security Trustee will at the
request and cost of the Loan Note Issuer release, discharge or reassign
or deliver, as the case may be, the Secured Property relating solely to
Series 2006-2 to the Loan Note Issuer or any other person entitled
thereto of whom the Security Trustee has
notice.

		
	4.13 	Concurrent Security
Interests

The Loan Note Issuer agrees that the
security interests created or to be created pursuant to
Clause 4.4 may exist concurrently with those security
interests created or to be created pursuant to Clause
4.2.

		
	5. 	PROVISION OF
REPORTS 

		
	5.1 	Information
Covenant

The Receivables Trustee (or its agent or
delegate on its behalf) hereby undertakes (and any successor
Receivables Trustee shall, by its appointment under the Receivables
Trust Deed and Servicing Agreement also undertake) to provide all
information required by HSBC Bank plc (or its successor) as Bank
Account Operator to make any payment required by it under the
Conditions as set out in Schedule 1, by providing prior to or on the
fifth Business Day prior to the relevant Payment Date, the monthly
report to the Bank Account Operator in the form of the Servicer's
Monthly Statement report attached as Exhibit A to the Series 2006-2
Trust Supplement.

		
	5.2 	Bank Account
Operator not Responsible

The Bank Account Operator
has no responsibility to verify or monitor the contents of, or
(if applicable) to check any calculations contained in, any
reports, information, documents delivered to the Bank Account Operator
in accordance with Clause 5.1, and is under no obligation to inform the
Series 2006-2 Loan Note Holder of the contents of any such reports,
information and documents, other than allowing the Series 2006-2 Loan
Note Holder, upon reasonable notice, to inspect such reports,
information and
documents.

		
	6. 	AGREEMENT OF
THE SECURED CREDITORS AND SECURITY
TRUSTEE

		
	6.1 	Consent of
Secured Creditors in respect of Series 2006-2

Each
Secured Creditor consents and confirms as a Secured Creditor of the
Security Trust that, subject to Clause 6.4.2 of the Security Trust
Deed, the Security Trust Deed may be supplemented and varied from time
to time in accordance with the terms of this Series 2006-2 Loan Note
Supplement or any other Loan Note
Supplement.

		
	7. 	COVENANTS OF
THE LOAN NOTE
ISSUER 

		
	7.1 	Negative
Covenants

The Loan Note Issuer shall not, save to
the extent permitted by the Security Trust Deed or this Series 2006-2
Loan Note Supplement or with the prior written consent of the
Transferor and the Security
Trustee:

			
		7.1.1 	dispose of any
Secured Property in respect of Series 2006-2 or create or permit to
subsist any Encumbrance upon the whole or any part of its present or
future undertaking, assets or revenues (including, without limitation,
uncalled capital and any Secured Property) other than the security
interest referred to in Clauses 5.1 to 5.3 of the Security Trust Deed
as amended by any other Loan Note Supplement;

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		7.1.2 	carry
on any business other than as contemplated in the Transaction Documents
to which it is a party relating to the purchase of beneficial interests
in portfolios of Receivables to be held on trust by the Receivables
Trustee and the issue of the Loan Note for any Series and in respect of
that business shall not engage in any activity or do anything
whatsoever except:

			
		(a) 	preserve
and/or exercise and/or enforce any of its rights and perform and
observe its obligations under the Loan Note appertaining thereto and
the Transaction Documents to which it is a
party;

			
		(b) 	use, invest or dispose of
any of its property or assets in the manner provided in or contemplated
by the Transaction Documents to which it is a party;

			
		(c) 	perform any act incidental to or
necessary in connection with (a) or (b)
above;

			
		7.1.3 	have or form, or cause
to be formed, any subsidiary, subsidiary undertakings or undertakings
of any other nature or have any employees or premises or have an
interest in a bank account other than the Series 2006-2 Loan Note
Issuer Distribution
Account;

			
		7.1.4 	create, incur or
suffer to exist any indebtedness (other than indebtedness permitted to
be incurred under the terms of its articles of association and pursuant
to or as contemplated in any of the Transaction Documents to which it
is a party) or give any guarantee in respect of any obligation of any
Person;

			
		7.1.5 	repurchase any shares
or declare or pay any dividend or other distribution to its
shareholders or issue or allot shares to any Person other than the
current shareholders of the Loan Note Issuer and provided in the case
of payment of any dividend, the Loan Note Issuer has prepared annual
audited accounts in the relevant year, except to the extent required by
law;

			
		7.1.6 	consolidate with or merge
with or into any person or liquidate or dissolve on a voluntary
basis;

			
		7.1.7 	become a member of any
VAT group for the purposes of sections 43 to 43D of the Value Added Tax
Act 1994 and the Value Added Tax (Groups: eligibility) Order
2004;

			
		7.1.8 	waive, modify or amend,
or consent to any waiver, modification or amendment of, any of the
material provisions of any Transaction Document, (save as permitted by
the Transaction
Documents);

			
		7.1.9 	offer to surrender
to any company any amounts which are available for surrender by way of
group relief; and

			
		7.1.10 	take any
steps in its capacity as Investor Beneficiary of the Receivables Trust
either on its own or in conjunction with any other Beneficiary of the
Receivables Trust to terminate the Receivables Trust or any Sub-trust
thereof.

		
	7.2 	Positive
Covenants

The Loan Note Issuer
shall:

			
		7.2.1 	deposit with the
Security Trustee (or as it may direct) the Investor Certificate or
other certificate of title or evidence of ownership in relation to the
Loan Note Issuer Series 2006-2 Trust Property;
and

			
		7.2.2 	execute and deliver to the
Security Trustee all forms of transfer and other documents which may be
requested by the Security Trustee in order to enable it (or some person
on its behalf) to be registered as the owner or otherwise obtain a
title to the Loan Note Issuer Series 2006-2 Trust
Property.

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	8. 	GOVERNING
LAW AND
JURISDICTION 

		
	8.1 	Governing
Law

This Series 2006-2 Loan Note Supplement shall be
governed by, and construed in accordance with, the laws of England, and
the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws save that those parts of this
Series 2006-2 Loan Note Supplement concerned with the creation,
subsistence or enforcement of the Series 2006-2 Jersey Security
Interest shall be governed by and construed in accordance with Jersey
law.

		
	8.2 	Jurisdiction

			
		8.2.1 	Each
of the parties hereto, other than the Security Trustee, agrees that the
courts of England are the most appropriate and convenient courts to
settle any dispute arising out of the Security Trust Deed between them
and that they will not act to the contrary. This sub-clause is for
benefit of the Security Trustee and as a result, each party hereto
acknowledges that Clause 8.1 does not prevent the Security Trustee
taking any proceedings in any other courts with jurisdiction. To the
extent permitted by law the Security Trustee may take concurrent
proceedings in any number of
jurisdictions.

			
		8.2.2 	Each party
hereto (if it is not incorporated in England) irrevocably appoints the
person specified against its name on the execution pages hereto to
accept service of any process on its behalf and further undertakes to
the other parties hereto that it will at all times during the
continuance of this Series 2006-2 Loan Note Supplement maintain the
appointment of some person in England as its agent for the service of
process and irrevocably agrees that service of any writ, notice or
other document for the purposes of any suit, action or proceeding in
the courts of England shall be duly served upon it if delivered or sent
by registered post to the address of such appointee (or to such other
address in England as that party may notify to the other parties
hereto).

		
	9. 	SEVERABILITY OF
PROVISIONS 

If any one or more of the
covenants, agreements, provisions or terms of this Series 2006-2 Loan
Note Supplement shall for any reason whatsoever be held invalid, then
such covenants, agreements, provisions or terms shall be deemed
severable from the remaining covenants, agreements, provisions or terms
of this Series 2006-2 Loan Note Supplement and shall in no way affect
the validity or enforceability of the other provisions of this Series
2006-2 Loan Note Supplement or of the rights of the Secured Creditors
hereunder.

		
	10. 	NO WAIVER;
CUMULATIVE REMEDIES 

No failure to
exercise and no delay in exercising, on the part of any of the parties
hereto, any right, remedy, power or privilege hereunder, shall operate
as a waiver thereof, nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exhaustive of any rights, remedies,
powers and privileges provided by
law.

		
	11. 	COUNTERPARTS 

This
Series 2006-2 Loan Note Supplement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an
original, but all of such counterparts shall together constitute but
one and the same instrument.

IN WITNESS WHEREOF
this Series 2006-2 Loan Note Supplement has been executed as a deed in
Jersey by the parties hereto and is intended to be and is hereby
delivered on the day and year first above
written.

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SCHEDULE
1    

TERMS AND CONDITIONS OF THE SERIES 2006-2 LOAN
NOTE

The
following is the text of the terms and conditions (the
‘‘Conditions’’) which
(save for the italicised text) will be endorsed on the Loan Note in
definitive form (if any) issued in exchange for the Global Loan Note(s)
representing each Series of Loan Note in registered form. References in
the terms and conditions to a ‘‘Loan Note’’
are to the Loan Note of one Series only, and not to all Loan Notes
which may be issued under another
Series.

This Loan Note
(as defined in Condition 1.1.1) is constituted and secured by a
security trust deed dated 23 May  2006 (as amended) (the
‘‘Trust Deed’’) between,
inter alios, the Loan Note Issuer and Law Debenture Trust
Company of New York (the ‘‘Security
Trustee’’ which expression shall include all
persons for the time being the Security Trustee or Security Trustees
under the Security Trust Deed referred to below) as supplemented by a
loan note supplement for the Series 2006-2 (the
‘‘Loan Note Supplement’’)
dated the Issue Date (as defined in Condition 5.3 below) between the
Loan Note Issuer, the Security Trustee and the other parties named
therein (the Trust Deed and any Loan Note Supplement being referred to
herein as the ‘‘Security Trust
Deed’’). These Conditions are subject to the
detailed provisions of the Trust Deed as supplemented by the Loan Note
Supplement. Each Loan Note Holder is bound by, and is deemed to have
notice of, all the provisions of the Trust Deed and the Loan Note
Supplement applicable to such Loan Note Holder. The Loan Note has the
benefit of security pursuant to the Trust Deed and the Loan Note
Supplement. The Loan Note Holder is deemed to have notice of the
provisions of the Trust Deed and the Loan Note Supplement, which both
specify the priority of payments in respect of, inter alia, the
Loan Note issued by the Loan Note Issuer.

Certain
statements in these Conditions may be summaries of the detailed
provisions appearing on the face of the Loan Note (which expression
shall include the body thereof) and in the Security Trust Deed. Copies
of the Trust Deed and the Loan Note Supplement are available for
inspection at the registered office of the Security Trustee. The Loan
Note Holder (as defined in Condition 1 below) is entitled to the
benefit of, is bound by, and is deemed to have notice of, all the
provisions of the Security Trust Deed.

Words and
expressions defined in the Trust Deed, the Loan Note Supplement or the
Master Definitions Schedule set out in Schedule 6 of the Receivables
Trust Deed and Servicing Agreement dated 23 May  2006 made
between, inter alios, the Loan Note Issuer, the Receivables
Trustee and the Transferor, as the same may be amended varied or
supplemented from time to time, (the ‘‘Master
Definitions Schedule’’), shall have the same
meaning where used in these Conditions unless the context otherwise
requires or unless otherwise stated and provided that, in the event of
inconsistency between the Trust Deed, the Loan Note Supplement, these
Conditions or the Master Definitions Schedule, the definition of the
relevant term shall have the meaning specified in the relevant document
ranking the highest in the following order of
priority:

		
	(a) 	firstly, the Loan Note
Supplement;

		
	(b) 	secondly, these
Conditions;

		
	(c) 	thirdly, the Trust
Deed;

		
	(d) 	fourthly, the Master
Definitions Schedule.

		
	1. 	FORM,
DENOMINATION AND
TITLE

		
	1.1 	Form, Denomination
and Title

			
		1.1.1 	The Loan Note is
issued in registered form and is serially numbered for Series 2006-2
(the ‘‘Loan
Note’’).

			
		1.1.2 	The
Loan Note Issuer will cause to be kept, at the specified office outside
the United Kingdom of the Loan Note Registrar, a register (the
‘‘Loan Note Register’’) on
which shall be entered the names and addresses of the holders of the
Loan Note in relation to each Series and the particulars of the Loan
Note held by them.

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		1.1.3 	Title to
the Loan Note will pass by and upon registration of transfers in the
relevant Loan Note Register. In these Conditions, the
‘‘holder’’ of the Loan Note
means the person in whose name or on whose behalf the Loan Note is for
the time being registered in the Loan Note Register (or, in the case of
a joint holding, the first named thereof) and
‘‘Loan Note Holder’’ shall
be construed accordingly. A certificate (each a
‘‘Loan Note Certificate’’)
will be issued to the Loan Note Holder in respect of its registered
holding.

			
		1.1.4 	The registered holder
of the Loan Note shall (except as otherwise required by law) be treated
as the absolute owner of the Loan Note for all purposes (whether or not
the Loan Note is overdue and regardless of any notice of ownership or
writing on any Loan Note Certificate relating thereto (other than the
endorsed form of transfer) or any notice of previous loss or theft of
such Loan Note Certificate) and no person shall be liable for so
treating such holder.

			
		1.1.5 	The Loan
Note in respect of Series 2006-2 will be represented by a Loan Note
Certificate in, or substantially in, the form set out in Schedule 4.
For the avoidance of doubt, Series 2006-2 shall consist of a single
Loan Note.

		
	1.2 	Transfers of
Notes

			
		1.2.1 	Transfers

Subject
to Condition 1.2.4 below and save in the case of the initial transfer
to the Note Trustee or its nominee, a Loan Note may be transferred in
whole (but not in part) upon surrender of the relevant Loan Note
Certificate at the specified office of the Loan Note Registrar, with
the form of transfer endorsed on the Loan Note Certificate duly
completed and signed by or on behalf of the transferor and the Loan
Note Issuer and together with such evidence as the Loan Note Registrar
may reasonably require to
prove:

			
		(i) 	the title of the
transferor;

			
		(ii) 	the authority of the
individuals who have executed the form of transfer;
and

			
		(iii) 	the payment of any stamp
duty payable on such transfer.

provided that save
in the case of the initial transfer to the Note Trustee or its nominee,
no Loan Note may be transferred or encumbered without the prior written
consent of the Security Trustee and the Transferor (such consent not to
be unreasonably withheld).

In addition, (i) the Loan
Note Issuer must also have received, prior to such transfer or
Encumbrance taking effect, written confirmation from the Person to
which such transfer is to be made or in whose favour such Encumbrance
is to be granted or created that such transfer or Encumbrance will not
cause the beneficial owner of the Series 2006-2 Loan Note to be a
person other than a company resident for United Kingdom tax purposes in
the United Kingdom, (ii) such transfer or encumbrance will not cause
the number of persons in whose names the Loan Note will or have been
registered in the Loan Note Register to exceed ten; (iii) the Loan Note
Issuer shall be solely responsible for any costs, expenses or taxes
which are incurred by the Loan Note Issuer, the Loan Note Holder or any
other Person in relation to making such transfer or Encumbrance and
(iv) such transfer is not made to any person resident in Jersey for
Jersey income tax purposes other than a financial institution acting in
the ordinary course of its
business.

			
		1.2.2 	Registration and
delivery of Loan Note Certificate

Within five
Business Days of the surrender of a Loan Note Certificate in accordance
with Condition 1.2.1 above (or such longer period as may be required to
comply with any applicable fiscal or other laws or regulations), the
Loan Note Registrar will register the transfer in question and deliver
at the Loan Note Registrar's specified office a new Loan Note
Certificate with the same face value as the Loan Note Certificate being
transferred to the transferee or (at the request and risk of the
transferee) send by uninsured mail to such address as the transferee
may specify for the purpose.

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		1.2.3 	Charge

The
Loan Note Issuer will be required to bear the costs and expenses of
effecting any registration of a transfer or any exchange as provided
above.

			
		1.2.4 	Closed
Periods

No Loan Note Holder may require transfers
to be registered during the period of five Business Days ending on the
due date for any payment of principal in respect of any Loan
Note.

			
		1.2.5 	Initial Loan Note
Registrar

The Loan Note Issuer reserves the right
at any time with the consent of the Security Trustee to vary or
terminate the appointment of the Loan Note Registrar and to appoint
another Loan Note Registrar. Notice of any termination or appointment
and of any changes in specified offices will be given to Loan Note
Holder promptly by the Loan Note Issuer in accordance with Condition
14.

		
	1.3 	Status

The
Loan Note for each Series is a direct, unconditional and secured
obligation of the Loan Note
Issuer.

		
	1.4 	Classes of Loan Notes
comprising a Series

The Loan Note may be notionally
segregated by each Class listed on the face of the Loan Note
Certificate and the right to receive the payment of interest and
repayment of principal may be subordinated to the rights of one or more
Classes of the Loan Note within the same Series as specified in the
Loan Note Supplement.

		
	2. 	STATUS OF
THE LOAN NOTES AND PRIORITY SECURED
CREDITORS

		
	2.1 	Unsubordinated
Classes of Loan Notes

			
		2.1.1 	This
Condition 2.1 is applicable only in relation to any Class of Loan Note
which is specified on its face as being
Unsubordinated.

			
		2.1.2 	In the case of
an Unsubordinated Class of Loan Notes, the Loan Note is a secured,
limited recourse obligations of the Loan Note Issuer, secured in the
manner described in Condition 3 and recourse in respect of which is
limited in the manner described in Condition 10 and will rank pari
passu without any preference among
themselves.

		
	2.2 	Subordinated Loan
Notes

			
		2.2.1 	This Condition 2.2
is applicable only in relation to any Class of Loan Note which is
specified on is face as being
Subordinated.

			
		2.2.2 	In the case of a
Subordinated Loan Note, the subordination provisions will be set out in
full in the relevant Loan Note
Supplement.

		
	2.3 	Priority Secured
Creditors

The Loan Note Holder, while any Associated
Debt relating to Series 2006-2 is outstanding, shall be the priority
secured creditor (the ‘‘Priority Secured
Creditor’’) of the Loan Note Issuer. The Priority
Secured Creditor will enjoy preferential ranking in the order of
priority of payments on enforcement of the relevant security or
following a mandatory early redemption (as set out in Condition 6.2),
and the Security Trustee shall, where the interests of such Priority
Secured Creditor conflict with those of the other Secured Creditors (as
defined in Condition 3.1.2), prefer the interests of such Priority
Secured Creditor over that of other Secured Creditors (and shall not
take into account the interests of such other Secured Creditors). If,
following a request as aforesaid and unless the Security Trustee has
already taken action pursuant to such request which (in its sole
discretion it determines) it would not be practical to reverse, the
identity of the Priority Secured Creditor changes to another Secured
Creditor, the Security Trustee shall in its absolute discretion

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and without liability therefore be entitled
to take into account the request of such succeeding Priority Secured
Creditor, but shall not be obliged to do so and shall not incur any
liability for determining that it is impractical to take account of the
change of identity of the Priority Secured
Creditor.

		
	3. 	SECURITY AND RELATED
AGREEMENTS

		
	3.1 	Security and
Related Agreements

			
		3.1.1 	In
connection with the issue of the Loan Note or in respect of any Series,
the Loan Note Issuer may enter into swap transactions or other hedging
agreements or any letters of credit, guarantees or other credit support
or credit enhancement documents or other financial arrangements (each a
‘‘Related Agreement’’) with
one or more counterparties (each a
‘‘Counterparty’’). The
obligations of a Counterparty may be guaranteed by a guarantor (the
‘‘Guarantor’’).

			
		3.1.2 	The
obligations of the Loan Note Issuer to the persons having the benefit
of the Security relating to a Series pursuant to the relevant Loan Note
Supplement in respect thereof (the ‘‘Secured
Creditors’’) are secured pursuant to the Loan
Note Supplement in respect of such Series by Encumbrances governed by
English law and by Jersey law and such further encumbrances as may be
required by the Security Trustee, governed by the law of any other
relevant jurisdiction over the Secured Property as specified in the
relevant Loan Note
Supplement.

			
		3.1.3 	The Secured
Creditors of each Series are also secured pursuant to the Trust Deed by
an assignment by way of first fixed security of the interests of the
Loan Note Issuer in the Loan Note Issuer Corporate Services Agreement
and a floating charge over the assets of the Loan Note Issuer which are
not situate in Jersey and not otherwise charged or assigned by the
Security Documents or effectively encumbered by the assignments granted
in the Trust Deed.

			
		3.1.4 	The
security created by each Loan Note Supplement will be supported by such
further security documents as may, from time to time, be required by
the Security Trustee and as specified in the Loan Note Supplement (each
a ‘‘Supplementary Security
Document’’ and together with the relevant Loan
Note Supplement, the ‘‘Security
Documents’’) (the
‘‘Security’’).

		
	3.2 	Application
of Proceeds

			
		3.2.1 	On each
Payment Date/Distribution Date

On each Payment Date
for the Series 2006-2 Loan Note, which for the avoidance of doubt shall
be the same day as the relevant Distribution Date for Series 2006-2,
all moneys received or held by the Loan Note Issuer in the Series
2006-2 Loan Note Issuer Distribution Account shall be applied (and the
relevant credits/debits made to the applicable ledger) to make the
following payments in the following order of priority, and in each
case, only if and to the extent that payments or provisions of a higher
order of priority have been made in
full:

			
		(a) 	an amount equal to the
Investor Trustee Payment Amount (as defined in the Series 2006-2 Trust
Supplement) referable to Series 2006-2 to be paid to the Receivables
Trustee as additional consideration for granting of the Loan Note
Issuer's Series 2006-2 interest in the Receivables
Trust;

			
		(b) 	in no order of priority
between them but in proportion to the respective amounts due, to pay
amounts which are due to any receiver appointed under the Security
Trust Deed and all amounts due for legal fees and other fees, costs,
charges, liabilities, expenses, losses, damages, proceedings, claims
and demands which have been incurred by the Security Trustee and anyone
appointed by them under the Transaction Documents together with
interest due on these amounts;

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		(c) 	an amount
equal to the Loan Note Issuer Costs Amount referable to the Series
2006-2 shall be transferred from the Series 2006-2 Loan Note Issuer
Distribution Account to the Loan Note Issuer to be utilised in the
discharge of such amounts and an amount equal to the Issuer Costs
Amount referable to the Series 2006-2 shall be transferred from the
Series 2006-2 Loan Note Issuer Distribution Account to the Issuer to be
utilised in the discharge of such
amounts;

			
		(d) 	an amount equal to the
Investor Servicing Fee in respect of Series 2006-2 will be
paid by the Loan Note Issuer to the Receivables Trustee as Additional
Consideration for the grant of the Loan Note Issuer’s
interest in the Receivables
Trust;

			
		(e) 	an amount equal to the
sum of the Class A Monthly Distribution Amount, Class B
Monthly Distribution Amount and Class C Monthly Distribution Amount
will be used by the Loan Note Issuer to pay interest due and unpaid on
the Series 2006-2 Loan Note to the Series 2006-2 Loan Note Holder, or
to its order, with respect to Series
2006-2;

			
		(f) 	on a Payment date during
the Regulated Amortisation Period or the Rapid Amortisation Period, or
on the Series 2006-2 Scheduled Redemption Date, towards payment of
principal amounts due and unpaid on the Series 2006-2 Loan Note
allocated and identified by Class shall be paid to the Series 2006-2
Loan Note Holder, or to its order, with respect to the Series
2006-2;

			
		(g) 	an amount equal to the
Loss Makeup (default) amount and Loss Makeup (charge off) amount (each
as defined in the Series 2006-2 Trust Supplement) and any Refunded
Utilised Principal Collections Amount (as defined in the Series 2006-2
Trust Supplement) referable to Series 2006-2 to be paid to the
Receivables Trustee as additional consideration in respect of Series
2006-2 for the granting of the Loan Note Issuer's Series 2006-2
interest in the Receivables
Trust;

			
		(h) 	an amount equal to the
Investor Indemnity Amount (as defined in the Series 2006-2 Trust
Supplement) for Series 2006-2 to be paid to the Receivables Trustee as
additional consideration for the granting of the Loan Note
Issuer's Series 2006-2 Investor Interest in the Receivables
Trust

			
		(i) 	an amount equal to the
Loan Note Issuer Return (as defined in the Series 2006-2 Trust
Supplement) for Series 2006-2 transferred to the Series 2006-2 Loan
Note Issuer Profit Ledger and an amount equal to the Issuer Profit
Amount (as defined in the Series 2006-2 Trust Supplement) for Series
2006-2 paid to the Series 2006-2 Issuer Distribution
Account;

			
		(j) 	an amount equal to the
Monthly Expenses Loan Amount will be paid to the Series 2006-2 Issuer
Distribution Account;

			
		(k) 	amounts
remaining after distribution in accordance with the payments made
pursuant to items (a) to (j) above, if any, shall be identified as
‘‘Excess Spread’’ and be paid in
respect of Series 2006-2 as further interest to the Series 2006-2 Loan
Note Holder (‘‘Further
Interest’’);
and

			
		(l) 	an amount equal to the
Deferred Subscription Price, if any, received by the Loan Note Issuer
on that Distribution Date from the Series 2006-2 Loan Note Holder in
respect of Series 2006-2, (‘‘Deferred Subscription
Price Amount’’) shall be paid to the Receivables
Trustee in respect of Series 2006-2, identified as
‘‘Additional Consideration’’ for the
grant of the Loan Note Issuer's Series 2006-2 interest in the
Receivables Trust.

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	3.3 	Shortfall
after Application of Proceeds

If the net proceeds
of:

			
		(a) 	the realisation of the
Security for any Series of Loan Note, having become enforceable under
these Conditions; or

			
		(b) 	the sale or
redemption of the Secured Property in accordance with these
Conditions,

are not sufficient to make all payments due
in respect of the Loan Note for such Series and for the Loan Note
Issuer to meet its obligations, if any, in respect of the termination
of any Related Agreement(s) in respect of that Series, the assets of
the Loan Note Issuer, including, in particular, assets securing other
Series of Loan Notes not related to that Series will not be available
for payment of any shortfall arising therefrom and all further claims
(if any) of the Loan Note Holder and of all other Secured Creditors in
respect of the first mentioned Series of Loan Note will be
extinguished. Any such shortfall shall be borne as specified in the
relevant Loan Note Supplement. Claims and the right of any person to
claim in respect of any such shortfall remaining after the application
of such net proceeds in accordance with the relevant Loan Note
Supplement shall be extinguished and the Loan Note Holder and all other
Secured Creditors of such Series will have no further recourse to the
Loan Note Issuer and failure to make any payment in respect of any such
shortfall shall in no circumstances constitute a Loan Note Event of
Default in respect of that Series (or, if a Loan Note Event of Default
in respect of that Series has already occurred, a further Loan Note
Event of Default in respect of that Series) under
Condition 9.

		
	4. 	RESTRICTIONS

So
long as the Loan Note in respect of a Series remains outstanding the
Loan Note Issuer will not, save to the extent permitted by the
Transaction Documents, or with the prior written consent of the
Transferor and the Security
Trustee:

			
		(a) 	dispose of any Secured
Property in respect of Series 2006-2 or create or permit to subsist any
Encumbrance including, without limitation, anything analogous to any of
the foregoing under the laws of any jurisdiction upon the whole or any
part of its present or future undertaking, assets or revenues
(including, without limitation, uncalled capital and any Secured
Property) other than the security interest referred to in Clauses 5.1
to 5.3 of the Trust Deed as amended by the relevant Loan Note
Supplement;

			
		(b) 	carry on any
business other than as contemplated in the Transaction Documents to
which it is a party relating to the purchase of beneficial interests in
Portfolios of Receivables to be held on trust by the Receivables
Trustee and the issue of the Loan Note for the Series and in respect of
that business shall not engage in any activity or do anything
whatsoever except:

			
		(i) 	preserve
and/or exercise and/or enforce any of its rights and perform and
observe its obligations under the Loan Note appertaining
thereto and the Transaction Documents to which it is a
party;

			
		(ii) 	use, invest or dispose
of any of its property or assets in the manner provided in or
contemplated by the Transaction Documents to which it is a party;

			
		(iii) 	perform any act incidental to or
necessary in connection with (i) or (ii)
above;

			
		(c) 	have or form, or cause to
be formed, any subsidiary, subsidiary undertakings or undertakings of
any other nature or have any employees or premises or have an interest
in a bank account other than the Series 2006-2 Loan Note Issuer
Distribution Account;

			
		(d) 	create,
incur or suffer to exist any indebtedness (other than indebtedness
permitted to be incurred under the terms of its articles of association
and pursuant to or as contemplated in any of the Transaction Documents
to which it is a party) or give any guarantee in respect of any
obligation of any Person;

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		(e) 	repurchase
any shares or declare or pay any dividend or other distribution to its
shareholders or issue or allot shares to any Person other than the
current shareholders of the Loan Note Issuer and provided in the
case of payment of any dividend, the Loan Note Issuer has prepared
annual audited accounts in the relevant year, except to the extent
required by law;

			
		(f) 	consolidate
with or merge with or into any person or liquidate or dissolve on a
voluntary basis;

			
		(g) 	become a member
of any VAT group for the purposes of sections 43 to 43D of the Value
Added Tax Act 1994 and the Value Added Tax (Groups: eligibility) Order
2004;

			
		(h) 	waive, modify or amend, or
consent to any waiver, modification or amendment of, any of the
provisions of any Transaction Document, (save as permitted by the
Transaction Documents);

			
		(i) 	offer to
surrender to any company any amounts which are available for surrender
by way of group relief; and

			
		(j) 	take
any steps in its capacity as Investor Beneficiary of the Receivables
Trust either on its own or in conjunction with any other Beneficiary of
the Receivables Trust to terminate the Receivables Trust or any
Sub-trust thereof.

The Security Trustee shall be
entitled to rely absolutely on a certificate of a director of the Loan
Note Issuer in relation to any matter relating to such restrictions and
to accept without liability any such certificate as sufficient evidence
of the relevant fact or matter in
question.

		
	5. 	INTEREST AND OTHER
CALCULATIONS

		
	5.1 	Interest and
Accrual

			
		5.1.1 	Each Loan Note
bears interest on its Principal Amount Outstanding (or as otherwise
specified in the relevant Loan Note Supplement) from the Interest
Commencement Date equal to the Interest Amount, such interest being
payable in arrears (unless otherwise specified in the relevant Loan
Note Supplement) on each Payment Date (as defined in Condition 5.3) and
shall be notionally allocated by ledger to the relevant
Class.

			
		5.1.2 	Interest will cease to
accrue on each Loan Note on the due date for redemption unless, upon
due presentation, payment of principal is improperly withheld or
refused, in which event interest will continue to accrue (as well after
as before judgment) in the manner provided in this Condition 5 to the
relevant date.

		
	5.2 	Determination
and Publication of Interest Amounts, Redemption Amounts and Instalment
Amounts

As soon as practicable on each Interest
Determination Date or such other time on such date as the Bank Account
Operator may be required to determine any Redemption Amount, determine
the underlying interest rates and the Interest Amounts or obtain any
quote or make any other determination or calculation in respect of each
Loan Note for the relevant Interest Period, the Bank Account Operator
shall, on the basis of information provided by the Receivables Trustee
in accordance with Clause 5.1 (Information Covenant) of
the relevant Loan Note Supplement, determine the Redemption Amount,
obtain such quote or make such determination or calculation, as the
case may be, and cause the Interest Amounts for each Interest Period
and the relevant Payment Date and, if required, the Redemption Amount
to be notified, if the Loan Note is listed on a stock exchange and such
exchange so requires, to such exchange as soon as possible after their
determination but in no event later than (i) the commencement of the
relevant Interest Period, if determined prior to such time, in the case
of an Interest Amount, or (ii) in all other cases, the fourth Business
Day after such determination. The Interest Amounts and the Payment Date
so published may subsequently be amended (or appropriate alternative
arrangements made by way of adjustment) without notice in the event of
an extension or shortening of the Interest Period. If the Loan Note
becomes due and payable under Condition 9, the accrued interest
payable in respect of the Loan Note shall nevertheless continue to be
calculated as previously in accordance with this 

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Condition but no publication of the Interest
Amount so calculated need be made unless otherwise required by the
Security Trustee. The determination of each Interest Amount and
Redemption Amount, the obtaining of each quote and the making of each
determination or calculation by the Bank Account Operator or, as the
case may be, the Security Trustee pursuant to Condition 5.4, shall (in
the absence of manifest error) be final and binding upon all
parties.

		
	5.3 	Definitions

In
these Conditions, unless the context otherwise requires, the following
defined terms shall have the meanings set out
below.

‘‘Business
Day’’ shall be construed as a reference to any
day which is a Trans-European Automated Realtime Gross settlement
Express Transfer system (TARGET) settlement day, other than a Saturday,
a Sunday or a day on which banking institutions in: London, England;
Jersey, Channel Islands; or New York, New York are authorised or
obliged by law or executive order to be
closed.

‘‘Class A Monthly
Distribution Amount’’ has the meaning specified
in Series 2006-2 Trust
Supplement;

‘‘Class B Monthly
Distribution Amount’’ has the meaning specified
in the Series 2006-2 Trust
Supplement;

‘‘Class C Monthly
Distribution Amount’’ has the meaning specified
in the Series 2006-2 Trust
Supplement;

‘‘Controlled
Accumulation Period’’ means (unless the Regulated
Amortisation Period or the Rapid Amortisation Period has commenced) the
period commencing on the close of business on the date specified in the
Series 2006-2 Trust Supplement or (such later date falling no later
than the date specified in the Series 2006-2 Trust Supplement) and
ending (for the purposes of these Conditions) on the first to occur of
(a) the commencement of the Rapid Amortisation Period or Regulated
Amortisation Period and (b) the day the Investor Interest is reduced to
zero;

‘‘Distribution
Date’’ means 16 January  2007 (or if such
day is not a Business Day, the next succeeding Business Day) and,
thereafter, the 15th day of each month (or if such day is
not a Business Day, the next succeeding Business
Day);

‘‘Further
Interest’’ means the amount specified in
Condition 3.2.1(i).

‘‘Interest
Amount’’ means the amount of interest payable on
the Loan Note in respect of each Interest Period calculated as
follows:

Y=A+B+C+D

where:

Y
= Interest Amount applicable on the Loan Note for the relevant Interest
Period;

A = Class A Monthly Distribution Amount
attributable to the relevant Interest Period;

B = Class
B Monthly Distribution Amount attributable to the relevant Interest
Period;

C = Class C Monthly Distribution Amount
attributable to the relevant Interest Period (which for the avoidance
of doubt shall not include any Loan Note Issuer Return for such
Interest Period);    

D = Further
Interest

‘‘Interest Commencement
Date’’ means the Issue Date or such other date as
may be specified;

‘‘Interest
Determination Date’’ means, with respect to an
Interest Period, the date specified as such in the relevant Loan Note
Supplement or, if none is so specified, the first day of such Interest
Period;

‘‘Interest
Period’’ means the period from (and including)
the Issue Date to (but excluding) the first Payment Date and,
thereafter, from (and including) the previous Payment Date to (but
excluding) the next Payment Date.

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‘‘Issue
Date’’ means the date of issue of the Series
2006-2 Loan Note;

‘‘Loan Note
Issuer Costs Amount’’ means the amounts evidenced
by formal invoice (a copy of which has been provided to the Security
Trustee) as being required to pay the legal fees, fees, costs, charges,
expenses, indemnities, losses, damages, claims and liabilities incurred
by the Loan Note Issuer accrued due and payable on any Transfer Date to
a third party incurred in the course of the Loan Note Issuer's
business (including the legal fees, fees, costs, charges, expenses,
indemnities, losses, damages, claims and liabilities of the Security
Trustee and any Receiver appointed pursuant to the Security Trust Deed,
such amount to be paid in priority to any other amount contemplated by
this definition) (such amount to exclude any income tax or other
similar taxes upon profit payable by the Loan Note Issuer to any
taxation authority), plus any such legal fees, fees, costs, charges,
expenses, indemnities losses, damages, claims and liabilities remaining
unpaid for previous Transfer Dates plus, in each case where relevant,
VAT thereon. This definition shall not be modified to the extent such
modification relates to amounts payable or potentially payable to the
Security Trustee or its appointees, delegates or agents, without the
prior written consent of the Security
Trustee;

‘‘Payment
Date’’ shall be on the same day as a Distribution
Date, provided that the first Payment Date shall be 16 January
2007 (or if such day is not a Business Day, the next succeeding
Business Day);

‘‘Principal Amount
Outstanding’’ means in relation to a Loan Note or
Series, the original face value thereof less any repayment of principal
made to the holder(s) thereof in respect of such Loan Note or
Series;

‘‘Rapid Amortisation
Period’’ means the period commencing on the first
day of the monthly period next following the day on which a Pay-Out
Event (not being a Regulated Amortisation Trigger Event – as
defined in the Series 2006-2 Trust Supplement) is deemed to occur
pursuant to the provisions of the Series 2006-2 Trust Supplement and
ending (for the purposes of these Conditions) on the earlier of (i) the
day on which the Receivables Trust is dissolved following the
occurrence of an Insolvency Event and (ii) the Series Termination Date
specified in the Series 2006-2 Trust
Supplement;

‘‘Redemption
Amount’’ means, unless otherwise specified in the
relevant Loan Note Supplement, in relation to a Loan Note or Series,
the amount of the original face value thereof less any repayment of
principal made to the Loan Note Holder(s) thereof in respect of such
Loan Note or Series;

‘‘Regulated
Amortisation Period’’ means the period commencing
on the day on which a Regulated Amortisation Trigger Event (as defined
in the Series 2006-2 Trust Supplement) is deemed to occur pursuant to
the terms of the Series 2006-2 Trust Supplement and ending (for the
purposes of these Conditions) on the earlier of (i) the start of the
Rapid Amortisation Period and (ii) the Series Termination Date
specified in the Series 2006-2 Trust
Supplement;

‘‘Revolving
Period’’ means the period from and including the
Issue Date to, but not including, the earlier of the date of
commencement of (a) the Controlled Accumulation Period, (b) the
Regulated Amortisation Period and (c) the Rapid Amortisation
Period;

‘‘Series 2006-2 Trust
Supplement’’ means the supplement to the
Receivables Trust Deed and Servicing Agreement dated the date hereof,
identified by series number 2006-2;
and

‘‘TARGET
system’’ means the Trans-European Automated
Real-Time Gross Settlement Express Transfer
system.

		
	5.4 	Determination or
Calculation by Security Trustee

If the Bank Account
Operator does not at any time for any reason determine any Interest
Amount, Redemption Amount or any other amount to be determined or
calculated by it, the Security Trustee shall determine such Interest
Amount, Redemption Amount or other amount as aforesaid at such rate or
in such amount as in its absolute discretion (having regard as it shall
think fit to the 

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procedures described above, but subject to
the terms of the Security Trust Deed) it shall deem fair and reasonable
in all the circumstances or, subject as aforesaid, apply the foregoing
provisions of this Condition, with any consequential amendments, to the
extent that, in its sole opinion, it can do so and in all other
respects it shall do so in such manner as it shall, in its absolute
discretion, deem fair and reasonable in the circumstances, and each
such determination or calculation shall be deemed to have been made by
the Bank Account
Operator.

		
	6. 	REDEMPTION

		
	6.1 	Scheduled
Redemption

Unless the Rapid Amortisation Period or
the Regulated Amortisation Period has earlier commenced each Class of
Loan Note will be redeemed on its Scheduled Redemption Date as
specified in the relevant Loan Note Supplement. To the extent that the
principal amount which is deposited to the Series 2006-2 Loan Note
Issuer Distribution Account on the Scheduled Redemption Date in
reduction of the Class of Investor Interest corresponding to any Class
of Loan Note (such amount, the ‘‘Relevant Investor
Amount’’) is less than the Principal Amount
Outstanding on such Class of Loan Note on the Scheduled Redemption
Date, then that Class of Loan Note will be redeemed pro rata to
the extent of the Relevant Investor Amount and the Rapid
Amortisation Period will commence with effect from such Scheduled
Redemption Date. On each Payment Date which thereafter occurs during
the Rapid Amortisation Period, such Class of Loan Note will be redeemed
pro rata to the extent of the principal amount which is
deposited to the Series 2006-2 Loan Note Issuer Distribution Account on
such date in reduction of the corresponding Class of Investor Interest
until the earlier of (a) such time as the relevant Class of Loan Note
has been repaid in full and (b) the Series 2006-2 Termination Date
specified in the relevant Loan Note
Supplement.

		
	6.2 	Mandatory Early
Redemption

If the Rapid Amortisation Period or the
Regulated Amortisation Period commences in respect of any Class of Loan
Note prior to its Scheduled Redemption Date, then on each Payment Date
which thereafter occurs, such Class of Loan Note will be redeemed
pro rata to the extent of the principal amount which is
deposited on such date to the Series 2006-2 Loan Note Issuer
Distribution Account in reduction of the corresponding Class of
Investor Interest until the earlier of (a) such time as such Class of
Loan Note has been repaid in full and (b) the Series 2006-2 Termination
Date.

		
	6.3 	Final
Redemption

If the Loan Note for any Class have not
previously been redeemed in full pursuant to Condition 6.1, 6.2 or this
6.3, such Class of Loan Note will be redeemed at their then Principal
Amount Outstanding on the Final Redemption Date together with all
accrued and unpaid interest, Deferred Interest and Additional
Interest.

		
	7. 	PAYMENTS

		
	7.1 	Loan
Notes

Payments of principal (or, as the case may be,
Redemption Amounts) and interest (or, as the case may be, Interest
Amounts) in respect of a Loan Note will, subject as mentioned below, be
made to the relevant registered holder of the Loan Note by a cheque
payable in the currency in which such payment is due drawn on, or, at
the option of the Loan Note Holder by transfer to an account specified
by such Loan Note
Holder.

		
	7.2 	Payments subject to
fiscal laws; payments on Loan Notes 

All payments
are subject in all cases to any applicable fiscal or other laws,
regulations and directives, but without prejudice to the provisions of
Condition 9. No commission or expenses shall be charged to the Loan
Note Holder in respect of such payments.

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	7.3 	Appointment
of the Loan Note Registrar

Subject to Condition 15,
the Loan Note Registrar shall act solely as an agent of the Loan Note
Issuer and shall not assume any obligation or relationship of agency or
trust for or with any Loan Note Holder. The Loan Note Issuer reserves
the right at any time to vary or terminate the appointment of the Loan
Note Registrar, and to appoint additional or other agents or another
party to act as Loan Note Registrar, provided that the Loan Note Issuer
will at all times maintain a Loan Note Registrar which shall be outside
the United
Kingdom.

		
	7.4 	Non-Business
Days

Subject as provided in the relevant Loan Note
Supplement, if any date for payment in respect of any Loan Note is not
a business day, the Loan Note Holder shall not be entitled to payment
until the next following business day nor to any interest or other sum
in respect of such postponed
payment.

		
	8. 	TAXATION

All payments in respect of the Loan Note will be
made without withholding or deduction for, or on account of, any
present or future taxes, duties or charges of whatsoever nature unless
the Loan Note Issuer, the Bank Account Operator or, where applicable,
the Security Trustee is required by applicable law to make any payment
in respect of the Loan Note subject to any withholding or deduction
for, or on account of, any present or future taxes, duties or charges
of whatsoever nature. In that event, the Loan Note Issuer, the Bank
Account Operator or the Security Trustee (as the case may be) shall
make such payment after such withholding or deduction has been made and
shall account to the relevant authorities for the amount so required to
be withheld or deducted. Neither the Loan Note Issuer, nor the Bank
Account Operator nor the Security Trustee will be obliged to make any
additional payments to the Loan Note Holder, in respect of such
withholding or deduction. The Loan Note Issuer or the Bank Account
Operator may require the Loan Note Holder to provide such
certifications and other documents as required by applicable law in
order to qualify for exemptions from applicable tax
laws.

