Document:

(Euro Currency Swap)
(Multicurrency - Cross Border)

                                      ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                           dated as of September 2002

[____________] ("Party A") and The Bank of New York (the "Note Trustee") and
Granite Mortgages 02-2 plc ("Party B).

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows: --

1. INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2. OBLIGATIONS

(a) GENERAL CONDITIONS.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other applicable condition precedent specified in this Agreement.

       Copyright (C) 1992 by International Swap Dealers Association, Inc.

<PAGE>

(b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) NETTING. IF on any date amounts would otherwise be payable:

      (i) in the same currency; and

      (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d) DEDUCTION OR WITHHOLDING FOR TAX.

      (i) GROSS-UP. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will: --

            (1) promptly notify the other party ("Y") OF such requirement;

            (2) pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3) promptly forward to Y an official receipt (or a certified copy),
            or other documentation reasonably acceptable to Y, evidencing such
            payment to such authorities; and

            (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount as is necessary to ensure that the net amount
            actually received by Y (free and clear of Indemnifiable Taxes,
            whether assessed against X or Y) will equal the full amount Y would
            have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent that it would not be required to be paid but for:

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

                                       2                            ISDA(R) 1992

<PAGE>

      (ii) LIABILITY. If: --

            (1) X is required by any applicable law, as modified by the practice
            of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2) X does not so deduct or withhold; and

            (3) a liability resulting from such Tax is assessed directly against
            X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e) DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3. REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that: --

(a) BASIC REPRESENTATIONS.

      (i) STATUS. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii) POWERS. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv) CONSENTS. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors'rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

                                       3                            ISDA(R) 1992

<PAGE>

(b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4. Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party: --

(a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs: --

      (i) any forms, documents or certificates relating to taxation specified in
      the Schedule or any Confirmation;

      (ii) any other documents specified in the Schedule or any Confirmation;
      and

      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                       4                            ISDA(R) 1992

<PAGE>

organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5. EVENTS OF DEFAULT AND TERMINATION EVENTS

(a) EVENTS OF DEFAULT. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party: --

      (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due, any
      payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
      required to be made by it if such failure is not remedied on or before the
      third Local Business Day after notice of such failure is given to the
      party;

      (ii) BREACH OF AGREEMENT. Failure by the party to comply with or perform
      any agreement or obligation (other than an obligation to make any payment
      under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
      notice of a Termination Event or any agreement or obligation under Section
      4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
      in accordance with this Agreement if such failure is not remedied on or
      before the thirtieth day after notice of such failure is given to the
      party;

      (iii) CREDIT SUPPORT DEFAULT.

            (1) Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2) the expiration or termination of such Credit Support Document or
            the failing or ceasing of such Credit Support Document to be in full
            force and effect for the purpose of this Agreement (in either case
            other than in accordance with its terms) prior to the satisfaction
            of all obligations of such party under each Transaction to which
            such Credit Support Document relates without the written consent of
            the other party; or

            (3) the party or such Credit Support Provider disaffirms, disclaims,
            repudiates or rejects, in whole or in part, or challenges the
            validity of, such Credit Support Document;

      (iv) MISREPRESENTATION. A representation (other than a representation
      under Section 3(c) or (f)) made or repeated or deemed to have been made or
      repeated by the party or any Credit Support Provider of such party in this
      Agreement or any Credit Support Document proves to have been incorrect or
      misleading in any material respect when made or repeated or deemed to have
      been made or repeated;

      (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party
      (1) defaults under a Specified Transaction and, after giving effect to any
      applicable notice requirement or grace period, there occurs a liquidation
      of, an acceleration of obligations under, or an early termination of, that
      Specified Transaction, (2) defaults, after giving effect to any applicable
      notice requirement or grace period, in making any payment or delivery due
      on the last payment, delivery or exchange date of, or any payment on early
      termination of, a Specified Transaction (or such default continues for at
      least three Local Business Days if there is no applicable notice
      requirement or grace period) or (3) disaffirms, disclaims, repudiates or
      rejects, in whole or in part, a Specified Transaction (or such action is
      taken by any person or entity appointed or empowered to operate it or act
      on its behalf);

      (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of (1) a default, event
      of default or other similar condition or event (however

                                       5                            ISDA(R) 1992

<PAGE>

      described) in respect of such party, any Credit Support Provider of such
      party or any applicable Specified Entity of such party under one or more
      agreements or instruments relating to Specified Indebtedness of any of
      them (individually or collectively) in an aggregate amount of not less
      than the applicable Threshold Amount (as specified in the Schedule) which
      has resulted in such Specified Indebtedness becoming, or becoming capable
      at such time of being declared, due and payable under such agreements or
      instruments, before it would otherwise have been due and payable or (2) a
      default by such party, such Credit Support Provider or such Specified
      Entity (individually or collectively) in making one or more payments on
      the due date thereof in an aggregate amount of not less than the
      applicable Threshold Amount under such agreements or instruments (after
      giving effect to any applicable notice requirement or grace period);

      (VII) BANKRUPTCY. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party: --

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4) institutes or has instituted against it a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation, and, in the case of any such proceeding or petition
            instituted or presented against it, such proceeding or petition (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for relief or the making of an order for its winding-up or
            liquidation or (B) is not dismissed, discharged, stayed or
            restrained in each case within 30 days of the institution or
            presentation thereof, (5) has a resolution passed for its
            winding-up, official management or liquidation (other than pursuant
            to a consolidation, amalgamation or merger); (6) seeks or becomes
            subject to the appointment of an administrator, provisional
            liquidator, conservator, receiver, trustee, custodian or other
            similar official for it or for all or substantially all its assets;
            (7) has a secured party take possession of all or substantially all
            its assets or has a distress, execution, attachment, sequestration
            or other legal process levied, enforced or sued on or against all or
            substantially all its assets and such secured party maintains
            possession, or any such process is not dismissed, discharged, stayed
            or restrained, in each case within 30 days thereafter; (8) causes or
            is subject to any event with respect to it which, under the
            applicable laws of any jurisdiction, has an analogous effect to any
            of the events specified in clauses (1) to (7) (inclusive); or (9)
            takes any action in furtherance of, or indicating its consent to,
            approval of, or acquiescence in, any of the foregoing acts; or

      (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
      of such party consolidates or amalgamates with, or merges with or into, or
      transfers all or substantially all its assets to, another entity and, at
      the time of such consolidation, amalgamation, merger or transfer: --

            (1) the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party by operation of law or pursuant to an
            agreement reasonably satisfactory to the other party to this
            Agreement; or

            (2) the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b) TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                       6                            ISDA(R) 1992

<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:

      (i) ILLEGALITY. Due to the adoption of, or any change in, any applicable
      law after the date on which a Transaction is entered into, or due to the
      promulgation of, or any change in, the interpretation by any court,
      tribunal or regulatory authority with competent jurisdiction of any
      applicable law after such date, it becomes unlawful (other than as a
      result of a breach by the party of Section 4(b)) for such party (which
      will be the Affected Party): --

            (1) to perform any absolute or contingent obligation to make a
            payment or delivery or to receive a payment or delivery in respect
            of such Transaction or to comply with any other material provision
            of this Agreement relating to such Transaction; or

            (2) to perform, or for any Credit Support Provider of such party to
            perform, any contingent or other obligation which the party (or such
            Credit Support Provider) has under any Credit Support Document
            relating to such Transaction;

      (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, on or after the date on
      which a Transaction is entered into (regardless of whether such action is
      taken or brought with respect to a party to this Agreement) or (y) a
      Change in Tax Law, the party (which will be the Affected Party) will, or
      there is a substantial likelihood that it will, on the next succeeding
      Scheduled Payment Date (1) be required to pay to the other party an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount is required to be
      deducted or withheld for or on account of a Tax (except in respect of
      interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the next
      succeeding Scheduled Payment Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount has been deducted or
      withheld for or on account of any Indemnifiable Tax in respect of which
      the other party is not required to pay an additional amount (other than by
      reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
      party consolidating or amalgamating with, or merging with or into, or
      transferring all or substantially all its assets to, another entity (which
      will be the Affected Party) where such action does not constitute an event
      described in Section 5(a)(viii);

      (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, such party ("X"), any Credit
      Support Provider of X or any applicable Specified Entity of X consolidates
      or amalgamates with, or merges with or into, or transfers all or
      substantially all its assets to, another entity and such action does not
      constitute an event described in Section 5(a)(viii) but the
      creditworthiness of the resulting, surviving or transferee entity is
      materially weaker than that of X, such Credit Support Provider or such
      Specified Entity, as the case may be, immediately prior to such action
      (and, in such event, X or its successor or transferee, as appropriate,
      will be the Affected Party); or

      (v) ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event" is
      specified in the Schedule or any Confirmation as applying, the occurrence
      of such event (and, in such event, the Affected Party or Affected Parties
      shall be as specified for such Additional Termination Event in the
      Schedule or such Confirmation).

(c) EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                       7                            ISDA(R) 1992

<PAGE>

6. EARLY TERMINATION

(a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

      (i) NOTICE. If a Termination Event occurs, an Affected Party will,
      promptly upon becoming aware of it, notify the other party, specifying the
      nature of that Termination Event and each Affected Transaction and will
      also give such other information about that Termination Event as the other
      party may reasonably require.

      (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
      Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
      Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
      Affected Party, the Affected Party will, as a condition to its right to
      designate an Early Termination Date under Section 6(b)(iv), use all
      reasonable efforts (which will not require such party to incur a loss,
      excluding immaterial, incidental expenses) to transfer within 20 days
      after it gives notice under Section 6(b)(i) all its rights and obligations
      under this Agreement in respect of the Affected Transactions to another of
      its Offices or Affiliates so that such Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1) or a
      Tax Event occurs and there are two Affected Parties, each party will use
      all reasonable efforts to reach agreement within 30 days after notice
      thereof is given under Section 6(b)(i) on action to avoid that Termination
      Event.

