Document:

Exhibit 4.6.1

                                Dated [o] 2005

                           GRANITE MASTER ISSUER plc
                               as Master Issuer

                                      and

                             THE BANK OF NEW YORK
                                as Note Trustee

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

                               ISSUER TRUST DEED

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

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

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                            CROSS-REFERENCE TABLE*

Section of Trust
Indenture Act of
1939, as amended                                                Section of Deed
                                                                ---------------

310(a)......................................................................14.2
310(b)......................................................................14.2
310(c)..............................................................Inapplicable
311(a)..................................................................10.3(kk)
311(b)..................................................................10.3(kk)
311(c)..............................................................Inapplicable
312(a).....................................................................5(ee)
312(b)......................................................................19.2
312(c)......................................................................19.2
313.....................................................................10.3(jj)
314(a)......................................................................5(u)
314(b).....................................................................5(gg)
314(c)................................................................16.1, 17.1
314(d)......................................................................17.1
314(e)......................................................................16.2
315(a)..................................................................... 10.1
315(b)......................................................................10.8
315(c).......................................................................2.7
315(d).....................................................................10.12
316(a).................................................................7.2, 11.2
316(b)....................................................................2.2(d)
316(c).......................................................................7.2
317(a).......................................................................6.1
317(b)......................................................................5(p)
318(a)........................................................................15
318(b)......................................................................17.4
318(c).......................................................................1.4

* This Cross-Reference Table does not constitute part of this Deed and shall
not affect the interpretation of any of its terms or provisions.

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                               Table of Contents
Clause                                                                    Page

1.    Definitions............................................................1

2.    Covenant to Repay etc..................................................3

3.    Form, Issue and Deposit of Note Certificates...........................7

4.    Covenant of Compliance................................................10

5.    Covenants by the Master Issuer........................................10

6.    Enforcement...........................................................17

7.    Proceedings, Actions and Indemnification..............................18

8.    Application of Moneys etc.............................................20

9.    Remuneration and Indemnification of Note Trustee......................21

10.   Supplement to the Trustee Acts........................................23

11.   Modification and Waiver...............................................35

12.   Entitlement to Treat holder as owner..................................37

13.   Currency Indemnity....................................................37

14.   Appointment, Removal and Retirement of Note Trustee...................38

15.   Trust Indenture Act Prevails..........................................40

16.   Certificates and Opinions.............................................40

17.   Release of Collateral.................................................41

18.   Rights Cumulative.....................................................42

19.   Notices...............................................................42

20.   Third Party Rights....................................................43

21.   Execution in Counterparts; Severability...............................43

22.   Governing Law and Jurisdiction; Appropriate Forum.....................43

      SCHEDULE 1 FORMS OF GLOBAL NOTE CERTIFICATE...........................44

      SCHEDULE 2 FORM OF INDIVIDUAL NOTE CERTIFICATES.......................53

      SCHEDULE 3 ISSUER CONDITIONS OF THE NOTES.............................58

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      SCHEDULE 4 PROVISIONS FOR MEETINGS OF NOTEHOLDERS.....................59

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THIS ISSUER TRUST DEED is made on [o] 2005

BETWEEN:

(1)  GRANITE MASTER ISSUER plc, (registered number [o]) a public limited
     company incorporated under the laws of England and Wales, whose
     registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX, as
     Master Issuer; and

(2)  THE BANK OF NEW YORK, a New York banking corporation acting through its
     London branch at 48th Floor, One Canada Square, Canary Wharf, London E14
     5AL in its capacity as Note Trustee.

WHEREAS:

(A)  By a resolution of a duly authorised Board of Directors of the Master
     Issuer passed on [o] 2005 the Master Issuer resolved to establish a
     programme pursuant to which the Master Issuer may, from time to time,
     issue Issuer Notes as set out herein.

(B)  The Note Trustee has agreed to act as trustee of these presents for the
     benefit of the Noteholders upon and subject to the Issuer Conditions.

NOW THIS ISSUER TRUST DEED WITNESSES AND IT IS AGREED AND DECLARED:

1.   Definitions

     1.1  The provisions of:

          (a)  the Master Definitions Schedule as amended and restated by (and
               appearing as Appendix 1 to) the Master Definitions Schedule
               Tenth Amendment Deed made on [o] 2005 between, among others,
               the Seller, Funding 2 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 LLP on [o] 2005,

          (as the same have been and may be amended, varied or supplemented
          from time to time with the consent of the parties hereto) are
          expressly and specifically incorporated into and shall apply to this
          Deed.

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

          1.2  All references in these presents:

          (a)  to principal and/or premium and/or interest in respect of the
               Issuer Notes or to any monies payable by the Master Issuer
               under these presents shall be deemed to include a reference to
               any additional amounts which may be payable under [Condition
               4(E) (Deferred Interest) or, if applicable, under any
               undertaking or covenant given pursuant to Clause 2.2 (Covenant
               to Repay);

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          (b)  to "these presents" and/or to "this Deed" means this Trust
               Deed, the schedules hereto, any deed expressed to be
               supplemental hereto and Issuer Deed of Charge and all Deeds of
               Accession entered into pursuant thereto, all as from time to
               time supplemented or modified in accordance with the provisions
               contained in these presents and/or where applicable, therein
               contained;

          (c)  to guarantees or to an obligation being guaranteed shall be
               deemed to include respectively references to indemnities or to
               an indemnity being given in respect thereof;

          (d)  to any action, remedy or method of proceeding for the
               enforcement of the rights of creditors shall be deemed to
               include, in respect of any jurisdiction other than England,
               references to such action, remedy or method of proceeding for
               the enforcement of the rights of creditors available or
               appropriate in such jurisdiction as shall most nearly
               approximate to such action, remedy or method of proceeding
               described or referred to in these presents;

          (e)  to taking proceedings against the Master Issuer shall be deemed
               to include references to proving in the winding up of the
               Master Issuer; and

          (f)  to DTC, Euroclear and Clearstream, Luxembourg shall be deemed
               to include references to any other or additional clearing
               system as may be approved in writing by the Note Trustee.

          1.3  Unless the context otherwise requires words or expressions used
               in these presents shall bear the same meanings as in the
               Companies Act 1985 of England.

          1.4  Whenever these presents refers to a provision of the Trust
               Indenture Act, the provision is incorporated by reference in
               and made part of these presents. All other Trust Indenture Act
               terms used in these presents that are defined by the Trust
               Indenture Act, defined in the Trust Indenture Act by reference
               to another statute or defined by SEC rule have the meanings
               assigned to them in the Trust Indenture Act.

          1.5  For the purposes of determining whether a direction, request or
               consent has been received from the holders of a specified
               percentage in Principal Amount Outstanding of any class of
               Notes, the Principal Amount Outstanding of any Note net
               denominated in Sterling, Dollars or Euro shall be converted
               into Sterling at the Specified Currency Swap Rate applicable to
               such Note.

          1.6  "outstanding" means, in relation to any Series and Class of
               Issuer Notes all the Issuer Notes of such Series and Class
               other than:

          (a)  those which have been redeemed in accordance with these
               presents;

          (b)  those in respect of which the date for redemption in accordance
               with the provisions of the Issuer Conditions has occurred and
               for which the redemption moneys (including all interest accrued
               thereon to such date

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               for redemption) have been duly paid to the Note Trustee or the
               Principal Paying Agent in the manner provided for in the Issuer
               Paying Agent and Agent Bank Agreement (and, where appropriate,
               notice to that effect has been given to the relevant class or
               classes of Noteholders in accordance with Condition 14 (Notice
               to Noteholders)) and remain available for payment in accordance
               with the Issuer Conditions;

          (c)  those which have been purchased and surrendered for
               cancellation as provided in Condition 5 (Redemption, Purchase
               and Cancellation) and notice of the cancellation of which has
               been given to the Note Trustee;

          (d)  those which have become void under Condition 7 (Prescription);

          (e)  those mutilated or defaced Note Certificates which have been
               surrendered or cancelled and in respect of which replacement
               Note Certificates have been issued pursuant to Condition 13
               (Replacement of Notes);

          (f)  (for the purpose only of ascertaining the amount of the Issuer
               Notes outstanding and without prejudice to the status for any
               other purpose of the relevant Issuer Notes) those Note
               Certificates which are alleged to have been lost, stolen or
               destroyed and in respect of which replacements have been issued
               pursuant to Condition 13 (Replacement of Notes);

          (provided that) for each of the following purposes, namely:

          (i)  the right to attend and vote at any Meeting (as defined in
               Schedule 4 (Provisions for Meetings of Noteholders) hereto);

          (ii) the determination of how many and which Issuer Notes are for
               the time being outstanding for the purposes of Clauses 7
               (Proceedings, Actions and Indemnification) and 11.2 (Waiver),
               Condition 10 (Enforcement of Notes) and Schedule 4 (Provisions
               for Meetings of Noteholders); and

         (iii) any discretion, power or authority, whether contained in these
               presents or provided by law, which the Note Trustee is required
               to exercise in or by reference to the interests of the
               Noteholders or any of them,

          those Issuer Notes (if any) which are for the time being held by any
          person (including but not limited to the Master Issuer or any
          subsidiary or affiliate of either for the benefit of the Master
          Issuer or any subsidiary or affiliate shall (unless and until
          ceasing to be so held) be deemed not to remain outstanding.

2.   Covenant to Repay etc.

     2.1  The Issuer Notes: The Issuer Notes will be issued in Series [in an
          aggregate nominal amount from time to time outstanding not exceeding
          [the Programme Limit] from time to time and for the purpose of
          determining such aggregate nominal amount, clause [o] of the
          [Programme Agreement] shall apply]. Each

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          Series will comprise one or more Class A Notes, Class B Notes, Class
          M Notes, Class C Notes and Class D Notes issued on a single issue
          date.

     By no later than [o] p.m. (London time) on the [third] Business Day
     preceding each proposed Closing Date, the Master Issuer shall deliver or
     cause to be delivered to the Note Trustee and the Issuer Security Trustee
     a copy of the applicable Note Supplement and drafts of all (if any) legal
     opinions to be given in relation to the relevant issue and shall notify
     the Note Trustee and the Issuer Security Trustee, in writing and without
     delay, of the relevant Closing Date, and the nominal amount, of a
     particular Series of Issuer Notes. Upon being issued, such Issuer Notes
     shall become constituted by the trust presents without further formality.

     The Master Issuer will procure that further legal opinion(s) in such form
     and with such consent as the Note Trustee may reasonably require from the
     legal advisers specified in the [Programme Agreement] is/are delivered to
     the Note Trustee and the Issuer Security Trustee:

          (a)  before any issue of Issuer Notes after each anniversary of this
               Trust Deed; and

          (b)  on such other occasions as the Note Trustee requires (on the
               basis that the Note Trustee considers it necessary in view of a
               change (or proposed change) in English law, materially
               affecting the Master Issuer, the trust presents, the [Programme
               Agreement], the Issuer Paying Agent and Agent Bank Agreement or
               the Issuer Deed of Charge, or the Note Trustee has other
               reasonable grounds which shall not include the mere lapse of
               time).

     Whenever such a request is made for further legal opinions in accordance
     with this Clause 2.1 with respect to any Issuer Notes to be issued, the
     receipt of such opinion(s) in a form satisfactory to the Note Trustee
     shall be a further condition precedent to the issue of those Issuer
     Notes.

     2.2  Covenant to Repay: The Master Issuer covenants with the Note Trustee
          that it will, as and when any Series and Class of Issuer Notes
          become or, any Issuer Note becomes, due to be redeemed, or on such
          earlier date as the same or any part thereof may become due and
          repayable thereunder, in accordance with the Issuer Conditions [and
          the provisions of the Note Supplement to any Series], pay or procure
          to be paid unconditionally to or to the order of the Note Trustee in
          the relevant currency in the applicable [business centre], in
          immediately available funds or same day funds, as applicable, the
          principal amount of such Issuer Notes, repayable on the relevant
          date. Except in the case of Zero Coupon Notes, the Master Issuer
          shall in the meantime and until all such payments (both before and
          after any judgment or other order of a court of competent
          jurisdiction) are duly made (subject to the provisions of the Issuer
          Conditions [and the Note Supplement to such Series]), pay or procure
          to be paid unconditionally to or to the order of the Note Trustee as
          aforesaid, interest (which shall accrue from day to day) on the
          Principal Amount Outstanding of such Issuer Notes, at rates and/or
          in amounts set out in or (as the case may be) calculated from time
          to time in accordance with, or specified

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          in, and on the dates provided for in the Issuer Conditions (subject
          to Clause [2.5] below, provided that;

          (a)  every payment of principal or interest in respect of any Series
               and Class of Issuer Notes or any individual Issuer Note, made
               to or to the account of the Paying Agents in the manner
               provided in the Issuer Paying Agent and Agent Bank Agreement,
               shall satisfy the obligations of the Master Issuer under this
               Clause 2.2 (Covenant to Repay), in respect of such Issuer Notes
               or Issuer Note, as applicable, except to the extent that there
               is default in the subsequent payment thereof to the Noteholders
               in accordance with the Issuer Conditions [and the provisions of
               the Note Supplement to such Series (if applicable)];

          (b)  if any payment of principal or interest in respect of any
               Series and Class of Issuer Notes or any individual Issuer Note
               is made after the due date, payment shall be deemed not to have
               been made until either the full amount is paid to the
               applicable Noteholders, or, if earlier, the seventh day after
               notice has been given to the applicable Noteholders in
               accordance with the Issuer Conditions [and the provisions of
               the Note Supplement to such Series (if applicable),] that the
               full amount has been received by the Note Trustee or the Paying
               Agents, to the extent that there is a failure in the subsequent
               payment to Noteholders under the Issuer Conditions [and the
               provisions of the Note Supplement to such Series (if
               applicable)];

          (c)  in any case where payment of the whole or any part of the
               principal amount of any Issuer Note is improperly withheld or
               refused, upon due presentation thereof (if so provided in the
               Issuer Paying Agent and Agent Bank Agreement), interest shall
               accrue on the whole, or such part of such principal amount of
               such Note [(except in the case of Zero Coupon Notes to which
               the provisions of Condition 5G (Late Payment or Zero Coupon
               Notes) shall apply)] which has been so withheld or refused
               (both before and after any judgment or other order of a court
               of competent jurisdiction), at the rates aforesaid, from and
               including the date of such withholding or refusal up to and
               including the date on which such principal amount due is paid
               to the Noteholders or (if earlier) the seventh day after notice
               is given to the Noteholders in accordance with the Issuer
               Conditions [and the provisions of the Note Supplement to such
               Series (if applicable)] that the full amount (including
               interest as aforesaid) payable in respect of the principal
               amount is available for payment, provided that, upon further
               due presentation thereof (if so provided in the Issuer Paying
               Agent and Agent Bank Agreement), such payment is in fact made;
               and

          (d)  notwithstanding any other provision of these presents, pursuant
               to Section 316(b) of the Trust Indenture Act, the right of any
               Noteholder to receive payment of principal and interest on any
               Series and Class of Issuer Notes, on or after the respective
               due dates expressed for such Issuer Notes, or to bring suit for
               the enforcement of any such payment on or after such respective
               dates, shall not be impaired or affected without the consent of
               the Noteholder.

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     2.3  Additional Interest: The Master Issuer shall pay Additional Interest
          in accordance with Condition 4(E)(Deferred Interest).

     2.4  On trust: The Note Trustee will hold the benefit of the covenants
          contained in this Clause 2 (Covenant to Repay, etc) on trust for the
          Noteholders and itself in accordance with these presents.

     2.5  Note Trustee's requirements regarding Agents, etc.: At any time
          after an Issuer Event of Default shall have occurred (which shall
          not have been waived by the Note Trustee or remedied to its
          satisfaction) or the Issuer Notes shall otherwise have become due
          and repayable or Individual Note Certificates have not been issued
          when so required in accordance with these presents and the Global
          Note Certificates, the Note Trustee may:

          (a)  by notice in writing to the Master Issuer, the Principal Paying
               Agent, the US Paying Agent [the other Paying Agents], the Agent
               Bank, the Transfer Agent and the Registrar require such Agents
               or any of them pursuant to the Issuer Paying Agent and Agent
               Bank Agreement:

               (i) to act thereafter, and until otherwise instructed by the
               Note Trustee, as Agents respectively of the Note Trustee on the
               terms provided in the Issuer Paying Agent and Agent Bank
               Agreement (with consequential amendments as necessary and save
               that the Note Trustee's liability under any provisions thereof
               for the indemnification, remuneration and payment of
               out-of-pocket expenses of the Agents shall be limited to the
               amounts for the time being held by the Note Trustee on the
               trusts of these presents relating to the Issuer Notes and
               available for such purpose) and thereafter to hold all Note
               Certificates and all sums, documents and records held by them
               in respect of Issuer Notes on behalf of the Note Trustee;
               and/or

               (ii) to deliver up all Note Certificates and all sums,
               documents and records held by them in respect of the Issuer
               Notes to the Note Trustee or as the Note Trustee shall direct
               in such notice provided that such notice shall be deemed not to
               apply to any documents or records which the relevant Agent or
               the Registrar, as the case may be, is obliged not to release by
               any law or regulation; and/or

          (b)  by notice in writing to the Master Issuer require it to make
               all subsequent payments in respect of the Issuer Notes to or to
               the order of the Note Trustee with effect from the issue of any
               such notice to the Master Issuer and until such notice is
               withdrawn, Clause 2.2(a) above relating to the Issuer Notes
               shall cease to have effect.

     2.6  Interest following Default: The rate of interest payable in respect
          of any Series and Class of Issuer Notes which become immediately
          payable upon receipt by the Master Issuer of a Note Acceleration
          Notice relating to such Notes or an Issuer Enforcement Notice given
          by the Note Trustee pursuant to the Issuer Conditions [and the
          provisions of the Note Supplement to such Series (if applicable)]
          shall be calculated at the same intervals as if such Notes had not
          become due and payable, the first of which shall commence on the

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          expiry of the Interest Period (as defined in the Issuer Conditions
          and the provisions of the Note Supplement to such Series (if
          applicable)) during which such Issuer Notes become so repayable, in
          accordance with the Issuer Conditions [and the provisions of the
          Note Supplement to such Series (if applicable)] (with consequential
          amendments as necessary) except that the rates of interest need not
          be published.

     2.7  Exercise by Note Trustee following Default: If an Issuer Event of
          Default has occurred and is continuing, the Note Trustee shall
          exercise any or all of the rights and powers vested in it by these
          presents and use the same degree of care and skill in its exercise
          as a prudent person would exercise or use under the circumstances in
          the conduct of such person's own affairs in accordance with Section
          315(c) of the Trust Indenture Act.

3.   Form, Issue and Deposit of Note Certificates

     3.1  Global Note Certificates:

          (a)  The US Notes of any Series will be initially offered and sold
               pursuant to a Registration Statement filed with the SEC. Each
               Series and Class of US Notes will be issued in fully registered
               global form and be initially represented by a US Global Note
               Certificate and which, in aggregate, will represent the
               aggregate Principal Amount Outstanding of such US Notes.

          (b)  The Reg S Notes of any Series will be initially offered and
               sold outside the United States to non-US persons pursuant to
               Reg S. Each Series and Class Reg S Notes will be issued in
               fully registered global form and be initially represented by a
               Reg S Global Note Certificate and which, in aggregate, will
               represent the aggregate Principal Amount Outstanding of such
               Reg S Notes.

          (c)  The Global Note Certificates of any Series shall be issued by
               the Master Issuer and (1) in the case of the US Notes of such
               Series, the US Global Note Certificates will be registered in
               the name of [Cede & Co. as nominee for DTC, and be deposited
               with, the DTC Custodian] and (2) in the case of the Reg S Notes
               of such Series, the Reg S Global Note Certificates will be
               registered in the name of [Citivic Nominees Limited] as nominee
               for, and will be deposited with, the Common Depositary.

          (d)  Interests in the US Global Note Certificates and the Reg S
               Global Note Certificates of any Series shall be exchangeable,
               in accordance with their respective terms and as set out in
               Clause 3.3 (Individual Note Certificates) below, for Individual
               Note Certificates for such Series.

     3.2  Form of Global Note Certificates: The Global Note Certificates shall
          be printed or typewritten and shall be in the form or substantially
          in the form set out in Schedule 1 (Form of Global Note Certificates)
          and may be a facsimile, which the Master Issuer shall deposit with
          the DTC Custodian or the Common Depositary, as the case may be. Each
          Global Note Certificate shall represent

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          such of the outstanding Issuer Notes of the relevant Series and
          Class as shall be specified therein and shall have a copy of the
          applicable Note Supplement attached to it and each Global Note
          Certificate shall provide that it shall represent the aggregate
          Principal Amount Outstanding of the relevant Series and Class of
          Issuer Notes from time to time endorsed on the relevant Global Note
          Certificate and that the aggregate Principal Amount Outstanding of
          the Issuer Notes represented thereby may, from time to time, be
          reduced or increased, as appropriate, to reflect exchanges,
          redemptions, purchases and transfers of interests therein in
          accordance with the terms of these presents and the Issuer Paying
          Agent and Agent Bank Agreement. Any notation on the Register to
          reflect the amount of any increase or decrease in the Principal
          Amount Outstanding of any Series and Class of Issuer Notes
          represented by a Global Note Certificate shall be made by or on
          behalf of the Registrar in accordance with such Global Note
          Certificate and the Issuer Paying Agent and Agent Bank Agreement.
          The Global Note Certificates shall be issued only in registered
          form, without coupons or talons, and signed, manually or in
          facsimile, by a person duly authorised by the Master Issuer on
          behalf of the Master Issuer, and the Master Issuer shall procure
          that the Global Note Certificates of any Series of Issuer Notes
          shall be authenticated by or on behalf of the Registrar on the
          relevant Closing Date. The Global Note Certificates for such Series
          of Issuer Notes so executed and authenticated shall be binding and
          valid obligations of the Master Issuer, notwithstanding that such
          duly authorised person no longer holds that office at the time the
          Registrar authenticates the relevant Global Note Certificate. Title
          to any Series and Class of Issuer Notes shall only pass by, and
          upon, the registration in the Register in respect thereof, in
          accordance with the provisions of the Issuer Paying Agent and Agent
          Bank Agreement.

     3.3  Individual Note Certificates: The Master Issuer shall issue
          Individual Note Certificates only if one or more of the following
          applies while any Series or Class of Issuer Notes are represented by
          a Global Note Certificate. At any time after the fortieth day
          following the later of the relevant Closing Date and the date of the
          issue of such Global Note Certificates:

          (a)  (i) (in the case of a US Global Note Certificates) DTC has
               notified the Master Issuer that it is at any time unwilling or
               unable to continue as, or has ceased to be, a clearing agency
               registered under the Exchange Act, and a successor to DTC
               registered as a clearing agency under the Exchange Act is not
               able to be appointed by the Master Issuer within 90 days of
               such notification; or (ii) (in the case of a Reg S Global Note
               Certificate both Euroclear and Clearstream, Luxembourg are
               closed for business for a continuous period of 14 days (other
               than by reason of holiday, statutory or otherwise) or announce
               an intention permanently to cease business and do so cease to
               do business and no alternative clearing system satisfactory to
               the Note Trustee is available; or

          (b)  as a result of any amendment to, or change in, the laws or
               regulations of the United Kingdom (or of any political
               sub-division thereof) or of any authority therein or thereof
               having power to tax or in the interpretation or administration
               by a revenue authority or a court or

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               administration of such laws or regulations which becomes
               effective on or after the relevant Closing Date, the Master
               Issuer or any Paying Agent is or will be required to make any
               deduction or withholding from any payment in respect of such
               Issuer Notes which would not be required were such Issuer Notes
               represented by Individual Note Certificates.

     If required by this Clause 3.3 (Individual Note Certificates), then the
     Master Issuer shall, at its sole cost and expense within 30 days of the
     occurrence of the relevant event, issue Individual Note Certificates of
     the same class as the Series and Class of Issuer Notes represented by the
     relevant Global Note Certificate.

     If Individual Note Certificates are issued, the beneficial interests
     represented by the Reg S Global Note Certificate representing a Series
     and Class of Issuer Notes shall be exchanged by the Master Issuer for Reg
     S Individual Note Certificates for such Issuer Notes and the beneficial
     interests represented by the US Global Note Certificate representing a
     Series and Class of Issuer Notes shall be exchanged by the Master Issuer
     for US Individual Note Certificates for such Issuer Notes.

     3.4  Form of Individual Note Certificates: The Individual Note
          Certificates shall be printed or typewritten in accordance with all
          applicable legal and stock exchange requirements and be in, or
          substantially be in, the form set out in Schedule 2 (Form of
          Individual Note Certificates). Individual Note Certificates for a
          Series and Class of Issuer Notes will be: (1) in the denominations,
          and transferable in the units, specified for such Issuer Notes in
          the applicable Note Supplement, (2) serially numbered, and (3)
          endorsed with the Issuer Conditions and have a copy of the relevant
          Note Supplement annexed to them and a form of transfer in the form,
          or substantially in the form, also set out in Schedule 2 (Form of
          Individual Note Certificates). Title to the Individual Note
          Certificates shall only pass by and upon the registration in the
          Register in respect thereof in accordance with the provisions of the
          Issuer Paying Agent and Agent Bank Agreement. The Individual Note
          Certificates shall be issued only in registered form and signed
          manually or in facsimile by a person duly authorised by or on behalf
          of the Master Issuer and the Master Issuer shall procure that the
          Individual Note Certificates shall be authenticated by or on behalf
          of the Registrar. Each Individual Note Certificate so executed and
          authenticated shall be a binding and valid obligation of the Master
          Issuer notwithstanding that such duly authorised person no longer
          holds that office at the time the Registrar authenticates the
          relevant Individual Note Certificate.

     3.5  Indemnity: If the Master Issuer is obliged to issue or procure the
          issue of any Individual Note Certificate pursuant to Clause 3.3
          (Individual Note Certificates) but fails to do so within 30 days of
          the occurrence of the relevant event described in Clause 3.3
          (Individual Note Certificates), then the Master Issuer shall
          indemnify the Note Trustee and the relevant Noteholders and keep
          them indemnified against any loss or damage incurred by any of them
          if the amount received by the Note Trustee or the relevant
          Noteholders in respect of the Issuer Notes is less than the amount
          that would have been received had Individual Note Certificates been
          issued in accordance with Clause 3.4 (Form of Individual Note
          Certificates). If and for so long as the Master Issuer

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<PAGE>

          discharges its obligations under this indemnity, the breach by the
          Master Issuer of the provisions of Clause 3.4 (Form of Individual
          Note Certificates) shall be deemed to be cured ab initio.

4.   Covenant of Compliance

     4.1  Covenant: The Master Issuer covenants with the Note Trustee that it
          will comply with and perform and observe all the provisions of these
          presents, the Issuer Notes (including the Issuer Conditions and the
          Note Supplement to each Series), the Issuer Deed of Charge, the
          Issuer Paying Agent and Agent Bank Agreement, and the documents
          executed pursuant thereto and the other Issuer Transaction Documents
          (as each such documents may be amended, varied, supplemented or
          updated from time to time). The Issuer Conditions and the provisions
          of the Note Supplement to any Series shall be binding on the Master
          Issuer, the Noteholders, the Note Trustee and all persons claiming
          through or under any of them. Each Series and Class of Issuer Notes
          will be subject to the provisions of these presents, all of which
          shall be binding on the Master Issuer, the Noteholders, the Note
          Trustee and all persons claiming through or under any of them.

     4.2  On trust: The Note Trustee shall hold the benefit of the covenants
          contained in this Clause 4 (Covenant of Compliance) upon trust for
          itself and the Noteholders according to its and their respective
          interests.

5.   Covenants by the Master Issuer

     The Master Issuer hereby covenants with the Note Trustee that, so long as
     any of the Issuer Notes of any Series remain outstanding, it will:

          (a)  Books and Records: at all times keep such books of account and
               records as may be necessary to comply with all applicable laws
               and so as to enable accounts of the Master Issuer to be
               prepared and allow the Note Trustee and any person appointed by
               the Note Trustee free access to such books of account and
               records at all reasonable times during normal business hours;

          (b)  Accounts for Stock Exchange: cause to be prepared and certified
               by the Auditors of the Master Issuer in respect of each
               Financial Year, accounts in such form as will comply with all
               relevant legal and accounting requirements and all requirements
               for the time being of any stock exchange, competent listing
               authority and/or quotation system on which the Issuer Notes of
               any Series are listed, quoted and/or traded;

          (c)  Noteholder Information: send to the Note Trustee two copies of
               every balance sheet, profit and loss account, report, circular
               and notice of general meeting and every other document issued
               or sent to its shareholders or holders of securities other than
               its shareholders (including the Noteholders) (or any class of
               them) as soon as practicable after the issue or publication
               thereof;

                                      10

<PAGE>

          (d)  Information: so far as permitted by applicable law, give or
               procure to be given to the Note Trustee such opinions,
               certificates, information and evidence as it shall require and
               in such form as it shall require, including without limitation
               the procurement by the Master Issuer of all such certificates
               called for by the Note Trustee pursuant to these presents or
               the purpose of the discharge or exercise of the duties, trusts,
               powers, authorities and any discretion vested in it under these
               presents or by operation of law;

          (e)  Notice of Issuer Event of Default: give notice in writing to
               the Note Trustee forthwith upon becoming aware of the
               occurrence of any [Issuer] Event of Default or any Potential
               Issuer Event of Default immediately upon becoming aware
               thereof, including the status of any such default or matter and
               what action the Master Issuer is taking or proposes to take
               with respect thereto, and without waiting for the Note Trustee
               to take any action;

          (f)  Certificates Relating to Financial Information: give to the
               Note Trustee (a) within 14 days after demand by the Note
               Trustee therefor and (b) (without the necessity for any such
               demand) promptly after the publication of its audited accounts
               in respect of each Financial Year commencing with the Financial
               Year first ending after the date hereof and in any event not
               later than 180 days after the end of each such Financial Year a
               certificate signed by two directors of the Master Issuer to the
               effect that as at a date not more than seven days prior to the
               date of such certificate (the "certification date") there did
               not exist and had not existed since the certification date of
               the previous certificate (or in the case of the first such
               certificate the date hereof) any Issuer Event of Default (or if
               such exists or existed specifying the same) and that during the
               period from and including the certification date of the last
               such certificate (or in the case of the first such certificate
               the date hereof) to and including the certification date of
               such certificate the Master Issuer has complied, with all its
               obligations contained in these presents and each of the Issuer
               Transaction Documents to which it is a party or (if such is not
               the case) specifying the respects in which it has not so
               complied;

          (g)  Notice of Deferral of Payments: as soon as practicable after
               becoming aware that any part of a payment of interest on the
               Issuer Notes will be deferred or that a payment previously
               deferred will be made in accordance with Condition 4
               (Interest), give notice thereof to the Noteholders in
               accordance with the Issuer Conditions and, for so long as the
               Issuer Notes are listed on the Official List of the UK Listing
               Authority and admitted to trading by the London Stock Exchange
               and/or such other exchange(s) or securities market(s) upon
               which the Issuer Notes may become listed, to the UK Listing
               Authority and to the London Stock Exchange and/or such other
               exchange(s) or securities market(s);

          (h)  Further Assurances: so far as permitted by applicable law, at
               all times execute and do all such further documents, acts and
               things as may be

                                      11

<PAGE>

               necessary at any time or times in the opinion of the Note
               Trustee to give effect to these presents and the other Issuer
               Transaction Documents;

          (i)  Agent Bank, Reference Banks etc.: at all times maintain an
               Agent Bank, four Reference Banks, a Paying Agent, a Transfer
               Agent and a Registrar in accordance with the Issuer Conditions;

          (j)  Notification of Non-Payment: procure that any Paying Agent
               notify the Note Trustee forthwith in the event that (i) such
               Paying Agent does not, on or before any Payment Date or due
               date, as the case may be, for any payment in respect of any of
               the Issuer Notes, receive unconditionally pursuant to the
               Issuer Paying Agent and Agent Bank Agreement the full amount in
               the requisite currency of the monies payable on such Payment
               Date or due date, as the case may be, on all such Issuer Notes,
               or (ii) there are insufficient funds in the applicable currency
               available to the relevant Paying Agent to discharge the amount
               of the monies payable on such Payment Date or due date, as the
               case may be;

          (k)  Notification of Late Payment: in the event of the unconditional
               payment to the Paying Agents or the Note Trustee of any sum due
               in respect of any of the Issuer Notes or any of them being made
               after the due date for payment thereof, forthwith give or
               procure to be given notice to the relevant Noteholders in
               accordance with the Issuer Conditions that such payment has
               been made;

          (l)  Listing and Admission to Trading: use reasonable endeavours to
               maintain the listing of the Issuer Notes on the Official List
               of the UK Listing Authority and their admission to trading by
               the London Stock Exchange or, if it is unable to do so having
               used reasonable endeavours, use reasonable endeavours to obtain
               and maintain a quotation or listing of the Issuer Notes on such
               other stock exchange or exchanges or securities market or
               markets as the Master Issuer may decide (with the prior written
               approval of the Note Trustee) and shall also upon obtaining a
               quotation or listing of the Issuer Notes on such other stock
               exchange or exchanges or securities market or markets enter
               into a trust deed supplemental to these presents to effect such
               consequential amendments to these presents as the Note Trustee
               may require or as shall be requisite to comply with the
               requirements of any such stock exchange or securities market;

          (m)  Change of Agents, etc.: subject to the Issuer Paying Agent and
               Agent Bank Agreement, give notice to the Noteholders in
               accordance with the Issuer Conditions of any appointment,
               resignation or removal of any Agent Bank, Reference Bank,
               Paying Agent, Transfer Agent or Registrar (other than the
               appointment of the initial Agent Bank, Reference Banks, Paying
               Agents, Transfer Agent and Registrar) after, except in the case
               of resignation, having obtained the prior written approval of
               the Note Trustee (not to be unreasonably withheld or delayed)
               thereto or any change of the Specified Office of any Agent

                                      12

<PAGE>

               Bank, Paying Agent, Transfer Agent or Registrar provided always
               that so long as any of the Issuer Notes remains outstanding, in
               the case of the termination of the appointment of the Agent
               Bank, the Transfer Agent or the Registrar, or so long as any of
               the Issuer Notes remains liable to prescription, in the case of
               the termination of the appointment of the Principal Paying
               Agent, no such termination shall take effect until a new Agent
               Bank, the Transfer Agent, Registrar or Principal Paying Agent
               (as the case may be) has been appointed on terms previously
               approved in writing by the Note Trustee;

          (n)  Pre-Approval of Notices: obtain the prior written approval of
               the Note Trustee to, and upon publication promptly give to the
               Note Trustee and the Rating Agencies two copies of, every
               notice given to the Noteholders in accordance with the Issuer
               Conditions (such approval, unless so expressed, not to
               constitute approval for the purposes of Section 21 of the
               Financial Services and Markets Act 2000 (the "FSMA") of the
               United Kingdom of any such notice the content of which is an
               invitation or inducement to engage in investment activities
               within the meaning of Section 21 of the FSMA);

          (o)  Meetings: from time to time as required or contemplated by
               these presents or as reasonably requested by the Note Trustee,
               make available through the Paying Agents or otherwise such
               documents as may be required by the Noteholders in connection
               with Meetings;