		
	9. 	LOAN NOTE EVENTS OF
DEFAULT

		
	9.1 	Occurrence of Loan
Note Events of Default

On the occurrence of any of
the following events in respect of a Series (each a
‘‘Loan Note Event of
Default’’):

			
		9.1.1 	Non-payment:    the
Loan Note Issuer fails to pay any amount of principal or interest in
respect of the Loan Note on the due date for payment thereof;
or

			
		9.1.2 	Breach of other
obligations:    the Loan Note Issuer defaults in the performance
or observance of any of its other obligations under or in respect of
the Loan Note, the relevant Loan Note Supplement or the Trust Deed and
(except where such default is incapable of remedy) such default remains
unremedied for 30 days after the Security Trustee has given written
notice thereof to the Loan Note Issuer, certifying that (save in the
case of obligations owed to the Security Trustee in any of its
capacities or to its successors or assigns) such default is, in the
opinion of the Security Trustee, materially prejudicial to the
interests of the Loan Note Holder; or

			
		9.1.3 	Termination of Swap
Agreement:     the early termination, without replacement within
30 days or such termination, of any swap agreement entered into by
Turquoise Card Backed Securities plc relating to payments under the
Notes relating to Series 2006-2;
or

			
		9.1.4 	Unsatisfied
judgment:     a judgment or order for the payment of any amount
is rendered against the Loan Note Issuer and continues unsatisfied and
unstayed for a period of 30 days after the date thereof or, if later,
the date therein specified for payment; or

			
		9.1.5 	Security enforced:     a
secured party takes possession or a receiver, administrative receiver,
administrator, examiner, manager or other similar officer is appointed,
of the whole or any part of the undertaking, assets and revenues of the
Loan Note Issuer or an enforcement action is begun or execution is
levied against any of the assets of the Loan Note Issuer; or

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		9.1.6 	Insolvency
etc:     (i) the Loan Note Issuer becomes insolvent or is unable
to pay its debts as they fall due, (ii) an administrator or liquidator
of the Loan Note Issuer or the whole or any part of the undertaking,
assets and revenues of the Loan Note Issuer is appointed (or
application for any such appointment is made), (iii) the Loan Note
Issuer takes any action for a readjustment or deferment of any of its
obligations or makes a general assignment or an arrangement or
composition with or for the benefit of its creditors or declares a
moratorium in respect of any of its indebtedness or any guarantee of
indebtedness given by it or (iv) the Loan Note Issuer ceases or
threatens to cease to carry on all or any substantial part of its
business; or

			
		9.1.7 	Winding up
etc:     an order is made or an effective resolution is passed
for the winding up, liquidation or dissolution of the Loan Note Issuer
is not taken, fulfilled or as the case may be, carried out; or

			
		9.1.8 	Failure to take action
etc:     any action, condition or thing at any time required to
be taken, fulfilled or done in order (i) to enable the Loan Note Issuer
lawfully to enter into, exercise its rights and perform and comply with
its obligations under and in respect of the Loan Note and the Relevant
Documents or (ii) to ensure that those obligations are legal, valid,
binding and enforceable (except as such enforceability may be limited
by applicable bankruptcy, insolvency, moratorium, reorganisation or
other similar laws affecting the enforcement of the rights of creditors
generally and as such enforceability may be limited by the effect of
general principles of equity) is not taken, fulfilled or done; or

			
		9.1.9 	Unlawfulness:     it is
or will become unlawful for the Loan Note Issuer to perform or comply
with any of its obligations under or in respect of the Loan Note or the
Relevant Documents; or

			
		9.1.10 	Government
intervention:     (i) all or any substantial part of the
undertaking, assets and revenues of the Loan Note Issuer is condemned,
seized or otherwise appropriated by any person acting under the
authority of any national, regional or local government or (ii) the
Loan Note Issuer is prevented by any such person from exercising normal
control over all or any substantial part of its undertaking, assets and
revenues,

the Security constituted by the Security Trust
Deed in respect of such Series shall immediately become enforceable (as
provided in the Security Trust
Deed).

		
	9.2 	The Security Trustee shall
not be bound to take any such proceedings or steps as are contemplated
by any provision of Clause 8 (Enforcement of Security) of the
Trust Deed or any other proceedings pursuant to or in connection with
the Trust Deed or any relevant Loan Note Supplement, the Loan Note or
any of them or to give any notice pursuant to this Condition 9 unless
directed or requested to do so by the Note Trustee of a particular
Series and then only if it shall have been indemnified and/or secured
to its satisfaction.

		
	9.3 	Subject to
the Security Trustee being requested and/or directed by the Note
Trustee of a particular Series and subject also to it having been
indemnified and/or secured to its satisfaction following the occurrence
of a Loan Note Event of Default in respect of that Series, the Security
Trustee shall be required to demand all amounts of principal and
interest owing in respect of the Loan Note to be paid immediately and
to take such steps as it shall think fit to enforce any security it
holds in relation to a particular
Series.

		
	9.4 	Variation of Loan Note
Events of Default

The Loan Note Events of Default
set out set out in the Series 2006-2 Loan Note Supplement shall apply
without variation or amendment in respect of Series
2006-2.

		
	9.5 	Realisation of the
Secured Property upon redemption 

In the event of
the Security constituted under the Security Trust Deed becoming
enforceable, the Security Trustee shall, but in each case without any
liability as to the consequence of such action and without having
regard to the effect of, or being required to account for, such action
to, the 

25

Table of Contents

Secured Creditors in relation to such
Series, have the right to enforce its rights under the Security
Documents (including the appointment of a receiver), in relation to the
relevant Secured Property in relation to such Series only, provided
that the Security Trustee shall not be required to take any action that
would involve the Security Trustee in any personal liability or expense
unless previously indemnified and/or secured to its satisfaction and
unless it has been instructed to do so by the Priority Secured Creditor
in accordance with the Transaction Documents.

The
provisions of the Security Trust Deed are expressed to apply separately
to each Series. Accordingly, the occurrence of a Loan Note Event of
Default under one Series does not per se constitute and nor does
it trigger a Loan Note Event of Default under any other Series.

		
	10. 	ENFORCEMENT

			
		(a) 	Only
the Security Trustee may pursue the remedies available under the
Security Trust Deed, the Conditions or any of the Transaction Documents
to enforce the rights of the Secured Creditors in relation to the
Secured Property of the Series 2006-2 Loan Note. No Secured Creditor of
such Series is entitled to proceed directly against the Loan Note
Issuer or any assets of the Loan Note Issuer unless the Security
Trustee, having become bound to proceed in accordance with the terms of
the Trust Deed, any Loan Note Supplement, any Supplementary Security
Document executed in relation to the Loan Note or the Conditions, fails
or neglects to do so within a reasonable period and such failure or
neglect is continuing. However, the Security Trustee shall not be bound
to take any action to enforce the Security or pursue the remedies
available under the Security Trust Deed, the Conditions (including
under Condition 9.2) or any of the Transaction Documents or otherwise
take any action unless it is indemnified and/or secured to its
satisfaction and has, if so required by the Transaction Documents, been
instructed to do so by the Priority Secured
Creditor.

			
		(b) 	After the date falling
three months after the Series Termination Date or, if earlier,
realisation of the Security in respect of such Series which has become
enforceable and distribution of the net proceeds thereof in accordance
with Condition 3, neither the Security Trustee nor any Secured Creditor
in respect of such Series may take any further steps against the Loan
Note Issuer, or any of its assets to recover any sums due but unpaid in
respect of the Loan Note or otherwise and the relevant Related
Agreement will provide that the Counterparty may not take any further
steps against the Loan Note Issuer, or any of its assets to recover any
sums due to it but unpaid in respect of the relevant Related Agreement
in respect of such Series and all claims and all rights to claim
against the Loan Note Issuer in respect of each such sum unpaid shall
be extinguished.

			
		(c) 	No Secured
Creditor, nor the Security Trustee on its behalf, may institute
against, or join any person in instituting against the Loan Note Issuer
any bankruptcy, winding-up, re-organisation, arrangement, insolvency or
liquidation proceeding (except for the appointment of a receiver and
manager pursuant to the terms of the Security Trust Deed) or other
proceeding under any similar law nor shall any of them have any claim
in respect of any such sums over or in respect of any assets of the
Loan Note Issuer which are Security for any other Series. The Secured
Creditors accept and agree that the only remedy of the Security Trustee
against the Loan Note Issuer of any Series after the Loan Note for a
Series has become due and payable pursuant to Condition 9 is to enforce
the Security for the Series 2006-2 pursuant to the provisions of the
Security Trust Deed and any Supplementary Security Document executed in
relation to such Series.

			
		(d) 	The net
proceeds of enforcement of the Security for the Series 2006-2 may be
insufficient to pay all amounts due to the Secured Creditors in respect
of such Series, in which event claims in respect of all such amounts
will be extinguished.

			
		(e) 	No Loan
Note Holder may institute any proceedings against the Loan Note Issuer
to enforce its rights under or in respect of the Loan Note or the Trust
Deed or any relevant 

26

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Loan Note Supplement unless (1) the Security
Trustee has become bound to institute proceedings and has failed to do
so within a reasonable time and (2) the failure is continuing. Each
Loan Note Holder shall have the benefit of the mandatory provisions of
the Trustee Indenture Act 1939
(‘‘TIA’’).

		
	11. 	PRESCRIPTION

Claims
against the Loan Note Issuer for payment in respect of the Loan Note
shall be prescribed and become void unless made within ten years (in
the case of principal) or five years (in the case of interest) from the
appropriate relevant date in respect
thereof.

		
	12. 	REPLACEMENT OF LOAN
NOTES

If the Loan Note is lost, stolen, mutilated,
defaced or destroyed it may be replaced, subject to applicable laws and
any relevant stock exchange requirements, at the specified office of
the Loan Note Issuer, upon payment by the claimant of the expenses
incurred in connection with such replacement and on such terms as to
evidence, security, indemnity and otherwise as the Loan Note Issuer may
require. A mutilated or defaced Loan Note must be surrendered before a
replacement will be issued.

		
	13. 	MEETINGS OF LOAN NOTE HOLDERS,
MODIFICATION, WAIVER, AUTHORISATION AND
SUBSTITUTION

		
	13.1 	Meetings of
Loan Note Holders 

The Trust Deed contains
provisions for convening joint and separate meetings for the holders of
each Series Loan Note to consider any matter affecting the interests of
such Loan Note Holders, including the sanctioning by an Extraordinary
Resolution of the holder of a particular Series Loan Note of any
modification of such Loan Note (including these Conditions as they
relate to such Loan Note) or the provisions of any of the Transaction
Documents, provided that no Basic Term Modification (as defined
in the Trust Deed) shall be effective unless such modification is
sanctioned by an Extraordinary Resolution of the Loan Note Holders of
each Series.

The quorum at any meeting of Loan Note
Holders for passing an Extraordinary Resolution shall be one or more
persons holding or representing a majority of the aggregate Principal
Amount Outstanding of the relevant Loan Notes; provided however,
that, at any meeting the business of which includes the sanctioning of
a Basic Terms Modification (as defined in the Trust Deed), the
necessary quorum for passing an Extraordinary Resolution shall be one
or more persons holding or representing 75 per cent., or more of the
aggregate Principal Amount Outstanding of the relevant Loan
Notes.

An Extraordinary Resolution passed at any meeting
of Loan Note Holders shall be binding on all holders for the relevant
Loan Notes, whether or not they are present at the meeting. The
majority required for an Extraordinary Resolution, including the
sanctioning of the Basic Terms Modification (as defined in the Trust
Deed), shall be 75 per cent. of the votes cast on that Extraordinary
Resolution.

		
	13.2 	Modification or
Waiver

As more fully set forth in the Trust Deed
(and subject to the conditions and qualifications therein) the Security
Trustee may agree, without the consent of the Loan Note Holder to (a)
any modification (except a Basic Term Modification) of the Loan Note
including these Conditions or any Transaction Document, which is not,
in the opinion of the Security Trustee, materially prejudicial to the
interests of the Loan Note Holder or (b) any modification of the Loan
Note (including these Conditions) or any Transaction Document, which in
the Security Trustee's opinion is to correct a manifest error or
is of a formal minor or technical nature or an error which is, in the
opinion of the Security Trustee, proven. Any such modification, waiver,
authorisation or determination shall be binding on the Loan Note Holder
and, unless the Security Trustee agrees otherwise, any such
modification or waiver shall be notified to the Loan Note Holder in
accordance with Condition 14 as soon as practicable
thereafter.

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	13.3 	Substitution

As
more fully set forth in the Trust Deed (and subject to the conditions
and qualifications therein) subject to such amendment of the Trust Deed
and such other conditions as the Security Trustee may require, but
without the consent of the Loan Note Holder, the Security Trustee may
agree to the substitution of any other body corporate in place of the
Loan Note Issuer as principal debtor under the Trust Deed and the Loan
Note and in the case of such a substitution the Security Trustee may
agree, without the consent of the Loan Note Holder, to a change of the
law governing the Loan Note and/or the Trust Deed provided that such
change would not in the opinion of the Security Trustee be materially
prejudicial to the interests of the Loan Note Holder. Any such
substitution or addition shall be notified to the Loan Note Holder in
accordance with Condition 14 as soon as practicable thereafter.

		
	14. 	NOTICES

		
	14.1 	Notices
to the Loan Note Holder shall be deemed to have been duly validly given
if published in a leading English language daily newspaper published in
London (which is expected to be the Financial Times). Any such
notice shall be deemed to have been given on the date of first
publication.

		
	14.2 	Any notices
specifying an Interest Amount, an amount of Additional Interest or of
Deferred Interest, a Redemption Amount or a Principal Amount
Outstanding shall be deemed to have been duly given if the information
contained in such notice appears on the relevant page of the Reuters
Screen, Bloomberg or such other medium for the electronic display of
data as may be approved by the Security Trustee and notified to Loan
Note Holder (the ‘‘Relevant
Screen’’). Any such notice shall be deemed to
have been given on the first date on which such information appeared on
the Relevant Screen. If it is impossible or impracticable to give
notice in accordance with this paragraph, then notice of the matters
referred to in this Condition shall be given in accordance with the
preceding paragraph.

		
	15. 	LOAN NOTE
REGISTRAR

The Loan Note Registrar will act solely as
agent of the Loan Note Issuer and will not otherwise assume any
obligation or duty or relationship of agency or trust to or with the
Loan Note Holder unless a Loan Note Event of Default has occurred, when
it will act as agent of the Security Trustee. Such agreement may be
amended by the parties thereto with the prior written approval of the
Security Trustee subject to its obtaining the consent of the Loan Note
Holder.

The Loan Note Issuer reserves the right at any
time with the consent of the Security Trustee to vary or terminate the
appointment of the Loan Note Registrar and to appoint another Loan Note
Registrar outside the United Kingdom. Notice of any termination or
appointment and of any changes in specified offices will be given to
the Loan Note Holder promptly by the Issuer in accordance with
Condition 14.

		
	16. 	GOVERNING
LAW

		
	16.1 	Governing
Law

The Trust Deed, the relevant Loan Note
Supplement and the Loan Note are governed by and shall be construed in
accordance with English law save that those parts of the Trust Deed and
the Loan Note Supplement concerned with the creation, subsistence or
enforcement of the Series 2006-2 Jersey Security Interest shall be
governed by and construed in accordance with Jersey
law.

		
	16.2 	Submission to
jurisdiction

The Loan Note Issuer has, in the Trust
Deed, irrevocably agreed for the benefit of the Secured Creditors that
the courts of England shall have jurisdiction to hear and determine any
suit, action or proceedings, and to settle any disputes, which may
arise out of or in connection with the Loan Note (respectively,
‘‘Proceedings’’ and
‘‘Disputes’’) and, for such
purposes, irrevocably submits to the jurisdiction of such
courts.

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SCHEDULE
2    

ADDITION TO CLAUSE 7 (LOAN NOTE ISSUER BANK
ACCOUNTS AND APPLICATION OF MONIES)

OF THE SECURITY TRUST
DEED 

		
	1. 	ESTABLISHMENT
AND MAINTENANCE OF SERIES 2006-2 LOAN ACCOUNTS

		
	1.1 	The Loan Note Issuer shall
procure the establishment and maintenance of the Series 2006-2 Loan
Note Issuer Distribution
Account.

		
	1.2 	The Loan Note Issuer
shall record all monies received or payments made by it in respect of
Series 2006-2 in the manner set out in this Series 2006-2 Loan Note
Supplement and shall cause the Series 2006-2 Loan Note Issuer
Distribution Account to be credited with the corresponding amounts.

			
		(a) 	The Loan Note Issuer shall ensure
that amounts received in the Series 2006-2 Loan Note Issuer
Distribution Account under the Series 2006-2 Trust Supplement as a
distribution to the Loan Note Issuer by the Receivables Trustee on such
date in respect of the Investor Interest referable to Series 2006-2 are
credited to the relevant ledger on each Payment Date upon receipt of
each payment under Clause 5.10 (Payments of Amounts Representing
Finance Collections), Clause 5.11 (Payments Principal Amounts on
Distribution Dates) and Clause 5.13 (Investor Charge-Offs),
each of the Series 2006-2 Trust
Supplement.

		
	2. 	APPLICATION OF
MONIES ON EACH PAYMENT DATE/DISTRIBUTION DATE

On
each Payment Date, which for the avoidance of doubt shall in the case
of Series 2006-2 be the same day as the relevant Distribution Date, all
moneys received or held by the Loan Note Issuer in the Series 2006-2
Loan Note Issuer Distribution Account shall be applied or transferred
(and the relevant ledger debited) to make the following payments in the
following order of priority, and in each case, only if and to the
extent that payments or provisions of a higher order of priority have
been made in full (other than in the event of a shortfall in relation
to the satisfaction of the amounts detailed in items (a) to (c) below,
in which case item (c) below will be paid in priority to item (b)
below, to the extent of such shortfall):

			
		(a) 	an amount equal to the Trustee
Payment Amount (as defined in the Series 2006-2 Trust Supplement)
referable to Series 2006-2 to be paid to the Receivables Trustee as
additional consideration for granting of the Loan Note Issuer's
Series 2006-2 interest in the Receivables
Trust;

			
		(b) 	in no order of priority
between them but in proportion to the respective amounts due, to pay
amounts which are due to any receiver appointed under the Security
Trust Deed and all amounts due for legal fees and other fees, costs,
charges, liabilities, expenses, losses, damages, proceedings, claims
and demands which have been incurred by the Security Trustee and anyone
appointed by them under the Transaction Documents together with
interest due on these
amounts;

			
		(c) 	an amount equal to the
Loan Note Issuer Costs Amount referable to the Series 2006-2 shall be
transferred from the Series 2006-2 Loan Note Issuer Distribution
Account to the Loan Note Issuer to be utilised in the discharge of such
amounts and an amount equal to the Issuer Costs Amount referable to the
Series 2006-2 shall be transferred from the Series 2006-2 Loan Note
Issuer Distribution Account to the Issuer to be utilised in the
discharge of such amounts;

			
		(d) 	an
amount equal to the Investor Servicing Fee in respect of Series 2006-2
will be paid by the Loan Note Issuer to the Receivables Trustee as
Additional Consideration for the grant of the Loan Note Issuer’s
interest in the Receivables
Trust;

			
		(e) 	an amount equal to the
sum of the Class A Monthly Distribution Amount, Class B Monthly
Distribution Amount and Class C Monthly Distribution Amount will be
used by the Loan Note Issuer to pay interest due and unpaid on the
Series 2006-2 Loan Note shall be paid to the Series 2006-2 Loan Note
Holder.

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		(f) 	on a
Payment date during the Regulated Amortisation Period or the Rapid
Amortisation Period, or on the Series 2006-2 Scheduled Redemption Date,
towards payment of principal amounts due and unpaid on the Loan Note
allocated and identified by Class shall be paid to the Series 2006-2
Loan Note Holder, or to its order, with respect to Series
2006-2.

			
		(g) 	an amount equal to the
Loss Makeup (default) amount and Loss Makeup (charge off) amount (each
as defined in the Series 2006-2 Trust Supplement) and any Refunded
Utilised Principal Collections Amount (as defined in the Series 2006-2
Trust Supplement) referable to the Series 2006-2 to be paid to the
Receivables Trustee as additional consideration for the granting of the
Loan Note Issuer's Series 2006-2 interest in the Receivables
Trust;

			
		(h) 	an amount equal to the
Investor Indemnity Amount (as defined in the Series 2006-2 Trust
Supplement) for the Series 2006-2 to be paid to the Receivables Trustee
as additional consideration for the granting of the Loan Note
Issuer's Series 2006-2 interest in the Receivables
Trust;

			
		(i) 	an amount equal to the
Loan Note Issuer Return (as defined in the Series 2006-2 Trust
Supplement) for Series 2006-2 transferred to the Series 2006-2 Loan
Note Issuer Profit Ledger and an amount equal to the Issuer Profit
Amount (as defined in the Series 2006-2 Trust Supplement) for Series
2006-2 paid to the Series 2006-2 Issuer Distribution
Account;

			
		(j) 	an amount equal to the
Monthly Expenses Loan Amount will be paid to the Series 2006-2 Issuer
Distribution Account;

			
		(k) 	amounts
remaining after distribution in accordance with the payments made
pursuant to items (a) to (j) above, if any, shall be identified as
‘‘Excess Spread’’ and be paid in
respect of each series as further interest to the Issuer
(‘‘Further Interest’’);
and

			
		(l) 	an amount equal to the
Deferred Subscription Price, if any, received by the Loan Note Issuer
on that Distribution Date from the Issuer in respect of a particular
Series, (‘‘Deferred Subscription Price
Amount’’) shall be paid to the Receivables
Trustee in respect of that Series, identified as
‘‘Additional Consideration’’ for the
grant of the Loan Note Issuer's Series 2006-2 interest in the
Receivables Trust.

On or prior to the fifth Business Day
prior to the relevant Payment Date the Loan Note Issuer shall, if
required, provide to the Series 2006-2 Loan Note Holder a copy of the
monthly report to the Bank Account Operator in the form of the
Servicer's Monthly Statement report attached as Exhibit A to the
Series 2006-2 Trust Supplement in accordance with Clause 5.1
(Information Covenant) of the Loan Note Supplement, showing,
where applicable, the notional allocations for each Class of the sums
paid above to be used to allocate the amount of principal and interest
paid under the loan note to be allocated to the relevant ledger within
the Series 2006-2 Issuer Distribution Account.

		
	3. 	APPLICATION OF MONIES POST
ENFORCEMENT

		
	3.1 	Notwithstanding
the security rights created by and pursuant to this Series 2006-2 Loan
Note Supplement but subject always to the provisions of the Jersey
Security Interests Law in respect of the Series 2006-2 Jersey Security
Interest, the Security Trustee and each of the Secured Creditors hereby
agrees, and the Loan Note Issuer concurs, that from the time of the
service of an Loan Note Enforcement Notice, no amount relating to
Series 2006-2 may be withdrawn from the Series 2006-2 Loan Note
Distribution Account except to the extent that it is applied in
accordance with the order of priorities set out in Paragraph 2 of this
Schedule or as otherwise permitted by the provisions of this Series
2006-2 Loan Note Supplement or any other Transaction Document that is
applicable after the giving of a Loan Note Enforcement Notice in
relation to Series
2006-2.

		
	3.2 	Notwithstanding the
security rights created by this Series 2006-2 Loan Note Supplement, but
subject always to the provisions of the Jersey Security Interests Law
in respect of the Series 2006-2 Jersey Security Interest, the Security
Trustee and each of the Secured Creditors hereby agrees, and the Loan
Note Issuer concurs, that any monies whatsoever recovered by each of
them or on their behalf whether by the Security Trustee or otherwise
after the giving of a Loan Note Enforcement 

30

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Notice in relation to Series 2006-2, shall be
held on trust by them and forthwith paid to the Security Trustee (and
pending such payment shall be held on trust for the Security Trustee)
for application in accordance with the order of priorities set out in
Paragraph 2 of this Schedule above (in each case only if and to the
extent that payments of higher priority have been made in
full).

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SCHEDULE
3    

NOTICE OF
ASSIGNMENT

(FOR THE PURPOSES OF THE SECURITY
INTERESTS (JERSEY) LAW 1983, AS AMENDED

(THE JERSEY SECURITY
INTERESTS LAW))

				
	To:			person from whom assignor would have claimed collateral but for
the assignment
	From:			Turquoise Funding 1
Limited (the ‘‘Loan Note
Issuer’’)
	and
from:			Law Debenture Trust Company of New York as security
trustee (the ‘‘Security
Trustee’’)
	

We hereby
give you notice that by a Series 2006-2 loan note supplement (the
‘‘ Series 2006-2 Loan Note
Supplement’’) dated 22 November  2006 (a
copy of which is attached hereto) and made between the Loan Note
Issuer, the Security Trustee, HSBC Bank plc (as Transferor), Turquoise
Receivables Trustee Limited (as Receivables Trustee) and Bedell Trust
Company Limited (as Loan Note Registrar) supplemental to a Security
Trust Deed dated 23 May  2006 and made between the foregoing
parties, for the purposes of creating a security interest therein in
favour of the Security Trustee in accordance with the Jersey Security
Interests Law, the Loan Note Issuer has assigned the Series 2006-2 Loan
Note Issuer Secured Property to the extent that the same is situate in
Jersey to the Security Trustee (the ‘‘Assigned
Property’’):

We irrevocably and
unconditionally authorise and instruct you (notwithstanding any
previous instructions of any kind which the Loan Note Issuer may have
given to you) to disclose to the Security Trustee such information
relating to the Assigned Property as it may from time to time
require.

This notice may not be varied or revoked without
the prior consent of the Security Trustee.

We shall be
grateful if you will sign and forward to the Security Trustee the
enclosed form of acknowledgement.

Terms used in this
notice will have the same meaning as in the Series 2006-2 Loan Note
Supplement unless otherwise defined in this notice or the context
requires otherwise.

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

Date:    [•]
2006

							
	 			 			 
	For
and on behalf of the Loan Note Issuer as assignor under the
Series 2006-2 Loan Note Supplement and as debtor for the purposes of
the Jersey Security Interests
Law			 			Signed
by [•]    acting as attorney-in-fact for and
on behalf of the Security Trustee as secured party under the
Series 2006-2 Loan Note Supplement and for the purposes of the Jersey
Security Interests Law
	

33

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Acknowledgement

To:    Turquoise
Funding 1 Limited

   Law Debenture Trust Company of New
York

From:    addressee of Notice of
Assignment

We hereby acknowledge receipt of a notice
(the ‘‘Notice’’) dated
[•] 2006 addressed to us by you and Turquoise Funding 1
Limited.

We confirm that we accept the authorisations and
instructions contained in the Notice and we undertake to act in
accordance and comply with the terms of the Notice.

We
confirm as follows:

		
	1. 	other than as set out in the
relevant documents to which we and the Loan Note Issuer are party, we
do not have, and will not make or exercise, any claims or demands, any
rights of counterclaim, rights of set off or any other rights against
the Loan Note Issuer in respect of the Assigned Property or any part
thereof; and

		
	2. 	we have not, as of the date hereof,
received any notice that any third party has or will have any right or
interest whatsoever in or has made or will be making any claim or
demand or taking any action whatsoever against the Assigned Property or
any part thereof.

We undertake that, in the event of our
becoming aware at any time that any person or entity other than the
Security Trustee (as trustee for the Secured Creditors) has or will
have any right or interest whatsoever in or has or will be making any
claim or demand or taking any action whatsoever against the Assigned
Property or any part thereof, we will immediately give written notice
of any of the terms of such rights or interest, claim or demand or
action to both the Security Trustee and the Loan Note
Issuer.

Terms used herein shall, unless the context
requires otherwise, have the same meaning as in the
Notice.

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

Date
[•]
2006

                                            

For
and on behalf of

[•]

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SCHEDULE
4    

FORM OF SERIES 2006-2 LOAN
NOTE

PART A – FORM OF SERIES 2006-2 LOAN
NOTE FOR TURQUOISE CARD
 BACKED SECURITIES
PLC

TURQUOISE FUNDING 1 LIMITED
(incorporated in
Jersey with registered number
92327)

£397,035,469 SERIES 2006-2 LOAN
NOTE
 SCHEDULED REDEMPTION DATE 15 OCTOBER
2009

Constituted by the Security Trust Deed dated 23
May  2006 between, among others, Turquoise Funding 1 Limited
(‘‘HSBC Cards’’) and HSBC
Bank plc as supplemented by the Series 2006-2 Loan Note Supplement
dated 22 November  2006 (the ‘‘Security
Trust Deed’’).

Not an interest in or
recourse obligation of HSBC Bank plc

This certifies that
upon execution of this Series 2006-2 Loan Note in accordance with the
Security Trust Deed, HSBC Cards, for value received and subject to and
in accordance with the Conditions in the Series 2006-2 Loan Note
Supplement, promises to pay to the Registered Holder (as defined
below), as holder of the Series 2006-2 Loan Note the principal sum of
£ 397,035,469 plus interest thereon, in the amount and in the
manner set out in the Security Trust Deed as supplemented by the Series
2006-2 Loan Note Supplement dated 22 November  2006 to the
Security Trust Deed.

Terms defined in the Master
Definitions Schedule and the Series 2006-2 Loan Note Supplement shall
have the same meaning in this Series 2006-2 Loan
Note.

This Loan Note is unsubordinated and has no
Enhancement, other than the Enhancement set out in the Series 2006-2
Supplement dated 22 November  2006 to the Receivables Trust
Deed.

PLEASE NOTE THE
FOLLOWING:

		
	1. 	No transfer of this
Series 2006-2 Loan Note shall be permitted except in accordance with
Clause 4 of the Security Trust Deed and the
Conditions.

		
	2. 	The entries in the Loan
Note Register shall be conclusive in the absence of manifest error but
subject to the provisions of Clause 2.1(a) of the Series 2006-2 Loan
Note Supplement.

		
	3. 	This Loan Note is
evidence of entitlement only.

		
	4. 	Only
the Registered Holder is entitled to payments in respect of the Series
2006-2 Loan Note represented by this Loan Note and title to this Series
2006-2 Loan Note passes only on due registration in the Loan Note
Register.

IN WITNESS WHEREOF, HSBC Cards has executed this
Series 2006-2 Loan Note as a
deed.

	
	Turquoise
Funding 1
Limited
	By:                                                
	               Name:
	               Title:    Director
	in the presence
of:
	Date:
	

35

Table of Contents
PART
B – FORM OF SERIES 2006-2 LOAN NOTE FOR SUBSEQUENT
HOLDER

TURQUOISE FUNDING 1 LIMITED
(incorporated
in Jersey with registered number
92327)

£397,035,469 SERIES 2006-2 LOAN
NOTE
 SCHEDULED REDEMPTION DATE 15 OCTOBER
2009

Constituted by the Security Trust Deed dated 23
May  2006 between, among others, Turquoise Funding 1 Limited
(‘‘HSBC Cards’’) and HSBC
Bank plc as supplemented by the Series 2006-2 Loan Note Supplement
dated 22 November  2006 (the ‘‘Security
Trust Deed’’).

Not an interest in or
recourse obligation of HSBC Bank plc

This certifies that
upon execution of this Series 2006-2 Loan Note in accordance with the
Security Trust Deed, HSBC Cards, for value received and subject to and
in accordance with the Conditions in the Series 2006-2 Loan Note
Supplement, promises to pay to the Registered Holder (as defined
below), as holder of the Series 2006-2 Loan Note the principal sum of
£ [•] plus interest thereon, in the amount and in
the manner set out in the Security Trust Deed as supplemented by the
Series 2006-2 Loan Note Supplement dated 22 November  2006 to the
Security Trust Deed.

Terms defined in the Master
Definitions Schedule and the Series 2006-2 Loan Note Supplement shall
have the same meaning in this Series 2006-2 Loan
Note.

This Loan Note is unsubordinated and has no
Enhancement, other than the Enhancement set out in the Series 2006-2
Supplement dated 22 November  2006 to the Receivables Trust Deed
and Servicing Agreement.

PLEASE NOTE THE
FOLLOWING:

		
	1. 	No transfer of this
Series 2006-2 Loan Note shall be permitted except in accordance with
Clause 4 of the Security Trust Deed and the
Conditions.

		
	2. 	The entries in the Loan
Note Register shall be conclusive in the absence of manifest error but
subject to the provisions of Clause 2.1(a) of the Series 2006-2 Loan
Note Supplement.

		
	3. 	This Loan Note is
evidence of entitlement only.

		
	4. 	Only
the Registered Holder is entitled to payments in respect of the Series
2006-2 Loan Note represented by this Loan Note and title to this Series
2006-2 Loan Note passes only on due registration in the Loan Note
Register.

IN WITNESS WHEREOF, HSBC Cards has executed this
Series 2006-2 Loan Note as a
deed.

	
	Turquoise
Funding 1
Limited
	By:                                                
	               Name:
	               Title:    Director
	in the presence
of:
	Date:
	

36

Table of Contents
SCHEDULE
5    

FORM OF
TRANSFER

FOR VALUE RECEIVED                                                                                                
being the registered holder of this Loan Note Certificate, hereby
transfers to
                                                                                    

of
                                                                                                                                                                                

                                                                                                                                                                                        

                                                                                                                                                                                        

£                                                                        
in principal amount of the £397,035,469 Series 2006-2 Loan Note
(the ‘‘Loan Note’’) of
Turquoise Funding 1 Limited (the
‘‘Issuer’’) and irrevocably
requests and authorises Bedell Trust Company Limited (the
‘‘Loan Note Registrar’’), in
its capacity as Loan Note Registrar in relation to the Loan Note (or
any successor to the Loan Note Registrar in its capacity as such) to
effect the relevant transfer by means of appropriate entries in the
register kept by
it.

Dated:                                                        

By:                                                               

        (duly
authorised)

Restrictions on Transfer

Any
Loan Note Holder may make a transfer of the whole (but not of any part)
of its Loan Note or create or grant any Encumbrance in respect of such
Loan Note only with the prior written consent of the Security Trustee
and the Transferor (such consent not to be unreasonably withheld)
provided, however that no such transfer or Encumbrance will be
permitted unless:

		
	(i) 	The Loan Note
Issuer shall have received, prior to such transfer or Encumbrance
taking effect, written confirmation from the Person to which such
transfer is to be made or in whose favour such Encumbrance is to be
granted or created of that such transfer or Encumbrance will not cause
the holder of the relevant Loan Note to be a person other than a person
in the United Kingdom;

		
	(ii) 	such
transfer or Encumbrance will not cause the number of Persons in whose
names the Loan Note will or have been registered in the Loan Note
Register to exceed ten;

		
	(iii) 	the Loan
Note Holder making such transfer or subjecting the Loan Note to such
Encumbrance shall be solely responsible for any costs, expenses or
taxes (excluding any stamp duty amount which shall be incurred by the
Person to whom the Loan Note is transferred) which are incurred by the
Loan Note Issuer, the Loan Note Holder or any other Person in relation
to such transfer or Encumbrance;
and

		
	(iv) 	such transfer is not made to
any person resident in Jersey for Jersey income tax purposes other than
a financial institution acting in the ordinary course of its
business.

Capitalised terms used in this Form of Transfer
shall bear the same meanings as set out in the Security Trust
Deed.

37

Table of Contents
Loan Note
Issuer

				
	EXECUTED
as a Deed by			)  /s/ MICHAEL P.
ROBINSON
	TURQUOISE FUNDING
1			)
	LIMITED			)    Alternate
Director
	

Address for
Service

Clifford Chance Secretaries Limited
10 Upper Bank
Street,
London E14 5JJ

Transferor,
Transferor Beneficiary, Loan Note Issuer Account Bank, Servicer and
Bank Account
Operator

				
	EXECUTED
as a deed 			)
	By			)  /s/
RICHARD BLACKBURN
	acting as
attorney			)
	for and on behalf
of			)
	HSBC BANK
PLC			)
	in the presence
of:			)
	

				
	Signature
of witness:			/s/ LINDSEY
HAIG
	Name of
witness:			Lindsey
Haig
	Address:			6 Wiltshire House, 2
Maidstone Buildings Mews, London, SE1
1GH
	Occupation:			Solicitor
	

Security
Trustee

LAW DEBENTURE TRUST
COMPANY OF NEW YORK
as
Security Trustee

By   /s/ PATRICK J.
HEALY

Name    Patrick J.
Healy

Title      Vice
President

Address for Service

The Law
Debenture Corporation p.l.c.
Fifth Floor,
100 Wood
Street,
London EC2V 7EX

38

Table of Contents
Receivables
Trustee

				
	EXECUTED
as a Deed by			)  /s/ MICHAEL
ROBINSON
	TURQUOISE RECEIVABLES TRUSTEE
			)    Alternate
Director
	LIMITED			)
	 			)
	

Address
for Service

Clifford Chance Secretaries Limited
10 Upper
Bank Street,
 London E14 5JJ

Loan Note
Registrar

				
	EXECUTED
as a Deed by			)  /s/ EDWARD
BUCKLAND
	BEDELL TRUST COMPANY LIMITED
			)    Director
	 			)
	

Address
for Service

Clifford Chance Secretaries Limited
10 Upper
Bank Street,
London E14 5JJ

39Exhibit
10.2

LIMITED
LIABILITY PARTNERSHIP

EXECUTION
COPY

TURQUOISE RECEIVABLES TRUSTEE
LIMITED

as Receivables Trustee

 HSBC
BANK PLC

as Transferor Beneficiary, Transferor and
Servicer

 TURQUOISE FUNDING 1
LIMITED

as the Loan Note Issuer and Series 2006-2
Investor Beneficiary

TURQUOISE FUNDING 2 LIMITED

as
Dormant Investor
Beneficiary

	
				
	

 SERIES
2006-2 SUPPLEMENT

To

RECEIVABLES TRUST DEED
AND
 SERVICING
AGREEMENT

	
				
	

CONTENTS

							
	Clause			Page
	Part
1					5	

	Interpretation					5	

	Defined
Terms					5	

	General					5	

	Part
2					7	

	Effect Of
Supplement					7	

	Categories Of Additional
Beneficiaries, Designation And Additional
Consideration					7	

	Rights Of The Series 2006-2
Investor Beneficiary In Respect Of Series
2006-2					8	

	Consent Of Existing
Beneficiaries					8	

	Declaration Of Receivables
Trustee					8	

	Part
3					11	

	Undertakings, Representations,
Warranties And
Agreements					11	

	Undertakings By Hsbc Bank
Plc					11	

	Agreements Of The Series 2006-2
Investor Beneficiary					12	

	Negative Covenants
Of The Series 2006-2 Investor
Beneficiary					14	

	Part
4					18	

	Miscellaneous					18	

	Notices					18	

	Severability
Of Provisions					18	

	Further
Assurances					18	

	No Waiver; Cumulative
Remedies					18	

	Counterparts					19	

	The
Schedule					20	

	Supplement
To The Receivables Trust Deed And Servicing Agreement And The
Receivables Trust					20	

	Part
1					20	

	Definitions					20	

	Calculations
And Information					43	

	Part
2					44	

	Calculations And Information:
Servicing Compensation, Acquired
Interchange					44	

	Part
3					46	

	Calculations And Information:
Trustee Payment Amount					46	

	Part
4					47	

	

2

							
	Clause			Page
	Calculations
And Information: Addition To Clause 5 Of Receivables Trust Deed And
Servicing Agreement					47	

	Calculations And
Distributions					47	

	Cash Available For
Investment					51	

	Calculation Of Monthly
Required Expense Amounts					52	

	Determination Of
Monthly Principal Amounts					54	

	Coverage Of
Required Amount					55	

	Payments Of Amounts
Representing Finance Charge
Collections					56	

	Payments Of Principal Amounts
On Distribution Dates					59	

	Payment Of Investor
Monthly Finance Amounts					62	

	Investor
Charge-Offs					62	

	Investor Indemnity Payment
Amount					64	

	Reallocated Class C Principal
Collections					64	

	Reallocated Class B Principal
Collections					65	

	Shared Principal
Collections					65	

	Spread
Account					66	

	Principal Funding
Account					68	

	Reserve
Account					70	

	Part
5					74	

	Calculations And Information:
Monthly Statement To Series
2006-2					74	

	Part
6					76	

	Series 2006-2 Pay Out
Events					76	

	Exhibits To The
Schedule					78	

	Exhibit A Form Of Monthly
Statement					78	

	Exhibit B Form Of
Monthly Payment Advice And Notification To The Receivables
Trustee					93	

	

3

Table of Contents

THIS
SERIES 2006-2 SUPPLEMENT is made on 22 November as a
Deed

BY AND
BETWEEN:

		
	(1) 	HSBC BANK PLC,
a company registered in England and Wales (registered number 14259)
having its registered office at 8 Canada Square, London E14 5HQ
(‘‘HSBC Bank plc’’, the
‘‘Transferor Beneficiary’’,
the ‘‘Servicer’’ and the
‘‘Transferor’’);

		
	(2) 	TURQUOISE
RECEIVABLES TRUSTEE LIMITED, a company incorporated in Jersey with
registration number 92324 and having its registered office at 26 New
Street, St. Helier, Jersey, JE2 3RA Channel Islands (the
‘‘Receivables
Trustee’’);

		
	(3) 	TURQUOISE
FUNDING 1 LIMITED, a company incorporated in Jersey with
registration number 92327 and having its registered office at 26 New
Street, St. Helier, Jersey, JE2 3RA Channel Islands
(‘‘the Loan Note Issuer’’
and the ‘‘Series 2006-2 Investor
Beneficiary’’);
and

		
	(4) 	TURQUOISE FUNDING 2
LIMITED, a company incorporated in Jersey with registration number
92329 and having its registered office at 26 New Street, St. Helier,
Jersey, JE2 3RA Channel Islands (the ‘‘Dormant
Investor Beneficiary’’ and an
‘‘Investor
Beneficiary’’).

RECITALS

		
	(A) 	The
Loan Note Issuer previously contributed to the Receivables Trust on 23
May  2006. In accordance with the Series 2006-1 Supplement to
Receivables Trust Deed and Servicing Agreement dated 8 June
2006, the Loan Note Issuer was designated the Series 2006-1 Investor
Beneficiary in respect of Series 2006-1 of the Receivables Trust
pursuant to a Contribution in accordance with Clause 4 of the
Receivables Trust Deed and Servicing
Agreement.

		
	(B) 	The Loan Issuer now
intends to be designated the Series 2006-2 Investor Beneficiary in
respect of Series 2006-2 of the Receivables Trust pursuant to a
Contribution in accordance with Clause 4 of the Receivables Trust Deed
and Servicing Agreement, in the manner and in the amount set out
herein.

		
	(C) 	The Transferor
Beneficiary (which, prior to the execution of this Supplement, together
with the Loan Note Issuer, constituted Beneficiaries of the Receivables
Trust) intends to consent in the manner set out herein to the Loan Note
Issuer becoming the Series 2006-2 Investor Beneficiary in respect of
Series 2006-2.

		
	(D) 	The Receivables
Trustee intends to supplement and vary the Receivables Trust Deed and
Servicing Agreement in the manner and to the extent set out
herein.

		
	(E) 	It is intended by the
parties hereto that, following the simultaneous execution and
completion of the transactions contemplated by this Supplement, the
Loan Note Issuer will be designated as the Series 2006-2 Investor
Beneficiary of the Receivables Trust as supplemented and varied in
accordance with the provisions hereof and that the Series 2006-2
Investor Beneficiary will thereafter be considered to constitute a
Series for the purposes of the Receivables Trust Deed and Servicing
Agreement, such Series to be referred to as
‘‘Series
2006-2’’.

		
	(F) 	It
is acknowledged by the parties hereto that the Loan Note Issuer will
issue (i) the Related Debt (as defined herein) secured on its
beneficial entitlement as Series 2006-2 Investor Beneficiary to
Turquoise Card Backed Securities plc (the ‘‘Series
2006-2 Issuer’’) and that the Series 2006-2
Issuer will issue the Associated Debt (as defined herein)
secured on the Related Debt acquired by the Series 2006-2
Issuer.

4

Table of Contents

NOW THIS DEED WITNESSES as
follows:

PART 1

INTERPRETATION

Defined
Terms

Terms defined in the Master Definitions Schedule
set out in Schedule 6 of the Receivables Trust Deed and Servicing
Agreement as the same may be amended, varied or supplemented from time
to time with the consent of the Beneficiaries in accordance with Clause
12.2 of the Receivables Trust Deed and Servicing Agreement) and in the
Schedule attached hereto shall have the same meanings when used in this
Supplement and the recitals hereto unless the context requires
otherwise Provided, however, that in the event that any term or
provision contained in the Schedule attached hereto shall conflict with
or be inconsistent with any provision contained in the Receivables
Trust Deed and Servicing Agreement or the Master Definitions Schedule,
the terms and provisions of the Schedule attached hereto shall prevail
with respect to Series 2006-2
only.

General

		
	(a) 	The
headings and the contents pages in this Supplement shall not affect its
interpretation.

		
	(b) 	Words denoting
the singular number only shall include the plural number also and
vice versa; words denoting one gender only shall
include the other
gender.

		
	(c) 	References to Parts,
Clauses, paragraphs and Schedules and Exhibits shall, unless the
context requires otherwise, be to parts, clauses, paragraphs, exhibits
and schedules in this
Supplement.

		
	(d) 	Save where the
contrary is indicated, any reference in this Supplement
to:

			
		(i) 	this Supplement or any other
agreement or document shall be construed as a reference to this
Supplement, or as the case may be, such other agreement or document as
the same may have been, or may from time to time be, amended, varied,
novated or supplemented;

			
		(ii) 	an
enactment is a reference to it as already amended and includes a
reference to any repealed enactment which it may re-enact, with or
without amendment, and to any re-enactment and/or amendment of it.