      (iv) RIGHT TO TERMINATE. If: --

            (1) a transfer under Section 6(b)(ii) or an agreement under Section
            6(b)(iii), as the case may be, has not been effected with respect to
            all Affected Transactions within 30 days after an Affected Party
            gives notice under Section 6(b)(i); or

            (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
            Merger or an Additional Termination Event occurs, or a Tax Event
            Upon Merger occurs and the Burdened Party is not the Affected Party,

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then

                                       8                            ISDA(R) 1992

<PAGE>

      continuing, designate a day not earlier than the day such notice is
      effective as an Early Termination Date in respect of all Affected
      Transactions.

(c) EFFECT OF DESIGNATION.

      (i) If notice designating an Early Termination Date is given under Section
      6(a) or (b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii) Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
      respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date shall be
      determined pursuant to Section 6(e).

(d) CALCULATIONS.

      (i) STATEMENT. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including all relevant quotations and specifying any
      amount payable under Section 6(e)) and (2) giving details of the relevant
      account to which any amount payable to it is to be paid. In the absence of
      written confirmation from the source of a quotation obtained in
      determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of
      such quotation.

      (ii) PAYMENT DATE. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated or occurs as a result of an Event of
      Default) and on the day which is two Local Business Days after the day on
      which notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated as a result of a Termination Event).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in the
      Termination Currency, from (and including) the relevant Early Termination
      Date to (but excluding) the date such amount is paid, at the Applicable
      Rate. Such interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed.

(e) PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

      (i) EVENTS OF DEFAULT. If the Early Termination Date results from an Event
      of Default: --

            (1) First Method and Market Quotation. If the First Method and
            Market Quotation apply, the Defaulting Party will pay to the
            Non-defaulting Party the excess, if a positive number, of (A) the
            sum of the Settlement Amount (determined by the Non-defaulting
            Party) in respect of the Terminated Transactions and the Termination
            Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party over (B) the Termination Currency Equivalent of
            the Unpaid Amounts owing to the Defaulting Party.

            (2) First Method and Loss. If the First Method and Loss apply, the
            Defaulting Party will pay to the Non-defaulting Party, if a positive
            number, the Non-defaulting Party's Loss in respect of this
            Agreement.

            (3) Second Method and Market Quotation. If the Second Method and
            Market Quotation apply, an amount will be payable equal to (A) the
            sum of the Settlement Amount (determined by the

                                       9                            ISDA(R) 1992

<PAGE>

            Non-defaulting Party) in respect of the Terminated Transactions and
            the Termination Currency Equivalent of the Unpaid Amounts owing to
            the Non-defaulting Party less (B) the Termination Currency
            Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
            that amount is a positive number, the Defaulting Party will pay it
            to the Non-defaulting Party; if it is a negative number, the
            Non-defaulting Party will pay the absolute value of that amount to
            the Defaulting Party.

            (4) Second Method and Loss. If the Second Method and Loss apply, an
            amount will be payable equal to the Non-defaulting Party's Loss in
            respect of this Agreement. If that amount is a positive number, the
            Defaulting Party will pay it to the Non-defaulting Party; if it is a
            negative number, the Non-defaulting Party will pay the absolute
            value of that amount to the Defaulting Party.

      (ii) TERMINATION EVENTS. If the Early Termination Date results from a
      Termination Event: --

            (1) One Affected Party. If there is one Affected Party, the amount
            payable will be determined in accordance with Section 6(e)(i)(3), if
            Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
            except that, in either case, references to the Defaulting Party and
            to the Non-defaulting Party will be deemed to be references to the
            Affected Party and the party which is not the Affected Party,
            respectively, and, if Loss applies and fewer than all the
            Transactions are being terminated, Loss shall be calculated in
            respect of all Terminated Transactions.

            (2) Two Affected Parties. If there are two Affected Parties: --

                  (A) if Market Quotation applies, each party will determine a
                  Settlement Amount in respect of the Terminated Transactions,
                  and an amount will be payable equal to (I) the sum of (a)
                  one-half of the difference between the Settlement Amount of
                  the party with the higher Settlement Amount ("X") and the
                  Settlement Amount of the party with the lower Settlement
                  Amount ("Y") and (b) the Termination Currency Equivalent of
                  the Unpaid Amounts owing to X less (II) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to Y; and

                  (B) if Loss applies, each party will determine its Loss in
                  respect of this Agreement (or, if fewer than all the
                  Transactions are being terminated, in respect of all
                  Terminated Transactions) and an amount will be payable equal
                  to one-half of the difference between the Loss of the party
                  with the higher Loss ("X") and the Loss of the party with the
                  lower Loss ("Y").

            If the amount payable is a positive number, Y will pay it to X; if
            it is a negative number, X will pay the absolute value of that
            amount to Y.

      (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
      Termination Date occurs because "Automatic Early Termination" applies in
      respect of a party, the amount determined under this Section 6(e) will be
      subject to such adjustments as are appropriate and permitted by law to
      reflect any payments or deliveries made by one party to the other under
      this Agreement (and retained by such other party) during the period from
      the relevant Early Termination Date to the date for payment determined
      under Section 6(d)(ii).

      (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies an
      amount recoverable under this Section 6(e) is a reasonable pre-estimate of
      loss and not a penalty. Such amount is payable for the loss of bargain and
      the loss of protection against future risks and except as otherwise
      provided in this Agreement neither party will be entitled to recover any
      additional damages as a consequence of such losses.

                                       10                           ISDA(R) 1992

<PAGE>

7. TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that: --

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. CONTRACTUAL CURRENCY

(a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the contractual currency payable in respect of this
agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                       11                           ISDA(R) 1992

<PAGE>

9. MISCELLANEOUS

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) COUNTERPARTS AND CONFIRMATIONS.

      (i) This Agreement (and each amendment, modification and waiver in respect
      of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

      (ii) The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation shall he entered into as soon as practicable
      and may he executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes or by an exchange of
      electronic messages on an electronic messaging system, which in each case
      will be sufficient for all purposes to evidence a binding supplement to
      this Agreement. The parties will specify therein or through another
      effective means that any such counterpart, telex or electronic message
      constitutes a Confirmation.

(f) NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10. OFFICES; MULTIBRANCH PARTIES

(a) if Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) if a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11. EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                       12                           ISDA(R) 1992

<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12. NOTICES

(a) EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated: --

      (i) if in writing and delivered in person or by courier, on the date it is
      delivered;

      (ii) if sent by telex, on the date the recipient's answerback is received;

      (iii) if sent by facsimile transmission, on the date that transmission is
      received by a responsible employee of the recipient in legible form (it
      being agreed that the burden of proving receipt will be on the sender and
      will not be met by a transmission report generated by the sender's
      facsimile machine);

      (iv) if sent by certified or registered mail (airmail, if overseas) or the
      equivalent (return receipt requested), on the date that mail is delivered
      or its delivery is attempted; or

      (v) if sent by electronic messaging system, on the date that electronic
      message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13. GOVERNING LAW AND JURISDICTION

(a) GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) JURISDICTION. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:

      (i) submits to the jurisdiction of the English courts, if this Agreement
      is expressed to be governed by English law, or to the non-exclusive
      jurisdiction of the courts of the State of New York and the United States
      District Court located in the Borough of Manhattan in New York City, if
      this Agreement is expressed to be governed by the laws of the State of New
      York; and

      (ii) waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                       13                           ISDA(R) 1992

<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14. DEFINITIONS

As used in this Agreement: --

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means: --

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                       14                           ISDA(R) 1992

<PAGE>

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" WILL be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                       15                           ISDA(R) 1992

<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of. --

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meanings specified in the Schedule.

                                       16                           ISDA(R) 1992

<PAGE>

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Tenninated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                       17                           ISDA(R) 1992

<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

                                                   Granite Mortgages 02-2 plc,
    [_________], being Party A                            being Party B
---------------------------------------        ---------------------------------
         (Name of Party)                                 (Name of Party)

By: ...................................        By: .............................
    Name:                                          Name:
    Title:                                         Title:
    Date:                                          Date:

The Bank of New York,
being the Note Trustee

........................................
   (Name of Party)

By:....................................
    Name:
    Title:
    Date:

                                       18                           ISDA(R) 1992

<PAGE>

                                                      SABW DRAFT 1- 22 JULY 2002
                                                        (SERIES 2 CLASS A NOTES)

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT

                      dated as of [______] September, 2002

between

(1)     [______________________________] ("PARTY A");

(2)     GRANITE MORTGAGES 02-2 plc ("PARTY B"); and

(3)     THE BANK OF NEW YORK (the "NOTE TRUSTEE", which expression shall include
        its successors and assigns and which has agreed to become a party to
        this Agreement solely for the purpose of taking the benefit of Parts
        5(c) and (h) of the Schedule to this Agreement).

Part 1. TERMINATION PROVISIONS.

(a)     "Specified Entity" means in relation to Party A for the purpose of:-

        Section 5(a)(v), none

        Section 5(a)(vi), none

        Section 5(a)(vii), none

        Section 5(b)(iv), none

        and in relation to Party B for the purpose of:-

        Section 5(a)(v), none

        Section 5(a)(vi), none

        Section 5(a)(vii), none

        Section 5(b)(iv), none

(b)     "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

(c)     The "CROSS DEFAULT" provisions of Section 5(a)(vi) will not apply to
        Party A and will not apply to Party B.

                                       1
<PAGE>

(d)     The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
        apply to Party A and will not apply to Party B.

(e)     The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not
        apply to Party A and will not apply to Party B.

(f)     PAYMENTS ON EARLY TERMINATION. For the purposes of Section 6(e) of this
        Agreement:-

        (i)     Market Quotation will apply.

        (ii)    The Second Method will apply.

(g)     "TERMINATION CURRENCY" means Sterling.