          (p)  Compliance with Issuer Paying Agent and Agent Bank Agreement:
               (A) observe and comply with its obligations and use its
               reasonable endeavours to procure that the Agent Bank, the
               Paying Agents, the Transfer Agent and the Registrar comply with
               and perform all their respective obligations under the Issuer
               Paying Agent and Agent Bank Agreement and any notice given by
               the Note Trustee pursuant to Clause 2.5(a) and not make any
               amendment or modification to such agreement or agree to waive
               or authorise any breach thereof without the prior written
               approval of the Note Trustee and notify the Note Trustee
               forthwith upon becoming aware of any breach by any of the Agent
               Bank, the Paying Agents, the Transfer Agent and/or the
               Registrar, and (B) ensure that each Paying Agent under the
               Issuer Paying Agent and Agent Bank Agreement agrees in writing
               to (1) hold funds received by such Paying Agent for the payment
               of any sums due in respect of any Issuer Notes for the relevant
               Noteholders or the Note Trustee in trust to the extent required
               by Section 317(b) of the Trust Indenture Act, and (2) notify
               the Note Trustee of any default by the Master Issuer in making
               any such payment;

          (q)  Compliance with Issuer Transaction Documents: observe and
               comply with its obligations and use its reasonable endeavours
               to procure that each other party to any of the Issuer
               Transaction Documents complies with and performs all its
               respective obligations under any Issuer Transaction Document
               and not make any amendment or modification to such agreement or
               agree to waive or authorise any breach thereof without the
               prior written approval of the Note Trustee and notify the

                                      13

               Note Trustee forthwith upon becoming aware of any breach by
               such other party to any Issuer Transaction Document;

          (r)  Individual Note Certificates: notify the Note Trustee upon the
               occurrence of any of the events referred to in Clause 3.3
               (Individual Note Certificates) and shall promptly give notice
               thereto and of its obligations to issue Individual Note
               Certificates to the Noteholders in accordance with Condition 14
               (Notice to Noteholders);

          (s)  Exercise of Redemption Rights: subject to paragraph (t) below,
               in the event that any notice of prepayment of any Loan Transfer
               is given under [Clause [9] (Prepayment) of the Global
               Intercompany Loan Agreement, the Issuer shall exercise its
               right to redeem the related Series and Class of Notes on the
               same Payment Date under Condition 5[(D)] (Optional Redemption
               in Full) or, as applicable, Condition 5[(E)] (Optional
               Redemption for Tax and other Reasons);

          (t)  Redemption Requirements: not redeem or, as the case may be,
               give notice of redemption to Noteholders of all or any part of
               a class or classes of Issuer Notes pursuant to Condition 5[(D)]
               (Optional Redemption in Full) or Condition 5[(E)] (Optional
               Redemption for Tax and other Reasons) unless it shall first
               have provided to the Note Trustee such certificates and
               opinions as may be required to be given to the Note Trustee
               pursuant to and in accordance with Condition 5[(D)] (Optional
               Redemption in Full) or, as the case may be Condition 5[(E)]
               (Optional Redemption for Tax and other Reasons);

          (u)  United States Reporting Requirements: file with the Note
               Trustee copies of the annual reports and of the information,
               documents, and other reports (or copies of such portions of any
               of the foregoing as the SEC may by rules and regulations
               prescribe) which the Master Issuer is required to file with the
               SEC pursuant to Section 13 or 15(d) of the Exchange Act within
               15 days after it files them with the SEC and comply with the
               other provisions of Section 314(a) of the Trust Indenture Act;

          (v)  Interest in Issuer Charged Property: ensure that, save as
               permitted in these presents, the Issuer Deed of Charge and the
               other Issuer Transaction Documents, no person other than the
               Master Issuer and the Note Trustee shall have any equitable or
               beneficial interest in the Issuer Charged Property;

          (w)  Maintenance of Issuer Cash Manager: ensure that there is at all
               times a cash manager appointed in accordance with the
               provisions of the Issuer Cash Management Agreement;

          (x)  Tax Deduction: take reasonable steps to ensure that it does not
               engage in any course of conduct that would lead to a deduction,
               for United Kingdom corporation tax purposes, in respect of
               accrued interest or discount on the Issuer Notes by the Master
               Issuer being denied, postponed or

                                      14

<PAGE>

               restricted (whether such denial, postponement or restriction
               results from the application of paragraph 2 or 13 of Schedule 9
               of the Finance Act 1996 or otherwise);

          (y)  United Kingdom and United States Tax Status: ensure that it is
               at all times solely resident in the United Kingdom for United
               Kingdom tax purposes and has no branch, business establishment
               or other fixed establishment outside the United Kingdom; and
               furthermore, ensure that it will not engage in any activities
               in the United States (directly or through agents), will not
               derive any income from United States sources as determined
               under United States income tax principles, will not hold any
               property if doing so would cause it to be engaged or deemed to
               be engaged in a trade or business within the United States as
               determined under United States income tax principles, and will
               not (and will use its best efforts to procure that any
               affiliate of the Master Issuer, including Funding 2, will not)
               take any position that would contradict the treatment of the
               Issuer Notes as indebtedness for United States federal income
               tax purposes;

          (z)  Issuer Pre-Enforcement Priority of Payments: prior to any
               enforcement of the security created under the Issuer Deed of
               Charge, ensure that amounts standing to the credit of the
               Issuer Transaction Account on a Payment Date will be applied by
               the Master Issuer in or towards satisfaction of such of the
               obligations set out in the applicable Issuer Pre-Enforcement
               Priority of Payments as may be, at any given time, then due and
               payable (in each case only if and to the extent that payments
               or provisions of a higher order of priority which are also due
               and payable or, where relevant, are likely to fall due at that
               time or prior to the next succeeding Payment Date have been
               made or provided for in full);

          (aa) Availability of Information: make available for inspection by
               Noteholders at the Specified Office of the Principal Paying
               Agent during normal business hours on any London Business Day
               copies of each balance sheet and profit and loss account sent
               to the Note Trustee pursuant to these presents, the Issuer
               Paying Agent and Agent Bank Agreement and the other Issuer
               Transaction Documents;

          (bb) Ratings: furnish, or procure that there is furnished, from time
               to time, any and all documents, instruments, information and
               undertakings that may be reasonably necessary in order to
               maintain the current ratings of the Issuer Notes by the Rating
               Agencies (save that when any such document, instrument,
               information and/or undertaking is not within the possession or
               control of the Master Issuer, the Master Issuer agrees to use
               its reasonable efforts to furnish, or procure that there is
               furnished, from time to time any such documents, instruments,
               information and undertakings as may be reasonably necessary in
               order to maintain the current ratings of the Issuer Notes by
               the Rating Agencies);

          (cc) Calculations: procure that there are done on its behalf, all
               calculations required pursuant to the Issuer Conditions;

                                      15

<PAGE>

          (dd) DTC, Euroclear and Clearstream, Luxembourg: use its reasonable
               endeavours to procure that DTC, Euroclear and/or Clearstream,
               Luxembourg (as the case may be) issue(s) any certificate or
               other document requested by the Note Trustee acting reasonably
               pursuant to these presents as soon as practicable after such
               request;

          (ee) Information Regarding Noteholders: pursuant to Section 312(a)
               of the Trust Indenture Act, furnish or cause to be furnished to
               the Note Trustee on 31 [o] March and 30 [o] of each year,
               commencing 31 [o], and at such other times as the Note Trustee
               may request in writing, all information in the possession or
               control of the Master Issuer or of any of its Paying Agents as
               to the names and addresses of the Noteholders, and requiring
               the Note Trustee to preserve, in as current a form as is
               reasonably practicable, all such information so furnished to
               it;

          (ff) Officers' Certificates and Opinions of Counsel; Statements to
               be Contained Therein: upon any application, demand or request
               by the Master Issuer to the Note Trustee to take any action
               under any of the provisions of these presents (other than the
               issuance of Issuer Notes) and upon request of the Note Trustee,
               furnish to the Note Trustee an officers' certificate and
               opinion of counsel complying with the provisions of Section 314
               of the Trust Indenture Act (an "Officers' Certificate" and
               "Opinion of Counsel", respectively);

          (gg) Protection of Security: promptly after the execution and
               delivery of these presents and each supplement hereto, pursuant
               to Section 314(b) of the Trust Indenture Act furnish to the
               Note Trustee an Opinion of Counsel stating that in the opinion
               of such counsel, appropriate steps have been taken to protect
               the security interests of the Issuer Security Trustee in the
               Issuer Charged Property under the Issuer Deed of Charge and
               reciting the details of such action, or stating that in the
               opinion of such counsel no such action is necessary; and the
               Master Issuer shall furnish annually to the Note Trustee, not
               more than three (3) months after the anniversary of the signing
               of this Deed, commencing with calendar year [o], an Opinion of
               Counsel stating either that, in the opinion of such counsel,
               (i) such action has been taken as is necessary for the proper
               protection of the security interests of the Note Trustee in the
               Issuer Charged Property under the Issuer Deed of Charge and
               reciting the details of such action or (ii) no such action is
               necessary for any of such purposes;

          (hh) Authorised Signatories: upon the execution of this Deed and
               thereafter forthwith upon any change of the same, deliver to
               the Note Trustee (with a copy to the Principal Paying Agent and
               the Registrar) a list of the Authorised Signatories of the
               Master Issuer, together with certified specimen signatures of
               the same; and

          (ii) Issuer Notes: in order to enable the Note Trustee to ascertain
               the number and amount of Issuer Notes of any Series and Class
               for the time being outstanding for any of the purposes referred
               to in the proviso to the definition of "outstanding" contained
               in Clause 1.6,

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<PAGE>

               deliver to the Note Trustee forthwith upon being so requested
               in writing by the Note Trustee a certificate in writing signed
               by two Authorised Signatories of the Master Issuer setting out
               the total number and the principal amount of such Issuer Notes,
               if any, which:

               (i) up to and including the date of such certificate have been
               purchased by the Master Issuer and cancelled; and

               (ii) are at the date of such certificate beneficially held by
               or for the account of the Master Issuer, any of its
               subsidiaries or holding companies or other subsidiaries of such
               holding companies.

6.   Enforcement

     6.1  Proceedings: The Note Trustee may, at its discretion and without
          notice at any time and from time to time, take such steps and
          institute such proceedings against the Master Issuer or any other
          person as it may think fit to enforce the obligations of the Master
          Issuer under these presents, the Issuer Notes and/or any of the
          other Issuer Transaction Documents but it shall not be bound to take
          such action save as provided in Clause 7 (Proceedings, Actions and
          Indemnification).

     6.2  Instruction of Issuer Security Trustee: The Note Trustee may, at its
          discretion and without notice, at any time after the service of an
          Issuer Enforcement Notice, instruct the Issuer Security Trustee to
          take such steps as it may think fit to enforce the Issuer Security
          but it shall not be bound to give such instructions save as provided
          in Clause [7] [(Proceedings, Actions and Indemnification)].

     6.3  Exercise of Powers: The Note Trustee shall be entitled to enforce
          the obligations of the Master Issuer under any Series and Class of
          Issuer Notes of any Series (including the Issuer Conditions and the
          provisions of the Note Supplement to such Series) and to exercise
          any other rights, powers, authorities and any discretion conferred
          upon the Note Trustee in the Issuer Conditions as scheduled to this
          Trust Deed, which shall be read and construed as one document with
          the Issuer Notes.

     6.4  Evidence of Default: Unless the contrary be proved, proof that as
          regards any specified Issuer Note the Master Issuer has made default
          in paying any amount due in respect of such Issuer Note shall be
          sufficient evidence that the Master Issuer has made the like default
          as regards all other Issuer Notes in respect of which the
          corresponding amount is then due and payable in accordance with the
          Issuer Conditions and the provisions of the applicable Note
          Supplement to such Issuer Note and for the purposes of this Clause
          6.4 (Evidence of Default) an amount shall be a corresponding amount
          notwithstanding that it is due in respect of an Issuer Note of a
          different denomination from that in respect of the above specified
          Issuer Note. The Note Trustee may file such proofs of claim and
          other papers or documents as may be necessary or advisable in order
          to have the claims of the Note Trustee and the Noteholders allowed
          in any judicial proceedings relative to the Master Issuer, its
          creditors or its property.

                                      17

<PAGE>

7.   Proceedings, Actions and Indemnification

     7.1  Note Trustee not bound to act: The Note Trustee shall not be bound:

          (a)  to take any steps or proceedings mentioned in Clause 6.1
               (Proceedings) or instruct the Issuer Security Trustee to take
               any enforcement proceedings under Clause 6.2 (Instruction of
               Issuer Security Trustee) unless:

               (i) [it shall have been so directed by an Extraordinary
               Resolution of the Class A Noteholders or the Class B
               Noteholders or the Class M Noteholders or the Class C
               Noteholders or the Class D Noteholders as appropriate]; or

               (ii) it shall have been so requested in writing by the holders
               of at least 51 per cent. of the aggregate Principal Amount
               Outstanding of the Class A Notes of all Series, or by the
               holders of at least 51 per cent. of the aggregate Principal
               Amount Outstanding of the Class B Notes all of Series, or by
               the holders of 51 per cent. of the aggregate Principal Amount
               Outstanding of the Class M Notes of all Series, or by the
               holders of at least 51 per cent. of the aggregate Principal
               Amount Outstanding of the Class C Notes of all Series, or by
               the holders of 51 per cent. of the aggregate Principal Amount
               Outstanding of the Class D Notes of all Series; or

          (b)  to take any other action in relation to these presents, any
               Series and Class of Issuer Notes or any other documents
               executed pursuant thereto or any of the other Issuer
               Transaction Documents to which the Note Trustee is a party
               unless:

               (i) [it shall have been so directed by an Extraordinary
               Resolution of the Noteholders of the relevant Series and Class
               of Issuer Notes]; or

               (ii) [it shall have been so requested in writing by the holders
               of at least 25 per cent. of the aggregate Principal Amount
               Outstanding of the relevant Series and Class of Issuer Notes;]
               and

     in either case it shall have been indemnified and/or secured to its
     satisfaction against all liabilities, proceedings, claims, demands,
     costs, charges and expenses to which it may thereby become liable or
     which may be incurred by it in connection therewith, provided that:

                    (A) the Note Trustee shall not be held liable for the
                    consequence of taking any such action and may take such
                    action without having regard to the effect of such action
                    on individual Noteholders;

                    (B) save to the extent provided otherwise under the Issuer
                    Conditions and the provisions of the relevant Note
                    Supplement to a Series, the Note Trustee shall not and
                    shall not be obliged to act at the direction or request of
                    the Class B Noteholders as

                                      18

<PAGE>

                    aforesaid unless at such time no Class A Notes are then
                    outstanding;

                    (C) save to the extent provided otherwise under the Issuer
                    Conditions and the provisions of the relevant Note
                    Supplement to a Series, the Note Trustee shall not and
                    shall not be obliged to act at the direction or request of
                    the Class M Noteholders as aforesaid unless at such time
                    no Class A Notes and no Class B Notes are then
                    outstanding;

                    (D) save to the extent provided otherwise under the Issuer
                    Conditions and the provisions of the relevant Note
                    Supplement to a Series, the Note Trustee shall not and
                    shall not be obliged to act at the direction or request of
                    the Class C Noteholders as aforesaid unless at such time
                    there are no Class A Notes, no Class B Notes and no Class
                    M Notes then outstanding; and

                    (E) save to the extent provided otherwise under the Issuer
                    Conditions and the provisions of the relevant Note
                    Supplement to a Series, the Note Trustee shall not and
                    shall not be obliged to act at the direction or request of
                    the Class D Noteholders as aforesaid unless at such time
                    there are no Class A Notes, no Class B Notes, no Class M
                    Notes and no Class C Notes then outstanding.

          7.2 Only Note Trustee to Enforce: Only the Note Trustee may enforce
          the provisions of these presents, the Issuer Conditions, the
          provisions of the relevant Note Supplement or the Issuer Notes. No
          Noteholder shall be entitled to proceed directly against the Issuer
          or any other party to any of the Transaction Documents unless the
          Note Trustee having become bound as aforesaid to institute
          proceedings has failed to do so within 30 days of becoming so bound
          and such failure is continuing; provided that save to the extent
          provided in the Issuer Conditions and the relevant Note Supplement
          to any Series, no Class B Noteholder, no Class M Noteholder, no
          Class C Noteholder and no Class D Noteholder shall be entitled to
          take proceedings for the winding up or administration of the Issuer
          unless there are no outstanding Issuer Notes of a class with higher
          priority, or if Issuer Notes of a class with higher priority are
          outstanding, there is consent of Noteholders of not less than [51]
          per cent. of the aggregate principal amount of the Issuer Notes
          outstanding of the class or classes of Issuer Notes with higher
          priority. Notwithstanding the foregoing and notwithstanding any
          other provision of these presents, consistent with Section 316 of
          the Trust Indenture Act, the right of each Noteholder to receive
          principal and/or interest on its Issuer Notes on or after the due
          date for payment of such principal or interest in accordance with
          the Issuer Conditions or to institute suit for the enforcement of
          the payment of that principal and/or interest may not be impaired or
          affected without the consent of the such Noteholder. Notwithstanding
          anything herein to the contrary any action to be taken under Section
          316(a) of the Trust Indenture Act shall comply with Section 316(c)
          of the Trust Indenture Act and the record date for the purpose of
          Section 316(c) shall be such date as the Issuer shall notify to the
          relevant Noteholders in accordance with the Issuer

                                      19

<PAGE>

          Conditions and the provisions of the relevant Note Supplement to a
          Series (if applicable).

8.   Application of Moneys etc.

     8.1  Application of Moneys: All moneys received by the Note Trustee in
          respect of any Series and Class of Issuer Notes or amounts payable
          under these presents will (including any moneys which represent
          principal or interest in respect of any Series and Class of Issuer
          Notes which have become void under the Issuer Conditions and the
          relevant Note Supplement) be held by the Note Trustee on trust to
          apply them (subject to Clause 8.3 (Authorised Investments)) in
          accordance with the Issuer Priority of Payments.

     8.2  Investment of Moneys: If the amount of the moneys at any time
          available for payment of principal and interest in respect of any
          Series and Class of Issuer Notes under Clause 8.1 (Application of
          Moneys) shall be less than a sum sufficient to pay at least
          one-tenth of the principal amount of such Issuer Notes then
          outstanding, the Note Trustee may, at its discretion, invest such
          moneys upon some or one of the investments hereinafter authorised
          with power from time to time, with like discretion, to vary such
          investments; and such investment with the resulting income thereof
          may be accumulated until the accumulations together with any other
          funds for the time being under the control of the Note Trustee and
          available for the purpose shall amount to a sum sufficient to pay at
          least one-tenth of the principal amount of such Issuer Notes then
          outstanding and such accumulation and funds (after deduction of any
          taxes and any other deductibles applicable thereto) shall then be
          applied in the manner aforesaid.

     8.3  Authorised Investments: Any moneys which under the trusts herein
          contained may be invested by the Note Trustee may be invested in the
          name or under the control of the Note Trustee in any Authorised
          Investments and the Note Trustee may at any time vary or transfer
          any of such Authorised Investments for or into other such Authorised
          Investments as the Note Trustee in its absolute discretion may
          determine, and shall not be responsible (save where any loss results
          from the Note Trustee's fraud, wilful default or negligence or that
          of its officers or employees) for any loss occasioned by reason of
          any such investments whether by depreciation in value or otherwise,
          provided that such Authorised Investments were made in accordance
          with the foregoing provisions.

     8.4  Payment to Noteholders: Any payment to be made in respect of any
          Series and Class of Issuer Notes by the Issuer or the Note Trustee
          may be made in the manner provided in the Issuer Conditions [and the
          relevant Note Supplement] and any payment so made shall be a good
          discharge, to the extent of such payment, to the Master Issuer or
          the Note Trustee, as the case may be.

     8.5  Production of Note Certificates: Upon any payment under Clause 8.4
          (Payment to Noteholders) of principal or interest, the Note
          Certificate representing the relevant Issuer Note in respect of
          which such payment is made shall, if the Note Trustee so requires,
          be produced to the Note Trustee or the Paying Agent by or through
          whom such payment is made and the Note

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<PAGE>

          Trustee shall, in the case of part payment, require the Registrar to
          make a notation in the Register of the amount and date of payment
          thereon or, in the case of payment in full, shall cause such Note
          Certificate to be surrendered or shall cancel or procure the same to
          be cancelled and shall certify or procure the certification of such
          cancellation, in each case subject to and in accordance with the
          Issuer Paying Agent and Agent Bank Agreement.

9.   Remuneration and Indemnification of Note Trustee

     9.1  Normal Remuneration: The Master Issuer shall (subject as hereinafter
          provided) pay to the Note Trustee remuneration of such amount as
          shall from time to time be agreed by the Master Issuer and the Note
          Trustee. The rate of remuneration in force from time to time may
          upon the final redemption of the whole of the Issuer Notes of any
          Series be reduced by such amount as shall be agreed between the
          Master Issuer and the Note Trustee, such reduced remuneration to be
          calculated from such date as shall be agreed as aforesaid. Such
          remuneration shall be payable in priority to payments to Noteholders
          and other Issuer Secured Creditors on each Payment Date subject to
          and in accordance with the relevant Issuer Priority of Payments.
          Such remuneration shall accrue from day to day and be payable up to
          and including the date when, all the Issuer Notes having become due
          for redemption, the redemption monies and interest thereon to the
          date of redemption have been paid to the Principal Paying Agent or,
          as the case may be, the Note Trustee PROVIDED THAT if upon due
          presentation of any Note Certificate or any cheque payment of the
          monies due in respect thereof is improperly withheld or refused,
          remuneration will commence again to accrue until payment to
          Noteholders is made.

     9.2  Extra Remuneration: In the event of the occurrence of an Issuer
          Event of Default or the Note Trustee considering it expedient or
          necessary or being requested by the Master Issuer to undertake
          duties which the Note Trustee and the Master Issuer agree to be of
          an exceptional nature or otherwise outside the scope of the normal
          duties of the Note Trustee under these presents, the Master Issuer
          shall pay to the Note Trustee such additional remuneration as shall
          be agreed between them;

     9.3  Failure to Agree: In the event of the Note Trustee and the Master
          Issuer failing to agree:

          (a)  (in a case to which Clause 9.1 (Normal Remuneration) applies)
               upon normal remuneration; or

          (b)  (in a case to which Clause 9.2 (Extra Remuneration) applies)
               upon whether such duties shall be of an exceptional nature or
               otherwise outside the scope of the normal duties of the Note
               Trustee under these presents, or upon such additional
               remuneration;

     such matters shall be determined by an investment bank (acting as an
     expert and not as an arbitrator) selected by the Note Trustee and
     approved by the Master Issuer or, failing such approval, nominated (on
     the application of the Note Trustee) by the President for the time being
     of The Law Society of England and Wales (the expenses

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<PAGE>

     involved in such nomination and the fees of such investment bank being
     payable by the Master Issuer) and the determination of any such
     investment bank shall be final and binding upon the Note Trustee and the
     Master Issuer.

     9.4  Expenses: In addition to the remuneration hereunder, the Master
          Issuer shall on written request, pay all other costs, charges and
          expenses (against production of invoices) which the Note Trustee may
          properly incur in relation to:

          (a)  the negotiation, preparation and execution of, the exercise of
               its powers and discretions and the performance of its duties
               under these presents and any other Issuer Transaction Documents
               including, but not limited to legal and travelling expenses;
               and

          (c)  any other action taken by or on behalf of the Note Trustee to
               enforce the obligations of the Master Issuer under or resolving
               any doubt in respect of these presents and/or any of the other
               Issuer Transaction Documents.

     9.5  Indemnity: The Master Issuer shall indemnify the Note Trustee in
          respect of all proceedings, claims, demands, losses, costs, charges,
          expenses and liabilities to which it (or any person appointed by it
          to whom any trust, power, authority or discretion may be delegated
          by it in the execution or purported execution of the trusts, powers,
          authorities or any discretion vested in it by or pursuant to these
          presents and any of the other Issuer Transaction Documents) may be
          or become liable or which may be properly incurred by it (or any
          such person as aforesaid) in the execution or purported execution of
          any of its trusts, powers, authorities and any discretion hereunder
          or its functions under any such appointment or in respect of any
          other matter or thing done or omitted in any way relating to these
          presents and any of the other Issuer Transaction Documents provided
          that it is expressly stated that Clause 10.12 (Note Trustee Liable
          for Negligence etc.) shall apply in relation to these provisions.

     9.6  Stamp Duties: The Master Issuer shall, pay all stamp duties and
          other duties or taxes of a similar nature, including for the
          avoidance of doubt any duty levied under the Stamp Act 1891 as
          amended and supplemented, (if any) payable in the United Kingdom
          and/or Jersey on or arising out of or in consequence of:

          (a)  the execution and delivery of these presents and any other
               Issuer Transaction Document to which the Note Trustee is a
               party;

          (b)  the constitution and issue of the Issuer Notes;

          (c)  the initial delivery of the Note Certificates representing the
               Issuer Notes; and

          (d)  any action in any jurisdiction taken by or on behalf of the
               Note Trustee. If the Note Trustee (or any Noteholder or Issuer
               Secured Creditor) where permitted under these presents so to
               do) shall take any

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<PAGE>

               proceedings against the Master Issuer in any other jurisdiction
               and if for the purpose of any such proceedings these presents
               or any Note Certificates are taken into any such jurisdiction
               and any stamp duties or other duties or taxes become payable
               thereon in any such jurisdiction, the Master Issuer will pay
               (or reimburse the person making payment of) such stamp duties
               or other duties or taxes (including penalties).

     9.7  VAT: The Master Issuer shall in addition pay to the Note Trustee an
          amount equal to any value added tax or similar tax chargeable in
          respect of its remuneration under these presents.

     9.8  Interest: Subject as provided in Clause 9.9 (Payment), all sums
          payable by the Master Issuer under this Clause 9 (Remuneration and
          Indemnification of Note Trustee) shall be payable on demand or, in
          the case of any remuneration payable under Clause 9.1 (Normal
          Remuneration) on the due date specified therein and shall carry
          interest at the rate per annum, which is one per cent. per annum
          above the base rate from time to time of the National Westminster
          Bank Plc from the date on which they were paid, charged or incurred
          by the Note Trustee or, in the case of remuneration, the due date
          for payment thereof, to the date of actual payment, and in all other
          cases shall (if not paid on the date specified in such demand or, if
          later, within three days after such demand and, in either case, the
          Note Trustee so requires) carry interest at such rate from the date
          specified in such demand.

     9.9  Payment: Notwithstanding the other provisions of this Deed, any
          amount owing by the Master Issuer pursuant to this Clause 9
          (Remuneration and Indemnification of Note Trustee) shall only be
          payable by the Master Issuer subject to and in accordance with the
          applicable Issuer Priority of Payments which applies at such time.

     9.10 Apportionment: The Note Trustee shall be entitled in its absolute
          discretion to determine in respect of which Series and Class of
          Issuer Notes any costs, charges, expenses or liabilities incurred
          under these presents have been incurred or to allocate such costs,
          charges, expenses or liabilities between two or more Series and
          Classes of Issuer Notes.

     9.11 Survival: Unless otherwise specifically stated in any discharge of
          this Deed, the provisions of this Clause 9 (Remuneration and
          Indemnification of Note Trustee) shall continue in full force and
          effect notwithstanding such discharge.

10.  Supplement to the Trustee Acts

     10.1 Trustee Act 1925 and Trustee Act 2000: The Note Trustee shall have
          all the powers conferred upon trustees by the Trustee Act 1925 and
          the Trustee Act 2000 of England and Wales and by way of supplement
          thereto it is expressly declared as set out in the remaining
          provisions of this Clause 10 (Supplement to Trustee Acts) (which
          provisions, except as expressly provided therein, shall be in lieu
          of the provisions contained in Section 315(a) of the Trust Indenture
          Act).

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<PAGE>

     10.2 Reliance on Information:

          (a)  The Note Trustee may in relation to these presents or the
               Issuer Transaction Documents act and rely upon the opinion or
               advice of, or a certificate or a report or any information
               obtained from, any lawyer, banker, valuer, surveyor, securities
               company, broker, auctioneer, accountant or other expert in the
               United Kingdom or elsewhere, whether obtained by the Master
               Issuer, the Note Trustee or otherwise, whether or not any of
               the aforesaid or any engagement letter or other document
               entered into by the Note Trustee and the relevant person in
               connection therewith contains any monetary or other limit on
               the liability of the relevant person and the Note Trustee shall
               not be responsible for any loss occasioned by so acting or
               relying on. Any such opinion, advice, certificate or
               information may be sent or obtained by letter, facsimile
               reproduction or in any other form and the Note Trustee shall
               not be liable for acting in good faith on any opinion, advice,
               certificate or information purporting to be so conveyed
               although the same shall contain some error or shall not be
               authentic provided that such error or lack of authenticity is
               not manifest.

          (b)  Except in the event of wilful default or manifest error, the
               Note Trustee may call for and shall be entitled to rely upon a
               certificate, reasonably believed by it to be genuine, of the
               Master Issuer or any other person in respect of every matter
               and circumstance for which a certificate is expressly provided
               for under these presents, the Issuer Conditions or any other
               Issuer Transaction Document and to call for and rely upon a
               certificate of the Agent Bank, any Paying Agent, Registrar,
               Transfer Agent, any Reference Bank or any other person
               reasonably believed by it to be genuine as to any other fact or
               matter prima facie within the knowledge of such Agent Bank,
               Paying Agent, Registrar, Transfer Agent, Reference Bank or such
               other person as sufficient evidence thereof and the Note
               Trustee shall not be bound in any such case to call for further
               evidence or be responsible for any loss, liability, costs,
               damages, expenses or inconvenience that may be caused by it
               failing to do so.

10.3     Powers and Duties:

          (a)  The Note Trustee shall not have any responsibility for, or have
               any duty to, make any investigation in respect of, or in any
               way be liable whatsoever for, the nature, status,
               creditworthiness or solvency of the Master Issuer. Each
               Noteholder and each other Issuer Secured Creditor shall be
               solely responsible for making its own independent appraisal of
               and investigation into the financial condition,
               creditworthiness, affairs, status and nature of the Master
               Issuer and the Note Trustee shall not at any time have any
               responsibility for the same and each Noteholder and other
               Issuer Secured Creditors shall not rely on the Note Trustee in
               respect thereof.

          (b)  Save as required for the purposes of the Trust Indenture Act,
               the Note Trustee shall not be responsible for the execution,
               legality,

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<PAGE>

               effectiveness, adequacy, genuineness, validity or
               enforceability or admissibility in evidence of any Issuer
               Transaction Document or any other document entered into in
               connection therewith or any security thereby constituted or
               purported to be constituted thereby nor shall it be responsible
               or liable to any person because of any invalidity of any
               provision of such documents or the unenforceability thereof,
               whether arising from statute, law or decision of any court.

          (c)  The Note Trustee shall not be responsible for the scope or
               accuracy of any recitals, statements, warranty, representation
               or covenant of any party (other than the Note Trustee)
               contained herein or in any other Issuer Transaction Document or
               any other document entered into in connection therewith and
               shall assume the accuracy and correctness thereof.

          (d)  The Note Trustee may accept without enquiry, requisition or
               objection such title as the Master Issuer may have to the
               Issuer Charged Property or as Funding 2 may have to the Funding
               2 Charged Property or any part thereof from time to time and
               shall not be required to investigate or make any enquiry into
               or be liable for any defect in the title of the Master Issuer
               to the Issuer Charged Property or of Funding 2 to the Funding 2
               Charged Property or any part thereof from time to time whether
               or not any defect was known to the Note Trustee or might have
               been discovered upon examination, inquiry or investigation and
               whether or not capable of remedy.

          (e)  The Note Trustee shall not be bound to give notice to any
               person of the execution of these presents or of a Funding 2
               Intercompany Loan Event of Default under the Global
               Intercompany Loan Agreement nor shall it have any duty to make
               any investigation in respect of or in any way be liable
               whatsoever for the registration, filing, protection or
               perfection of any security constituted by any Issuer
               Transaction Document relating to the Issuer Charged Property or
               the priority of the security created thereby and shall not be
               liable for any failure, omission or defect in perfecting,
               protecting, procuring the registration of or further assuring
               the security created or purported to be created thereby.

          (f)  The Note Trustee shall not have any duty to make any
               investigation in respect of or in any way be liable whatsoever
               for the failure to call for delivery of documents of title to
               or require any transfers, legal mortgages, charges or other
               further assurances in relation to any of the assets the subject
               matter of any of these presents or any other document.

          (g)  The Note Trustee shall be under no obligation to monitor or
               supervise and shall not have any duty to make any investigation
               in respect of or in any way be liable whatsoever for the
               performance or observance by the Master Issuer or any other
               person of the provisions of these presents or any other Issuer
               Transaction Document and shall be

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<PAGE>

               entitled to assume that each person is properly performing and
               complying with its obligations.

          (h)  The Note Trustee shall not have any responsibility for or have
               any duty to make any investigation in respect of or in any way
               be liable whatsoever for the existence, accuracy or sufficiency
               of any legal or other opinions, searches, reports,
               certificates, valuations or investigations delivered or
               obtained or required to be delivered or obtained at any time in
               connection with the Issuer Charged Property or any Issuer
               Transaction Document.

          (i)  The Note Trustee shall have no responsibility whatsoever to any
               Issuer Secured Creditor as regards any deficiency which might
               arise because the Note Trustee is subject to any Tax in respect
               of the Issuer Charged Property or any part thereof or any
               income therefrom or any proceeds thereof or is required by law
               to make any withholding or deduction from any payment to any
               Issuer Secured Creditor.

          (j)  The Note Trustee will not be responsible or liable for any
               inadequacy or unfitness of any Issuer Charged Property as
               security or any decline in value of any loss realised upon any
               disposition of the Issuer Charged Property.

          (k)  The Note Trustee shall not be responsible for, nor shall it
               have any liability with respect to, any loss or theft of the
               Issuer Charged Property.

          (l)  The Note Trustee shall not be liable or responsible for any
               loss, cost, damage, expense or inconvenience which may result
               from anything done or omitted to be done by it under these
               presents or under any of the other Issuer Transaction Documents
               save where the same arises as a result of the Note Trustee's
               fraud, wilful default or negligence.

          (m)  The Note Trustee shall not be responsible for the receipt or
               application by the Master Issuer of the proceeds of the Issuer
               Notes, the exchange of any Global Note Certificate for another
               Global Note Certificate or Individual Note Certificates or the
               exchange of any Individual Note Certificate for another
               Individual Note Certificate or the delivery of any Global Note
               Certificate or Individual Note Certificates to the person(s)
               entitled to it or them.

          (n)  The Note Trustee may appoint and pay any person to act as a
               custodian or nominee on any terms in relation to such assets of
               the trust as the Note Trustee may determine, including for the
               purpose of depositing with a custodian this Deed or any Issuer
               Transaction Document and the Note Trustee shall not be
               responsible for any loss, liability, expense, demand, cost,
               claim or proceedings incurred by reason of the misconduct,
               omission or default on the part of any person appointed by it
               hereunder or be bound to supervise the proceedings or acts of
               any such person.

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<PAGE>

          (o)  The Note Trustee shall (save as expressly otherwise provided in
               these presents or in any other Issuer Transaction Document) as
               regards all rights, powers, authorities and any discretion
               vested in it by these presents or any other Issuer Transaction
               Document, or by operation of law, have absolute and
               uncontrolled discretion as to the exercise or non-exercise
               thereof and whenever the Note Trustee is bound to act at the
               request or direction of the Noteholders or any class of them,
               the Note Trustee shall nevertheless not be so bound unless
               first indemnified to its satisfaction against all actions,
               proceedings, claims and demands to which it may render itself
               liable and all costs, expenses, damages and liabilities which
               it may incur by so doing.

          (p)  The Note Trustee as between itself and the Noteholders or any
               class of them shall have full power to determine all questions
               and doubts arising in relation to any of the provisions of
               these presents and/or any other Issuer Transaction Document and
               every such determination, whether made upon a question actually
               raised or implied in the acts or proceedings of the Note
               Trustee, shall be conclusive and shall bind the Note Trustee,
               the Noteholders and the other Issuer Secured Creditors.