		
	(e) 	VAT:

			
		(i) 	all
sums payable by the Receivables Trustee, the Loan Note Issuer, or, as
the case may be, any other Investor Beneficiary, to any other party
hereto are inclusive of any VAT which is chargeable on the supply or
supplies for which such sums (or any part thereof) are the whole or
part of the consideration for VAT purposes and section 89 of the VATA
shall not apply to affect the amount of such sums;
and

			
		(ii) 	all sums payable by HSBC
Bank plc (the ‘‘Payer’’) to
any other party hereto (the
‘‘Payee’’) are exclusive of
any VAT which is chargeable on the supply or supplies for which such
sums (or any part thereof) are the whole or part of the consideration
for VAT purposes. Where the Payee makes a supply to the Payer for VAT
purposes pursuant hereto and VAT is or becomes chargeable on such
supply (being VAT for which the Payee is accountable to HM Revenue
& Customs), the Payer shall pay to the Payee (in addition to any
other consideration for such supply) a sum equal to the amount of such
VAT, such payment to be made no later than 2 Business Days before the
last day (as notified to the Payer in writing by the Payee) on which
the Payee can account to HM Revenue & Customs for such VAT without
incurring any interest or penalties.

5

Table of Contents
			
		(iii) 	Any
reference herein to any fee, cost, disbursement, expense or liability
incurred by any party and in respect of which such party is to be
reimbursed (or indemnified) by any other person or the amount of which
is to be taken into account in any calculation or computation shall,
save where the context otherwise requires,
include:

			
		(A) 	where such party is the
Receivables Trustee, the Loan Note Issuer or, as the case may be, any
other Investor Beneficiary, a reference to such part of such fee, cost,
disbursement, expense or liability as represents VAT, and any VAT for
which such party is required to account to HM Revenue & Customs
under Section 8 of the VATA in relation to such fee, cost,
disbursement, expense or liability;
and

			
		(B) 	where such party is HSBC
Bank plc, a reference to such part of such fee, cost, disbursement,
expense or liability as represents VAT save to the extent that such
party is entitled to obtain credit or repayment in respect of such VAT
from HM Revenue & Customs, and any VAT for which such party is
required to account to HM Revenue & Customs under Section 8 of the
VATA in relation to such fee, cost, disbursement, expense or
liability.

			
		(iv) 	Any reference herein
to a party shall (where appropriate) be deemed, at any time when such
party is treated as a member of a group for the purposes of Sections 43
to 43D of the VATA and the Value Added Tax (Groups: eligibility) Order
2004, to include a reference to the representative member of such
group.

			
		(v) 	It is confirmed by the
parties hereto that references in Clause 1.2(f) of the Receivables
Trust Deed and Servicing Agreement to ‘‘the
Servicer’’ include a reference to HSBC Bank plc (in
whatever capacity it may
act).

			
		(vi) 	References to the parties
hereto shall be construed so as to include any subsequent successors
and permitted assigns in accordance with their respective
interests.

6

Table of Contents
PART
2

EFFECT OF SUPPLEMENT

Categories of Additional
Beneficiaries, Designation and Additional
Consideration

		
	(a) 	Upon payment of
the Contribution to the Receivables Trust referred to in Clause 3(b)
below, annotation of the Trust Register and the reissue of the duly
executed and authenticated Investor Certificate to the Series 2006-2
Investor Beneficiary representing its Aggregate Investor Interest in
the Receivables Trust, the Loan Note Issuer will on the Closing Date be
designated as the Series 2006-2 Investor Beneficiary under this
Supplement by way of a Contribution in accordance with Clause 4 of the
Receivables Trust Deed and Servicing Agreement. the Loan Note Issuer,
in its capacity as the Series 2006-2 Investor Beneficiary shall, for
all purposes under the Receivables Trust Deed and Servicing Agreement,
as supplemented by this Supplement, be beneficially entitled to Trust
Property in an amount equal to the Series 2006-2 Initial Investor
Interest together with its associated proportional entitlement to
Finance Charge Receivables and other Trust
Property.

		
	(b) 	In order for the
Contribution referred to in Clause 3(a) above to be effected, a
contribution to the Receivables Trust in respect of Series 2006-2 shall
be payable by the Loan Note Issuer, in its capacity as the Series
2006-2 Investor Beneficiary to the Receivables Trustee in an amount of
the Sterling Equivalent of £397,035,469 by depositing such
amount in the Trustee Investment Account on the Closing Date or such
other later date as may be agreed between the parties hereto and by any
re-designation that may occur on the same date of an amount of the
Aggregate Investor Interest of the Loan Note Issuer to henceforth form
part of the Series 2006-2 Investor
Interest.

		
	(c) 	Each month a further
contribution as calculated by the Receivables Trustee in accordance
with the schedule to this Supplement (Calculations and
Information) shall be paid by the Series 2006-2 Investor
Beneficiary to the Receivables Trustee by way of further contribution
in respect of its interest in the Receivables Trust
(‘‘Additional
Consideration’’).

The size of each
of the constituent elements of any payment of Additional Consideration
will be identified. The different possible categories
being:

			
		1. 	‘‘Investor Trustee
Payment
Amount’’;

			
		2. 	‘‘Investor
Servicing Fee
Amount’’;

			
		3. 	‘‘Loss
Make-Up
(default)’’;

			
		4. 	‘‘Loss
Make-Up
(charge-offs)’’;

			
		5. 	‘‘Refunded
Utilised Principal
Collections’’;

			
		6. 	‘‘Excess
Spread’’;

			
		7. 	‘‘Reserve
Account Surplus
Amount’’;

			
		8. 	‘‘Spread
Account Surplus Amount’’;

			
		9. 	‘‘Investment
Proceeds’’ (to the extent not included in Excess
Spread);

			
		10. 	‘‘Investor
Indemnity Payment Amount’’;
and

			
		11. 	‘‘Surplus Investment
Income’’.

		
	(d) 	Series
2006-2 shall be included in Group One for Shared Principal Collections
and Excess Finance Charges. Series 2006-2 shall not be subordinated to
any other Series.

7

Table of Contents
Rights of the Series 2006-2 Investor
Beneficiary in Respect of Series 2006-2

Following the
Contribution referred to in Clause 3 above, the beneficial entitlement
of the Series 2006-2 Investor Beneficiary (the
‘‘Series 2006-2 Investor
Interest’’) on each day up to and including the
Series 2006-2 Termination Date shall be as set out
below:

		
	(a) 	in respect of Undivided
Bare Trust Property other than Finance Charge Collections, Investor
Acquired Interchange Amount and earnings on Permitted Investments, that
proportion which the Adjusted Investor Interest bears on that day to
the sum of the Combined Aggregate Adjusted Investor Interest and the
Adjusted Transferor Interest on that
day;

		
	(b) 	in respect of that Undivided
Bare Trust Property which consists of Finance Charge Collections,
Investor Acquired Interchange Amount and earnings on Permitted
Investments received during any Monthly Period, the Floating Investor
Percentage for Series 2006-2 for that Monthly Period;
and

		
	(c) 	in relation to Segregated
Bare Trust Property held for the Series 2006-2 Investor Beneficiary,
the Segregated Bare Trust Property held absolutely for the Series
2006-2 Investor Beneficiary from time to time.

The
beneficial entitlement of the Series 2006-2 Investor Interest to Trust
Property shall terminate on the day immediately following the Series
2006-2 Termination Date.

Consent of Existing
Beneficiaries

		
	(a) 	HSBC Bank plc as
the Transferor Beneficiary, Turquoise Funding 1 Limited as Series
2006-2 Investor Beneficiary and Turquoise Funding 2 Limited as Dormant
Investor Beneficiary being together all the existing Beneficiaries of
the Receivables Trust, prior to the execution of this Supplement,
hereby consent to the Loan Note Issuer being designated as the Series
2006-2 Investor Beneficiary of the Receivables Trust (pursuant to the
terms of Clause 4 of the Receivables Trust Deed and Servicing Agreement
and the provisions of this Supplement) upon payment of the Contribution
referred to in Clause 3(b) above, the annotation of the Trust Register
and the annotation and re-issue of the duly executed Investor
Certificate;

		
	(b) 	Each of HSBC Bank
plc, Dormant Investor Beneficiary and Loan Note Issuer hereby consents
to the creation by the Loan Note Issuer of an Encumbrance over its
Series 2006-2 Investor Interest pursuant to the Security Trust Deed and
the Supplemental Trust Deed executed in connection with the Series
2006-2 Related Debt; and

		
	(c) 	Each of
HSBC Bank plc and the Series 2006-2 Investor Beneficiary, the Dormant
Investor Beneficiary and the Loan Note Issuer hereby consent to the
creation by the Series 2006-2 Issuer of an Encumbrance over its rights
as a secured party in respect of the Related Debt pursuant to the deed
of charge executed by the Series 2006-2 Issuer in connection with the
Series 2006-2 Associated Debt as contemplated in the Series 2006-2
Associated Debt Prospectus.

Declaration of Receivables
Trustee

With the consent of each of the existing
Beneficiaries of the Receivables Trust as set out in Clause 5(a), the
Receivables Trustee hereby declares that (1) the Loan Note Issuer shall
be designated as a Beneficiary of the Receivables Trust in its capacity
as the Series 2006-2 Investor Beneficiary, with effect from the payment
of the Contribution referred to in Clause 3(b) above, the annotation of
the Trust Register and the annotation and reissue of the duly executed
Investor Certificate to the Loan Note Issuer (including the newly
granted entitlement in respect of Series 2006-2) on the Closing Date
(and for the avoidance of doubt such time shall be prior to the
undertaking of calculations and allocations in respect of Trust
Property by the Receivables Trustee on the Closing Date), and (2) the
Receivables Trust Deed and Servicing Agreement shall be supplemented
and varied in the manner and to the extent set out below and the
Receivables Trust Deed and Servicing Agreement shall from such time on
the Closing Date be read and construed for all purposes as supplemented
and varied as set out in the Schedule to this Supplement and the
Receivables Trust shall be supplemented and varied
accordingly:

8

Table of Contents
		
	(a) 	Clause 1 of
the Receivables Trust Deed and Servicing Agreement shall be
supplemented and varied with respect to the Loan Note Issuer in its
capacity as the Series 2006-2 Investor Beneficiary by the addition of
the definitions set out in Part 1 of the Schedule to this
Supplement. In the event that any term or provision contained therein
shall conflict with or be inconsistent with any provision contained in
the Receivables Trust Deed and Servicing Agreement, the terms and
provisions of the Schedule shall prevail with respect to Series 2006-2
only. All Part, Clause or sub-clause references in the Schedule shall
be to the relevant Part, Clause or sub-clauses of the Receivables Trust
Deed and Servicing Agreement, except as otherwise provided in the
Schedule. All capitalised terms used in the Schedule which are not
otherwise defined therein are defined in the Master Definitions
Schedule. Each capitalised term defined in the Schedule shall relate
only to Series 2006-2 and no other
Series;

		
	(b) 	for the purposes of
Clause 4.4 of the Receivables Trust Deed and Servicing Agreement in
respect of Series 2006-2, the Contribution referred to in Clause 3(b)
shall be paid by the Series 2006-2 Investor Beneficiary on the Closing
Date by depositing the amount set out in Clause 3(b) in the Trustee
Investment Account, which amount so deposited shall constitute Cash
Available for Investment on the Closing
Date;

		
	(c) 	for the purposes of Clause
9.2(b) of the Receivables Trust Deed and Servicing Agreement in respect
of Series 2006-2, the amounts equal to the share of the Servicing Fee
(identified as the ‘‘Investor Servicing Fee
Amount’’) payable by the Receivables Trustee to
the Servicer which is to be met from payments made to the Receivables
Trustee by the Series 2006-2 Investor Beneficiary shall, as provided in
Clause 11(a), be calculated, allocated and paid in the manner set out
in Part 2 of the Schedule;

		
	(d) 	for the
purposes of Clause 3(c) of this Supplement, each constituent element of
any payment of Additional Consideration shall be paid, when due, by the
Series 2006-2 Investor Beneficiary to the Receivables Trustee, in the
following manner:

			
		(i) 	in respect of
Loss Make-Up (default), Loss Make-Up (charge-off) and Refunded Utilised
Principal Collections, by depositing such amounts in the Trustee
Investment Account;

			
		(ii) 	in respect
of Investor Trustee Payment Amounts, Investor Servicing Fee Amounts and
Investor Indemnity Payment Amounts, by depositing such amounts in the
Series 2006-2 Loan Note Issuer Account for payment to the Receivables
Trustee; and

			
		(iii) 	in respect of
Excess Spread, Reserve Account Surplus Amount, Spread Account Surplus
Amount and Investment Proceeds, by depositing such amounts in the
Receivables Trustee Consideration
Account;

		
	(e) 	for the purposes of
calculation only, an amount equal to the aggregate of the portion of
Investor Acquired Interchange Amount allocable to Series 2006-2 shall
be allocated and utilised in the manner set out in Part 2 of the
Schedule;

		
	(f) 	for the purposes of
Clause 7.15(b) of the Receivables Trust Deed and Servicing Agreement,
the amount of the Investor Trustee Payment Amount payable by the Series
2006-2 Investor Beneficiary in respect of Series 2006-2 shall as
provided in Clause 11(b) be calculated, allocated and paid in the
manner set out in Part 3 of the
Schedule;

		
	(g) 	for the purposes of
Clause 5 of the Receivables Trust Deed and Servicing Agreement in
respect of Series 2006-2, Clauses 5.1, 5.2 and 5.3 shall be read in
their entirety as provided in the Receivables Trust Deed and Servicing
Agreement. Clause 5 (except for Clauses 5.1, 5.2 and 5.3 thereof) shall
be read in its entirety as set out in Part 4 of the Schedule and shall
be applicable only to Series
2006-2;

		
	(h) 	for the purposes of Clause
9.5(b) of the Receivables Trust Deed and Servicing Agreement a Monthly
Servicer Report relating to Series 2006-2 shall be provided to the
Receivables Trustee, in the manner set out in Part 5 of the Schedule,
by no later than the Determination Date preceding the related
Distribution Date; and

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	(i) 	for the
purposes of Clause 6.2 of the Receivables Trust Deed and Servicing
Agreement, the Investor Pay Out Events applicable to Series 2006-2
shall be the Series 2006-2 Pay Out Events set out in Part 6 of the
Schedule.

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PART
3

UNDERTAKINGS AND AGREEMENTS

Undertaking by the
Transferor as to Periodic Finance Charges and other Fees

The Transferor hereby agrees that, except as otherwise
required by any Requirement of Law, or as may be determined by the
Transferor to be necessary in order for the Transferor to maintain its
credit card and related card business, (such determination being based
upon a good faith assessment by the Transferor, in its sole discretion,
of the nature of the competition in the credit card and related card
business in the United Kingdom as a whole, or in respect of Accounts
relating to a Permitted Additional Jurisdiction, of the nature of
competition in the credit card and related card business in such
Permitted Additional Jurisdiction as a whole), it shall not at any time
reduce the Periodic Finance Charges assessed on Receivables existing or
arising under any Designated Account or other fees on any Designated
Account if, as a result of such reduction, the Transferor's
reasonable expectation of the Portfolio Yield as of such date would be
less than the then Expense Rate.

Undertakings by HSBC Bank
plc

		
	(a) 	Non-Petition

HSBC
Bank plc as Transferor, Transferor Beneficiary and Servicer hereby
undertakes (and any Successor Servicer, by its appointment under the
Receivables Trust Deed and Servicing Agreement, shall also undertake)
to the Receivables Trustee or any successor trustee for itself and as
trustee for each Beneficiary that each of them respectively will not
take any corporate action or other steps or legal proceedings for the
winding up, dissolution or re-organisation or for the appointment of a
receiver, administrator, administrative receiver, trustee, liquidator,
sequestrator or similar officer of any Investor Beneficiary (unless
such Investor Beneficiary specifies otherwise in any related
Supplement), the Receivables Trustee or any successor trustee or the
Receivables Trust or of any or all of the revenues and assets of any of
them nor participate in any ex parte proceedings nor seek to
enforce any judgment against any other Investor
Beneficiary.

		
	(b) 	Disposals

HSBC
Bank plc as Transferor Beneficiary hereby undertakes to each of the
parties to this Supplement and to the Receivables Trustee for itself
and as trustee for each Beneficiary that each of them respectively will
not make any Disposal or create or grant any Encumbrance in respect of
their beneficial entitlement in the Receivables Trust except in
accordance with Clause 4.3 of the Receivables Trust Deed and Servicing
Agreement and acknowledges that any attempt to do so shall be
void.

		
	(c) 	Limited
Recourse

HSBC Bank plc as Transferor, Transferor
Beneficiary and Servicer hereby undertakes (and any Successor Servicer,
by its appointment under the Receivables Trust Deed and Servicing
Agreement, shall each also undertake) to the Receivables Trustee or any
successor Trustee for itself and as trustee for each Beneficiary
that:

			
		(i) 	the obligations of the
Receivables Trustee hereunder at any time are limited to the lesser, at
such time, of (a) the nominal amount of such obligation (the
‘‘nominal amount’’) and (b)
an amount (the ‘‘available
amount’’) equivalent to, in the case of
obligations owed to HSBC Bank plc in any capacity, the value of the
Transferor Interest at such time and, in the case of obligations owed
to an Investor Beneficiary, the value of that Investor
Beneficiary's Aggregate Investor Interest at such time. No
Beneficiary shall have a right to have recourse to, or make demand or
initiate proceedings against the Receivables Trustee whilst the
relevant nominal amount exceeds the relevant available amount. The
Receivables Trustee shall incur no liability and be under no additional
duty to any person solely as a result of any inability on its part to
make payments or to perform other obligations hereunder, which
inability results from the operation of the foregoing provisions of
this Clause 8(c)(i); and

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		(ii) 	it shall
have no recourse, in respect of any obligation, covenant or agreement
of the Receivables Trustee, against any shareholder, officer, agent or
director of the Receivables Trustee.

Agreements of the Series
2006-2 Investor
Beneficiary

		
	(a) 	Use of Undivided
Bare Trust Property by Receivables
Trustee

			
		(i) 	The Loan Note Issuer
as Series 2006-2 Investor Beneficiary acknowledges and agrees that the
Receivables Trustee or any successor trustee shall utilise Trust
Property representing the Series 2006-2 Investor Interest in respect of
Undivided Bare Trust Property in making payments for Receivables and
otherwise in operating the Undivided Bare Trust on the terms and
subject to the conditions of the Receivables Trust Deed and Servicing
Agreement and that the Series 2006-2 Investor Beneficiary shall not be
entitled to receive any Undivided Bare Trust Property, except to the
extent and in the circumstances set out in the Receivables Trust Deed
and Servicing Agreement and this
Supplement.

			
		(ii) 	For the purposes of
calculation only, and for so long as the Loan Note Issuer is the Series
2006-2 Investor Beneficiary, it is hereby agreed and acknowledged that
for the purposes of Part 4, Clauses 5.15 and 5.16 of the Schedule,
amounts calculated to be notionally allocated to a Class of Series
2006-2 Related Debt by the Loan Note Issuer as Series 2006-2 Investor
Beneficiary may be treated, for the purpose of calculation only, as
being reallocated to another class of Series 2006-2 Related Debt and
that the Schedule, including in particular but without limitation,
Clauses 5.15 and 5.16, shall be read and construed accordingly. For the
avoidance of doubt nothing in this Supplement or the Schedule shall be
construed as resulting in a reallocation of beneficial entitlement
between the beneficiaries of the Undivided Bare
Trust.

		
	(b) 	Non-Petition

The
Series 2006-2 Investor Beneficiary hereby undertakes to the Receivables
Trustee (and any successor trustee) for itself and as trustee for each
other Beneficiary that it will not take any corporate action or other
steps or legal proceedings for the winding up, dissolution or
re-organisation or for the appointment of a receiver, administrator,
administrative receiver, trustee, liquidator, sequestrator or similar
officer of any other Investor Beneficiary (unless such Investor
Beneficiary specifies otherwise in any related Supplement), the
Receivables Trustee (or any successor trustee) or the Receivables Trust
or of any or all of the revenues and assets of any of them nor
participate in any ex parte proceedings nor seek to enforce any
judgment against any other Investor
Beneficiary.

		
	(c) 	Disposals

			
		(i) 	The
Series 2006-2 Investor Beneficiary undertakes to the Receivables
Trustee for the benefit of itself and as trustee for each other
Beneficiary that it will not make any Disposal or create or grant any
Encumbrance in respect of its beneficial entitlement in the Undivided
Bare Trust, except in accordance with Clause 4.3 of the Receivables
Trust Deed and Servicing Agreement and acknowledges that any attempt to
do so shall be void;

			
		(ii) 	without
prejudice to the generality of Clause 9(c)(i) above, the Loan Note
Issuer hereby undertakes to the Receivables Trustee for the benefit of
itself and as trustee for each other Beneficiary that it will not make
any Disposal or create or grant any Encumbrance in respect of any of
the Series 2006-2 Related Debt if the effect of any such Disposal or
Encumbrance could result in the Series 2006-2 Investor Interest being
beneficially held by or charged to more than one person and
acknowledges that any attempt to do so shall be void, Provided that
the Receivables Trustee and the Transferor each hereby acknowledge
(as evidenced by their respective executions of this Supplement) that
the Series 2006-2 Related Debt shall be subject to the form of security
granted for the benefit of the Series 

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2006-2 Loan Note Holder pursuant to the
Supplemental Trust Deed, and hereby consent to the creation of such
security Provided, further that the Series 2006-2 Related Debt
will be subject to the form of security that the Series 2006-2 Loan
Note Holder has granted over its assets in order to secure its
obligations in respect of the Associated
Debt.

		
	(d) 	Tax

Turquoise
Funding 1 Limited in its capacity as the Loan Note Issuer and Series
2006-2 Investor Beneficiary under this Supplement hereby confirms
that:

			
		(i) 	it has a business
establishment (for the purposes of Section 9 of the VATA) in Jersey,
Channel Islands which is either its sole business establishment (with
no other fixed establishment anywhere else in the world) or is its
business (or other fixed) establishment at which any services received
by it as contemplated in the Series 2006-2 Relevant Documents are most
directly used or to be used or, as the case may be, its business (or
other fixed) establishment which is most directly concerned with any
services supplied by it as contemplated in the Series 2006-2 Relevant
Documents; and

			
		(ii) 	it has received
a legal opinion from Clifford Chance LLP that under current United
Kingdom tax law payments related to its interest in the Receivables
Trust as evidenced by the Investor Certificate will not be subject to
United Kingdom withholding
tax.

		
	(e) 	Additional
Supplements

the Loan Note Issuer in its capacity as
the Series 2006-2 Investor Beneficiary, hereby confirms as a
Beneficiary of the Receivables Trust that, (i) subject to Clause 4 of
the Receivables Trust Deed and Servicing Agreement and the prior
written consent of each of the Beneficiaries of the Receivables Trust
(including the Loan Note Issuer), the Receivables Trust may be
supplemented and varied from time to time in accordance with the terms
of additional Supplements; and (ii) subject to the prior written
consent of each of the Beneficiaries of the Receivables Trust
(including the Loan Note Issuer ) this Supplement may be varied from
time to time in accordance with the terms of paragraph (g) below. the
Loan Note Issuer, in such capacity, hereby consents to the matters
referred to in (i) and (ii) of this Clause 9(e).

		
	(f) 	Limited
Recourse

The Series 2006-2 Investor Beneficiary
hereby undertakes to the Receivables Trustee (or any successor trustee)
for itself and as trustee for each other Beneficiary that:

			
		(i) 	the obligations of the Receivables
Trustee hereunder at any time are limited to the lesser, at such time,
of (a) the nominal amount thereof (the ‘‘nominal
amount’’) and (b) an amount (the
‘‘available amount’’)
equivalent to, in the case of obligations owed to HSBC Bank plc in any
capacity, the value of the Transferor Interest at such time and, in the
case of obligations owed to an Investor Beneficiary, the value of that
Investor Beneficiary's Aggregate Investor Interest at such time.
No Beneficiary shall have a right to have recourse to, or make demand
or initiate proceedings against the Receivables Trustee whilst the
relevant nominal amount exceeds the relevant available amount. The
Receivables Trustee shall incur no liability and be under no additional
duty to any person solely as a result of any inability on its part to
make payments or to perform other obligations hereunder, which
inability results from the operation of the foregoing provisions of
this Clause 9(f); and

			
		(ii) 	it shall
have no recourse, in respect of any obligation, covenant or agreement
of the Receivables Trustee, against any shareholder, officer, agent or
director of the Receivables Trustee.

		
	(g) 	Amendments

the
Loan Note Issuer in its capacity as Series 2006-2 Investor Beneficiary
shall only consent to any material amendment to this Supplement
(excluding amendments necessary to correct manifest error) when
instructed to do so by holders of Series 2006-2 Related Debt holding
not less than two-thirds of such Series 2006-2 Related
Debt.

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	(h) 	Authorisation
for Receivables Trustee to make Transfers

the Loan
Note Issuer in its capacity as the Series 2006-2 Investor Beneficiary
authorises the Receivables Trustee, to the extent required, to make the
necessary transfers for the purpose of Clause 5.10 of the
Schedule.

Negative Covenants of the Series 2006-2 Investor
Beneficiary

The Series 2006-2 Investor Beneficiary shall
not, save to the extent permitted by the Series 2006-2 Relevant
Documents (as defined below) or, other than with respect to paragraph
(h) below, with the prior written consent of the Transferor Beneficiary
in respect of any future
Series:

		
	(a) 	create or permit to
subsist any Encumbrance including, without limitation, anything
analogous to any Encumbrance under the laws of any jurisdiction upon
the whole or any part of its present or future undertaking, assets or
revenues (including uncalled
capital);

		
	(b) 	carry on any business
other than as described in the Series 2006-2 Associated Debt Prospectus
and in respect of that business shall not engage in any activity or do
anything whatsoever
except:

			
		(i) 	preserve and/or exercise
and/or enforce any of its rights and perform and observe its
obligations under the Series 2006-2 Related Debt, the Receivables Trust
Deed and Servicing Agreement, this Series 2006-2 Supplement and any
mandates regarding the Series 2006-2 Loan Note Issuer Account or any
other bank account of the Loan Note Issuer , the Security Trust Deed
and the Supplemental Trust Deed (all of such, the
‘‘Series 2006-2 Relevant
Documents’’) and preserve and/or exercise and/or
enforce any of its rights and perform and observe its obligations under
the documents it has entered into or will enter into in respect of any
other Series (the ‘‘Other Series
Documents’’);

			
		(ii) 	use,
invest or dispose of any of its property or assets in the manner
provided in or contemplated by the Series 2006-2 Relevant Documents and
the Other Series Documents;
and

			
		(iii) 	perform any act incidental
to or necessary in connection with (i) or (ii)
above;

		
	(c) 	have or form, or cause to
be formed, any subsidiary, subsidiary undertakings or undertakings of
any other nature or have any employees or premises, in the United
Kingdom or any other member state of the European Union (or otherwise),
or have an interest in any bank account other than Trust Accounts, the
Series 2006-2 Loan Note Issuer Account and any other bank accounts
established by the Loan Note Issuer in respect of any other
Series;

		
	(d) 	create, incur or suffer
to exist any indebtedness (other than indebtedness permitted to be
incurred under the terms of its articles of association and pursuant to
or as contemplated in any of the Series 2006-2 Relevant Documents) or
give any guarantee in respect of any obligation of any
Person;

		
	(e) 	repurchase any shares or
declare or, pay any dividend or other distribution to its shareholders
Provided that the Series 2006-2 Investor Beneficiary shall be
entitled to declare and pay dividends after preparation of audited
quarterly, semi-annual or annual accounts;

		
	(f) 	waive, modify or amend, or consent
to any waiver, modification or amendment of, any of the provisions of
the Series 2006-2 Relevant Documents without the prior written consent
of the Security Trustee and, in the case of the calculation of interest
and determination of any interest period for the purposes of the Series
2006-2 Related Debt, the Transferor Beneficiary and, in the case of the
Receivables Trust Deed and Servicing Agreement and this Series 2006-2
Supplement, each of the Beneficiaries of the Receivables Trust;

		
	(g) 	offer to surrender to any company
any amounts which are available for surrender by way of group relief;
or

		
	(h) 	for the purposes of US GAAP,
except with the prior written consent of the holder of related debt of
the Series 2006-2 Investor Beneficiary (including the holders of Series
2006-2 Related Debt), engage in any activities other than Permitted
Activities.

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Further Undertakings of the Series 2006-2
Investor Beneficiary

		
	(a) 	Investor
Servicing Fee Amount

The Loan Note Issuer hereby
undertakes to the Receivables Trustee for the benefit of itself and as
trustee for each other Beneficiary (by way of contractual obligation
owed by the Loan Note Issuer as Series 2006-2 Investor Beneficiary to
no other person and not as part of the terms of the Receivables Trust)
that it will pay, by way of Additional Consideration (such payment
being identified as the ‘‘Investor Servicing Fee
Amount’’) to the Receivables Trustee from its own
resources, in the circumstances and in the manner set out above in Part
2 of the Schedule, an amount equal to the Investor Servicing Fee
Amount. The Receivables Trustee will then use such amount in or towards
payment of the Servicing Fee payable by the Receivables Trustee to the
Servicer pursuant to Clause 9.2(a) of the Receivables Trust Deed and
Servicing Agreement to be met by the Receivables Trustee from payments
to be made by the Beneficiaries in the circumstances and in the manner
set out in Part 2 of the Schedule. The amount of any such payment to be
made by the Series 2006-2 Investor Beneficiary to the Receivables
Trustee shall not exceed an amount equal to the amount of monies
available for such purpose as set out in Part 2 of the Schedule. Any
amount payable under this Clause 11(a) shall be inclusive of VAT
thereon, if applicable.

		
	(b) 	Investor Trustee Payment Amount

The Loan Note Issuer hereby undertakes to the
Receivables Trustee for the benefit of itself and as trustee for each
other Beneficiary (by way of a contractual obligation owed by the Loan
Note Issuer as Series 2006-2 Investor Beneficiary to no other person
and not as part of the terms of the Receivables Trust) that it will pay
by way of Additional Consideration in accordance with Clause 3(c) (such
amount being the ‘‘Investor Trustee Payment
Amount’’), to the Receivables Trustee from its
own resources in the circumstances and manner set out in Part 2 of the
Schedule, the share of the Aggregate Trustee Payment Amount payable
pursuant to Clause 7.15 of the Receivables Trust Deed and Servicing
Agreement to be met by the Beneficiaries in the circumstances and in
the manner set out in Part 3 of the Schedule. The amount of any such
payment to be made by the Series 2006-2 Investor Beneficiary to the
Receivables Trustee shall not exceed an amount equal to the amount of
monies available for such purpose as set out in Part 3 of the Schedule.
Any amount payable under this Clause 11(b) shall be inclusive of VAT
thereon if applicable.

		
	(c) 	Spread
Account Surplus Amount

The Loan Note Issuer hereby
undertakes to the Receivables Trustee (by way of a contractual
obligation owed by it in its capacity as the Series 2006-2 Investor
Beneficiary to the Receivables Trustee and to no other person and not
as part of the terms of the Receivables Trust) to pay from its own
resources amounts equal to the following amounts to the Receivables
Trustee by way of Additional Consideration in accordance with Clause
3(c) (such amount being paid by the Loan Note Issuer as Series 2006-2
Investor Beneficiary, a ‘‘Spread Account Surplus
Amount’’) referable to Series 2006-2, at the
following times:

			
		(i) 	on each
Distribution Date an amount equal to the Spread Account Surplus on such
Distribution Date;

			
		(ii) 	upon the
earlier to occur of:

			
		(1) 	the
termination of the Receivables Trust pursuant to Clause 6.3 or Clause 8
of the Receivables Trust Deed and Servicing Agreement;
and

			
		(2) 	the Series 2006-2
Termination Date;

an amount equal to all amounts on
deposit in the Spread Account (identified for Series 2006-2) at that
time, in each case after taking into account all deposits in and
withdrawals from the Spread Account on the date in question other than
any withdrawal pursuant to this paragraph
(c).

		
	(d) 	Reserve Account Surplus
Amount

The Loan Note Issuer undertakes to the
Receivables Trustee (by way of a contractual obligation owed by the
Series 2006-2 Investor Beneficiary to the Receivables Trustee and to no
other person 

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and not as part of the terms of the
Receivables Trust) to pay to the Receivables Trustee from its own
resources by way of Additional Consideration in accordance with Clause
3(c) (identified as the ‘‘Reserve Account Surplus
Amount’’) referable to Series 2006-2 at the
following times:

			
		(i) 	on any
Distribution Date an amount equal to the Reserve Account Surplus on
such Distribution Date (after giving effect to all deposits to and
withdrawals from the Reserve Account with respect to such Distribution
Date); and

			
		(ii) 	on the earliest
of:

			
		(1) 	the termination of the
Receivables Trust pursuant to Clause 6.3 or Clause 8 of the Receivables
Trust Deed and Servicing
Agreement;

			
		(2) 	the first
Distribution Date during the Regulated Amortisation Period or the Rapid
Amortisation Period; and

			
		(3) 	the
Distribution Date immediately preceding the Series 2006-2 Scheduled
Redemption Date;

an amount equal to all amounts on
deposit in the Reserve Account (identified for Series 2006-2) on such
date after the prior payment of all amounts due that are payable from
the Reserve Account as provided
herein.

		
	(e) 	Investor Indemnity
Payment Amount

			
		(i) 	The Loan Note
Issuer hereby undertakes to the Receivables Trustee for itself and as
trustee for each other Beneficiary (by way of a contractual obligation
owed by the Loan Note Issuer as Series 2006-2 Investor Beneficiary to
no other person and not as part of the terms of the Receivables Trust)
that it will pay to the Receivables Trustee from its own resources by
way of Additional Consideration in accordance with Clause 3(c), an
amount equal to the Investor Indemnity Amount (such payment being an
‘‘Investor Indemnity Payment
Amount’’). The amount of any such payment to be
made by the Series 2006-2 Investor Beneficiary to the Receivables
Trustee shall not exceed an amount equal to the amount of monies
available for such purpose as set out in Part 4, Clause 5.14(a) of the
Schedule.

			
		(ii) 	It is acknowledged
and agreed by each of the parties hereto that to the extent that the
Series 2006-2 Investor Beneficiary makes payment to the Receivables
Trustee to enable it to make payment to the Transferor from other
sources in respect of the amount referred to it in Clause 11(e)(i)
above, such payment shall be treated as discharging pro tanto
the obligations referred to in Clause 11(e)(i) above and that an amount
shall be distributed to equal to the amount of such payment
contemplated in Part 4, Clause 5.14(a) of the
Schedule.

		
	(f) 	Investment
Proceeds

The Loan Note Issuer hereby undertakes to
the Receivables Trustee for itself and as trustee for each other
Beneficiary (by way of a contractual obligation owed by the Series
2006-2 Investor Beneficiary to no other person and not as part of the
terms of the Receivables Trust) that, unless specified otherwise
herein, it will pay to the Receivables Trustee from its own resources
by way of Additional Consideration in accordance with Clause 3(c)
(identified as being ‘‘Investment
Proceeds’’), amounts equal to any payments it
receives in respect of investment earnings (to the extent not included
in Excess Spread) from the Receivables Trust.

To the
extent necessary the Receivables Trustee is hereby authorised to make
such payments described above in Clause 11(a) to (f) on the Series
2006-2 Investor Beneficiary's
behalf.

		
	(g) 	The parties acknowledge
and agree that, where the Receivables
Trustee:

			
		(i) 	holds any amount on
Segregated Bare Trust for the Series 2006-2 Investor Beneficiary;
and

			
		(ii) 	is authorised to apply such
amount or any part thereof (such amount or part being referred to in
this Clause 11(g) as the ‘‘relevant
amount’’) in satisfying any obligation, expense
or outgoing of the Series 2006-2 Investor Beneficiary (such obligation,
expense or outgoing being referred to in this Clause 11(g) as the
‘‘relevant
outgoing’’),

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the Series 2006-2 Investor
Beneficiary shall be free to meet the relevant outgoing out of any
other resources which may be available to it (apart from amounts held
on Segregated Bare Trust for the Series 2006-2 Investor Beneficiary
under the terms of any of the Transaction Documents). If and to the
extent that the Series 2006-2 Investor Beneficiary has met the relevant
outgoing out of such other resources, the Receivables Trustee shall
distribute the relevant amount to the Series 2006-2 Investor
Beneficiary by depositing such amount in the Series 2006-2 Loan Note
Issuer Account.

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PART
4

MISCELLANEOUS

Notices

		
	(a) 	Unless
otherwise stated herein, each communication or notice to be made
hereunder shall be made in writing and may be made by fax or
letter.

		
	(b) 	Any communication, notice
or document to be made or delivered by any one person to another
pursuant to this Supplement shall (unless that other person has by
fifteen days' written notice to the other parties hereto
specified another address) be made or delivered to that other person at
the address identified below and shall be deemed to have been made or
delivered when dispatched and confirmation of transmission received by
the sending machine (in the case of any communication made by fax) or
(in the case of any communication made by letter) when left at that
address or (as the case may be) ten days after being deposited in the
post postage prepaid in an envelope addressed to it at that address
Provided, however, that each fax communication made by one party
hereto to another shall be made to that person at the fax number
notified to such party by that other person from time to
time:

			
		(i) 	in the case of HSBC Bank
plc (in whatever capacity) and the Receivables Trustee, to the
addresses specified in the Receivables Trust Deed and Servicing
Agreement (and in the case of the Receivables Trustee with a copy to
HSBC Bank plc);

			
		(ii) 	in the case of
the Loan Note Issuer and the Series 2006-2 Investor Beneficiary to
Turquoise Funding 1 Limited, facsimile number: +44 (0) 1534 814 815,
Attention: Directors, and the Dormant Investor Beneficiary to Turquoise
Funding 2 Limited, facsimile number: +44 (0) 1534 814 815, Attention:
Directors (in both cases, copied to HSBC Bank plc at the address
referred to in (i) above);

			
		(iii) 	in
the case of the Rating Agencies for the Associated
Debt:

			
		(A) 	in the case of Standard
& Poor's to Standard & Poor's Ratings Service,
20 Canada Square, Canary Wharf, London, United Kingdom, E14
5LH Attention: Structured Finance Department;
and

			
		(B) 	in the case of Moody's
to Moody's Investors Service Limited, 2 Minster Court, Mincing
Lane, London EC3R 7XB Attention: Structured
Finance.

Severability of Provisions

If any one or
more of the covenants, agreements, provisions or terms of this
Supplement shall for any reason whatsoever be held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions or terms of this
Supplement and shall in no way affect the validity or enforceability of
the other provisions of this Supplement or of the rights of the Series
2006-2 Investor Beneficiary in the Receivables Trust.

Further
Assurances

Each of HSBC Bank plc and the Loan Note
Issuer agrees, in whatever capacity hereunder, to do and perform, from
time to time, any and all acts and to execute any and all further
instruments required or reasonably requested by the Receivables Trustee
more fully to effect the purposes of this Supplement.

No Waiver;
Cumulative Remedies

No failure to exercise and no delay
in exercising, on the part of any of the parties hereto, any right,
remedy, power or privilege hereunder, shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided are
cumulative and not exhaustive of any rights, remedies, powers and
privileges provided by law.

18

Table of Contents
Counterparts

This
Supplement may be executed in any number of counterparts, each of which
so executed (save the counterpart(s) executed by HSBC Bank
plc) shall be deemed to be an original, but all of such counterparts
shall together constitute but one and the same
instrument.

IN WITNESS WHEREOF the Receivables
Trustee, HSBC Bank plc (in its capacities as Transferor Beneficiary,
Servicer and Transferor), the Dormant Investor Beneficiary and the Loan
Note Issuer (in its capacities as the Loan Note Issuer and Series
2006-2 Investor Beneficiary) have caused this Supplement to be duly
executed by their duly authorised representatives as a deed on the day
and year first above written.