Part 2. TAX REPRESENTATIONS

(a)     PAYER REPRESENTATIONS. For the purpose of Section 3(e) of this
        Agreement, Party A and Party B will each make the following
        representation:

        It is not required by any applicable law, as modified by the practice of
        any relevant governmental revenue authority, of any Relevant
        Jurisdiction to make any deduction or withholding for or on account of
        any Tax from any payment (other than interest under Section 2(e),
        6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party
        under this Agreement. In making this representation, it may rely on (i)
        the accuracy of any representations made by the other party pursuant to
        Section 3(f) of this Agreement, (ii) the satisfaction of the agreement
        of the other party contained in Section 4(a)(i) or 4(a)(iii) of this
        Agreement and the accuracy and effectiveness of any document provided by
        the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
        Agreement and (iii) the satisfaction of the agreement of the other party
        contained in Section 4(d) of this Agreement, provided that it shall not
        be a breach of this representation where reliance is placed on clause
        (ii) and the other party does not deliver a form or document under
        Section 4(a)(iii) by reason of material prejudice to its legal or
        commercial position.

(b)     PAYEE REPRESENTATIONS. For the purposes of Section 3(f) of the
        Agreement, Party A makes the representation specified below (the
        "ADDITIONAL TAX REPRESENTATION"):-

        (i)     it is a party to each Transaction solely for the purposes of a
                trade (or part of a trade) carried on by it in the United
                Kingdom through a branch or agency; or

        (ii)    it is resident in the United Kingdom or in a jurisdiction with
                which the United Kingdom has a double tax treaty which makes
                provision, whether for relief or otherwise, in relation to
                interest.

(c)     ADDITIONAL TERMINATION EVENT. The Additional Tax Representation proves
        to have been incorrect or misleading in any material respect with
        respect to one or more Transactions (each an "Affected Transaction" for
        the purposes of this Additional Termination Event) when made or repeated
        or deemed to have been made or repeated. The Affected Party shall be
        Party A only.

                                       2
<PAGE>

Part 3. AGREEMENT TO DELIVER DOCUMENTS

        For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each
        party agrees to deliver the following documents, as applicable:-

(a)     Tax forms, documents or certificates to be delivered are:-

        PARTY REQUIRED TO DELIVER      FORM/DOCUMENT/       DATE BY WHICH TO BE
        DOCUMENT                       CERTIFICATE          DELIVERED

                                       None

(b)     Other documents to be delivered are:-

<TABLE>
<CAPTION>

        PARTY REQUIRED                                                              COVERED BY
        TO DELIVER          FORM/DOCUMENT/                 DATE BY WHICH            SECTION 3(D)
        DOCUMENT            CERTIFICATE                    TO BE DELIVERED          REPRESENTATION
<S>     <C>                 <C>                            <C>                      <C>
        Party A and         Appropriate                    On signing of            Yes
        Party B             evidence of                    this Agreement
                            its signatory's
                            authority

        Party B             Certified copy of              On signing of this       Yes
                            board resolution               Agreement

        Party A             Legal opinion of the           On signing of            No
                            counsel to Party A             this Agreement
                            in form and substance
                            satisfactory to Party B

        Party B             Legal opinion of the           On signing of            No
                            counsel to Party B             this Agreement
                            in form and substance
                            satisfactory to Party A
</TABLE>

                                       3

<PAGE>

Part 4. MISCELLANEOUS

(a)     ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this
        Agreement:-

        Address for notices or communications to Party A:-

        Address:                   [__________]

        Attention:                 [__________]

        Facsimile No.:             [__________]

        Address for notices or communications to Party B:-

        Address:            Granite Mortgages 02-2 plc
                            Fifth Floor
                            100 Wood Street
                            London
                            EC2V 7EX

        With a copy to:     Northern Rock plc
                            Northern Rock House
                            Gosforth
                            Newcastle upon Tyne
                            NE3 4PL

        Attention:          Keith M. Currie

        Facsimile No.:      0191 279 4694

        With a copy to the Note Trustee:-

        Address:           The Bank of New York
                           One Canada Square
                           48th Floor
                           London
                           E14 5AL

        Attention:         Corporate Trust (Global Structured Finance)

        Facsimile No.:     020 7964 6061

(b)     PROCESS AGENT. For this purpose of Section 13(c) of this Agreement:-

        Party A appoints as its Process Agent: none.

        Party B appoints as its Process Agent: none.

                                       4
<PAGE>

(c)     OFFICES. The provisions of Section 10(a) will apply to this Agreement.

(d)     MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:-

        Party A [is/is not] a Multibranch Party [and may act through the
        following offices: London].

        Party B is not a Multibranch Party.

(e)     CALCULATION AGENT. The Calculation Agent shall be as specified in each
        Confirmation.

(f)     CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:-

        In respect of Party A: None.

        In respect of Party B: The Current Issuer Deed of Charge.

(g)     CREDIT SUPPORT PROVIDER.

        Credit Support Provider means, in relation to Party A, none.

        Credit Support Provider means, in relation to Party B, none.

(h)     GOVERNING LAW. This Agreement will be governed by and construed in
        accordance with English law.

(i)     "AFFILIATE" will have the meaning specified in Section 14 of this
        Agreement.

Part 5. OTHER PROVISIONS

(a)     DEFINITIONS AND INTERPRETATION

        (i)     The definitions and provisions contained in the 2000 ISDA
                Definitions as published by the International Swaps and
                Derivatives Association, Inc. (the "DEFINITIONS") are
                incorporated by reference herein. Any terms used and not
                otherwise defined herein which are contained in the Definitions
                shall have the meaning set forth therein.

        (ii)    Capitalised terms used in this Agreement shall, except where the
                context otherwise requires and save where otherwise defined in
                this Agreement, the Confirmation, the Schedule or the
                Definitions, bear the meanings given to them in the Master
                Definitions Schedule as amended and restated by (and appearing
                in Appendix 1 to) the Master Definitions Schedule Third
                Amendment Deed executed by, among others, the Note Trustee on
                [_____] September 2002 and the Issuer Master Definitions
                Schedule signed for the purposes of identification by Sidley
                Austin Brown & Wood and Allen and Overy on [____] September,
                2002 (as the same have been and may be amended, varied or
                supplemented from time to time with the consent of the parties
                hereto). The Issuer Master Definitions

                                       5
<PAGE>

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

(b)     NO SET-OFF

        (i)     All payments under this Agreement shall be made without set-off
                or counterclaim, except as expressly provided for in Section 6.

        (ii)    Section 6(e) shall be amended by the deletion of the following
                sentence: "The amount, if any, payable in respect of an Early
                Termination Date and determined pursuant to this Section will be
                subject to any Set-off."

(c)     SECURITY INTEREST

        Notwithstanding Section 7, Party A hereby agrees and consents to the
        assignment by way of security by Party B of its interests under this
        Agreement (without prejudice to, and after giving effect to, any
        contractual netting provision contained in this Agreement) to the Note
        Trustee (or any successor thereto) pursuant to and in accordance with
        the Current Issuer Deed of Charge and acknowledges notice of such
        assignment. Each of the parties hereby confirms and agrees that the Note
        Trustee shall not be liable for any of the obligations of Party B
        hereunder.

(d)     DISAPPLICATION OF CERTAIN EVENTS OF DEFAULT

        Section 5(a)(ii), Section 5(a)(iii), Section 5(a)(iv), Section 5(a)(v)
        and Section 5(a)(vii)(2) will not apply in respect of Party B.

        Section 5(a)(viii) will not apply to Party B in respect of a transfer to
        the Note Trustee or in respect of a transfer to any entity which has
        succeeded the Note Trustee in that capacity.

        Section 5(a)(ii) shall not apply in respect of Party A with respect to
        any failure to perform its obligations as Calculation Agent as a result
        of the Cash Manager failing to provide any information or calculations
        to Party A pursuant to this Agreement or the Cash Management Agreement.

(e)     DISAPPLICATION OF CERTAIN TERMINATION EVENTS

        The "Tax Event" and "Tax Event Upon Merger" provisions of Section
        5(b)(ii) and 5(b)(iii) will not apply to Party A or to Party B.

(f)     ADDITIONAL EVENT OF DEFAULT

        The following shall constitute an additional Event of Default with
        respect to Party B:

        "NOTE ENFORCEMENT NOTICE. The Note Trustee serves a Note Enforcement
        Notice on Party B (in which case Party B shall be the Defaulting
        Party)."

                                       6
<PAGE>

(g)     NORTHERN ROCK PLC AS PARTY B'S AGENT

        Party B hereby declares that pursuant to the Current Issuer Cash
        Management Agreement it has appointed Northern Rock plc to act as its
        agent for the purpose, inter alia, of the operation of this Agreement
        and dealing with payments hereunder. Accordingly, unless and until
        written notice is received by Party A from the Note Trustee that such
        appointment has been terminated, Party A shall be entitled to treat all
        communications and acts relating to this Agreement received from or
        carried out by Northern Rock plc as being those of Party B and Party B
        hereby agrees to ratify and confirm the same.

(h)     SECURITY, ENFORCEMENT AND LIMITED RECOURSE

        (i)     Party A agrees with Party B and the Note Trustee to be bound by
                the terms of the Current Issuer Deed of Charge and the Current
                Issuer Cash Management Agreement and, in particular, confirms
                that: (i) no sum shall be payable by or on behalf of Party B to
                it except in accordance with the Issuer Priority of Payments of
                Party B as set out in the Current Issuer Cash Management
                Agreement or, as applicable, the Current Issuer Deed of Charge
                (as the same may be amended from time to time); and (ii) it will
                not take any steps for the winding up, dissolution or
                reorganisation or for the appointment of a receiver,
                administrator, administrative receiver, trustee, liquidator,
                sequestrator or similar officer of Party B or of any or all of
                its revenues and assets nor participate in any ex parte
                proceedings nor seek to enforce any judgment against Party B
                except as provided in the Current Issuer Deed of Charge.

        (ii)    In relation to all sums due and payable by Party B to Party A,
                Party A agrees that it shall have recourse only to sums
                available to Party B for the purpose of making payments to Party
                A in accordance with the relevant Issuer Priority of Payments,
                the Current Issuer Cash Management Agreement and/or, as
                applicable the Current Issuer Deed of Charge.