          (q)  In connection with the exercise by it of any of its trusts,
               powers, authorities and any discretion under these presents
               (including without limitation any power to authorise any
               amendment or to waive any breach or to make any determination)
               the Note Trustee shall always have regard to all the
               Noteholders, provided that:

               (i) without prejudice to the provisions of sub-paragraph (ii)
               below where it is required to have regard to the interests of
               the Noteholders, it shall have regard to the interests of the
               Noteholders as a class and, in particular but without prejudice
               to the generality of the foregoing, shall not have regard to,
               or be in any way liable for, the consequences of any exercise
               thereof for any individual Noteholder of any Series and Class
               of Issuer Notes resulting from their being domiciled or
               resident or otherwise connected with or subject to the
               jurisdiction of, any particular territory or any political
               sub-division thereof and the Note Trustee shall not be entitled
               to require, nor shall any Noteholder be entitled to claim, from
               the Master Issuer, the Note Trustee or any other person any
               indemnification or payment in respect of any tax consequence of
               any such exercise upon individual Noteholders;

               (ii) except where expressly provided otherwise in these
               presents or any other Issuer Transaction Document, the Note
               Trustee shall solely have regard to the interests of the
               Noteholders provided that (a) if in the opinion of the Note
               Trustee there is a conflict between the interests of the Class
               A Noteholders, on the one hand and the interests of the Class B
               Noteholders, the Class M Noteholders and/or the Class C
               Noteholders and/or the Class D Noteholders on the other hand,
               the Note Trustee shall have regard only to the interests of the
               Class A Noteholders or (b) if in the opinion of the Note
               Trustee there is a conflict between the interests of the Class
               B Noteholders on the one hand and the interests of the Class M
               Noteholders, the Class C

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<PAGE>

               Noteholders and/or the Class D Noteholders on the other hand,
               the Note Trustee shall have regard only to the interests of the
               Class B Noteholders or (c) if in the opinion of the Note
               Trustee there is a conflict between the interests of the Class
               M Noteholders on the one hand and the interests of the Class C
               Noteholders and/or the Class D Noteholders on the other hand,
               the Note Trustee shall have regard only to the interests of the
               Class M Noteholders or (d) if in the opinion of the Note
               Trustee there is a conflict between the interests of the Class
               C Noteholders on the one hand and the interests of the Class D
               Noteholders on the other hand, the Note Trustee shall have
               regard only to the interests of the Class C Noteholders, but so
               that this proviso shall not apply in the case of powers,
               authorities or any discretion in relation to which it is
               expressly stated that they may be exercised by the Note Trustee
               only if in its opinion the interests of all the Noteholders
               would not be materially prejudiced thereby; and

               (iii) it shall not have regard to, or be in any way liable for,
               the consequences of any exercise thereof for any other Issuer
               Secured Creditor or any other person.

          (r)  The Note Trustee may determine whether or not a default in the
               performance by the Master Issuer of any obligation under the
               provisions of this Deed or any other Issuer Transaction
               Document or a default in the performance by Funding 2 of any
               obligation under the Global Intercompany Loan Agreement is
               capable of remedy and/or whether the same is materially
               prejudicial to the interests of the Noteholders or any class or
               classes of them and if the Note Trustee shall certify that any
               such default is, in its opinion, not capable of remedy and/or
               materially prejudicial to the interests of the Noteholders or
               any class or classes of them, such certificate shall be
               conclusive and binding upon the Master Issuer, the Noteholders
               and the other Issuer Secured Creditors.

          (s)  The Note Trustee may, in the conduct of its trust business,
               instead of acting personally, employ and pay an agent on any
               terms, whether or not a lawyer or other professional person, to
               transact or conduct, or concur in transacting or conducting,
               any business and to do or concur in doing all acts required to
               be done by the Note Trustee (including the receipt and payment
               of monies).

          (t)  In relation to any asset held by the Note Trustee under these
               presents, the Note Trustee may appoint any person to act as its
               nominee on any terms.

          (u)  Any trustee of these presents being a lawyer, accountant,
               broker or other person engaged in any profession or business
               shall be entitled to charge and be paid all usual professional
               and other charges for business transacted and acts done by him
               or his firm in connection with the trusts of this Deed and the
               Issuer Transaction Documents and also his charges in addition
               to disbursements for all other work and business done and all
               time spent by him or his firm in connection with

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<PAGE>

               matters arising in connection with this Deed and the Issuer
               Transaction Documents, including matters which might or
               should have been attended to in person by a trustee not being
               a banker, lawyer, broker or other professional person.

          (v)  The Note Trustee may, in the execution of all or any of the
               trusts, powers, authorities and any discretion vested in it by
               these presents or any of the other Issuer Transaction
               Documents, act by responsible officers or a responsible officer
               for the time being of the Note Trustee. The Note Trustee may
               also, whenever it thinks expedient in the interests of the
               Noteholders, whether by power of attorney or otherwise,
               delegate to any person or persons all or any of the trusts,
               rights, powers, duties, authorities and any discretion vested
               in it by these presents or any of the other Issuer Transaction
               Documents. Any such delegation may be made upon such terms and
               subject to such Issuer Conditions and subject to such
               regulations (including power to sub-delegate) as the Note
               Trustee may think fit in the interests of the Noteholders. The
               Note Trustee shall give prompt notice to the Master Issuer of
               the appointment of any delegate as aforesaid and shall procure
               that any delegate shall also give prompt notice of the
               appointment of any sub-delegate to the Master Issuer.

          (w)  If the Note Trustee exercises reasonable care in selecting any
               custodian, agent, delegate, nominee or any other person
               appointed under this Clause 10.3 (Powers and Duties) (each, an
               "Appointee") it will not have any obligation to supervise such
               Appointee or be responsible for any loss, liability, costs,
               claim, proceedings or expenses incurred by reason of such
               Appointee's misconduct, omission or default or the misconduct,
               omission or default of any substitute lawfully appointed by
               such Appointee.

          (x)  Where it is necessary or desirable for any purpose in
               connection with these presents to convert any sum from one
               currency to another it shall (unless otherwise provided by this
               Deed or required by law) be converted at such rate or rates in
               accordance with such method and as at such date for the
               determination of such rate of exchange, as may be specified by
               the Note Trustee in its absolute discretion but having regard
               to current rates of exchange if available and the Note Trustee
               shall not be liable for any loss occasioned by the said
               conversion under this paragraph (x) and any rate mentioned and
               date so specified shall be binding on the Issuer Secured
               Creditors.

          (y)  Any consent given by the Note Trustee for the purposes of these
               presents or any of the other Issuer Transaction Documents may
               be given on such terms and subject to such conditions (if any)
               as the Note Trustee thinks fit and may be given
               retrospectively.

          (z)  The Note Trustee shall not be liable for any error of judgment
               made in good faith by any officer or employee of the Note
               Trustee assigned by the Note Trustee to administer its
               corporate trust matters unless the Note Trustee was negligent
               in ascertaining the pertinent facts.

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<PAGE>

          (aa) The Note Trustee shall not (unless required by law or ordered
               to do so by a court of competent jurisdiction) be required to
               disclose to any Noteholder of any Series and Class of Issuer
               Notes or any other person any information made available to the
               Note Trustee by the Master Issuer or any other person in
               connection with the trusts of these presents or any other
               Issuer Transaction Documents and no Noteholder or any other
               person shall be entitled to take any action to obtain from the
               Note Trustee any such information. The Note Trustee shall not
               be responsible for exercising the rights of any of the parties
               under the Issuer Transaction Documents or considering the basis
               upon which the approvals or consents are granted by any of the
               parties under the Issuer Transaction Documents.

          (bb) Notwithstanding anything else in these presents, the Issuer
               Notes or any other Issuer Transaction Document, the Note
               Trustee may refrain from doing anything which would or might in
               its opinion be contrary to any law of any jurisdiction or any
               directive or regulation of any governmental agency or which
               would or might otherwise render it liable to any person and may
               do anything which is, in its opinion, necessary to comply with
               any such law, directive or regulation.

          (cc) The Note Trustee shall not be liable to any person by reason of
               having acted upon an Extraordinary Resolution in writing or any
               Extraordinary Resolution or other resolution whether in writing
               or purporting to have been passed at any Meeting of all or any
               Series and Class of Issuer Notes in respect whereof minutes
               have been made and signed even though subsequent to its acting
               it may be found that there was some defect in the constitution
               of the Meeting or the passing of the resolution or (in the case
               of an Extraordinary Resolution or other resolution in writing)
               that not all Noteholders had signed the Extraordinary
               Resolution or other resolution or that for any reason the
               resolution was not valid or binding upon such Noteholders.

          (dd) Without prejudice to the right of the Note Trustee to require
               and/or accept any other evidence, the Note Trustee may accept
               as conclusive evidence of any fact or matter in relation to the
               Master Issuer or required to be certified by the Master Issuer
               under the Issuer Conditions, a certificate signed by two
               directors of the Master Issuer and the Note Trustee shall not
               be bound in any such case to call for further evidence or be
               responsible for any liability that may be occasioned by it or
               any other person acting on such certificate.

          (ee) The Note Trustee shall not be liable to any person by reason of
               having accepted as valid or not having rejected any Note
               Certificate purporting to be such and subsequently found to be
               forged or not authentic.

          (ff) The Note Trustee shall not be liable to the Master Issuer or
               any Noteholder by reason of having accepted as valid or not
               having rejected any entry on the Register later found to be
               forged or not

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               authentic and can assume for all purposes in relation hereto
               that any entry on the Register is correct.

          (gg) The Note Trustee shall be entitled to assume, for the purposes
               of exercising any power, right, trust, authority, duty or
               discretion under or in relation to these presents or any of the
               other Issuer Transaction Documents, (i) that such exercise will
               not be materially prejudicial to the interests of the Class A
               Noteholders of any Series of Issuer Notes if each of the Rating
               Agencies has confirmed that the then current rating by it of
               the Class A Notes of such Series of Issuer Notes would not be
               adversely affected by such exercise, (ii) that such exercise
               will not be materially prejudicial to the interests of the
               Class B Noteholders of any Series of Issuer Notes if each of
               the Rating Agencies has confirmed that the then current rating
               by it of the Class B Notes of such Series of Issuer Notes would
               not be adversely affected by such exercise, (iii) that such
               exercise will not be materially prejudicial to the interests of
               the Class M Noteholders of any Series of Issuer Notes if each
               of the Rating Agencies has confirmed that the then current
               rating by it of the Class M Notes of such Series of Issuer
               Notes would not be adversely affected by such exercise, (iv)
               that such exercise will not be materially prejudicial to the
               interests of Class C Noteholders of any Series of Issuer Notes
               if each of the Rating Agencies has confirmed that the then
               current rating by it of the Class C Notes of such Series of
               Issuer Notes will not be adversely affected by such exercise
               and (v) that such exercise will not be materially prejudicial
               to the interests of the of Class D Noteholders of any Series of
               Issuer Notes if each of the Rating Agencies has confirmed that
               the then current rating by it of the Class D Notes of such
               Series of Issuer Notes will not be adversely affected by such
               exercise.

          (hh) The Note Trustee may call for any certificate or other document
               to be issued by DTC, Euroclear or Clearstream, Luxembourg as to
               the Principal Amount Outstanding of the Issuer Notes standing
               to the account of any person. Any such certificate or other
               document shall be conclusive and binding for all purposes. The
               Note Trustee shall not be liable to any person by reason of
               having accepted as valid or not having rejected any certificate
               or other document to such effect purporting to be issued by
               DTC, Euroclear or Clearstream, Luxembourg and subsequently
               found to be forged or not authentic.

          (ii) The Note Trustee shall have no responsibility for the
               maintenance of any rating of any of the Issuer Notes by the
               Rating Agencies or any other person.

          (jj) If required by Section 313(a) of the Trust Indenture Act,
               within 60 days after 31st December of any year and commencing
               31 December 2004, the Note Trustee shall deliver to each
               Noteholder a brief report dated as of such 31st December that
               complies with Section 313(a) of the Trust Indenture Act. The
               Note Trustee also shall comply with Sections 313(b), 313(c) and
               313(d) of the Trust Indenture Act. Reports

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               delivered pursuant to this paragraph (jj) shall be sent as
               provided in Clause 19 (Notices).

          (kk) The Note Trustee shall comply with Trust Indenture Act Section
               311(a), excluding any creditor relationship listed in Trust
               Indenture Act Section 311(b). A Note Trustee who has resigned
               or been removed shall be subject to Trust Indenture Act Section
               311(a) to the extent indicated therein. The provisions of Trust
               Indenture Act Section 311 shall apply to the Master Issuer as
               the obligor of the Issuer Notes.

          (ll) If an Issuer Event of Default occurs and is continuing and if
               it is known to an Authorised Officer of the Note Trustee, the
               Note Trustee shall mail to each Noteholder notice of such
               Issuer Event of Default within 90 days after it occurs.

          (mm) The Note Trustee has no responsibility to verify or monitor the
               contents of, or (if applicable) to check any calculations
               contained in, any reports, information, documents, Officers'
               Certificates and Opinions of Counsel delivered to the Note
               Trustee in accordance with paragraphs (u) (United States
               Reporting Requirements), (ee) (Information Regarding
               Noteholders) or (ff) (Officers' Certificates and Opinions of
               Counsel; Statements to be Contained Therein) of Clause 5
               (Covenants by Issuer) or Clause 16 (Certificates and Opinions),
               and is under no obligation to inform Noteholders of the
               contents of any such reports, information, documents, Officers'
               Certificates and Opinions of Counsel, other than allowing
               Noteholders upon reasonable notice, to inspect such reports,
               information, documents, Officers' Certificates and Opinions of
               Counsel.

          (nn) The powers conferred by these presents upon the Note Trustee or
               any Receiver shall be in addition to and not in substitution
               for any powers which may from time to time be conferred on the
               Note Trustee or any such Receiver by statute or under common
               law.

          (oo) The Note Trustee has no duties or responsibilities except those
               expressly set out in this Deed or in the other Issuer
               Transaction Documents.

          (pp) In the absence of knowledge or express notice to the contrary,
               the Note Trustee may assume without enquiry (other than
               requesting a certificate of the Master Issuer) that no Issuer
               Notes are for the time being held by or for the benefit of the
               Master Issuer.

          (qq) The Note Trustee may, without the consent of the Master Issuer
               or the Noteholders prescribe such regulations regarding the
               giving of directions by the Noteholders as provided in the
               Issuer Conditions, as the Note Trustee may in its sole
               discretion determine.

          (rr) Without prejudice to the provisions of any Issuer Transaction
               Documents relating to insurance, the Note Trustee shall not be
               under any obligation to insure any of the Issuer Charged
               Property or the Funding 2 Charged Property or any deeds or
               documents of title or other evidence in respect of the Issuer
               Charged Property or the

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<PAGE>

               Funding 2 Charged Property or to require any other person to
               maintain any such insurance or monitor the adequacy of any such
               insurance and shall not be responsible for any liability which
               may be suffered by any person as a result of the lack of or
               inadequacy of any such insurance.

          (ss) The Note Trustee shall have no liability whatsoever for any
               loss, cost, damages or expenses directly or indirectly suffered
               or incurred by a person as a result of the delivery by the Note
               Trustee to the Master Issuer or to any other party to the
               Issuer Transaction Documents of a certificate as to material
               prejudice pursuant to the Issuer Conditions or any Issuer
               Transaction Documents on the basis of an opinion formed by it
               in good faith.

          (tt) For the purpose of either Condition 5(D) (Optional Redemption
               in Full) or Condition 5(E) (Optional Redemption for Tax and
               other Reasons), the Note Trustee shall not be satisfied that
               the Master Issuer will be in a position to fulfil its
               obligations referred to therein unless, inter alia, either (i)
               the Master Issuer has available to it sufficient cash in the
               Issuer Transaction Account and/or in Authorised Investments
               which will mature on or before the relevant Payment Date, or
               (ii) the Master Issuer has entered into a legally binding
               contract with an entity (a) the long term unsecured debt of
               which is rated at least as high as the then current rating of
               the Issuer Notes by the Rating Agencies or (b) any of whose
               short term unsecured debt is rated A-1 by S&P and P-1 by
               Moody's, or (c) which is otherwise acceptable to the Rating
               Agencies to provide sufficient cash on or before the relevant
               Payment Date, in each case to enable the Master Issuer to
               fulfil its obligations as aforesaid.

     10.4 No Financial Liability: Notwithstanding any other provision of these
          presents or of any other Issuer Transaction Document, nothing shall
          require the Note Trustee to risk its own funds or otherwise incur
          any financial liability in the performance of any of its duties or
          in the exercise of any of its rights or powers or otherwise in
          connection with these presents or any other Issuer Transaction
          Document (including, without limitation, forming any opinion or
          employing any legal, financial or other adviser), if it shall
          believe that repayment of such funds or adequate indemnity against
          such risk or liability is not assured to it. The Note Trustee shall
          not be responsible for exercising the rights of any of the parties
          under the Issuer Transaction Documents or considering the basis upon
          which the approvals or consents are granted by any of the parties
          under the Issuer Transaction Documents.

     10.5 Ascertaining Default: The Note Trustee shall not be responsible or
          liable for:

          (a)  exercising any rights or powers which are assigned to it by any
               party to the Issuer Transaction Documents, including, without
               limitation, any servicing, administration and management
               functions in relation to the Mortgage Loans and shall not be
               liable to any person for the exercise or non-exercise of any
               such rights and powers;

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<PAGE>

          (b)  ascertaining whether a default has occurred under the terms of
               any of the Issuer Transaction Documents and nor is the Note
               Trustee responsible for taking any action in connection with
               any such default or alleged default;

     10.6 Rating of Issuer Notes: The Note Trustee shall have no
          responsibility for the maintenance of any rating of the Issuer Notes
          by the Rating Agencies or any other credit-rating agency or any
          other person.

     10.7 Delivery of Certificates: The Note Trustee shall have no liability
          whatsoever for any loss, cost damages or expenses directly or
          indirectly suffered or incurred by the Master Issuer, any Noteholder
          or any other person as a result of the delivery by the Note Trustee
          of a certificate, or the omission by it to deliver a certificate, to
          the Master Issuer as to material prejudice, on the basis of an
          opinion formed by it in good faith.

     10.8 Assumption of No Default: Except to the extent required pursuant to
          Section 315(b) of the Trust Indenture Act, the Note Trustee shall
          not be bound to ascertain whether any Issuer Event of Default or
          Potential Issuer Event of Default has happened and, until it shall
          have actual knowledge or express notice to the contrary, the Note
          Trustee shall be entitled to assume that no such Issuer Event of
          Default or Potential Issuer Event of Default has happened and that
          the Master Issuer is observing and performing all the obligations on
          its part under the Issuer Notes and these presents and no event has
          happened as a consequence of which any Issuer Notes may become
          repayable.

     10.9 Assumption of no Intercompany Loan Default: The Note Trustee shall
          not be bound to ascertain whether any Funding 2 Intercompany Loan
          Event of Default or Potential Funding 2 Intercompany Loan Event of
          Default has happened and, until it shall have actual knowledge or
          express notice to the contrary, the Note Trustee shall be entitled
          to assume that no such Funding 2 Intercompany Loan Event of Default
          or Potential Funding 2 Intercompany Loan Event of Default has
          happened and that Funding 2 is observing and performing all the
          obligations on its part;

    10.10 Commercial Transactions: The Note Trustee shall not, and no
          director, officer or employee of any corporation being a Note
          Trustee hereof shall by reason of the fiduciary position of the Note
          Trustee be in any way precluded from making any commercial contracts
          or entering into any commercial transactions with any party to the
          Issuer Transaction Documents, whether directly or through any
          subsidiary or associated company, or from accepting the trusteeship
          of any other debenture stock, debentures or securities of any party
          to the Issuer Transaction Documents, and without prejudice to the
          generality of these provisions, it is expressly declared that such
          contracts and transactions include any contract or transaction in
          relation to the placing, underwriting, purchasing, subscribing for
          or dealing with or lending monies upon or making payments in respect
          of or any stock, shares, debenture stock, debentures or other
          securities of any party to the Issuer Transaction Documents or any
          contract of banking or insurance of any party to the Issuer
          Transaction Documents and neither the Note Trustee nor any such
          director, officer or employee shall be accountable to any Noteholder
          or to any party to

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<PAGE>

          the Issuer Transaction Documents for any profit, fees, commissions,
          interest, discounts or share of brokerage earned, arising or
          resulting from any such contracts or transactions, and the Note
          Trustee and any such director, officer or employee shall also be at
          liberty to retain the same without accounting therefor.

    10.11 Disapplication: Section 1 of the Trustee Act 2000 shall not apply
          to the duties of the Note Trustee in relation to the trusts
          constituted by this Deed. Where there are any inconsistencies
          between the Trustee Acts and the provisions of this Deed, the
          provisions of this Deed shall, to the extent allowed by law, prevail
          and, in the case of any such inconsistency with the Trustee Act
          2000, the provisions of this Deed shall constitute a restriction or
          exclusion for the purposes of that Act.

    10.12 Note Trustee Liable for Negligence etc.: Notwithstanding any other
          provision of these presents, in compliance with Section 315(d) of
          the Trust Indenture Act, none of the provisions of these presents
          shall, in any case in which the Note Trustee has failed to show the
          degree of care and diligence required of it as trustee under these
          presents (including any requirement under the Trust Indenture Act),
          having regard to the provisions of these presents conferring on the
          Note Trustee any powers, authorities or any discretion, relieve the
          Note Trustee from or indemnify the Note Trustee against any
          liabilities which by virtue of any rule of law (including any
          provision of the Trust Indenture Act) would otherwise attach to it
          in respect of any negligence, default, breach of duty or breach of
          trust of which it may be guilty in relation to its duties under
          these presents.

11.  Modification and Waiver

     11.1 Modification: The Note Trustee may without the consent or sanction
          of the Noteholders of the relevant Series and Class of Issuer Notes,
          at any time and from time to time, concur with the Master Issuer in
          making any modification (except a Basic Terms Modification (as
          defined in Schedule 4 (Provisions for Meetings of Noteholders)
          hereto)) (i) to these presents, any Class of Issuer Notes of one or
          more Series or any of the other Issuer Transaction Documents,
          provided that the Note Trustee is of the opinion that such
          modification will not be materially prejudicial to the interests of
          the Noteholders of the relevant Series and Class of Issuer Notes; or
          (ii) to these presents, the Issuer Notes or any of the other Issuer
          Transaction Documents, if in the opinion of the Note Trustee such
          modification is of a formal, minor or technical nature or to correct
          a manifest error or other error proven to be so to the satisfaction
          of the Note Trustee; or (iii) to any of the Issuer Transaction
          Documents which it may be necessary to make or which are required by
          the Rating Agencies in respect of any other Funding 2 Issuer or any
          other person who has executed an Accession Undertaking pursuant to
          Clause 3.11 (New Intercompany Loans) of the Funding 2 Deed of Charge
          or Clause 3.11 (Accession of New Secured Creditors) of the Issuer
          Deed of Charge. Any such modification may be made on such terms and
          subject to such conditions (if any) as the Note Trustee may
          determine, shall be binding upon the Noteholders and, unless the
          Note Trustee agrees otherwise, shall be notified by the Master
          Issuer to the Noteholders and the Rating Agencies in accordance with
          the Issuer Conditions as soon as

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<PAGE>

          practicable thereafter. So long as any of the Issuer Notes are rated
          by the Rating Agencies, the Master Issuer shall notify the Rating
          Agencies in writing as soon as reasonably practicable thereafter of
          any modification to the provisions of these presents, the Issuer
          Notes or any of the other Issuer Transaction Documents. The Note
          Trustee may also agree, without the consent of the Noteholders, to a
          change of the laws governing the Issuer Notes and/or the Issuer
          Transaction Documents provided that such change would not, in the
          opinion of the Note Trustee, be materially prejudicial to the
          interests of the Noteholders.

     11.2 Waiver: Subject as expressly provided otherwise in the Issuer Notes
          or in any other Issuer Transaction Document, the Note Trustee may
          from time to time and at any time without the consent or sanction of
          the Noteholders of the relevant Series and Class of Issuer Notes and
          without prejudice to its rights in respect of any subsequent breach,
          but only if and in so far as in its opinion the interests of the
          Noteholders of the relevant Series and Class of Issuer Notes shall
          not be materially prejudiced thereby, waive or authorise any breach
          or proposed breach by the Master Issuer or any other party thereto
          of any of the covenants or provisions contained in these presents or
          in any of the other Issuer Transaction Documents or determine that
          any Issuer Event of Default shall not be treated as such for the
          purposes of these presents and the Issuer Notes provided always that
          the Note Trustee shall not exercise any powers conferred on it by
          this Clause in contravention of any express direction given by an
          Extraordinary Resolution, or of a request in writing made by the
          holders of not less than 25 per cent. in aggregate principal amount
          of the relevant Series and Class of Issuer Notes then outstanding,
          in accordance with the Issuer Conditions (but so that no such
          direction or request shall affect any waiver, authorisation or
          determination previously given or made). Any such waiver,
          authorisation or determination may be given or made on such terms
          and subject to such conditions (if any) as the Note Trustee may
          determine, shall be binding on the Noteholders and, if, but only if,
          the Note Trustee shall so require, shall be notified by the Master
          Issuer to the Noteholders in accordance with the Issuer Conditions
          as soon as practicable thereafter. The provisions of this Clause
          11.2 (Waivers) shall be in lieu of Section 316(a)(1)(B) of the Trust
          Indenture Act and Section 316(a)(1)(B) of the Trust Indenture Act is
          hereby expressly excluded from these presents and the Issuer Notes,
          as permitted by the Trust Indenture Act.

     11.3 Material prejudice: For the avoidance of doubt (in the context of
          deciding material prejudice in respect of Clauses 11.1
          (Modifications) and 11.2 (Waiver)), if the Note Trustee considers in
          its sole opinion that the Noteholders of a Series and Class of
          Issuer Notes to which the modification or waiver relates are
          materially prejudiced by such waivers, the Note Trustee will not be
          able to sanction such modification or waiver itself, and will
          instead require an Extraordinary Resolution of the Noteholders of
          such Issuer Notes of such class outstanding to be passed by means of
          a Meeting. In accordance with the general provision contained
          herein, such Extraordinary Resolution must also be ratified by the
          Noteholders of the Issuer Notes of the higher class or classes in
          order for the Extraordinary Resolution which seeks approval of the
          modification or waiver to be valid and effective.

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<PAGE>

12.  Entitlement to Treat holder as owner

     The Master Issuer, the Note Trustee and any Paying Agent may (to the
     fullest extent permitted by applicable laws) deem and treat the holder of
     any Note Certificate as the absolute owner of such Note Certificate, for
     all purposes (whether or not such Issuer Note represented by such Note
     Certificate shall be overdue and notwithstanding any notation of
     ownership or other writing thereon or any notice of loss or theft of such
     Note Certificate), and, except as ordered by a court of competent
     jurisdiction or as required by applicable law, the Master Issuer, the
     Note Trustee and the Paying Agents shall not be affected by any notice to
     the contrary. All payments made to any such holder shall be valid and, to
     the extent of the sums so paid, effective to satisfy and discharge the
     liability for the monies payable in respect of such Issuer Note.

13.  Currency Indemnity

     13.1 Currency and Indemnity: The sole currency of account and payment
          (the "Contractual Currency") for all sums payable by the Master
          Issuer under or in connection with these presents, the Issuer Notes
          and the other Issuer Secured Obligations including damages is (a) in
          relation to any Series and Class of Issuer Notes, the currency in
          which such Series and Class of Issuer Notes is denominated and (b)
          in relation to Clauses 9.1 (Normal Remuneration), 9.2 (Extra
          Remuneration), 9.3 (Failure to Agree), 9.4 (Expenses), 9.5
          (Indemnity), 9.7 (VAT) and 9.8 (Interest), pounds sterling. An
          amount received or recovered in a currency other than the
          Contractual Currency (whether as a result of, or of the enforcement
          of, a judgment or order of a court of any jurisdiction, in the
          winding-up or dissolution of the Master Issuer or otherwise), by the
          Note Trustee or any Noteholder or other Issuer Secured Creditors in
          respect of any sum expressed to be due to it from the Master Issuer
          will only discharge the Master Issuer to the extent of the
          Contractual Currency amount which the recipient is able to purchase
          with the amount so received or recovered in that other currency on
          the date of that receipt or recovery (or, if it is not practicable
          to make that purchase on that date, on the first date on which it is
          practicable to do so). If the Contractual Currency amount is less
          than the Contractual Currency amount expressed to be due to the
          recipient under these presents or the Issuer Notes, or the other
          Issuer Transaction Documents the Master Issuer will indemnify the
          recipient against any loss sustained by it as a result. In any
          event, the Master Issuer will indemnify the recipient against the
          cost of making any such purchase.

     13.2 Indemnities Separate: The indemnities in these presents constitute
          separate and independent obligations from the other obligations in
          these presents and the other Issuer Transaction Documents, will give
          rise to separate and independent causes of action, will apply
          irrespective of any indulgence granted by the Note Trustee and/or
          any Noteholder or other Issuer Secured Creditor and will continue in
          full force and effect despite any judgment, order, claim or proof
          for a liquidated amount in respect of any sum due under these
          presents, the Issuer Notes, any other Issuer Transaction Documents
          or any other judgment or order. Any such loss as referred to in
          Clause 13.1 (Currency and Indemnity) shall be deemed to constitute a
          loss suffered by the Note Trustee, the Noteholders or the relevant
          Issuer Secured Creditors and no

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<PAGE>

          proof or evidence of any actual loss shall be required by the Master
          Issuer or its liquidator or liquidators.

14.  Appointment, Removal and Retirement of Note Trustee

     14.1 Power of the Master Issuer: Subject to the provisions of this Clause
          14 (Appointment, Removal and Retirement of Note Trustee), the power
          of appointing a new Note Trustee in place of an existing Note
          Trustee shall be vested in the Master Issuer but such appointment or
          removal must be approved by (save to the extent otherwise provided
          in the Issuer Conditions) an Extraordinary Resolution of the Class A
          Noteholders, the Class B Noteholders, the Class M Noteholders, the
          Class C Noteholders and the Class D Noteholders of the Notes then
          outstanding. A trust corporation may be appointed sole trustee
          hereof but subject thereto there shall be at least two trustees
          hereof, one at least of which shall be a trust corporation. Any
          appointment of a new Note Trustee and any retirement of an existing
          Note Trustee hereof shall as soon as practicable thereafter be
          notified by the Master Issuer to the Noteholders. Any new Note
          Trustee must meet the requirements set out in Clause 14.2
          (Eligibility and Disqualification) and Clause 14.6 (Retirement or
          Removal Not Effective).

     14.2 Eligibility and Disqualification: This Deed shall always have a Note
          Trustee which shall be eligible to act as Note Trustee under Trust
          Indenture Act Sections 310(a)(1) and 310(a)(2). The Note Trustee
          shall have a combined capital and surplus of at least $50,000,000 as
          set forth in its most recent published annual report of condition.
          If the Note Trustee has or shall acquire any "conflicting interest"
          within the meaning of Trust Indenture Act Section 310(b), the Note
          Trustee and the Master Issuer shall comply with the provisions of
          Trust Indenture Act Section 310(b); provided, however, that there
          shall be excluded from the operation of Trust Indenture Act Section
          310(b)(1) any deed or deeds under which other securities or
          certificates of interest or participation in other securities of the
          Master Issuer are outstanding if the requirements for such exclusion
          set forth in Trust Indenture Act Section 310(b)(1) are met. If at
          any time the Note Trustee shall cease to be eligible in accordance
          with the provisions of this Clause 14.2 (Eligibility and
          Disqualification), the Note Trustee shall resign promptly in the
          manner and with the effect specified in Clause 14.5 (Retirement or
          Removal of Note Trustee).

     14.3 Powers of Note Trustee to appoint: Notwithstanding the provisions of
          Clause 14.1 (Power of the Master Issuer), the Note Trustee may (as
          attorney for the Master Issuer) upon giving prior notice to the
          Master Issuer but without the consent of the Master Issuer or the
          Noteholders appoint any person established or resident in any
          jurisdiction (whether a trust corporation or not) to act either as a
          separate trustee or as a co-trustee jointly with the Note Trustee:

          (a)  if the Note Trustee considers such appointment to be in the
               interests of the Noteholders; or

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<PAGE>

          (b)  for the purposes of conforming to any legal requirements,
               restrictions or Issuer Conditions in any jurisdiction in which
               any particular act or acts is or are to be performed; or

          (c)  for the purposes of obtaining a judgment in any jurisdiction or
               the enforcement in any jurisdiction of either a judgment
               already obtained or any of the provisions of these presents or
               any of the other Issuer Transaction Documents against the
               Master Issuer or any other party thereto.

     The Master Issuer hereby irrevocably appoints the Note Trustee to be its
     attorney in its name and on its behalf to execute any such instrument of
     appointment. Such a person shall (subject always to the provisions of
     these presents and any other Issuer Transaction Document to which the
     Note Trustee is a party) have such trusts, powers, authorities and any
     discretion (not exceeding those conferred on the Note Trustee by these
     presents or any of the other Issuer Transaction Documents to which the
     Note Trustee is a party) and such duties and obligations as shall be
     conferred or imposed on it by the instrument of appointment. The Note
     Trustee shall have power in like manner to remove any such person. Such
     proper remuneration as the Note Trustee may pay to any such person,
     together with any attributable costs, charges and expenses incurred by it
     in performing its function as such separate trustee or co-trustee, shall
     for the purposes of these presents be treated as costs, charges and
     expenses incurred by the Note Trustee.

     14.4 Multiple Trustees: Whenever there shall be more than two trustees
          hereof, the majority of such trustees shall (provided such majority
          includes a trust corporation) be competent to execute and exercise
          all the trusts, powers, authorities and any discretion vested by
          these presents and any of the other Issuer Transaction Documents in
          the Note Trustee generally.

     14.5 Retirement or Removal of Note Trustee: Subject as provided in Clause
          14.6 (Retirement or Removal not Effective), any Note Trustee for the
          time being of this Deed may retire at any time upon giving not less
          than three months' prior notice in writing to the Master Issuer
          without assigning any reason therefor and without being responsible
          for any costs resulting from such retirement. The Noteholders may by
          Extraordinary Resolution of each class of Noteholders remove any
          trustee or trustees for the time being of these presents

     14.6 Retirement or Removal not Effective: The retirement or removal of
          any Note Trustee shall not become effective unless (i) there remains
          at least one trustee hereof being a trust corporation in office upon
          such retirement or removal and (ii) while the Bank of New York
          remains Note Trustee, the Bank of New York, in its capacity as
          Security Trustee shall also retire or be removed simultaneously. The
          Master Issuer covenants that, in the event of a trustee (being a
          sole trustee or the only trust corporation) giving notice or being
          removed under Clause 14.5 (Retirement or Removal of Note Trustee) it
          shall use its best endeavours to procure a new Note Trustee of these
          presents (being a trust corporation) to be appointed as soon as
          reasonably practicable thereafter (for the avoidance of doubt, on
          the same terms as these presents). If within 30 days of having given
          notice of its intention to retire, the Master Issuer has failed to
          appoint a replacement Note Trustee, the outgoing Note

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<PAGE>

          Trustee will be entitled to appoint its successor provided that the
          Rating Agencies confirm that the then current ratings of the Issuer
          Notes shall not be either downgraded or reviewed as a result of such
          appointment.