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Table of Contents
THE
SCHEDULE

SUPPLEMENT TO THE RECEIVABLES TRUST DEED
AND
SERVICING AGREEMENT AND THE RECEIVABLES TRUST

Part
1

Definitions

Definitions

‘‘Accounting
Period’’ means the financial accounting year for
the time being of the Loan Note
Issuer;

‘‘Additional
Consideration’’ shall have the meaning specified
in Clause 3(c);

‘‘Adjusted Investor
Interest’’ shall mean, an amount equal to the
Series 2006-2 Initial Investor Interest as reduced by the aggregate
of:

		
	(a) 	Principal Collections
distributed to an Investor Beneficiary in respect of such Series 2006-2
Investor Interest (including Principal Collections held by the
Receivables Trustee in a segregated trust in respect of such Series
2006-2 Investor Interest
only);

		
	(b) 	Investor Default Amounts
referable to such Series 2006-2 Investor Interest as reduced by that
part of the Additional Consideration paid by the Loan Note Issuer and
identified as ‘‘Loss Make-Up
(default)’’; and

		
	(c) 	Investor Charge-offs as reduced by
the aggregate of that part of the Additional Consideration paid by the
Loan Note Issuer and identified as ‘‘Loss Make-Up
(charge-offs)’’ (excluding, for the avoidance of
doubt, any Investor Default Amounts as reduced by the aggregate of that
part of Additional Consideration paid by the Loan Note Issuer in
accordance with Clause 3(c) identified as ‘‘Loss
Make-Up (default)’’),

all calculated as
at that date;

‘‘Aggregate Investor
Default Amount’’ shall mean, with respect to any
Monthly Period, the sum of the Investor Default Amounts in respect of
such Monthly Period;

‘‘Aggregate
Investor Indemnity Amount’’ shall mean, with
respect to any Monthly Period, the sum of the Investor Indemnity
Payment Amounts in respect of such Monthly
Period;

‘‘Applicable LIBOR
Rate’’ shall mean for the purposes of calculating
each of the Class A LN Rate, the Class B LN Rate and the Class C LN
Rate for each Finance Period, London interbank offered rates
(‘‘LIBOR’’) determined as
follows:

		
	(a) 	in respect of the Class A
LN Rate, the Sterling LIBOR rate specified as payable by the Issuer (as
such term is defined in the Class A Swap Agreement) for the equivalent
period in the Class A Swap Agreement (as the same shall be amended and
supplemented from time to
time);

		
	(b) 	in respect of the Class B
LN Rate, the Sterling LIBOR rate specified as payable by Issuer (as
such term is defined in the Class B Swap Agreement) for the equivalent
period in the Swap Agreement (as the same shall be amended and
supplemented from time to time);
and

		
	(c) 	in respect of the Class C LN
Rate, the Sterling LIBOR rate specified as payable by Issuer (as such
term is defined in the Class C Swap Agreement) for the equivalent
period in the Class C Swap Agreement (as the same shall be amended and
supplemented from time to
time);

‘‘Associated
Debt’’ means, collectively, the Class A
Associated Debt, the Class B Associated Debt and the Class C Associated
Debt;

‘‘Available
Funds’’ shall mean, with respect to any Monthly
Period, an amount equal to the sum
of:

		
	(a) 	the Floating Investor
Percentage of Finance Charge Collections distributed to Series 2006-2
and credited to the Series 2006-2 Finance Charge Collections Ledger for
such Monthly Period;

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	(b) 	the
Floating Investor Percentage of amounts with respect to the portion of
Investor Acquired Interchange Amount distributed to Series 2006-2 and
credited to the Series 2006-2 Finance Charge Collections Ledger for
such Monthly Period (or to be credited to the Series 2006-2 Finance
Charge Collections Ledger on the related Distribution Date with respect
to the preceding Monthly Period) pursuant to the Receivables Trust Deed
and Servicing Agreement and paragraphs (c) and (d) of Part 2 of the
Schedule (excluding a portion of Investor Acquired Interchange Amount
equal to the aggregate of the Servicer Interchange
Amount);

		
	(c) 	with respect to any
Monthly Period prior to the payment in full of the Series 2006-2
Investor Interest, the Principal Funding Investment Proceeds pursuant
to Clause 5.19(b)(iii)(A) (up to a maximum amount equal to the Class A
Covered Amount and the Class B Covered Amount), if any, with respect to
the related Distribution Date; and

		
	(d) 	amounts, if any, to be withdrawn from
the Reserve Account which will be credited to the Series 2006-2 Finance
Charge Collections Ledger on the related Distribution Date pursuant to
Clauses 5.21(b)(iii) and
5.21(c)(i);

‘‘Available
Reserve Account Amount’’ shall mean, with respect
to any Distribution Date, the lesser of (a) the amount on
deposit in the Reserve Account for Series 2006-2 on such date (before
giving effect to any deposit made or to be made pursuant to Clause
5.10(n) into the Reserve Account for Series 2006-2 on such date) and
(b) the Required Reserve
Amount;

‘‘Available Retained
Principal Collections’’ shall mean for the
purposes of calculation in respect of a Distribution Date and a related
Monthly Period:

		
	(a) 	the aggregate
amount of Retained Principal Collections for such Monthly Period,
minus

		
	(b) 	the amount of
Reallocated Class C Principal Collections with respect to such Monthly
Period which pursuant to Clause 5.15 are to be distributed to the
Series 2006-2 Investor Beneficiary and used as Utilised Required
Retained Principal Collections to fund the Class A Required Amount or
the Class B Required Amount,
minus

		
	(c) 	the amount of
Reallocated Class B Principal Collections with respect to such Monthly
Period which pursuant to Clause 5.16 are to be distributed to the
Series 2006-2 Investor Beneficiary and used as Utilised Required
Retained Principal Collections to fund the Class A Required Amount,
plus

		
	(d) 	the amount of Shared
Principal Collections with respect to Group One that are allocated to
Series 2006-2 in accordance with Clause 5.17(c),
plus

		
	(e) 	with respect to the
Monthly Period in which the Regulated Amortisation Period or the Rapid
Amortisation Period commences, the amount of Principal Collections
standing to the credit of the undivided Principal Collections Ledger
which are calculated to be Cash Available for Investment on the date of
calculation, plus

		
	(f) 	with
respect to any Distribution Date falling in the Regulated Amortisation
Period or the Rapid Amortisation Period, the amount of Principal Loss
Make-Up (charge-offs) and Principal Loss Make-Up (default) calculated
pursuant to the calculations in Part 5 and Clause 5.10(g), (h)(ii),
(i)(ii), (j)(ii), (l)(ii) and
m(ii);

‘‘Available Spread Account
Amount’’ shall mean, with respect to any
Distribution Date, the lesser of (a) the amount on deposit
for Series 2006-2 in the Spread Account on such date (before giving
effect to any deposit made or to be made pursuant to Clause 5.10(o) in
the Spread Account for Series 2006-2 on such date) and (b) the Required
Spread Account Amount;

‘‘Available
Spread Percentage’’ shall mean, with respect to
any Monthly Period, the percentage equivalent of a fraction, the
numerator of which is the product
of:

		
	(a) 	an amount equal to the
Available Funds with respect to such Monthly Period remaining after
making the distributions on the following Distribution Date provided
for in Part 4, Clauses 5.10 (a) to (n) (inclusive); and

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	(b) 	twelve,
and

the denominator of which is the Adjusted
Investor Interest on the first day of such Monthly
Period;

‘‘Business
Day’’ shall mean in relation to any sum payable
in any currency, a TARGET Settlement Day and a day on which commercial
banks and foreign exchange markets settle payments generally in London,
England; Jersey, Channel Islands; and New York, New
York;

‘‘Calculation
Period’’ shall mean, with respect to any
Distribution Date, the period from and including the Distribution Date
immediately preceding such Distribution Date (or in the case of the
first Distribution Date from and including the Closing Date) to but
excluding such Distribution
Date;

‘‘Class
A’’ shall mean, where the context requires, each
of:

		
	(a) 	the Loan Note Issuer in its
capacity as Series 2006-2 Investor Beneficiary with respect to the
Class A Investor Interest; and

		
	(b) 	for
calculation purposes, the portion of the Series 2006-2 Related Debt
related to the Class A Loan Note (such amount to be calculated by
reference to the face amount of the Class A Associated Debt in sterling
utilising the Sterling Equivalent exchange rate);

‘‘Class A Additional Finance
Amount’’ shall have the meaning specified in
Clause 5.7(a)(v)(i);

‘‘Class A
Adjusted Investor Interest’’ shall mean, with
respect to any date of determination, an amount equal to the Class A
Investor Interest minus that portion of the Principal Funding
Account Balance credited to the Series 2006-2 Principal Funding Ledger
allocated to Class A (in an amount not to exceed the Class A Investor
Interest) on such date of
determination;

‘‘Class A Associated
Debt’’ means the US$ 660,000,000 Class A Asset
Backed Floating Rate Notes due 15 October  2009 constituted by a
trust deed supplement dated 22 November  2006 between the Series
2006-2 Issuer and the Note
Trustee;

‘‘Class A Covered
Amount’’ shall mean an amount determined as of
each Distribution Date with respect to any Calculation Period during
the Controlled Accumulation Period prior to the payment in full of the
Class A Investor Interest, equal to the product of (a) a fraction, the
numerator of which is the actual number of days in such Calculation
Period and the denominator of which is 365 (or 366 in the case of any
Finance Period ending in a leap year), and (b) the Class A LN Rate in
effect with respect to such Calculation Period, and (c) the portion of
the Principal Funding Account Balance for Series 2006-2 allocated to
Class A as of the last day of the Monthly Period preceding the Monthly
Period in which such Calculation Period
ends;

‘‘Class A Debt
Amount’’ shall mean, with respect to any date of
determination, an amount equal to the Class A Initial Investor Interest
minus the aggregate amount of principal payments and amounts to
be treated as principal payments made from Trust Property to the Loan
Note Issuer which are treated by the Loan Note Issuer for calculation
purposes as principal payments notionally referable to the Class A
Investor Interest provided, however, that upon the Series 2006-2
Termination Date the Class A Debt Amount shall be an amount equal to
zero;

‘‘Class A Deficiency
Amount’’ shall mean, in respect of any
Distribution Date, an amount equal to the excess, if any, of the Class
A Monthly Required Expense Amount as of the prior Distribution Date
(disregarding for this purpose the Trustee Payment Amount, the Loan
Note Issuer Costs Amount and the Issuer Costs Amount) over the amounts
actually deposited (or which would have been deposited but for the
imposition of any withholding or deduction for any Tax or levy which
the Receivables Trustee is required to make by law) as the Class A
Monthly Distribution Amount into the Series 2006-2 Loan Note Issuer
Account, as applicable, for the payment of such amount in accordance
with Part 4, Clause 5.10(c);

‘‘Class A
Excess Principal Loss Make-Up (charge-off)’’ shall
mean on any Distribution Date during the Regulated Amortisation Period
an amount equal to the excess (if any)
of:

		
	(a) 	the amount of Available Funds
to be applied pursuant to Clause
5.10(h);

over

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	(b) 	an amount
equal to zero or, if greater, the sum
of:

			
		(i) 	the Maximum Controlled
Deposit Amount minus

			
		(ii) 	the
amount of Available Funds to be applied pursuant to Clause
5.10(g);

‘‘Class A Excess Principal Loss
Make-Up (default)’’ shall mean on any Distribution
Date during the Regulated Amortisation Period an amount equal to the
excess (if any) of:

		
	(a) 	the amount of
Available Funds to be applied pursuant to Clause 5.10(g);
over

		
	(b) 	the Maximum Controlled
Deposit Amount;

‘‘Class A Finance
Distribution Amount’’ shall have the meaning
specified in Clause
5.12(a)(i);

‘‘Class A Fixed Investor
Percentage’’ shall mean, with respect to any
Monthly Period which does not fall within the Revolving Period, the
percentage equivalent of a fraction, the numerator of which is the
Class A Investor Interest as of the close of business on the last day
of the Revolving Period and the denominator of which is equal to the
Series 2006-2 Investor Interest as of the close of business on the last
day of the Revolving Period;

‘‘Class
A Floating Investor Percentage’’ shall mean, with
respect to any Monthly Period, the percentage equivalent of a fraction,
the numerator of which is the Class A Adjusted Investor Interest as of
the close of business on the last day of the preceding Monthly Period
and the denominator of which is equal to the Adjusted Investor Interest
as of the close of business on the last day of the preceding Monthly
Period Provided, however, that, with respect to the first
Monthly Period, the Class A Floating Investor Percentage shall mean the
percentage equivalent of a fraction, the numerator of which is the
Class A Initial Investor Interest and the denominator of which is the
Series 2006-2 Initial Investor
Interest;

‘‘Class A Initial Investor
Interest’’ shall mean an amount equal to the
Sterling Equivalent of the face amount of the Class A Associated
Debt;

‘‘Class A Investor
Charge-Off’’ shall have the meaning specified in
Part 4, Clause 5.13(a)(iii);

‘‘Class
A Investor Default Amount’’ shall mean, with
respect to each Distribution Date, an amount equal to the product of
(a) the Aggregate Investor Default Amount for the related Monthly
Period and (b) the Class A Floating Investor Percentage applicable for
the related Monthly Period;

‘‘Class A
Investor Interest’’ shall mean, on any date of
determination, a principal amount equal
to:

		
	(a) 	the Class A Initial Investor
Interest, minus

		
	(b) 	the
aggregate amount of Principal Collections (which shall, for the
avoidance of doubt, exclude amounts treated as such for the purpose of
the calculations set out in the Schedule) distributed to the Series
2006-2 Investor Beneficiary in respect of Series 2006-2 and referable
to the Class A Investor Interest from Trust Property (with the effect
that the amount of principal beneficial entitlement in the Receivables
Trust as evidenced by the Investor Certificate is reduced) prior to
such date, minus

		
	(c) 	the
excess, if any, of the aggregate amount of Class A Investor Charge-Offs
pursuant to Part 4, Clause 5.13(a)(iii) over Class A Investor
Charge-Offs reinstated pursuant to Clause 5.10(h) prior to such date of
determination, minus

		
	(d) 	an
amount equal to the amount of the Class A Investor Default Amount for
all prior Distribution Dates and for which Principal Loss Make-Up
(default) is calculated pursuant to Clause 5.10(g)(2),
minus

		
	(e) 	the amount, if any,
of any Principal Loss Make-Up (default) and any Principal Loss Make-Up
(charge-offs) pursuant to Clauses 5.10(i)(ii), 5.10(j)(ii), 5.10(l)(ii)
and 5.10(m)(ii) identified as part of the Class A Monthly Principal
Amount pursuant to Clause 5.11,

Provided,
however, that the Class A Investor Interest may not be reduced
below zero;

‘‘Class A LN
Rate’’ shall mean, in relation to any Finance
Period, the Applicable LIBOR Rate in respect of that Finance Period
plus 0.072%;

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Table of Contents
‘‘Class A
Monthly Distribution Amount’’ shall have the
meaning specified in Clause
5.10(c);

‘‘Class A Monthly Finance
Amount’’ shall have the meaning specified in Part
4, Clause 5.7(a)(iii);

‘‘Class A
Monthly Principal Amount’’ shall mean the monthly
amount representing Principal Collections and amounts of Principal Loss
Make-Up (default) and Principal Loss Make-Up (Charge-offs) as Principal
Collections referable to Class A as calculated in accordance with Part
4, Clause 5.8(a);

‘‘Class A Monthly
Required Expense Amount’’ shall mean in respect
of each Monthly Period the amount as calculated in accordance with Part
4, Clause 5.7(a);

‘‘Class A Required
Amount’’ shall have the meaning specified in Part
4, Clause 5.9(a);

‘‘Class A Swap
Agreement’’ shall mean the agreement dated on or
about the Closing Date between the Issuer, the Swap Counterparty and
the Note Trustee, which provides for certain receipts of the Issuer
under and/or in respect of the Series 2006-2 Investor Interest
denominated in Sterling to be converted into US Dollar, and vice
versa by the Swap Counterparty and for certain other payments to be
made in US Dollar by the Swap Counterparty and in Sterling by
Issuer;

‘‘Class
B’’ shall mean where the context requires, each
of:

		
	(a) 	the Loan Note Issuer with
respect to the Class B Investor Interest;
and

		
	(b) 	for calculation purposes, the
portion of the Series 2006-2 Related Debt related to the Class B Loan
Note (such amount to be calculated by reference to the face amount of
the Class B Associated Debt in sterling utilising the Sterling
Equivalent exchange rate);

‘‘Class B
Additional Finance Amount’’ shall have the
meaning specified in Clause
5.7(b)(iii);

‘‘Class B Adjusted
Investor Interest’’ shall mean, with respect to
any date of determination, an amount equal to the Class B Investor
Interest minus that portion of the Principal Funding Account
Balance credited to the Series 2006-2 Principal Funding Ledger
allocated to Class B (in an amount not to exceed the Class B Investor
Interest) on such date of
determination;

‘‘Class B Associated
Debt’’ shall mean the US$41,250,000 Class B Asset
Backed Floating Rate Notes due 15 October  2009 constituted by a
trust deed supplement dated 22 November  2006 between the Series
2006-2 Issuer and the Note
Trustee;

‘‘Class B Covered
Amount’’ shall mean an amount determined as of
each Distribution Date with respect to any Calculation Period during
the Controlled Accumulation Period prior to the payment in full of the
Class B Investor Interest, equal to the product of (a) a fraction, the
numerator of which is the actual number of days in such Calculation
Period and the denominator of which is 365 (or 366 in the case of any
Finance Period ending in a leap year), and (b) the Class B LN Rate in
effect with respect to such Calculation Period, and (c) the portion of
the Principal Funding Account Balance for Series 2006-2 allocated to
Class B as of the last day of the Monthly Period preceding the Monthly
Period in which such Calculation Period
ends;

‘‘Class B Debt
Amount’’ shall mean, with respect to any date of
determination, an amount equal to the Class B Initial Investor Interest
minus the aggregate amount of principal payments made from Trust
Property and amounts to be treated as principal payments made to the
Series 2006-2 Investor Beneficiary which are treated by the Loan Note
Issuer for calculation purposes as principal payments notionally
referable to the Class B Investor Interest Provided, however,
that upon the Series 2006-2 Termination Date the Class B Debt Amount
shall be an amount equal to
zero;

‘‘Class B Deficiency
Amount’’ shall mean, in respect of any
Distribution Date, an amount equal to the excess, if any, of the Class
B Monthly Required Expense Amount as of the prior Distribution Date
over the amounts actually deposited (or which would have been deposited
but for the imposition of any withholding or deduction for any Tax or
levy which the Receivables Trustee is required to make by law) as the
Class B Monthly Distribution Amount into the Series 2006-2 Loan Note
Issuer Account for the payment of such amount in accordance with Part
4, Clause 5.10(e);

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‘‘Class B Excess
Principal Loss Make-Up (charge-off)’’ shall mean on
any Distribution Date during the Regulated Amortisation Period an
amount equal to the excess (if any)
of:

		
	(a) 	the amount of Available Funds
to be applied pursuant to Clause
5.10(j);

over

		
	(b) 	an
amount equal to zero or, if greater, the sum
of:

			
		(i) 	the Maximum Controlled
Deposit Amount minus

			
		(ii) 	the
aggregate amount to be applied pursuant to Clause 5.10(g), Clause
5.10(h) and Clause 5.10(i);

‘‘Class B
Excess Principal Loss Make-Up (default)’’ shall mean
on any Distribution Date during the Regulated Amortisation Period an
amount equal to the excess (if any)
of:

		
	(a) 	the amount of Available Funds
to be applied pursuant to Clause 5.10(i);

over

		
	(b) 	an amount equal to
zero, or if greater, the sum
of:

			
		(i) 	the Maximum Controlled
Deposit Amount minus

			
		(ii) 	the aggregate amount to be
applied pursuant to Clause 5.10(g) and Clause
5.10(h);

‘‘Class B Fixed Investor
Percentage’’ shall mean, with respect to any
Monthly Period following the Revolving Period, the percentage
equivalent of a fraction, the numerator of which is the Class B
Investor Interest as of the close of business on the last day of the
Revolving Period and the denominator of which is equal to the Series
2006-2 Investor Interest as of the close of business on the last day of
the Revolving Period;

‘‘Class B
Floating Investor Percentage’’ shall mean, with
respect to any Monthly Period, the percentage equivalent of a fraction,
the numerator of which is the Class B Adjusted Investor Interest as of
the close of business on the last day of the preceding Monthly Period
and the denominator of which is equal to the Adjusted Investor Interest
as of the close of business on the last day of the preceding Monthly
Period Provided, however, that, with respect to the first
Monthly Period, the Class B Floating Investor Percentage shall mean the
percentage equivalent of a fraction, the numerator of which is the
Class B Initial Investor Interest and the denominator of which is the
Series 2006-2 Initial Investor
Interest;

‘‘Class B Initial Investor
Interest’’ shall mean an amount equal to the
Sterling Equivalent of the face amount of the Class B Associated
Debt;

‘‘Class B Investor
Charge-Off’’ shall have the meaning specified in
Part 4, Clause 5.13(b)(ii);

‘‘Class B
Investor Default Amount’’ shall mean, with
respect to each Distribution Date, an amount equal to the product of
(a) the Aggregate Investor Default Amount for the related Monthly
Period and (b) the Class B Floating Investor Percentage applicable for
the related Monthly Period;

‘‘Class B
Investor Interest’’ shall mean, on any date of
determination, a principal amount equal to:

		
	(a) 	the Class B Initial Investor
Interest, minus

		
	(b) 	the
aggregate amount of Principal Collections (which shall, for the
avoidance of doubt, exclude amounts treated as such for the purpose of
the calculations set out in the Schedule) distributed to the Series
2006-2 Investor Beneficiary in respect of Series 2006-2 and referable
to the Class B Investor Interest from Trust Property (with the effect
that the amount of principal beneficial entitlement in the Receivables
Trust as evidenced by the Investor Certificate is reduced) prior to
such date, minus

		
	(c) 	the
aggregate amount of Class B Investor Charge-Offs applied on all prior
Distribution Dates, pursuant to Part 4, Clause 5.13(b)(ii),
minus

		
	(d) 	the amount of the
Class B Investor Default Amount for all prior Distribution Dates for
which a Principal Loss Make-Up (default) is calculated pursuant to
Clause 5.10(i)(ii), minus

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	(e) 	the
aggregate amount of the Reallocated Class B Principal Collections
distributed pursuant to Part 4, Clause 5.16 on all prior Distribution
Dates but excluding any Reallocated Class B Principal Collections that
have resulted in a reduction of the Class C Investor Interest,
minus

		
	(f) 	an amount equal to
the amount by which the Class B Investor Interest has been reduced in
order to cover Class A Investor Default Amounts on all prior
Distribution Dates pursuant to Part 4, Clause 5.13(a)(ii),
minus

		
	(g) 	the amount, if any,
of any Principal Loss Make-Up (default) and Principal Loss Make-Up
(Charge-offs) pursuant to Clauses 5.10(l)(ii) and 5.10(m)(ii)
identified as part of the Class B Monthly Principal Amount pursuant to
Clause 5.11, and plus

		
	(h) 	the
aggregate amount of Available Funds utilised on all prior Distribution
Dates pursuant to Part 4, Clause 5.10(i)(ii) and 5.10(j) and deemed to
reinstate amounts deducted pursuant to the foregoing clauses (c), (d),
(e) and (f),

Provided, however that the Class B
Investor Interest may not be reduced below
zero;

‘‘Class B Investor
Percentage’’ shall mean for any Monthly Period,
(a) with respect to Receivables in Defaulted Accounts and Finance
Charge Receivables at any time or Principal Receivables during the
Revolving Period, the Class B Floating Investor Percentage, and (b)
with respect to Principal Receivables during the Controlled
Accumulation Period, Regulated Amortisation Period or Rapid
Amortisation Period, the Class B Fixed Investor
Percentage;

‘‘Class B LN
Rate’’ shall mean, in relation to any Finance
Period, the Applicable LIBOR Rate in respect of that Finance Period
plus 0.207%;

‘‘Class B Monthly
Distribution Amount’’ shall have the meaning
specified in Clause 5.10(e);

‘‘Class
B Monthly Finance Amount’’ shall have the meaning
specified in Part 4, Clause
5.7(b)(i);

‘‘Class B Monthly
Principal Amount’’ shall mean the monthly amount
representing Principal Collections and amounts of Principal Loss
Make-Up (default) and Principal Loss Make-Up (Charge-off) referable to
Class B as calculated in accordance with Part 4, Clause
5.8(b);

‘‘Class B Monthly Required
Expense Amount’’ shall mean in respect of each
Monthly Period the amount calculated in accordance with Part 4, Clause
5.7(b);

‘‘Class B Principal
Commencement Date’’ shall be the first
Distribution Date (1) for the Controlled Accumulation Period, following
the Distribution Date on which an amount equal to the Class A Investor
Interest has been deposited into the Series 2006-2 Principal Funding
Ledger identified for Class A; or (2) during the Regulated
Amortisation Period or the Rapid Amortisation Period, on which the
Class A Investor Interest has been reduced to
zero;

‘‘Class B Finance Distribution
Amount’’ shall have the meaning specified in
Clause 5.12(a)(ii);

‘‘Class B
Required Amount’’ shall have the meaning
specified in Part 4, Clause
5.9(b);

‘‘Class B Swap
Agreement’’ shall mean the agreement dated on or
about the Closing Date between Issuer, the Swap Counterparty and the
Note Trustee, which provides for certain receipts of Issuer under
and/or in respect of the Series 2006-2 Investor Interest denominated in
Sterling to be converted into US Dollars, and vice versa by the
Swap Counterparty and for certain other payments to be made in US
Dollars by the Swap Counterparty and in Sterling by
Issuer;

‘‘Class
C’’ shall mean, where the context requires, each
of

		
	(a) 	the Loan Note Issuer in its
capacity as Series 2006-2 Investor Beneficiary with respect to the
Class C Investor Interest; and

		
	(b) 	for
calculation purposes, the portion of the Series 2006-2 Related Debt
related to the Class C Loan Note (such amount to be calculated by
reference to the face amount of the Class C Associated Debt in sterling
utilising the Sterling Equivalent exchange
rate);

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‘‘Class C
Additional Finance Amount’’ shall have the
meaning specified in Clause
5.7(c)(iii);

‘‘Class C Adjusted
Investor Interest’’ shall mean, with respect to
any date of determination, an amount equal to the Class C Investor
Interest minus that portion of the Principal Funding Account
Balance credited to the Series 2006-2 Principal Funding Ledger
allocated to Class C (in an amount not to exceed the Class C Investor
Interest) on such date of
determination;

‘‘Class C Associated
Debt’’ shall mean the US$48,750,000 Class C Asset
Backed Floating Rate Notes due 15 October  2009 constituted by a
trust deed supplement dated 22 November  2006 between the Series
2006-2 Issuer and the Note
Trustee;

‘‘Class C Debt
Amount’’ shall mean, with respect to any date of
determination, an amount equal to the Class C Initial Investor Interest
minus the aggregate amount of principal payments and amounts to
be treated as principal payments made to the Loan Note Issuer which are
treated by the Loan Note Issuer for calculation purposes as principal
payments notionally referable to the Class C Investor Interest from
Trust Property Provided, however, that upon the Series 2006-2
Termination Date the Class C Debt Amount shall be an amount equal to
zero;

‘‘Class C Deficiency
Amount’’ shall mean, in respect of any
Distribution Date, an amount equal to the excess, if any, of the Class
C Monthly Required Expense Amount as of the prior Distribution Date
over the amounts actually deposited (or which would have been deposited
but for the imposition of any withholding or deduction for any tax or
levy which the Receivables Trustee is required to make by law) as the
Class C Monthly Distribution Amount into the Series 2006-2 Loan Note
Issuer Account, for the payment of such amount on the related
Distribution Date in accordance with Clause 5.10(k) after taking into
account any withdrawal from the Spread Account pursuant to Clause
5.18(d)(ii)(A)(1);

‘‘Class C Excess
Principal Loss Make-Up (charge-off)’’ shall mean on
any Distribution Date during the Regulated Amortisation Period an
amount equal to the excess (if any)
of:

		
	(a) 	the amount of Available Funds
to be applied pursuant to Clause 5.10(m)

over

		
	(b) 	an amount equal to
zero, or if greater, the sum
of:

			
		(i) 	the Maximum Controlled
Deposit Amount minus

			
		(ii) 	the
aggregate amount to be applied pursuant to Clauses 5.10(g), Clause
5.10(h), Clause 5.10(i), Clause 5.10(j) and Clause
5.10(l);

‘‘Class C Excess Principal Loss
Make-Up (default)’’ shall mean on any Distribution
Date during the Regulated Amortisation Period an amount equal to the
excess (if any) of:

		
	(a) 	the amount of
Available Funds to be applied pursuant to Clause
5.10(l)

over

		
	(b) 	an
amount equal to zero, or if greater, the sum
of:

			
		(i) 	the Maximum Controlled
Deposit Amount minus

			
		(ii) 	the
aggregate amount to be applied pursuant to Clause 5.10(g), Clause
5.10(h), Clause 5.10(i) and Clause
5.10(j);

‘‘Class C Fixed Investor
Percentage’’ shall mean, with respect to any
Monthly Period following the Revolving Period, the percentage
equivalent of a fraction, the numerator of which is the Class C
Investor Interest as of the close of business on the last day of the
Revolving Period and the denominator of which is equal to the Series
2006-2 Investor Interest as of the close of business on the last day of
the Revolving Period;

‘‘Class C
Floating Investor Percentage’’ shall mean, with
respect to any Monthly Period, the percentage equivalent of a fraction,
the numerator of which is the Class C Adjusted Investor Interest as of
the close of business on the last day of the preceding Monthly Period
and the denominator of which is equal to the Adjusted Investor Interest
as of the close of business on the last day of the preceding Monthly
Period 

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Provided, however, that, with
respect to the first Monthly Period, the Class C Floating Investor
Percentage shall mean the percentage equivalent of a fraction, the
numerator of which is the Class C Initial Investor Interest and the
denominator of which is the Series 2006-2 Initial Investor
Interest;

‘‘Class C Initial Investor
Interest’’ shall mean an amount equal to the
Sterling Equivalent of the face amount of the Class C Associated
Debt;

‘‘Class C Investor
Charge-Off’’ shall have the meaning specified in
Part 4, Clause 5.13(c)(i);

‘‘Class C
Investor Default Amount’’ shall mean, with
respect to each Distribution Date, an amount equal to the product of
(a) the Aggregate Investor Default Amount for the related Monthly
Period and (b) the Class C Floating Investor Percentage applicable for
the related Monthly Period;

‘‘Class C
Investor Interest’’ shall mean, on any date of
determination, a principal amount equal to:

		
	(a) 	the Class C Initial Investor
Interest, minus

		
	(b) 	the
aggregate amount of Principal Collections (which shall for the
avoidance of doubt, exclude amounts treated as such for the purpose of
the calculations set out in the Schedule) made from Trust Property to
the Series 2006-2 Investor Beneficiary in respect of Series 2006-2 and
referable to the Class C Investor Interest (with the effect that the
amount of principal beneficial entitlement in the Receivables Trust as
evidenced by the Investor Certificate is reduced) prior to such date
including for the avoidance of doubt, an amount equal to all Available
Spread Account Amounts deposited in the Trustee Collection Account to
the credit of the Series 2006-2 Finance Charge Collections Ledger in
respect of the Class C Investor Interest on the Class C Release Date
pursuant to Clause 5.18(d)(ii)(A)(2),
minus

		
	(c) 	the aggregate amount
of Class C Investor Charge-Offs applied on all prior Distribution
Dates, pursuant to Part 4, Clause 5.13(c)(i),
minus

		
	(d) 	the amount of the
Class C Investor Default Amount for all prior Distribution Dates for
which a Principal Loss Make-Up (default) is calculated pursuant to
Clause 5.10(l)(ii),
minus

		
	(e) 	the aggregate amount
of Reallocated Class B Principal Collections allocated to the Class C
Investor Interest and Reallocated Class C Principal Collections
allocated pursuant to Part 4, Clause 5.15 and 5.16 on all prior
Distribution Dates,
minus

		
	(f) 	an amount equal to
the amount by which the Class C Investor Interest has been reduced in
order to cover Class A Investor Default Amounts and Class B Investor
Default Amounts on all prior Distribution Dates pursuant to Part 4,
Clause 5.13(a)(i) and 5.13(b)(i), and plus

		
	(g) 	the aggregate amount of
Available Funds utilised on all prior Distribution Dates pursuant to
Part 4, Clause 5.10(l)(ii) and 5.10(j) and deemed to
reinstate amounts deducted pursuant to the foregoing Clauses (c), (d),
(e) and (f),

Provided, however that the Class C
Investor Interest may not be reduced below
zero;

‘‘Class C Investor
Percentage’’ shall mean for any Monthly Period,
(a) with respect to Receivables in Defaulted Accounts and Finance
Charge Receivables at any time or Principal Receivables during the
Revolving Period, the Class C Floating Investor Percentage, and (b)
with respect to Principal Receivables during the Controlled
Accumulation Period, Regulated Amortisation Period or Rapid
Amortisation Period, the Class C Fixed Investor
Percentage;

‘‘Class C LN
Rate’’ shall mean, in relation to any Finance
Period, the Applicable LIBOR Rate in respect of that Finance Period
plus 0.447%;

‘‘Class C Monthly
Distribution Amount’’ shall have the meaning
specified in Clause 5.10(k);

‘‘Class
C Monthly Finance Amount’’ shall have the meaning
specified in Part 4, Clause
5.7(c)(i);

‘‘Class C Monthly
Principal Amount’’ shall mean the monthly amount
representing Principal Collections and amounts of Principal Loss
Make-Up (default) and Principal Loss Make-Up (Charge-offs) referable to
Class C as calculated in accordance with Part 4, Clause
5.8(c);

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‘‘Class C
Monthly Required Expense Amount’’ shall mean in
respect of each Monthly Period the amount calculated in accordance with
Part 4, Clause 5.7(c);

‘‘Class C
Principal Commencement Date’’ shall be the first
Distribution Date (1) for the Controlled Accumulation Period, following
the Distribution Date on which an amount equal to the aggregate of the
Class A Investor Interest and the Class B Investor Interest has been
deposited into the Series 2006-2 Principal Funding Ledger identified
for Class A and Class B respectively; or (2) during the Regulated
Amortisation Period or the Rapid Amortisation Period, on which the
Class A Investor Interest and the Class B Investor Interest has been
reduced to zero;

‘‘Class C Finance
Distribution Amount’’ shall have the meaning
specified in Clause
5.12(a)(iii);

‘‘Class C Release
Date’’ shall mean the first Distribution Date on
which the Class A Investor Interest and the Class B Investor Interest
have been reduced to zero;

‘‘Class C
Swap Agreement’’ shall mean the agreement dated
on or about the Closing Date between Issuer, the Swap Counterparty and
the Note Trustee, which provides for certain receipts of Issuer under
and/or in respect of the Series 2006-2 Investor Interest denominated in
Sterling to be converted into US Dollars, and vice versa by the
Swap Counterparty and for certain other payments to be made in US
Dollars by the Swap Counterparty and in Sterling by
Issuer;

‘‘Closing
Date’’ shall mean 22 November
2006;

‘‘Controlled Accumulation
Period’’ shall mean, unless a Pay Out Event shall
have occurred prior thereto, the period commencing at the close of
business on the day prior to the first Business Day of May  2008
or such later date as is determined in accordance with Clause 5.5(f)
and ending on the first to occur of (a) the commencement of
the Regulated Amortisation Period or Rapid Amortisation Period and (b)
the Series 2006-2 Termination
Date;

‘‘Controlled Accumulation
Period Factor’’ shall mean, for each Monthly
Period, a fraction, the numerator of which is equal to the sum of the
initial investor interests of all Outstanding Issuance and the
denominator of which is equal to the sum (without duplication) of (a)
the Initial Investor Interest, (b) the initial investor interests of
all Outstanding Issuance (other than Series 2006-2) in Group One (other
than Companion Series) which are not notified by the Servicer as being
predicted to be in their revolving periods, and (c) the initial
investor interests of all other Outstanding Issuance which are not
allocating Shared Principal Collections and are in their revolving
periods;

‘‘Controlled Accumulation
Period Length’’ shall have the meaning specified
in Clause 5.5(f);

‘‘Controlled
Accumulation Shortfall’’ shall initially mean
zero and shall thereafter mean, with respect to any Distribution Date
during the Controlled Accumulation Period and the Regulated
Amortisation Period, the excess, if any, of the Controlled Deposit
Amount for the previous Distribution Date over the aggregate amount
credited to the Series 2006-2 Principal Funding Ledger pursuant to
Clause 5.11(a) with respect to Class A, Class B, and Class C for the
previous Monthly Period;

‘‘Controlled
Deposit Amount’’ shall
mean:

		
	(a) 	for any Distribution Date
with respect to the Controlled Accumulation Period prior to the payment
in full of the Series 2006-2 Investor Interest, the sum of (i)
£33,086,289.08 and (ii) the Controlled Accumulation Shortfall
for such Distribution Date Provided, however, that

			
		(i) 	if the Controlled Accumulation
Period Length is determined to be less than twelve months pursuant to
Clause 5.5(f), the Controlled Deposit Amount for each Distribution Date
with respect to the Controlled Accumulation Period prior to the payment
in full of the Investor Interest will be equal to (A) the product of
(1) the Initial Investor Interest and (2) the Controlled Accumulation
Period Factor for such Monthly Period divided by (B) the Required
Accumulation Factor Number, plus (C) any Controlled Accumulation
Shortfall; and

			
		(ii) 	the amount
calculated for the Controlled Deposit Amount for each Distribution Date
may not exceed the aggregate of (i) the Maximum Controlled Deposit
Amount, and (ii) the Controlled Accumulation Shortfall for such
Distribution Date; and

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	(b) 	for any
Distribution Date with respect to the Regulated Amortisation Period,
the sum of (i) £ 33,086,289.08 or, if
greater, the Maximum Controlled Deposit Amount, and (ii) the Controlled
Accumulation Shortfall for such Distribution
Date;

‘‘Cumulative Series Principal
Shortfall’’ shall mean the sum of the Series
Principal Shortfalls (as such term is defined in the related
Supplement) for each Series in Group
One;

‘‘Daily Principal
Shortfall’’ shall mean, on any date of
determination, the excess of the Shared Monthly Principal Payment for
the Monthly Period relating to such date over the amount of Principal
Collections which are retained or to be retained in the undivided
Principal Collections Ledger in respect of Principal Collections
processed to date for such Monthly Period Provided, however,
that a reference to ‘‘Series 2006-2's pro
rata share of the Daily Principal Shortfall’’
shall be an amount calculated as equal to the product of (a) a fraction
the numerator of which is the Series 2006-2 Investor Interest and the
denominator of which is the aggregate Investor Interest of all
Outstanding Issuance in Group One (including the Series 2006-2 Investor
Interest) and (b) the Daily Principal
Shortfall;

‘‘Deed of
Charge’’ shall have the meaning specified in the
Series 2006-2 Associated Debt
Prospectus;

‘‘Deficiency
Amount’’ shall mean, at any time of
determination, the sum of the Class A Deficiency Amount, the Class B
Deficiency Amount and the Class C Deficiency
Amount;

‘‘Determination
Date’’ shall mean the date falling three Business
Days before a Distribution
Date;

‘‘Distribution
Date’’ shall mean 16 January  2007 and the
fifteenth day of each calendar month thereafter, or if such fifteenth
day is not a Business Day, the next succeeding Business
Day;

‘‘Excess Finance
Charges’’ shall have the meaning specified in
Clause 5.10(s);

‘‘Excess Principal
Funding Investment Proceeds’’ shall mean for any
Monthly Period, with respect to each Distribution Date for the
Controlled Accumulation Period or the first Distribution Date with
respect to the Regulated Amortisation Period or Rapid Amortisation
Period, the amount, if any, by which the Principal Funding Investment
Proceeds for such Distribution Date exceeds the aggregate of the Class
A Covered Amount and the Class B Covered Amount each as determined for
such Distribution Date;

‘‘Excess
Principal Loss Make-Up (charge-offs)’’ shall mean
each of a Class A Excess Principal Loss Make-Up (charge-offs), a Class
B Excess Principal Loss Make-Up (charge-offs) or a Class C Excess
Principal Loss Make-Up (charge-offs) or any of
them;

‘‘Excess Principal Loss Make-Up
(default)’’ shall mean each of a Class A Excess
Principal Loss Make-Up (default), a Class B Excess Principal Loss
Make-Up (default) and a Class C Excess Principal Loss Make-Up (default)
or any of them;

‘‘Excess
Spread’’ shall mean a constituent element of any
payment of Additional Consideration paid by the Series 2006-2 Investor
Beneficiary to the Receivables Trustee in the circumstances and manner
set out in Clauses 3(c) and 6(d) of the Supplement (and, with respect
to any Distribution Date, shall be an amount derived with reference to
Part 4, Clause 5.10(s) of the
Schedule);

‘‘Expense
Rate’’ shall mean, with respect to any
Distribution Date, the annualised percentage equivalent of a fraction,
(A) the numerator of which is the sum of: (1) the Class A Monthly
Required Expense Amount, the Class B Monthly Required Expense Amount
and the Class C Monthly Required Expense Amount, each for the related
Monthly Period, plus (2) an amount equal to the aggregate of the Series
Servicing Fee actually payable each for the related Monthly Period, and
(B) the denominator of which is the Series 2006-2 Investor Interest as
of the Record Date preceding such Distribution
Date;

‘‘Expenses Loan
Agreement’’ shall mean any expenses loan drawing
by or on behalf of the Issuer in respect of any costs and expenses and
other shortfalls payable on the Closing Date and related to the issue
of the Series 2006-2 Related Debt;

‘‘Finance Period’’
shall mean, with respect to any Payment Date, the period from and
including the Payment Date immediately preceding such Payment Date (or
in the case of the first Payment Date, from and including the Closing
Date) to but excluding such Payment Date Provided, however, that
with respect to a Finance Period that commences during the Revolving
Period or the Controlled Accumulation Period 

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and ends during the Regulated Amortisation
Period or the Rapid Amortisation Period (as applicable), such Finance
Period will end on the originally scheduled Payment
Date;

‘‘Fixed Investor
Percentage’’ shall mean, with respect to any
Monthly Period, the percentage equivalent (which percentage shall never
exceed 100%) of a
fraction:

		
	(a) 	the numerator of which
is the Series 2006-2 Investor Interest as at the close of business on
the last day of the Revolving Period; and

		
	(b) 	the denominator of which is the
greater of:

			
		(i) 	an amount equal to
the aggregate Outstanding Face Amount of Eligible Principal Receivables
(net of such Principal Receivables which are Defaulted Receivables) in
the Trust Property as at the close of business on the last day of the
prior Monthly Period; and

			
		(ii) 	the
sum of (A) the Series 2006-2 Investor Interest as of the close of
business on the last day of the Revolving Period plus (B) the
sum of the numerators used to calculate the Investor Percentages for
distributions with respect to Eligible Principal Receivables (net of
such Principal Receivables which are Defaulted Receivables) for all
Outstanding Issuance (excluding Series 2006-2) for that
month,

Provided, however, that with respect to
any Monthly Period in which an Addition Date or a Removal Date, as the
case may be, occurs, the amount used for the calculation in
sub-paragraph (b)(i) above shall
be:

			
		• 	for the period from
(and including) the first day of the Monthly Period to (but excluding)
the Addition Date or the Removal Date, as the case may be, an amount
equal to the aggregate Outstanding Face Amount of Eligible Principal
Receivables (net of such Principal Receivables which are Defaulted
Receivables) in the Receivables Trust as at the close of business on
the last day of the prior Monthly Period);
and

			
		• 	for the period from
(and including) the Addition Date or the Removal Date, as the case may
be, to (and including) the last day of the Monthly Period, an amount
equal to the aggregate Outstanding Face Amount of Eligible Principal
Receivables (net of such Principal Receivables which are Defaulted
Receivables) in the Receivables Trust at the beginning of the day on
the related Addition Date or Removal Date, as the case may be, as
adjusted for the Outstanding Face Amount of Eligible Principal
Receivables at the beginning of such day added to or, as the case may
be, removed from the Undivided Bare Trust on such Addition Date or
Removal Date, as the case may be;

and Provided,
further, however, that with respect to any Monthly Period in which
a Contribution occurs or a distribution is made to an Investor
Beneficiary, the amounts used for the calculation in paragraph (b)(ii)
above shall be:

			
		• 	for the
period from (and including) the first day of the Monthly Period to (but
excluding) the date of the Contribution or the distribution, as the
case may be, the sum of the numerators used to calculate the floating
investor percentages for distributions with respect to Eligible
Principal Receivables for all Outstanding Issuance (including Series
2006-2) for the relevant Monthly Period; and

			
		• 	for the period from (and
including) the date of the Contribution or the distribution, as the
case may be, to (and including), the last day of the Monthly Period,
the sum of the numerators used to calculate the floating investor
percentages for distributions with respect to Eligible Principal
Receivables for all Outstanding Issuance (including Series 2006-2) on
the date of the Contribution or the distribution, as the case may be,
taking into account the Contribution or the distribution, as the case
may be, made on such date,

and Provided, also,
that in respect of any Monthly Period when the Investor Interest is
zero or would be zero if the payments to be made on the related
Distribution Date were made on the last day of the preceding Monthly
Period, the Fixed Investor Percentage will be zero;

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‘‘Floating
Investor Percentage’’ shall mean, with respect to
any Monthly Period, the percentage equivalent (which percentage shall
never exceed 100%) of a fraction (provided, however, that
for the purpose of the calculation of ‘‘Floating Investor
Percentage’’ only the first Monthly Period shall be
treated as one extended period (the ‘‘first
Monthly Period’’), which shall commence on the
Closing Date and end on and include 31 December
2006:

		
	(a) 	the numerator of which is
the Adjusted Investor Interest at the close of business on the last day
of the preceding Monthly Period (or with respect to the first Monthly
Period, the Series 2006-2 Initial Investor Interest); and

		
	(b) 	the denominator of which is the
greater of:

			
		(i) 	an amount equal to
the aggregate Outstanding Face Amount of Eligible Principal Receivables
(net of such Principal Receivables which are Defaulted Receivables)
comprising Trust Property as at the close of business on the last day
of the prior Monthly Period (or with respect to the first Monthly
Period, as at the close of business on the day immediately preceding,
the Closing Date); and

			
		(ii) 	the sum
of (A) the Series 2006-2 Investor Interest on the last day of the
preceding Monthly Period plus (B) the sum of the numerators used to
calculate the Investor Percentages for distributions with respect to
Finance Charge Receivables, Acquired Interchange or Receivables in
Defaulted Accounts at any time, as applicable, for all Outstanding
Issuance (excluding Series 2006-2) with respect to the Monthly Period
for which the Floating Investor Percentage is being
determined,

Provided, however, that with respect
to any Monthly Period in which an Addition Date or Removal Date, as the
case may be, occurs, the amount used for the calculation in paragraph
(b)(i) above shall be:

			
		• 	for
the period from (and including) the first day of the Monthly Period to
(but excluding) the Addition Date or the Removal Date, as the case may
be, an amount equal to the aggregate Outstanding Face Amount of
Eligible Principal Receivables (net of such Principal Receivables which
are Defaulted Receivables) in the Receivables Trust as at the close of
business on the last day of the prior Monthly Period);
and

			
		• 	for the period from
(and including) the Addition Date or the Removal Date, as the case may
be, to (and including) the last day of the Monthly Period, an amount
equal to the aggregate amount of Eligible Principal Receivables (net of
such Principal Receivables which are Defaulted Receivables) in the
Receivables Trust as at the commencement of the day on the related
Addition Date or Removal Date, as the case may be, as adjusted for the
Outstanding Face Amount of the Eligible Principal Receivables at the
beginning of such day added to or, as the case may be, removed from the
Undivided Bare Trust on such Addition Date or Removal Date, as the case
may be); and

Provided, further, however, that
with respect to any Monthly Period in which a Contribution occurs or a
distribution is made to an Investor Beneficiary, the amounts used for
the calculation in paragraph (b)(ii)(B) above shall
be:

			
		• 	for the period from
(and including) the first day of the Monthly Period to (but excluding)
the date of the Contribution or the distribution, as the case may be,
the sum of the adjusted investor interests used to calculate the
floating investor percentages for all Outstanding Series (including
Series 2006-2) for the relevant Monthly Period; and

			
		• 	for the period from (and
including) the date of the Contribution or the distribution, as the
case may be, to (and including), the last day of the Monthly Period,
the sum of the adjusted investor interests used to calculate the
floating investor percentages for all Outstanding Series (including
Series 2006-2) on the date of the Contribution or the distribution, as
the case may be, taking into account the Contribution or the
distribution, as the case may be, made on such date,

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and Provided also that,
in respect of any Monthly Period when the Investor Interest is zero or
would be zero if the payments to be made on the related Distribution
Date were made on the last day of the preceding Monthly Period, the
Floating Investor Percentage will be
zero;

‘‘Group
One’’ shall include, Series 2006-2, and each
other Series specified in the related Supplement to be included in
Group One;

‘‘Group One Monthly
Principal Payment’’ shall mean with respect to
any Monthly Period, for all Outstanding Series in Group One (including
Series 2006-2) which are in an Amortisation Period or an Accumulation
Period (as such terms are defined in the Master Definitions Schedule),
the sum of:

		
	(a) 	the Controlled
Deposit Amount for the related Distribution Date for any Series in its
Controlled Accumulation Period or Regulated Amortisation Period (as
such terms are defined in the related supplements for all Series in
Group One);

		
	(b) 	the Investor Interest
as of the end of the prior Monthly Period after taking into effect any
payments to be made on the following Distribution Date for any Series
in Group One in its Rapid Amortisation Period (as such terms are
defined in the related supplements for all Series in Group One);
and

		
	(c) 	such other amounts as may be
specified in the related Series supplements for all Series in Group
One;

‘‘Group One Retained Principal
Collections’’ shall mean those Principal
Collections retained in the undivided Principal Collections Ledger each
month in respect of Principal Collections calculated by reference to
all Outstanding Issuance in Group One that can be utilised, if needed,
as Shared Principal Collections to make distributions to Outstanding
Issuance in Group One on a Distribution Date and which are not Required
Retained Principal Collections for any Series (including Required
Retained Principal Collections for Series
2006-2);

‘‘Investment
Proceeds’’ shall mean a constituent element of
any payment of Additional Consideration paid by the Series 2006-2
Investor Beneficiary to the Receivables Trustee in the circumstances
and manner set out in Clauses 3(c) and 6(d) and Clause 12(e) of the
Supplement;

‘‘Investor
Charge-Off’’ shall mean a Class A Investor
Charge-Off, a Class B Investor Charge-Off or a Class C Investor
Charge-Off, or any of
them;

‘‘Investor Default
Amount’’ shall mean, with respect to any
Receivable in a Defaulted Account, an amount equal to the product of
(a) the Default Amount and (b) the Floating Investor Percentage for the
Monthly Period in which such Account became a Defaulted
Account;

‘‘Investor Finance
Amounts’’ shall mean the Class A Finance
Distribution Amount, the Class B Finance Distribution Amount and the
Class C Finance Distribution
Amount;

‘‘Investor Indemnity
Amount’’ shall mean, with respect to any
Transferor Section 75 Indemnity Claim, an amount equal to the
product of (a) the Transferor Section 75 Indemnity Claim (in an amount
not to exceed the amount of the related Credit Advance) and (b) the
Floating Investor Percentage for the Monthly Period in which the day
such Transferor Section 75 Indemnity Claim was made
falls;

‘‘Investor Indemnity Payment
Amount’’ shall mean a constituent element of any
payment of Additional Consideration paid by the Series 2006-2 Investor
Beneficiary to the Receivables Trustee in the circumstances and manner
set out in Clauses 3(c) and 6(e) and Clause 11(d) of the Supplement
(and with reference to the calculations in Part 4, Clause 5.10(p) and
5.14(a) of the Schedule);

‘‘Investor
Percentage’’ shall mean for any Monthly Period,
(a) with respect to Finance Charge Receivables and Receivables in
Defaulted Accounts at any time and Principal Receivables during the
Revolving Period, the Floating Investor Percentage and (b) with respect
to Principal Receivables during the Controlled Accumulation Period, the
Regulated Amortisation Period or the Rapid Amortisation Period, the
Fixed Investor Percentage Provided, however, that in respect of
any Monthly Period when the Investor Interest is zero or would be zero
if the payments to be made on the related Distribution Date were made
on the last day of the preceding Monthly Period, the Investor
Percentage shall be zero;

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‘‘Investor
Servicing Fee Amount’’ shall mean a constituent
element of any payment of Additional Consideration paid by the Series
2006-2 Investor Beneficiary to the Receivables Trustee in the
circumstances and manner set out in Clauses 3(c) and 12(a) of the
Supplement (and with reference to the calculations in Part 2 of the
Schedule);

‘‘Investor Trustee Payment
Amount’’ shall mean a constituent element of any
payment of Additional Consideration paid by the Series 2006-2 Investor
Beneficiary to the Receivables Trustee in the circumstances and manner
set out in Clauses 3(c), 6(d) and 11(b) of the Supplement (and with
reference to the calculations in Part 3 of the
Schedule);

‘‘Issuer Costs
Amount’’ shall mean, the amounts evidenced by an
original invoice or certified to the Receivables Trustee as being
required to pay the legal fees, fees, costs, charges, expenses, losses,
damages, claims and liabilities of the Series 2006-2 Issuer accrued due
and payable on any Distribution Date (including the legal fees, fees,
costs, charges, expenses, losses, damages, claims and liabilities of
the Note Trustee and any Receiver appointed pursuant to the Note Trust
Deed for the Series 2006-2 Associated Debt or Deed of Charge for the
Series 2006-2 Associated Debt) plus any such legal fees, fees, costs,
charges, expenses, losses, damages, claims and liabilities remaining
unpaid for previous Distribution Dates plus, in each case where
relevant, VAT thereon;

‘‘Issuer
Profit Amount’’ shall mean, with respect to any
Distribution Date, an amount, rounded up to the nearest penny, equal to
the product of: (a) a fraction, the numerator of which is the number of
days in the relevant Calculation Period, and the denominator of which
is 365, and (b) the aggregate Principal Amount Outstanding of the
Notes, multiplied by (c) 0.01 per cent., per annum for the first
£250,000,000 equivalent of the aggregate Principal Amount
Outstanding of the Notes and 0.001 per cent., per annum for the
remaining Principal Amount
Outstanding.