        (iii)   If, on any date, Party B does not pay the full amount it would
                otherwise owe under any Transaction (including, for the
                avoidance of doubt, any related Conditional Transactions, and
                after the application of Section 2(c) to such Transaction)
                because of the limitation contained in clause (i) of this
                paragraph (h), then (i) payment by Party B of the shortfall will
                not then fall due but will instead be deferred until the first
                Payment Date thereafter on which sufficient funds are available
                (subject to the limitation in clause (i) of this paragraph (h)),
                (ii) failure by Party B to make the full payment under such
                Transaction (including, for the avoidance of doubt, any related
                Conditional Transactions, and after the application of Section
                2(c) to such Transaction) shall not constitute an Event of
                Default for the purpose of Section 5(a)(i), and (iii) the
                obligation of Party A to make payment to Party B, in respect of
                the same Transaction, on such date, will be reduced so that
                Party A will be obligated to pay the Equivalent Percentage of
                the amount it would otherwise owe under that Transaction.
                "EQUIVALENT PERCENTAGE" means the percentage obtained by
                dividing the amount paid by Party B by the amount it would have
                paid absent such limitation.

                                       7
<PAGE>

        (iv)    For the avoidance of doubt, if an Early Termination Date results
                from an Event of Default, the Unpaid Amounts owing to Party A
                will include any amount payable by Party B, the payment of which
                was deferred under clause (iii) of this paragraph (h).

(i)     SCOPE OF AGREEMENT

        It is hereby understood and agreed that the provisions of this Agreement
        shall only apply to the swap transactions entered into between Party A
        and Party B on the date as of which this Agreement is made as evidenced
        by the Confirmation substantially in the form attached hereto as
        Appendix B, and that no other swap transaction may be entered into
        pursuant hereto except where the Rating Agencies have confirmed in
        writing that the then current ratings of the Current Issuer Notes would
        not be adversely affected by such other swap transaction.

(j)     AUTHORISED PERSON

        For the purposes of Section 3 of this Agreement, Party A represents to
        Party B (which representation will be deemed to be repeated by Party A
        on each date on which a Transaction is entered into and throughout the
        course of any Transaction) that it is an authorised person for the
        purposes of the Financial Services and Markets Act 2000.

(k)     RATINGS DOWNGRADE OF PARTY A

        (i)     In the event that the long-term, unsecured and unsubordinated
                debt obligations of Party A (or its successor), or any guarantor
                of Party A, cease to be rated at least as high as AA- by
                Standard & Poor's Rating Services, a division of The McGraw-Hill
                Companies Inc. ("S&P") and as a result of such downgrade the
                then current rating of the Notes may in the reasonable opinion
                of S&P be downgraded or placed under review for possible
                downgrade, then Party A shall, within 30 days of the occurrence
                of such downgrade at its own cost either:-

                (A)     put in place an appropriate mark-to-market collateral
                        agreement, (which may be based on the credit support
                        documentation published by ISDA, or otherwise, and
                        relates to collateral in the form of cash or securities
                        or both) in support of its obligations under this
                        Agreement provided that (x) Party A shall be deemed to
                        have satisfied the requirements of S&P if the amount of
                        collateral agreed to be provided in the form of cash
                        and/or securities (the "COLLATERAL AMOUNT") is
                        determined on a basis which is no more onerous than the
                        criteria of S&P as at 31st September, 1999 (or any
                        subsequent criteria published by S&P) which enable
                        entities rated lower than a specified level to
                        participate in structured finance transactions which,
                        through collateralisation, are rated at a higher level
                        (as referred to, in part, in the article entitled New
                        Interest Rate Currency Swap Criteria Broadens Allowable
                        Counterparties in the January 1999 issue of S&P's
                        Structured Finance publication) (the "S&P CRITERIA") and
                        (y) the Collateral Amount shall not be required to
                        exceed such amount as would

                                       8
<PAGE>

                        be required (in accordance with the S&P Criteria) to
                        restore the rating of the Notes to the level they would
                        have been at immediately prior to such downgrading; or

                (B)     transfer all of its rights and obligations with respect
                        to this Agreement to a replacement third party whose
                        long-term, unsecured and unsubordinated debt obligations
                        are rated at least as high as AA- (or its equivalent) by
                        S&P or such other rating as is commensurate with the
                        rating assigned to the Notes by S&P from time to time;
                        or

                (C)     procure another person to become co-obligor in respect
                        of the obligations of Party A under this Agreement or
                        take such other action as Party A may agree with S&P as
                        will result in the rating of the Notes then outstanding
                        following the taking of such action being rated no lower
                        than the rating of the Notes immediately prior to such
                        downgrade.

        (ii)    In the event that the long-term, unsecured and unsubordinated
                debt obligations of Party A (or its successor), or any guarantor
                of Party A cease to be rated at least as high as Aa3 by Moody's
                Investors Service Limited ("MOODY'S") and as a result of such
                downgrade the then current rating of the Notes may in the
                reasonable opinion of Moody's be downgraded or placed under
                review for possible downgrade, then Party A will, on a
                reasonable efforts basis, within 30 days, and at its own costs:-

                (A)     attempt to transfer all of its rights and obligations
                        with respect to this Agreement to a replacement third
                        party whose long-term, unsecured and unsubordinated debt
                        obligations are rated at least as high as Aa3 (or its
                        equivalent) by Moody's or such other rating as is
                        commensurate with the rating assigned to the Notes by
                        Moody's from time to time; or

                (B)     put in place an appropriate mark-to-market collateral
                        agreement, (which may be based on the credit support
                        documentation published by ISDA, or otherwise, and
                        relates to collateral in the form of cash or securities
                        or both) in support of its obligations under this
                        Agreement provided that (x) Party A shall be deemed to
                        have satisfied the requirements of Moody's if the
                        Collateral Amount is determined on a basis which is no
                        more onerous than the Moody's Criteria and (y) the
                        Collateral Amount shall not be required to exceed such
                        amount as would be required (in accordance with the
                        Moody's Criteria) to restore the rating of the Notes to
                        the level they would have been at immediately prior to
                        such downgrading; or

                (C)     procure another person to become co-obligor in respect
                        of the obligations of Party A under this Agreement or
                        take such other action as Party A may agree with Moody's
                        as will result in the rating of the Notes then
                        outstanding following the taking of such action being
                        rated no lower than the rating of the Notes immediately
                        prior to such downgrade.

                                       9
<PAGE>

                        "MOODY'S CRITERIA" means that the Collateral Amount
                        shall not exceed 100 per cent. of the mark-to-market
                        value of the outstanding Transactions as determined by
                        Party A in good faith from time to time provided that if
                        the short-term, unsecured and unsubordinated debt
                        obligations of Party A (or its successor or assignee)
                        cease to be rated as high as P-1 by Moody's then the
                        applicable Collateral Amount shall not exceed the sum of
                        (i) 102 per cent. of the mark-to-market value of the
                        outstanding Transactions determined by Party A in good
                        faith from time to time and (ii) in aggregate of the
                        amounts determined in respect of each class of Notes,
                        equal to the principal outstanding of that class of
                        Notes and multiplied by the number of days remaining
                        from the date of the determination to the Expected
                        Repayment Date of that class of Notes, divided by 365
                        (such aggregate the "Buffer Notional") multiplied by the
                        product of 0.15 per cent. and the Fixed Rate Ratio (as
                        defined in the Basis Rate Swap Agreement). "EXPECTED
                        REPAYMENT DATE" means the Payment Date falling in
                        [-------].

                (iii)   In the event that the long-term, unsecured and
                        unsubordinated debt obligations of Party A (or its
                        successor), or any guarantor of Party A, cease to be
                        rated at least as high as AA- (or its equivalent) by
                        Fitch Ratings Ltd ("FITCH") and as a result the then
                        current rating of the Notes may in the reasonable
                        opinion of Fitch be downgraded or placed on credit watch
                        for possible downgrade, then Party A will, on a
                        reasonable efforts basis, within 30 days, at its own
                        cost, either:-

                        (A)     attempt to transfer all of its rights and
                                obligations with respect to this Agreement to a
                                replacement third party whose long-term,
                                unsecured and unsubordinated debt ratings are
                                rated at least as high as AA- (or its
                                equivalent) by Fitch or such other rating as is
                                commensurate with the rating assigned to the
                                Notes by Fitch from time to time; or

                        (B)     procure another person to become co-obligor or
                                guarantor in respect of the obligations of Party
                                A under this Agreement whose long-term,
                                unsecured and unsubordinated debt ratings are
                                rated at least as high as AA- (or its
                                equivalent) by Fitch or such other rating as is
                                commensurate with the rating assigned to the
                                Notes by Fitch from time to time; or

                        (C)     take such other action as Party A may agree with
                                Fitch as will result in the rating of the Notes
                                then outstanding being maintained.

                (iv)    If Party A does not take the measures described in
                        either (i), (ii) or (iii) above such failure shall not
                        be or give rise to an Event of Default but shall
                        constitute an Additional Termination Event with respect
                        to Party A and shall be deemed to have occurred on the
                        thirtieth day following such downgrade with Party A as
                        the sole Affected Party.

                        Each of Party B and the Note Trustee shall use their
                        reasonable endeavours to co-operate with Party A in
                        putting in place such credit support documentation,
                        including agreeing to such arrangements in such
                        documentation as may satisfy S&P, Moody's and Fitch with
                        respect to the operation and management of the

                                       10
<PAGE>

                        collateral (subject always to proviso (x) and (y) in
                        (i)(A) and (ii)(B) above) and entering into such
                        documents as may reasonably be requested by Party A in
                        connection with the provision of such collateral.

(l)     ADDITIONAL REPRESENTATION

        Section 3 is amended by the addition at the end thereof of the following
        additional representations:-

        (i)     "(g) NO AGENCY. It is entering into this Agreement and each
                Transaction as principal and not as agent of any person."

        (ii)    The following additional representation shall be given by Party
                A only:

                "(h) PARI PASSU. Its obligations under this Agreement rank pari
                passu with all of its other unsecured, unsubordinated
                obligations except those obligations preferred by operation of
                law."

(m)     RECORDING OF CONVERSATIONS

        Each party to this Agreement acknowledges and agrees to the tape
        recording of conversations between the parties to this Agreement whether
        by one or other or both of the parties.