15.  Trust Indenture Act Prevails

     If any provision of these presents limits, qualifies or conflicts with
     another provision which is required to be included in these presents by,
     and is not subject to a contractual waiver under, the Trust Indenture
     Act, the required provision of the Trust Indenture Act shall be deemed to
     be incorporated into these presents and shall prevail.

16.  Certificates and Opinions

     16.1 Evidence of Compliance as to Conditions Precedent: Upon any request
          or application by the Master Issuer to the Note Trustee to take any
          action under this Trust Deed or these presents, the Master Issuer
          shall furnish to the Note Trustee in accordance with Section 314(c)
          of the Trust Indenture Act:

          (a)  an Officers' Certificate (which shall include the statements
               set forth in Clause 16.2 (Statements Required in Certificates
               and Opinions) below stating that, in the opinion of the
               signers, all conditions precedent, if any, provided for in
               these presents relating to the proposed action have been
               complied with; and

          (b)  an Opinion of Counsel (which shall include the statements set
               forth in Clause 16.2 (Statements Required in Certificates and
               Opinions) below) stating that, in the opinion of such counsel,
               all such conditions precedent, if any, provided for in these
               presents relating to the proposed action have been complied
               with.

     16.2 Statements required in Certificates and Opinions: Each certificate
          and opinion with respect to compliance with a condition or covenant
          provided for in these presents or these presents, in accordance with
          Section 314(e) of the Trust Indenture Act, shall include:

          (a)  a statement that the person making such certificate or opinion
               has read such covenant or condition and the definitions
               relating thereto;

          (b)  a brief statement as to the nature and scope of the examination
               or investigation upon which the statements or opinions
               contained in such certificate or opinion are based;

          (c)  a statement that, in the opinion of such person, it or he has
               made such examination or investigation as is necessary to
               enable such person to express an informed opinion as to whether
               or not such covenant or condition has been complied with; and

          (d)  a statement as to whether or not, in the opinion of such
               person, such covenant or condition has been complied with.

                                      40

<PAGE>

17.  Release of Collateral

     17.1 Limitation on Release: Except to the extent expressly provided in
          this Clause 17 (Release of Collateral), the Note Trustee shall
          release the property from the security constituted by the Issuer
          Deed of Charge only upon receipt of a request from the Master Issuer
          accompanied by an Officers' Certificate, an Opinion of Counsel and
          certificates of independent parties in accordance with Trust
          Indenture Act Sections 314(c) and 314(d)(1) ("Independent
          Certificates") or an Opinion of Counsel in lieu of such Independent
          Certificates to the effect that the Trust Indenture Act does not
          require any such Independent Certificates.

     17.2 Fair Value: Prior to the release of any property or securities
          subject to the lien of the Issuer Deed of Charge, the Master Issuer
          shall, in addition to any obligation imposed in this Clause 17
          (Release of Collateral) or elsewhere in these presents, furnish to
          the Note Trustee an Officers' Certificate certifying or stating the
          opinion of each person signing such certificate as to the fair value
          to the Master Issuer of the property or securities to be so
          released. The officers so certifying may consult with, and may
          conclusively rely upon a certificate as to the fair value of such
          property provided to such officers by an internationally recognised
          financial institution with expertise in such matters. Whenever the
          Master Issuer is required to furnish to the Note Trustee an
          Officers' Certificate certifying or stating the opinion of any
          signer thereof as to the matters described in this Clause 17.2 (Fair
          Value), the Master Issuer shall also deliver to the Note Trustee an
          Independent Certificate as to the same matters, if the fair value to
          the Master Issuer of the property to be so released and of all other
          such property made the basis of any such release since the
          commencement of the then current fiscal year of the Master Issuer,
          as set forth in the certificates delivered pursuant to this Clause
          17 (Release of Collateral), is 10% or more of the Principal Amount
          Outstanding of the Issuer Notes, but such a certificate need not be
          furnished with respect to any property so released if the fair value
          thereof to the Master Issuer as set forth in the related Officers'
          Certificate is less than $25,000 (or its equivalent) or less than
          one per cent. of the Principal Amount Outstanding of the Issuer
          Notes.

     17.3 No Impairment: Whenever any property is to be released from the
          security constituted by the Issuer Deed of Charge, the Master Issuer
          shall also furnish to the Note Trustee an Officer's Certificate
          certifying or stating the opinion of each person signing such
          certificate that in the opinion of such person the proposed release
          will not impair the security under the Issuer Deed of Charge in
          contravention of the provisions hereof.

     17.4 Payments under Issuer Transaction Documents: Notwithstanding
          anything to the contrary contained herein, the Master Issuer may (a)
          make cash payments out of the Issuer Bank Accounts relating to the
          Issuer Notes as and to the extent permitted or required by the
          Issuer Transaction Documents (b) act in relation to the Issuer
          Charged Property as permitted under the Issuer Deed of Charge and
          (c) take any other action not inconsistent with the Trust Indenture
          Act.

                                      41

<PAGE>

18.  Rights Cumulative

     The respective rights of the Note Trustee and the Noteholders to these
     presents are cumulative and may be exercised as often as each considers
     appropriate and are in addition to their respective rights under the
     general law. No failure on the part of the Note Trustee or any Noteholder
     to exercise, and no delay in exercising, any right hereunder shall
     operate as a waiver thereof, nor shall any single or partial exercise of
     any such right preclude any other or further exercise thereof or the
     exercise of any other right. The remedies in these presents are
     cumulative and not exclusive of any remedies provided by law.

19.  Notices

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

          (a)  in the case of the Master Issuer, to Granite Mortgages 04-3 plc
               c/o Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile
               number 020 7606 0643) for the attention of The Company
               Secretary with a copy to Northern Rock plc, Northern Rock
               House, Gosforth, Newcastle upon Tyne NE3 4PL (facsimile number
               0191 213 2203) for the attention of the Group Secretary;

          (b)  in the case of the Note Trustee, to The Bank of New York, 48th
               Floor, One Canada Square, London E14 5AL (facsimile number 020
               7964 6061/6399) for the attention of (Corporate Trust) Global
               Structured Finance;

     or to such other address or facsimile number or for the attention of such
     other person or entity as may from time to time be notified by any party
     to the others by fifteen days prior written notice in accordance with the
     provisions of this Clause 19 (Notices).

     19.2 Communications by Noteholders with other Noteholders: Noteholders
          may communicate pursuant to Trust Indenture Act Section 312(b) with
          other Noteholders with respect to their rights under these presents
          or the Issuer Notes. The Master Issuer and the Note Trustee shall
          have the protection of Trust Indenture Act Section 312(c).

     19.3 Notices to Noteholders: Any notice or communication mailed to
          Noteholders hereunder shall be transmitted by mail to (a) all
          Noteholders as the names and addresses of such Noteholders appear
          upon the Register and (b) such Noteholders to whom Trust Indenture
          Act Section 313(c) requires reports to be transmitted.

                                      42

<PAGE>

20.  Third Party Rights

     A person who is not a party to these presents 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.

21.  Execution in Counterparts; Severability

     21.1 Counterparts: This Trust Deed 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.

     21.2 Severability: Where any provision in or obligation under these
          presents shall be invalid, illegal or unenforceable in any
          jurisdiction, the validity, legality and enforceability of the
          remaining provisions or obligations under these presents, or of such
          provision or obligation in any other jurisdiction, shall not be
          affected or impaired thereby.

22.  Governing Law and Jurisdiction; Appropriate Forum

     22.1 Governing Law: These presents and the Issuer Notes are governed by,
          and shall be construed in accordance with, English law.

     22.2 Jurisdiction: Each of the parties hereto agrees for the benefit of
          the Note Trustee and the Noteholders 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 these presents and, for such purposes, irrevocably
          submits to the jurisdiction of such courts.

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

IN WITNESS of which these presents has been executed by the parties hereto as
a deed which has been delivered on the date first appearing on page one.

                                      43

<PAGE>

                                  SCHEDULE 1

                        FORM OF GLOBAL NOTE CERTIFICATE

                           GRANITE MASTER ISSUER PLC
           (Incorporated with limited liability in England and Wales
                         with registered number [o])

         SERIES [o] CLASS [A]/[B]/[M]/[C]/[D] GLOBAL NOTE CERTIFICATE

                                 representing
              [Specified Currency and Nominal Amount] Series [o]
                   Class [A]/[B]/[M]/[C]/[D] Notes due [o]

1.   Introduction

     This Individual Note Certificate is issued in respect of the [Specified
     Currency and Nominal Amount] Series [o] Class [A]/[B]/[M]/[C]/[D] Notes
     due [o] (the "Notes") of Granite Master Issuer plc (the "Master Issuer")
     of the Aggregate Nominal Amount, Specified Currencies and Specified
     Denomination(s) as are specified for the Notes in the Note Supplement
     applicable to the Notes (the "Note Supplement"), a copy of which is
     attached hereto.

     The Notes are constituted by, are subject to, and have the benefit of, a
     trust deed dated [o] 2005 (as amended or supplemented from time to time,
     the "Issuer Trust Deed") between the Master Issuer and The Bank of New
     York as trustee (the trustee for the time being thereof being herein
     called the "Note Trustee") and are the subject of a paying agent and
     agent bank agreement dated [o] 2005 (as amended or supplemented from time
     to time, the "Issuer Paying Agent and Agent Bank Agreement") between the
     Master Issuer, the Principal Paying Agent, the Agent Bank, Citibank, N.A.
     as registrar (the "Registrar", which expression includes any successor
     registrar appointed from time to time in connection with the Notes), the
     Transfer Agent, the US Paying Agent and the Note Trustee.

2.   References to Conditions

     References herein to the Issuer Conditions (or to any particular numbered
     Condition) shall be to the Issuer Conditions (or that particular one of
     them) and to the provisions of the Note Supplement, each of which is
     attached hereto.

3.   Registered Holder

     This is to certify that:

                    [CITIVIC NOMINEES LTD.](1)/[CEDE & CO.](2)

_________________________________

(1)Delete for U.S. Notes.
(2)Delete for Reg S Notes.

                                      44

<PAGE>

     is the person registered in the register maintained by the Registrar in
     relation to the Notes (the "Register") as the duly registered holder (the
     "Holder") of the Notes of the Aggregate Nominal Amount, Specified
     Currencies and Specified Denominations as are specified for the Notes in
     the Note Supplement.

4.   Promise to pay

     Subject only as provided in this Global Note Certificate and the Issuer
     Conditions and the Note Supplement relating to the Notes (the "Note
     Supplement"), the Master Issuer, for value received, promises to pay to
     the Holder the principal amount of this Global Note Certificate on the
     Final Maturity Date (or on such earlier date as such principal amount may
     become repayable in accordance with the Issuer Conditions or the Issuer
     Trust Deed) and to pay interest on the principal amount from time to time
     (as noted in the records of the [common depositary for Euroclear and
     Clearstream, Luxembourg]3/[custodian for DTC]4 of this Global Note
     Certificate) in arrear on each Payment Date at the rates determined in
     accordance with the Issuer Conditions together with such premium and
     other amounts (if any) as may be payable, all subject to and in
     accordance with the Issuer Conditions and the provisions of the Issuer
     Trust Deed.

5.   Exchange for Individual Note Certificates

     This Global Note Certificate will be exchangeable (in whole but not in
     part and free of charge to the holder) for duly authenticated and
     completed individual note certificates ("Individual Note Certificates")
     in substantially the form (subject to completion) set out in Schedule 2
     to the Issuer Trust Deed only if (i) [both Euroclear and Clearstream,
     Luxembourg are closed for a continuous period of 14 days (other than by
     reason of a holiday, statutory or otherwise) or announce an intention to
     permanently cease business and do so cease to do business and no
     alternative clearing system satisfactory to the Note Trustee is
     available]5/[The Depository Trust Company ("DTC") has notified the Master
     Issuer that it is at any time unwilling or unable to continue as, or
     ceases to be, a clearing agency under the United States Securities
     Exchange Act of 1934, as amended (the "Exchange Act"), and a successor to
     DTC registered as a clearing agency under the Exchange Act is not
     appointed by the Master Issuer within 90 days of such notification]6 or
     (ii) as a result of any amendment to, or change in, the laws or
     regulations of the United Kingdom (or of any political subdivision
     thereof), or of any authority therein or thereof having power to tax, or
     in the interpretation or administration by a revenue authority or a court
     or administration of such laws or regulations which becomes effective on
     or after the Closing Date, the Master Issuer or any Paying Agent is or
     will be required to make any deduction or withholding from any payment in
     respect of the Notes which would not be required were the relevant Notes
     Individual Note Certificates. Such exchange shall be effected in
     accordance with paragraph 6 (Delivery of Individual Note Certificates)
     below.

__________________________________

(3)Delete for U.S. Notes.
(4)Delete for Reg S Notes.
(5)Delete for U.S. Notes.
(6)Delete for Reg S Notes.

                                      45

<PAGE>

6.   Delivery of Individual Note Certificates

     Whenever this Global Note Certificate is to be exchanged for Individual
     Note Certificates, such Individual Note Certificates shall be issued in
     an aggregate principal amount equal to the principal amount of this
     Global Note Certificate within five business days of the delivery, by or
     on behalf of the Holder, [Euroclear and/or Clearstream,
     Luxembourg]7/[and/or DTC]8, to the Registrar of such information as is
     required to complete and deliver such Individual Note Certificates
     (including, without limitation, the names and addresses of the persons in
     whose names the Individual Note Certificates are to be registered and the
     principal amount of each such person's holding) against the surrender of
     this Global Note Certificate at the Specified Office (as defined in the
     Issuer Conditions) of the Registrar. Such exchange shall be effected in
     accordance with the provisions of the Issuer Paying Agent and Agent Bank
     Agreement and the regulations concerning the transfer and registration of
     Notes scheduled thereto and, in particular, shall be effected without
     charge to any Holder or the Note Trustee, but against such indemnity as
     the Registrar may require in respect of any tax or other duty of
     whatsoever nature which may be levied or imposed in connection with such
     exchange. In this paragraph, "business day" means a day on which
     commercial banks are open for business in the city in which the Registrar
     has its Specified Office.

7.   Payments

     Payments of principal, premium (if any) and interest in respect of Notes
     represented by this Global Note Certificate will be made in accordance
     with the Issuer Conditions. All payments of any amounts payable and paid
     to the Holder of this Global Note Certificate shall be valid and, to the
     extent of the sums so paid, effectual to satisfy and discharge the
     liability for the monies payable hereon.

8.   Conditions apply

     Save as otherwise provided herein, the Holder of this Global Note
     Certificate shall have the benefit of, and be subject to, the Issuer
     Conditions, and, for the purposes of this Global Note Certificate, any
     reference in the Issuer Conditions to "Note Certificate" or "Note
     Certificates" shall, except where the context otherwise requires, be
     construed so as to include this Global Note Certificate.

[9.  Tax Treatment

     The Master Issuer will treat the Notes as indebtedness for U.S. federal
     income tax purposes. Each Holder of a Note, by the acceptance hereof,
     agrees to treat this Note for U.S. federal income tax purposes as
     indebtedness.]9

__________________________

(7)Delete for U.S. Notes.
(8)Delete for Reg S Notes.
(9)Delete for Reg S Notes.

                                      46

<PAGE>

9.   Notices

     Notwithstanding Condition 14 (Notice to Noteholders), so long as this
     Global Note Certificate is held on behalf of [Euroclear and Clearstream,
     Luxembourg]10/[DTC]11 or any alternative clearing system (an "Alternative
     Clearing System"), notices to Holders of Notes represented by this Global
     Note Certificate may be given by delivery of the relevant notice to
     [Euroclear and Clearstream, Luxembourg]12/[DTC]13 or (as the case may be)
     such Alternative Clearing System.

10.  Determination of Entitlement

     This Global Note Certificate is evidence of entitlement only and is not a
     document of title. Entitlements are determined by the Registrar by
     reference to the Register and only the Holder is entitled to payment in
     respect of this Global Note Certificate.

11.  Authentication

     This Global Note Certificate shall not be or become valid for any purpose
     unless and until authenticated by or on behalf of Citibank, N.A. as
     Registrar.

12.  Definitions

     Terms not defined herein have the meaning ascribed to such terms in the
     Issuer Conditions.

13.  Rights of Third Parties

     No person shall have any right under the Contracts (Rights of Third
     Parties) Act 1999 to enforce any term or condition of this Global Note
     Certificate, but this shall not affect any right or remedy which exists
     or is available apart from that Act.

14.  Governing law

     This Global Note Certificate is governed by, and shall be construed in
     accordance with, the English law.

IN WITNESS whereof the Master Issuer has caused this Global Note Certificate
to be signed manually or in facsimile by a person duly authorised on its
behalf.

_____________________________

(10)Delete for U.S. Notes.
(11)Delete for Reg S Notes.
(12)Delete for U.S. Notes.
(13)Delete for Reg S Notes.

                                      47

<PAGE>

<PAGE>

GRANITE MASTER ISSUER plc

By:      ............................................
         [manual or facsimile signature]
         (duly authorised)

ISSUED in London, England on [o] 2004.

AUTHENTICATED for and on behalf of
CITIBANK, N.A.
as Registrar without recourse, warranty, or liability

.......................................................
[manual signature]
(duly authorised)

                                      48

<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ..........................,  being the  registered  holder
of this Global Note Certificate, hereby transfers to ..........................
................................................................................
of ............................................................................
................................................................................
[Specified Currency] [amount] in principal amount of the [Specified Currency
and Nominal Amount] Series [o] Class [A]/[B]/[M]/[C]/[D] Notes (the "Notes")
of Granite Master Issuer plc (the "Master Issuer") and irrevocably requests
and authorises Citibank, N.A., in its capacity as Registrar in relation to the
Notes (or any successor to Citibank, N.A., in its capacity as such) to effect
the relevant transfer by means of appropriate entries in the Register kept by
it.

Dated:   ............................................

By:      ............................................
                                (duly authorised)

Notes

The name of the person by or on whose behalf this form of transfer is signed
must correspond with the name of the registered holder as it appears on the
face of this Global Note Certificate.

(a)  A representative of such registered holder should state the capacity in
     which he signs, e.g. executor.

(b)  The signature of the person effecting a transfer shall conform to any
     list of duly authorised specimen signatures supplied by the registered
     holder or be certified by a recognised bank, notary public or in such
     other manner as the Registrar may require.

(c)  Any transfer of Notes shall be in an amount equal to [Specified
     Denomination].

                                      49

<PAGE>

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                                  REGISTRAR
                   [Name]                                [Name]
                 [Address]                              [Address]

PAYING AGENTS AND TRANSFER AGENT

[Name]                                      [Name]
[Address]                                   [Address]

                                      50

<PAGE>

                               [Note Supplement]

                                      51

<PAGE>

                        FORM OF GLOBAL NOTE CERTIFICATE

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER OF U.S. LAW, PRIOR TO
THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING DATE AND THE
COMMENCEMENT OF THE OFFERING OF THE ISSUER NOTES MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON (AS
DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES.

                                      52

<PAGE>

                                                  SCHEDULE 2

                                     FORM OF INDIVIDUAL NOTE CERTIFICATES
<TABLE>
<CAPTION>

--------------------------- ------------- ------------------ ----------------------- ------------- ------------------
<S>                            <C>             <C>               <C>                   <C>           <C>
    US$[1,000/10,000]          [ISIN]          [CUSIP]           [COMMON CODE]         [SERIES]      [SERIAL NO.]
--------------------------- ------------- ------------------ ----------------------- ------------- ------------------

</TABLE>
                           GRANITE MASTER ISSUER plc
           (Incorporated with limited liability in England and Wales
                       with registered number 5250668)

       SERIES [o] CLASS [A]/[B]/[M]/[C]/[D] INDIVIDUAL NOTE CERTIFICATE

                                 representing
              [Specified Currency and Nominal Amount] Series [o]
                   Class [A]/[B]/[M]/[C]/[D] Notes due [o]

1.   Introduction

     This Global Note Certificate is issued in respect of the [Specified
     Currency and Nominal Amount] Series [o] Class [A]/[B]/[M]/[C]/[D] Notes
     due [o] (the "Notes") of Granite Master Issuer (the "Master Issuer") of
     the Aggregate Nominal Amount, Specified Currencies and Specified
     Denominations as are specified for the Notes in the Note Supplement
     applicable to the Notes (the "Note Supplement"), a copy of which is
     attached hereto.

     The Notes are constituted by, are subject to, and have the benefit of, a
     trust deed dated [o] 2005 (as amended or supplemented from time to time,
     the "Issuer Trust Deed") between the Master Issuer and The Bank of New
     York as trustee (the trustee for the time being thereof being herein
     called the "Note Trustee") and are the subject of a paying agent and
     agent bank agreement dated [o] 2005 (as amended or supplemented from time
     to time, the "Issuer Paying Agent and Agent Bank Agreement") between the
     Master Issuer, the Principal Paying Agent, the Agent Bank, Citibank, N.A.
     as registrar (the "Registrar", which expression includes any successor
     registrar appointed from time to time in connection with the Notes), the
     Transfer Agent, the US Paying Agent and the Note Trustee.

2.   References to Conditions

     References herein to the Issuer Conditions (or to any particular numbered
     Condition) shall be to the Issuer Conditions (or that particular one of
     them) and to the provisions of the Note Supplement, each of which is
     attached hereto.

3.   Registered Holder

     This is to certify that

                                 [Noteholder]

     is the person registered in the register maintained by the Registrar in
     relation to the Notes (the "Register") as the duly registered holder (the
     "Holder") of Notes

                                      53

<PAGE>

     represented from time to time by this Individual Note Certificate in the
     aggregate principal amount of:

                [Specified Currency and Specified Denomination]

4.   Promise to pay

     Subject only as provided in this Individual Note Certificate and the
     Issuer Conditions, the Master Issuer, for value received, promises to pay
     to the Holder the principal amount of this Individual Note Certificate on
     the Final Maturity Date (or on such earlier date as such principal amount
     may become repayable in accordance with the Issuer Conditions or the
     Issuer Trust Deed) and to pay interest on the principal amount from time
     to time of this Individual Note Certificate in arrears on each Payment
     Date at the rates determined in accordance with the Issuer Conditions
     together with such premium and other amounts (if any) as may be payable,
     all subject to and in accordance with the Issuer Conditions and the
     provisions of the Issuer Trust Deed.

5.   Payments

     Payments of principal, premium (if any) and interest in respect of Notes
     represented by this Individual Note Certificate will be made in
     accordance with the Issuer Conditions. All payments of any amounts
     payable and paid to the Holder of this Individual Note Certificate shall
     be valid and, to the extent of the sums so paid, effectual to satisfy and
     discharge the liability for the monies payable hereon.

6.   Conditions apply

     Save as otherwise provided herein, the Holder of this Individual Note
     Certificate shall have the benefit of, and be subject to, the Issuer
     Conditions, and, for the purposes of this Individual Note Certificate,
     any reference in the Issuer Conditions to "Note Certificate" or "Note
     Certificates" shall, except where the context otherwise requires, be
     construed so as to include this Individual Note Certificate.

[7.  Tax Treatment

     The Master Issuer will treat the Notes as indebtedness for U.S. federal
     income tax purposes. Each Holder of a Note, by the acceptance hereof,
     agrees to treat this Note for U.S. federal income tax purposes as
     indebtedness.]14

8.   Determination of Entitlement

     This Individual Note Certificate is evidence of entitlement only and is
     not a document of title. Entitlements are determined by the Registrar by
     reference to the Register and only the Holder is entitled to payment in
     respect of this Individual Note Certificate.

_________________________________

(14)Delete for Reg S Notes.

                                      54

<PAGE>

9.   Authentication

     This Individual Note Certificate shall not be or become valid for any
     purpose unless and until authenticated by or on behalf of Citibank, N.A.
     as Registrar.

10.  Definitions

     Terms not defined herein have the meaning ascribed to such terms in the
     Issuer Conditions.

11.  Rights of Third Parties

     No person shall have any right under the Contracts (Rights of Third
     Parties) Act 1999 to enforce any term or condition of this Individual
     Note Certificate, but this shall not affect any right or remedy which
     exists or is available apart from that Act.

12.  Governing law

     This Individual Note Certificate is governed by, and shall be construed
     in accordance with, the laws of England.

IN WITNESS whereof the Master Issuer has caused this Individual Note
Certificate to be signed manually or in facsimile by a person duly authorised
on its behalf.

GRANITE MASTER ISSUER plc

By:      ............................................
         [manual or facsimile signature]
         (duly authorised)

ISSUED in London, England on [o].

AUTHENTICATED for and on behalf of
CITIBANK, N.A.
as Registrar without recourse, warranty, or liability

......................................................
[manual signature]
(duly authorised)

                                      55

<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ..............................., being the registered  holder
of this Individual Note Certificate, hereby transfers to ......................
................................................................................
of.............................................................................
................................................................................
[Specified Currency] [amount] in principal amount of the [Specified Currency
and Nominal Amount] Series [o] Class [A]/[B]/[M]/[C]/[D] Notes (the "Notes")
of Granite Master Issuer plc (the "Master Issuer") and irrevocably requests
and authorises Citibank, N.A., in its capacity as Registrar in relation to the
Notes (or any successor to Citibank, N.A., in its capacity as such) to effect
the relevant transfer by means of appropriate entries in the Register kept by
it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Issuer Paying Agency and
Agent Bank Agreement.

Dated:   ............................................

By:      ............................................
                                (duly authorised)

Notes

The name of the person by or on whose behalf this form of transfer is signed
must correspond with the name of the registered holder as it appears on the
face of this Individual Note Certificate.

(a)  A representative of such registered holder should state the capacity in
     which he signs, e.g. executor.

(b)  The signature of the person effecting a transfer shall conform to any
     list of duly authorised specimen signatures supplied by the registered
     holder or be certified by a recognised bank, notary public or in such
     other manner as the Registrar may require.

(c)  Any transfer of Notes shall be in an amount equal to [Specified
     Denominations].

     [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                                     REGISTRAR
                   [Name]                                   [Name]
                 [Address]                                 [Address]

PAYING AGENTS AND TRANSFER AGENT

[Name]                                      [Name]
[Address]                                   [Address]

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                               [Note Supplement]

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                                  SCHEDULE 3
                        ISSUER CONDITIONS OF THE NOTES

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                                  SCHEDULE 4

                    PROVISIONS FOR MEETINGS OF NOTEHOLDERS

1    (A)  Definitions

          As used in this Schedule the following expressions shall have the
          following meanings unless the context otherwise requires:

          "Basic Terms Modification" means, in respect of any Series and Class
          of Issuer Notes, any modification which would have the effect of:

          (i)  reducing or cancelling the amount payable or, where applicable,
               modifying, except where such modification is in the opinion of
               the Note Trustee bound to result in an increase, the method of
               calculating the amount payable or modifying the date of payment
               or, where applicable, altering the method of calculating the
               date of payment in respect of any principal or interest in
               respect of such Issuer Notes;

          (ii) altering the priority in which payments are made to Noteholders
               pursuant to any Issuer Priority of Payments (except in a manner
               determined by the Note Trustee not to be materially prejudicial
               to the interests of the Noteholders of such Notes);

         (iii) altering the currency in which payments under the Issuer Notes
               are to be made;

          (iv) altering the quorum or majority required to pass an
               Extraordinary Resolution; and

          (v)  altering this definition or the proviso to paragraph 6 below;

          "Block Voting Instruction" shall mean, in relation to any Meeting,
          an English language document issued by the Registrar and dated in
          which:

          (a)  it is certified that:

               (i)  certain specified Issuer Notes (each a "Blocked Note")
                    have been blocked in an account with a clearing system and
                    will not be released until the conclusion of the Meeting
                    or, if later, any adjourned Meeting, and that the holder
                    of each Blocked Note or a duly authorised person on its
                    behalf has instructed the Registrar that the votes
                    attributable to such Blocked Note are to be cast in a
                    particular way on each resolution to be put to the Meeting
                    or any adjourned Meeting; or

               (ii) each registered holder of such Issuer Notes or a duly
                    authorised person on its behalf has instructed the
                    Registrar that the vote(s) attributable to the Issuer Note
                    or Issuer Notes so held (each a "Relevant Note") should be
                    cast in a particular way in relation to the resolution or
                    resolutions to be put to such Meeting or any adjourned
                    Meeting; and

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              (iii) in each case that, all such instructions are, during the
                    period commencing 48 hours prior to the time for which
                    such Meeting or any adjourned Meeting is convened and
                    ending at the conclusion or adjournment thereof, neither
                    revocable nor capable of amendment;

          (b)  the aggregate principal amount of the Blocked Notes and
               Relevant Notes so held are listed distinguishing with regard to
               each such resolution between those in respect of which
               instructions have been given as aforesaid that the votes
               attributable thereto should be cast in favour of the resolution
               and those in respect of which instructions have been so given
               that the votes attributable thereto should be cast against the
               resolution; and

          (c)  one or more persons named in such document is or are authorised
               and instructed by such Registrar to cast the votes attributable
               to such Blocked Note and Relevant Notes so listed in accordance
               with the instructions referred to in (a) above as set out in
               such document;

          "Chairman" means, in relation to any Meeting, the individual who
          takes the chair in accordance with paragraph 4 (Chairman);

          "Extraordinary Resolution" means (a) a resolution passed at a
          Meeting duly convened and held in accordance with the provisions of
          this Schedule 4 by a majority consisting of not less than
          three-fourths of the persons voting thereat upon a show of hands or
          if a poll is duly demanded by a majority consisting of not less than
          three-fourths of the votes cast on such poll or (b) a resolution in
          writing signed by or on behalf of all the Noteholders of a
          particular class of Issuer Notes which resolution may be contained
          in one document or several documents in like form each signed by or
          on behalf of one or more of the relevant Noteholders;

          "Form of Proxy" means, in relation to any Meeting, a document in the
          English language available from the Registrar signed by a Noteholder
          or, in the case of a corporation, executed under its seal or signed
          on its behalf by a duly authorised officer of the corporation and
          delivered to the Registrar not later than 48 hours before the time
          fixed for such Meeting, appointing one or more persons who is or are
          authorised and instructed to vote in respect of the Issuer Notes
          held by such Noteholder;

          "Meeting" shall mean a meeting of Noteholders (whether originally
          convened or reviewed following an adjournment);

          "Proxy" means, in relation to any Meeting, a person appointed to
          vote under a Block Voting Instruction or a Form of Proxy other than:

          (a)  any such person whose appointment has been revoked and in
               relation to whom the Registrar has been notified in writing of
               such revocation by the time which is 48 hours before the time
               fixed for such Meeting; and

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          (b)  any such person appointed to vote at a Meeting which has been
               adjourned for want of a quorum and who has not been
               re-appointed to vote at a Meeting when it is resumed;

          "Issuer Notes" and "Noteholders" shall mean:

          (a)  in connection with a Meeting of Class A Noteholders, Class A
               Notes and Class A Noteholders, respectively;

          (b)  in connection with a Meeting of Class B Noteholders, Class B
               Notes and Class B Noteholders respectively;

          (c)  in connection with a Meeting of the Class M Noteholders, Class
               M Notes and Class M Noteholders respectively;

          (d)  in connection with a Meeting of Class C Noteholders, Class C
               Notes and Class C Noteholders respectively; and

          (e)  in connection with a Meeting of Class D Noteholders, Class D
               Notes and Class D Noteholders respectively;

          "Written Resolution" means a resolution in writing signed by or on
          behalf of all holders of a class of Issuer Notes who for the time
          being are entitled to receive notice of a Meeting in accordance with
          the provisions of this Schedule, whether contained in one document
          or several documents in the same form, each signed by or on behalf
          of one or more such holders of the relevant class of Issuer Notes;

          "24 hours" means a period of 24 hours including all or part of a day
          upon which banks are open for business in both the place where the
          relevant Meeting is to be held and in each of the places where the
          Paying Agents have their Specified Offices (disregarding for this
          purpose the day upon which such Meeting is to be held) and such
          period shall be extended by one period or, to the extent necessary,
          more periods of 24 hours until there is included as aforesaid all or
          part of a day upon which banks are open for business in all of the
          places as aforesaid; and

          "48 hours" means 2 consecutive periods of 24 hours.

(B)  Issue of Block Voting Instructions

     The holder of an Issuer Note may require the Registrar to issue a Block
     Voting Instruction by arranging (to the satisfaction of the Registrar)
     for such Issuer Note to be blocked in an account with a clearing system
     not later than 48 hours before the time fixed for the relevant Meeting.
     The holder of an Issuer Note may require the Registrar to issue a Block
     Voting Instruction by delivering to the Registrar written instructions
     not later than 48 hours before the time fixed for the relevant Meeting.
     Any holder of an Issuer Note may obtain a blank and unexecuted Form of
     Proxy from the Registrar. A Block Voting Instruction and a Form of Proxy
     cannot be outstanding simultaneously in respect of the same Issuer Note.

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(C)  References to Blocking/Release of Issuer Notes

     Where Issuer Notes are represented by Global Note Certificates, or are
     held in individual certificated form within a Clearing System),
     references to blocking or release of Issuer Notes shall be construed in
     accordance with the usual practices (including blocking the relevant
     account) of the relevant Clearing System.

(D)  Issue of Forms of Proxy

     (i)  A holder of Issuer Notes may obtain an uncompleted and unexecuted
          Form of Proxy from the Registrar.

     (ii) Any holder of Issuer Notes which is a corporation may by resolution
          of its directors or other governing body authorise any person to act
          as its representative (a "Representative") in connection with any
          Meeting.

    (iii) Any Proxy or Representative shall, so long as such appointment
          remains in force, be deemed for all purposes in connection with the
          relevant Meeting, to be the holder of the Issuer Notes to which such
          appointment relates and the holder of the Issuer Notes shall be
          deemed for such purposes not to be the holder.

2.   Convening of Meeting

     The Master Issuer or the Note Trustee or (in relation to a Meeting for
     the passing of a Programme Resolution) the Noteholders of any Series and
     Class of Issuer Notes) may convene a Meeting at any time, and the Note
     Trustee shall be obliged to do so, subject to it being indemnified to its
     satisfaction, upon a request in writing of Noteholders holding not less
     than one-tenth in principal amount of the outstanding Issuer Notes of any
     class or classes entitled to vote. If the Master Issuer defaults for a
     period of seven days in convening such a Meeting, the same may be
     convened by the Note Trustee or the requisitionists. Every such Meeting
     shall be held on such date and at such time and place as the Note Trustee
     may appoint or approve.

3.   Notice

     At least 21 days' notice (exclusive of the day on which the notice is
     given and the day on which the Meeting is to be held) specifying the
     place, day and hour of Meeting, shall be given to the relevant
     Noteholders, the Paying Agents, the Agent Bank and the Registrar prior to
     any Meeting. Such notice shall: (1) be in the English language; (2) state
     in outline the nature of the business to be transacted at the Meeting to
     which it relates; and, (3) shall specify the terms of any resolution to
     be proposed. Such notice shall include statements, if applicable, to the
     effect that (a) Issuer Notes may be blocked in clearing systems for the
     purposes of appointing Proxies under Block Voting Instructions until 48
     hours before the time fixed for the Meeting; and, (b) a Noteholder may
     appoint a Proxy, either (i) under a Block Voting Instruction by
     delivering written instructions to the Registrar, or (ii) by executing
     and delivering a Form of Proxy to the Specified Office of the Registrar.
     In the case of both (i) or (ii) such appointment of a Proxy may be done
     up to 48 hours before the time fixed for the Meeting. A copy of the
     notice shall be sent by post to the Note Trustee (unless the

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     Meeting is convened by the Note Trustee) and, to the Master Issuer
     (unless the Meeting is convened by the Master Issuer).