‘‘Loan Note
Issuer’’ shall mean Turquoise Funding 1 Limited,
a company incorporated in Jersey and having its registered office at 26
New Street, St. Helier, Jersey, JE2 3RA Channel
Islands;

‘‘Loan Note Issuer Costs
Amount’’ shall mean, the amounts certified by the
Security Trustee as being required to pay the legal fees, costs and
expenses of the Loan Note Issuer accrued due and payable on any
Distribution Date (including the fees, costs and expenses of the
Security Trustee and any Receiver appointed pursuant to the Security
Trust Deed) plus any such fees, costs and expenses remaining unpaid for
previous Distribution Dates plus, in each case where relevant, VAT
thereon;

‘‘Loan Note Issuer
Return’’ shall mean, with respect to any
Distribution Date, an amount equal to the fraction, rounded up to the
nearest whole number equal to the product of: (A) a fraction, the
numerator of which is the number of days in the relevant Calculation
Period, and the denominator of which is 365, and (B) the product of
£5000, or if greater, £5000 per Series Investor
Interest;

‘‘Loss Make-Up
(charge-offs)’’ shall mean a constituent element of
any payment of Additional Consideration paid by the Series 2006-2
Investor Beneficiary to the Receivables Trustee in the circumstances
and manner set out in Clause 3(c) and 6(d) of the Supplement (and with
reference to the calculations in Part 4, Clause 5.10(h)(i), (j)(i) and
(m)(i) of the Schedule) Provided, however, for the
avoidance of doubt, such term shall include any Excess Principal Loss
Make-Up (charge-offs) but shall not include any amount of Principal
Loss Make-Up (charge-offs) distributed to the Series 2006-2 Investor
Beneficiary;

‘‘Loss Make-Up
(default)’’ shall mean a constituent element of any
payment of Additional Consideration paid by the Series 2006-2 Investor
Beneficiary to the Receivables Trustee in the circumstances and manner
set out in Part 2, Clause 3(c) and 6(d) of the Supplement (and with
reference to the calculations in Part 4 Clause 5.10(g)(1), (i)(ii) and
(l)(i)) Provided, however, for the avoidance of doubt,
such term shall include any Excess Principal Loss Make-Up (default) but
shall not include any amount of Principal Loss Make-Up (default)
distributed to the Series 2006-2 Investor
Beneficiary;

‘‘Material Adverse
Effect’’ shall mean a material adverse effect on
the interests of the Series 2006-2 Investor Beneficiary, which shall be
construed to include the interests of any holders of Series 2006-2
Related Debt or the interests of any holders of Series 2006-2
Associated Debt;

‘‘Maximum Controlled
Deposit Amount’’ shall mean for any Distribution
Date the greater of (i) an amount equal to one-twelfth of the aggregate
amount of (A) all the initial investor interests of all 

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Outstanding Issuance in Group One (excluding
Companion Series as defined in a related Supplement and Series) that
are notified by the Servicer to the Receivables Trustee as being
reasonably expected to be in their revolving periods (disregarding, for
this purpose, the amount of any non-reinstated charge-offs) and (B) the
Series 2006-2 Initial Investor Interest and (ii) such other amount
notified to the Receivables Trustee by the Beneficiaries provided that
such other amount shall not be valid unless accompanied by an
Officer's Certificate of the Transferor that such greater amount
has been approved by the Financial Services Authority as regulator of
the Transferor or any successor
thereby;

‘‘Minimum Aggregate
Principal Receivables’’ shall mean, as of any
date of determination, an amount equal to the sum of the numerators
used in the calculation of the Investor Percentages for Principal
Collections for all Outstanding Issuance on such date Provided,
however, that with respect to any Outstanding Issuance in its
controlled accumulation period with an Investor Interest as of such
date of determination equal to the principal funding account balance
(or equivalent) relating to such Outstanding Issuance, the numerator
used in the calculation of the Investor Percentage for Principal
Collections relating to such Outstanding Issuance shall, solely for the
purpose of the definition of Minimum Aggregate Principal Receivables,
be deemed to equal zero;

‘‘Minimum
Transferor Interest’’ shall mean 6% of the
Average Principal Receivables transferred during a period of thirty
consecutive days by the Transferor. Provided, however, that the
Transferor may reduce the Minimum Transferor Interest upon (i) 30
days' prior notice to the Receivables Trustee and each Rating
Agency, and any Enhancement Provider entitled to receive notice under
its RTDSA Supplement; (ii) written confirmation from each Rating Agency
that such reduction will not result in the reduction or withdrawal of
the respective ratings of each Rating Agency for any outstanding Series
2006-2 Related Debt and (iii) delivery to the Receivables Trustee of an
Officer's Certificate stating that the Transferor reasonably
believes that such reduction will not, based on the facts known to such
officer at the time of such certification, then or thereafter cause a
Pay Out Event to occur with respect to any Investor Beneficiary and any
Series Provided further, however, that the Minimum Transferor
Interest shall not at any time mean less than 2% of the Average
Principal Receivables transferred during a period of thirty consecutive
days by the Transferor.

‘‘Monthly
Expenses Loan Agreement Amount’’ means, with
respect to any Distribution Date, the amount equal to any monthly
interest accrual and any scheduled principal repayment which are, in
each case, due and payable including any amount outstanding in respect
of any previous Distribution Dates, if any, on the Expenses Loan
Agreement;

‘‘Monthly Expense Loan
Amount’’ shall mean in respect of any
Distribution Date an amount equal to the Monthly Expenses Loan
Agreement Amount;

‘‘Monthly
Period’’ shall have the meaning specified in the
Receivables Trust Deed and Servicing Agreement, except that the first
Monthly Period with respect to Series 2006-2 shall begin on and include
the Closing Date and shall end on and include 31 December
2006;

‘‘Net Servicing Fee
Rate’’ shall mean 0.8% per
annum;

‘‘Note Trust
Deed’’ shall have the meaning specified in the
Series 2006-2 Associated Debt
Prospectus;

‘‘Note
Trustee’’ shall mean Law Debenture Trust Company
of New York;

‘‘Other Series
Documents’’ shall have the meaning specified in
Clause 10(b) of the
Supplement;

‘‘Payment
Date’’ shall mean (a) with respect to any Finance
Period ending during the Revolving Period or the Controlled
Accumulation Period (until the Series 2006-2 Scheduled Redemption
Date), the third Distribution Date following the preceding Payment Date
or, in the case of the first Payment Date, 15 August
2006 or if such day is not a Business Day, the next succeeding Business
Day and (b) with respect to any Finance Period ending during the
Regulated Amortisation Period or the Rapid Amortisation Period, each
Distribution Date;

‘‘Pay Out
Commencement Date’’ shall mean the date on which
a Trust Pay Out Event is deemed to occur pursuant to Clause 6.1 of the
Receivables Trust Deed and Servicing Agreement or a Series 2006-2 Pay
Out Event is deemed to occur pursuant to Clause 6.2 of the Receivables
Trust Deed and Servicing Agreement (as Clause 6.2 is set out in Part 6
of the Schedule);

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‘‘Portfolio
Adjusted Yield’’ shall mean, with respect to any
Distribution Date commencing on and including the Distribution Date
falling in January  2007, the average of the percentages obtained
for each of the three preceding Monthly Periods by subtracting the
Expense Rate from the Portfolio Yield for each Monthly
Period;

‘‘Portfolio
Yield’’ shall mean, with respect to any Monthly
Period, the annualised percentage equivalent of a fraction,

		
	(a) 	the numerator of which is an amount
equal to the sum of:

			
		(i) 	the amount
of Finance Charge Collections distributed (by credit to the Series
2006-2 Finance Charge Collections Ledger) to the Series 2006-2 Investor
Beneficiary for such Monthly Period (excluding any Collections in
respect of Annual Fee Receivables contemplated by (ii) below),
plus

			
		(ii) 	the amount, if any,
distributed (by credit to the Series 2006-2 Finance Charge Collections
Ledger) to the Series 2006-2 Investor Beneficiary with respect to any
Collections in respect of Annual Fee Receivables for such Monthly
Period, plus

			
		(iii) 	the amount
of Acquired Interchange credited to the Series 2006-2 Finance Charge
Collections Ledger and distributed to the Series 2006-2 Investor
Beneficiary for such Monthly Period;

			
		(iv) 	the Principal Funding Investment
Proceeds credited pursuant to Clause 5.19(b)(iii)(A) and
5.19(b)(iii)(B) on the Distribution Date related to such Monthly
Period, plus

			
		(v) 	the amount
of the Reserve Draw Amount (up to the Available Reserve Account Amount)
credited pursuant to Clause 5.21(d) on the Distribution Date relating
to such Monthly Period,
plus

			
		(vi) 	the Reserve
Investment Proceeds credited as Available Funds pursuant to Clause
5.21(b)(iii) on the Distribution Date relating to such
Monthly Period,
minus

			
		(vii) 	the Aggregate
Investor Default Amount for such Monthly Period;
and

		
	(b) 	the denominator of which is
the Series 2006-2 Investor Interest as of the close of business on the
last day of such Monthly
Period;

‘‘Principal Funding
Account’’ shall have the meaning set out in
Clause 5.19(a)(i);

‘‘Principal
Funding Account Balance’’ shall mean, with
respect to any date of determination, the principal amount, if any, on
deposit in the Principal Funding Account and credited to the Series
2006-2 Principal Funding Ledger on such date of
determination;

‘‘Principal Funding
Investment Proceeds’’ shall mean, with respect to
each Distribution Date with respect to the Controlled Accumulation
Period or the first Distribution Date with respect to the Regulated
Amortisation Period or the Rapid Amortisation Period (as applicable),
the investment earnings on funds deposited in the Principal Funding
Account and credited to the Series 2006-2 Principal Funding Ledger (net
of investment expenses and losses) for the period from and including
the immediately preceding Distribution Date to but excluding such
Distribution Date;

‘‘Principal
Funding Investment Shortfall’’ shall mean, with
respect to each Distribution Date with respect to the Controlled
Accumulation Period or the first Distribution Date with respect to the
Regulated Amortisation Period or the Rapid Amortisation Period (as
applicable), the amount, if any, by which the Principal Funding
Investment Proceeds for such Distribution Date are less than the
aggregate of the Class A Covered Amount and the Class B Covered Amount
determined as of such Distribution
Date;

‘‘Principal Loss Make-Up
(charge-off)’’ shall mean the amount distributed to
the Series 2006-2 Investor Beneficiary from the Series 2006-2 Finance
Charge Collections Ledger on a Distribution Date during the Regulated
Amortisation Period or the Rapid Amortisation Period pursuant to Clause
5.10(h)(ii), 5.10(j)(ii) and 5.10(m)(ii) and which will be considered
to form part of the Class A Monthly Principal Amount, Class B Monthly
Principal Amount or Class C Monthly Principal Amount, as the case may
be Provided, however, for the avoidance of doubt, such term
shall not include any Excess Principal Loss Make-Up
(charge-offs);

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‘‘Principal Loss
Make-Up (default)’’ shall mean the amount distributed
to the Series 2006-2 Investor Beneficiary from the Series 2006-2
Finance Charge Collections Ledger on a Distribution Date during the
Regulated Amortisation Period or the Rapid Amortisation Period pursuant
to Clause 5.10(g)(2), 5.10(i)(ii) and 5.10(l)(ii) and which will be
considered to form part of the Class A Monthly Principal Amount, Class
B Monthly Principal Amount or Class C Monthly Principal Amount, as the
case may be Provided, however, for the avoidance of doubt, such
term shall not include any Excess Principal Loss Make-Up
(default);

‘‘Qualified
Institution’’ means an institution outside the
United Kingdom which at all times has a short-term unsecured debt
rating of at least A-1+ by Standard & Poor’s, and P-1 by
Moody’s or an institution acceptable to each Rating
Agency.

‘‘Quarterly Available Spread
Percentage’’ means unless otherwise specified,
with respect to the date falling three Business Days prior to a
Distribution Date, an amount equal to the percentage sum of the average
Portfolio Yield for the immediately preceding three Monthly Periods
minus the average Expense Rate for the immediately preceding three
Monthly Periods.

‘‘Rapid Amortisation
Period’’ shall mean the period commencing on the
Pay Out Commencement Date (other than a Pay Out Commencement Date
resulting solely from a Regulated Amortisation Trigger Event) and
ending on the earlier to occur of (a) the Series 2006-2 Termination
Date and (b) the termination of the Receivables Trust pursuant to
Clause 6.3 or Clause 8 of the Receivables Trust Deed and Servicing
Agreement;

‘‘Rating
Agencies’’ shall mean Moody's and Standard
& Poor's and ‘‘Rating
Agency’’ shall mean either of them and shall
include Fitch Ratings Limited if Fitch Ratings Limited is then rating
the Series 2006-2 Associated
Debt;

‘‘Rating Agency
Condition’’ shall mean the notification in
writing by each Rating Agency to the Transferor, the Servicer and the
Receivables Trustee that an action will not result in such Rating
Agency reducing or withdrawing its then existing rating of any
outstanding Associated Debt with respect to which it is a Rating
Agency;

‘‘Reallocated Class B
Principal Collections’’ shall mean, with respect
to any Distribution Date, Principal Collections calculated by reference
to the Class B Investor Interest but which are to be applied as Finance
Charge Collections in accordance with Part 4, Clause 5.16 in an amount
not to exceed the product of:

		
	(a) 	the
Class B Investor Percentage with respect to the Monthly Period relating
to such Distribution Date; and

		
	(b) 	the Investor Percentage with respect
to the Monthly Period relating to such Distribution Date;
and

		
	(c) 	an amount equal to the
aggregate amount of Principal Collections with respect to the Monthly
Period relating to such Distribution Date,

Provided,
however, that such amount shall not exceed the Class B Investor
Interest after giving effect to any unreinstated Class B Investor
Charge-Offs (but such that Class B Investor Charge-Offs shall not be
reinstated to the extent of any Principal Loss Make-Up (charge-offs)
identified on any previous Distribution Date pursuant to Clause
5.10(j)(ii) which are treated as part of the Class B Monthly Principal
Amount) as of such Distribution
Date;

‘‘Reallocated Class C Principal
Collections’’ shall mean, with respect to any
Distribution Date, Principal Collections calculated by reference to the
Class C Investor Interest but which are to be applied as Finance Charge
Collections in accordance with Part 4, Clause 5.15 in an amount not to
exceed the product of:

		
	(a) 	the Class C
Investor Percentage with respect to the Monthly Period relating to such
Distribution Date; and

		
	(b) 	the
Investor Percentage with respect to the Monthly Period relating to such
Distribution Date; and

		
	(c) 	an amount
equal to the aggregate amount of Principal Collections with respect to
the Monthly Period relating to such Distribution
Date,

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Provided, however, that
such amount shall not exceed the Class C Investor Interest after giving
effect to any unreinstated Class C Investor Charge-Offs (but such that
Class C Investor Charge-Offs shall not be reinstated to the extent of
any Principal Loss Make-Up (charge-offs) identified on any previous
Distribution Date pursuant to Clause 5.10(m)(ii) which are treated as
part of the Class C Monthly Principal Amount) as of such Distribution
Date;

‘‘Record
Date’’ shall mean, with respect to any
Distribution Date and any Distribution Date, the last Business Day of
the preceding Monthly
Period;

‘‘Refunded Utilised Principal
Collections’’ shall mean a constituent element of
any payment of Additional Consideration paid by the Series 2006-2
Investor Beneficiary to the Receivables Trustee in the circumstances
and manner set out in Clauses 3(c) and 6(d) of the Supplement (and with
reference to the calculations in Part 4, Clause 5.10(j)(i), 5.10(m)(i),
5.15(e) and 5.16(e) of the
Schedule);

‘‘Regulated Amortisation
Period’’ shall mean the period commencing on the
occurrence of a Regulated Amortisation Trigger Event, and ending on the
earlier to occur of (i) the commencement of the Rapid Amortisation
Period or (ii) the Series 2006-2 Termination
Date;

‘‘Regulated Amortisation
Trigger Event’’ shall have the meaning specified
in Part 6 of the Schedule;

‘‘Related
Debt’’ shall mean in respect of Series 2006-2,
for the purposes of the definition thereof in the Master Definitions
Schedule, the Series 2006-2 Related
Debt;

‘‘Required Accumulation Factor
Number’’ shall be equal to a fraction, rounded up
to the nearest whole number the numerator of which is one and the
denominator of which is equal to the lowest monthly principal payment
rate on the Designated Accounts for the 12 months preceding the date of
such calculation;

‘‘Required Reserve
Amount’’ shall mean, with respect to any
Distribution Date on or after the Reserve Account Funding Date, an
amount equal to:

		
	(a) 	the amount
specified in the Series 2006-2 Prospectus Supplement/Final Terms;
or

		
	(b) 	any other amount designated by
the Transferor Beneficiary; provided that, the Transferor
Beneficiary shall not designate an amount less than that
specified in the relevant Prospectus Supplement/Final Terms
unless it has first provided the Servicer and the Receivables
Trustee with (a) evidence that each Rating Agency has notified
the Sponsor, the Servicer and the Receivables Trustee that such lesser
amount will not result in that Rating Agency reducing or withdrawing
its then existing rating of any outstanding Related Debt and (b) an
officer’s certificate to the effect that, based on
the facts known to that officer at that time, in the reasonable
belief of the Transferor Beneficiary, the designation will not
cause a Pay Out Event to occur or an event that, after the giving of
notice or the lapse of time, would cause a Pay Out Event to
occur.

‘‘Required Retained Principal
Collections’’ shall mean those Principal
Collections retained in the undivided Principal Collections Ledger each
month calculated by reference to the Required Retained Principal
Collections Percentage, that can be utilised, if needed, as Utilised
Required Retained Principal Collections;

‘‘Required Retained Principal
Collections Percentage’’ shall mean either (a)
with respect to any Monthly Period commencing during the Revolving
Period, a percentage equal to the aggregate of the Class B Floating
Investor Percentage and the Class C Floating Investor Percentage for
such Monthly Period, or (b) with respect to any Monthly Period
commencing after the end of the Revolving Period, a percentage equal to
the aggregate of the Class B Fixed Investor Percentage and the Class C
Fixed Investor Percentage for such Monthly
Period;

‘‘Required Spread Account
Amount’’ will be determined on each Determination
Date, and shall mean the product of (i) the Spread Account Percentage
in effect on such date and (ii) the Series 2006-2 Initial Investor
Interest Provided, that in no event will the Required Spread
Account Amount exceed the Class C Debt Amount (after taking into
account any payments to be made on the related Distribution
Date);

‘‘Reserve
Account’’ shall have the meaning specified in
Clause 5.21(a)(i);

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‘‘Reserve
Account Funding Date’’ shall mean the
Distribution Date in the Monthly Period occurring 3 months
prior to the commencement of the Controlled Accumulation
Period;

‘‘Reserve Account
Surplus’’ shall mean, with respect to any
Distribution Date on or after the Reserve Account Funding Date, the
amount, if any, by which the amount on deposit in the Reserve Account
and credited to the Series 2006-2 Reserve Account Ledger exceeds the
Required Reserve Amount;

‘‘Reserve
Account Surplus Amount’’ shall mean a constituent
element of any payment of Additional Consideration paid by the Series
2006-2 Investor Beneficiary to the Receivables Trustee in the
circumstances and manner set out in Part 2, Clause 3(c), 6(d)(iii) and
11(d) of the Supplement (and with reference to the calculations in Part
5, Clause 5.21(d) and (e) of the
Schedule);

‘‘Reserve Draw
Amount’’ shall have the meaning specified in
Clause 5.21(c);

‘‘Reserve Investment
Proceeds’’ shall mean, with respect to each
Distribution Date the investment earnings on funds in the Reserve
Account (net of investment expenses and losses) for the period from and
including the immediately preceding Distribution Date to but excluding
such Distribution Date;

‘‘Retained
Principal Collections’’ shall mean, with respect
to any Monthly Period, the aggregate amount credited to the Undivided
Principal Collections Ledger for such Monthly Period pursuant to Clause
5.5(a)(ii)(A) or deposited in the Principal Funding Account and
credited to the relevant Series' Principal Funding Ledger
pursuant to Clause 5.5(a)(ii)(B), 5.5(b)(ii) or deposited in the
Principal Funding Account and credited to the relevant Series'
Principal Funding Ledger pursuant to Clause 5.5(b)(iii) and
5.5(c)(ii)(A) or deposited in the Principal Funding Account and
credited to the relevant Series' Principal Funding Ledger
pursuant to Clause 5.5(c)(ii)(B) (as the case may be) in each case, as
applicable to such Monthly
Period;

‘‘Revolving
Period’’ shall mean the period from and including
the Closing Date to, but not including, the earlier of (a) the day the
Controlled Accumulation Period commences and (b) the Pay Out
Commencement
Date;

‘‘Schedule’’
shall mean the Schedule to this
Supplement;

‘‘Security
Trustee’’ shall mean Law Debenture Trust Company
of New York in its capacity as Security Trustee under the Security
Trust Deed;

‘‘Security Trust
Deed’’ shall mean the security trust deed dated
on or about the Closing Date and entered into by the Loan Note Issuer
and the Security Trustee;

‘‘Series
2006-2 Associated Debt’’ shall mean the Class A
Associated Debt, the Class B Associated Debt and the Class C Associated
Debt;

‘‘Series 2006-2 Associated Debt
Prospectus’’ shall mean the approved listing
particulars for a listing on the London Stock Exchange of the Series
2006-2 Associated Debt dated 15 November
2006;

‘‘Series 2006-2 Finance Charge
Collections Ledger’’ shall mean the sub-ledger in
the Trustee Collection Account held on a segregated bare trust for the
sole benefit of the Investor Beneficiary, in respect of Series
2006-2;

‘‘Series 2006-2 Initial
Investor Interest’’ shall mean
£397,035,469;

‘‘Series 2006-2
Investor Beneficiary’’ means Turquoise Funding 1
Limited, a company incorporated in Jersey and having its registered
office at 6 New Street, St. Helier, Jersey, JE2 3RA Channel
Islands;

‘‘Series 2006-2 Investor
Interest’’ shall mean, on any date of
determination, an amount equal to the Series 2006-2 Initial Investor
Interest as reduced by the aggregate
of:

		
	(a) 	Principal Collections, (but
excluding, for the avoidance of doubt, amounts expressed to be treated
as such for the purpose of the calculations set out in the Schedule)
distributed to the Series 2006-2 Investor Beneficiary in respect of
Series 2006-2 (with the effect that the aggregate amount of the Series
2006-2 Investor Beneficiary's beneficial entitlement in the
Undivided Bare Trust and the Series 2006-2 Investor Beneficiary's
Segregated Bare Trust in respect of Series 2006-2 is reduced) prior to
such date (but for the avoidance of doubt, the distribution and
transfer of amounts representing principal from the Undivided Bare
Trust to the Series 2006-2 Investor Beneficiary's Segregated Bare
Trust shall not be treated as a payment of principal to the Series
2006-2 Investor Beneficiary);

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	(b) 	Principal
Collections used by the Series 2006-2 Investor Beneficiary in respect
of Series 2006-2 as Utilised Required Retained Principal Collections as
reduced by the aggregate of that part of the Additional Consideration
paid by the Series 2006-2 Investor Beneficiary in accordance with
Clause 3(c) identified as ‘‘Refunded Utilised
Principal
Collections’’;

		
	(c) 	Investor
Default Amounts as reduced by the aggregate of that part of the
Additional Consideration paid by the Series 2006-2 Investor Beneficiary
in accordance with Clause 3(c) identified as ‘‘Loss
Make-Up (default)’’ referable to Series 2006-2 and
the amount of any Investor Charge-Offs identified on any Distribution
Date in respect of such Investor Default Amounts;
and

		
	(d) 	Investor Charge-Offs as
reduced by the aggregate of that part of the Additional Consideration
paid by the Series 2006-2 Investor Beneficiary in accordance with
Clause 3(c) as ‘‘Loss Make-Up
(charge-off)’’ (excluding, for the avoidance of
doubt, any Investor Default Amounts as reduced by the aggregate of that
part of the Additional Consideration paid by the Series 2006-2 Investor
Beneficiary in accordance with Clause 3(c) as ‘‘Loss
Make-Up (default)’’);

all calculated as
at that date;

‘‘Series 2006-2 Finance
Charge Collections Ledger’’ shall mean the
sub-ledger in the Finance Charge Collections Ledger established in
respect of the Trustee Collection Account for the benefit of Series
2006-2 pursuant to Clause 5.1(c) and recording amounts held on a
segregated bare trust for the sole benefit of the Loan Note Issuer, in
respect of Series 2006-2;

‘‘Series
2006-2 Issuer’’ shall mean Sherwood Castle
Funding Series 2006-2 plc as issuer of the Associated Debt and its
successors and assigns as beneficial holder of the Series 2006-2
Related Debt;

‘‘Series 2006-2 Loan
Note Certificates’’ shall mean the certificates
issued by the Loan Note Issuer evidencing the Series 2006-2 Related
Debt;

‘‘Series 2006-2 Pay Out
Event’’ shall have the meaning specified in Part
6 of the Schedule;

‘‘Series 2006-2
Principal Funding Ledger’’ means a ledger in the
Principal Funding Account regarding amounts held on a segregated bare
trust for the sole benefit of the Loan Note Issuer, in respect of
Series 2006-2;

‘‘Series 2006-2
Related Debt’’ shall mean each of the Class A
Loan Note, the Class B Loan Note and the Class C Loan Note issued by
the Loan Note Issuer pursuant to a supplement to the Security Trust
Deed as constituting Series 2006-2 with the rights and priorities
between such loan notes as set out
therein;

‘‘Series 2006-2 Relevant
Documents’’ shall have the meaning specified in
Clause 10(b)(i) of the
Supplement;

‘‘Series 2006-2 Reserve
Account Ledger’’ means the ledger established in
respect of the Reserve Account recording amounts on segregated bare
trust for the sole benefit of the Loan Note Issuer in respect of Series
2006-2;

‘‘Series 2006-2 Scheduled
Redemption Date’’ shall mean the Distribution
Date falling in 15 May
2009;

‘‘Series 2006-2 Servicing Fee
Amount’’ shall have the meaning specified in
paragraph (a)(iii) of Part 2 of the
Schedule;

‘‘Series 2006-2
Supplement’’ means this
Deed;

‘‘Series 2006-2 Termination
Date’’ shall mean the earlier to occur of (a) the
Distribution Date on which the Series 2006-2 Investor Interest is
reduced to zero and is not capable of reinstatement pursuant to the
Receivables Trust and Servicing Agreement as supplemented by the Series
2006-2 Supplement, or (b) the Distribution Date falling in May
2011;

‘‘Series 2006-2 Trustee
Fee’’ shall mean an amount payable in twelve
equal instalments in respect of the fees of the Receivable Trustee
allocable to Series 2006-2;

‘‘Series
Loan Note Issuer Account’’ shall mean a bank
account held at a bank in Jersey in the name of the Loan Note Issuer to
be used for the purpose of receiving amounts distributable from the
Receivables Trust to the Loan Note Issuer as Series 2006-2 Investor
Beneficiary;

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‘‘Series
Principal Shortfall’’ shall mean with respect to
any Distribution Date, the excess, if any,
of:

			
	(a) 	(i)	with
respect to any Distribution Date during the Controlled Accumulation
Period or the Regulated Amortisation Period, the Controlled Deposit
Amount for such Distribution Date;
and

			
		(ii) 	with respect to any
Distribution Date during the Rapid Amortisation Period, the Series
2006-2 Investor
Interest;

Over

		
	(b) 	the
Retained Principal Collections for the related Monthly Period plus the
aggregate amount of Principal Loss Make-Up (defaults) and Principal
Loss Make-Up (charge-offs) for the related Monthly Period minus the
Reallocated Class B Principal Collections and the Reallocated Class C
Principal Collections for such Distribution
Date;

‘‘Servicer Interchange
Amount’’ shall have the meaning specified in Part
2, paragraph (a)(ii);

‘‘Servicing Fee
Rate’’ shall mean 0.8% per annum Adjusted
Investor Interest of each
Series;

‘‘Shared Monthly Principal
Payment’’ shall mean with respect to any Monthly
Period, for all Outstanding Issuance which is in an Amortisation Period
or an Accumulation Period, the sum of:

		
	(a) 	the controlled or regulated deposit
amount for the related Distribution Date for any Outstanding Issuance
in a controlled accumulation period or regulated amortisation
period;

		
	(b) 	the relevant Investor
Interest as of the end of the prior Monthly Period taking into account
any payments to be made on the following Distribution Date for any
Outstanding Issuance in a rapid amortisation period;
and

		
	(c) 	such other amounts as may be
specified in the related Series Supplements for all Outstanding
Issuance;

‘‘Series Servicing
Fee’’ shall have the meaning specified in
paragraph (a)(iii) of Part 2 of the
Schedule;

‘‘Shared Principal
Collections’’ shall mean, as the context may
require, either;

		
	(a) 	the amount of
Principal Collections calculated for Series 2006-2 which may be applied
to the series principal shortfall (or equivalent) with respect to other
Outstanding Issuance in Group One;
or

		
	(b) 	the amounts of Principal
Collections calculated in respect of other Outstanding Issuance in
Group One which the applicable supplements for such Series specify are
to be treated as ‘‘Shared Principal
Collections’’ and which may be applied and distributed to
the Series 2006-2 Investor Beneficiary to cover the Series Principal
Shortfall with respect to Series
2006-2;

‘‘Spread
Account’’ shall have the meaning specified in
Part 4, Clause 5.18(a);

‘‘Spread
Account Percentage’’ shall be determined on each
Determination Date in line with the Quarterly Available Spread
Percentage or the Quarterly Express Spread Percentage on that date
under the Series 2006-2 Prospectus Supplement/Final
Terms.

‘‘Spread Account
Surplus’’ shall mean, with respect to any
Distribution Date, the amount, if any, by which the Available Spread
Account Amount exceeds the Required Spread Account
Amount;

‘‘Spread Account Surplus
Amount’’ shall mean a constituent element of any
payment of Additional Consideration paid by the Series 2006-2 Investor
Beneficiary to the Receivables Trustee in the circumstances and manner
set out in Clauses 3(c), 6(d) and 11(c) of the Supplement (and with
reference to the calculations in Part 4, Clause 5.18(l) and (m) of the
Schedule);

‘‘Supplement’’
shall mean this Series 2006-2
Supplement;

‘‘Supplemental Trust
Deed’’ shall mean the Series 2006-2 Supplement to
the Security Trust Deed dated on or about the date hereof between
inter alios the Loan Note Issuer, the Security Trustee and the
Class A Loan Note Holder, the Class B Loan Note Holder and the Class C
Loan Note Holder (as defined therein);

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‘‘Sterling
Equivalent’’ means the amount specified,
converted at the currency exchange rate specified in the relevant Swap
Agreement or Swap Agreements for each Class or Series of Series 2006-2
Associated Debt, as
applicable;

‘‘Swap
Agreement’’ shall mean (i) in respect of Class A,
the Class A Swap Agreement, (ii) in respect of Class B, the Class B
Swap Agreement, and (iii) in respect of Class C, the Class C Swap
Agreement;

‘‘Swap
Counterparty’’ shall mean, in the case of Series
2006-2, HSBC Bank plc in its capacity as counterparty in respect of the
Swap Agreements and its successors and
assigns;

‘‘TARGET
system’’ means the Trans-European Automated
Real-time Gross Settlement Express Transfer
system;

‘‘Termination
Date’’ shall mean with respect to Series 2006-2,
for the purposes of the definition thereof in the Master Definitions
Schedule, the Series 2006-2 Termination
Date;

‘‘Total Withdrawal
Amount’’ shall have the meaning specified in
Clause 5.18(d)(ii)(A); and

‘‘Utilised
Required Retained Principal Collections’’ means
amounts utilised as Reallocated Class C Principal Collections or (as
the case may be) Reallocated Class B Principal
Collections.

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Calculations
and Information

Each month the Receivables Trustee will
deliver to the Series 2006-2 Investor Beneficiary calculations and
information regarding the Receivables Trust, trust allocations and
distributions and movements of monies and credits to ledgers between or
in respect of the undivided trust and the segregated bare trusts. The
calculations, ledgers and information to be provided are set out in
Parts 2 through 4 (inclusive) of this Schedule to the Series 2006-2
Supplement.

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Part
2

Servicing Compensation, Acquired
Interchange

The provisions of this Part 2 of this
Schedule set out:

		
	• 	the method
of calculating what part of the amounts credited to the Series 2006-2
Finance Charge Collections Ledger for any Monthly Period may be applied
on the related Distribution Date in satisfying the obligations of the
Series 2006-2 Investor Beneficiary (under Clause 9.2(b) of the
Receivables Trust Deed and Servicing Agreement) to make payments to the
Receivables Trustee on the related Distribution Date in order to
reimburse the Receivables Trustee in whole or in part for amounts paid
or payable by the Receivables Trustee in respect of Servicing Fees;
and

		
	• 	certain transfers and
payments to be made in satisfaction of the obligations referred to in
the preceding paragraph.

The said provisions are without
prejudice to the beneficial entitlement of the Series 2006-2 Investor
Beneficiary to all amounts credited to the Series 2006-2 Finance Charge
Collections Ledger, as such entitlement is set out in the other
provisions of the Receivables Trust Deed and Servicing Agreement and of
this Supplement.

				
		(a) 	(i)	Pursuant
to Clause 9.2(b) of the Receivables Trust Deed and Servicing Agreement
the share of the Servicing Fee in respect of which the Receivables
Trustee is entitled to be reimbursed by Series 2006-2 with respect to
each Distribution Date (the ‘‘Investor Servicing
Fee Amount’’) shall be calculated to be an amount
equal to one-twelfth of the product of (1) the Servicing Fee Rate and
(2) the weighted average of the Series 2006-2 Investor Interest on each
day of the Monthly Period preceding the relevant Distribution Date
Provided however, that with respect to the first Distribution
Date, the Investor Servicing Fee Amount shall be adjusted pro-rata (the
amount of the Investor Servicing Fee Amount, for the avoidance of
doubt, to be inclusive of VAT thereon, if
any).

			
		(ii) 	The portion of the
Investor Servicing Fee allocable to the Series 2006-2 Investor
Beneficiary in respect of the Series 2006-2 Investor Interest with
respect to any Distribution Date (the ‘‘Series
Servicing Fee’’) shall be equal to one-twelfth of
the product of (a) the Net Servicing Fee Rate and (b) the weighted
average of the Series 2006-2 Investor Interest on each day of the prior
Monthly Period.

Any payments made pursuant to or by
reference to this paragraph (a) shall satisfy the obligations of the
Series 2006-2 Investor Beneficiary to make payments to the Receivables
Trustee as set out in Clause 11(a) of the
Supplement.

		
	(b) 	Except as specifically
provided in paragraph (a) of this Part 2 above, the Servicing Fee not
being reimbursed by funds allocated to or received from Series 2006-2
shall be paid by the cash flows from the Receivables Trust allocated to
the Transferor Beneficiary and other Outstanding Issuance (as provided
in the related Supplements), and for the avoidance of doubt, in no
event shall either:

			
		(i) 	the Series
2006-2 Investor Beneficiary be liable to pay any Servicing Fees to the
Servicer; or

			
		(ii) 	the Receivables
Trust or the Receivables Trustee be liable for any Servicing Fees in
amounts exceeding the aggregate
of:

			
		(1) 	the amounts referred to in
paragraph (a)(i) above; and

			
		(2) 	the
cash flows referred to in this paragraph (b) to the extent that the
same are available for the purpose of reimbursing the Receivables
Trustee in respect of the Servicing Fees payable by
it.

The Servicing Fee allocable to Series 2006-2 will be
payable to the Receivables Trustee solely to the extent amounts are
available for distribution in respect thereof pursuant to Part 4,
Clause 5.10(f) and (after taking into account any Reallocated Class B
Principal Collections and any Reallocated Class C Principal
Collections);

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	(c) 	Pursuant to
Clause 5.2(b)(viii) of the Receivables Trust Deed and Servicing
Agreement, following the Transferor having notified the Receivables
Trustee and the Servicer, on or prior to each Distribution Date, of the
Investor Acquired Interchange Amount for the Monthly Period preceding
such Distribution Date, the Receivables Trustee acting on the advice of
the Servicer shall calculate the portion of such Investor Acquired
Interchange Amount allocable to Series 2006-2 with respect to such
Monthly Period, as described in this Clause as
follows:

			
		(i) 	an amount equal to the
product of (A) the Investor Acquired Interchange Amount paid or payable
with respect to such Monthly Period and (B) the Floating Investor
Percentage; and

			
		(ii) 	on each
Distribution Date, following the Transferor having paid the Investor
Acquired Interchange Amount to the Receivables Trustee by making a
deposit in the Trustee Collection Account in accordance with the
Receivables Securitisation Deed, the Receivables Trust Deed and
Servicing Agreement and the letter supplementing servicing provisions
dated 26 October  2006, the Receivables Trustee shall credit to
the Series 2006-2 Finance Charge Collections Ledger, in immediately
available funds, the portion of Investor Acquired Interchange Amount
allocable to Series 2006-2 with respect to the preceding Monthly
Period.

		
	(d) 	In the event that the
Series 2006-2 Investor Beneficiary incurs any liability to account to
HM Revenue & Customs for VAT under Section 8 of the VATA in respect
of the Servicer Interchange Amount, the Series Servicing
Fee:

			
		(i) 	each of the said amounts
payable by the Series 2006-2 Investor Beneficiary shall be reduced from
its original amount (X) to an amount (Y) such that Y plus the amount of
VAT accountable under the said Section 8 in relation to Y is equal to
X; and

			
		(ii) 	where any funds are
transferred to the Receivables Trustee in respect of any of the said
amounts pursuant to, or as described in, this Part of this
Schedule:

			
		(1) 	notwithstanding (i)
above, the amount to be so transferred shall continue to be amount Y
plus the amount of VAT accountable under the said Section 8 in relation
to Y; and

			
		(2) 	the Receivables Trustee
shall receive the amount of the VAT accountable under the said Section
8 in relation to Y by the Series 2006-2 Investor Beneficiary and shall
pay the said amount to HM Revenue & Customs in satisfaction of the
Series 2006-2 Investor Beneficiary's liability to so account for
such VAT.

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Part
3

Trustee Payment Amount

Trustee Payment
Amount

		
	(a) 	On each Distribution
Date the Receivables Trustee shall be entitled to receive Additional
Consideration pursuant to Clause 7.15 of the Receivables Trust Deed and
Servicing Agreement paid by the Series 2006-2 Investor Beneficiary. The
share of the Aggregate Trustee Payment Amount allocable to Series
2006-2 with respect to such Distribution Date (the
‘‘Trustee Payment Amount’’)
shall be equal to the product of (1) a fraction, the numerator of which
is the Series 2006-2 Investor Interest as of the last day of the
Monthly Period preceding such Distribution Date and the denominator of
which is the aggregate of the investor interests of each Series in
respect of which such Aggregate Trustee Payment Amount was incurred and
(2) the relevant Aggregate Trustee Payment Amount as has been certified
to the Servicer by the end of any Monthly Period as being accrued due
and payable in respect of such Monthly Period plus an amount
equal to one-twelfth of the annual Series 2006-2 Trustee Fee to the
extent accrued due and payable on such Distribution
Date;

		
	(b) 	Except as specifically
provided in paragraph (a) of this Part 3 above, the Aggregate Trustee
Payment Amount not allocated to Series 2006-2 shall be paid by the cash
flows from the Receivables Trust allocated to other Outstanding
Issuance (as provided in the related Supplements), and, for the
avoidance of doubt, in no event shall the Receivables Trust or Series
2006-2 be liable therefor. The Aggregate Trustee Payment Amount
allocable to Series 2006-2 will be payable to the Receivables Trustee
solely to the extent amounts are available for distribution in respect
thereof pursuant to Part 4, Clause 5.10(a) (for the avoidance of doubt,
taking into account the Reallocated Class B Principal Collections and
the Reallocated Class C Principal
Collections).