(n)     RELATIONSHIP BETWEEN THE PARTIES

The     Agreement is amended by the insertion after Section 14 of an additional
        Section 15, reading in its entirety as follows:

        "15. RELATIONSHIP BETWEEN THE PARTIES

        Each party will be deemed to represent to the other party on the date on
        which it enters into a Transaction that (absent a written agreement
        between the parties that expressly imposes affirmative obligations to
        the contrary for that Transaction):-

        (i)     NON RELIANCE. It is acting for its own account, and it has made
                its own decisions to enter into that Transaction and as to
                whether that Transaction is appropriate or proper for it based
                upon its own judgment and advice from such advisers as it has
                deemed necessary. It is not relying on any communication
                (written or oral) of the other party as investment advice or as
                a recommendation to enter into that Transaction; it being
                understood that information and explanations related to the
                terms and conditions of a Transaction shall not be considered
                investment advice or a recommendation to enter into that
                Transaction. It has not received from the other party any
                assurance or guarantee as to the expected results of that
                Transaction.

        (ii)    ASSESSMENT AND UNDERSTANDING. It is capable of assessing the
                merits of and understanding (through independent professional
                advice), and understands and

                                       11
<PAGE>

                accepts, the terms, conditions and risks of that Transaction. It
                is also capable of assuming, and assumes, the financial and
                other risks of that Transaction.

        (iii)   STATUS OF PARTIES. The other party is not acting as a fiduciary
                or an adviser for it in respect of that Transaction."

(o)     TAX

        The Agreement is amended by deleting Section 2(d) in its entirety and
        replacing it with the following:

        "(d) DEDUCTION OR WITHHOLDING FOR TAX

        (i)     Requirement to Withhold

                All payments under this Agreement will be made without any
                deduction or withholding for or on account of any Tax unless
                such deduction or withholding is required (including, for the
                avoidance of doubt, if such deduction or withholding is required
                in order for the payer to obtain relief from Tax) by any
                applicable law, as modified by the practice of any relevant
                governmental revenue authority, then in effect. If a party ("X")
                is so required to deduct or withhold, then that party (the
                "DEDUCTING PARTY"):-

                (A)     will promptly notify the other party ("Y") of such
                        requirement;

                (B)     will pay to the relevant authorities the full amount
                        required to be deducted or withheld (including the full
                        amount required to be deducted or withheld from any
                        Gross Up Amount (as defined below) paid by the Deducting
                        Party to Y under this Section 2(d)) promptly upon the
                        earlier of determining that such deduction or
                        withholding is required or receiving notice that such
                        amount has been assessed against Y;

                (C)     will promptly forward to Y an official receipt (or a
                        certified copy), or other documentation reasonably
                        acceptable to Y, evidencing such payment to such
                        authorities; and

                (D)     if X is Party A, X will promptly pay in addition to the
                        payment to which Party B is otherwise entitled under
                        this Agreement, such additional amount (the "GROSS UP
                        AMOUNT") as is necessary to ensure that the net amount
                        actually received by Party B will equal the full amount
                        which Party B would have received had no such deduction
                        or withholding been required.

                                       12
<PAGE>

        (ii)    Liability

                If:

                (A)     X is required by any applicable law, as modified by the
                        practice of any relevant governmental revenue authority,
                        to make any deduction or withholding for or on account
                        of any Tax in respect of payments under this Agreement;
                        and

                (B)     X does not so deduct or withhold; and

                (C)     a liability resulting from such Tax is assessed directly
                        against X,

                then, except to the extent that Y has satisfied or then
                satisfies the liability resulting from such Tax, (A) where X is
                Party B, Party A will promptly pay to Party B the amount of such
                liability (the "LIABILITY AMOUNT") (including any related
                liability for interest and together with an amount equal to the
                Tax payable by Party B on receipt of such amount but including
                any related liability for penalties only if Party A has failed
                to comply with or perform any agreement contained in Section
                4(a)(i), 4(a)(iii) or 4(d)) and Party B will promptly pay to the
                relevant government revenue authority the amount of such
                liability (including any related liability for interest and
                penalties) and (B) where X is Party A and Party A would have
                been required to pay a Gross Up Amount to Party B, Party A will
                promptly pay to the relevant government revenue authority the
                amount of such liability (including any related liability for
                interest and penalties).

        (iii)   Tax Credit etc.

                (a)     Where Party A pays an amount in accordance with Section
                        2(d)(i)(4) or 2(d)(ii)(B) above, Party B undertakes as
                        follows:-

                        (1)     To the extent that Party B obtains any Tax
                                credit, allowance, set-off or repayment from the
                                tax authorities of any jurisdiction relating to
                                any deduction or withholding giving rise to such
                                payment or in the case of Section 2(d)(ii)(B)
                                the amount to be assessed, it shall pay to Party
                                A on the next Interest Payment Date after
                                receipt of the same so much of the cash benefit
                                (as calculated below) relating thereto which it
                                has received as will leave Party B in
                                substantially the same (but in any event no
                                worse) position as Party B would have been in if
                                no such deduction or withholding had been
                                required or the amount had not been so assessed;

                        (2)     The "cash benefit" shall, in the case of credit,
                                allowance or set-off, be the additional amount
                                of Tax which would have been payable by Party B
                                in the jurisdiction referred to in (1) above but
                                for the obtaining by it of the said Tax credit,
                                allowance or set-off and, in the case of a
                                repayment, shall be the amount of the repayment
                                together, in either case, with any related
                                interest or similar payment obtained by Party B;
                                and

                        (3)     It will use all reasonable endeavours to obtain
                                any Tax credit, allowance, set-off or repayment
                                as soon as is reasonably

                                       13
<PAGE>

                                practicable provided that it shall be the sole
                                judge of the amount of any such Tax credit,
                                allowance, set-off or repayment and of the date
                                on which the same is received and shall not be
                                obliged to disclose to Party A any information
                                regarding its tax affairs or tax computations
                                save that Party B shall, upon request by Party
                                A, supply Party A with a reasonably detailed
                                explanation of its calculation of the amount of
                                any such Tax credit, allowance, set-off or
                                repayment and of the date on which the same is
                                received.

                                The definition of "Indemnifiable Tax" in Section
                                14 shall be deleted and the following shall be
                                substituted therefor:

                                "Indemnifiable Tax" means any Tax."

(p)     CHANGE OF ACCOUNT

        Section 2(b) of this Agreement is hereby amended by the addition of the
        following at the end thereof:

        "; provided that such new account shall be in the same tax jurisdiction
        as the original account and such new account, in the case of Party B, is
        held with a financial institution with a short term unsecured,
        unsubordinated and unguaranteed debt obligation rating of at least P-1
        (in the case of Moody's) and A-1 (in the case of S&P)."

(q)     CONDITION PRECEDENT

        Section 2(a)(iii) shall be amended by the deletion of the words "a
        Potential Event of Default" in respect of conditions precedent to the
        obligations of Party A only.

(r)     REPRESENTATIONS

        (i)     Section 3(b) shall be amended by the deletion of the words "or
                Potential Event of Default" in respect of the representation
                given by Party B only.

        (ii)    Section 5(a)(iv) is hereby amended by the insertion of the words
                "specified in Section 3" after the words "A representation".

(s)     TRANSFERS

        Section 7 of this Agreement shall be deleted in its entirety and
        replaced by the following:

        "(i)    Without prejudice to Section 6(b)(ii) as amended in the
                Schedule, Party A may transfer all its interest and obligations
                in and under this Agreement to any other entity whose long-term,
                unguaranteed, unsecured and unsubordinated debt obligations are
                then rated not less than AA- by Standard & Poor's, Aa3 by
                Moody's and AA- by Fitch (or its equivalent by any substitute
                rating agency) or to an entity whose obligations under this
                Agreement are guaranteed by an entity whose long-term,
                unguaranteed, unsecured and unsubordinated debt obligations

                                       14
<PAGE>

                are then rated not less than AA- by Standard & Poor's, Aa3 by
                Moody's and AA- by Fitch (or its equivalent by any substitute
                rating agency) subject to the prior written confirmation from
                Standard & Poor's, Moody's and Fitch that the then current
                ratings of the Notes will not be adversely affected and to
                providing prior written notification to the Note Trustee.

        (ii)    Neither this Agreement nor any interest or obligation in or
                under this Agreement may be transferred by Party B to any other
                entity other than the Note Trustee. For the avoidance of doubt,
                the prohibition of transfer by Party B contained in this
                sub-paragraph includes prohibition of transfer pursuant to
                Sections 6(b)(ii) and 6(b)(iii) of the Agreement."

(t)     CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

        A person who is not a party to this Agreement shall have no right under
        the Contracts (Rights of Third Parties) Act 1999 to enforce any of its
        terms but this shall not affect any right or remedy of a third party
        which exists or is available apart from that Act.

                                       15
<PAGE>

                                                     SABW DRAFT 1-27 AUGUST 2002
                                                     (SERIES 2 CLASS A NOTES)

From:             [______________]

To:               Granite Mortgages 02-2 plc
                  Fifth Floor
                  100 Wood Street
                  London
                  EC2V 7EX

Attention:        Securitisation Team, Risk Operations

To:               The Bank of New York
                  One Canada Square
                  48th Floor
                  London
                  E14 5AL

Attention:        Corporate Trust (Global Structured Finance)

                                                          [____] September, 2002

Dear Sirs,

RE:     CROSS CURRENCY SWAP TRANSACTIONS RELATING TO GRANITE MORTGAGES 02-2 PLC
        U.S. $1,100,000,000 SERIES 2 CLASS A NOTES DUE JANUARY 2043

The purpose of this letter is to confirm the terms and conditions of the swap
transactions entered into between us on the Trade Date specified below (the
"SWAP TRANSACTIONS"). This letter constitutes a "CONFIRMATION" as referred to in
the 1992 ISDA Master Agreement (Multicurrency-Cross Border) entered into between
us and both of you on the date hereof as amended and supplemented from time to
time (the "Agreement").