4.   Chairman

     A person (who may, but need not be, a Noteholder) nominated in writing by
     the Note Trustee shall be entitled to take the chair at the relevant
     Meeting, but if no such nomination is made or if at any Meeting the
     person nominated shall not be present within 15 minutes after the time
     appointed for holding the Meeting the Noteholders present shall choose
     one of their number to be Chairman, failing which the Master Issuer may
     appoint a Chairman. The Chairman of an adjourned Meeting need not be the
     same person as was Chairman of the Meeting from which the adjournment
     took place.

5.   Quorum

     Subject as provided in the Issuer Conditions:

     (a)  any such Meeting of two or more persons present holding Issuer Notes
          or being Proxies or Representatives and holding or representing in
          the aggregate not less than one-twentieth of the principal amount of
          the Issuer Notes of the relevant class or classes for the time being
          outstanding (or, at any adjourned Meeting, two or more persons being
          or representing Noteholders whatever the aggregate Principal Amount
          Outstanding of the Issuer Notes of the relevant class or classes)
          shall (except for the purpose of passing an Extraordinary Resolution
          or a Programme Resolution) form a quorum for the transaction of
          business and no business (other than the choosing of a Chairman)
          shall be transacted at any Meeting unless the requisite quorum be
          present at the commencement of the relevant business;

     (b)  the quorum at any such Meeting for passing an Extraordinary
          Resolution (other than an Extraordinary Resolution to sanction a
          Basic Term Modification) or a Programme Resolution shall (subject as
          provided below) be two or more persons present holding or
          representing Issuer Notes or being Proxies or Representatives and
          holding or representing in the aggregate more than half of the
          aggregate principal amount of the Issuer Notes outstanding (as
          defined in Clause 1.6 of the Issuer Trust Deed) of the relevant
          class or classes (or, at any adjourned Meeting, two or more persons
          being or representing Noteholders whatever the aggregate principal
          amount of the Issuer Notes outstanding (as defined in Clause 1.6 of
          the Issuer Trust Deed) of the relevant class or classes so held or
          represented); or

     (c)  at any Meeting the business of which includes the passing of an
          Extraordinary Resolution to sanction a Basic Terms Modification, the
          quorum for passing the requisite Extraordinary Resolution shall be
          two or more persons present holding Issuer Notes or being Proxies or
          Representatives and holding or representing in the aggregate not
          less than three quarters in aggregate principal amount of the Issuer
          Notes outstanding (as defined in Clause 1.6 of the Issuer Trust Deed)
          of the relevant class or classes (or, at any adjourned Meeting,
          two or more persons present holding or representing in the aggregate
          not less than one quarter in aggregate principal amount of the
          Issuer Notes outstanding (as

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          defined in Clause 1.6 of the Issuer Trust Deed) of the relevant
          class or classes);

     Provided always that so long as at least the relevant fraction of the
     aggregate Principal Amount Outstanding of the relevant class of Issuer
     Notes referred to in sub-paragraph (a), (b) or (c) above, as the case may
     be, is represented by a Global Note Certificate or a single Individual
     Note Certificate, a single person being a Proxy or Representative of such
     class of Issuer Notes represented thereby shall be deemed to be two
     persons for the purpose of forming a quorum.

6.   Adjournment for want of quorum

     If within 15 minutes (or such longer period not exceeding 30 minutes as
     the Chairman may decide) after the time appointed for any Meeting a
     quorum is not present for the transaction of any particular business,
     then, subject and without prejudice to the transaction of the business
     (if any) for which a quorum is present:

     (a)  if convened upon the requisition of Noteholders, the Meeting shall
          be dissolved; and

     (b)  in any other case, the Meeting shall stand adjourned to the same day
          in the next week (or if such day is a public holiday the next
          succeeding Business Day) at the same time and place (except in the
          case of a Meeting at which an Extraordinary Resolution is to be
          proposed in which case it shall stand adjourned for such period,
          being not less than 13 clear days nor more than 42 clear days, and
          to such place as may be appointed by the Chairman either at or
          subsequent to such Meeting and approved by the Note Trustee).

     Provided, however, that, if within 15 minutes (or such longer period not
     exceeding 30 minutes as the Chairman may decide) after the time appointed
     for any adjourned Meeting a quorum is not present for the transaction of
     any particular business, then, subject and without prejudice to the
     transaction of the business (if any) for which a quorum is present, the
     Meeting shall be dissolved as no Meeting may be adjourned more than once
     for want of a quorum.

7.   Notice following Adjournment

     Notice of any adjourned Meeting at which an Extraordinary Resolution is
     to be submitted shall be given in the same manner as notice of an
     original Meeting as provided in paragraph 3 above, but as if 10 days
     notice (exclusive of the day on which the notice is given and the day on
     which the Meeting is to be resumed) were substituted for the 21 days
     notice as provided in paragraph 3 above, and such notice shall
     specifically state the relevant quorum requirements which will apply when
     the Meeting resumes. Subject as aforesaid it shall not be necessary to
     give any notice of an adjourned Meeting.

8.   Show of hands

     Every question submitted to a Meeting shall be decided in the first
     instance by a show of hands and in case of equality of votes, the
     Chairman shall, both on a show of hands

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     and on a poll, have a casting vote in addition to the vote or votes (if
     any) to which he may be entitled as a Noteholder or as a Proxy or as a
     Representative.

9.   Chairman's declaration

     At any Meeting, unless a poll is (before or on the declaration of the
     result of the show of hands) validly demanded by the Chairman, the Master
     Issuer, the Note Trustee or any person present holding a Individual Note
     Certificate or being a Proxy or Representative (whatever the principal
     amount of the Issuer Notes so held or represented by him) a declaration
     by the Chairman that a resolution has been carried or carried by a
     particular majority or lost or not carried by a particular majority shall
     be conclusive evidence of the fact without proof of the number or
     proportion of the votes recorded in favour of or against such resolution.

10.  Poll

     Subject to paragraph 12 (Limitation on Adjournments) below, if at such
     Meeting a poll is demanded it shall be taken in such manner and subject
     as hereinafter provided either at once or after an adjournment as the
     Chairman directs and the result of such poll shall be deemed to be the
     resolution of the Meeting at which the poll was demanded as at the date
     of the taking of the poll. The demand for a poll shall not prevent the
     continuance of the Meeting for the transaction of any business other than
     the motion on which the poll has been demanded.

11.  Adjourned Meeting

     The Chairman may with the consent of (and shall if directed by) any such
     Meeting adjourn the same from time to time and from place to place, but
     no business shall be transacted at any adjourned Meeting except business
     which might lawfully (but for lack of required quorum) have been
     transacted at the Meeting from which the adjournment took place.

12.  Limitation on Adjournments

     Any poll demanded at any adjourned Meeting, on the election of a Chairman
     or on any question of adjournment, shall be taken at the Meeting without
     adjournment.

13.  Participation

     Any Proxy and/or Representative, the Note Trustee and its lawyers and
     financial advisers and any director, officer or employee of a corporation
     being a trustee of the Issuer Trust Deed and any director or officer of
     the Master Issuer and its lawyers and financial advisers, the Registrar,
     and any other person authorised so to do by the Meeting or the Note
     Trustee may attend and speak at any Meeting. Save as aforesaid, but
     without prejudice to the definition of "Principal Amount Outstanding", no
     person shall be entitled to attend and speak nor shall any person be
     entitled to vote at any Meeting or join with others in requesting the
     convening of such a Meeting or to exercise the rights conferred on the
     Noteholders by Clause 7 (Proceedings, Actions and Indemnification) of the
     Issuer Trust Deed unless he either produces a Note Certificate or is a
     Proxy or a Representative or is the holder of an Individual Note
     Certificate or Individual Note Certificates. No person shall be entitled
     to vote at any

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     Meeting in respect of Issuer Notes held by, for the benefit of, or on
     behalf of, the Issuer or the Borrowers. Nothing herein shall prevent any
     of the Proxies named in any Block Voting Instruction or Form of Proxy or
     any Representative from being a director, officer or representative of or
     otherwise connected with the Master Issuer.

14.  Votes

     Subject as provided in paragraph 13 (Participation) hereof at any
     Meeting:

     (a)  on a show of hands every person who is present in person and is a
          holder of Issuer Notes or is a Proxy or Representative shall have
          one vote; and

     (b)  on a poll every such person who is so present shall have one vote in
          respect of each [(pound)1] or such other amount as the Note Trustee
          may, in its discretion, stipulate (or in the case of Meetings of
          holders of Issuer Notes denominated in another currency, such amount
          in such currency as the Note Trustee in its absolute discretion may
          stipulate) in Principal Amount Outstanding of the Issuer Notes in
          respect of which he is a Proxy or Representative or in respect of
          which he is the holder.

     Without prejudice to the obligations of the proxies named in any Block
     Voting Instruction or Form of Proxy any person entitled to more than one
     vote need not use all his votes or cast all the votes to which he is
     entitled in the same way.

15.  Proxies need not be Noteholders

     The Proxies named in any Block Voting Instruction or Form of Proxy and
     representatives need not be Noteholders.

16.  Deposit of votes

     Each Block Voting Instruction together (if so requested by the Note
     Trustee) with proof satisfactory to the Note Trustee of its due execution
     on behalf of the Registrar and each Form of Proxy shall be deposited by
     the Registrar at such place as the Note Trustee shall approve not less
     than 24 hours before the time appointed for holding the Meeting or
     adjourned Meeting at which the Proxies named in the Block Voting
     Instruction or Form of Proxy propose to vote and in default the Block
     Voting Instruction or Form of Proxy shall not be treated as valid unless
     the Chairman decides otherwise before such Meeting or adjourned Meeting
     proceeds to business. A notarially certified copy of each Block Voting
     Instruction and Form of Proxy shall be deposited with the Note Trustee
     before the commencement of the Meeting or adjourned Meeting but the Note
     Trustee shall not thereby be obliged to investigate or be concerned with
     the validity of or the authority of the Proxies named in any such Block
     Voting Instruction or Form of Proxy.

17.  Validity of Votes by Proxies

     Any vote by a Proxy given in accordance with the terms of a Block Voting
     Instruction or Form of Proxy shall be valid notwithstanding the previous
     revocation or amendment of the Block Voting Instruction or the Form of
     Proxy or of any of the Noteholders' instructions pursuant to which it was
     executed, provided that no intimation in writing of such revocation or
     amendment shall have been received

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     from the Noteholder by the Registrar by the time being 24 hours before
     the time appointed for holding the Meeting or adjourned Meeting at which
     the Block Voting Instruction or Form of Proxy is to be used. Unless
     revoked, any appointment of a Proxy under a Block Voting Instruction or
     Form of Proxy in relation to a Meeting shall remain in force in relation
     to any resumption of such Meeting following an adjournment; provided,
     however, that no such appointment of a Proxy in relation to a Meeting
     originally convened which has been adjourned for want of a quorum shall
     remain in force in relation to such Meeting when it is resumed. Any
     person appointed to vote at such a Meeting must be re-appointed under a
     Block Voting Instruction or Form of Proxy to vote at the Meeting when it
     is resumed.

18.  Record Date

     The Master Issuer may fix a record date for the purposes of any Meeting
     or any resumption thereof following its adjournment for want of a quorum
     provided that such record date is not more than 10 days prior to the time
     fixed for such Meeting or (as the case may be) its resumption. The person
     in whose name an Issuer Note is registered in the Register on the record
     date at close of business in the city in which the Registrar has its
     Specified Office shall be deemed to be the holder of such Issuer Note for
     the purposes of such Meeting and notwithstanding any subsequent transfer
     of such Issuer Note or entries in the Register; and provided that any
     Proxy appointed pursuant to a Form of Proxy shall so long as such
     appointment remains in force, be deemed for all purposes in connection
     with any Meeting or proposed Meeting specified in such appointment, to be
     the holder of the Issuer Note to which such appointment relates and the
     holder of the Issuer Note shall be deemed for the purposes not to be the
     holder.

19.  Powers

     Subject always to the provisions of Clause 11 (Modification and Waiver)
     of the Issuer Trust Deed and the Issuer Conditions, a Meeting shall, in
     addition to the powers given to it above, have the following powers
     exercisable only by Extraordinary Resolution (subject to the provisions
     relating to quorum contained in paragraphs 5 (Quorum) and 6 (Adjournment
     for want of Quorum) above) namely:

     (A)  power to sanction any compromise or arrangement proposed to be made
          between the Master Issuer, the Note Trustee, any appointee of the
          Note Trustee and the Noteholders or any of them;

     (B)  power to sanction any abrogation, modification, compromise or
          arrangement in respect of the rights of the Note Trustee, any
          appointee of the Note Trustee, the Noteholders or the Master Issuer
          against any other or others of them or against any other party to
          any of the Issuer Transaction Documents or against any of their
          property whether such rights shall arise under the Issuer Trust
          Deed, any other Issuer Transaction Document or otherwise;

     (C)  power to assent to any modification of the provisions of the Issuer
          Conditions, the Issuer Trust Deed or any other Issuer Transaction
          Document which shall be proposed by the Master Issuer, the Note
          Trustee, or any Noteholder or any other person;

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     (D)  power to give any authority or sanction which under the provisions
          of the Issuer Conditions or the Issuer Trust Deed is required to be
          given by Extraordinary Resolution;

     (E)  power to appoint any persons (whether Noteholders or not) as a
          committee or committees to represent the interests of the
          Noteholders and to confer upon such committee or committees any
          powers or any discretion which the Noteholders could themselves
          exercise by Extraordinary Resolution;

     (F)  power to approve of a person to be appointed a trustee and power to
          remove any trustee or trustees for the time being of the Issuer
          Trust Deed;

     (G)  power to discharge or exonerate the Note Trustee and/or any
          appointee of the Note Trustee from all liability in respect of any
          act or omission for which the Note Trustee and/or such appointee may
          have become responsible under the Issuer Trust Deed;

     (H)  power to authorise the Note Trustee and/or any appointee of the Note
          Trustee to concur in and execute and do all such deeds, instruments,
          acts and things as may be necessary to carry out and give effect to
          any Extraordinary Resolution;

     (I)  power to sanction any scheme or proposal for the exchange or sale of
          the Issuer Notes for or the conversion of the Issuer Notes into or
          the cancellation of the Issuer Notes in consideration of shares,
          stock, notes, bonds, debentures, debenture stock and/or other
          obligations and/or notes of the Master Issuer or any other company
          formed or to be formed, or for or into or in consideration of cash,
          or partly for or into or in consideration of such shares, stock,
          notes, bonds, debentures, debenture stock and/or other obligations
          and/or notes as aforesaid and partly for or into or in consideration
          of cash and for the appointment of some person with power on behalf
          of the Noteholders to execute an instrument of transfer of the
          Individual Note Certificates held by them in favour of the persons
          with or to whom the Issuer Notes are to be exchanged or sold
          respectively,

     provided, however, that:

     (i)  no Extraordinary Resolution of the Noteholders of any Class of Notes
          to sanction a Basic Terms Modification shall be effective for any
          purpose unless it shall have been sanctioned by an Extraordinary
          Resolution of the Noteholders of each other Class of Notes (for all
          Series).

     (ii) subject as provided above in relation to an Extraordinary Resolution
          concerning a Basic Terms Modification, no Extraordinary Resolution
          of the Class B Noteholders of any Series of Notes shall be effective
          for any purpose while any Class A Notes remain outstanding unless
          either (aa) the Note Trustee is of the opinion that it will not be
          materially prejudicial to the interests of any or all of the Class A
          Noteholders or (bb) it is sanctioned by an Extraordinary Resolution
          of the Class A Noteholders of each Series of Notes.

    (iii) subject as provided above in relation to an Extraordinary
          Resolution concerning a Basic Terms Modification, no Extraordinary
          Resolution of the

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          Class M Noteholders of any Series of Notes shall be effective for
          any purpose while any Class A Notes or Class B Notes remain
          outstanding unless either (aa) the Note Trustee is of the opinion
          that it will not be materially prejudicial to the interests of any
          or all of the Class A Noteholders and/or Class B Noteholders (as the
          case may be) or (bb) it is sanctioned by an Extraordinary Resolution
          of the Class A Noteholders and/or Class B Noteholders (as the case
          may be) of each Series of Notes.

     (iv) subject as provided above in relation to an Extraordinary Resolution
          concerning a Basic Terms Modification, no Extraordinary Resolution
          of the Class C Noteholders of any Series of Notes shall be effective
          for any purpose while any Class A Notes, Class B Notes or Class M
          Notes remain outstanding unless either (aa) the Note Trustee is of
          the opinion that it will not be materially prejudicial to the
          interests of any or all of the Class A Noteholders, the Class B
          Noteholders and/or the Class M Noteholders (as the case may be) or
          (bb) it is sanctioned by an Extraordinary Resolution of the Class A
          Noteholders, the Class B Noteholders and/or the Class M Noteholders
          (as the case may be) of each Series of Notes .

     (v)  subject as provided above in relation to an Extraordinary Resolution
          concerning a Basic Terms Modification, no Extraordinary Resolution
          of the Class D Noteholders of any Series of Notes shall be effective
          for any purpose while any Class A Notes, Class B Notes, Class M
          Notes or Class C Notes remain outstanding unless either (aa) the
          Note Trustee is of the opinion that it will not be materially
          prejudicial to the interests of any or all of the Class A
          Noteholders, the Class B Noteholders, the Class M Noteholders and/or
          Class C Notes (as the case may be) or (bb) it is sanctioned by an
          Extraordinary Resolution of the Class A Noteholders, the Class B
          Noteholders, the Class M Noteholders and/or Class C Notes (as the
          case may be) of any Series of Notes .

20.  Extraordinary Resolution binds all Noteholders

     Subject to the provisos to paragraph 19 (Powers), any Extraordinary
     Resolution passed at a Meeting duly convened and held in accordance with
     the Issuer Trust Deed shall be binding upon the Noteholders of all
     classes whether present or not present at such Meeting and whether or not
     voting and each of them shall be bound to give effect thereto accordingly
     and the passing of any such Extraordinary Resolution shall be conclusive
     evidence that the circumstances justify the passing thereof. Notice of
     the result of the voting on any Extraordinary Resolution duly considered
     by the Noteholders shall be given by the Master Issuer to the Noteholders
     in accordance with Condition 14 (Notice to Noteholders) within 14 days of
     such result being known provided that the non-publication of such notice
     shall not invalidate such result.

21.  Class A Notes

     Notwithstanding the foregoing, the following additional provisions shall
     apply to a Class of Notes issued (and remaining outstanding) in more than
     one Series.

     (i)  Business, which in the opinion of the Note Trustee affects one
          Series of Notes of such Class, shall be transacted at a separate
          Meeting of the holders of that Series and Class of Notes.

                                      69

<PAGE>

     (ii) Business which in the opinion of the Note Trustee affects more than
          one Series of Notes of such Class but does not give rise to an
          actual or potential conflict of interest between the holder of Notes
          of one such Series and the holders of Notes of any other such Series
          of such Class shall be transacted either at separate Meetings of the
          holders of the Notes of each such Series of such Class or at a
          single Meeting of the holders of the Notes of all such Series of
          such Class, as the Note Trustee shall in its absolute discretion
          determine.

    (iii) Business which in the opinion of the Note Trustee affects the Notes
          of more than one Series of such Class and gives rise to an actual or
          potential conflict of interest between the holders of Notes of one
          such Series and the holders of Notes of any other such Series of
          such Class shall be transacted at separate Meetings of the holders
          of the Notes of each such Series of such Class.

     (iv) The preceding paragraphs of this Schedule shall be applied as if
          references to the Issuer Notes and Issuer Noteholders were to the
          Issuer Notes of the relevant Series and Class and to the holders of
          such Notes.

     (v)  There shall be no provision for a meeting of the holders of one
          sub-class only of a Class of Notes of any Series.

     (vi) In this paragraph, "business" includes (without limitation) the
          passing or rejection of any resolution.

22.  Minutes

     Minutes of all resolutions and proceedings at every Meeting shall be made
     and entered in books to be from time to time provided for that purpose by
     the Master Issuer and any such minutes as aforesaid if purporting to be
     signed by the Chairman of the Meeting at which such resolutions were
     passed or proceedings transacted shall be conclusive evidence of the
     matters therein contained and until the contrary is proved every such
     Meeting in respect of the proceedings of which minutes have been made
     shall be deemed to have been duly held and convened and all resolutions
     passed or proceedings transacted thereat to have been duly passed or
     transacted.

23.  Further Regulations

     Subject to all other provisions of the Issuer Trust Deed, the Note
     Trustee may without the consent of the Master Issuer or the Noteholders:-

     (i)  prescribe such further regulations regarding the requisitioning
          and/or the holding of Meetings of Noteholders and attendance and
          voting thereat as the Note Trustee may in its sole discretion think
          fit; and

     (ii) interpret the Issuer Conditions in the context of the more detailed
          provisions set out herein.

                                      70

<PAGE>

                                          EXECUTION PAGE

<TABLE>
<CAPTION>
The Master Issuer
Executed by
<S>                                                        <C>
GRANITE MASTER ISSUER plc
as its deed as follows:                                    By:_____________________________________________
Signed for and on its behalf by one of its                          for and on behalf of LDC
directors and by another of its directors/its                       Securitisation Director No. 1 Limited
secretary

                                                           Name:___________________________________________

                                                           By:_____________________________________________
                                                                    for and on behalf of LDC
                                                                    Securitisation Director No. 2 Limited

                                                           Name:___________________________________________

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

                                                           Name:___________________________________________
</TABLE>

                                      71Exhibit 4.6.2

                       Terms and conditions of the notes

    The following are the Terms and Conditions (the "Conditions", and any
reference to a "Condition" shall be construed accordingly) of the Notes in the
form (subject to amendment) which will be incorporated by reference into each
Global Note Certificate and each Individual Note Certificate, in the latter
case only if permitted by the relevant stock exchange or other relevant
authority (if any) and agreed by the Issuer and the relevant Dealer(s) at the
time of issue but, if not so permitted and agreed, such Individual Note
Certificate will have endorsed thereon or attached thereto such Conditions

    The applicable Note Supplement in relation to any Series and Class of Notes
may specify other terms and conditions which shall, to the extent so specified
or to the extent inconsistent with the Conditions, replace or modify the
Conditions for the purpose of such Notes. The applicable Note Supplement (or
the relevant provisions thereof) will be endorsed upon, or attached to, each
Global Note Certificate and Individual Note Certificate.

    A glossary of definitions appears in Condition 18 of these Conditions.

    The Notes are constituted by the Issuer Trust Deed. The security for the
Notes is created pursuant to, and on the terms set out in, the Issuer Deed of
Charge. By the Issuer Paying Agent and Agent Bank Agreement, provision is made
for, inter alia, the payment of principal and interest in respect of the
Notes.

    Notes issued under the Issuer Trust Deed are issued in series (each a
"Series") and each Series comprises one or more classes of Notes. Each Series
of Notes is subject to a Note Supplement which supplements these Conditions
and may specify other terms and conditions which shall, to the extent so
specified or to the extent inconsistent with the Conditions, replace or modify
the Conditions applicable to such Series of Notes.

    The statements in these Conditions include summaries of, and are subject
to, the detailed provisions of the Issuer Trust Deed, the Issuer Deed of
Charge and the Issuer Paying Agent and Agent Bank Agreement.

    Copies of the Issuer Trust Deed, the Issuer Deed of Charge, the Issuer
Paying Agent and Agent Bank Agreement and each of the other Transaction
Documents are available for inspection during normal business hours at the
registered office of the issuer, being at the date hereof, Fifth Floor, 100
Wood Street, London EC2V 7EX and the specified office for the time being of
(i) the Principal Paying Agent, being at the date hereof 5 Carmelite Street,
London EC4Y 0PA and (ii) the US Paying Agent, being at the date hereof 14th
Floor Zone 3, 111 Wall Street, New York, New York 10043. Copies of the Note
Supplements of each Series of Notes are obtainable during normal business
hours at the registered office of the Issuer and the specified office for the
time being of (i) the Principal Paying Agent and (ii) the US Paying Agent and
any Noteholder must produce evidence satisfactory to the relevant Paying Agent
as to its holding of Notes and identity.

    The Noteholders of any Series and Class of Notes are entitled to the
benefit of, are bound by, and are deemed to have notice of, all the provisions
of, and definitions contained or incorporated in, the Issuer Trust Deed, the
Issuer Deed of Charge, the Issuer Paying Agent and Agent Bank Agreement, each
of the other Transaction Documents and the Note Supplement which are
applicable to them and to have notice of each other Note Supplement relating
to each other Series and Class of Notes.

<PAGE>

1.  Form, Denomination, Register, Title and Transfers

Form and Denomination

    The US Notes will initially be offered and sold pursuant to a registration
statement filed with the United States Securities and Exchange Commission. The
Reg S Notes will initially be offered and sold outside the United States to
non-US persons pursuant to Reg S.

    Each Series and Class of Notes will be issued in the Specified Currency and
in the Specified Denomination. Each Series and Class of US Notes will be
initially represented by a US Global Note Certificate, which, in the
aggregate, will represent the Principal Amount Outstanding from time to time
of such Series and Class of US Notes. Each Series and Class of Reg S Notes
will be initially represented by a Reg S Global Note Certificate which, in the
aggregate, will represent the Principal Amount Outstanding from time to time
of such Series and Class of the Reg S Notes.

    Each Series and Class of Notes may be Fixed Rate Notes, Floating Rate
Notes, Zero Coupon Notes, Index Linked Interest Notes, Dual Currency Interest
Notes or a combination of any of the foregoing, depending upon the Interest
Basis shown in the applicable Note Supplement.

    [Each Series and Class of Notes may be Index Linked Redemption Notes, Dual
Currency Redemption Notes, Bullet Redemption Notes, Scheduled Redemption
Notes, Controlled Amortisation Notes, Pass-through Notes or a combination of
any of the foregoing, depending upon the Redemption/Payment Basis shown in the
applicable Note Supplement.]

    Global Note Certificates will be exchanged for Individual Note Certificates
in definitive registered form only under certain limited circumstances (as
described in the relevant Global Note Certificate). If Individual Note
Certificates are issued, they will be serially numbered and issued in an
aggregate principal amount equal to the Principal Amount Outstanding of the
relevant Global Note Certificates and in registered form only.

    [In the case of a Series and Class of Notes with more than one Specified
Denomination, Notes of one Specified Denomination may not be exchanged for
Notes of such Series and Class of another Specified Denomination.](1)

Register

    The Registrar will maintain the Register in respect of the Notes in
accordance with the provisions of the Issuer Paying Agent and Agent Bank
Agreement. In these Conditions, the "Holder" of a Note means the person in
whose name such Note is for the time being registered in the Register (or, in
the case of a joint holding, the first named thereof). A Note Certificate will
be issued to each Noteholder in respect of its registered holding. Each Note
Certificate will be numbered serially with an identifying number which will be
recorded in the Register.

Title

    The Holder of each Note shall (except as otherwise required by law) be
treated by the Issuer, the Note Trustee, the Agent Bank and any Agent as the
absolute owner of such Note for all purposes (whether or not it is overdue and
regardless of any notice of ownership, trust or any other interest therein,
any writing on the Note Certificate relating

--------
(1) Will there be such multiple Specified Denominations within one series?

<PAGE>

thereto (other than the endorsed form of transfer) or any notice of any
previous loss or theft of such Note Certificate) and no person shall be liable
for so treating such Holder.

Transfers

    Subject as provided otherwise in this Condition 1(D), a Note may be
transferred upon surrender of the relevant Note Certificate, with the endorsed
form of transfer duly completed, at the Specified Office of the Registrar or
the Transfer Agent, together with such evidence as the Registrar or (as the
case may be) such Transfer Agent may reasonably require to prove the title of
the transferor and the authority of the individuals who have executed the form
of transfer; provided, however, that a Note may not be transferred unless the
principal amount of Notes transferred and (where not all of the Notes held by
a Holder are being transferred) the principal amount of the balance of Notes
not transferred are Authorised Holdings. Where not all the Notes represented
by the surrendered Note Certificate are the subject of the transfer, a new
Note Certificate in respect of the balance of the Notes will be issued to the
transferor.

    Within five Commercial Business Days of such surrender of a Note
Certificate, the Registrar will register the transfer in question and deliver
a new Note Certificate of a like principal amount to the Notes transferred to
each relevant Holder at its Specified Office or (as the case may be) the
Specified Office of the Transfer Agent or (at the request and risk of any such
relevant Holder) by uninsured first class mail (and by airmail if the Holder
is overseas) to the address specified for such purpose by such relevant
Holder. In this paragraph, "Commercial Business Day" means a day on which
commercial banks are open for business in the city where the Registrar or (as
the case may be) Transfer Agent has its Specified Office.

    The transfer of a Note will be effected without charge by or on behalf of
the Issuer, the Registrar or the Transfer Agent but against such indemnity as
the Registrar or (as the case may be) such Transfer Agent may require in
respect of any tax or other duty of whatsoever nature which may be levied or
imposed in connection with such transfer.

    Noteholders may not require transfers of Notes to be registered during the
period of 15 days ending on the due date for any payment of principal or
interest in respect of the Notes.

    All transfers of Notes and entries on the Register are subject to the
detailed regulations concerning the transfer of Notes scheduled to the Issuer
Paying Agent and Agent Bank Agreement. The regulations may be changed by the
Issuer with the prior written approval of the Note Trustee and the Registrar.
A copy of the current regulations will be mailed (free of charge) by the
Registrar to any Noteholder who requests in writing a copy of such
regulations.

2.  Status, Priority and Security

(A) Status

    The Notes of each Series and Class are direct, secured and unconditional
obligations of the Issuer and will at all times rank pari passu and pro rata
without preference or priority amongst themselves.

   Subject to the provisions of Condition 5 and subject to the other payment
conditions set out in the relevant Note Supplement and the other Transaction
Documents:

    the Class A Notes of each Series will rank pari passu and pro rata without
        any preference or priority among the Class A Notes of each Series but
        in priority to

<PAGE>

        the Class B Notes, the Class M Notes, the Class C Notes and the Class D
        Notes of any Series;

    the Class B Notes of each Series will rank pari passu and pro rata without
        any preference or priority among the Class B Notes of each Series but
        in priority to the Class M Notes, the Class C Notes and the Class D
        Notes of any Series;

    the Class M Notes of each Series will rank pari passu and pro rata without
        any preference or priority among the Class M Notes of each Series but
        in priority to the Class C Notes and the Class D Notes of any Series;

    the Class C Notes of each Series will rank pari passu and pro rata without
        any preference or priority among the Class C Notes of each Series but
        in priority to the Class D Notes of any Series; and

    the Class D Notes of each Series will rank pari passu and pro rata without
        any preference or priority among the Class D Note of each series.

Conflict between the classes of Notes

    The Issuer Trust Deed contains provisions requiring the Note Trustee to
have regard to the interests of the Class A Noteholders, the Class B
Noteholders, the Class M Noteholders, the Class C Noteholders and the Class D
Noteholders equally as regards all powers, trusts, authorities, duties and
discretions of the Note Trustee (except where expressly provided otherwise),
but requiring the Note Trustee to have regard:

    for so long as there are any Class A Notes outstanding, only to the
        interests of the Class A Noteholders if, in the Note Trustee's
        opinion, there is or may be a conflict between the interests of the
        Class A Noteholders and the interests of the Class B Noteholders
        and/or the interests of the Class M Noteholders and/or the interests
        of the Class C Noteholders and/or the interests of the Class D
        Noteholders;

    subject to (i) above and for so long as there are any Class B Notes
        outstanding, only to the interests of the Class B Noteholders if, in
        the Note Trustee's opinion, there is or may be a conflict between the
        interests of the Class B Noteholders and the interest of the Class M
        Noteholders and/or the interests of the Class C Noteholders and/or the
        interests of the Class D Noteholders;

    subject to (i) and (ii) above and for so long as there are any Class M
        Notes outstanding, only to the interests of the Class M Noteholders
        if, in the Note Trustee's opinion, there is or may be a conflict
        between the interests of the Class M Noteholders and the interests of
        the Class C Noteholders and/or the interests of the Class D
        Noteholders; and

    subject to (i), (ii) and (iii) above and for so long as there are any
        Class C Notes outstanding, only to the interests of the Class C
        Noteholders if, in the Note Trustee's opinion, there is or may be a
        conflict between the interests of the Class C Noteholders and the
        Class D Noteholders.

    The Issuer Trust Deed also contains provisions:

        (a)  limiting the powers of the Class B Noteholders, the Class M
             Noteholders, the Class C Noteholders and the Class D Noteholders,
             inter alia, to request or direct the Note Trustee to take any
             action or to pass an effective Extraordinary Resolution according
             to the effect thereof on the interests of the Class A
             Noteholders. Except in certain circumstances described in
             Condition 11, the Issuer Trust Deed contains no such

<PAGE>

             limitation on the powers of the Class A Noteholders, the exercise
             of which will be binding on the Class B Noteholders, the Class M
             Noteholders, the Class C Noteholders and the Class D Noteholders
             respectively, irrespective of the effect thereof on their
             interests;

        (b)  limiting the powers of the Class M Noteholders, the Class C
             Noteholders and the Class D Noteholders, inter alia, to request
             or direct the Note Trustee to take any action or to pass an
             effective Extraordinary Resolution according to the effect
             thereof on the interests of the Class B Noteholders. Except in
             certain circumstances described above and in Condition 11, the
             Issuer Trust Deed contains no such limitation on the powers of
             the Class B Noteholders, the exercise of which will be binding on
             the Class M Noteholders, the Class C Noteholders and the Class D
             Noteholders, respectively, irrespective of the effect thereof on
             their interests;

        (c)  limiting the powers of the Class C Noteholders and the Class D
             Noteholders, inter alia, to request or direct the Note Trustee to
             take any action or to pass an effective Extraordinary Resolution
             according to the effect thereof on the interests of the Class M
             Noteholders. Except in certain circumstances described above and
             in Condition 11, the Issuer Trust Deed contains no such
             limitation on the powers of the Class M Noteholders, the exercise
             of which will be binding on the Class C Noteholders and the Class
             D Noteholders irrespective of the effect thereof on their
             interests; and

        (d)  limiting the powers of the Class D Noteholders, inter alia, to
             request or direct the Note Trustee to take any action or to pass
             an effective Extraordinary Resolution according to the effect
             thereof on the interests of the Class C Noteholders. Except in
             certain circumstances described above and in Condition 11, the
             Issuer Trust Deed contains no such limitation on the powers of
             the Class C Noteholders, the exercise of which will be binding on
             the Class D Noteholders irrespective of the effect thereof on
             their interests.

    The Note Trustee shall be entitled to assume, for the purpose of
exercising any right, power, trust, authority, duty or discretion under or in
relation to these Conditions or any of the Transaction Documents, that such
exercise will not be materially prejudicial to the interests of the
Noteholders (or any Series and Class thereof) if the Rating Agencies have
confirmed that the then current ratings of the applicable Series and Class of
Notes would not be reduced, withdrawn or qualified by such exercise.

Security

    As security for, inter alia, the payment of all monies payable in respect
of the Notes, the Issuer has entered into the Issuer Deed of Charge creating
the Issuer Security in favour of the Issuer Security Trustee for itself and on
trust for, inter alios, the Note Trustee and the Noteholders.