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Part
4

Addition to Clause 5 of the Receivables Trust Deed and
Servicing Agreement

		
	5.4 	Series
2006-2 Finance Charge Collections
Ledger

			
		(a) 	The Receivables
Trustee shall establish a ledger within the Trustee Collection Account
held for the Series 2006-2 Investor Beneficiary entitled
‘‘Series 2006-2 Finance Charge Collections
Ledger’’. The Receivables Trustee shall hold all
amounts allocated to the Series 2006-2 Finance Charge Collections
Ledger on a Segregated Bare Trust for the benefit of the Series 2006-2
Investor Beneficiary. The Receivables Trustee shall, from time to time,
promptly upon their identification, credit amounts held in the Trustee
Collection Account which are identified in accordance with Clause
5.2(b) as representing Finance Charge Collections and Acquired
Interchange to the Series 2006-2 Finance Charge Collections Ledger as
provided in Clause 5.5. The Series 2006-2 Investor Beneficiary shall at
all times be entitled to make demand for all or any portion of the
monies held on any of the bare trusts referred to in this Clause
5.4(a). Any monies not so demanded shall be distributed in accordance
with the terms of the Receivables Trust Deed and Servicing Agreement
and this Supplement.

			
		(b) 	The
Receivables Trustee, as trustee of the Receivables Trust, shall possess
all legal right, title and interest in all amounts credited from time
to time to the Series 2006-2 Finance Charge Collections Ledger and in
all proceeds thereof.

			
		(c) 	The
Receivables Trustee at all times shall maintain accurate records
reflecting the Series 2006-2 Finance Charge Collections Ledger and each
debit or credit recorded
therein.

		
	5.5 	Calculations and
Distributions

		
	(a) 	Calculations
and Distributions During the Revolving Period

During
the Revolving Period, the Receivables Trustee, acting on the advice of
the Servicer, shall, prior to the close of business on each Relevant
Date (including, for the avoidance of doubt, each Distribution Date) on
which amounts are deposited in the Trustee Collection Account effect
the transfers detailed below in this Clause
5.5(a):

			
		(i) 	distribute to the Series
2006-2 Investor Beneficiary by crediting to the Series 2006-2 Finance
Charge Collections Ledger:

			
		(A) 	in
relation to Finance Charge Collections deposited in the Trustee
Collection Account on such Relevant Date, an amount equal to the
product of (1) the Floating Investor Percentage for the Monthly Period
in which such Finance Charge Collections arise and (2) the aggregate
amount of such Finance Charge Collections processed on the related Date
of Processing; and

			
		(B) 	in relation
to Acquired Interchange transferred to the Trustee Collection Account,
an amount equal to the product of (1) the Floating Investor Percentage
for the Monthly Period preceding that in which such Distribution Date
falls and (2) the aggregate amount of Acquired Interchange deposited in
the Trustee Collection Account on such Distribution Date,

in each case to be applied in accordance with Clause
5.10.

			
		(ii) 	In relation to Principal
Collections deposited in the Trustee Collection Account on such
Relevant Date, an amount equal to the product of (A) the Floating
Investor Percentage for the Monthly Period in which such Principal
Collections arise and (B) the aggregate amount of such Principal
Collections, shall be applied as
follows:

			
		(A) 	an amount equal to the
product of (1) the Required Retained Principal Collections Percentage
for the Monthly Period in which such Principal Collections arise and
(2) the aggregate amount of such Principal Collections,
shall be retained in the undivided Principal Collections Ledger as
‘‘Required Retained Principal
Collections’’ to be utilised on a Distribution Date
in accordance with Clauses 5.15 and 5.16;

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		(B) 	an amount
equal to the product of (1) a percentage equal to 100% less the
Required Retained Principal Collections Percentage and (2) the
aggregate amount of such Principal Collections, shall be retained in
the undivided Principal Collections Ledger as Group One Retained
Principal Collections, such amount, if any, to be applied as Shared
Principal Collections (to the extent of funds available) in accordance
with Clause 5.17; and

			
		(C) 	once the
applications detailed in (A) and (B) above have been made, all
remaining Principal Collections (if any) credited to the Principal
Collections Ledger on such Relevant Date will be transferred to the
Trustee Investment Account to be utilised as Cash Available for
Investment in accordance with Clause
5.6(a).

			
		(iii) 	On each Distribution
Date, amounts deposited to the Trustee Collection Account and credited
to and retained in the undivided Principal Collections Ledger during
the related Monthly Period shall be applied as
follows:

			
		(a) 	an amount equal to the
Required Retained Principal Collections not utilised as Utilised
Required Retained Principal Collections or as Shared Principal
Collections, shall be utilised as Cash Available for Investment on such
Distribution Date in accordance with Clause
5.6(a);

			
		(b) 	an amount equal to
amounts credited to the undivided Principal Collections Ledger as Group
One Retained Principal Collections not utilised as Shared Principal
Collections shall be utilised as Cash Available for Investment on such
Distribution Date in accordance with Clause
5.6(a);

		
	(b) 	Calculations and
Distributions During the Controlled Accumulation Period

During the Controlled Accumulation Period, the
Receivables Trustee, acting on the advice of the Servicer, shall, prior
to the close of business on the Relevant Date (including, for the
avoidance of doubt, each Distribution Date) on which amounts are
deposited in the Trustee Collection Account effect the transfers and
matters detailed below in this Clause
5.5(b).

			
		(i) 	distribute to the Series
2006-2 Investor Beneficiary by crediting to the Series 2006-2 Finance
Charge Collections Ledger:

			
		(A) 	in
relation to Finance Charge Collections deposited in the Trustee
Collection Account on such Relevant Date, an amount equal to the
product of (1) the Floating Investor Percentage for the Monthly Period
in which such Finance Charge Collections arise and (2) the aggregate
amount of Finance Charge Collections processed on the relevant Date of
Processing; and

			
		(B) 	in relation to
Acquired Interchange transferred to the Trustee Collection Account, an
amount equal to the product of (1) the Floating Investor Percentage for
the Monthly Period preceding that in which the relevant Distribution
Date falls and (2) the aggregate amount of Acquired Interchange
transferred to the Trustee Collection Account on such Distribution
Date,

in each case to be applied in accordance with
Clause 5.10.

			
		(ii) 	An amount equal to
the product of (A) the Required Retained Principal Collections
Percentage for the Monthly Period in which such Principal Collections
arise, (B) the Fixed Investor Percentage for the Monthly Period in
which such Principal Collections arise and (C) the aggregate amount of
Principal Collections processed on the relevant Date of Processing
shall be retained in the undivided Principal Collections Ledger of the
Trustee Collection Account for application in accordance with Clauses
5.15 and 5.16 on the Distribution Date for such Monthly
Period.

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		(iii) 	An
amount equal to the product of (A) a percentage equal to the Fixed
Investor Percentage for the Monthly Period in which such Principal
Collections arise, (B) a percentage equal to 100% less the
Required Retained Principal Collections Percentage and (C) the
aggregate amount of Principal Collections processed on the relevant
Date of Processing:

			
		(1) 	first, shall
be retained in the undivided Principal Collections Ledger as Group One
Retained Principal Collections representing Series 2006-2's pro
rata share of the Daily Principal Shortfall up to an amount equal to
the Series 2006-2's pro rata share of the Daily Principal
Shortfall on the Relevant Date to be utilised in accordance with Clause
5.11(b); then

			
		(2) 	secondly, any
excess shall be utilised as Cash Available for Investment in accordance
with Clause 5.6(b).

			
		(iv) 	on each
Distribution Date, amounts deposited in the Trustee Collection Account
and credited to and retained in the undivided Principal Collections
Ledger during the related Monthly Period shall be applied as
follows:

			
		(1) 	an amount equal to
Required Retained Principal Collections not utilised as Utilised
Required Retained Principal Collections or as part of the Controlled
Deposit Amount or as Shared Principal Collections, shall be utilised as
Cash Available for Investment on such Distribution Date in accordance
with Clause 5.6(b);

			
		(2) 	an amount
equal to amounts credited to the undivided Principal Collections Ledger
as Group One Retained Principal Collections not utilised as part of the
Controlled Deposit Amount or Shared Principal Collections shall be
utilised as Cash Available for Investment on such Distribution Date in
accordance with Clause
5.6(b).

		
	(c) 	Calculations and
Distributions During the Regulated Amortisation Period

During the Regulated Amortisation Period, the
Receivables Trustee, acting on the advice of the Servicer, shall, prior
to the close of business on the Relevant Date (including for the
avoidance of doubt, each Distribution Date) on which amounts are
deposited in the Trustee Collection Account effect the transfers
detailed below in this Clause
5.5(c):

			
		(i) 	distribute to the Series
2006-2 Investor Beneficiary by crediting to the Series 2006-2 Finance
Charge Collections Ledger:

			
		(A) 	in
relation to Finance Charge Collections deposited in the Trustee
Collection Account on such Relevant Date, an amount equal to the
product of (1) the Floating Investor Percentage for the Monthly Period
in which such Finance Charge Collections arise and (2) the aggregate
amount of such Finance Charge Collections processed on the relevant
Date of Processing; and

			
		(B) 	in
relation to Acquired Interchange transferred to the Trustee Collection
Account, an amount equal to the product of (1) the Floating Investor
Percentage for the Monthly Period preceding that in which such
Distribution Date falls and (2) the aggregate amount of Acquired
Interchange deposited in the Trustee Collection Account on such
Distribution Date,

in each case to be applied in
accordance with Clause 5.10.

			
		(ii) 	in
relation to Principal Collections deposited in the Trustee Collection
Account on such Relevant Date, an amount equal to the product of (A)
the Fixed Investor Percentage for the Monthly Period in which such
Principal Collections arise and (B) the aggregate amount of such
Principal Collections, shall be applied as
follows:

			
		(A) 	an amount equal to the
product of (1) the Required Retained Principal Collections Percentage
for the Monthly Period in which such Principal Collections arise and
(2) the aggregate amount of such Principal Collections,
shall be retained in the undivided Principal Collections Ledger as
‘‘Required Retained Principal
Collections’’ to be utilised on a Distribution Date
in accordance with Clauses 5.15 and 5.16;

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		(B) 	an amount
equal to (1) a percentage equal to 100% less the Required
Retained Principal Collections Percentage and (2) the aggregate amount
of such Principal Collections shall be retained in the undivided
Principal Collections Ledger as Group One Retained Principal
Collections, such amount, if any, to be applied as Shared Principal
Collections (to the extent of funds available) in accordance with
Clause 5.17; and

			
		(C) 	once the
applications or retentions detailed in (A) and (B) above have been
made, all further Principal Collections (if any) credited to the
undivided Principal Collections Ledger on such Relevant Date will be
utilised as Cash Available for Investment in accordance with Clause
5.6.

			
		(iii) 	On each Distribution Date,
amounts deposited to the Trustee Collection Account and credited to the
undivided Principal Collections Ledger during the related Monthly
Period shall be applied as follows:

			
		(a) 	an amount
equal to the Required Retained Principal Collections not utilised as
Utilised Required Retained Principal Collections or as part of the
Controlled Deposit Amount or as Shared Principal Collections, shall be
utilised as Cash Available for Investment on such Distribution Date in
accordance with Clause 5.6;

			
		(b) 	an amount equal
to amounts credited to the undivided Principal Collections Ledger as
Group One Retained Principal Collections not utilised as part of the
Controlled Deposit Amount or Shared Principal Collections shall be
utilised as Cash Available for Investment on such Distribution Date in
accordance with Clause
5.6.

		
	(d) 	Calculations and
Distributions During the Rapid Amortisation
Period

During the Rapid Amortisation Period, the
Receivables Trustee, acting on the advice of the Servicer, shall, prior
to the close of business on the Relevant Date (including for the
avoidance of doubt, each Distribution Date) on which amounts are
deposited in the Trustee Collection Account effect the transfers
detailed below in this Clause
5.5(d):

			
		(i) 	Distribute to the Series
2006-2 Investor Beneficiary by crediting to the Series 2006-2 Finance
Charge Collections Ledger:

			
		(A) 	in
relation to Finance Charge Collections deposited in the Trustee
Collection Account on such Relevant Date, an amount equal to the
product of (1) the Floating Investor Percentage for the Monthly Period
in which such Finance Charge Collections arise and (2) the aggregate
amount of such Finance Charge Collections processed on the relevant
Date of Processing; and

			
		(B) 	in
relation to Acquired Interchange transferred to the Trustee Collection
Account, an amount equal to the product of (1) the Floating Investor
Percentage for the Monthly Period in which such Distribution Date falls
and (2) the aggregate amount of the Investor Acquired Interchange
Amount deposited in the Trustee Collection Account on such Distribution
Date,

in each case to be applied in accordance with
Clauses 5.10.

			
		(ii) 	In relation to
Principal Collections deposited in the Trustee Collection Account on
such Relevant Date, an amount equal to the product of (A) the Fixed
Investor Percentage for the Monthly Period in which such Principal
Collections arise and (B) the aggregate amount of such Principal
Collections, such amount to be applied as
follows:

			
		(A) 	an amount equal to the
product of (1) the Required Retained Principal Collections Percentage
for the Monthly Period in which such Principal Collections arise and
(2) the aggregate amount of such Principal Collections
credited to the undivided Principal Collections Ledger, shall be
retained in the undivided Principal Collections Ledger for application
as ‘‘Required Retained Principal
Collections’’; and

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		(B) 	an amount
equal to the product of (1) 100% less the Required Retained
Principal Collections Percentage and (2) the aggregate amount of such
Principal Collections credited to the undivided Principal Collections
Ledger, shall be retained in the undivided Principal Collections Ledger
as Group One Retained Principal Collections representing Series
2006-2's pro rata share of the Daily Principal Shortfall up to an
amount equal to Series 2006-2's pro rata share of the Daily
Principal Shortfall in the Relevant Date Provided, however, that
the aggregate of the amounts retained in the undivided Principal
Collections Ledger pursuant to Clause 5.5(d)(ii)(A) and this Clause
5.5(d)(ii)(B) for any Monthly Period shall not exceed the Series 2006-2
Investor Interest as of the close of business on the last day of the
prior Monthly Period taking into account any adjustments to be made on
the related Distribution Date and any distributions to be made on the
related Distribution Date and any Utilised Required Retained Principal
Collections on such related Distribution Date relating to the Monthly
Period during which such amount is
retained.

		
	(e) 	Credits to
Ledgers

With respect to Series 2006-2, and
notwithstanding anything in the Receivables Trust Deed and Servicing
Agreement or this Supplement to the contrary, the Servicer will only be
required to make credits in the relevant ledger in the Trust Accounts
in respect of Collections deposited in the Trustee Collection Account
and then transferred to the relevant ledgers, up to the required amount
to be credited to any such
ledger.

		
	(f) 	Controlled
Accumulation Period

The Controlled Accumulation
Period is scheduled to commence at the close of business on the day
prior to the first Business Day of May  2008 Provided,
however, that, if the Controlled Accumulation Period Length
(determined as described in this Clause 5.5(f)) is less than 12 months,
the date on which the Controlled Accumulation Period actually commences
shall be delayed to the first Business Day of the month that is the
number of months prior to the Series 2006-2 Scheduled Redemption Date
at least equal to the Controlled Accumulation Period Length and, as a
result, the number of Monthly Periods in the Controlled Accumulation
Period will at least equal the Controlled Accumulation Period
Length.

On the Determination Date immediately preceding
the Distribution Date in May  2008 and on each Determination Date
thereafter until the Controlled Accumulation Period actually begins,
the Servicer will determine the ‘‘Controlled
Accumulation Period Length’’ which will equal the
lowest number of months such that the sum of the Controlled
Accumulation Period Factors for each month during such period will be
equal to or greater than the Required Accumulation Factor Number;
Provided, however, that the Controlled Accumulation Period
Length will not be less than one month and Provided further that the
Controlled Accumulation Period Length shall equal the lowest number of
months such that the product of the Controlled Accumulation Period
Length and the Controlled Deposit Amount taking into consideration the
Maximum Controlled Deposit Amount would be equal to or greater than the
Initial Investor Interest.

		
	5.6 	Cash
Available for
Investment

		
	(a) 	Cash Available
for Investment During the Revolving Period

During
the Revolving Period immediately following the allocations in Clause
5.5(a) and on the Closing Date the Receivables Trustee shall regard as
Cash Available for Investment (avoiding any double-counting) each of
(i) the amounts paid to the Trustee Investment Account on the Closing
Date pursuant to Clause 3(b) of the Supplement, (ii) the amounts
deposited in the Trustee Investment Account as contemplated by Clause
6(d)(i) of the Supplement and (iii) the amount standing to the credit
of the undivided Principal Collections Ledger which has been identified
pursuant to Clause 5.5(a)(ii)(C) and 5.5(a)(iii) to be so
applied.

Such Cash Available for Investment shall be
utilised in accordance with Clause 5.2(c) of the Receivables Trust Deed
and Servicing Agreement.

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	(b) 	Cash
Available for Investment During the Controlled Accumulation Period or
the Regulated Amortisation
Period

			
		(i) 	During the Controlled
Accumulation Period immediately following the allocations in Clause
5.5(b) or during the Regulated Amortisation Period immediately
following the allocations in Clause 5.5(c) the Receivables Trustee
shall regard as Cash Available for Investment (avoiding any
double-counting) each of (i) the amount credited to the undivided
Principal Collections Ledger which has been identified to be so applied
pursuant to (during the Controlled Accumulation Period) Clauses
5.5(b)(iii)(2) and 5.5(b)(iv) or (during the Regulated Amortisation
Period) Clauses 5.5(c)(ii)(C) and 5.5(c)(iii) and (ii) the amounts
deposited in the Trustee Investment Account as contemplated by Clause
6(d)(i) of the Supplement.

			
		(ii) 	Such Cash Available for Investment
shall be utilised in accordance with Clause 5.2(c) of the Receivables
Trust Deed and Servicing
Agreement.

		
	(c) 	Cash Available for
Investment during the Rapid Amortisation
Period

During the Rapid Amortisation Period:

			
		(i) 	until such time as the amount
retained in the undivided Principal Collections Ledger pursuant to
Clause 5.5(d)(ii) for any Monthly Period equals the amount specified in
the proviso to Clause 5.5(d), calculations shall continue to be carried
out and amounts shall be retained in the undivided Principal
Collections Ledger pursuant to Clause 5.5(d)(ii) but no other amounts
of Principal Collections shall be attributed to Series 2006-2 for any
purpose; and

			
		(ii) 	thereafter, any
amounts calculated pursuant to Clause 5.5(d)(ii) which are not retained
in the undivided Principal Collections Ledger as referable to Series
2006-2 shall be utilised as Cash Available for Investment in accordance
with Clause 5.2(c) of the Receivables Trust Deed and Servicing
Agreement either to make payments to the Transferor in respect of
Future Receivables or to make distributions to the Transferor
Beneficiary.

		
	5.7 	Calculation of
Monthly Required Expense
Amounts

		
	(a) 	The calculated amount
required to be notionally transferred in respect of Class A from the
Series 2006-2 Finance Charge Collections Ledger in respect of each
Distribution Date (the ‘‘Class A Monthly Required
Expense Amount’’) shall be the aggregate of the
following:

			
		(i) 	an amount equal to the
Trustee Payment Amount plus any Trustee Payment Amount remaining unpaid
in respect of any previous Distribution Date;
plus

			
		(ii) 	provided that the
Class A Investor Interest is greater than zero, the aggregate of (A)
the Loan Note Issuer Costs Amount and (B) the Issuer Costs Amount;
plus

			
		(iii) 	an amount which, in
respect of the Calculation Period ending on the associated Distribution
Date, is equal to the product of (1) a fraction, the numerator of which
is the actual number of days in such Calculation Period and the
denominator of which is 365 (or 366 in the case of any Finance Period
ending in a leap year), (2) the Class A LN Rate in effect for the
related Finance Period and (3) the Class A Debt Amount as of the Record
Date preceding such Distribution Date (the ‘‘Class
A Monthly Finance Amount’’);
plus

			
		(iv) 	an amount equal to
any unpaid Class A Deficiency Amounts;
plus

			
		(v) 	an amount equal to
the product of (A)(1) a fraction, the numerator of which is the actual
number of days in such Calculation Period with respect to the related
Distribution Date and the denominator of which is 365 (or 366 in the
case of any Finance Period ending in a leap year), times (2) the Class
A LN Rate in effect for the related Finance Period, plus 2% per
annum, and (B) the unpaid Class A Deficiency Amounts (if any) on the
related Distribution Date for the immediately preceding Payment Date
(the ‘‘Class A Additional Finance
Amount’’), plus

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		(vi) 	an amount
which is equal to the Monthly Expense Loan Amount,

and
on the related Distribution Date the Receivables Trustee shall, to the
extent of available funds, deposit and credit funds equal to such
amounts, in accordance with Clause
5.10.

		
	(b) 	The calculated amount
required to be transferred notionally in respect of Class B from the
Series 2006-2 Finance Charge Collections Ledger in respect of each
Distribution Date (the ‘‘Class B Monthly Required
Expense Amount’’) shall be the aggregate of the
following:

			
		(i) 	an amount which, in
respect of the Calculation Period ending on the associated Distribution
Date, is equal to the product of (1) a fraction, the numerator of which
is the actual number of days in such Calculation Period and the
denominator of which is 365 of (or 366 in the case of any Finance
Period ending in a leap year), (2) the Class B LN Rate in effect for
the related Finance Period and (3) the Class B Debt Amount as of the
Record Date preceding such Distribution Date (the
‘‘Class B Monthly Finance
Amount’’),
plus

			
		(ii) 	provided that the
Class A Investor Interest is zero and the Class B Investor Interest is
greater than zero, the aggregate of (A) the Loan Note Issuer Costs
Amount and (B) the Issuer Costs Amount;
plus

			
		(iii) 	an amount equal to
any unpaid Class B Deficiency Amounts;
plus

			
		(iv) 	an amount equal to
the product of (A)(1) a fraction, the numerator of which is the actual
number of days in such Calculation Period with respect to the related
Distribution Date and the denominator of which is 365 (or 366 in the
case of any Finance Period ending in a leap year), times (2) the Class
B LN Rate in effect for the related Finance Period, plus 2% per
annum, and (B) the unpaid Class B Deficiency Amounts (if any) on the
related Distribution Date for the immediately preceding Payment Date
(the ‘‘Class B Additional Finance
Amount’’),

and on the related
Distribution Date the Receivables Trustee shall, to the extent of
available funds, deposit and credit funds equal to such amounts in
accordance with Clause 5.10.

		
	(c) 	The
calculated amount required to be transferred notionally in respect of
Class C from the Series 2006-2 Finance Charge Collections Ledger in
respect of each Distribution Date (the ‘‘Class C
Monthly Required Expense Amount’’) shall be the
aggregate of the following:

			
		(i) 	an
amount which, in respect of the Calculation Period ending on the
associated Distribution Date, is equal to the sum of the product of (1)
a fraction, the numerator of which is the actual number of days in such
Calculation Period and the denominator of which is 365 (or 366 in the
case of any Finance Period ending in a leap year), (2) the Class C LN
Rate in effect for the related Finance Period and (3) the Class C Debt
Amount as of the Record Date preceding such Distribution Date (the
‘‘Class C Monthly Finance
Amount’’),
plus

			
		(ii) 	provided that the
Class A Investor Interest is zero, the Class B Investor Interest is
zero and the Class C Investor Interest is greater than zero, the
aggregate of (A) the Loan Notes Issuer Costs Amount and (B) the Issuer
Costs Amount; plus

			
		(iii) 	an
amount of any unpaid Class C Deficiency Amounts;
plus

			
		(iv) 	an amount equal to
the product of (A)(1) a fraction, the numerator of which is the actual
number of days in such Calculation Period with respect to the related
Distribution Date and the denominator of which is 365 (or 366 in the
case of any Finance Period ending in a leap year), times (2) the Class
C LN Rate in effect for the related Finance Period, plus 2% per
annum, and (B) the unpaid Class C Deficiency Amounts (if any) on the
related Distribution Date for the immediately preceding Payment Date
(the ‘‘Class C Additional Finance
Amount’’),

and on the related
Distribution Date the Receivables Trustee shall, to the extent of
available funds, deposit and credit funds equal to such amounts in
accordance with Clause 5.10.

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	5.8 	Calculation
of Monthly Principal
Amounts

		
	(a) 	The calculated amount
required to be distributed from the undivided Principal Collections
Ledger together with, in the case of the Regulated Amortisation Period
or the Rapid Amortisation Period, the amount of Principal Loss Make-Up
(default) and Principal Loss Make-Up (charge-offs) to be distributed
from the Series 2006-2 Finance Charge Collections Ledger on each
Distribution Date notionally in respect of Class A (the
‘‘Class A Monthly Principal
Amount’’), commencing on the Distribution Date in
the month following the month in which the Controlled Accumulation
Period or, if earlier, the Regulated Amortisation Period or the Rapid
Amortisation Period, begins shall be equal to the least
of:

			
		(i) 	an amount equal to the
Available Retained Principal Collections which are (A) standing to the
credit of the undivided Principal Collections Ledger and (B) in the
case of the Regulated Amortisation Period or the Rapid Amortisation
Period, the aggregate of the amounts credited to the Series 2006-2
Finance Charge Collections Ledger identified as Principal Loss Make-Up
(default) and Principal Loss Make-Up (charge-offs) on such Distribution
Date;

			
		(ii) 	for each Distribution Date
with respect to the Controlled Accumulation Period or the Regulated
Amortisation Period prior to the Series 2006-2 Scheduled Redemption
Date, the Controlled Deposit Amount for such Distribution Date;
and

			
		(iii) 	the Class A Adjusted
Investor Interest (after taking into account any adjustments to be made
on such Distribution Date pursuant to Clauses 5.13(a)(iii) and (iv) but
not taking into account any Class A Investor Default Amount on such
Distribution Date for which Principal Loss Make-Up (default) is
calculated pursuant to Clause 5.10(g)(2)) prior to any amount being
credited to the Series 2006-2 Principal Funding Ledger on such day plus
the amount credited to the Series 2006-2 Finance Charge Collections
Ledger on such Distribution Date identified as Principal Loss Make-Up
(charge-offs) pursuant to Clause
5.10(h)(ii).

		
	(b) 	The calculated amount
required to be distributed from the undivided Principal Collections
Ledger together with, in the case of the Regulated Amortisation Period
or the Rapid Amortisation Period, the amount of Principal Loss Make-Up
(default) and Principal Loss Make-Up (charge-offs) to be distributed
from the Series 2006-2 Finance Charge Collections Ledger on each
Distribution Date notionally in respect of Class B (the
‘‘Class B Monthly Principal
Amount’’), commencing on the Distribution Date
immediately preceding the Class B Principal Commencement Date (after
taking into account any payments to be made on the related Distribution
Date and any transfers on the related Distribution Date) shall be an
amount equal to the lesser
of:

			
		(i) 	an amount equal to the
Available Retained Principal Collections which are (A) standing to the
credit of the undivided Principal Collections Ledger and, (B) in the
case of the Regulated Amortisation Period or the Rapid Amortisation
Period the aggregate of the amounts credited to the Series 2006-2
Finance Charge Collections Ledger identified as Principal Loss Make-Up
(default) and Principal Loss Make-Up (charge-offs) on such Distribution
Date (minus the portion of such Available Retained Principal
Collections calculated as the Class A Monthly Principal Amount on such
Distribution Date); and

			
		(ii) 	the
Class B Adjusted Investor Interest (after taking into account any
adjustments to be made on such Distribution Date pursuant to Clauses
5.13(a)(ii) and 5.16(c) on such Distribution Date but not taking into
account any Class B Investor Default Amount on such Distribution Date
for which Principal Loss Make-Up (default) is calculated pursuant to
Clause 5.10(i)(ii)) prior to any amount being credited to the Series
2006-2 Principal Funding Ledger on such day plus the amount credited to
the Series 2006-2 Finance Charge Collections Ledger on such
Distribution Date as Principal Loss Make-Up (charge-offs) pursuant to
Clause 5.10(j)(ii).

		
	(c) 	The calculated
amount required to be distributed from the undivided Principal
Collections Ledger together with, in the case of the Regulated
Amortisation Period or the Rapid Amortisation Period, the amount of
Principal Loss Make-Up (default) and Principal Loss Make-Up
(charge-offs) to be 

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distributed from the Series 2006-2 Finance
Charge Collections Ledger on each Distribution Date notionally in
respect of Class C (the ‘‘Class C Monthly
Principal Amount’’), commencing on the Class C
Principal Commencement Date (after taking into account any payments to
be made on the related Distribution Date and any transfers on the
related Distribution Date) shall be an amount equal to the lesser
of:

			
		(i) 	an amount equal to the
Available Retained Principal Collections which are (A) standing to the
credit of the undivided Principal Collections Ledger and, (B) in the
case of the Regulated Amortisation Period or the Rapid Amortisation
Period, the aggregate of the amounts credited to the Series 2006-2
Finance Charge Collections Ledger identified as Principal Loss Make-Up
(defaults) and Principal Loss Make-Up (charge-off) on such Distribution
Date (minus the portion of such Available Retained Principal
Collections calculated as the Class A Monthly Principal Amount and
Class B Monthly Principal Amount on such Distribution Date);
and

			
		(ii) 	the Class C Adjusted
Investor Interest (after taking into account any adjustments to be made
on such Distribution Date pursuant to Clauses 5.13(a)(i), 5.13(b)(i),
5.13(c)(i) and (ii) and 5.15(b) on such Distribution Date)
but not taking into account any Class C Investor Default Amount on such
Distribution Date for which Principal Loss Make-Up (default) is
calculated pursuant to Clause 5.10(l)(ii)) prior to any amount being
credited to the Series 2006-2 Principal Funding Ledger on such day plus
the amount credited to the Series 2006-2 Finance Charge Collections
Ledger on such Distribution Date identified as Principal Loss Make-Up
(charge-offs) pursuant to Clause
5.10(m)(ii).

Notwithstanding the provisions of (a), (b)
and (c) above of this Clause 5.8, during the Controlled Accumulation
Period or the Regulated Amortisation Period the aggregate amount of
Available Retained Principal Collections transferable from the Series
2006-2 Principal Collections Ledger and, in the case of the Regulated
Amortisation Period, the aggregate of the amounts credited to the
Series 2006-2 Finance Charge Collections Ledger identified as Principal
Loss Make-Up (defaults) and Principal Loss Make-Up (charge-offs) shall
not exceed the Controlled Deposit Amount for the relevant Distribution
Date and in the event that the aggregate of the Class A Monthly
Principal Amount, the Class B Monthly Principal Amount and the Class C
Monthly Principal Amount (if any), in respect of such Distribution Date
as calculated in (a), (b) and (c) above exceeds the Controlled Deposit
Amount for the relevant Distribution Date, the Class C Monthly
Principal Amount will be reduced by the amount of such excess, (but not
so that the Class C Monthly Principal Amount is less than zero) and to
the extent of the excess over the Class C Monthly Principal Amount, the
Class B Monthly Principal Amount will be reduced by the amount of such
excess, (but not so that the Class B Monthly Principal Amount is less
than zero) and the Class A Monthly Principal Amount, Class B Monthly
Principal Amount and Class C Monthly Principal Amount shall be read and
construed accordingly for all
purposes.

		
	5.9 	Coverage of Required
Amount

		
	(a) 	On or before each
Distribution Date, the Receivables Trustee (acting on the advice of the
Servicer) shall determine the amount (the ‘‘Class
A Required Amount’’), if any, by which the sum
of:

			
		(i) 	the Class A Monthly Required
Expense Amount in respect of that Distribution Date;
plus

			
		(ii) 	the Series Servicing
Fee for the prior Monthly Period, if any, plus any Series
Servicing Fee due but not paid on any prior Distribution Date;
plus

			
		(iii) 	the Class A
Investor Default Amount, if any, for the prior Monthly Period

exceeds Available Funds available for payment of
such amounts for the related Monthly
Period.

		
	(b) 	On or before each
Distribution Date, the Receivables Trustee (acting on the advice of the
Servicer) shall determine the amount (the ‘‘Class
B Required Amount’’), if any, by which the sum
of:

			
		(i) 	the Class B Monthly Required
Expense Amount in respect of that Distribution Date;
plus

			
		(ii) 	the Class B
Investor Default Amount, if any, for the prior Monthly Period

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exceeds Available Funds
available for payment of such amounts for the related Monthly
Period.

		
	(c) 	In the event that the
Class A Required Amount for such Distribution Date is greater than
zero:

			
		(i) 	the Servicer shall be
required to give the Receivables Trustee written notice of such
positive Class A Required Amount on or before such Distribution Date;
and

			
		(ii) 	the Required Retained
Principal Collections standing to the credit of the undivided Principal
Collections Ledger shall be utilised as specified in Clause 5.15 and
Clause 5.16 and distributed to the Series 2006-2 Investor Beneficiary
by crediting to the Series 2006-2 Finance Charge Collections Ledger,
Provided, however, that such amount shall not exceed the Class A
Required Amount.

		
	(d) 	In the event that
the Class B Required Amount for such Distribution Date is greater than
zero, the Required Retained Principal Collections standing to the
credit of the Series 2006-2 Finance Charge Collections Ledger, (after
applying the amounts referred to in paragraph (c)(ii) above as provided
therein) shall be applied as specified in Clause 5.15 and distributed
to the Series 2006-2 Investor Beneficiary by crediting the Series
2006-2 Finance Charge Collections Ledger, Provided, however,
that, such amount shall not exceed the Class B Required Amount.

		
	5.10 	Payments of Amounts Representing
Finance Charge Collections

On or before each
Distribution Date, the Servicer shall advise the Receivables Trustee in
writing of the amounts to transfer pursuant to this Clause 5.10 from
the Series 2006-2 Finance Charge Collections Ledger held on the Loan
Note Issuer's Segregated Bare Trust, and the Receivables Trustee,
acting on such advice substantially in the form of Exhibit A, shall
transfer on such Distribution Date, to the extent of Available Funds,
the amounts required to be so transferred. On each Distribution Date,
an amount equal to the Available Funds credited to the Series 2006-2
Finance Charge Collections Ledger for the related Monthly Period will
be transferred by the Receivables Trustee acting on the Investor
Beneficiary's behalf in the following order of
priority:

		
	(a) 	an amount equal to the
Trustee Payment Amount for such Distribution Date plus any
Trustee Payment Amount remaining unpaid in respect of any previous
Distribution Date shall be transferred into the Series 2006-2 Loan Note
Issuer Account. It is acknowledged that the Loan Note Issuer will then
pay an amount equal to this amount to the Receivables Trustee as
Additional Consideration payable in accordance with Clauses 3(c) and
6(d)(ii) of the Supplement (such amount being the
‘‘Investor Trustee Payment
Amount’’);

		
	(b) 	an
amount equal to the Loan Note Issuer Costs Amount and the Issuer Costs
Amount for such Distribution Date shall be deposited by the Receivables
Trustee acting on the advice of the Servicer into the Series 2006-2
Loan Note Issuer Account;

		
	(c) 	an
amount (the ‘‘Class A Monthly Distribution
Amount’’) equal to (1) the Class A Monthly
Finance Amount for such Distribution Date, plus (2) any Class A
Deficiency Amount for such Distribution Date, plus (3) any Class A
Additional Finance Amount in respect of a Distribution Date, during the
Revolving Period or the Controlled Accumulation Period, shall be
deposited by the Receivables Trustee in the Series 2006-2 Loan Note
Issuer Account (identified for Class A);

		
	(d) 	an amount equal to the Monthly
Expense Loan Amount, if any, for such Distribution Date shall be
deposited in the Series 2006-2 Loan Note Issuer
Account;

		
	(e) 	an amount (the
‘‘Class B Monthly Distribution
Amount’’) equal to (1) the Class B Monthly
Finance Amount for such Distribution Date, plus (2) any Class B
Deficiency Amount for such Distribution Date, plus (3) any Class B
Additional Finance Amount for such Distribution Date, in respect of a
Distribution Date during the Revolving Period or the Controlled
Accumulation Period, shall be deposited in the Series 2006-2 Loan Note
Issuer Account (identified for Class
B);

		
	(f) 	an amount equal to the Series
Servicing Fee for such Distribution Date plus amounts of any
Series Servicing Fee due but not paid to the Receivables Trustee on any
prior Distribution Date shall be deposited into the Series 2006-2 Loan
Note Issuer Account. It is acknowledged that the Loan Note Issuer will
then pay an amount equal to this amount to the Receivables Trustee as
Additional Consideration payable in accordance with Part 2, Clauses
3(c) and 6(d)(ii) of the Supplement (identified as
‘‘Investor Servicing Fee
Amount’’ referable to Series
2006-2);

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	(g) 	an amount
equal to the Class A Investor Default Amount, if any, for the preceding
Monthly Period shall be applied as follows:

			
		(1) 	if such Distribution Date is during
the Revolving Period, the Controlled Accumulation Period or, with
respect to Class A Excess Principal Loss Make-Up (default), the
Regulated Amortisation Period then such amount shall be deposited in
the Series 2006-2 Loan Note Issuer Account it being acknowledged that
the Loan Note Issuer will then pay an amount equal to this amount to
the Receivables Trustee as Additional Consideration payable in
accordance with Part 2 of the Schedule and Clause 3(c) and 6(d)(i) of
the Supplement (identified as ‘‘Class A Loss Make-Up
(default)’’ referable to Series 2006-2) and

			
		(2) 	if such Distribution Date is during
the Regulated Amortisation Period (other than with respect to Class A
Excess Principal Loss Make-Up (default)) or the Rapid Amortisation
Period then such amount shall be deposited in the Series 2006-2 Loan
Note Issuer Account (identified as part of the Class A Monthly
Principal Amount as ‘‘Class A Excess Principal Loss
Make-Up
(default)’’);

		
	(h) 	an
amount equal to the aggregate amount of Class A Investor Charge-Offs
which have not been previously reinstated (net of any Principal Loss
Make-Up (charge offs) previously transferred to the Series 2006-2 Loan
Note Issuer Account and identified as part of the Class A Monthly
Principal Amount) shall be applied as
follows:

			
		(1) 	on each Distribution
Date during the Revolving Period, the Controlled Accumulation Period
or, with respect to Class A Excess Principal Loss Make-Up (charge-offs)
only, during the Regulated Amortisation Period by transfer to the
Series 2006-2 Loan Note Issuer Account (it being acknowledged that the
Loan Note Issuer will then pay an amount equal to this amount to the
Receivables Trustee as Additional Consideration in accordance with Part
2, Clauses 3(c) and 6(d)(i) and utilised to reinstate the Class A
Investor Interest (identified as ‘‘Class A Loss
Make-Up (charge-offs)’’)) and

			
		(2) 	on each Distribution Date during the
Regulated Amortisation Period (other than with respect to Class A
Excess Principal Loss Make-Up (charge-off)) or the Rapid Amortisation
Period, then such amount shall remain credited to the Series 2006-2
Finance Charge Collections Ledger (identified as
‘‘Class A Excess Principal Loss Make-Up (charge
offs)’’);

		
	(i) 	an
amount equal to the Class B Investor Default Amount shall be applied as
follows:

			
		(1) 	on each Distribution
Date during the Revolving Period, the Controlled Accumulation Period
or, with respect to Class B Excess Principal Loss Make-Up (default)
only, the Regulated Amortisation Period by transfer to the Series
2006-2 Loan Note Issuer Account (it being acknowledged that the Loan
Note Issuer will then pay an amount equal to this amount to the
Receivables Trustee as Additional Consideration in accordance with Part
2, Clauses 3(c) and 6(d)(i) (identified as ‘‘Class B
Loss Make-Up (default)’’)) and

			
		(2) 	on each Distribution Date during the
Regulated Amortisation Period (other than with respect to Class B
Excess Principal Loss Make-Up (default)) or the Rapid Amortisation
Period shall remain credited to the Series 2006-2 Finance Charge
Collections Ledger as ‘‘Class B Excess Principal Loss
Make-Up (default)’’) and utilised, for the purposes
of calculation only, to reinstate the Class B Investor Interest to the
extent such amount is considered as part of the Class A Monthly
Principal Amount;

		
	(j) 	an amount equal
to the aggregate amount of Class B Investor Charge-Offs which have not
been previously reinstated (net of any Principal Loss Make-Up (charge
offs) previously transferred to the Series 2006-2 Loan Note Issuer
Account and identified as part of the Class B Monthly Principal
Payment) shall be applied as follows:

			
		(1) 	on each Distribution Date during the
Revolving Period, the Controlled Accumulation Period or, with respect
to Class B Excess Principal Loss Make-Up (charge-off) only, the
Regulated Amortisation Period by transfer to the Series 2006-2 Loan
Note Issuer Account 

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(it being acknowledged that the Loan Note
Issuer will then pay an amount equal to this amount to the Receivables
Trustee as Additional Consideration in accordance with Part 2, Clauses
3(c) and 6(d)(i) and utilised to reinstate the Class B Investor
Interest (identified as ‘‘Class B Loss Make-Up
(charge-offs)’’ and

			
		(2) 	on each Distribution Date during the
Regulated Amortisation Period (other than with respect to Class B
Excess Principal Loss Make-Up (charge-offs)) or the Rapid Amortisation
Period shall remain credited to the Series 2006-2 Finance Charge
Collections Ledger identified as ‘‘Class B Excess
Principal Loss Make-Up (charge
offs)’’);

		
	(k) 	an
amount equal to the sum of the Class C Monthly Finance Amount, the
Class C Deficiency Amount and the Class C Additional Finance Amount (as
at such Distribution Date) (the ‘‘Class C Monthly
Distribution Amount’’) on a Distribution Date
during the Revolving Period or the Controlled Accumulation Period will
be deposited in the Series Loan Note Issuer Account;

		
	(l) 	an amount equal to the Class C
Investor Default Amount shall be applied as follows:

			
		(1) 	on each Distribution Date during the
Revolving Period, the Controlled Accumulation Period or, with respect
to Class C Excess Principal Loss Make-Up (default) only, the Regulated
Amortisation Period by transfer to the Series 2006-2 Loan Note Issuer
Account (it being acknowledged that the Loan Note Issuer will then pay
an amount equal to this amount to the Receivables Trustee as Additional
Consideration in accordance with Part 2, Clauses 3(c) and 6(d)(i)
(identified as ‘‘Class C Loss Make-Up
(default)’’)) and

			
		(2) 	on each Distribution Date during the
Regulated Amortisation Period (other than in respect to Class C Excess
Principal Loss Make-Up (default)) or the Rapid Amortisation Period such
amount shall remain credited to the Series 2006-2 Finance Charge
Collections Ledger identified as ‘‘Class C Excess
Principal Loss Make-Up (default)’’) and utilised, for
the purposes of calculation only, to reinstate the Class C Investor
Interest to the extent such amount is considered as part of the Class A
Monthly Principal Amount and the Class B Monthly Principal
Amount;

		
	(m) 	an amount equal to the
aggregate amount by which the Class C Investor Interest has been
reduced below the Class C Initial Investor Interest for reasons other
than the payment of principal amounts to Class C (but not in excess of
the aggregate amount of such reductions which have not been previously
reinstated net of any Principal Loss Make-Up (charge offs) previously
identified in respect of Class C and transferred to the Series 2006-2
Loan Note Issuer Account and considered as part of the Class C Monthly
Principal Amount shall be applied as follows:

			
		(1) 	on each Distribution Date during the
Revolving Period, the Controlled Accumulation Period or, with respect
to Class C Excess Principal Loss Make-Up (charge-off) only, the
Regulated Amortisation Period by transfer to the Series 2006-2 Loan
Note Issuer Account (it being acknowledged that the Loan Note Issuer
will then pay an amount equal to this amount to the Receivables Trustee
as Additional Consideration in accordance with Part 2, Clauses 3(c) and
6(d)(i) (identified as ‘‘Class C Loss Make-Up
(charge-offs)’’, as appropriate)) and utilised to
reinstate the Class C Investor Interest and

			
		(2) 	on each Distribution Date during the
Regulated Amortisation Period (other than with respect to Class C
Excess Principal Loss Make-Up (charge-off)) or the Rapid Amortisation
Period shall remain credited to the Series 2006-2 Finance Charge
Collections Ledger identified as ‘‘Class C Excess
Principal Loss Make-Up (charge offs)’’) and utilised,
for the purposes of calculation only, to reinstate the Class A Investor
Interest and the Class B Investor Interest to the extent such amount is
considered as part of the Class A Monthly Principal Amount or the Class
B Monthly Principal Amount;

		
	(n) 	on
each Distribution Date from and after the Reserve Account Funding Date,
but prior to the date on which the Reserve Account for Series 2006-2
terminates as described in Clause 5.21(e), an amount up to the excess,
if any, of the Required Reserve Amount over the Available Reserve
Account Amount shall be deposited in the Reserve Account for Series
2006-2;

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	(o) 	on any
Distribution Date, prior to the Class C Release Date, on which the
Available Spread Account Amount is less than the Required Spread
Account Amount, an amount up to the excess, if any, of the Required
Spread Account Amount over the Available Spread Account Amount will be
calculated and deposited in the Spread Account for Series
2006-2;

		
	(p) 	an amount equal to the
Aggregate Investor Indemnity Amount, if any, for the prior Monthly
Period (together with any amounts in respect of previous Monthly
Periods which are unpaid) will be deposited into the Series 2006-2 Loan
Note Issuer Account. It is acknowledged that the Loan Note Issuer will
then pay an amount equal to this amount to the Receivables Trustee as
Additional Consideration in accordance with Clauses 3(c) and 6(d)(iii)
of the Supplement (such amount being identified as the
‘‘Investor Indemnity Payment
Amount’’);

		
	(q) 	on
each Distribution Date in no order of priority between them but in
proportion to the respective amounts due, an amount equal to: (i) the
Loan Note Issuer Return for Series 2006-2 and (ii) an amount equal to
the Issuer Profit Amount will be deposited in the Series 2006-2 Loan
Note Issuer Account;

		
	(r) 	on each
Distribution Date an amount equal to the additional amounts calculated
as payable in accordance with the Expenses Loan Agreement will be
deposited in the Series 2006-2 Loan Note Issuer
Account;

		
	(s) 	the balance, if any,
after giving effect to the payments made pursuant to paragraphs (a)
through (r) (inclusive) above shall be paid to the Series 2006-2 Loan
Note Issuer Account and will be available as
‘‘Excess Finance Charges’’
on such Distribution Date for other series in Group One in accordance
with the Series 2006-2 Supplemental Trust Deed and any balance not
utilised in respect of Series 2006-2 or any other Series in Group One
will be utilised, (it being acknowledged that the Loan Note Issuer will
then pay an amount equal to this amount to the Receivables Trustee as
Additional Consideration in accordance with Clauses 3(c) and 6(d)(iii)
of the Supplement (identified as ‘‘Excess
Spread’’)),

Provided that
where the amounts of Finance Charge Collections which fall to be
distributed between the Beneficiaries in respect of any Distribution
Date comprise any amount (the ‘‘fee
amount’’) in respect of Annual Fees, Transaction
Fees or Special Fees and on such Distribution Date any amount (the
‘‘deposit amount’’) is
required to be deposited in the Reserve Account pursuant to Clause
5.10(n) or the Spread Account pursuant to 5.10(o) amounts representing
the fee amount shall be treated as being appropriated to the deposit
amount after all other applications of such Finance Charge Collections
Provided that the foregoing proviso shall have no effect on the
allocation of any amounts between the Beneficiaries.