The definitions and provisions contained in the 2000 ISDA Definitions as
published by the International Swaps & Derivatives Association, Inc. (the
"DEFINITIONS") are incorporated into this Confirmation. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
shall prevail. Any terms not otherwise defined herein or in the Definitions
shall have the meanings given to them in the Master Definitions Schedule as
amended and restated by (and appearing in Appendix 1 to) the Master Definitions
Schedule Third Amendment Deed executed by, among others, the Note Trustee on
[_____] September 2002 and the Issuer Master Definitions Schedule signed for the
purposes of identification by Sidley Austin Brown & Wood and Allen & Overy on
[___] September, 2002 (as the same have been and may be amended, varied or
supplemented from time to time with the consent of the parties hereto). The
Issuer Master Definitions Schedule specified above shall prevail to the extent
that it conflicts with the Master Definitions Schedule.

1       This Confirmation supplements, forms part of, and is subject to, the
        Agreement. All provisions contained in, incorporated in, or incorporated
        by reference to, the Agreement shall govern this Confirmation except as
        expressly modified below.

<PAGE>

2       The terms of the particular Swap Transactions to which this Confirmation
        relates are as follows:

Party A:                            [_________]

Party B:                            Granite Mortgages 02-2 plc

Trade Date:                         [_________] September, 2002

Effective Date:                     [_________] September, 2002

Termination Date:                   The earlier of (i) the Payment Date
                                    falling in January 2008 and (ii) the
                                    date on which the Series 2 Class A Notes
                                    are redeemed or repaid in full

Payment Date:                       Each Payment Date in respect of the
                                    Series 2 Class A Notes

EUR Amortisation Amount:            in respect of a Payment Date, the
                                    amount (in EUR) to be applied in
                                    repayment of the principal amount of
                                    the Series 2 Class A Notes on such
                                    Payment Date as notified to the
                                    Calculation Agent by the Cash
                                    Manager

Exchange Rate:                      GBP 1.00:EUR [_________]

A.      FLOATING PAYMENTS

FLOATING AMOUNTS FOR PARTY A:

Floating Rate Payer:                Party A

Party A Currency Amount:            EUR 1,100,000,000

Party A Payment Dates:              each Payment Date

Floating Rate Option:               EUR-EURIBOR - Telerate

Designated Maturity:                3 months; except for the initial
                                    Calculation Period which shall be
                                    the linear interpolation of 3 and 4
                                    months

Spread A for the Calculation        [_________]% per annum
Periods up to and per annum
including the Calculation Period
ending immediately prior to the
Payment Date in January 2008:

                                       2
<PAGE>

Spread A for the Calculation        [_________]% per annum
Periods from and per annum
including the Calculation Period
beginning on (and including) the
Payment Date in January 2008:

Party A Floating Rate Day Count     Actual/360
Fraction:

Reset Dates:                        The first day of each Calculation
                                    Period

FLOATING AMOUNTS FOR PARTY B:

Floating Rate Payer:                Party B

Party B Currency Amount:            GBP [_________]

Party B Payment Dates:              Each Payment Date

Floating Rate Option:               GBP-LIBOR-BBA

Designated Maturity:                3 months except for the initial
                                    Calculation Period which shall be
                                    the linear interpolation of 3 and 4
                                    months

Spread B for the Calculation        [_________]% per annum
Periods up to and per annum
including the Calculation Period
ending immediately prior to the
Payment Date in [_________]:

Spread B for the Calculation        [_________]% per annum
Periods from and per annum
including the Calculation Period
beginning on (and including) the
Payment Date in [_________] up
to and including the Calculation
Period ending immediately prior
to the Termination Date:

Party B Floating Rate Day Count     Actual/365 (Fixed)
Fraction:

Reset Dates:                        the first day of each Calculation
                                    Period

Calculation Agent:                  Party A

                                       3
<PAGE>

B.      EXCHANGE:

Initial Exchange Date:              Effective Date

Party A Initial Exchange Amount:    Party B Currency Amount

Party B Initial Exchange Amount:    Party A Currency Amount

Final Exchange Date:                Termination Date

Party A Final Exchange Amount:      Party A Currency Amount

Party B Final Exchange Amount:      Party B Currency Amount

The Transactions referred to above are hereinafter referred to as the "PRINCIPAL
TRANSACTION"

C.      CONDITIONAL INTEREST RATE AND CURRENCY TRANSACTIONS

The terms set out below are applicable to each of the additional interest rate
and currency Transactions (comprising the Additional Initial Exchanges Amounts
and Additional Final Exchange Amounts, Party A Additional Floating Amounts and
Party B Additional Floating Amounts set out below). The following terms reflect
such additional 60,000 Transactions each on the terms set out below and each
such Transaction shall be referred to in numerical sequence beginning with
"Transaction 1" through "Transaction 60,000" (together, the "CONDITIONAL
TRANSACTIONS") and such Transactions are to become effective on a sequential
basis, starting on the first Additional Initial Exchange Date on which the
conditions referred to below are satisfied for that Transaction.

The first Transaction shall be conditional upon the EUR Amortisation Amount for
any Payment Date being greater than or equal to the Party B Additional Currency
Amount (as defined below) (each a "FIRST CONDITION") and each subsequent
Transaction shall be conditional upon, (i) the First Condition having occurred,
(ii) the immediately preceding Transactions having become effective, and (iii)
the then relevant EUR Amortisation Amount less the aggregate of the Party A
Additional Initial Exchange Amounts of the preceding Transactions which have
become effective on (but not prior to) the relevant Additional Initial Exchange
Date equalling or exceeding the Party A Additional Initial Exchange Amount on
such Transaction.

On each Calculation Date, Party B shall notify Party A as to the EUR
Amortisation Amount and the Conditional Transactions in numerical order that are
then currently effective and are to become effective on the next Party A Payment
Date.

                                       4
<PAGE>

(1) ADDITIONAL INITIAL EXCHANGE AMOUNTS
    AND ADDITIONAL FINAL EXCHANGE AMOUNTS

Additional Initial Exchange Date and the    the Payment Date on which the
Effective Date:                             conditions referred to above for the
                                            relevant Transaction comprising one
                                            of the Conditional Transactions are
                                            satisfied (being the "RELEVANT
                                            PAYMENT DATE" for that Transaction)

Party A Additional Initial Exchange Amount: Party B Additional Currency Amount

Party B Additional Initial Exchange Amount: Party A Additional Currency Amount

Party A Additional Final Exchange Amount:   Party A Additional Currency Amount

Party B Additional Final Exchange Amount:   Party B Additional Currency Amount

Additional Final Exchange Date:             Termination Date

(2) ADDITIONAL FLOATING AMOUNTS

PARTY A ADDITIONAL FLOATING AMOUNTS

Party A Additional Currency Amount:         GBP [_________]

Party A Additional Floating Amount Payer:   Party A

Party A Additional Floating Amount Payer    each Payment Date following the
Payment Dates:                              Relevant Payment Date

Party A Additional Floating Rate Option:    GBP - LIBOR - BBA

Designated Maturity:                        3 months

Spread A for the Calculation Periods up     [_________]% per annum
to and per annum including the
Calculation Period ending immediately
prior to the Payment Date in January
2008:

Spread A for the Calculation Periods        [_________]% per annum
from and per annum including the
Calculation Period beginning on (and
including) the Payment Date in January
2008:

Party A Additional Floating Rate Day Count   Actual/365 (Fixed)
Fraction:

Reset Dates:                                The first day of each Calculation
                                            Period

                                        5
<PAGE>

PARTY B ADDITIONAL FLOATING AMOUNTS

Party B Additional Currency Amount:         EUR 10,000

Party B Additional Floating Amount Payer:   Party B

Party B Additional Floating Amount Payer    each Party A Payment Date following
Payment Date:                               the Relevant Payment Date

Party B Additional Floating Rate Option:    EUR - EURIBOR - Telerate

Designated Maturity:                        3 months

Spread B For the Calculation Period up      [_________]% per annum
to and per annum including the
Calculation Period ending immediately
prior to the Payment Date in January
2008:

Spread B for the Calculation Period from    [_________]% per annum
and per annum including the Calculation
Period beginning on (and including) the
Payment Date in January 2008:

Party B Additional Floating Rate Day Count  Actual/360

Fraction:

Reset Dates:                                the first day of each Calculation
                                            Period

(3) ACCOUNT DETAILS:

PAYMENTS TO PARTY A:

Account for Payments in EUR:                [_________]

Account for Payments in GBP:                [_________]

PAYMENTS TO PARTY B:

Account for Payments in EUR:                Citibank, N.A., London
                                            Agency and Trust
                                            S.W.I.F.T. CITIGB2L
                                            for further credit to
                                            A/C Granite Mortgages 02-2 plc
                                            A/C 10456853.

                                       6
<PAGE>

Account for Payments in GBP:                Citibank N.A., London
                                            8378088
                                            Agency and Trust
                                            Sort Code 18-50-08
                                            for further credit to
                                            A/C Granite Mortgages 02-2 plc
                                            A/C 10456845.
(4)      NOTICE DETAILS:

Party A:                                    [_________]

Address:                                    [_________]

Facsimile Number:                           [_________]

Attention:                                  [_________]

Party B:                                    Granite Mortgages 02-2 plc

Address:                                    Fifth Floor
                                            100 Wood Street
                                            London
                                            EC2V 7EX

With a copy to:                             Northern Rock plc
                                            Northern Rock House
                                            Gosforth
                                            Newcastle upon Tyne
                                            NE3 4PL

Facsimile Number:                           44-191-279-4694

Attention:                                  Keith M. Currie

With a copy to the                          The Bank of New York
Note Trustee:

Address:                                    One Canada Square
                                            48th Floor
                                            London
                                            E14 5AL

Facsimile Number:                           020 7964 6061

(5) OFFICES:                                The Office of Party A for each of
                                            the Transactions evidenced by this
                                            Confirmation is London.

                                       7
<PAGE>

(6) MISCELLANEOUS:

(a) Section 2(c)(ii) of the Agreement will not apply to the Transactions
    evidenced by this Confirmation.