3.  Covenants

    Save with the prior written consent of the Note Trustee or unless provided
in or contemplated under these Conditions or any of the Transaction Documents
to which the Issuer is a party, the Issuer shall not, so long as any Note
remains outstanding:

<PAGE>

(A) Negative Pledge

    create or permit to subsist any mortgage, standard security, pledge, lien,
charge or other Security Interest whatsoever (unless arising by operation of
law), upon the whole or any part of its assets (including any uncalled
capital) or its undertakings, present or future;

Disposal of Assets

    sell, assign, transfer, lease or otherwise dispose of, or deal with, or
grant any option or present or future right to acquire all or any of its
properties, assets, or undertakings or any interest, estate, right, title or
benefit therein or thereto or agree or attempt or purport to do any of the
foregoing;

Equitable Interest

    permit any person other than itself and the Issuer Security Trustee (as to
itself and on behalf of the Issuer Secured Creditors) to have any equitable or
beneficial interest in any of its assets or undertakings or any interest,
estate, right, title or benefit therein;

Bank Accounts

    have an interest in any bank account, other than an Issuer Bank Account or
a Swap Collateral Account;

Restrictions on Activities

    carry on any business other than as described in the Prospectus dated [o]
2005 (as revised, supplemented and/or amended from time to time) relating to
the issue of the Notes and the related activities described therein or as
contemplated in the Transaction Documents relating to the issue of the Notes;

Borrowings

    incur any indebtedness in respect of borrowed money whatsoever or give any
guarantee or indemnity in respect of any indebtedness or obligation of any
person;

Merger

    consolidate or merge with any other person or convey or transfer
substantially all of its properties or assets to any other person;

Waiver or Consent

    permit the validity or effectiveness of any of the Issuer Trust Deed or
the Issuer Deed of Charge or the priority of the security interests created
thereby to be amended, terminated, postponed, waived or discharged, or permit
any other person whose obligations form part of the Issuer Security to be
released from such obligations;

Employees or premises

    have any employees or premises or subsidiaries;

Dividends and Distributions

    pay any dividend or make any other distribution to its shareholders or
issue any further shares or alter any rights attaching to its shares as at the
date of the Issuer Deed of Charge;

Purchase Notes

    purchase or otherwise acquire any Note or Notes; or

<PAGE>

United States activities

    engage in any activities in the United States (directly or through
agents), or derive any income from United States sources as determined under
United States income tax principles, or hold any property if doing so would
cause it to be engaged in a trade or business within the United States as
determined under United States income tax principles.

4.  Interest

(A) Interest on Fixed Rate Notes

    Each Fixed Rate Note bears interest on its Principal Amount Outstanding
from (and including) the Interest Commencement Date at the rate(s) per annum
equal to the Rate(s) of Interest payable, subject as provided in these
Conditions, in arrear on the Payment Date(s) in each year up to (and
including) the Final Maturity Date.

    Except as provided in the applicable Note Supplement, the amount of
interest payable in respect of any Fixed Rate Note on each Payment Date for a
Fixed Interest Period ending on (but excluding) such date will amount to the
Fixed Coupon Amount. Payments of interest on any Payment Date will, if so
specified for such Note in the applicable Note Supplement, amount to the
Broken Amount so specified.

    As used in these Conditions, "Fixed Interest Period" means the period from
(and including) a Payment Date (or the Interest Commencement Date) to (but
excluding) the next (or first) Payment Date.

    If interest is required to be calculated in respect of any Fixed Rate Note
for a period other than a Fixed Interest Period, such interest shall be
calculated by applying the Rate of Interest specified for such Note in the
applicable Note Supplement to the Principal Amount Outstanding on such Note,
multiplying such sum by the applicable Day Count Fraction, and rounding the
resultant figure to the nearest sub-unit of the relevant Specified Currency,
half of any such sub-unit being rounded upwards or otherwise in accordance
with applicable market convention.

    "Day Count Fraction" means, in respect of the calculation of an amount of
interest for any Fixed Rate Note in accordance with this Condition 4(A):

    if "Actual/Actual (ISMA)" is specified for such Note in the applicable
Note Supplement:

        in the case of Notes where the number of days in the relevant period
           from (and including) the most recent Payment Date (or, if none, the
           Interest Commencement Date) to (but excluding) the relevant payment
           date (the "Accrual Period") is equal to or shorter than the
           Determination Period during which the Accrual Period ends, the
           number of days in such Accrual Period divided by the product of (1)
           the number of days in such Determination Period and (2) the number
           of Determination Dates (as specified in the applicable Note
           Supplement) that would occur in one calendar year; or

        in the case of Notes where the Accrual Period is longer than the
           Determination Period during which the Accrual Period ends, the sum
           of:

           (1)  the number of days in such Accrual Period falling in the
                Determination Period in which the Accrual Period begins
                divided by the product of (x) the number of days in such
                Determination Period and (y) the number of Determination Dates
                that would occur in one calendar year; and

<PAGE>

           (2)  the number of days in such Accrual Period falling in the next
                Determination Period divided by the product of (x) the number
                of days in such Determination Period and (y) the number of
                Determination Dates that would occur in one calendar year; and

    if "30/360" is specified for such Note in the applicable Note Supplement,
        the number of days in the period from (and including) the most recent
        Payment Date (or, if none, the Interest Commencement Date) to (but
        excluding) the relevant payment date (such number of days being
        calculated on the basis of a year of 360 days with 12 30-day months)
        divided by 360.

Interest on Floating Rate Notes and Index Linked Interest Notes

    Payment Dates

        Each Floating Rate Note or Index Linked Interest Note bears interest
        on its Principal Amount Outstanding from (and including) the Interest
        Commencement Date and such interest will be payable in arrear on
        either:

        the Specified Payment Date(s) in each year specified for such Note in
           the applicable Note Supplement; or

        if no Specified Payment Date(s) is/are specified for such Note in the
           applicable Note Supplement, each date (each such date, together
           with each Specified Payment Date, a "Payment Date") which falls the
           number of months or other period specified as the Specified Period
           for such Note in the applicable Note Supplement after the preceding
           Payment Date or, in the case of the first Payment Date, after the
           Interest Commencement Date.

        Such interest will be payable in respect of each Interest Period.

        If a Business Day Convention is specified for a Floating Rate Note or
        Index Linked Interest Note in the applicable Note Supplement and (x)
        if there is no numerically corresponding day in the calendar month in
        which a Payment Date should occur or (y) if any Payment Date would
        otherwise fall on a day which is not a Business Day, then, if the
        Business Day Convention specified is:

        (1)    in any case where Specified Periods are specified in accordance
               with Condition 4(B)(i)(b) above, the "Floating Rate
               Convention", the Payment Date for such note (i) in the case of
               (x) above, shall be the last day that is a Business Day in the
               relevant month and the provisions of (B) below shall apply
               mutatis mutandis or (ii) in the case of (y) above, shall be
               postponed to the next day which is a Business Day unless it
               would thereby fall into the next calendar month, in which event
               (A) such Payment Date shall be brought forward to the
               immediately preceding Business Day and (B) each subsequent
               Payment Date shall be the last Business Day in the month which
               falls the Specified Period after the preceding applicable
               Payment Date occurred; or

        (2)    the "Following Business Day Convention", the Payment Date for
               such note shall be postponed to the next day which is a
               Business Day; or

        (3)    the "Modified Following Business Day Convention", the Payment
               Date for such Note shall be postponed to the next day which is
               a Business Day unless it would thereby fall into the next
               calendar month, in which event such Payment Date shall be
               brought forward to the immediately preceding Business Day; or

<PAGE>

        (4)    the "Preceding Business Day Convention", the Payment Date for
               such Note shall be brought forward to the immediately preceding
               Business Day.

    Rate of Interest

        The Rate of Interest payable from time to time in respect of a
        Floating Rate Note or Index Linked Interest Note will be determined in
        the manner specified for such Note in the applicable Note Supplement.

        ISDA Determination for Floating Rate Notes

           Where "ISDA Determination" is specified for such Note in the
           applicable Note Supplement as the manner in which the Rate of
           Interest is to be determined, the Rate of Interest for each
           Interest Period will be the relevant ISDA Rate plus or minus (as
           indicated for such Note in the applicable Note Supplement) the
           Margin (if any). For the purposes of this sub-paragraph (a), "ISDA
           Rate" for an Interest Period means a rate equal to the Floating
           Rate that would be determined by the Principal Paying Agent or
           other person specified in the applicable Note Supplement under an
           interest rate swap transaction if the Principal Paying Agent or
           that other person were acting as Calculation Agent for that swap
           transaction under the terms of an agreement incorporating the ISDA
           Definitions and under which:

           (1) the Floating Rate Option is as specified for such Note in the
               applicable Note Supplement;

           (2) the Designated Maturity is the period specified for such Note
               in the applicable Note Supplement; and

           (3) the relevant Reset Date is either (i) if the applicable
               Floating Rate Option is based on LIBOR or EURIBOR for a
               currency, the first day of that Interest Period, or (ii) in any
               other case, as specified for such Note in the applicable Note
               Supplement.

           For the purposes of this sub-paragraph (a), "Floating Rate",
           "Calculation Agent", "Floating Rate Option", "Designated Maturity"
           and "Reset Date" have the meanings given to those terms in the ISDA
           Definitions.

        Screen Rate Determination for Floating Rate Notes

           Where "Screen Rate Determination" is specified for a Floating Rate
           Note in the applicable Note Supplement as the manner in which the
           Rate of Interest is to be determined for such Note, the Rate of
           Interest for each Interest Period will, subject as provided below,
           be either:

           (1) the offered quotation (if there is only one quotation on the
               Relevant Screen Page); or

           (2) the arithmetic mean (rounded if necessary to the fifth decimal
               place, with 0.000005 being rounded upwards) of the offered
               quotations,

           (expressed as a percentage rate per annum) for the Reference Rate
           which appears or appear, as the case may be, on the Relevant Screen
           Page as at 11.00 a.m. (London time, in the case of LIBOR, or
           Brussels time, in the case of EURIBOR) on the Interest
           Determination Date in question plus or minus the Margin (if any),
           all as determined by the Principal Paying Agent. If five or more of
           such offered quotations are available on the Relevant Screen Page,

<PAGE>

           the highest (or, if there is more than one such highest quotation,
           one only of such quotations) and the lowest (or, if there is more
           than one such lowest quotation, one only of such quotations) shall
           be disregarded by the Principal Paying Agent for the purpose of
           determining the arithmetic mean (rounded as provided above) of such
           offered quotations.

           The Issuer Paying Agent and Agent Bank Agreement contains
           provisions for determining the Rate of Interest pursuant to this
           sub-paragraph (b) in the event that the Relevant Screen Page is not
           available or if, in the case of (1) above, no such offered
           quotation appears or, in the case of (2) above, fewer than three
           such offered quotations appear, in each case as at the time
           specified in the preceding paragraph.

           If the Reference Rate from time to time in respect of a Floating
           Rate Note is specified for such Note in the applicable Note
           Supplement as being other than LIBOR or EURIBOR, the Rate of
           Interest in respect of such Note will be determined as provided for
           such Note in the applicable Note Supplement.

    Minimum Rate of Interest and/or Maximum Rate of Interest

        If the applicable Note Supplement specifies a Minimum Rate of Interest
        for a Floating Rate Note or Index Linked Interest Note for any
        Interest Period, then, in the event that the Rate of Interest for such
        Note in respect of such Interest Period determined in accordance with
        the provisions of paragraph (ii) above is less than such Minimum Rate
        of Interest, the Rate of Interest for such Note for such Interest
        Period shall be such Minimum Rate of Interest.

        If the applicable Note Supplement specifies a Maximum Rate of Interest
        for such Note for any Interest Period, then, in the event that the
        Rate of Interest for such Note in respect of such Interest Period
        determined in accordance with the provisions of paragraph (ii) above
        is greater than such Maximum Rate of Interest, the Rate of Interest
        for such Note for such Interest Period shall be such Maximum Rate of
        Interest.

    Determination of Rate of Interest and calculation of Interest Amounts

        The [Principal Paying Agent/Agent Bank], in the case of Floating Rate
        Notes, and the Calculation Agent (as specified in the applicable Note
        Supplement), in the case of Index Linked Interest Notes, will at or as
        soon as practicable after each time at which the Rate of Interest is
        to be determined, determine the Rate of Interest for the relevant
        Interest Period. In the case of Index Linked Interest Notes, the
        Calculation Agent will notify the [Principal Paying Agent/Agent Bank]
        of the Rate of Interest for the relevant Interest Period as soon as
        practicable after calculating the same.

        The [Principal Paying Agent/Agent Bank] will calculate the amount of
        interest payable on the Floating Rate Notes or Index Linked Interest
        Notes in respect of each Specified Denomination (each an "Interest
        Amount") for the relevant Interest Period. Each Interest Amount shall
        be calculated by applying the Rate of Interest to the Principal Amount
        Outstanding of each Note, multiplying such sum by the applicable Day
        Count Fraction, and rounding the resultant figure to the nearest
        sub-unit of the relevant Specified Currency, half of any such sub-unit
        being rounded upwards or otherwise in accordance with applicable
        market convention.

<PAGE>

        "Day Count Fraction" means, in respect of the calculation of an amount
        of interest for a Floating Rate Note or Index Linked Interest Note in
        accordance with this Condition 4(B)(iv) for any Interest Period:

        if "Actual/365" or "Actual/Actual (ISDA)" is specified for such Note
           in the applicable Note Supplement, the actual number of days in the
           Interest Period divided by 365 (or, if any portion of that Interest
           Period falls in a leap year, the sum of (A) the actual number of
           days in that portion of the Interest Period falling in a leap year
           divided by 366 and (B) the actual number of days in that portion of
           the Interest Period falling in a non-leap year divided by 365);

        if "Actual/365 (Fixed)" is specified for such for such Note in the
           applicable Note Supplement, the actual number of days in the
           Interest Period divided by 365;

        if "Actual/365 (Sterling)" is specified for such Note in the
           applicable Note Supplement, the actual number of days in the
           Interest Period divided by 365 or, in the case of a Payment Date
           falling in a leap year, 366;

        if "Actual/360" is specified for such Note in the applicable Note
           Supplement, the actual number of days in the Interest Period
           divided by 360;

        if "30/360", "360/360" or "Bond Basis" is specified for such Note in
           the applicable Note Supplement, the number of days in the Interest
           Period divided by 360 (the number of days to be calculated on the
           basis of a year of 360 days with 12 30-day months (unless (a) the
           last day of the Interest Period is the 31st day of a month but the
           first day of the Interest Period is a day other than the 30th or
           31st day of a month, in which case the month that includes that
           last day shall not be considered to be shortened to a 30-day month,
           or (b) the last day of the Interest Period is the last day of the
           month of February, in which case the month of February shall not be
           considered to be lengthened to a 30-day month)); and

        if "30E/360" or "Eurobond Basis" is specified for such Note in the
           applicable Note Supplement, the number of days in the Interest
           Period divided by 360 (the number of days to be calculated on the
           basis of a year of 360 days with 12 30-day months, without regard
           to the date of the first day or last day of the Interest Period
           unless, in the case of the final Interest Period, the Final
           Maturity Date (or, as the case may be, Extended Due for Payment
           Date) is the last day of the month of February, in which case the
           month of February shall not be considered to be lengthened to a
           30-day month).

    Notification of Rate of Interest and Interest Amounts

        The [Issuer/Principal Paying Agent/Agent Bank] will cause the Rate of
        Interest and each Interest Amount for each Interest Period and the
        relevant Payment Date to be notified to the Note Trustee, the Issuer
        Security Trustee, the Issuer Cash Manager, the Paying Agents, the
        Registrar and to any stock exchange or other relevant competent
        authority or quotation system on which the relevant Floating Rate
        Notes or Index Linked Interest Notes are for the time being listed,
        quoted and/or traded or by which they have been admitted to listing
        and to be published in accordance with Condition 14 as soon as
        possible after their determination but in no event later than the
        fourth Business Day thereafter by the Principal Paying Agent. Each
        Interest Amount and Payment Date so notified may subsequently be
        amended (or appropriate alternative arrangements made by way of
        adjustment) without notice in the event of an extension or shortening
        of

<PAGE>

        the Interest Period. Any such amendment or alternative arrangements
        will be promptly notified to the Note Trustee and each stock exchange
        or other relevant authority on which the relevant Floating Rate Notes
        or Index Linked Interest Notes are for the time being listed or by
        which they have been admitted to listing and to Noteholders in
        accordance with Condition 14.

    Determination or Calculation by Note Trustee

        If for any reason at any relevant time after the Closing Date, the
        [Principal Paying Agent/Agent Bank] or, as the case may be, the
        Calculation Agent defaults in its obligation to determine the Rate of
        Interest for a Floating Rate Note or Index Linked Interest Note or the
        [Principal Paying Agent/Agent Bank] defaults in its obligation to
        calculate any Interest Amount for such Note in accordance with
        sub-paragraph (ii)(a) or (b) above or as otherwise specified for such
        Note in the applicable Note Supplement, as the case may be, and in
        each case in accordance with paragraph (iv) above, the Note Trustee
        shall determine the Rate of Interest at such rate as, in its absolute
        discretion (having such regard as it shall think fit to the foregoing
        provisions of this Condition, but subject always to any Minimum Rate
        of Interest or Maximum Rate of Interest specified for such Note in the
        applicable Note Supplement), it shall deem fair and reasonable in all
        the circumstances or, as the case may be, the Note Trustee shall
        calculate the Interest Amount(s) in such manner as it shall deem fair
        and reasonable in all the circumstances and each such determination or
        calculation shall be deemed to have been made by the [Principal Paying
        Agent/Agent Bank] or the Calculation Agent, as the case may be.

    Certificates to be final

        All certificates, communications, opinions, determinations,
        calculations, quotations and decisions given, expressed, made or
        obtained for the purposes of the provisions of this Condition 4(B),
        whether by the [Principal Paying Agent/Agent Bank] or the Calculation
        Agent or the Note Trustee shall (in the absence of wilful default, bad
        faith or manifest error) be binding on the Issuer, the Issuer Cash
        Manager, the Principal Paying Agent, the Calculation Agent, the other
        Paying Agents, the Note Trustee and all Noteholders and (in the
        absence of wilful default or bad faith) no liability to the Issuer or
        the Noteholders shall attach to the [Principal Paying Agent/Agent
        Bank] or the Calculation Agent or the Note Trustee in connection with
        the exercise or non-exercise by it of its powers, duties and
        discretions pursuant to such provisions.

Interest on Dual Currency Interest Notes

    In the case of a Dual Currency Interest Note where the rate or amount of
interest falls to be determined by reference to an exchange rate, the rate or
amount of interest shall be determined in the manner specified for such Note
in the applicable Note Supplement.

Accrual of interest

    Interest (if any) will cease to accrue on each Note (or in the case of the
redemption of part only of a Note, that part only of such Note) on the due
date for redemption thereof unless, upon due presentation thereof, payment of
principal is improperly withheld or refused in which event, interest will
continue to accrue as provided in the Issuer Trust Deed.

<PAGE>

Deferred Interest

    To the extent that the funds available to the Issuer, subject to and in
accordance with the relevant Issuer Priority of Payments, to pay interest on
any Series and Class of Notes (other than the Class A Notes) on a Payment Date
(after discharging the Issuer's liabilities of a higher priority) are
insufficient to pay the full amount of such interest, payment of the shortfall
attributable to ("Deferred Interest"), which will be borne by on such Payment
Date, will not then fall due but will instead be deferred until the first
Payment Date thereafter on which sufficient funds are available (after
allowing for the Issuer's liabilities of a higher priority and subject to and
in accordance with the relevant Issuer Priority of Payments) to fund the
payment of such Deferred Interest to the extent of such available funds.

    Such Deferred Interest will accrue interest ("Additional Interest") at the
rate of interest applicable from time to time to the applicable Series and
Class of Notes and payment of any Additional Interest will also be deferred
until the first Payment Date thereafter on which funds are available (after
allowing for the Issuer's liabilities of a higher priority subject to and in
accordance with the relevant Issuer Priority of Payments) to the Issuer to pay
such Additional Interest to the extent of such available funds.

    Amounts of Deferred Interest and Additional Interest shall not be deferred
beyond the Final Maturity Date of the applicable Series and Class of Notes,
when such amounts will become due and payable.

    Payments of interest due on a Payment Date in respect of the Class A Notes
of any Series will not be deferred. In the event of the delivery of an
Acceleration Notice in respect of the Class A Notes of a particular Series (as
described in Condition 9) or the delivery of an Issuer Enforcement Notice (as
described in Condition 10), the amount of interest in respect of such Class A
Notes that was due but not paid on such Payment Date will itself bear interest
at the applicable rate until both the unpaid interest and the interest on that
interest are paid.

5.  Redemption, Purchase and Cancellation

(A) Final Redemption

    Unless previously redeemed in full as provided in this Condition 5, the
Issuer shall redeem a Series and Class of Notes at their then Principal Amount
Outstanding together with all accrued interest on the Final Maturity Date in
respect of such Notes.

    The Issuer may not redeem such Notes in whole or in part prior to those
respective dates except as provided in paragraph (B), (D), (E) or (F) below,
but without prejudice to Condition 9.

Mandatory Redemption of the Notes in Part

    On each Payment Date, other than a Payment Date on which a Series and
Class of Notes are to be redeemed under Conditions 5(A), (D), (E) or (F), the
Issuer shall repay principal in respect of such Notes in an amount equal to
the amount (if any) repaid on the corresponding Payment Date in respect of the
related Loan Tranche and pursuant to the Global Intercompany Loan Agreement
converted, where the Specified Currency is not Sterling, into the Specified
Currency at the Specified Currency Exchange Rate.

Note Principal Payments and Principal Amount Outstanding

    The principal amount redeemable (the "Note Principal Payment") in respect
of each Note of a particular Series and Class on any Payment Date under
Condition 5(B) above

<PAGE>

shall be a proportion of the amount required as at that Payment Date to be
applied in redemption of such Series and Class of Notes on such date equal to
the proportion that the Principal Amount Outstanding of the relevant Note
bears to the aggregate Principal Amount Outstanding of such Series and Class
of Notes rounded down to the nearest sub-unit of the Specified Currency;
provided always that no such Note Principal Payment may exceed the Principal
Amount Outstanding of the relevant Note.

    On each Note Determination Date the Issuer shall determine (or cause the
Issuer Cash Manager to determine) (i) the amount of any Note Principal Payment
payable in respect of each Note of the relevant series and class on the
immediately following Payment Date and (ii) the Principal Amount Outstanding
of each such Note which shall be the Specified Denomination less (in each
case) the aggregate amount of all Note Principal Payments in respect of such
Note that has been paid since the Closing Date and on or prior to that Note
Determination Date (the "Principal Amount Outstanding") and (iii) the fraction
expressed as a decimal to the fifth decimal point (the "Pool Factor"), of
which the numerator is the Principal Amount Outstanding of that Note (as
referred to in (ii) above) and the denominator is the Specified Denomination.
Each determination by or on behalf of the Issuer of any Note Principal Payment
of a Note, the Principal Amount Outstanding of a Note and the Pool Factor
shall in each case (in the absence of wilful default, bad faith or manifest
error) be final and binding on all persons.

    The Issuer will cause each determination of the Note Principal Payment and
the Principal Amount Outstanding and the Pool Factor in respect of a Series of
Class of Notes to be notified forthwith, and in any event not later than 1.00
p.m. (London time) on the Business Day immediately succeeding the Note
Determination Date, to the Note Trustee, the Issuer Security Trustee, the
Paying Agents, the Registrar, the Agent Bank and (for so long as such Notes
are listed on one or more stock exchanges) the relevant stock exchanges, and
will cause notice of each determination of the Note Principal Payment and the
Principal Amount Outstanding to be given to Noteholders in accordance with
Condition 14 by no later than the Business Day after the relevant Payment
Date.

    If the Issuer does not at any time for any reason determine (or cause the
Issuer Cash Manager to determine) a Note Principal Payment or the Principal
Amount Outstanding in accordance with the preceding provisions of this
paragraph, such Note Principal Payment and/or Principal Amount Outstanding may
be determined by the Note Trustee in accordance with this Condition 6(C) in
the manner the Note Trustee in its discretion considers fair and reasonable in
the circumstances, having regard to this Condition 6(C), and each such
determination or calculation shall be deemed to have been made by the Issuer.
Any such determination shall (in the absence of wilful default, bad faith or
manifest error) be binding on the Issuer, the Issuer Cash Manager and the
Noteholders.

Optional Redemption in Full

    Subject to the provisos below, upon giving not more than 60 nor less than
30 days' prior notice to the Note Trustee and the Noteholders in accordance
with Condition 14, the Issuer may redeem a Series and Class of Notes at their
aggregate Principal Amount Outstanding together with any accrued and unpaid
interest in respect thereof on the following dates:

    the date specified as the Step-Up Date for such Notes in the applicable
        Note Supplement and on any Payment Date for such Notes thereafter; or

<PAGE>

    on such Payment Date on which the aggregate Principal Amount Outstanding
        of such Notes and all other Classes of Notes of the same Series is
        less than 10 per cent. of the aggregate Principal Amount Outstanding
        of such Series of Notes as at the Closing Date on which such Series of
        Notes were issued,

    PROVIDED THAT (a) (in either of the cases above), on or prior to giving
any such notice, the Issuer shall have provided to the Note Trustee a
certificate signed by two directors of the Issuer to the effect that (1) it
will have the funds, not subject to any interest of any other person, required
to redeem such Notes as aforesaid and any amounts required to be paid in
priority to or pari passu with such Notes outstanding in accordance with the
terms and conditions of the Issuer Cash Management Agreement, and (2) the
Repayment Tests will be satisfied following the making of such redemptions and
(b) the Note Trustee is satisfied in accordance with the Transaction Documents
that there are sufficient funds to allow the Issuer to redeem such Notes.

Optional Redemption for Tax and other Reasons

    If the Issuer at any time satisfies the Note Trustee immediately prior to
the giving of the notice referred to below that on the next Payment Date
either:

    the Issuer would be required to deduct or withhold from any payment of
        principal or interest or any other amount under a Series and Class of
        Notes any amount for or on account of any present or future taxes,
        duties, assessments or governmental charges of whatever nature; or

    [Funding 2] would be required to deduct or withhold from amounts due in
        respect of the Loan Tranche under the Global Intercompany Loan
        Agreement which was funded by such Notes any amount on account of any
        present or future taxes, duties, assessments or governmental charges
        of whatever nature; and

    in  relation to either the events described in (i) and (ii) above, such
        obligation of the Issuer or Funding 2 (as the case may be) cannot be
        avoided by the Issuer or Funding 2 (as the case may be) taking
        reasonable measures available to it,

    then the Issuer shall use its reasonable endeavours to arrange the
substitution of a company incorporated in another jurisdiction approved by the
Note Trustee as principal debtor under such Notes and/or as lender of such
Loan Tranche as the case may be, upon the Note Trustee being satisfied that
(1) such substitution will not be materially prejudicial to the Noteholders,
and upon the Issuer Security Trustee being satisfied that (1) that the
position of the Issuer Secured Creditors will not thereby be adversely
affected, and (2) that such substitution would not require registration of any
new security under United States securities laws or would materially increase
the disclosure requirements under United States law or the costs of issuance.
Only if the Issuer is unable to arrange a substitution will the Issuer be
entitled to redeem the Notes as described in this Condition 5(E).

    Subject to the proviso below, if the Issuer is unable to arrange a
substitution as described above and, as a result, one or more of the events
described in (i) or (ii) above (as the case may be) is continuing, then the
Issuer may, having given not more than 60 nor less than 30 days' notice to the
Note Trustee and the Noteholders in accordance with Condition 14, redeem all
(but not some only) of such Notes on the immediately succeeding Payment Date
at their aggregate Principal Amount Outstanding together with any accrued and
unpaid interest in respect thereof provided that (in either case), prior to
giving any such notice, the Issuer shall have provided to the Note Trustee:

<PAGE>

        a certificate signed by two directors of the Issuer stating the
           circumstances referred to in (i) or (ii) and (iii) above prevail
           and setting out details of such circumstances; and

        an opinion in form and substance satisfactory to the Note Trustee of
           independent legal advisors of recognised standing to the effect
           that the Issuer has or will become obliged to pay such additional
           amounts as a result of such change or amendment.

    The Note Trustee shall be entitled to accept such certificate and opinion
as sufficient evidence of the satisfaction of the circumstance set out in (i)
or (ii) and (iii) above, in which event they shall be conclusive and binding
on the Noteholders. The Issuer may only redeem such Notes as aforesaid, if (a)
on or prior to giving such notice, the Issuer shall have provided to the Note
Trustee a certificate signed by two directors of the Issuer to the effect that
(1) it will have the funds, not subject to any interest of any other person,
required to redeem such Notes as aforesaid and any amounts required to be paid
in priority to or pari passu with such Notes outstanding in accordance with
the terms and conditions of the Issuer Cash Management Agreement, and (2) the
Repayment Tests will be satisfied following the making of such redemptions and
(b) the Note Trustee is satisfied in accordance with the Transaction Documents
that there are sufficient funds to allow the Issuer to redeem such Notes.

    In addition to the foregoing, if at any time it becomes unlawful for the
Issuer to make, fund or allow to remain outstanding the Global Intercompany
Loan, then the Issuer may require Funding 2 upon giving not more than 60 nor
less than 30 days' (or such shorter period as may be required under any
relevant law) prior written notice to the Issuer, the Issuer Security Trustee
and the Note Trustee, to prepay the Global Intercompany Loan on any Payment
Date subject to and in accordance with the provisions of the Global
Intercompany Loan Agreement to the extent necessary to cure such illegality.
Such monies received by the Issuer shall be used to redeem the Notes in full
on that Payment Date.

[Optional Redemption for Implementation of New Basel Capital Accord

    If the New Basel Capital Accord, as described in the document,
"International Convergence of Capital Measurement and Capital Standards: a
Revised Framework" published in June 2004 by the Basel Committee, has been
implemented in the United Kingdom, whether by rule of law, recommendation or
best practice or by any other regulation, then on the Payment Date specified
in the applicable Note Supplement (if any) and on any Payment Date thereafter,
the Issuer may, by giving not more than 60 nor less than 30 days' (or such
shorter period as may be required under any relevant law) prior notice to the
Note Trustee and the Noteholders in accordance with Condition 14, redeem all
(but not some only) of the Notes at their aggregate Principal Amount
Outstanding together with any accrued and unpaid interest in respect thereof
on the next following Payment Date, provided that an Issuer Enforcement Notice
has not been served. The Issuer may only redeem the Notes as aforesaid if the
Note Trustee is satisfied in accordance with the Transaction Documents that
the Issuer will have the funds, not subject to the interest of any other
person, required to redeem the Notes as aforesaid and any amounts required
under the Issuer Pre-Enforcement Revenue Priority of Payments currently set
out in the Issuer Cash Management Agreement to be paid in priority to or pari
passu with the Notes outstanding in accordance with the terms and conditions
thereof.] [To be confirmed]

[Late payment on Zero Coupon Notes

<PAGE>

    If the amount payable in respect of any Zero Coupon Note upon redemption
of such Zero Coupon Note pursuant to paragraph (A), (B), (D), (E) or (F) above
or upon its becoming due and repayable as provided in Condition 9 or Condition
10 is improperly withheld or refused, the amount due and repayable in respect
of such Note shall be an amount (the "Amortised Face Amount") equal to the sum
of:

        the Reference Price; and

        the product of the Accrual Yield (compounded annually) being applied
           to the Reference Price from (and including) the Closing Date for
           such Note to (but excluding) the date which is the earlier of:

           (i)  the date on which all amounts due in respect of such Note have
                been paid; and

           (ii) the date on which the full amount of the moneys payable in
                respect of such Note has been received by the Principal Paying
                Agent or the Note Trustee or the Registrar and notice to that
                effect has been given to the Noteholders in accordance with
                Condition 14.

        or such other amount as is provided for such Note in the applicable
        Note Supplement].

6.  Payments

(A) Payment of Interest and Principal

    Payments of principal shall be made by cheque in the Specified Currency,
drawn on a Designated Bank, or upon application by a Holder of the relevant
Note to the Specified Office of the Principal Paying Agent not later than the
fifth Business Day before the Record Date (as defined in Condition 6(H)), by
transfer to a Designated Account maintained by the payee with a Designated
Bank and (in the case of final redemption) upon surrender (or, in the case of
part payment only, endorsement) of the relevant Note Certificates at the
Specified Office of any Paying Agent.

    Payments of interest shall be made by cheque in the Specified Currency
drawn on a Designated Bank, or upon application by a Holder of the relevant
Note to the Specified Office of the Principal Paying Agent not later than the
fifth Business Day before the Record Date (as defined in Condition 6(G)), by
transfer to a Designated Account maintained by the payee with a Designated
Bank and (in the case of interest payable on redemption) upon surrender (or,
in the case of part payment only, endorsement) of the relevant Note
Certificates at the Specified Office of any Paying Agent.

Laws and Regulations

    Payments of principal and interest in respect of the Notes are subject in
all cases to any fiscal or other laws and regulations applicable thereto.
Noteholders will not be charged commissions or expenses on payments.

Payment of Interest following a failure to pay Principal

    If payment of principal is improperly withheld or refused on or in respect
of any Note or part thereof, the interest which continues to accrue in respect
of such Note in accordance with Condition 4 will be paid in accordance with
this Condition 6.

Change of Agents

    The initial Principal Paying Agent, the Registrar, the Transfer Agent and
the initial Paying Agents and their respective initial Specified Offices are
listed at the end of these

<PAGE>

Conditions. The Issuer reserves the right, subject to the prior written
approval of the Note Trustee, at any time to vary or terminate the appointment
of the Principal Paying Agent, the Registrar, the Transfer Agent and the US
Paying Agent and to appoint additional or other Paying Agents. The Issuer will
at all times maintain a Paying Agent with a Specified Office in London and a
US Paying Agent with a Specified Office in New York and a Registrar. Except
where otherwise provided in the Issuer Trust Deed, the Issuer will cause at
least 30 days' notice of any change in or addition to the Paying Agents, the
Transfer Agent or the Registrar or their Specified Offices to be given in
accordance with Condition 14 and will notify the Rating Agencies of such
change or addition.

No payment on non-Business Day

    Where payment is to be made by transfer to a Designated Account, payment
instructions (for value the due date or, if the due date is not a Payment
Business Day, for value the next succeeding Payment Business Day) will be
initiated and, where payment is to be made by cheque, the cheque will be
mailed (i) (in the case of payments of principal and interest payable on
redemption) on the later of the due date for payment and the day on which the
relevant Note is surrendered (or, in the case of part payment only, endorsed)
at the Specified Office of a Paying Agent and (ii) (in the case of payments of
interest payable other than on redemption) on the due date for payment. A
Holder of a Note shall not be entitled to any interest or other payment in
respect of any delay in payment resulting from (A) the due date for a payment
not being a Payment Business Day or (B) a cheque mailed in accordance with
this Condition 6(E) arriving after the due date for payment or being lost in
the mail.

Partial Payment

    If a Paying Agent makes a partial payment in respect of any Note, the
Issuer shall procure and the registrar will ensure that the amount and date of
such payment are noted on the Register and, in the case of partial payment
upon presentation of a Note Certificate, that a statement indicating the
amount and date of such payment is endorsed on the relevant Note Certificate.

Record Date

    Each payment in respect of a Note will be made to the persons shown as the
Holder in the Register at the opening of business in the place of the
Registrar's Specified Office on the fifteenth day before the due date for such
payment (the "Record Date"). Where payment in respect of a Note is to be made
by cheque, the cheque will be mailed to the address shown as the address of
the Holder in the Register at the opening of business on the relevant Record
Date.

Payment of Interest

    Subject as provided otherwise in these Conditions, if interest is not paid
in respect of a Note of any class on the date when due and payable (other than
because the due date is not a Payment Business Day) or by reason of
non-compliance with Condition 6(A), then such unpaid interest shall itself
bear interest at the Rate of Interest applicable from time to time to such
Note until such interest and interest thereon are available for payment and
notice thereof has been duly given in accordance with Condition 14.