		
	5.11 	Payments of Amounts Representing
Available Retained Principal Collections on Distribution
Dates

On or before each Distribution Date the Servicer
shall notify the Receivables Trustee in writing substantially in the
form of Exhibit B of the amounts to withdraw from the undivided
Principal Collections Ledger pursuant to Clauses 5.5(a) and (b), (and,
in the case of (b) amount of Principal Loss Make-Up (default) and
Principal Loss Make-Up (charge-off) standing to the credit of the
Series 2006-2 Finance Charge Collections Ledger forming part of the
payments of Available Retained Principal Collections) and the
Receivables Trustee acting in accordance with such instructions shall
withdraw on such Distribution Date, to the extent of available funds,
the amounts required to be applied in the following order of
priority:

		
	(a) 	On each Distribution
Date during the Revolving Period, an amount equal to Available Retained
Principal Collections standing to the credit of the undivided Principal
Collections Ledger with respect to the related Monthly Period on such
Distribution Date will be utilised in the following order of
priority:

			
		(i) 	an amount equal to the
lesser of (A) the product of (1) a fraction, the numerator of which is
equal to the Available Retained Principal Collections and the
denominator of which is equal to the sum of the Available Retained
Principal Collections available for sharing as specified in the related
Supplement for each Outstanding Issuance in Group One and 

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(2) the Cumulative Series 2006-2
Principal Shortfall and (B) Available Retained Principal Collections,
shall remain in the undivided Principal Collections Ledger to be
treated as Shared Principal Collections and distributed to Outstanding
Issuance in Group One other than Series 2006-2 if needed;
and

			
		(ii) 	an amount equal to the
Available Retained Principal Collections remaining after the
applications specified in Clause 5.11(a)(i) shall be calculated as
available for use as Cash Available for Investment pursuant to Clause
5.6(a).

		
	(b) 	On each Distribution Date
during the Controlled Accumulation Period, the Regulated Amortisation
Period or the Rapid Amortisation Period an amount equal to Available
Retained Principal Collections which are both standing to the credit of
the undivided Principal Collections Ledger, in the case of the
Regulated Amortisation Period and the Rapid Amortisation Period, and
the aggregate of the amounts credited to the Series 2006-2 Finance
Charge Collections Ledger identified as Principal Loss Make-Up
(defaults) and Principal Loss Make-Up (charge offs) with respect to the
related Monthly Period on such Distribution Date, will be distributed
or utilised in the following order of
priority:

			
		(i) 	for each Distribution
Date during the Controlled Accumulation Period, an amount equal to the
Class A Monthly Principal Amount shall be deposited by the Receivables
Trustee acting on the advice of the Servicer into the Principal Funding
Account for credit to the Series 2006-2 Principal Funding
Ledger;

			
		(ii) 	for each Distribution
Date during the Regulated Amortisation Period or the Rapid Amortisation
Period an amount equal to the Class A Monthly Principal Amount, shall
be deposited by the Receivables Trustee acting on the advice of the
Servicer into the Series 2006-2 Loan Note Issuer Account (identified
for Class A);

			
		(iii) 	for each
Distribution Date during the Controlled Accumulation Period commencing
on the Distribution Date immediately preceding the Class B Principal
Commencement Date, after giving effect to the distribution referred to
in paragraph (i) above, an amount equal to the Class B Monthly
Principal Amount shall be deposited by the Receivables Trustee acting
on the advice of the Servicer in the Principal Funding Account for
credit to the Series 2006-2 Principal Funding
Ledger;

			
		(iv) 	for each Distribution
Date during the Regulated Amortisation Period or the Rapid Amortisation
Period commencing on the Distribution Date immediately preceding the
Class B Principal Commencement Date, after giving effect to the
distribution referred to in paragraph (ii) above, an amount equal to
the Class B Monthly Principal Amount, shall be deposited by the
Receivables Trustee acting on the advice of the Servicer in the Series
2006-2 Loan Note Issuer Account (identified for Class B);

			
		(v) 	for each Distribution Date during
the Controlled Accumulation Period commencing on the Distribution Date
immediately preceding the Class C Principal Commencement Date, after
giving effect to the distribution referred to in paragraphs (i) and
(iii) above, an amount equal to the Class C Monthly Principal Amount
shall be deposited by the Receivables Trustee acting on the advice of
the Servicer in the Principal Funding Account for credit to the Series
2006-2 Principal Funding
Ledger;

			
		(vi) 	for each Distribution
Date during the Regulated Amortisation Period or the Rapid Amortisation
Period commencing on the Distribution Date immediately preceding the
Class C Principal Commencement Date, after giving effect to the
distributions referred to in paragraphs (ii) and (iv) above, an amount
equal to the Class C Monthly Principal Amount, shall be deposited by
the Receivables Trustee acting on the advice of the Servicer in the
Series 2006-2 Loan Note Issuer Account (identified for Class
C);

			
		(vii) 	for each Distribution Date
during the Controlled Accumulation Period or the Regulated Amortisation
Period, an amount equal to the lesser of (A) the product of (1) a
fraction, the numerator of which is equal to the Available Retained
Principal Collections remaining to 

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the credit of the undivided Principal
Collections Ledger after the relevant applications specified in Clause
5.11(b)(i) to (vi) above and the denominator of which is equal to the
sum of the Available Retained Principal Collections available for
sharing as specified in the related Supplement for each Outstanding
Issuance in Group One and (2) the Cumulative Series Principal Shortfall
and (B) the Available Retained Principal Collections remaining to the
credit of the undivided Principal Collections Ledger after the relevant
applications specified in Clause 5.11(b)(i) to (vi) above, shall remain
in the undivided Principal Collections Ledger to be treated as Shared
Principal Collections and distributed to Outstanding Issuance in Group
One other than Series 2006-2;
and

			
		(viii) 	an amount equal to the
Available Retained Principal Collections remaining to the credit of the
undivided Principal Collections Ledger after the applications specified
in Clauses 5.11(b)(i) to (vii) shall be applied during the Controlled
Accumulation Period or the Regulated Amortisation Period as Cash
Available for Investment pursuant to Clause
5.6(b).

Provided, however, that in
the case of the payments set out in (ii), (iv) and (vi) above, the
amount of Available Retained Principal Collections to be distributed to
the Series 2006-2 Investor Beneficiary shall be met first from amounts
distributed to the Series 2006-2 Investor Beneficiary from amounts
credited to the Series 2006-2 Finance Charge Collections Ledger
identified as Principal Loss Make-Up (defaults) and Principal Loss
Make-Up (charge offs) and then from amounts standing to the credit of
the undivided Principal Collections
Ledger;

		
	(c) 	On the earlier to occur of
the first Distribution Date during the Regulated Amortisation Period or
the Rapid Amortisation Period and the Class A Scheduled Redemption
Date, the Receivables Trustee, acting on the advice of the Servicer,
shall distribute in accordance with Clause 5.11(b), from amounts, if
any, credited to the Series 2006-2 Principal Funding Ledger, an amount
equal to the lesser of:

			
		(i) 	the
Class A Investor Interest; and

			
		(ii) 	the amount credited to the Series
2006-2 Principal Funding Ledger identified for Class A,

to the Series 2006-2 Loan Note Issuer Account (identified
for Class A).

		
	(d) 	On the earlier to
occur of the first Distribution Date during the Regulated Amortisation
Period or the Rapid Amortisation Period on which the Class A Investor
Interest is paid in full and the Class B Scheduled Redemption Date, the
Receivables Trustee acting on the advice of the Servicer, shall
distribute in accordance with Clause 5.11(b), from amounts, if any,
credited to the Series 2006-2 Principal Funding Ledger an amount equal
to the lesser of:

			
		(i) 	the Class B
Investor Interest; and

			
		(ii) 	the
amount credited to the Series 2006-2 Principal Funding Ledger
identified for Class B (after giving effect to the amount distributed
pursuant to Clause 5.11(c) above),

to the Series 2006-2
Loan Note Issuer Account (identified for Class
B).

		
	(e) 	On the earlier to occur of the
first Distribution Date during the Regulated Amortisation Period or the
Rapid Amortisation Period on which each of the Class A Investor
Interest and the Class B Investor Interest is paid in full and the
Class C Scheduled Redemption Date, the Receivables Trustee acting on
the advice of the Servicer, shall distribute in accordance with Clause
5.11(b), from amounts, if any, credited to the Series 2006-2 Principal
Funding Ledger identified for Class C, an amount equal to the lesser
of:

			
		(i) 	the Class C Investor
Interest; and

			
		(ii) 	the amount
credited to the Series 2006-2 Principal Funding Ledger identified for
Class C (after giving effect to any payment required under Clause
5.11(c) and Clause 5.11(d) above),

to the Series 2006-2
Loan Note Issuer Account (identified for Class C).

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	5.12 	Payment
of Investor Monthly Finance
Amounts

			
		(a) 	Subject to Clause
5.12(b), on each Payment Date during the Revolving Period or the
Controlled Accumulation Period (on or prior to the Series 2006-2
Scheduled Redemption Date), the Receivables Trustee, acting on the
advice of the Servicer substantially in the form of Exhibit B, shall
withdraw the following
amounts:

			
		(i) 	all amounts credited to
and identified for Class A (the ‘‘Class A Finance
Distribution Amount’’) and then deposit such
amount in the Series 2006-2 Loan Note Issuer Account;

			
		(ii) 	all amounts credited to and
identified for Class B (the ‘‘Class B Finance
Distribution Amount’’) and then deposit such
amount in the Series 2006-2 Loan Note Issuer Account;
and

			
		(iii) 	all amounts credited to and
identified for Class C (the ‘‘Class C Finance
Distribution Amount’’) and then deposit such
amount in the Series 2006-2 Loan Note Issuer Account.

			
		(b) 	On the first Payment Date during
the Regulated Amortisation Period or the Rapid Amortisation Period, the
Receivables Trustee, acting on the advice of the Servicer substantially
in the form of Exhibit A, shall withdraw the following
amounts:

			
		(i) 	all amounts credited to
and identified for Class A and then deposit such amount in the Series
2006-2 Loan Note Issuer Account identified for Class
A;

			
		(ii) 	all amounts credited to and
identified for Class B and then deposit such amount in the Series
2006-2 Loan Note Issuer Account identified for Class B;
and

			
		(iii) 	all amounts credited to and
identified for Class C and then deposit such amount in the Series
2006-2 Loan Note Issuer Account identified for Class
C.

To the extent required, the Receivables Trustee shall
be authorised to make these transfers on the Loan Note Issuer's
behalf.

		
	5.13 	Investor
Charge-Offs

		
	(a) 	On or before each
Distribution Date, the Receivables Trustee acting on the advice of the
Servicer shall calculate the Class A Investor Default Amount which
shall be applied as follows:

			
		(i) 	If
on any Distribution Date, the Class A Investor Default Amount for the
prior Monthly Period exceeds the sum of the amount applied with respect
thereto pursuant to Clauses 5.10(g) with respect to such Monthly
Period, the Class C Investor Interest (after giving effect to
reductions for any Class C Investor Charge-Offs, any Reallocated Class
C Principal Collections and any Reallocated Class B Principal
Collections) will be reduced by the amount of such
excess.

			
		(ii) 	In the event that such
reduction would cause the Class C Investor Interest to be a negative
number, the Class C Investor Interest will be reduced to zero, and the
Class B Investor Interest (after giving effect to reductions for any
Class B Investor Charge-Offs and any Reallocated Class B Principal
Collections on such Distribution Date but excluding any Reallocated
Class B Principal Collections that have resulted in a reduction of the
Class C Investor Interest) will be reduced by the amount by which the
Class C Investor Interest would have been reduced below zero, but not
by more than the Class A Investor Default Amount for such Distribution
Date.

			
		(iii) 	In the event that such
reduction would cause the Class B Investor Interest to be a negative
number, the Class A Investor Interest will be reduced by the amount by
which the Class B Investor Interest would have been reduced below zero,
but not by more than the Class A Investor Default Amount for such
Distribution Date (a ‘‘Class A Investor
Charge-Off’’).

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		(iv) 	If the
Class A Investor Interest has been reduced by the amount of any Class A
Investor Charge-Offs, it will be reinstated on any Distribution Date
(but not by an amount in excess of the aggregate Class A Investor
Charge-Offs provided that the amount of such reduction shall not be
reinstated to the extent of any Principal Loss Make-Up (charge-offs)
identified on any previous Distribution Date pursuant to Clause
5.10(h)(ii) which are treated as part of the Class A Monthly Principal
Amount) by the amount of Additional Consideration which is
‘‘Loss Make-Up (charge-offs)’’ paid
to the Receivables Trustee by the Series 2006-2 Investor Beneficiary as
mentioned in Clause 5.10(h).

		
	(b) 	On or
before each Distribution Date, the Receivables Trustee acting on the
advice of the Servicer shall calculate the Class B Investor Default
Amount which shall be applied as
follows:

			
		(i) 	If on any Distribution
Date, the Class B Investor Default Amount for the prior Monthly Period
exceeds the amount applied with respect thereto pursuant to Clause
5.10(i), the Class C Investor Interest (after giving effect to
reductions for the amount of any Class A Investor Default Amounts that
will result in a write-off of the Class C Investor Interest on such
Distribution Date, any Class C Investor Charge-Offs, any Reallocated
Class C Principal Collections and any Reallocated Class B Principal
Collections) will be reduced by the amount of such excess,

			
		(ii) 	In the event that such reduction
would cause the Class C Investor Interest to be a negative number, the
Class C Investor Interest will be reduced to zero, and the Class B
Investor Interest will be reduced by the amount by which the Class C
Investor Interest would have been reduced below zero, but not by more
than the Class B Investor Default Amount for such Distribution Date (a
‘‘Class B Investor
Charge-Off’’). The Class B Investor Interest will
also be reduced by the amount of Reallocated Class B Principal
Collections that do not result in a reduction in the Class C Investor
Interest pursuant to Clause 5.16 and the amount of any portion of the
Class B Investor Interest written-off to avoid a reduction in the Class
A Investor Interest pursuant to Clause
5.13(a)(ii).

			
		(iii) 	If the Class B
Investor Interest has been reduced by an amount described in Clause
5.13(b)(ii) it will thereafter be reinstated on any Distribution Date
(but not by an amount in excess of the aggregate amount of reductions
in the Class B Investor Interest provided that the amount of such
reductions shall not be reinstated to the extent of any Principal Loss
Make-Up (charge-off) identified on any previous Distribution Date
pursuant to Clause 5.10(j)(ii) which are treated as part of the Class B
Monthly Principal Amount) by the amount of Additional Consideration
which is ‘‘Loss Make-Up
(Charge-Offs)’’ paid to the Receivables Trustee by
the Series 2006-2 Investor Beneficiary as mentioned in Clauses
5.10(j)(ii).

		
	(c) 	On or before each
Distribution Date, the Receivables Trustee acting on the advice of the
Servicer shall calculate the Class C Investor Default Amount which
shall be applied as follows:

			
		(i) 	If
on any Distribution Date, the Class C Investor Default Amount for the
prior Monthly Period exceeds the amount applied with respect thereto
pursuant to Clause 5.10(m), the Class C Investor Interest will be
reduced by the amount of such excess, but not by more than the Class C
Investor Default Amount for such Distribution Date (a
‘‘Class C Investor
Charge-Off’’). The Class C Investor Interest will
also be reduced by the amount of Reallocated Class C Principal
Collections pursuant to Clause 5.15 and Reallocated Class B Principal
Collection pursuant to Clause 5.16 and the amount of any portion of the
Class C Investor Interest written-off to avoid a reduction in the Class
A Investor Interest or Class B Investor Interest pursuant to Clauses
5.11(a)(i) and 5.11(b)(i)
above.

			
		(ii) 	If the Class C Investor
Interest has been reduced by an amount described in Clause 5.11(b)(i)
it will thereafter be reinstated on any Distribution Date by the amount
of Additional Consideration which is ‘‘Loss Make-Up
(Charge-Offs)’’ paid to the Receivables Trustee by
the Series 2006-2 Investor Beneficiary as mentioned in Clause
5.10(m)(ii).

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	5.14 	Investor
Indemnity Payment Amount

		
	(a) 	On or
before each Distribution Date, the Receivables Trustee, acting on the
advice of the Servicer, shall calculate the Aggregate Investor
Indemnity Amount allocable to Series 2006-2. Such amount shall be
payable solely to the extent amounts are available from Available Funds
for distribution in respect thereof pursuant to Clause 5.10(p). The
said amount shall be distributed to the Series 2006-2 Loan Note Issuer
Account for payment to the Receivables Trustee as Additional
Consideration in accordance with Clauses 3(c) and 6(d)(ii) of the
Supplement (such amount being an
‘‘Investor Indemnity Payment
Amount’’) Provided, however, that if there
are insufficient amounts available to pay such amount in full the
excess will be carried forward and payable on the next and subsequent
Distribution Dates solely to the extent amounts are available from
Available Funds for distribution in respect thereof pursuant to Clause
5.10(p).

		
	(b) 	the Loan Note Issuer
hereby authorises the Receivables Trustee to pay directly to the
Transferor any amount falling to be distributed to the Loan Note Issuer
pursuant to Clause 5.10(p), in which case the said payment shall be
treated as discharging pro tanto
both:

			
		(i) 	any obligation of the
Receivables Trustee to make a payment to the Transferor under the Trust
Section 75 Indemnity; and

			
		(ii) 	any
corresponding obligation of the Series 2006-2 Investor Beneficiary to
make a corresponding payment to the Receivables Trustee in respect of
the Aggregate Investor Indemnity
Amount.

		
	5.15 	Reallocated Class C
Principal Collections

		
	(a) 	On each
Distribution Date, the Servicer will advise the Receivables Trustee as
to what portion of the Required Retained Principal Collections retained
for the previous Monthly Period shall be utilised as Reallocated Class
C Principal Collections with respect to such Distribution Date. The
amounts to be so utilised shall be calculated and applied as
follows:

			
		(i) 	an amount equal to the
excess, if any, of (A) the Class A Required Amount, if any, with
respect to such Distribution Date over (B) the amount of Available
Funds with respect to the related Monthly Period, shall be transferred
from the undivided Principal Collections Ledger and credited to the
Series 2006-2 Finance Charge Collections Ledger to be applied pursuant
to Clauses 5.10(a) to 5.10(d) in that order of priority;
and

			
		(ii) 	an amount equal to the
excess, if any, of (A) the Class B Required Amount, if any, with
respect to such Distribution Date over (B) the amount of Available
Funds with respect to the related Monthly Period, shall be transferred
from the undivided Principal Collections Ledger and credited to the
Series 2006-2 Finance Charge Collections Ledger to be applied pursuant
to Clause 5.10(e) to (f) in that order of priority and then applied to
reduce the Class B Investor Default Amount pursuant to Clause
5.10(i)(ii).

		
	(b) 	Subject to (c) below,
on each Distribution Date the Class C Investor Interest shall be
reduced by the amount of Reallocated Class C Principal Collections and
Reallocated Class B Principal Collections for such Distribution
Date.

		
	(c) 	In the event that the
calculation of the amount of Reallocated Class C Principal Collections
and Reallocated Class B Principal Collections to be utilised would
cause the Class C Investor Interest (after giving effect to any Class C
Investor Charge-Offs for such Distribution Date) to be a negative
number on any Distribution Date, the amount of Required Retained
Principal Collections to be utilised on such Distribution Date shall be
an amount equal to the amount which would cause the Class C Investor
Interest (after giving effect to any Class C Investor Charge-Offs for
such Distribution Date) to be reduced to
zero.

		
	(d) 	Any Required Retained
Principal Collections not utilised on a Distribution Date will be
applied as Available Retained Principal Collections in accordance with
Clause 5.11 on such Distribution Date.

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	(e) 	Following
any reductions pursuant to Clauses 5.15(b), 5.15(c), 5.16(b) and
5.16(c) the Class C Investor Interest and/or the Class B Investor
Interest may be reinstated in an amount equal to the aggregate of (i)
payments of Additional Consideration made by the Series 2006-2 Investor
Beneficiary to the Receivables Trustee as mentioned in Clauses
5.10(j)(i) and 5.10(m)(i), such amount being
‘‘Refunded Utilised Principal
Collections’’ and (ii) amounts of Principal Loss
Make-Up (charge-offs) deemed to reinstate the Class C Investor Interest
and/or the Class B Investor Interest as mentioned in Clauses
5.10(j)(ii) and 5.10(m)(ii). Class B will be reinstated before Class
C.

		
	5.16 	Reallocated Class B
Principal Collections

		
	(a) 	On each
Distribution Date, following application of the Reallocated Class C
Principal Collections in accordance with Clause 5.15, the Servicer will
advise the Receivables Trustee as to what portion of the Required
Retained Principal Collections retained for the previous Monthly Period
shall be utilised as Reallocated Class B Principal Collections with
respect to such Distribution Date. The amounts to be so utilised shall
be calculated as an amount equal to the excess, if any, of (i) the
Class A Required Amount, if any, with respect to such Distribution Date
over (ii) the amount of Available Funds and Reallocated Class C
Principal Collections with respect to the related Monthly Period, and
shall be transferred from the undivided Principal Collections Ledger
and credited to the Series 2006-2 Finance Charge Collections Ledger to
be applied pursuant to Clause 5.10(a) to (d) in that order of
priority.

		
	(b) 	Subject to (c) below, on
each Distribution Date the Class B Investor Interest shall be reduced
by the excess of the amount of Reallocated Class B Principal
Collections for such Distribution Date over the Class C Investor
Interest (after giving effect to any Class C Investor Charge-Offs for
such Distribution Date).

		
	(c) 	In the
event that the calculation of the amount of Reallocated Class B
Principal Collections to be utilised would cause the Class B Investor
Interest (after giving effect to any Class B Investor Charge-Offs and
the reduction in the Class C Investor Interest in respect of
Reallocated Class B Principal Collections for such Distribution Date)
to be a negative number on any Distribution Date, the amount of
Required Retained Principal Collections to be utilised on such
Distribution Date shall be an aggregate amount not to exceed the amount
which would cause the Class B Investor Interest (after giving effect to
any Class B Investor Charge-Offs for such Distribution Date) to be
reduced to zero.

		
	(d) 	Any Required
Retained Principal Collections not utilised on a Distribution Date will
be applied as Available Retained Principal Collections in accordance
with Clause 5.11 on such Distribution
Date.

		
	(e) 	Following any reductions
pursuant to Clauses 5.15(b), 5.15(c), 5.16(b) and 5.16(c) the Class C
Investor Interest and/or the Class B Investor Interest may be
reinstated in an amount equal to the aggregate of (i) payments of
Additional Consideration made by the Series 2006-2 Investor Beneficiary
to the Receivables Trustee as mentioned in Clauses 5.10(j)(i) and
5.10(m)(i), such amount being ‘‘Refunded Utilised
Principal Collections’’ and (ii) amounts of
Principal Loss Make-Up (charge-offs) deemed to reinstate the Class C
Investor Interest and/or the Class B Investor Interest as mentioned in
Clauses 5.10(j)(ii) and 5.10(m)(ii). Class B will be reinstated before
Class C.

		
	5.17 	Shared Principal
Collections

		
	(a) 	The amount of
Principal Collections calculated in respect of Series 2006-2 which are
not available to be utilised as Cash Available for Investment during
such Monthly Period and which are not distributed on the related
Distribution Date to meet any Class A Monthly Principal Amount, Class B
Monthly Principal Amount or Class C Monthly Principal Amount or
utilised on the related Distribution Date as Utilised Required Retained
Principal Collections shall be available as Shared Principal
Collections for Outstanding Issuance in Group One and shall be
identified as such in the undivided Principal Collections
Ledger.

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	(b) 	The
portion of Shared Principal Collections to the credit of the undivided
Principal Collections Ledger equal to the amount of Shared Principal
Collections calculated by reference to Series 2006-2 during a Monthly
Period shall be applied as Available Retained Principal Collections
pursuant to Clause 5.11 and pursuant to such Clause 5.11, shall be
distributed to the Series 2006-2 Investor Beneficiary and identified
for Class A and deposited in the Principal Funding Account for credit
to the Series 2006-2 Principal Funding Ledger during the Controlled
Accumulation Period and deposited in the Series 2006-2 Loan Note Issuer
Account during the Regulated Amortisation Period or Rapid Amortisation
Period or shall be distributed to the Series 2006-2 Investor
Beneficiary and identified for Class B and deposited in the Principal
Funding Account for credit to the Series 2006-2 Principal Funding
Ledger during the Controlled Accumulation Period and deposited in the
Series 2006-2 Loan Note Issuer Account during the Regulated
Amortisation Period or Rapid Amortisation Period or shall be
distributed to the Series 2006-2 Investor Beneficiary and identified
for Class C and deposited in the Principal Funding Account for credit
to the Series 2006-2 Principal Funding Ledger during the Controlled
Accumulation Period and deposited in the Series 2006-2 Loan Note Issuer
Account during the Regulated Amortisation Period or Rapid Amortisation
Period.

		
	(c) 	The amount of Shared
Principal Collections to be distributed to the Series 2006-2 Investor
Beneficiary on any Distribution Date shall be an amount not to exceed
the Series Principal Shortfall, if any, with respect to Series 2006-2
for such Distribution Date Provided, however, that if the
aggregate amount of Shared Principal Collections for all Outstanding
Issuance in Group One for such Distribution Date is less than the
Cumulative Series Principal Shortfall for such Distribution Date, then
Shared Principal Collections to be distributed to Series 2006-2 on such
Distribution Date shall equal the product of (i) Shared Principal
Collections for all Outstanding Issuance in Group One for such
Distribution Date and (ii) a fraction, the numerator of which is the
Series Principal Shortfall with respect to Series 2006-2 for such
Distribution Date and the denominator of which is the aggregate amount
of the Cumulative Series Principal Shortfall for such Distribution
Date.

		
	(d) 	On or before each
Distribution Date, the Servicer shall advise the Receivables Trustee in
writing substantially in the form of Exhibit B of the amounts to debit
from the undivided Principal Collections Ledger pursuant to Clause
5.17(b) and the Receivables Trustee, acting in accordance with such
advice, shall debit on such Distribution Date from the undivided
Principal Collections Ledger, to the extent of an amount equal to (1)
Available Retained Principal Collections less (2) during the Regulated
Amortisation Period and the Rapid Amortisation Period, the aggregate
amount of Principal Loss Make-up (default) and Principal Loss Make-up
(charge-off) for such Distribution Date, the amounts required to be
debited.

		
	5.18 	Spread
Account

		
	(a) 	The Receivables
Trustee shall establish and maintain with a Qualified Institution, in
the name of the Receivables Trustee, held on Segregated Bare Trust for
the benefit of the Loan Note Issuer, an account with such Qualified
Institution (the ‘‘Spread
Account’’), bearing a designation clearly
indicating that the funds deposited therein are held on Segregated Bare
Trust for the benefit of the Loan Note Issuer and identified for Class
C.

		
	(b) 	The Receivables Trustee, as
trustee of the Segregated Bare Trust for the sole benefit of the Loan
Note Issuer as Series 2006-2 Investor Beneficiary shall possess all
legal right, title and interest in all funds on deposit from time to
time in the Spread Account and in all proceeds thereof. The Spread
Account shall be a Trust Account for the purposes of the Receivables
Trust Deed and Servicing Agreement and all amounts deposited therein
shall be regarded as segregated for the benefit of the Series 2006-2
Investor Beneficiary in respect of Class C. Amounts credited to the
Spread Account will be calculated as referable to (A) Class C to the
extent of amounts deposited in the Spread Account pursuant to Clause
5.18(d)(i) and investment earnings credited pursuant to 

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Clause 5.18(j)(i) less the aggregate of that
portion of all Total Withdrawal Amounts withdrawn from time to time
pursuant to Clause 5.18(d)(ii)(B) which utilised amounts are calculated
as referable to Class C Investor Interest; and (B) to the Loan Note
Issuer in respect of Series 2006-2 to the extent of investment earnings
on amounts deposited in the Spread Account as calculated pursuant to
Clause 5.18(d).

		
	(c) 	If at any time the
institution holding the Spread Account ceases to be a Qualified
Institution the Servicer shall notify the Receivables Trustee, and the
Receivables Trustee upon being notified shall, within 10 Business Days,
establish (or direct the Servicer to establish) a new Spread Account
meeting the conditions specified above with a Qualified Institution,
and shall transfer any cash or any investments to such new Spread
Account.

		
	(d) 	The Receivables Trustee,
acting on the advice of the Servicer,
shall:

			
		(i) 	on each Distribution Date
make the deposit, if any, pursuant to Clause 5.10(o);
and

			
		(ii) 	make withdrawals from the
Spread Account from time to
time:

			
		(A) 	in priority (1) on each
Distribution Date in the amount up to the Available Spread Account
Amount at such time for the purposes set out in Clause 5.10(k) (to the
extent necessary after applying Available Funds), and (2) on the Class
C Release Date, an amount up to the Available Spread Account Amount
equal to the excess, if any, of the Class C Debt Amount over the Class
C Investor Interest (the aggregate of (1) and (2) constituting the
‘‘Total Withdrawal
Amount’’);
and

			
		(B) 	as required by paragraphs
(g) to (m) of this Clause 5.18.

		
	(e) 	In
the event that, for any Distribution Date, the Total Withdrawal Amount
is greater than zero, the Servicer shall

			
		(i) 	advise the Receivables Trustee in
writing, in substantially the form of Exhibit A to the Schedule to the
Series 2006-2 Supplement, of such Total Withdrawal Amount on or before
11:30 a.m. on such Distribution Date;
and

			
		(ii) 	deposit the amounts to be
withdrawn from the Spread Account as calculated in Clause
5.18(d)(ii)(A) in the Trustee Collection Account to the credit of the
Series 2006-2 Finance Charge Collections Ledger by reference to the
calculation set out in Clause
5.10(k).

		
	(f) 	The Receivables Trustee
at all times shall maintain (or procure the maintenance of) accurate
records reflecting each transaction in the Spread Account and in any
sub-account or ledger established
therein.

		
	(g) 	Funds on deposit in the
Spread Account shall be invested by the Receivables Trustee in
Permitted Investments.

		
	(h) 	Funds on
deposit in the Spread Account on any Distribution Date, after giving
effect to any withdrawals from the Spread Account on such Distribution
Date, shall be invested in such Permitted Investments that will mature
so that such funds will be available for withdrawal on or prior to the
following Distribution Date.

		
	(i) 	The
Receivables Trustee shall ensure a Qualified Institution maintains, on
its behalf, possession of the negotiable instruments or securities, if
any, evidencing such Permitted Investments made pursuant to Clause
5.18(g). No Permitted Investment made pursuant to Clause 5.18(g) shall
be disposed of prior to its
maturity.

		
	(j) 	On each Distribution
Date, all interest and investment earnings (net of losses and
investment expenses) earned during the period immediately preceding
such Distribution Date on funds on deposit in the Spread Account in
respect of Series 2006-2
shall:

			
		(i) 	be retained in the Spread
Account to the extent that the Available Spread Account Amount is less
than the Required Spread Account Amount taking into account any amounts
to be credited on that Distribution Date pursuant to Clause 5.18(d)(i);
and

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		(ii) 	to the
extent of any amount remaining after the application in (A) above, be
withdrawn from the Spread Account and credited to the Series 2006-2
Loan Note Issuer Account (it being acknowledged that the Loan Note
Issuer will then pay an amount equal to this amount to the Receivables
Trustee in accordance with Clauses 3(c) and 6(d)(iii) of the Supplement
as Additional Consideration for the grant of the Loan Note
Issuer's interest in the Receivables Trust (such amount being
‘‘Investment
Proceeds’’)).

		
	(k) 	Subject
to the restrictions set out above, the Servicer, or a Person designated
in writing by the Servicer of which the Receivables Trustee shall have
received notification, shall have the authority to advise the
Receivables Trustee with respect to the investment of funds on deposit
in the Spread Account. For purposes of determining the availability of
funds or the balances in the Spread Account for any reason under the
Receivables Trust Deed and Servicing Agreement as supplemented by the
Supplement, all interest and investment earnings on such funds shall be
deemed not to be available or on deposit except to the extent specified
in Clause 5.18(j)(i).

		
	(l) 	In the event
that the Spread Account Surplus on any Distribution Date, after giving
effect to any deposits to and any withdrawal from the Spread Account on
such Distribution Date, is greater than zero, the Receivables Trustee,
acting on the advice of the Servicer, shall withdraw from the Spread
Account for distribution to the Loan Note Issuer (calculated as
referable to Class C Investor Interest), an amount equal to the Spread
Account Surplus whereupon such amount shall be deposited in the Series
2006-2 Loan Note Issuer Account, identified for Class C Investor
Interest (identified as ‘‘Spread Account Surplus
Amount’’).

		
	(m) 	Upon
the earlier to occur of:

			
		(i) 	the
termination of the Receivables Trust pursuant to Clause 6 or Clause 8
of the Receivables Trust Deed and Servicing Agreement; and

			
		(ii) 	the Series 2006-2 Termination
Date,

the Receivables Trustee, acting on the advice of
the Servicer, (to the extent of the calculations in Clause 5.17(j)(ii)
and after taking into account all other deposits and withdrawals in
respect of the Spread Account on such date) shall withdraw all amounts
on deposit in the Spread Account and transfer such amounts to the
Series 2006-2 Loan Note Issuer Account. It is acknowledged that the
Loan Note Issuer will then pay an amount equal to this amount to the
Receivables Trustee as Additional Consideration in accordance with
Clauses 3(c) and 6(d)(iii) of the Supplement (identified as
‘‘Spread Account Surplus
Amount’’).

		
	(n) 	To the extent required, the
Receivables Trustee shall be authorised to make these transfers on the
Loan Note Issuer's
behalf.

		
	5.19 	Principal Funding
Account

				
		(a) 	(i)	The
Receivables Trustee shall establish and maintain with a Qualified
Institution, in the name of the Receivables Trustee, held on Segregated
Bare Trust for the benefit of the Investor Beneficiary a Trust Account
with such Qualified Institution (the ‘‘Principal
Funding Account’’), bearing a designation clearly
indicating that the funds deposited therein are held on Segregated Bare
Trust for the benefit of the Loan Note Issuer. In addition the
Receivables Trustee shall establish a ledger in the Principal Funding
Account entitled the ‘‘Series 2006-2 Principal
Funding Ledger’’ and generally operate such
ledger in accordance with the provisions of the Receivables Trust Deed
and Servicing Agreement.

			
		(ii) 	The
Receivables Trustee, as trustee of the segregated bare trust for the
sole benefit of the Loan Note Issuer, shall possess all legal right,
title and interest in all funds on deposit from time to time in the
Principal Funding Account and in all proceeds thereof. The Principal
Funding Account shall be a Trust Account for the purposes of the
Receivables Trust Deed and Servicing Agreement and all amounts
deposited in the Principal Funding Account to the credit of the Series
2006-2 Principal Funding Ledger therein shall be regarded as being
segregated for the sole benefit of the Loan Note Issuer in respect of
Series 2006-2 as follows:

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		(A) 	all
amounts deposited therein pursuant to Clause 5.11(b)(i) shall be
calculated as referable to Class A and regarded as being segregated for
the benefit of the Loan Note Issuer in respect of Series 2006-2;

			
		(B) 	all amounts deposited therein
pursuant to Clause 5.11(b)(iii) shall be calculated as referable to
Class B and regarded as being segregated for the benefit of the Loan
Note Issuer in respect of Series
2006-2;

			
		(C) 	all amounts deposited
therein pursuant to Clause 5.11(b)(v) shall be calculated as referable
to Class C and regarded as being segregated for the benefit of the Loan
Note Issuer in respect of Series 2006-2; and

			
		(D) 	all amounts deposited therein which
represent Excess Principal Funding Investment Proceeds on any
Distribution Date shall be allocated to the Loan Note Issuer in respect
of Series 2006-2. the Loan Note Issuer will then pay an amount equal to
this amount to the Receivables Trustee by way of Additional
Consideration for the grant of the Loan Note Issuer's interest in
the Receivables Trust in accordance with Part 2, Clauses 3(c) and
6(d)(iii) (identified as ‘‘Investment
Proceeds’’).

			
		(iii) 	If
at any time the institution holding the Principal Funding Account
ceases to be a Qualified Institution the Servicer shall notify the
Receivables Trustee, and the Receivables Trustee upon being notified
shall, within 10 Business Days, establish (or direct the Servicer to
establish) a new Principal Funding Account meeting the conditions
specified above with a Qualified Institution, and shall transfer any
cash or any investments to such new Principal Funding
Account.

			
		(iv) 	The Receivables
Trustee, acting on the advice of the Servicer, shall (A) make
withdrawals from amounts deposited in the Principal Funding Account
standing to the credit of the Series 2006-2 Principal Funding Ledger
from time to time, in the amounts and for the purposes set out in this
Supplement, and (B) on each Distribution Date (from and after the
commencement of the Controlled Accumulation Period) prior to
termination of the Series 2006-2 Principal Funding Ledger make deposits
into the Principal Funding Account for credit to the Series 2006-2
Principal Funding Ledger in the amount specified in, and otherwise in
accordance with, Clause 5.11(b)(i), Clause 5.11(b)(iii) and Clause
5.11(b)(v).

			
		(v) 	The Receivables
Trustee at all times shall maintain (or procure the maintenance of)
accurate records reflecting each transaction in the Principal Funding
Account and the Series 2006-2 Principal Funding Ledger and in any other
sub-account or ledger established therein and amounts calculated as
referable to and identified for Class A, Class B and Class C,
respectively.

				
		(b) 	(i)	Funds
on deposit in the Principal Funding Account standing to the credit of
the Series 2006-2 Principal Funding Ledger shall be invested at the
direction of the Servicer by the Receivables Trustee in Permitted
Investments. Funds on deposit in the Principal Funding Account standing
to the credit of the Series 2006-2 Principal Funding Ledger on any
Distribution Date, after giving effect to any withdrawals from the
Principal Funding Account which are debited to the Series 2006-2
Principal Funding Ledger on such Distribution Date, shall be invested
in such investments that will mature so that such funds will be
available for withdrawal on or prior to the following Distribution
Date.

			
		(ii) 	The Receivables Trustee
shall ensure a Qualified Institution maintains, on its behalf,
possession of the negotiable instruments or securities, if any,
evidencing such Permitted Investments. No Permitted Investment shall be
disposed of prior to its maturity.

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		(iii) 	On the
Distribution Date occurring in the month following the commencement of
the Controlled Accumulation Period and on each Distribution Date
thereafter with respect to the Controlled Accumulation Period and, if
applicable, on the first Distribution Date with respect to the
Regulated Amortisation Period or the Rapid Amortisation Period, the
Receivables Trustee, acting on the advice of the Servicer given on or
before such Distribution Date,
shall:

			
		(A) 	transfer from the
Principal Funding Account from the amount credited to the Series 2006-2
Principal Funding Ledger to the Trustee Collection Account to the
credit of the Series 2006-2 Finance Charge Collections Ledger an amount
representing a proportion of the Principal Funding Investment Proceeds
on deposit in the Principal Funding Account and credited to the Series
2006-2 Principal Funding Ledger equal to the total amount of Principal
Funding Investment Proceeds available on such Distribution Date
multiplied by a fraction the numerator of which is the Principal
Funding Account Balance identified for Class A as of the Record Date
preceding such Distribution Date and the denominator of which is the
Principal Funding Account Balance identified for Class A and Class B as
of the Record Date preceding such Distribution Date for application as
Available Funds pursuant to Clause 5.10 (a) to (d);
and

			
		(B) 	transfer from the Principal
Funding Account from the amount credited to the Series 2006-2 Principal
Funding Ledger to the Trustee Collection Account to the credit of the
Series 2006-2 Finance Charge Collections Ledger an amount representing
a proportion of the Principal Funding Investment Proceeds on deposit in
the Principal Funding Account and credited to the Series 2006-2
Principal Funding Ledger equal to the total amount of Principal Funding
Investment Proceeds available on such Distribution Date multiplied by a
fraction the numerator of which is the Principal Funding Account
Balance identified for Class B as of the Record Date preceding such
Distribution Date and the denominator of which is the Principal Funding
Account Balance identified for Class A and Class B as of the Record
Date preceding such Distribution Date for application as Available
Funds pursuant to Clause 5.10(e) to (f);

			
		(iv) 	An amount equal to any Principal
Funding Investment Shortfall will be deposited in the Trustee
Collection Account and credited to the Series 2006-2 Finance Charge
Collections Ledger on each Distribution Date from the Reserve Account
and debited to the Series 2006-2 Reserve Account Ledger to the extent
funds are available pursuant to Clause
5.21(c).

			
		(v) 	Any Excess Principal
Funding Investment Proceeds shall be transferred to the Series 2006-2
Loan Note Issuer Account. the Loan Note Issuer will then pay an amount
equal to this amount to the Receivables Trustee by way of Additional
Consideration in accordance with Part 2, Clauses 3(c) and 6(d)(iii) on
each Distribution Date (identified as ‘‘Investment
Proceeds’’).

			
		(vi) 	Principal
Funding Investment Proceeds (including reinvested interest) shall not
be considered part of the amounts on deposit in the Principal Funding
Account (or the Series 2006-2 Principal Funding Ledger or any other
ledger therein) for purposes of the calculations made pursuant to this
Supplement.

		
	5.20 	Reserved, left
intentionally
blank.

		
	5.21 	Reserve
Account

				
		(a) 	(i)	The
Receivables Trustee shall establish and maintain with a Qualified
Institution, in the name of the Receivables Trustee, held on Segregated
Bare Trust for the benefit of the Investor Beneficiary a Trust Account
with such Qualified Institution (the 

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‘‘Reserve
Account’’), bearing a designation clearly
indicating that the funds deposited therein are held on Segregated Bare
Trust for the benefit of the Loan Note Issuer. In addition the
Receivables Trustee shall establish a ledger in the Reserve Account
entitled the ‘‘Series 2006-2 Reserve Account
Ledger’’ and generally operate such ledger in
accordance with the provisions of the Receivables Trust Deed and
Servicing Agreement.

			
		(ii) 	The
Receivables Trustee, as trustee of the Segregated Bare Trust for the
sole benefit of the Loan Note Issuer, shall possess all legal right,
title and interest in all funds on deposit from time to time in the
Reserve Account and in all proceeds thereof. The Reserve Account shall
be a Trust Account for the purposes of the Receivables Trust Deed and
Servicing Agreement and all amounts deposited in the Reserve Account to
the credit of the Series 2006-2 Reserve Account Ledger therein and all
investment earnings on such amounts shall be regarded as being
segregated for the sole benefit of the Loan Note Issuer in respect of
Series 2006-2 and identified for Class A and Class
B.