                                       8
<PAGE>

Yours faithfully,

[PARTY A]

By:

Name:
Title:

Confirmed as of the date first written:

GRANITE MORTGAGES 02-2 PLC

By:

Name:
Title:

THE BANK OF NEW YORK
     as Note Trustee

By:

Name:
Title:DATED [O] SEPTEMBER 2002

                         GRANITE FINANCE FUNDING LIMITED
                                   as Funding

                                     - AND -

                                NORTHERN ROCK PLC
                    as Current Issuer Start-Up Loan Provider

                                     - AND -

                              THE BANK OF NEW YORK
                               as Security Trustee

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

                       ISSUER 02-2 START-UP LOAN AGREEMENT

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

                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                                 REF: UK:550776

<PAGE>

                                TABLE OF CONTENTS

CLAUSE                                                                  PAGE NO.
------                                                                  --------

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

2.  The Advance................................................................1

3.  Interest...................................................................2

4.  Repayment..................................................................2

5.  Acceleration...............................................................3

6.  Payments and limited recourse..............................................3

7.  Subordination and Security.................................................3

8.  Notices....................................................................5

9.  Taxes......................................................................5

10. Remedies and Waivers.......................................................6

11. Assignments and Transfer...................................................6

12. Alternative Payment Arrangements...........................................6

13. Security Trustee as a Party................................................6

14. No Partnership.............................................................7

15. Variation..................................................................7

16. Execution in Counterparts; Severability....................................7

17. Third Party Rights.........................................................7

18. Governing Law and Jurisdiction; Appropriate Forum..........................7

SCHEDULE 1 REPRESENTATIONS AND WARRANTIES......................................8

                                        i

<PAGE>

THIS ISSUER 02-2 START-UP LOAN AGREEMENT is made on [o] September 2002

BETWEEN:

(1)   GRANITE FINANCE FUNDING LIMITED (registered number 79308), a private
      limited company incorporated under the laws of Jersey but acting out of
      its branch office established in England (registered overseas company
      number FC022999 and branch number BR005916) at 4th Floor, 35 New Bridge
      Street, Blackfriars, London EC4V 6BW as Funding;

(2)   NORTHERN ROCK PLC (registered number 3273685), a public limited company
      incorporated under the laws of England and Wales whose registered office
      is at Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL in its
      capacity as Current Issuer Start-Up Loan Provider; and

(3)   THE BANK OF NEW YORK, whose principal office is at One Canada Square, 48th
      Floor, London E14 5AL in its capacity as Security Trustee.

IT IS HEREBY AGREED as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1   The provisions of:

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

      (b)   the Issuer Master Definitions Schedule signed for the purposes of
            identification by Sidley Austin Brown & Wood and Allen & Overy on
            [o] September 2002,

      (as the same have been and may be amended, varied or supplemented from
      time to time with the consent of the parties hereto) are expressly and
      specifically incorporated into and shall apply to this Agreement. The
      Issuer Master Definitions Schedule specified above shall prevail to the
      extent that it conflicts with the Master Definitions Schedule.

2.    THE ADVANCE

      The Current Issuer Start-Up Loan Provider grants to Funding simultaneously
      with the issue by the Current Issuer of the Current Issuer Notes (and upon
      the simultaneous issuance by the Current Issuer to Funding of the Current
      Issuer Intercompany Loan) and upon the terms and subject to the conditions
      hereof, a loan in an aggregate amount of (pound)[o] ([o] pounds) (the
      "ADVANCE") on the Closing Date for the purposes of providing for the
      partial funding of the Issuer Reserve Fund and providing for Funding's
      costs and expenses in respect of the acquisition of the Funding Share of
      the Additional Trust Property and in respect of amounts payable to the
      Current Issuer by Funding as fees under the Current Issuer Intercompany
      Loan. The Advance shall be paid into the Funding Transaction Account.

                                       1

<PAGE>

3.    INTEREST

3.1   The Advance and any interest capitalised pursuant to Clause 3.4 will bear
      interest in accordance with Clause 3.3 at a rate of LIBOR for three-month
      sterling deposits plus 0.90% per annum from (and including) the Closing
      Date until the Advance and all accrued interest thereon is repaid in full.
      Prior to the service of an Intercompany Loan Enforcement Notice, Funding
      shall pay interest on the Advance on each Payment Date if, and only to the
      extent that, there are Funding Available Revenue Receipts available
      therefor after making the payments and provisions referred to in the
      Funding Pre-Enforcement Revenue Priority of Payments.

3.2   Subject to Clauses 6.2 and 6.3, interest on the Advance and any interest
      capitalised pursuant to Clause 3.4 will be payable by Funding in arrear on
      each Payment Date in accordance with the Funding Priority of Payments.

3.3   Interest shall be calculated by reference to any Interest Period on the
      basis of the actual number of days elapsed and a 365 day year (or, in the
      case of a leap year, a 366 day year).

3.4   Any interest accrued in respect of an Interest Period but not paid on the
      Payment Date relating thereto shall be capitalised forthwith.

4.    REPAYMENT

4.1   Prior to the service of an Intercompany Loan Enforcement Notice, Funding
      shall repay principal of the Advance (including any interest capitalised
      pursuant to Clause 3.4) on each Payment Date if, and only to the extent
      that, there are Funding Available Revenue Receipts available therefor
      after making the payments and provisions referred to in the Funding
      Pre-Enforcement Revenue Priority of Payments.

4.2   The Cash Manager is responsible, pursuant to the Cash Management
      Agreement, for determining the amount of Funding Available Revenue
      Receipts as at any Payment Date and each determination so made shall (in
      the absence of negligence, wilful default, bad faith or manifest error) be
      final and binding on the Current Issuer Start-Up Loan Provider.

4.3   Subject to Clauses 5, 6.2, 6.3 and 7, on any Payment Date on which all the
      Intercompany Loans have been repaid in full, Funding shall immediately
      repay the Advance (including any interest capitalised pursuant to Clause
      3.4) and pay any accrued interest.

4.4   The Current Issuer Start-Up Loan Provider hereby acknowledges that Funding
      has entered into Previous Start-Up Loan Agreements with Previous Start-Up
      Loan Providers and that from time to time Funding may enter into New
      Start-Up Loan Agreements with New Start-Up Loan Providers and that the
      obligation of Funding to repay the Current Issuer Start-Up Loan, any other
      existing Start-Up Loans and any New Start-Up Loan will rank PARI PASSU and
      will be paid PRO RATA between themselves. The Current Issuer Start-Up Loan
      Provider further acknowledges that the Funding Pre-Enforcement Revenue
      Priority of Payments and the Funding Post-Enforcement Priority of Payments
      set out in the Funding Deed of Charge, respectively, will be amended to
      reflect the entry by Funding into New Start-Up Loan

                                       2

<PAGE>

      Agreements and related agreements from time to time and agrees to execute
      such documents as are necessary or required by the Rating Agencies for the
      purpose of including the New Start-Up Loan Provider (and any other
      relevant party) in the Transaction Documents to effect those amendments.

5.    ACCELERATION

      If an Intercompany Loan Enforcement Notice is served, the Advance
      (including any interest capitalised pursuant to Clause 3.4) and accrued
      interest shall, subject to the Funding Deed of Charge, become immediately
      due and payable.

6.    PAYMENTS AND LIMITED RECOURSE

6.1   All payments to be made hereunder by Funding shall be made in sterling in
      immediately available cleared funds to the Current Issuer Start-Up Loan
      Provider's account as specified in writing to Funding for this purpose. If
      any sum falls due hereunder otherwise than on a London Business Day, it
      shall be paid on the next succeeding London Business Day.

6.2   Prior to service of an Intercompany Loan Enforcement Notice or repayment
      in full of all the Intercompany Loans, amounts of interest, principal and
      any other amounts due hereunder shall be paid only in accordance with
      Clauses 3.1, 4.1 and 7.1, respectively, and the provisions of the Funding
      Deed of Charge.

6.3   If, upon the Advance becoming due and payable pursuant to Clauses 4.3 or
      5, Funding has insufficient funds available to meet its obligations
      hereunder in full on such date then:

      (a)   Funding shall utilise its funds on such date to the extent available
            in making payments to the Current Issuer Start-Up Loan Provider to
            repay the Advance (including any interest capitalised pursuant to
            Clause 3.4) and accrued interest thereon; and

      (b)   the obligations of Funding to pay the shortfall together with any
            amounts falling due and payable thereafter shall on any day be
            limited to the available funds actually received by Funding from
            time to time subsequent to such date, together with the proceeds of
            the enforcement of the security, paid to the Current Issuer Start-Up
            Loan Provider pursuant to Clause 8 (UPON ENFORCEMENT) of the Funding
            Deed of Charge,

      provided that the Current Issuer Start-Up Loan Provider shall not release
      Funding from Funding's obligation to pay the remaining amount that would
      have been due under this Agreement had this Clause 6.3 not applied.

7.    SUBORDINATION AND SECURITY

7.1   The parties hereby agree that repayments in respect of the Advance shall
      be subordinated to, INTER ALIA, payments of principal and interest on the
      Current Issuer Intercompany Loan and all other payments or provisions
      ranking in priority to payments to be made to the Current Issuer Start-Up
      Loan Provider under this

                                       3

<PAGE>

      Agreement in accordance with the Funding Priority of Payments and the
      Funding Deed of Charge.

7.2   The Current Issuer Start-Up Loan Provider further agrees that, without
      prejudice to Clause 8 (UPON ENFORCEMENT) of the Funding Deed of Charge,
      its rights against Funding under this Agreement are limited to the extent
      that Funding has sufficient assets to meet the Current Issuer Start-Up
      Loan Provider's claim or any part thereof having taken into account all
      other liabilities, both actual and contingent, of Funding which pursuant
      to the Funding Deed of Charge rank PARI PASSU with or in priority to its
      liabilities to the Current Issuer Start-Up Loan Provider under this
      Agreement and so that Funding shall not be obliged to make any payment to
      the Current Issuer Start-Up Loan Provider hereunder if and to the extent
      that the making of such payment would cause Funding to be or become unable
      to pay its debts within the meaning of Section 123 of the Insolvency Act
      1986. However, if there are Funding Available Revenue Receipts available
      but Funding does not repay the Advance (including any interest capitalised
      pursuant to Clause 3.4) and/or interest thereon when due (to the extent of
      such available Funding Available Revenue Receipts), such non-repayment
      will constitute an event of default under this Current Issuer Start-Up
      Loan Agreement.