7.  Prescription

    Claims against the Issuer for payment of interest and principal on
redemption shall be prescribed and become void if the relevant Note
Certificates are not surrendered for

<PAGE>

payment within a period of 10 years from the relevant date in respect thereof.
After the date on which a payment under a Note becomes void in its entirety,
no claim may be made in respect thereof. In this Condition 7, the "relevant
date", in respect of a payment under a Note, is the date on which the payment
in respect thereof first becomes due or (if the full amount of the monies
payable in respect of those payments under all the Notes due on or before that
date has not been duly received by the Principal Paying Agent, the US Paying
Agent or the Note Trustee on or prior to such date) the date on which the full
amount of such monies having been so received or notice to that effect is duly
given to Noteholders in accordance with Condition 14.

8.  Taxation

    All payments in respect of the Notes will be made without withholding or
deduction for, or on account of, any present or future taxes, duties or
charges of whatsoever nature unless the Issuer or any relevant Paying Agent is
required by applicable law to make any payment in respect of the Notes subject
to any such withholding or deduction. In that event, the Issuer or such Paying
Agent shall make such payment after such withholding or deduction has been
made and shall account to the relevant authorities for the amount so required
to be withheld or deducted. No Paying Agent nor the Issuer will be obliged to
make any additional payments to Noteholders in respect of such withholding or
deduction.

    The occurrence of the Issuer or any Paying Agent being required to make a
withholding or deduction in the circumstances outlined in the previous
paragraph shall not constitute an Event of Default.

    The Issuer will treat the [US] Notes as indebtedness for U.S. federal
income tax purposes. Each Holder of a [US] Note, by the acceptance thereof,
agrees to treat such [US] Note as indebtedness for U.S. federal income tax
purposes.

9.  Events of Default

(A) Note Acceleration Notice

    The Note Trustee in its absolute discretion may (and if so requested in
writing by the Holders of not less than 25 per cent. in aggregate Principal
Amount Outstanding of the Class A Notes of any Series (or, where the Class A
Notes of any Series comprise more than one sub-class, any sub-class of the
Class A Notes of any Series) or if so directed by or pursuant to an
Extraordinary Resolution passed at a meeting of the Holders of the Class A
Notes of such Series (or, as applicable, such sub-class of the Class A Notes
of such Series shall), subject in each case to being indemnified and/or
secured to its satisfaction, give notice (a "Class A Note Acceleration
Notice") to the Issuer, the Issuer Security Trustee and the Funding 2 Security
Trustee of a Note Event of Default (as defined below) in respect of the Class
A Notes of such Series (or, as applicable, such sub-class of the Class A Notes
of such Series) and declaring (in writing) the Class A Notes of such Series
(or, as applicable, such sub-class of the Class A Notes of such Series) to be
due and repayable (and they shall forthwith become due and repayable) at any
time after the happening of any of the following events which is continuing or
unwaived:

    default being made for a period of seven Business Days in the payment of
        any amount of principal of any Class A Notes of such Series (or, as
        applicable, such sub-class of the Class A Notes of such Series) when
        and as the same ought to be paid in accordance with these Conditions
        or default being made for a period of fifteen Business Days in the
        payment of any amount of interest on any Class A

<PAGE>

        Note of such Series (or, as applicable, such sub-class of the Class A
        Notes of such Series) when and as the same ought to be paid in
        accordance with these Conditions; or

    the Issuer failing duly to perform or observe any other obligation binding
        upon it under the Class A Notes of such Series (or, as applicable,
        such sub-class of the Class A Notes of such Series), the Issuer Trust
        Deed, the Issuer Deed of Charge or any other Transaction Document and,
        in any such case (except where the Issuer Security Trustee certifies
        that, in its opinion, such failure is incapable of remedy, in which
        case no notice will be required), such failure is continuing
        unremedied for a period of 30 days following the service by the Issuer
        Security Trustee on the Issuer of notice requiring the same to be
        remedied and the Note Trustee has certified that the failure to
        perform or observe is materially prejudicial to the interests of the
        Noteholders of the Class A Notes of such Series (or, as applicable,
        such sub-class of the Class A Notes of such Series); or

    the Issuer, otherwise than for the purposes of such amalgamation or
        reconstruction as is referred to in sub-paragraph (iv) below, ceases
        or threatens to cease to carry on its business or a substantial part
        of its business or the Issuer is deemed unable to pay its debts within
        the meaning of section 123(1)(a), (b), (c) or (d) of the Insolvency
        Act 1986 (as that section may be amended, modified or re-enacted) or
        becomes unable to pay its debts within the meaning of section 123(2)
        of the Insolvency Act 1986 (as that section may be amended, modified
        or re-enacted); or

    an order being made or an effective resolution being passed for the
        winding-up of the Issuer except a winding-up for the purposes of or
        pursuant to an amalgamation, restructuring or merger the terms of
        which have previously been approved by the Note Trustee in writing or
        by an Extraordinary Resolution of the Noteholders of the Class A Notes
        of such Series (or, as applicable, such sub-class of the Class A Notes
        of such Series); or

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

<PAGE>

        steps with a view to obtaining a moratorium in respect of its
        indebtedness, including without limitation, the filing of documents
        with the court; or

    if a Funding 2 Intercompany Loan Enforcement Notice is served under any
        Funding 2 Intercompany Loan Agreement while the Class A Notes of such
        Series (or, as applicable, such sub-class of the Class A Notes of such
        Series) are outstanding.

Class B Noteholders

    This Condition 9(B) shall have no effect if, and for as long as, any Class
A Notes of any Series are outstanding. Subject thereto, for so long as any
Class B Notes are outstanding, the Note Trustee in its absolute discretion may
(and if so requested in writing by the Holders of not less than 25 per cent.
in aggregate Principal Amount Outstanding of the Class B Notes of any Series
(or, where the Class B Notes of any Series comprise more than one sub-class,
any sub-class of the Class B Notes of any Series) or if so directed by or
pursuant to an Extraordinary Resolution passed at a meeting of the Holders of
the Class B Notes of such Series shall), subject in each case to it being
indemnified and/or secured to its satisfaction, give notice (a "Class B Note
Acceleration Notice") to the Issuer, the Issuer Security Trustee and the
Funding 2 Security Trustee of a Note Event of Default (as defined below) in
respect of the Class B Notes of such Series (or, as applicable, such sub-class
of the Class B Notes of such Series) and declaring (in writing) the Class B
Notes of such Series to be due and repayable (and they shall forthwith become
due and repayable) at any time after the happening of any of the following
events:

    (a)    default being made for a period of seven Business Days in the
           payment of any amount of principal of any Class B Note of such
           Series (or, as applicable, such sub-class of the Class B Notes of
           such Series) when and as the same ought to be paid in accordance
           with these Conditions or default being made for a period of fifteen
           Business Days in the payment of any amount of interest on any Class
           B Note of such Series when (or, as applicable, such sub-class of
           the Class B Notes of such Series) and as the same ought to be paid
           in accordance with these Conditions; or

    (b)    the occurrence of any of the events in Condition 9(A)(ii), (iii),
           (iv), (v) or (vi) above provided that the references in Condition
           9(A)(ii), Condition 9(A)(iv) and Condition 9(A)(vi) to Class A
           Notes shall be read as references to Class B Notes.

Class M Noteholders

    This Condition 9(C) shall have no effect if, and for as long as, any Class
A Notes or Class B Notes of any Series are outstanding. Subject thereto, for
so long as any Class M Notes are outstanding, the Note Trustee in its absolute
discretion may (and if so requested in writing by the Holders of not less than
25 per cent. in aggregate Principal Amount Outstanding of the Class M Notes of
any Series (or, where the Class M Notes of any Series comprise more than one
sub-class, any sub-class of the Class of the Class M Notes of any Series) or
if so directed by or pursuant to an Extraordinary Resolution passed at a
meeting of the Holders of the Class M Notes of such Series (or, as applicable,
such sub-class of the Class M Notes of such Series) shall), subject in each
case to it being indemnified and/or secured to its satisfaction, give notice
(a "Class M Note Acceleration Notice") to the Issuer, the Issuer Security
Trustee and the Funding 2 Security Trustee of a Note Event of Default (as
defined below) in respect of the Class M Notes of such Series (or, as
applicable, such sub-class of the Class M Notes of such

<PAGE>

Series) and declaring (in writing) the Class M Notes of such Series (or, as
applicable, such sub-class of the Class M Notes of such Series) to be due and
repayable (and they shall forthwith become due and repayable) at any time
after the happening of any of the following events:

    (a)   default being made for a period of seven Business Days in the
          payment of any amount of principal of any Class M Note of such
          Series (or, as applicable, such sub-class of the Class M Notes of
          such Series) when and as the same ought to be paid in accordance
          with these Conditions or default being made for a period of fifteen
          Business Days in the payment of any amount of interest on any Class
          M Note of such Series (or, as applicable, such sub-class of the
          Class M Notes of such Series) when and as the same ought to be paid
          in accordance with these Conditions; or

    (b)   the occurrence of any of the events in Condition 9(A)(ii), (iii),
          (iv), (v) or (vi) above provided that the references in Condition
          9(A)(ii), Condition 9(A)(iv) and Condition 9(A) (vi) to Class A
          Notes shall be read as references to Class M Notes.

Class C Noteholders

    This Condition 9(D) shall have no effect if, and for as long as, any Class
A Notes, Class B Notes or Class M Notes of any Series are outstanding. Subject
thereto, for so long as any Class C Notes are outstanding, the Note Trustee in
its absolute discretion may (and if so requested in writing by the Holders of
not less than 25 per cent. in aggregate Principal Amount Outstanding of the
Class C Notes of any Series (or, where the Class C Notes of any Series
comprise more than one sub-class, any sub-class of the Class C Notes of any
Series) or if so directed by or pursuant to an Extraordinary Resolution passed
at a meeting of the Holders of the Class C Notes of such Series shall),
subject in each case to it being indemnified and/or secured to its
satisfaction, give notice (a "Class C Note Acceleration Notice") to the
Issuer, the Issuer Security Trustee and the Funding 2 Security Trustee of a
Note Event of Default (as defined below) in respect of the Class C Notes of
such Series and declaring (in writing) the Class C Notes of such Series (or,
as applicable, such sub-class of the Class C Notes of such Series) to be due
and repayable (and they shall forthwith become due and repayable) at any time
after the happening of any of the following events:

    (a)   default being made for a period of seven Business Days in the
          payment of any amount of principal of any Class C Note of such
          Series (or, as applicable, such sub-class of the Class C Notes of
          such Series) when and as the same ought to be paid in accordance
          with these Conditions or default being made for a period of fifteen
          Business Days in the payment of any amount of interest on any Class
          C Note of such Series (or, as applicable, such sub-class of the
          Class C Notes of such Series) when and as the same ought to be paid
          in accordance with these Conditions; or

    (b)   the occurrence of any of the events in Condition 9(A)(ii), (iii),
          (iv), (v) or (vi) above provided that the references in Condition
          9(A)(ii) Condition 9(A)(iv) and Condition 9(A)(vi) to Class A Notes
          shall be read as references to Class C Notes.

    Class D Noteholders

    This Condition 9(E) shall have no effect if, and for as long as, any Class
A Notes, Class B Notes, Class M Notes or Class C Notes of any Series are
outstanding. Subject

<PAGE>

thereto, for so long as any Class D Notes are outstanding, the Note Trustee in
its absolute discretion may (and if so requested in writing by the Holders of
not less than 25 per cent. in aggregate Principal Amount Outstanding of the
Class D Notes of any Series (or, where the Class D Notes of any Series
comprise more than one sub-class, any sub-class of the Class D Notes of any
Series) or if so directed by or pursuant to an Extraordinary Resolution passed
at a meeting of the Holders of the Class D Notes of such Series shall),
subject in each case to it being indemnified and/or secured to its
satisfaction, give notice (a "Class D Note Acceleration Notice") to the
Issuer, the Issuer Security Trustee and the Funding 2 Security Trustee of a
Note Event of Default (as defined below) in respect of the Class D Notes of
such Series and declaring (in writing) the Class D Notes of such Series (or,
as applicable, such sub-class of the Class D Notes of such Series) to be due
and repayable (and they shall forthwith become due and repayable) at any time
after the happening of any of the following events:

        (a)    default being made for a period of seven Business Days in the
               payment of any amount of principal of any Class D Note of such
               Series (or, as applicable, such sub-class of the Class D Notes
               of such Series) when and as the same ought to be paid in
               accordance with these Conditions or default being made for a
               period of fifteen Business Days in the payment of any amount of
               interest on any Class D Note of such Series (or, as applicable,
               such sub-class of the Class D Notes of such Series) when and as
               the same ought to be paid in accordance with these Conditions;
               or

        (b)    the occurrence of any of the events in Condition 9(A)(ii),
               (iii), (iv), (v) or (vi) above provided that the references in
               Condition 9(A)(ii) Condition 9(A)(iv) to Class A Notes shall be
               read as references to Class D Notes.

Acceleration of Subordinate Notes

    Notwithstanding the terms of Conditions 9(B), 9(C), 9(D) and 9(E):

    (a)    whilst any Class A Notes are outstanding, the Note Trustee may
           serve a Class B Note Acceleration Notice in accordance with
           Condition 9(B) at any time after the occurrence of a default being
           made for a period of seven Business Days in the payment of any
           amount of principal of any Class B Note of such Series (or, as
           applicable, such sub-class of the Class B Notes of such Series)
           when and as the same ought to be paid in accordance with these
           Conditions or default being made for a period of fifteen Business
           Days in the payment of any amount of interest on any Class B Note
           of such Series (or, as applicable, such sub-class of the Class B
           Notes of such Series) when and as the same ought to be paid in
           accordance with these Conditions in circumstances where:

           (i)    the Issuer has the funds available to pay such amounts
                  (after paying amounts of a higher order of priority and
                  providing for amounts payable pari passu therewith) but does
                  not, for any reason, pay such amounts; or

           (ii)   the Issuer Swap Provider under the Issuer Swap Agreement
                  entered into in relation to the Class B Notes of such Series
                  (or, as applicable, such sub-class of the Class B Notes of
                  such Series) has failed to pay the amount due by it to the
                  Issuer (in circumstances where the Issuer has paid the
                  amount due by it to such Issuer Swap Provider in full);

<PAGE>

    (b)    whilst any Class A Notes or Class B Notes are outstanding, the Note
           Trustee may serve a Class M Note Acceleration Notice in accordance
           with Condition 9(C) at any time after the occurrence of a default
           being made for a period of seven Business Days in the payment of
           any amount of principal of any Class M Note of such Series (or, as
           applicable, such sub-class of the Class M Notes of such Series)
           when and as the same ought to be paid in accordance with these
           Conditions or default being made for a period of fifteen Business
           Days in the payment of any amount of interest on any Class M Note
           of such Series (or, as applicable, such sub-class of the Class M
           Notes of such Series) when and as the same ought to be paid in
           accordance with these Conditions in circumstances where:

           (i)    the Issuer has the funds available to pay such amounts
                  (after paying amounts of a higher order of priority and
                  providing for amounts payable pari passu therewith) but does
                  not, for any reason, pay such amounts; or

           (ii)   the Issuer Swap Provider under the Issuer Swap Agreement
                  entered into in relation to the Class M Notes of such Series
                  (or, as applicable, such sub-class of the Class M Notes of
                  such Series) has failed to pay the amount due by it to the
                  Issuer (in circumstances where the Issuer has paid the
                  amount due by it to such Issuer Swap Provider in full).

    (c)    whilst any Class A Notes, Class B Notes or Class M Notes are
           outstanding, the Note Trustee may serve a Class C Note Acceleration
           Notice in accordance with Condition 9(D) at any time after the
           occurrence of a default being made for a period of seven Business
           Days in the payment of any amount of principal of any Class C Note
           of such Series (or, as applicable, such sub-class of the Class C
           Notes of such Series) when and as the same ought to be paid in
           accordance with these Conditions or default being made for a period
           of fifteen Business Days in the payment of any amount of interest
           on any Class C Note of such Series (or, as applicable, such
           sub-class of the Class C Notes of such Series) when and as the same
           ought to be paid in accordance with these Conditions in
           circumstances where:

           (i)    the Issuer has the funds available to pay such amounts
                  (after paying amounts of a higher order of priority and
                  providing for amounts payable pari passu therewith) but does
                  not, for any reason, pay such amounts; or

           (ii)   the Issuer Swap Provider under the Issuer Swap Agreement
                  entered into in relation to the Class C Notes of such Series
                  (or, as applicable, such sub-class of the Class C Notes of
                  such Series) has failed to pay the amount due by it to the
                  Issuer (in circumstances where the Issuer has paid the
                  amount due by it to such Issuer Swap Provider in full); and

    (d)    whilst any Class A Notes, Class B Notes, Class M Notes or Class C
           Notes are outstanding, the Note Trustee may serve a Class D Note
           Acceleration Notice in accordance with Condition 9(E) at any time
           after the occurrence of a default being made for a period of seven
           Business Days in the payment of any amount of principal of any
           Class D Note of such Series (or, as applicable, such sub-class of
           the Class D Notes of such Series) when and as the same ought to be
           paid in accordance with these Conditions or default being made

<PAGE>

           for a period of fifteen Business Days in the payment of any amount
           of interest on any Class D Note of such Series (or, as applicable,
           such sub-class of the Class D Notes of such Series) when and as the
           same ought to be paid in accordance with these Conditions in
           circumstances where:

           (i)    the Issuer has the funds available to pay such amounts
                  (after paying amounts of a higher order of priority and
                  providing for amounts payable pari passu therewith) but does
                  not, for any reason, pay such amounts; or

           (ii)   the Issuer Swap Provider under the Issuer Swap Agreement
                  entered into in relation to the Class D Notes of such Series
                  (or, as applicable, such sub-class of the Class D Notes of
                  such Series) has failed to pay the amount due by it to the
                  Issuer (in circumstances where the Issuer has paid the
                  amount due by it to such Issuer Swap Provider in full).

Following Service of Note Acceleration Notice

    For the avoidance of doubt, upon any Note Acceleration Notice being given
by the Note Trustee in accordance with Condition 9(A), (B), (C), (E), or (F)
all Notes of the relevant Series and Class shall immediately become due and
payable, without further action or formality at their Principal Amount
Outstanding together with accrued interest.

10. Enforcement of Notes

(A) Issuer Enforcement Notice

    Each of the Note Trustee and the Issuer Security Trustee may, at its
discretion and without notice at any time and from time to time, take such
steps and institute such proceedings against the Issuer or any other person as
it may think fit to enforce the provisions of (in the case of the Note
Trustee) the Notes or the Issuer Trust Deed (including these Conditions) or
(in the case of the Issuer Security Trustee) the Issuer Deed of Charge or (in
either case) any of the other Transaction Documents to which it is a party.
The Note Trustee may, at its discretion and without notice, at any time after
the occurrence of a Note Event of Default give notice (an "Issuer Enforcement
Notice") to the Issuer, the Issuer Security Trustee and the Funding 2 Security
Trustee declaring each Note of each Series to be due and payable (and they
shall forthwith become due and payable). At any time after the service of an
Issuer Enforcement Notice, the Issuer Security Trustee may, at its discretion
and without notice take such steps as it may think fit to enforce the Issuer
Security. The Note Trustee shall not be bound to serve an Issuer Enforcement
Notice and neither the Note Trustee nor the Issuer Security Trustee shall be
bound to take such steps or institute such proceedings unless:

    (subject in all cases to restrictions contained in the Issuer Trust Deed
        or, as the case may be, the Issuer Deed of Charge to protect the
        interests of any higher ranking class of Noteholders) it shall have
        been so directed by an Extraordinary Resolution of the Class A
        Noteholders, the Class B Noteholders, the Class M Noteholders, the
        Class C Noteholders or the Class D Noteholders or so requested in
        writing by the Holders of at least one quarter in Principal Amount
        Outstanding of the Class A Notes, Class B Notes, Class M Notes, Class
        C Notes or Class D Notes or, in the case of the Issuer Security
        Trustee (subject to the restrictions contained in the Issuer Deed of
        Charge to protect the interests of any higher ranking class of
        Noteholders, it has been so directed by the Note Trustee acting on the
        instructions of an Extraordinary Resolution (as described in

<PAGE>

        Condition 11) of the Noteholders of the relevant class or so requested
        by any other Issuer Secured Creditor; and

    it shall have been indemnified to its satisfaction.

    Amounts available for distribution after enforcement of the Issuer
Security shall be distributed in accordance with the terms of the Issuer Deed
of Charge.

    No Noteholder may institute any proceedings against the Issuer to enforce
its rights under or in respect of the Notes or the Issuer Trust Deed or the
Issuer Deed of Charge unless (1) the Note Trustee or the Issuer Security
Trustee, as applicable, has become bound to institute proceedings and has
failed to do so within 30 days of becoming so bound and (2) such failure is
continuing; provided that, no Class B Noteholder, Class M Noteholder, Class C
Noteholder or Class D Noteholder will be entitled to commence proceedings for
the winding up or administration of the Issuer unless there are no outstanding
Notes of a class with higher priority, or if Notes of a class with higher
priority are outstanding, there is consent of Noteholders of not less than one
quarter of the aggregate principal amount of the Notes outstanding (as defined
in the Issuer Trust Deed) of the class or classes of Notes with higher
priority. Notwithstanding the foregoing and notwithstanding any other
provision of the Issuer Trust Deed, the right of any Noteholder to receive
payment of principal and interest on its Notes on or after the due date for
such principal or interest, or to institute suit for the enforcement of
payment of that principal or interest, may not be impaired or affected without
the consent of that Noteholder.

Following service of an Issuer Enforcement Notice

    For the avoidance of doubt, upon an Issuer Enforcement Notice being given
by the Note Trustee in accordance with Condition 10(A), all Notes of each
Series shall become immediately due and payable, without future action or
formality at their Principal Amount Outstanding together with accrued
interest.

Post Enforcement Call Option

    In the event that:

    the Issuer Security is enforced and the Issuer Security Trustee determines
        that (a) the proceeds of such enforcement, after distribution of such
        proceeds to the persons entitled thereto ranking in priority to the
        Notes under the Issuer Deed of Charge and to the Noteholders (to the
        extent entitled thereto), are insufficient to pay in full all
        principal and interest and other amounts whatsoever due in respect of
        the Notes and all other claims ranking pari passu therewith (b) such
        proceeds of enforcement have been so distributed in accordance with
        the terms of the Issuer Deed of Charge and (c) there are no further
        assets available to pay principal and interest and other amounts
        whatsoever due in respect of the Notes; or

    within 20 days following the Final Maturity Date of the latest maturing
        Note, the Issuer Security Trustee certifies that there is no further
        amount outstanding under the Global Intercompany Loan Agreement,

    then all interests in each Global Note Certificate will be automatically
exchanged for equivalent interests in an equivalent amount of Notes in an
equivalent Principal Amount Outstanding in Individual Note Certificates and
each such Global Note Certificate will be cancelled on the date of such
exchange.

<PAGE>

    The Note Trustee is required, at the request of the Post Enforcement Call
Option Holder, for the consideration of one penny per Note, to transfer or (as
the case may be) procure transfer of all (but not some only) of the Notes to
the Post Enforcement Call Option Holder pursuant to the option granted to it
by the Note Trustee (as agent for the Noteholders) under the terms of the
Issuer Post-Enforcement Call Option Agreement. Immediately upon such transfer,
no such former Noteholder shall have any further interest in the Notes. Each
of the Noteholders acknowledges that the Note Trustee has the authority and
the power to bind the Noteholders in accordance with the terms and conditions
set out in the Issuer Post-Enforcement Call Option Agreement and each
Noteholder, by subscribing for or purchasing Notes, agrees to be so bound. The
Note Trustee shall give notice of the exercise of such option to the
Noteholders in accordance with Condition 14.

11. Meetings of Noteholders, Modifications and Waiver

(A) Meetings of Noteholders

    The Issuer Trust Deed contains provisions for convening meetings of
Noteholders to consider any matter affecting their interests, including the
sanctioning by Extraordinary Resolution of a modification of any provision of
these Conditions or the provisions of any of the Transaction Documents.

(1)     Class A Notes

        In respect of the Class A Notes the Issuer Trust Deed provides that:

        (i)    a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class A Notes of
               one Series only shall be deemed to have been duly passed if
               passed at a meeting of the holders of the Class A Notes of that
               Series;

        (ii)   a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class A Notes of
               any two or more Series but does not give rise to a conflict of
               interest between the holders of such two or more Series of
               Class A Notes, shall be deemed to have been duly passed if
               passed at a single meeting of the holders of such two or more
               series of Class A Notes; and

        (iii)  a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class A Notes of
               any two or more Series and gives or may give rise to a conflict
               of interest between the holders of such two or more Series of
               Class A Notes, shall be deemed to have been duly passed only
               if, in lieu of being passed at a single meeting of the holders
               of such two or more Series of Class A Notes, it shall be passed
               at separate meetings of the holders of such two or more Series
               of Class A Notes.

(2)     Class B Notes

        In respect of the Class B Notes the Issuer Trust Deed provides that:

        (i)    a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class B Notes of
               one Series only shall be

<PAGE>

               deemed to have been duly passed if passed at a meeting of the
               holders of the Class B Notes of that Series;

        (ii)   a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class B Notes of
               any two or more Series but does not give rise to a conflict of
               interest between the holders of such two or more Series of
               Class B Notes, shall be deemed to have been duly passed if
               passed at a single meeting of the holders of such two or more
               series of Class B Notes; and

        (iii)  a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class B Notes of
               any two or more Series and gives or may give rise to a conflict
               of interest between the holders of such two or more Series of
               Class B Notes, shall be deemed to have been duly passed only
               if, in lieu of being passed at a single meeting of the holders
               of such two or more Series of Class B Notes, it shall be passed
               at separate meetings of the holders of such two or more Series
               of Class B Notes.

(3)     Class M Notes

        In respect of the Class M Notes the Issuer Trust Deed provides that:

        (i)    a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class M Notes of
               one Series only shall be deemed to have been duly passed if
               passed at a meeting of the holders of the Class M Notes of that
               Series;

        (ii)   a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class M Notes of
               any two or more Series but does not give rise to a conflict of
               interest between the holders of such two or more Series of
               Class M Notes, shall be deemed to have been duly passed if
               passed at a single meeting of the holders of such two or more
               series of Class M Notes; and

        (iii)  a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class M Notes of
               any two or more Series and gives or may give rise to a conflict
               of interest between the holders of such two or more Series of
               Class M Notes, shall be deemed to have been duly passed only
               if, in lieu of being passed at a single meeting of the holders
               of such two or more Series of Class M Notes, it shall be passed
               at separate meetings of the holders of such two or more Series
               of Class M Notes.

(4)     Class C Notes

        In respect of the Class C Notes the Issuer Trust Deed provides that:

        (i)    a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class C Notes of
               one Series only shall be deemed to have been duly passed if
               passed at a meeting of the holders

<PAGE>

               of the Class C Notes of that Series;

        (ii)   a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class C Notes of
               any two or more Series but does not give rise to a conflict of
               interest between the holders of such two or more Series of
               Class C Notes, shall be deemed to have been duly passed if
               passed at a single meeting of the holders of such two or more
               series of Class C Notes; and

        (iii)  a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class C Notes of
               any two or more Series and gives or may give rise to a conflict
               of interest between the holders of such two or more Series of
               Class C Notes, shall be deemed to have been duly passed only
               if, in lieu of being passed at a single meeting of the holders
               of such two or more Series of Class C Notes, it shall be passed
               at separate meetings of the holders of such two or more Series
               of Class C Notes.

(5)     Class D Notes

        In respect of the Class D Notes the Issuer Trust Deed provides that:

        (i)    a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class D Notes of
               one Series only shall be deemed to have been duly passed if
               passed at a meeting of the holders of the Class D Notes of that
               Series;

        (ii)   a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class D Notes of
               any two or more Series but does not give rise to a conflict of
               interest between the holders of such two or more Series of
               Class D Notes, shall be deemed to have been duly passed if
               passed at a single meeting of the holders of such two or more
               series of Class D Notes; and

        (iii)  a resolution which, in the sole opinion of the Note Trustee,
               affects the interests of the holders of the Class D Notes of
               any two or more Series and gives or may give rise to a conflict
               of interest between the holders of such two or more Series of
               Class D Notes, shall be deemed to have been duly passed only
               if, in lieu of being passed at a single meeting of the holders
               of such two or more Series of Class D Notes, it shall be passed
               at separate meetings of the holders of such two or more Series
               of Class D Notes.

    Subject as provided in the following paragraph, the quorum at any meeting
of the Noteholders of any one or more Series of Notes of the same Class
convened to consider an Extraordinary Resolution will be two or more persons
holding or representing more than half of the aggregate Principal Amount
Outstanding of such one or more Series of Notes of the same Class or, at any
adjourned meeting, two or more persons being or representing Noteholders of
such one or more Series of Notes the same Class,

<PAGE>

whatever the aggregate Principal Amount Outstanding of the Notes so held or
represented.

    The quorum at any meeting of the Noteholders for passing an Extraordinary
Resolution which includes the sanctioning of a Basic Terms Modification shall
be two or more persons holding or representing not less than three quarters of
the aggregate Principal Amount Outstanding of the Notes of the relevant Series
and Class or, at any adjourned and reconvened meeting, not less than one
quarter of the aggregate Principal Amount Outstanding of the Notes of the
relevant Series and Class.

    An Extraordinary Resolution passed at any meeting of Noteholders shall be
binding on all of the Noteholders of the relevant Series and Class whether or
not they are present at the meeting.

    In connection with any meeting of the Noteholders of more than one Series
and Class where the Notes are not denominated in Sterling, the Principal
Amount Outstanding of any Note not denominated in Sterling shall be converted
into Sterling at the relevant Specified Currency Exchange Rate.

    A resolution signed by or on behalf of all the Noteholders of the relevant
Series and Class who for the time being are entitled to receive notice of a
meeting under the Issuer Trust Deed shall for all purposes be as valid and
effective as an Extraordinary Resolution passed at a meeting of such Series
and Class of Noteholders.

Programme Resolution

    Notwithstanding the provisions of Condition 11(A), any Extraordinary
Resolution of the Noteholders of any Class of Notes to direct the Note Trustee
and/or the Issuer Security Trustee to take any enforcement action pursuant to
Condition 10 (a "Programme Resolution") shall only be capable of being passed
at a single meeting of the Noteholders of all Series of such Class of Notes.
The quorum at any such meeting for passing a Programme Resolution shall be two
or more persons holding or representing more than half of the aggregate
Principal Amount Outstanding of the Notes of such Class or, at any adjourned
and reconvened meeting, two or more persons being or representing Noteholders
of such Class of Notes, whatever the aggregate Principal Amount Outstanding of
such Class of Notes so held or represented by them.

    A Programme Resolution passed at any meeting of all Series of any Class of
Notes shall be binding on all Noteholders of all Series of that Class of
Notes, whether or not they are present or represented at the meeting.

Limitations on Noteholders

    Subject as provided in Condition 11(D):

an Extraordinary Resolution of the Class A Noteholders of any Series shall be
        binding on all Class B Noteholders (of any Series), all Class M
        Noteholders (of any Series), all Class C Noteholders (of any Series)
        and all Class D Noteholders (of any Series);

    no Extraordinary Resolution of the Class B Noteholders shall take effect
        for any purpose while any Class A Notes of any Series remain
        outstanding unless it shall have been sanctioned by an Extraordinary
        Resolution of the Class A Noteholders of each Series or the Note
        Trustee is of the opinion that it would not be materially prejudicial
        to the interests of the Class A Noteholders of each Series;

<PAGE>

    no Extraordinary Resolution of the Class M Noteholders of any Series
        shall take effect for any purpose while any Class A Notes or Class B
        Notes of any Series remain outstanding unless it shall have been
        sanctioned by an Extraordinary Resolution of the Class A Noteholders
        and an Extraordinary Resolution of the Class B Noteholders, in each
        case of each Series or the Note Trustee is of the opinion that it
        would not be materially prejudicial to the interests of the Class A
        Noteholders and/or the Class B Noteholders of each Series (as
        applicable);

    no Extraordinary Resolution of the Class C Noteholders of any Series
        shall take effect for any purpose while any Class A Notes, Class B
        Notes or Class M Notes of any Series remain outstanding unless it
        shall have been sanctioned by an Extraordinary Resolution of the Class
        A Noteholders, an Extraordinary Resolution of the Class B Noteholders
        and an Extraordinary Resolution of the Class M Noteholders of each
        Series or the Note Trustee is of the opinion that it would not be
        materially prejudicial to the interests of the Class A Noteholders,
        the Class B Noteholders and/or the Class M Noteholders of each Series
        (as applicable);

    no Extraordinary Resolution of Class D Noteholders of any Series shall
        take effect for any purpose while any Class A Notes, Class B Notes,
        Class M Notes or Class C Notes of any Series remain outstanding unless
        it shall have been sanctioned by an Extraordinary Resolution of the
        Class A Noteholders, an Extraordinary Resolution of the Class B
        Noteholders, an Extraordinary Resolution of the Class M Noteholders
        and an Extraordinary Resolution of the Class C Noteholders, in each
        case of each Series or the Note Trustee is of the opinion that it
        would not be materially prejudicial to the interests of the Class A
        Noteholders, the Class B Noteholders, the Class M Noteholders and/or
        the Class C Noteholders of each Series (as applicable).

Approval of Modifications and Waivers by Noteholders

        No Extraordinary Resolution of the Noteholders of any one or more
Series of Class A Notes to sanction a modification of, or any waiver or
authorisation of any breach, or proposed breach of, any of the provisions of
the Issuer Transaction Documents or the Conditions of such Notes shall take
effect unless it has been sanctioned by an Extraordinary Resolution of the
Class B Noteholders, an Extraordinary Resolution of the Class M Noteholders,
an Extraordinary Resolution of the Class C Noteholders and an Extraordinary
Resolution of the Class D Noteholders, in each case of each Series, or the
Note Trustee is of the opinion that it would not be materially prejudicial to
the interests of the Class B Noteholders, the Class M Noteholders, the Class C
Noteholders and the Class D Noteholders of each Series.

        After the Class A Notes have been fully redeemed, no Extraordinary
Resolution of the Noteholders of any one or more Series of Class B Notes to
sanction a modification of, or any waiver or authorisation of any breach, or
proposed breach of, any of the provisions of the Issuer Transaction Documents
or the Conditions of such Notes shall take effect unless it has been
sanctioned by an Extraordinary Resolution of the Class M Noteholders, an
Extraordinary Resolution of the Class C Noteholders and an Extraordinary
Resolution of the Class D Noteholders, in each case of each Series, or the
Note Trustee is of the opinion that it would not be materially prejudicial to
the interests of the Class M Noteholders, the Class C Noteholders and the
Class D Noteholders of each Series.

<PAGE>

        After the Class A Notes and Class B Notes have been fully redeemed, no
Extraordinary Resolution of the Noteholders of any one or more Series of Class
M Notes to sanction a modification of, or any waiver or authorisation of any
breach, or proposed breach of, any of the provisions of the Issuer Transaction
Documents or the Conditions of such Notes shall take effect unless it has been
sanctioned by an Extraordinary Resolution of the Class C Noteholders and an
Extraordinary Resolution of the Class D Noteholders, in each case of each
Series, or the Note Trustee is of the opinion that it would not be materially
prejudicial to the interests of the Class C Noteholders and the Class D
Noteholders of each Series.

    After the Class A Notes, Class B Notes and Class M Notes have been fully
redeemed, no Extraordinary Resolution of the Noteholders of any one or more
Series of Class C Notes to sanction a modification of, or any waiver or
authorisation of any breach, or proposed breach of, any of the provisions of
the Issuer Transaction Documents or the Conditions of such Notes shall take
effect unless it has been sanctioned by an Extraordinary Resolution of the
Class D Noteholders, in each case of each Series, or the Note Trustee is of
the opinion that it would not be materially prejudicial to the interests of
the Class D Noteholders of each Series.