			
		(iii) 	If at any time the
institution holding the Reserve Account ceases to be a Qualified
Institution the Servicer shall notify the Receivables Trustee, and the
Receivables Trustee upon being notified shall, within 10 Business Days,
establish (or direct the Servicer to establish) a new Reserve Account
meeting the conditions specified above with a Qualified Institution,
and shall transfer any cash or any investments to such new Reserve
Account.

			
		(iv) 	The Receivables
Trustee, acting on the advice of the Servicer, shall (i) make
withdrawals from amounts deposited in the Reserve Account standing to
the credit of the Series 2006-2 Reserve Account Ledger from time to
time in an amount up to the Available Reserve Account Amount at such
time, for the purposes set out in this Supplement, and (ii) on each
Distribution Date (from and after the Reserve Account Funding Date)
prior to termination of the Series 2006-2 Reserve Account Ledger make
deposits in the Reserve Account to the credit of the Series 2006-2
Reserve Account Ledger in the amounts specified in, and otherwise in
accordance with, Clause 5.10(n).

			
		(v) 	The Receivables Trustee at all times
shall maintain (or procure the maintenance of) accurate records
reflecting each transaction in the Reserve Account and the Series
2006-2 Reserve Account Ledger and in any other sub-account or ledger
established
therein.

				
		(b) 	(i)	Funds
on deposit in the Reserve Account standing to the credit of the Series
2006-2 Reserve Account Ledger shall be invested by the Receivables
Trustee acting on the advice of the Servicer in Permitted Investments.
Funds on deposit in the Reserve Account on any Distribution Date, after
giving effect to any withdrawals from the Reserve Account which are
debited to the Series 2006-2 Reserve Account Ledger on such
Distribution Date, shall be invested in such investments that will
mature so that such funds will be available for withdrawal on or prior
to the following Distribution
Date.

			
		(ii) 	The Receivables Trustee
shall ensure a Qualified Institution maintains possession, on its
behalf, of the negotiable instruments or securities, if any, evidencing
such Permitted Investments. No Permitted Investment shall be disposed
of prior to its maturity.

			
		(iii) 	On
each Distribution Date, interest and earnings (net of losses and
investment expenses) accrued since the preceding Distribution Date on
funds on deposit in the Reserve Account which are standing to the
credit of the Series 2006-2 Reserve Account Ledger shall be retained in
the Reserve Account and credited to the Series 

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2006-2 Reserve Account Ledger (to the extent
that the Available Reserve Account Amount is less than the Required
Reserve Amount) and the balance, if any, shall be transferred from the
Series 2006-2 Reserve Account Ledger to the Series 2006-2 Finance
Charge Collections Ledger for application as Available Funds on such
Distribution Date.

			
		(iv) 	For the
purpose of determining the availability of funds or the balance in the
Reserve Account standing to the credit of the Series 2006-2 Reserve
Account Ledger for any reason under this Supplement, except as
otherwise provided in the preceding sentence, investment earnings on
such funds shall be deemed not to be available or on
deposit.

			
		(c) 	On or before each
Distribution Date with respect to the Controlled Accumulation Period
prior to the payment in full of the Investor Interest and, as
applicable, on the first Distribution Date for the Regulated
Amortisation Period or the Rapid Amortisation Period, the Receivables
Trustee shall calculate the ‘‘Reserve Draw
Amount’’ which shall be equal to the Principal
Funding Investment Shortfall with respect to each Distribution Date
with respect to the Controlled Accumulation Period or, as applicable,
the first Distribution Date for the earlier of the Regulated
Amortisation Period and the Rapid Amortisation Period Provided,
however, that such amount will be reduced to the extent that funds
otherwise would be available for deposit (and apart from such reduction
would be required to be deposited) in the Reserve Account and credit to
the Series 2006-2 Reserve Account Ledger under Clause 5.10(n) with
respect to such Distribution
Date.

			
		(i) 	In the event that for any
Distribution Date the Reserve Draw Amount is greater than zero, the
Reserve Draw Amount, up to the Available Reserve Account Amount, shall
be withdrawn from the amount deposited in the Reserve Account standing
to the credit of the Series 2006-2 Reserve Account Ledger on such
Distribution Date by the Receivables Trustee, acting in accordance with
the advice of the Servicer, deposited in the Trustee Collection Account
and credited to the Series 2006-2 Finance Charge Collections Ledger for
application as follows. A portion of such Reserve Draw Amount equal to
the difference between the proportion of Principal Funding Investment
Proceeds transferred from the Principal Funding Account on the relevant
Distribution Date out of the amount credited to the Series 2006-2
Principal Funding Ledger pursuant to Clause 5.19(b)(iii)(A) and the
Class A Covered Amount and the Class B Covered Amount shall be included
in Available Funds for such Distribution
Date.

			
		(d) 	In the event that the
Reserve Account Surplus on any Distribution Date, after giving effect
to all deposits to and withdrawals from the amounts in the Reserve
Account standing to the credit of the Series 2006-2 Reserve Account
Ledger with respect to such Distribution Date, is greater than zero,
the Receivables Trustee acting on the advice of the Servicer shall
transfer from the amounts deposited in the Reserve Account standing to
the credit of the Series 2006-2 Reserve Account Ledger, to the Series
2006-2 Loan Note Issuer Account an amount equal to such Reserve Account
Surplus. the Loan Note Issuer will then pay an amount equal to this
amount to the Receivables Trustee by way of Additional Consideration in
accordance with Part 2, Clauses 3(c) and 6(d)(iii), for the grant of
the Loan Note Issuer's interest in the Receivables Trust
(identified as ‘‘Reserve Account Surplus
Amount’’).

			
		(e) 	Upon
the earliest to occur of:

			
		(i) 	the
termination of the Receivables Trust pursuant to Clause 6.3 or Clause
8;

			
		(ii) 	the first Distribution Date
for the Regulated Amortisation Period or the Rapid Amortisation Period;
and

			
		(iii) 	the Distribution Date
immediately preceding the Series 2006-2 Scheduled Redemption Date,

the Receivables Trustee, acting on the advice of the
Servicer, after the prior payment of all amounts due to Class A and
Class B, that are payable from the amounts deposited in the

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Reserve Account standing to the credit of
the Series 2006-2 Reserve Account Ledger as provided herein, shall
withdraw from the amounts deposited in the Reserve Account standing to
the credit of the Series 2006-2 Reserve Account Ledger and transfer all
amounts, if any, on deposit in the Series 2006-2 Reserve Account Ledger
to the Series 2006-2 Loan Note Issuer Account. the Loan Note Issuer
will then pay an amount equal to this amount to the Receivables Trustee
by way of Additional Consideration in accordance with Part 2, Clauses
3(c) and 6(d)(iii), for the grant of the Loan Note Issuer's
interest in the Receivables Trust (identified as
‘‘Reserve Account Surplus
Amount’’). After this distribution from the
amounts deposited in the Reserve Account standing to the credit of the
Series 2006-2 Reserve Account Ledger has been made, the Series 2006-2
Reserve Account Ledger shall be deemed to have been terminated for the
purposes of this Supplement.

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Part
5

Monthly Statement to Series 2006-2

On or
before each Distribution Date, the Receivables Trustee shall forward to
the Series 2006-2 Investor Beneficiary and each Rating Agency a
statement substantially in the form of Exhibit A to the Schedule
prepared by the Servicer, delivered to the Receivables Trustee and
setting forth, among other things, the following
information:

		
	(i) 	total amount
distributed;

		
	(ii) 	the amount of such
distribution referable to Class A Monthly Principal Amount, Class B
Monthly Principal Amount and Class C Monthly Principal Amount,
respectively;

		
	(iii) 	the amount of such
distribution referable to Trustee Payment Amount, Loan Note Issuer
Costs Amount, Issuer Costs Amount, Monthly Expense Loan Amount, Class A
Monthly Finance Amount, Class A Deficiency Amounts, Class A Additional
Finance Amount, Class B Monthly Finance Amount, Class B Deficiency
Amounts, Class B Additional Finance Amount, Class C Monthly Finance
Amount, Class C Deficiency Amounts and Class C Additional Finance
Amount respectively;

		
	(iv) 	the amount
of Principal Collections processed during the related Monthly Period
and calculated in respect of Class A, Class B and Class C,
respectively;

		
	(v) 	the amount of
Finance Charge Collections processed during the related Monthly Period
and calculated in respect of Class A, Class B and Class C,
respectively;

		
	(vi) 	the portion of the
Investor Acquired Interchange Amount referable to Series 2006-2
deposited in the Trustee Collection Account and to be credited to the
Series 2006-2 Finance Charge Collections Ledger in respect of the
related Monthly Period on the related Distribution
Date;

		
	(vii) 	the aggregate amount of
Principal Receivables, the Series 2006-2 Investor Interest, the
Adjusted Investor Interest, the Class A Investor Interest, the Class A
Adjusted Investor Interest, the Class B Investor Interest, the Class B
Adjusted Investor Interest, the Class C Investor Interest, the Class C
Adjusted Investor Interest, the Floating Investor Percentage, the Class
A Floating Investor Percentage, the Class B Floating Investor
Percentage, the Class C Floating Investor Percentage and (if
applicable) the Fixed Investor Percentage, Class A Fixed Investor
Percentage, the Class B Fixed Investor Percentage and the Class C Fixed
Investor Percentage, in each case with respect to the Principal
Receivables in the Receivables Trust as of the end of the day on the
Record Date;

		
	(viii) 	the aggregate
outstanding balance of Designated Accounts which were 30 to 59, 60 to
89, 90 to 119, 120 to 149 and 150 or more days delinquent as of the end
of the day on the Record
Date;

		
	(ix) 	the Aggregate Investor
Default Amount, the Class A Investor Default Amount, the Class B
Investor Default Amount and the Class C Investor Default Amount for the
related Monthly Period;

		
	(x) 	the
aggregate amount of Class A Investor Charge-Offs, Class B Investor
Charge-Offs and Class C Investor Charge-Offs for the related Monthly
Period;

		
	(xi) 	the aggregate amount of
Class A Investor Charge-Offs, Class B Investor Charge-Offs and Class C
Investor Charge-Offs reinstated (or which would have been reinstated
but for payment of Principal Loss Make-Up (Charge-Off)) on the
Distribution Date immediately preceding such Distribution
Date;

		
	(xii) 	the amount of the Series
Servicing Fee for the related Monthly
Period;

		
	(xiii) 	the Portfolio Yield for
the preceding Monthly Period;

		
	(xiv) 	the amount of Reallocated Class C
Principal Collections with respect to such Distribution
Date;

		
	(xv) 	the amount of Reallocated
Class B Principal Collections with respect to such Distribution
Date;

74

Table of Contents
		
	(xvi) 	the
Available Spread Account Amount and the Required Spread Account Amount
calculated to apply as of the close of business on the Distribution
Date immediately preceding such Distribution
Date;

		
	(xvii) 	the Principal Funding
Account Balance as at the close of business on the Distribution Date
immediately preceding such Distribution Date and the amounts allocated
to Class A, Class B and Class C
therein;

		
	(xviii) 	the Controlled
Accumulation Shortfall;

		
	(xix) 	the
Principal Funding Investment Proceeds transferred to the Trustee
Collection Account for credit to the Series 2006-2 Finance Charge
Collections Ledger on the related Distribution
Date;

		
	(xx) 	the Principal Funding
Investment Shortfall on the related Distribution
Date;

		
	(xxi) 	the amount of Available
Funds to be credited to the Series 2006-2 Finance Charge Collections
Ledger on the related Distribution
Date;

		
	(xxii) 	such other items as are
set out in Exhibit B to this Schedule;

		
	(xxiii) 	the total amount of Additional
Consideration (identifying each item specified in Clause 3(c) of the
Supplement) the Series 2006-2 Investor Beneficiary should pay to the
Receivables Trustee; and

		
	(xxiv) 	the
total amount of Required Retained Principal
Collections.

75

Table of Contents
Part
6

Series 2006-2 Pay Out Events

For the purposes
of Clause 6.2 of the Receivables Trust Deed and Servicing Agreement, if
any one of the following events shall occur with respect to Series
2006-2:

		
	(a) 	failure on the part of the
Transferor (i) to make any payment or deposit required by the terms of
the Receivables Securitisation Deed, on or before the date occurring
five Business Days after being notified after the date such payment or
deposit is required to be made herein or (ii) duly to observe or
perform in any material respect any covenants or agreements of the
Transferor set out in the Receivables Securitisation Deed or this
Series 2006-2 Supplement, which failure has a Material Adverse Effect
on the interests of the Series 2006-2 Investor Beneficiary in respect
of Class A, Class B or Class C and which continues unremedied for a
period of 60 days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to
the Transferor by the Receivables Trustee, or to the Transferor and the
Receivables Trustee by the Series 2006-2 Investor Beneficiary in
respect of Series 2006-2, and which unremedied continues during such 60
day period to have a Material Adverse Effect on the interests of the
Series 2006-2 Investor Beneficiary (in respect of Series 2006-2) for
such period;

		
	(b) 	any representation or
warranty made by the Transferor in the Receivables Securitisation Deed
or this Series 2006-2 Supplement, or any information required to be
delivered by the Transferor pursuant to the Receivables Securitisation
Deed, (i) shall prove to have been incorrect in any material respect
when made or when delivered, which continues to be incorrect in any
material respect for a period of 60 days after the date on which
written notice of such failure, requiring the same to be remedied,
shall have been given to the Transferor by the Receivables Trustee, or
to the Transferor and the Receivables Trustee by the Series 2006-2
Investor Beneficiary and (ii) as a result of which there is a Material
Adverse Effect on the interests of the Series 2006-2 Investor
Beneficiary (in respect of Series 2006-2) and which unremedied
continues during such 60 day period to have a Material Adverse Effect
for such period; Provided, however, that a Series 2006-2 Pay Out
Event pursuant to this paragraph (b) of Part 6 of the Series 2006-2
Supplement shall not be deemed to have occurred hereunder if the
Transferor has complied with its obligations pursuant to Clause 11 of
the Receivables Securitisation Deed, in respect of a breach of
representation in respect of Receivables funded as Eligible
Receivables, if applicable, during such period in accordance with the
provisions of the Receivables Securitisation
Deed;

		
	(c) 	the average Portfolio Yield
for any three consecutive Monthly Periods is less than the average
Expense Rate for such period or with respect to the period from the
Closing Date to the end of the third monthly period from the Closing
Date, the average Portfolio Yield is less than the average Expense Rate
for that
period;

		
	(d) 	either:

			
		(i) 	over
any period of thirty consecutive days the amount of the Transferor
Interest averaged over that period is less than the Minimum Transferor
Interest for that period and the Transferor Interest does not increase
on or before the tenth Business Day following such thirty day period to
an amount such that the average of the Transferor Interest as a
percentage of the Average Principal Receivables for such thirty day
period, computed by assuming that the amount of the increase of the
Transferor Interest prior to or including the last day of such ten
Business Day period, as compared to the Transferor Interest on the last
day of such thirty day period shall be deemed to have existed in the
Receivables Trust during each day of such thirty day period, is at
least equal to the Minimum Transferor Interest
or

			
		(ii) 	on any Record Date the
aggregate amount of Eligible Receivables is less than the Minimum
Aggregate Principal Receivables (as adjusted for any Series having a
Companion Series as described in the Supplement for such Series), and
the aggregate amount of Eligible Receivables fails to increase to an
amount equal to or greater than the Minimum Aggregate Principal
Receivables on or before the tenth Business Day following such Record
Date;

76

Table of Contents
		
	(e) 	any
Servicer Default shall occur which would have a Material Adverse Effect
on the Series 2006-2 Investor Beneficiary (in respect of Series
2006-2); or

		
	(f) 	the Series 2006-2
Investor Interest shall not be reduced to zero on the Series 2006-2
Scheduled Redemption Date

		
	(g) 	an early
termination, without replacement, of any Swap Agreement shall
occur;

		
	(h) 	the Loan Note Issuer has or
will become obligated to deduct or withhold amounts from payments to be
made in respect of the Series 2006-2 Related Debt on any Distribution
Date, for or on account of any tax assessment or other governmental
charge by any jurisdiction as a result of any change in the laws of
such jurisdiction or any political subdivision or taxing authority
thereof which change becomes effective on or after the Closing
Date,

then, in the case of any event described in
paragraphs (a), (b) or (e) above after the applicable grace period set
out in such subparagraphs (if any), either the Receivables Trustee or
the Series 2006-2 Investor Beneficiary by notice then given in writing
to the Transferor and the Servicer (and to the Receivables Trustee if
given by the Investor Beneficiary) may declare that a pay out event (a
‘‘Series 2006-2 Pay Out
Event’’) has occurred as of the date of such
notice. It is hereby acknowledged that the Security Trust Deed provides
that if the Series 2006-2 Investor Beneficiary gives such notice, it
may only do so on the instruction of the Priority Secured Creditor. If
the Receivables Trustee gives such notice it must also give notice to
the Loan Note Issuer. In the case of any event described in paragraphs
(c), (d), (f), (g) or (h) above, a Series 2006-2 Pay Out Event shall
occur without any notice or other action on the part of the Receivables
Trustee or the Series 2006-2 Investor Beneficiary immediately upon the
occurrence of such event.

A Series 2006-2 Pay Out Event
which occurs in respect of paragraphs (c) or (d) is a
‘‘Regulated Amortisation Trigger
Event’’ for Series
2006-2.

77

Table of Contents
EXHIBITS
TO THE SCHEDULE

EXHIBIT A FORM OF MONTHLY
STATEMENT

FORM OF MONTHLY STATEMENT

Series
2006-2

HSBC Bank plc

AS
SERVICER

	
				
	

RECEIVABLES
TRUST

MONTHLY PERIOD
ENDING

[•]

	
				
	

		
	1. 	Capitalised
terms used in this Report have their respective meanings set forth in
the Master Definitions Schedule set out as schedule 6 to a receivables
trust deed and servicing agreement dated on or about 23 May  2006
(the ‘‘RTDSA’’) and any
supplement thereto for a Series Provided, however, that the
‘‘preceding Monthly Period’’
shall mean the Monthly Period immediately preceding the calendar month
in which this Certificate is delivered. This Report is delivered
pursuant to Clause 9.5(b) of the Receivables Trust Deed and Servicing
Agreement.

		
	2. 	HSBC is Servicer under
the Receivables Trust Deed and Servicing Agreement.

		
	3. 	The undersigned is an Authorised
Officer.

		
	4. 	The date of this Report is
a date on or before a Transfer Date under the Receivables Trust Deed
and Servicing Agreement.

Monthly Period
Ending:

Transfer Date:

Distribution
Date:

Next Payment
Date:

78

Table of Contents
Index

				
	Section			Contents
	1			Receivables
Pool Summary Information
	2			Series General
Information
	3			Undivided
Interest
	4			Segregated
Trust
	5			Loan Note
Issuer
	6			Issuer
	7			Investor
Interest and Debt
Amounts
	8			Commentary/Payout
Events
	

Note:    All amounts are in
(pound) sterling unless otherwise
stated.

79

Table of Contents
Section
1

Receivables Pool Summary Information
(1)

				
	 
	1			Aggregate
amount of Eligible Receivables that are Principal Receivables for
Beginning of the Monthly Period
	2			Aggregate
amount of Eligible Receivables that are Finance Charge Receivables for
Beginning of Monthly Period
	3			Aggregate
amount of Principal Collections
processed
	4			Aggregate amount of Finance
Charge Collections (including Acquired
Interchange)
	5			Aggregate amount of Interest
received on Trustee Collections Account and Trustee Investment
Account
	6			Aggregate amount of Investor
Default Amount
	7			Aggregate amount of
Investor Indemnity Amount
	8			Aggregate amount
of outstanding principal balances in the Accounts which were delinquent
as of the end of the day on the last day of the related Monthly
Period
	9			Aggregate amount of Eligible
Receivables that are Principal Receivables for End of Monthly
Period
	10			Aggregate amount of Eligible
Receivables that are Finance Charge Receivables for End of Monthly
Period
	

										
	 
	 			Aggregate
Account
Principal Balance
(pound) 000's			No of
Accounts			Percentage of
Total
Receivables
in
Trust
	(a)30-59
days			 			 			 
	(b)60-89
days			 			 			 
	(c)90-119
days			 			 			 
	(d)120-149
days			 			 			 
	(e)150-
or more
days			 			 			 
	Totals			 			 			 
	

80

Table of Contents
Section 2

Receivables Pool
Summary Information
(2)

							
	 
	Transferor
and Aggregate Investor
Interest			Amount			Percentage
	Transferor
Interest			 			 
	Aggregate
Investor Interest (for analysis — see
below)			 			 
	2006-1 Investor
Interest			 			 
	2006-2 Investor
Interest			 			 
	2006-3 Investor
Interest			 			 
	Etc.			 			 
	Balance
on Trustee Investment
Account			 			 
	Portfolio Minimum Balance
Parameters			Threshold			Passed?
	Minimum
Transferor interest above amount agreed with Rating Agencies for a
period of 30 consecutive
days			[6%]
[2%]			Yes/No

Yes/No
	Minimum Aggregate
Principal Receivables Above
Zero			 			Yes/No
	

81

Table of Contents
Section 2

General
Information

				
	Period
Type			Controlled
Accumulation
	 			 
	

				
	Loan
Note
Rate			Series
2006-2
	Class
A			%
	Class
B			%
	Class
C			%
	

							
	 
	Investor
Percentages			Pre-Addition
Date			Post Addition
Date
	 			Series
2006-2			Series
2006-2
	 			%			%
	Series
Floating
Percentage			 			 
	Class A
Floating
Percentage			 			 
	Class B
Floating
Percentage			 			 
	Class C
Floating
Percentage			 			 
	Series
Fixed Percentage			 			 
	Class A Fixed
Percentage			 			 
	Class B Fixed
Percentage			 			 
	Class C
Fixed
Percentage			 			 
	

				
	Aggregate
amount of Investor Percentage of the Principal
Collections			 
	Aggregate amount of Investor
Percentage of the Finance Charge
Collections			 
	Aggregate amount of Investor
Percentage of the Acquired
Interchange			 
	

	
		
	

Controlled
Accumulation Period (CAP)/Controlled Deposit Amount Series
2006-2

	
		
	

							
	 			Months			Amount
	Original
CAP/Controlled Deposit
Amount			 			 
	Adjustment to
CAP/Controlled Deposit
Amount			 			 
	Revised
CAP/Controlled Deposit
Amount			 			 
	

82

Table of Contents
Section 3

Undivided
Interest

	
		
	

							
	Principal
Collections					2006-2	

	The
aggregate amount of Principal Collections processed during the related
Monthly Period allocable to
Series					 	

	Deduct: Utilised Retained
Principal Collections Amount notionally allocable to Class
C					 	

	Deduct: Utilised Retained
Principal Collections Amount notionally allocable to Class
B					 	

	Deduct: Amount distributed to
Series Principal Collections Ledger in the Segregated
Trust					 	

	Deduct:
Shared Principal
Collections					 	

	Total
= Cash Available for
Investment					 	

	

	
		
	

							
	Finance
Charge Collections (incl. Acquired
Interchange)					2006-2	

	The
aggregate amount of Finance Charge Collections (to include interest on
the Trustee Collections Account and Trustee Investment Account) and
Acquired Interchange allocable to the Series during the related Monthly
Period					 	

	Total
transferred to the Series Collections Account Finance Charge
Collections Ledger in relation to
Series					 	

	

	
		
	

							
	Other					2006-2	

	Investor
Default Amount allocable to
Series					 	

	Investor
Indemnity Amount allocable to
Series					 	

	

83

Table of Contents
Section 4

Segregated Trust
(1)

Principal
Collections

	
		
	

							
	Principal
Collections
Ledger					2006-2	

	Total
amount transferred from Undivided
Interest					 	

	Deficit
relative to Controlled Deposit
Amount					 	

	The
total distribution to Principal Funding Account or to Loan
 Note
Issuer Account in respect
of:					 	

	Class A Monthly
Principal Amount					 	

	Class B
Monthly Principal
Amount					 	

	Class
C Monthly Principal
Amount					 	

	

	
		
	

							
	Funding
Account (Principal
Ledger)					2006-2	

	Balance
brought
forward					 	

	Transfer
this month					 	

	Transfer to Loan Note
Issuer Distribution
Account					 	

	Class A Monthly
Principal Amount					 	

	Class B
Monthly Principal
Amount					 	

	Class
C Monthly Principal
Amount					 	

	Balance
carry
forward					 	

	Deficit
relative to Cumulative Controlled Deposit
Amount					 	

	

84

Table of Contents
Section 4

Segregated Trust
(2)

Finance Charge Collections
(1)

	
		
	

							
	Series
Finance Charge Collection
Ledger					2006-2	

	Finance Charge
Collections (incl. Acquired Interchange) allocable to
Series					 	

	Interest Income on
Accounts					 	

	Income from Principal
Funding Account up to Class A Covered
Amount					 	

	Retained Principal
Collections Amount notionally allocable to Class
B					 	

	Retained Principal Collections
Amount notionally allocable to Class
C					 	

	Transfer from Reserve
Account					 	

	Transfer from Spread
Account					 	

	

	
		
	

							
	Total
Amount of Distribution to be transferred to Finance Funding Account (in
revolving and controlled accumulation Period) or to Loan Note Issuer
Distribution Account (in Regulated or Rapid Amortisation
Period)			Paid
2006-2			Unpaid
2006-2
	Class
A Monthly Finance
Amount			 			 
	Class A
Deficiency Amount			 			 
	Class
A Additional Finance
Amount			 			 
	Class A Monthly
Distribution
Amount			 			 
	Issuer Costs
Amount			 			 
	Class B Monthly
Finance Amount			 			 
	Class B
Deficiency Amount			 			 
	Class
B Additional Finance
Amount			 			 
	Class B Monthly
Distribution
Amount			 			 
	Class C Monthly
Finance Amount			 			 
	Class C
Deficiency Amount			 			 
	Class
C Additional Finance
Amount			 			 
	Class C Monthly
Distribution
Amount			 			 
	Issuer Profit
Amount			 			 
	Trustee Payment
Amount			 			 
	The
total amount of distribution in respect of Trustee Payment Amount for
the related Monthly Period including any amount remaining unpaid in
respect of prior Monthly
Periods			 			 
	

85

Table of Contents
Section 4

Segregated Trust
(3)

Finance Charge Collections
(2)

	
		
	

							
	 			Paid

2006-2			Unpaid
 2006-2
	Total
amount of distribution in respect of Loan Note Issuer Costs Amount for
the Monthly Period including any amount remaining unpaid in respect of
prior Monthly
Periods			 			 
	Total amount of
distribution in respect of Loan Note Issuer Profit for the monthly
period			 			 
	Total amount of
distribution in respect of Servicing Fee Payment Amount for the related
Monthly Period including any amount remaining unpaid in respect of
prior Monthly
Periods			 			 
	Total amount of
distribution in respect of Servicer Fee Payment Amount for the related
Monthly Period including any amount remaining unpaid in respect of
prior Monthly
Periods			 			 
	Payment to cover
Investor Default
Amount			 			 
	Payment to cover
Reduction in Investor Interest (excluding repayments of
principal)			 			 
	Transfer to
Reserve Account			 			 
	Transfer
to Spread
Account			 			 
	Payment in
respect of Investor Indemnity
Amount			 			 
	Payment in
relation to Excess
Spread			 			 
	

	
		
	

							
	Funding
Account (Finance
Ledger)					2006-2	

	Balance brought
forward					 	

	Transfer in this Month
(15th’s Payment)					 	

	Transfer
to Loan Note Issuer Distribution
Account					 	

	Class A Finance
Distribution Amount					 	

	Class
B Finance Distribution
Amount					 	

	Class C Finance
Distribution
Amount					 	

	Balance
carried forward					 	

	

86

Table of Contents
Section 4

Segregated Trust
(4)

Reserve and Spread
Accounts

	
		
	

							
	Reserve
Account					2006-2	

	Required Reserve
Account Amount					 	

	Balance brought
forward					 	

	Transfer in/out this
Month					 	

	Balance
carried forward (Available Reserve Account
Amount)					 	

	

	
		
	

							
	Spread
Account					2006-2	

	Quarterly Excess
Spread Percentage					 	

	Required Spread
Account Amount					 	

	Balance brought
forward					 	

	Transfer in/out this
Month					 	

	Balance
carried forward (Available Spread Account
Amount)					 	

	

87

Table of Contents
Section 5

Loan Note Issuer
Distribution
Account

				
	Receipts
    			2006-2
(pounds)
	Loan
Note Interest			 
	Loan Note
Principal			 
	Investor Trustee
Payment Amount			 
	Issuer & Loan
Note Issuer Cost Amount			 
	Expenses
Loan Interest and Scheduled
Amount			 
	Investor Servicing Fee
Amount			 
	Class A Investor Default
Amount			 
	Class A Investor
Charge-off			 
	Class B Investor
Default Amount			 
	Class B Investor
Charge Off			 
	Class C Investor
Default Amount			 
	Class C Investor
Charge Off			 
	Investor Indemnity
Payment Amount			 
	LN Issuer Return,
Issuer Profit Amount			 
	Expenses
Loan Prepayment Amount			 
	Excess
Finance
Charges			 
	 			 
	Payments			 
	Loan
Note Interest			 
	Loan Note
Principal			 
	Investor Trustee
Payment Amount			 
	3rd Party
Expenses			 
	Issuer Costs
Amount			 
	Additional
Consideration			 
	Monthly Expenses
Loan Amount			 
	Expenses Loan
Prepayment			 
	Issuer Profit
Amount			 
	Further
Interest			 
	 			 
	Net
Movement			 
	Retained Profit (This
Period)			 
	Retained Profit (Prior
Periods)			 
	Other			 
	 			 
	Account
Balance			 
	 			 
	Comments			 
	

88

Table of Contents
Section 6

Issuer
Distribution Account

				
	Receipts
    			2006-2
(pounds)
	Loan Note
Interest			 
	Loan Note
Principal			 
	Issuer
Costs			 
	Excess
Spread			 
	Issuer
Profit			 
	Expenses Loan
Repayment			 
	Expenses Loan
Prepayment			 
	Swap Interest
(USD)			 
	Swap
Principal
(USD)			 
	 			 
	Payments			 
	Swap
Interest			 
	Swap
Principal			 
	Note Interest
(USD)			 
	Note Principal
(USD)			 
	Third party
expenses			 
	Expenses Loan
Repayment			 
	Deferred
Subscription
Price			 
	 			 
	Net
Movement			 
	Retained Profit (This
Period)			 
	Retained Profit (Prior
Periods)			 
	Other			 
	 			 
	Account
Balance			 
	 			 
	Comments			 
	

89

Table of Contents
Section 7

Investor
Interest & Debt Amounts
    
Series
2006-2

													
	Summary
Series Investor Interest and Adjusted Investor
Interest
    
	 			Total			Class
A			Class
B			Class
C
	Initial Investor
Interest			 			 			 			 
	Principal
Payments made to Loan Note
Issuer			 			 			 			 
	Investor
Charge-Offs/Reallocations			 			 			 			 
	Investor
Interest			 			 			 			 
	Series
Collection Account – PC
Ledger			 			 			 			 
	Balance
on Principal Funding Account
(Principal
Ledger)			 			 			 			 
	Adjusted
Investor
Interest			 			 			 			 
	

													
	Loan
Note Debt Amount
    
	 			Total			Class
A			Class
B			Class
C
	Related Debt amount brought
forward			 			 			 			 
	Principal
Payments made to
Issuer			 			 			 			 
	Related
Debt amount carried
forward			 			 			 			 
	

													
	Turquoise
Card Backed Securities Series 2006-2 (USD)
    
	 			Total			Class
A			Class
B			Class
C
	Outstanding Amount brought
forward			 			 			 			 
	Principal
Payments
made			 			 			 			 
	Associated
Debt amount carried
forward			 			 			 			 
	Pool
Factor brought
forward			 			 			 			 
	Pool
Factor carried
forward
    			 			 			 			 
	

90

Table of Contents
Section 8

Pay Out Events
/
Triggers

							
	Portfolio
Yield and Expense
Rate			 			2006-2
    
	Portfolio
Yield for the
Period			 			 
	Expense
Rate			 			 
	Excess
Spread
Rate			 			 
	 			 			 
	Quarterly
Excess Spread			 			 
	Regulated
Amortisation
Trigger			<0%
	Regulated
Amortisation			Yes/No
	 			 			 
	Portfolio
Minimum Balance
Parameters			Threshold			Passed?
    
	Minimum
Transferor interest above amount agreed with			   [•]%			Yes/No
	Rating
Agencies for a period of 30 consecutive
days			   [•]%			Yes/No
	Minimum
Aggregate Principal Receivables Above
Zero			[•]			Yes/No
	 			 			 
	Commentary
    			 			 
	

To
the knowledge of the undersigned, there are no Encumbrances on any
Receivables in the Receivables Trust except as described
below:

[If applicable, insert
‘‘None.’’]

We
confirm that no Trust Pay Out Event, Investor Pay Out Event or Series
Pay Out Event has occurred as at the date
hereof.

91

IN
WITNESS WHEREOF, the undersigned has duly executed this certificate
this              day of                                    ,
                .

		Authorised
Signatory

		HSBC BANK PLC

as
Servicer

		By:                                                                    

		Name:
Title:

92

EXHIBIT B

FORM
OF MONTHLY PAYMENT ADVICE AND NOTIFICATION TO THE
RECEIVABLES
TRUSTEE

RECEIVABLES TRUST SERIES
2006-2

Capitalised terms used in this certificate have
their respective meanings set out in the Master Definitions Schedule
and in the Receivables Trust Deed and Servicing Agreement Provided,
however, that the ‘‘preceding Monthly
Period’’ shall mean the Monthly Period immediately
preceding the calendar month in which this notice is delivered.
References herein to certain Clauses and paragraphs are references to
the respective Clauses and paragraphs of the Receivables Trust Deed and
Servicing Agreement. This certificate is delivered pursuant to Clause
5.9, Clause 5.10, Clause 5.12 and Clause 5.13 of the Receivables Trust
Deed and Servicing Agreement as supplemented by the Series 2006-2
Supplement.

			
		(A) 	HSBC Bank plc is the
Servicer under the Receivables Trust and Cash Management
Agreement.

			
		(B) 	The undersigned is an
Authorised Officer.

			
		(C) 	The date of
this notice is a date on or before a Distribution Date under the
Receivables Trust Deed and Servicing
Agreement.

		
	I. 	ADVICE TO MAKE A
WITHDRAWAL

		
	A. 	From Amounts
Credited to the Series 2006-2 Finance Charge Collections Ledger

Pursuant to Clause 5.10, the Servicer hereby
advises the Receivables Trustee (i) to make a withdrawal from the
Trustee Collection Account on [•], which date is a
Distribution Date under the Receivables Trust Deed and Servicing
Agreement, in an aggregate amount set out below in respect of the
following amounts and (ii) to apply the proceeds of such withdrawal in
accordance with Clause
5.10.

										
	1.			Pursuant
to Clause
5.10(a):			 
	 			(i)			Trustee
Payment
Amount			£                
	 			(ii)			accrued
and unpaid Trustee Payment
Amount			£                
	2.			Pursuant
to Clause
5.10(b):			 
	 			(i)			Loan Note
Issuer Costs
Amount			£                
	 			(ii)			Issuer
Costs
Amount			£                
	3.			Pursuant
to Clause
5.10(c)			 
	 			(i)			Class A
Monthly Finance Amount			£                
	 			(ii)			Class
A Deficiency
Amount			£                
	 			(iii)			Class
A Additional Finance
Amount			£                
	4.			Pursuant
to Clause 5.10(d):
 Monthly Expense Loan
Amount			£                
	5.			Pursuant
to Clause
5.10(e):			 
	 			(i)			Class B
Monthly Finance Amount at the Class B LN Rate on the Class B Debt
Amount			£                
	

93

										
	 			(ii)			Class B
Deficiency
Amount			£                
	 			(iii)			Class
B Additional Finance
Amount			£                
	6.			Pursuant
to Clause
5.10(f):			 
	 			(i)			Series
Servicing
Fee			£                
	 			(ii)			Accrued
and unpaid Series Servicing
Fee			£                
	7.			Pursuant
to Clause 5.10(g):			 
	 			Class A
Investor Default
Amount			£                
	8.			Pursuant
to Clause 5.10(h):			 
	 			Class A
Investor
Charge-Offs			£                
	9.			Pursuant
to Clause 5.10(i):			 
	 			Class B
Investor Default
Amount			£                
	10.			Pursuant
to Clause 5.10(j):			 
	 			Class B
Investor
Charge-Offs			£                
	11.			Pursuant
to Clause
5.10(k):			 
	 			(a)			Class C
Monthly Finance Amount			£                
	 			(b)			Class
C Deficiency
Amount			£                
	 			(c)			Class
C Additional Finance
Amount			£                
	12.			Pursuant
to Clause 5.10(l)			 
	 			Class C
Investor Default
Amount			£                
	13.			Pursuant
to Clause 5.10(m):			 
	 			an
amount equal to the aggregate amount by which the Class C Investor
Interest has been reduced below the Class C Initial Investor Interest
for reasons other than the payment of principal amounts to Class C (but
not in excess of the aggregate amount of such reductions which have not
been previously reinstated) will be utilised to reinstate the Class C
Investor Interest and credited to the Series 2006-2 Loan Note Issuer
Account, identified for Class C, on such Distribution
Date;			£                
	14.			Pursuant
to Clause 5.10(n):			 
	 			An
amount up to the excess, if any, of the Required Reserve Amount over
the Available Reserve Account
Amount			£                
	15.			Pursuant
to Clause 5.10(o):			 
	 			An
amount up to the excess, if any, of the Required Spread Account Amount
over the Available Spread Account
Amount			£                
	

94

										
	16.			Pursuant
to Clause 5.10(p):			 
	 			an
amount equal to the Aggregate Investor Indemnity Amount, if any, for
the prior Monthly Period (together with any amounts in respect of
previous Monthly Periods which are
unpaid);			£                
	17.			Pursuant
to Clause 5.10(q):			 
	 			In no
order of priority but in proportion to the respective amounts due, an
amount to:			 
	 			(a)			the Loan
Note Issuer
Return			£                
	 			(b)			The
Issuer Profit
Amount			£                
	18.			Pursuant
to Clause
5.10(r):			 
	 			Additional amounts
calculated as payable in accordance with the Expenses Loan
Agreement			£                
	19.			Pursuant
to Clause 5.10(s):			 
	 			Excess
Spread			£                
	

		
	B. 	From
amounts credited to the Series 2006-2 Principal Collections
Ledger

Pursuant to Clause 5.11 the Servicer hereby
advises the Receivables Trustee (i) to make a withdrawal from amounts
of Undivided Bare Trust Property credited to the Series 2006-2
Principal Collections Ledger in the Trustee Collection Account on
[•], which is a Distribution Date under the
Receivables Trust Deed and Servicing Agreement, in an aggregate amount
set out below in respect of the following amounts and (ii) to apply the
proceeds of such withdrawal in accordance with Clause
5.11.

							
	1.			Pursuant
to Clause 5.11(a)(i)			 
	 			Amount to be
treated as Shared Principal
Collections			£                
	2.			Pursuant
to Clause 5.11(a)(ii)			 
	 			Amount
remaining from preceding Monthly Period to be applied as Cash Available
for
Investment			£                
	3.			Pursuant
to Clause 5.11(b)(i):			 
	 			Class A
Monthly Principal
Amount			£                
	4.			Pursuant
to Clause 5.11(b)(ii):			 
	 			Class B
Monthly Principal
Amount			£                
	5.			Pursuant
to Clause 5.11(b)(iii):			 
	 			Class C
Monthly Principal
Amount			£                
	

		
	C 	From
amounts credited to the Spread Account pursuant to Clause 5.18(d)(ii)

The Servicer hereby advises the Receivables
Trustee to make a withdrawal from amounts credited to the Spread
Account on [•] which date is a Distribution Date under
the Receivables Trust Deed and Servicing Agreement, in an aggregate
amount as set out in paragraph 3 below and shall deposit 

95

such amount in the Trustee Collection Account
to the credit of the Series 2006-2 Finance Charge Collections
Ledger:

							
	1.			The
amount up to the Available Spread Account Amount at such time for the
purposes set out in Clause 5.10(k) to the extent necessary after
applying Available
Funds			£                
	2.			On
the Class C Release Date, an amount up to the Available Spread Account
Amount equal to the excess, if any, of the Class C Debt Amount over the
Class C Investor
Interest			£                
	3.			The
aggregate of 1 and 2. (the ‘‘Total Withdrawal
Amount’’)			£                
	

		
	D. 	From
amounts credited to the Series 2006-2 Principal Funding
Ledger

The Servicer hereby advises the Receivables
Trustee (i) to make a withdrawal from amounts credited to the Series
2006-2 Principal Funding Ledger of the Principal Funding Account on
[•] which date is a Distribution Date under the
Receivables Trust Deed and Servicing Agreement, in the amount as set
out below and (ii) to apply the proceeds of such withdrawal in
accordance with Clause 5.11(c), Clause 5.11(d) and Clause 5.11(e) by
depositing such amount into the Series 2006-2 Loan Note Issuer
Account.

							
	1.			Pursuant
to 5.11 (c):			 
	 			Amount to be credited to
the Series 2006-2 Loan Note Issuer Account identified for
 Class
A.			£                
	2.			Pursuant
to 5.11 (d)			 
	 			Amount to be credited
to the Series 2006-2 Loan Note Issuer Account, identified
 for
Class
B.			£                
	3.			Pursuant
to 5.11 (e):			 
	 			Amount to be credited
to the Series 2006-2 Loan Note Issuer Account, identified
 for
Class
C.			£                
	

		
	E. 	Intentionally
Reserved

		
	II 	ACCRUED AND UNPAID
AMOUNTS

After giving effect to the withdrawals and
transfers to be made in accordance with this notice, the following
amounts will be accrued and unpaid with respect to all Monthly Periods
preceding the current calendar month

96

										
	A.			Clause
5.10			 
	 			The aggregate amount
of all accrued Trustee Payment
Amounts			£                
	 			(i)			The
aggregate amount of all accrued or unpaid Loan Note Issuer Costs
Amounts			£                
	 			(ii)			The
aggregate amount of all accrued and unpaid Issuer Costs
Amounts			£                
	 			(iii)			The
aggregate amount of all Deficiency
Amounts			£                
	 			(iv)			The
aggregate amount of all accrued and unpaid Monthly Expense Loan
Amount			£                
	 			(v)			The
aggregate amount of all accrued and unpaid Investor Servicing Fee
Amount			£                
	 			(vi)			The
aggregate amount of all unreinstated Investor
Charge-offs			£                
	 			(vii)			The
aggregate amount of all accrued and unpaid Aggregate Investor Indemnity
Amounts allocable to Series
2006-2			£                
	

IN
WITNESS WHEREOF, the undersigned has duly executed this certificate
this [     ] day of
[      ],
[                ]

		HSBC Bank
plc

		By:                                                

		Name:    

		Title:    

97

Table of Contents
EXECUTION

				
	Receivables
Trustee			 
	EXECUTED as a Deed
by			)  /s/ MICHAEL
ROBINSON
	TURQUOISE
RECEIVABLES			)    Alternate
Director
	TRUSTEE
LIMITED			)
	 			)
	

Address
for Service

Clifford Chance Secretaries
Limited
10 Upper Bank Street,
London E14
5JJ

Transferor Beneficiary, Transferor and
Servicer

				
	EXECUTED
as a deed			)
	By			)  /s/
RICHARD BLACKBURN
	acting as
attorney			)
	for and on behalf
of			)
	HSBC BANK
PLC			)
	in the presence
of:			)
	

				
	Signature
of witness:			/s/ LINDSEY
HAIG
	Name of
witness:			Lindsey
Haig
	Address:			6 Wiltshire House, 2
Maidstone Buildings Mews, London, SE1
1GH
	Occupation:			Solicitor
	

the
Loan Note Issuer and Series 2006-2 Investor
Beneficiary

				
	EXECUTED
as a Deed by			)
	TURQUOISE FUNDING 1
LIMITED			)  /s/ MICHAEL
ROBINSON
	 			)    Alternate
Director
	

Address for
Service

Clifford Chance Secretaries
Limited
10 Upper Bank Street,
London E14
5JJ

98

Table of Contents
the Dormant Investor
Beneficiary

				
	EXECUTED
as a Deed by			)
	TURQUOISE FUNDING 2
LIMITED			)  /s/ MICHAEL
ROBINSON
	 			)    Alternate
Director
	

Address for
Service

Clifford Chance Secretaries
Limited
10 Upper Bank Street,
London E14
5JJ

99

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