7.3   Funding undertakes that its obligations to the Current Issuer Start-Up
      Loan Provider hereunder shall at all times be secured by the Funding Deed
      of Charge.

7.4   The Current Issuer Start-Up Loan Provider hereby undertakes to be bound by
      the terms of the Funding Deed of Charge and the Cash Management Agreement
      and in particular agrees that on enforcement of the security created by
      the Funding Deed of Charge, all amounts of principal, interest and any
      other amounts due hereunder shall rank in the order of priority set out in
      the Funding Post-Enforcement Priority of Payments.

7.5   The Current Issuer Start-Up Loan Provider further covenants that, except
      as permitted under the Funding Deed of Charge, it will not set off or
      claim to set off the Advance or any interest thereon or any part thereof
      against any liability owed by it to Funding.

7.6   The Current Issuer Start-Up Loan Provider undertakes that it will not, for
      so long as any sum is outstanding under any Intercompany Loan Agreement of
      any Issuer or for two years plus one day since the last day on which any
      such sum was outstanding take any corporate action or other steps or legal
      proceedings for the winding up, dissolution or reorganisation or for the
      appointment of a receiver, administrator, administrative receiver,
      trustee, liquidator, sequestrator or similar officer of Funding or of any
      or all of the revenues and assets of Funding nor participate in any ex
      parte proceedings nor seek to enforce any judgment against Funding, except
      as permitted under the provisions of the Funding Deed of Charge.

7.7   The Current Issuer Start-Up Loan Provider acknowledges hereby that it is
      not entitled, other than by virtue of Section 208 of the Income and
      Corporation Taxes Act 1988 ("ICTA"), to any exemption from Tax in respect
      of any interest payable to it under this Agreement.

7.8   The Current Issuer Start-Up Loan Provider further represents that,
      pursuant to Section 212 of ICTA, any interest payable to it under this
      Agreement is paid to it within the charge to UK corporation tax.

                                       4

<PAGE>

7.9   The Current Issuer Start-Up Loan Provider further represents that it is an
      institution which is a bank for the purposes of Section 840A of ICTA

7.10  Each party to this Agreement other than the Security Trustee hereby makes
      the representations and warranties to each of the other parties to this
      Agreement that are specified in Schedule 1 hereto.

8.    NOTICES

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

      (a)   in the case of Funding, to Granite Finance Funding Limited, 35 New
            Bridge Street, 4th Floor, Blackfriars, London EC4V 6BW (facsimile
            number 020 7332-6199) for the attention of the Company Secretary
            with a copy to Northern Rock plc, Northern Rock House, Gosforth,
            Newcastle upon Tyne NE3 4PL Facsimile: 0191 213 2203 for the
            attention of the Group Secretary;

      (b)   in the case of the Current Issuer Start-Up Loan Provider, to
            Northern Rock plc, Northern Rock House, Gosforth, Newcastle upon
            Tyne NE3 4PL Facsimile: 0191 213 2203 for the attention of the Group
            Secretary; and

      (c)   in the case of the Security Trustee, to The Bank of New York (London
            Branch), One Canada Square, 48th Floor, London E14 5AL (facsimile
            020 7964 6399) for the attention of Corporate Trust Administration,

      or to such other address or facsimile number as may from time to time be
      notified by any party to the other by written notice in accordance with
      the provisions of this Clause 8.

9.    TAXES

9.1   All payments to be made by Funding to the Current Issuer Start-Up Loan
      Provider hereunder shall be made free and clear of and without deduction
      for or on account of Tax unless Funding is required by law to make such a
      payment subject to the deduction or withholding of Tax, in which case
      Funding shall promptly upon becoming aware thereof notify the Current
      Issuer Start-Up Loan Provider of such obligation, and shall make such
      payments subject to such deduction or withholding of Tax which it is
      required to make.

9.2   If Funding makes any payment hereunder in respect of which it is required
      to make any deduction or withholding, it shall pay the full amount
      required to be deducted or withheld to the relevant taxation or other
      authority within the time allowed for such payment under applicable law
      and shall deliver to the Current Issuer Start-Up Loan Provider, within
      thirty days after such payment falls due to the applicable authority,

                                       5

<PAGE>

      any original receipt (or a certified copy thereof) issued by such
      authority evidencing such payment.

10.   REMEDIES AND WAIVERS

      No failure by the Current Issuer Start-Up Loan Provider to exercise, nor
      any delay by the Current Issuer Start-Up Loan Provider in exercising, any
      right or remedy hereunder shall operate as a waiver thereof, nor shall any
      single or partial exercise of any right or remedy prevent any further or
      other exercise thereof or the exercise of any other right or remedy. The
      rights and remedies herein provided are cumulative and not exclusive of
      any rights or remedies provided by law.

11.   ASSIGNMENTS AND TRANSFER

11.1  Funding (other than in respect of any assignment by way of security
      pursuant to the Funding Deed of Charge) may not assign and/or transfer any
      of its rights and/or obligations under this Agreement. The Current Issuer
      Start-Up Loan Provider may not assign and/or transfer its rights under
      this Agreement without obtaining the prior written consent of Funding,
      provided that such consent may only be given if such assignment and/or
      transfer is by way of security, or, if such assignment and/or transfer is
      to a person within the charge to United Kingdom corporation tax as regards
      any interest received by it under this Agreement. Any such assignee or
      transferee must agree to be bound by the provisions contained in the
      Funding Deed of Charge as if it were named as an original party thereto in
      place of the Current Issuer Start-Up Loan Provider.

11.2  If there is any change in the identity of the Security Trustee pursuant to
      the terms of the Funding Deed of Charge, the Current Issuer Start-Up Loan
      Provider and Funding shall execute such documents and take such actions as
      the new security trustee and the outgoing security trustee (as the case
      may be) may reasonably require for the purpose of vesting in the new
      security trustee the rights and obligations of the outgoing security
      trustee and releasing the outgoing security trustee (as the case may be)
      from its future obligations under this Agreement.

12.   ALTERNATIVE PAYMENT ARRANGEMENTS

      If at any time it shall become impracticable for Funding to make any
      payments hereunder in the manner specified in Clause 6.1, then Funding may
      agree with the Current Issuer Start-Up Loan Provider and the Security
      Trustee alternative arrangements for such payments to be made.

13.   SECURITY TRUSTEE AS A PARTY

      The Security Trustee has agreed to become a party to this Agreement for
      the better preservation and enforcement of its rights under this Agreement
      and the Security Trustee shall assume no obligations or liabilities
      whatsoever to the Current Issuer Start-Up Loan Provider or to Funding.
      Furthermore, any liberty or power which may be exercised or any
      determination which may be made hereunder by the Security Trustee may be
      exercised or made in the Security Trustee's absolute discretion without
      any obligation to give reasons therefor, but in any event must be
      exercised or made in accordance with the provisions of the Funding Deed of
      Charge.

                                       6

<PAGE>

14.   NO PARTNERSHIP

      Nothing in this Agreement (or in any of the arrangements contemplated
      hereby) shall, or shall be deemed to, constitute a partnership amongst the
      parties hereto.

15.   VARIATION

      No variation of this Agreement shall be effective unless it is in writing
      and signed by or on behalf of each of the parties hereto.

16.   EXECUTION IN COUNTERPARTS; SEVERABILITY

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

16.2  Where any provision in or obligation under this Agreement shall be
      invalid, illegal or unenforceable in any jurisdiction, the validity,
      legality and enforceability of the remaining provisions or obligations
      under this Agreement, or of such provision or obligation in any other
      jurisdiction, shall not be affected or impaired thereby.

17.   THIRD PARTY RIGHTS

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

18.   GOVERNING LAW AND JURISDICTION; APPROPRIATE FORUM

18.1  This Agreement is governed by, and shall be construed in accordance with,
      English law.

18.2  Each of the parties hereto irrevocably agrees that the courts of England
      shall have jurisdiction to hear and determine any suit, action or
      proceeding, and to settle any disputes, which may arise out of or in
      connection with this Agreement and, for such purposes, irrevocably submits
      to the jurisdiction of such courts.

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

                                       7

<PAGE>

                                   SCHEDULE 1

                         REPRESENTATIONS AND WARRANTIES

Each party to the Current Issuer Start-Up Loan Agreement (the "AGREEMENT")
hereby makes the following representations and warranties to each of the other
parties to such Agreement:

1.    STATUS: It is duly incorporated, validly existing and registered under the
      laws of the jurisdiction in which it is incorporated, capable of being
      sued in its own right and not subject to any immunity from any
      proceedings, and it has the power to own its property and assets and to
      carry on its business as it is being conducted.

2.    POWERS AND AUTHORITY: It has the power to enter into, perform and deliver,
      and has taken all necessary corporate and other action to authorise the
      execution, delivery and performance by it of the Agreement, which has been
      duly executed and delivered by it.

3.    LEGAL VALIDITY: The Agreement constitutes, or when executed in accordance
      with its terms will constitute, its legal, valid and binding obligation.

4.    NON-CONFLICT: The execution by it of the Agreement and the exercise by it
      of its rights and the performance of its obligations under the Agreement
      will not:

      (a)   result in the existence or imposition of, nor oblige it to create,
            any Security Interest in favour of any person over all or any of its
            present or future revenues or assets save for any which are created
            under or pursuant to the Funding Deed of Charge;

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

      (c)   conflict with its constitutional documents; or

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

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

6.    CONSENTS AND LICENCES: All governmental consents, licences and other
      approvals and authorisations required in connection with the entry into,
      performance, validity and enforceability of, the transaction contemplated
      by the Agreement have been obtained or effected (as appropriate) and are
      in full force and effect.

                                       8

<PAGE>

                                 EXECUTION PAGE

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

Name:

Title:  DIRECTOR

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

Name:

Title:

EXECUTED for and on behalf of         )
THE BANK OF NEW YORK                  )
by:                                   )

Name:

Title:

                                       9

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