Modifications and Determinations by Note Trustee

    The Note Trustee may agree, without the consent of the relevant Series and
Class of Noteholders:

    to any modification (other than a Basic Terms Modification) of, or to the
        waiver or authorisation of any breach or proposed breach of, the
        Conditions of one or more Series of a particular Class or Classes of
        Notes or any of the Transaction Documents which is not in the opinion
        of the Note Trustee, materially prejudicial to the interests of the
        Noteholders of any Series(2); or

    to determine that any Note Event of Default, which is not in the opinion
        of the Note Trustee, materially prejudicial to the interests of the
        Noteholders of one or more Series of a particular Class or Classes of
        Notes, shall not be treated as such; or

    to any modification of these Conditions or any of the Transaction
        Documents which, in the opinion of the Note Trustee, is of a formal,
        minor or technical nature or is to correct a manifest error or an
        error established as such to the satisfaction of the Note Trustee or
        is to comply with the mandatory provisions of law.

    Any such modification, waiver, authorisation or determination shall be
binding on the Noteholders and, unless the Note Trustee agrees otherwise, any
such modification shall be notified to the Noteholders and the Rating Agencies
in accordance with Condition 14 as soon as practicable thereafter.

Redenomination

    The Note Trustee may agree, without the consent of the Holders of the
Sterling Notes on or after the Specified Date (as defined below), to such
modifications to the Sterling Notes and the Issuer Trust Deed in respect of
redenomination of such Notes in euro and associated reconventioning,
renominalisation and related matters in respect of such Notes as may be
proposed by the Issuer (and confirmed by an independent financial institution
approved by the Note Trustee to be in conformity with then applicable market
conventions) and to provide for redemption at the euro equivalent of the
sterling

-----------

(2) Should this be extended to cover all secured creditors?

<PAGE>

principal amount of the Sterling Notes. For these purposes, "Specified Date"
means the date on which the United Kingdom participates in the third stage of
European economic and monetary union pursuant to the Treaty establishing the
European Community, as amended by the Treaty on European Union, or otherwise
participates in European economic and monetary union in a manner with an
effect similar to such third stage.

    Any such modification shall be binding on the Holders of the Sterling
Notes and, unless the Note Trustee agrees otherwise, any such modification
shall be notified to such Noteholders in accordance with Condition 14 as soon
as practicable thereafter.

Exercise of Note Trustee's Functions

    Where the Note Trustee is required, in connection with the exercise of its
powers, trusts, authorities, duties and discretions, to have regard to the
interests of the Noteholders of a Series and Class of Notes, it shall have
regard to the interests of such Noteholders as a class and, in particular but
without prejudice to the generality of the foregoing, the Note Trustee shall
not have regard to, or be in any way liable for, the consequences of such
exercise for individual Noteholders resulting from their being for any purpose
domiciled or resident in, or otherwise connected with, or subject to the
jurisdiction of, any particular territory. In connection with any such
exercise, the Note Trustee shall not be entitled to require, and no Noteholder
shall be entitled to claim, from the Issuer or any other person, any
indemnification or payment in respect of any tax consequence of any such
exercise upon individual Noteholders.

12. Indemnification of the Note Trustee and the Issuer Security Trustee

    The Transaction Documents contain provisions governing the responsibility
(and relief from responsibility) of the Note Trustee and the Issuer Security
Trustee and providing for their indemnification in certain circumstances,
including, among others, provisions relieving the Issuer Security Trustee from
taking enforcement proceedings or enforcing the Issuer Security unless
indemnified to its satisfaction. The Note Trustee and the Issuer Security
Trustee are also entitled to be paid its costs and expenses in priority to any
interest payments to Noteholders.

    The Note Trustee and the Issuer Security Trustee and their related
companies are entitled to enter into business transactions with the Issuer,
the Issuer Cash Manager, Northern Rock plc and/or the related companies of any
of them and to act as note trustee or security trustee for the Holders of any
new Notes and/or any other person who is a party to any Transaction Document
or whose obligations are comprised in the Issuer Security and/or any of its
subsidiary or associated companies without accounting for any profit resulting
therefrom.

    The Note Trustee and the Issuer Security Trustee will not be responsible
for any loss, expense or liability which may be suffered as a result of any
assets comprised in the Issuer Security, or any deeds or documents of title
thereto, being uninsured or inadequately insured or being held by clearing
organisations or their operators or by intermediaries such as banks, brokers
or other similar persons on behalf of the Note Trustee or the Issuer Security
Trustee, as applicable.

    Furthermore, the Note Trustee and the Issuer Security Trustee will be
relieved of liability for making searches or other inquiries in relation to
the assets comprising the Issuer Security. The Note Trustee and the Issuer
Security Trustee does not have any responsibility in relation to the legality
and the enforceability of the trust arrangements and the related Issuer
Security. Neither the Note Trustee nor the Issuer Security Trustee will be
obliged to take any action which might result in its incurring personal
liabilities.

<PAGE>

Neither the Note Trustee nor the Issuer Security Trustee is obliged to monitor
or investigate the performance of any other person under the Transaction
Documents and is entitled to assume, until it has actual knowledge to the
contrary, that all such persons are properly performing their duties, unless
it receives express notice to the contrary.

    Neither the Note Trustee nor the Issuer Security Trustee will be
responsible for any deficiency which may arise because it is liable to tax in
respect of the proceeds of any Issuer Security.

13. Replacement of Notes

    If Individual Note Certificates are lost, stolen, mutilated, defaced or
destroyed, the Noteholder can replace them at the Specified Office of any
Paying Agent subject to all applicable laws and stock exchange requirements.
The Noteholder will be required both to pay the expenses of producing a
replacement and to comply with the Issuer's, the Registrar's and the Paying
Agent's reasonable requests for evidence and indemnity.

    If a Global Note Certificate is lost, stolen, mutilated, defaced or
destroyed, the Issuer will deliver a replacement Global Note Certificate to
the registered holder upon receipt of satisfactory evidence and surrender of
any defaced or mutilated Global Note Certificate. A replacement will only be
made upon payment of the expenses for a replacement and compliance with the
Issuer's, Registrar's and Paying Agents' reasonable requests as to evidence
and indemnity.

    Defaced or mutilated Note Certificates must be surrendered before
replacements will be issued.

14. Notice to Noteholders

(A) Publication of Notice

    Any notice to Noteholders shall be validly given if such notice is:

    sentto them by first class mail (or its equivalent) or (if posted to a
        non-UK address) by airmail at the respective addresses on the
        Register; and

    published in The Financial Times; and

    for so long as amounts are outstanding on the US Notes, in a daily
        newspaper of general circulation in New York (which is expected to be
        The New York Times);

    or, if any of such newspapers set out above shall cease to be published or
timely publication therein shall not be practicable, in a leading English
language daily newspaper having general circulation in the United Kingdom or
the United States (as applicable) provided that if, at any time, the Issuer
procures that the information concerned in such notice shall be published on
the Relevant Screen, publication in the newspapers set out above or such other
newspaper or newspapers shall not be required with respect to such
information.

Date of Publication

    Any notices so published shall be deemed to have been given on the fourth
day after the date of posting, or as the case may be, on the date of such
publication or, if published more than once on different dates, on the first
date on which publication shall have been made in the newspaper or newspapers
in which (or on the Relevant Screen on which) publication is required.

Global Note Certificates

<PAGE>

    While the Notes are represented by Global Note Certificates, any notice to
noteholders will be validly given if such notice is provided in accordance
with Condition 14(A) or (at the option of the Issuer) if delivered to DTC (in
the case of the US Notes) or Euroclear and/or Clearstream, Luxembourg (in the
case of the Reg S Notes). Any notice delivered to the DTC and/or Euroclear
and/or Clearstream, Luxembourg will be deemed to be given on the day of
delivery.

Note Trustee's Discretion to Select Alternative Method

    The Note Trustee shall be at liberty to sanction some other method of
giving notice to the Noteholders or any Series or Class or category of them
if, in its opinion, such other method is reasonable having regard to market
practice then prevailing and to the requirements of the stock exchanges on
which the Notes are then admitted for trading and provided that notice of such
other method is given to the Noteholders in such manner as the Note Trustee
shall require.

15. Further Issues

    The Issuer shall be at liberty from time to time, without the consent of
the Noteholders, to create and issue further Notes of a certain Class having
terms and conditions the same as the Notes of any Series of the same Class or
the same in all respects save for the amount and date of the first payment of
interest thereon, issue date and/or purchase price and so that the same shall
be consolidated and form a single Series and Class with the outstanding Notes
of such Series and Class.

16. Governing Law and Jurisdiction

    The Transaction Documents and the Notes are governed by English law unless
specifically stated to the contrary. Certain provisions in the Transaction
Documents relating to property situated in Scotland are governed by Scots law.
Unless specifically stated to the contrary:

    the courts of England are to have non-exclusive jurisdiction to settle any
        disputes which may arise out of or in connection with the Notes and
        the Transaction Documents; and

    the Issuer and the other parties to the Transaction Documents irrevocably
        submit to the non-exclusive jurisdiction of the courts of England.

17. Contracts (Rights of Third Parties) Act 1999

    No person shall have any right to enforce any term or condition of the
Notes 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. Definitions

    Unless otherwise defined in these Conditions or unless the context
otherwise requires, in these Conditions the following words shall have the
following meanings and any other capitalised terms used in these Conditions
shall have the meanings ascribed to them or incorporated in the Issuer Trust
Deed or the Issuer Master Definitions Schedule. The provisions of Clause 2
(Interpretation and Construction) of the Issuer Master Definitions Schedule
are incorporated into and shall apply to these Conditions.

    "AAA Principal Deficiency Sub-Ledger" means the sub-ledger to the
Principal Deficiency Ledger which specifically records any principal
deficiency in respect of the AAA Loan Tranches;

<PAGE>

    ["Accrual Yield" means, in respect of any Series and Class of Notes, the
yield specified as such for such Notes in the applicable Note Supplement;]

    "Additional Business Centre" means, in respect of any Series and Class of
Notes, each place specified as such for such Notes in the applicable Note
Supplement;

    "Agents" means the Paying Agents, the Transfer Agent, the Registrar and
the Agent Bank;

    "Agent Bank" means Citibank, N.A. in its capacity as agent bank at its
Specified Office or such other person for the time being acting as agent bank
under the Issuer Paying Agent and Agent Bank Agreement;

    "Asset Trigger Event" means the event that occurs when there is a positive
balance on the AAA Principal Deficiency Sub-Ledger;

    "Authorised Holding" means, [?];

    "Authorised Investments" means (i) Sterling gilt-edged investments and
(ii) Sterling demand or time deposits, certificates of deposit and short-term
debt obligations (including commercial paper) (which may include deposits in
any account which earns a rate of interest related to LlBOR) provided that in
all cases such investments have a maturity date of 90 days or less and mature
on or before the next following Payment Date and the short-term unsecured,
unguaranteed and unsubordinated debt obligations of the issuing or
guaranteeing entity or entity with which the demand or time deposits are made
(being an authorised institution under the Financial Services and Markets Act
2000) are rated at least "A-1+" by Standard & Poor's, "F1+" by Fitch and "P-1"
by Moody's or which are otherwise acceptable to the Rating Agencies (if they
are notified in advance) to maintain the then current ratings of the Notes;

    "Basic Terms Modification" means, in respect of any Series and Class of
Notes any modification which would have the effect of:

         (a)   reducing or cancelling of the amount payable or, where
               applicable, modifying, except where such modification is, in
               the opinion of the Note Trustee, bound to result in an
               increase, the method of calculating the amount payable or
               modifying the date of payment or, where applicable, altering
               the method of calculating the date of payment in respect of any
               principal or interest in respect of such Notes;

         (b)   altering the currency in which payments under such Notes are to
               be made;

         (c)   altering the quorum or majority required to pass an
               Extraordinary Resolution;

         (d)   altering the priority in which payments are made to the
               noteholders of such Notes pursuant to any Issuer Priority of
               Payments (except in a manner determined by the Note Trustee not
               to be materially prejudicial to the interests of the
               Noteholders of such Notes);

         (e)   [other];

    "Broken Amount" means, in respect of any Series and Class of Notes, the
amount specified as such (if any) for such Notes in the applicable Note
Supplement;

    "Business Day" means a day which is:

<PAGE>

        (a)    a day on which commercial banks and foreign exchange markets
               settle payments and are open for general business (including
               dealing in foreign exchange and foreign currency deposits) in
               London and any Additional Business Centre specified in the
               applicable Note Supplement; and

        (b)    in the case of any sum payable, either (1) in relation to any
               sum payable in a Specified Currency other than euro, a day on
               which commercial banks and foreign exchange markets settle
               payments and are open for general business (including dealing
               in foreign exchange and foreign currency deposits) in the
               principal financial centre of the country of the relevant
               Specified Currency (if other than London and any Additional
               Business Centre) and which if the Specified Currency is
               Australian dollars or New Zealand dollars shall be Sydney and
               Auckland, respectively or (2) in relation to any Notes
               denominated or payable in euro, a day on which the
               Trans-European Automated RealTime Gross Settlement Express
               Transfer (TARGET) System (the "TARGET System") is open;

    "Cash Management Agreement" means the cash management agreement dated 26
March, 2001, among, among other, the Cash Manager, the Mortgages Trustee,
Funding 2 and the Funding 2 Security Trustee, as described further in "Cash
management for the mortgages trustee and Funding 2" in the Prospectus;

    "Cash Manager" means Northern Rock or such other person or persons for the
time being acting, under the cash management agreement, as agent, inter alia,
for the Mortgages Trustee, Funding 2 and (following enforcement of the Funding
2 Security) the Funding 2 Security Trustee for the purposes of, inter alia,
managing all cash transactions and maintaining certain ledgers on behalf of
the Mortgages Trustee, Funding and (following enforcement of the Funding 2
Security) the Funding 2 Security Trustee;

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

    "Class A Noteholders" means the Holders of the Class A Notes;

    "Class A Notes" means Notes of any Series designated as such in the
applicable Note Supplement;

    "Class B Noteholders" means the Holders of the Class B Notes;

    "Class B Notes" means Notes of any Series designated as such in the
applicable Note Supplement;

    "Class C Noteholders" means the Holders of the Class C Notes;

    "Class C Notes" means Notes of any Series designated as such in the
applicable Note Supplement;

    "Class D Noteholders" means the Holders of the Class D Notes;

    "Class D Notes" means Notes of any Series designated as such in the
applicable Note Supplement;

    "Class M Noteholders" means the Holders of the Class M Notes;

    "Class M Notes" means Notes of any Series designated as such in the
applicable Note Supplement;

    "Clearstream, Luxembourg" means Clearstream Banking, societe anonyme;

<PAGE>

    "Closing Date" means the date on which the Issuer issues a Series of Notes
to the Noteholders;

    "Commercial Business Day" has the meaning indicated in Condition 1(D);

    "Current Seller Share" means the amount of trust property beneficially
owned by the Seller from time to time.

    "Designated Account" means the account (which, in the case of a payment in
Japanese Yen to a nonresident of Japan, shall be a non-resident account)
maintained by a holder with a Designated Bank and identified as such in the
Register;

    "Designated Bank" means (in the case of payment in a Specified Currency
other than euro) a bank in the principal financial centre of the country of
such Specified Currency (which, if the Specified Currency is Australian
dollars or New Zealand dollars, shall be Sydney and Auckland, respectively)
and (in the case of a payment in euro) any bank which processes payments in
euro;

    "Determination Period" means each period from (and including) a
Determination Date to (but excluding) the next Determination Date (including,
where either the Interest Commencement Date or the final Payment Date is not a
Determination Date, the period commencing on the first Determination Date
prior to, and ending on the first Determination Date falling after, such
date).

    "Determination Date" means, in respect of any Series and Class of Notes,
the date(s) specified as such for such Notes in the Note Supplement;

    "Distribution Date" means the date on which the mortgages trust terminates
and the London Business Day determined by the Cash Manager falling no later
than 6 business days after each Trust Determination Date;

    "Dollars", "US$", "US Dollars" or "$" means the lawful currency for the
time being of the United States of America;

    "EURIBOR" means the Euro-zone inter-bank offered rate;

    "Euro", "euro" or "(euro)" means the currency of the member states of the
European Union that adopt the single currency in accordance with the Treaty of
Rome of 25 March 1957, establishing the European Community, as amended from
time to time;

    "Euroclear" means Euroclear Bank S.A./N.V., as operator of the Euroclear
System;

    "Extraordinary Resolution" means (a) a resolution passed at a meeting of
the Noteholders of a particular Class duly convened and held in accordance
with the provisions of the Issuer Trust Deed by a majority consisting of not
less than three-fourths of the persons voting thereat upon a show of hands or
if a poll is duly demanded by a majority consisting of not less than
three-fourths of the votes cast on such poll or (b) a resolution in writing
signed by or on behalf of all the Noteholders of a particular class, which
resolution in writing may be contained in one document or in several documents
in like form each signed by or on behalf of one or more of the Noteholders;

    "Final Maturity Date" means, in respect of any Series and Class of Notes,
the date specified as such for such Notes in the applicable Note Supplement;

    "Fixed Coupon Amount" means, in respect of any Series and Class of Notes,
the amount specified as such (if any) for such Notes in the applicable Note
Supplement;

    "Funding 2" means Granite Finance Funding 2 Limited;

<PAGE>

    "Funding 2 Deed of Charge" means the deed of charge entered into on or
about the Initial Closing Date, as amended and restated from time to time,
between, among others, Funding 2, the Funding 2 Security Trustee, the Issuer
and the Note Trustee and each deed of accession or supplement entered into in
connection therewith;

    "Funding 2 Program Date" or "Funding 2 Programme Date" means on or about
[o] 2005;

    "Funding 2 Security" means the mortgages, charges, assignments, pledges
and other security created by Funding 2 under or pursuant to the Funding 2
Deed of Charge in favour of the Funding 2 Security Trustee for the benefit of
the secured creditors of Funding 2 as described under the Funding 2 Deed of
Charge;

    "Funding 2 Security Trustee" means The Bank of New York and its successors
or any other security trustee under the Funding 2 Deed of Charge);

    "Global Intercompany Loan" means, at any time, the aggregate of all Loan
Tranches advanced under the Global Intercompany Loan Agreement;

    "Global Intercompany Loan Agreement" means the loan agreement entered into
on or about the Funding 2 Programme Date between, among others, Funding 2, the
Issuer and the Funding 2 Security Trustee;

    "Global Note Certificates" means the US Global Note Certificates and the
Reg S Global Note Certificates;

    "Holder" has the meaning indicated in Condition 1(B);

    "Individual Note Certificates" means the note certificates representing the
Notes while in definitive form;

    "Interest Commencement Date" means, in respect of any Series and Class of
Notes, the Closing Date of such Notes or such other date as may be specified
as such for such Notes in the applicable Note Supplement;

    "Interest Determination Date" means, in respect of any Series and Class of
Notes, the date(s) specified as such (if any) for such Notes in the applicable
Note Supplement;

    "Interest Period" means the period from (and including) a Payment Date (or
the Interest Commencement Date) to (but excluding) the next (or first) Payment
Date.

    "ISDA Definitions" means the 2000 ISDA Definitions, as published by the
International Swaps and Derivatives Association, Inc. and as amended and
updated as at the [Closing] Date of the first Series of Notes;

    "Issuer" means Granite Master Issuer plc;

    "Issuer Account Bank" means [Citibank, N.A., situated at 5 Carmelite
Street, London EC4Y 0PA] or such other person for the time being acting as
account bank to the Issuer under the Issuer Bank Account Agreement;

    "Issuer Available Principal Receipts" means:

    (a) prior to enforcement of the Issuer Security, for the Issuer in respect
of any Payment Date, an amount calculated by the Issuer Cash Manager on the
Distribution Date immediately preceding that Payment Date equal to the sum:

        (i) of all principal receipts to be repaid by Funding 2 to the Issuer
        under the Global Intercompany Loan Agreement or that Payment Date; and

<PAGE>

        (ii) in so far as needed to make an Issuer Reserve Principal Payment,
        any amount available to be drawn under the Issuer Reserve Fund less
        any amounts to be applied on the relevant Payment Date in payment of
        interest or expenses under the Issuer Pre-Enforcement Revenue Priority
        of Payments, plus any amounts to be credited to the Issuer Reserve
        Ledger under the Issuer Pre-Enforcement Principal Priority of payments
        on the relevant Payment Date.

    (b) following enforcement of the Issuer Security, for the Issuer in
respect of any Payment Date the sum calculated by or on behalf of the Issuer
Security Trustee on the Distribution Date immediately preceding such Payment
Date as the amount to be repaid by Funding 2 to the Issuer under the Global
Intercompany Loan Agreement during the relevant Interest Period and/or the sum
otherwise recovered by the Issuer Security Trustee (or the receiver appointed
on its behalf) representing the Principal Amount Outstanding of the Notes;

    "Issuer Available Revenue Receipts" means for the Issuer in respect of any
Payment Date an amount calculated by the Issuer Cash Manager on the
Distribution Date immediately preceding such Payment Date equal to the sum of:

    (a)  interest, fees and any other amount (excluding principal) paid by
         Funding 2 on the relevant Payment Date in respect of the Global
         Intercompany Loan;

    (b)  amounts received by the Issuer under or in accordance with the Issuer
         Swap Agreements (excluding Swap Collateral standing to the credit of
         the Issuer Swap Collateral Accounts) and any early termination
         amounts (other than such early termination amounts applied or to be
         applied by the Issuer in the purchase of one or more replacement
         hedge transactions) received by the Issuer under the Issuer Swap
         Agreements;

    (c)  interest payable on the Issuer Bank Accounts and any income from
         Authorised Investments made with funds standing to the credit of the
         Issuer Bank Accounts in each case which has been or will be received
         on or before the relevant Payment Date; and

    (d)  the amounts available to be drawn under the Issuer Reserve Fund,
         subject to any limits or conditions or the purposes for which the
         Issuer Reserve Funding may be utilised;

    "Issuer Bank Accounts" means the Issuer Transaction Account and also
includes any additional or replacement bank account opened in the name of the
Issuer from time to time with the prior written consent of the Issuer Security
Trustee and the Rating Agencies;

    "Issuer Bank Account Agreement" means the bank account agreement entered
into on or about the Funding 2 Programme Date between the Issuer, the Issuer
Cash Manager, the Issuer Account Bank and the Issuer Security Trustee;

    "Issuer Cash Management Agreement" means the cash management agreement
entered into on or about the Funding 2 Programme Date among the Issuer Cash
Manager, the Issuer and the Issuer Security Trustee;

    "Issuer Corporate Services Agreement" means the corporate services
agreement entered into on or about the Funding 2 Programme Date between, among
others, the Issuer Corporate Services Provider, Holdings, the Post Enforcement
Call Option Holder and the Issuer, for the provision by the Issuer Corporate
Services Provider of certain corporate services;

<PAGE>

    "Issuer Corporate Services Provider" means Law Debenture Corporate
Services Limited or such other person for the time being acting as corporate
services provider to the Issuer under the Issuer Corporate Services Agreement;

    "Issuer Deed of Charge" means the deed of charge entered into on or about
the Funding 2 Program Date, as amended and restated from time to time,
between, among others, the Issuer and the Issuer Security Trustee and each
deed of accession or supplement entered into in connection therewith;

    "Issuer Enforcement Notice" has the meaning indicated in Condition 10(A);

    "Issuer Master Definitions Schedule" means the master definitions schedule
in connection with the Issuer dated on or about the Funding 2 Program Date
setting out, among other things, definitions which apply to certain
Transaction Documents;

    "Issuer Paying Agent and Agent Bank Agreement" means the paying agent and
agent bank agreement entered into on or about the Funding 2 Program Date
between the Issuer, the Principal Paying Agent, the Paying Agents, the
Transfer Agent, the Registrar, the Agent Bank, the Issuer Security Trustee and
the Note Trustee;

    "Issuer Post-Enforcement Call Option Agreement" means the post enforcement
call option agreement entered into on or about the Funding 2 Program Date
between the Issuer, the Post Enforcement Call Option Holder and the Note
Trustee;

    "Issuer Post-Enforcement Priority of Payments" means the provisions and
the order of priority of payments in which all Issuer Available Revenue
Receipts, Issuer Available Principal Receipts and all other monies, income,
receipts and recoveries received by or on behalf of the Issuer or the Issuer
Security Trustee or any receiver of the Issuer and the proceeds of enforcement
of the Issuer Security are to be applied following an enforcement of the
Issuer Security as set out in a schedule to the Issuer Deed of Charge, as the
same may be amended, varied or superseded from time to time in accordance with
the terms of the Issuer Deed of Charge;

    "Issuer Pre-Enforcement Principal Priority of Payments" means the
provisions and the order of priority of payments in which the Issuer Available
Principal Receipts will be applied until enforcement of the Issuer Security as
set out in a schedule to the Issuer Cash Management Agreement;

    "Issuer Pre-Enforcement Revenue Priority of Payments" means the provisions
and the order of priority of payments in which the Issuer Available Revenue
Receipts will be applied until enforcement of the Issuer Security and as set
out in a schedule to the Issuer Cash Management Agreement;

    "Issuer Secured Creditors" means the Issuer Security Trustee (and any
receiver appointed under the Issuer Deed of Charge), the Note Trustee, the
Issuer Swap Providers, any Start-Up Loan Provider, the Issuer Corporate
Services Provider, the Issuer Account Bank, the Issuer Cash Manager, the
Paying Agents, the Agent Bank, the Transfer Agent, the Registrar and the
Noteholders and any new Issuer Secured Creditor who accedes to the Issuer Deed
of Charge from time to time under a Deed of Accession or a supplemental deed;

    "Issuer Security" means the security created by the Issuer pursuant to the
Issuer Deed of Charge;

    "Issuer Security Trustee" means The Bank of New York and its successors or
any further or other security trustee under the Issuer Deed of Charge, as
trustee for the Issuer Secured Creditors;

<PAGE>

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

    "Issuer Swap Collateral" means any asset (including, without limitation,
cash and/or securities) paid or transferred to the Issuer by an Issuer Swap
Provider in accordance with the terms of the relevant Issuer Swap Agreement as
collateral to secure the performance of that Issuer Swap Provider's
obligations under the relevant Issuer Swap Agreement together with any income
or distributions received in respect of such asset and any equivalent of or
replacement of such asset into which such asset is transformed;

    "Issuer Swap Collateral Accounts" means the Issuer Swap Collateral Cash
Account and the Issuer Swap Collateral Securities Account;

    "Issuer Swap Collateral Ancillary Document" means any document (including,
without limitation, any custodial agreement or bank account agreement but
excluding the Issuer Swap Agreements, the Issuer Cash Management Agreement and
the Issuer Deed of Charge) as may be entered into by the Issuer from time to
time in connection with the Issuer Swap Collateral;

    "Issuer Swap Collateral Cash Account" means an account opened in the name
of the Issuer for the purpose of holding Swap Collateral in cash and
maintained in accordance with the terms of the Issuer Cash Management
Agreement;

    "Issuer Swap Collateral Securities Account" means a securities account
opened in the name of the Issuer for the purpose of holding Swap Collateral in
the form of securities and maintained in accordance with the terms of the
Issuer Cash Management Agreement;

    "Issuer Swap Providers" means the institutions identified in respect of
each Issuer Swap Agreement in the Note Supplement related to the relevant
Series and Class of Notes;

    "Issuer Transaction Account" means the day to day bank accounts of the
Issuer, held with the Issuer Account Bank as at the Funding 2 Program Date or
that may be opened, with the prior approval of the Issuer Security Trustee,
after the Closing Date;

    "Issuer Trust Deed" means the trust deed entered into on or about the
Funding 2 Program Date between the Issuer and the Note Trustee, among other
things, constituting the Notes;

    "LIBOR" means the London inter-bank offered rate;

    "Listed Notes" means each Series and Class of Notes which is admitted to
the official list maintained by the UK Listing Authority and admitted to
trading on the London Stock Exchange's market for listed securities;

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

    "Margin" means, in respect of any Series and Class of Notes, the amount
specified as such for such Notes in the applicable Note Supplement;

<PAGE>

    "Maximum Rate of Interest" means, in respect of any Series and Class of
Notes, the rate of interest specified as such for such Notes in the applicable
Note Supplement;

    "Minimum Rate of Interest" means, in respect of any Series and Class of
Notes, the rate of interest specified as such for such Notes in the applicable
Note Supplement;

    "Minimum Seller Share" means an amount included in the Seller Share which
is calculated in accordance with the Mortgages Trust Deed;

    "Mortgages Trust" means the trust of the trust property held by the
Mortgages Trustee under the Mortgages Trust Deed;

    "New York Business Day" means a day (other than a Saturday, Sunday or a
public holiday) on which banks are generally open for business in the City of
New York;

    "Non-Asset Trigger Event" means any of the following events: (a) an
Insolvency Event occurs in relation to the Seller, (b) the role of the Seller
as Administrator under the Administration Agreement is terminated and a new
Administrator is not appointed within 60 days, or (c) on the Distribution Date
immediately succeeding a Seller Share Event Distribution Date, the Current
Seller Share is equal to or less than the Minimum Seller Share (determined
using the amounts of the Current Seller Share and Minimum Seller Share that
would exist after making the distributions of mortgages trustee principal
receipts due on that Distribution Date on the basis that the Cash Manager
assumes that those mortgages trustee principal receipts are distributed in the
manner described under "- Mortgages trustee allocation and distribution of
mortgages trustee principal receipts prior to the occurrence of a trigger
event" in the Prospectus);

    "Note Acceleration Notice" means any or all of a Class A Note Acceleration
Notice, a Class B Note Acceleration Notice, a Class M Note Acceleration
Notice, a Class C Note Acceleration Notice and a Class D Note Acceleration
Notice;

    "Note Certificates" means any Global Note Certificates or Individual Note
Certificates;

    "Note Determination Date" means the Distribution Date immediately preceding
each Payment Date;

    "Note Principal Payment" has the meaning indicated in Condition 5(C);

    "Note Trustee" means The Bank of New York and its successors or any
further or other note trustee under the Issuer Trust Deed, as trustee for the
Noteholders;

    "Noteholders" means the Holders for the time being of the Notes;

    "Notes" means the Class A Notes, the Class B Notes, the Class M Notes, the
Class C Notes and the Class D Notes;

    "Note Supplement" means, in relation to a Series of US Notes, the
applicable Prospectus Supplement and/or the applicable Pricing Supplement and,
in relation to a Series of Reg S Notes, the applicable Pricing Supplement;

    "Paying Agents" means the Principal Paying Agent and the US Paying Agent,
together with any further or other paying agents for the time being appointed
under the Issuer Paying Agent and Agent Bank Agreement;

    "Payment Business Day" means a day which is:

<PAGE>

    a day on which a day on which commercial banks and foreign exchange
        markets settle payments and are open for general business (including
        dealing in foreign exchange and foreign currency deposits) in:

        the relevant place of presentation;

        London

        any Additional Financial Centre specified in the applicable Note
        Supplement; and

    either (1) in relation to any sum payable in a Specified Currency other
        than euro, a day on which commercial banks and foreign exchange
        markets settle payments and are open for general business (including
        dealing in foreign exchange and foreign currency deposits) in the
        principal financial centre of the country of the relevant Specified
        Currency (if other than London and any Additional Business Centre) and
        which if the Specified Currency is Australian dollars or New Zealand
        dollars shall be Sydney and Auckland, respectively or (2) in relation
        to any Notes denominated or payable in euro, a day on which the
        Trans-European Automated RealTime Gross Settlement Express Transfer
        (TARGET) System is open; and

    in the case of any payment in respect of a Global Note denominated in a
        Specified Currency other than US dollars and registered in the name of
        DTC or its nominee and in respect of which an accountholder of DTC
        (with an interest in such Global Note) has elected to receive any part
        of such payment in US dollar, a day on which commercial banks are not
        authorised or required by law or regulation to be closed in New York;

    "Post Enforcement Call Option Holder" means GPCH Limited;

    "Pricing Supplement" means, in relation to any Series of Listed Notes, the
pricing supplement issued in relation to such Series of Listed Notes as a
supplement to the Offering Circular and giving details of such Series of
Notes;

    "Principal Amount Outstanding" has the meaning indicated in Condition 5(C);

    "Principal Paying Agent" means [ ] in its capacity as principal paying
agent at its Specified Office or such other person for the time being acting
as principal paying agent under the Issuer Paying Agent and Agent Bank
Agreement;

    "Prospectus Supplement" means, in relation to any Series of US Notes, the
prospectus supplement issued in relation to such Series of US Notes as a
supplement to the Prospectus and giving details of such Series of US Notes;

    "Rate of Interest" and "Rates of Interest" means, in respect of any Series
and Class of Notes, the rate or rates (expressed as a percentage per annum) on
interest payable in respect of such Notes specified in the applicable Note
Supplement or calculated and determined in accordance with the applicable Note
Supplement;

    "Rating Agencies" means Standard & Poor's Rating Services, a division of
The McGraw-Hill Companies Inc., Moody's Investors Service Limited and Fitch
Ratings Ltd.;

    ["Reference Price" means, in respect of any Series and Class of Notes, the
price specified as such for such Notes in the applicable Note Supplement;]

    "Reference Rate" means, in respect of any Series of Notes, the rate
specified as such for such Notes in the applicable Note Supplement;

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

<PAGE>

    "Reg S Notes" means each Series and Class of Listed Notes that are not US
Notes;

    "Reg S Global Note Certificates" means the note certificates representing
the [o] Notes while in global form;

    "Register" means the register of Noteholders kept by the Registrar and
which records the identity of each Noteholder and the number of Notes that
each Noteholder owns;

    "Registrar" means Citibank, N.A. in its capacity as registrar at its
Specified Office or such other person for the time being acting as registrar
under the Issuer Paying Agent and Agent Bank Agreement;

    "Relevant Screen" means a page of the Reuters service or Bloomberg
service, or any other medium for electronic display of data as may be
previously approved in writing by the Note Trustee and has been notified to
Noteholders in the manner set out in Condition 14;

    "Relevant Screen Page" means, in respect of any Series and Class of Notes,
the screen page specified as such for such Notes in the applicable Note
Supplement;

    "Security Interest" means any mortgage or sub-mortgage, standard security,
charge or sub-charge (whether legal or equitable), encumbrance, pledge, lien,
hypothecation, assignment by way of security or other security interest or
title retention arrangement and any agreement, trust or arrangement having
substantially the same economic or financial effect as any of the foregoing
(other than a lien arising in the ordinary course of business or by operation
of law);

    "Seller Share" means the Current Seller Share of the trust property
calculated as set forth in the Mortgages Trust Deed;

    "Seller Share Event" means an event that will occur if, on a Distribution
Date, (i) the result of the calculation of the Current Seller Share on that
Distribution Date would be equal to or less than the Minimum Seller Share for
such Distribution Date (determined using the amounts of the Current Seller
Share and Minimum Seller Share that would exist after making the distributions
of mortgages trustee principal receipts due on that Distribution Date on the
basis that the Cash Manager assumes that those mortgages trustee principal
receipts are distributed in the manner described under "- Mortgages trustee
allocation and distribution of mortgages trustee principal receipts prior to
the occurrence of a trigger event") in the Note, and (ii) a Seller Share Event
has not occurred on the immediately preceding Distribution Date);

    "Seller Share Event Distribution Date" means a Distribution Date on which a
Seller Share Event occurs;

    "Series" means, subject to Condition 15, in relation to the Notes, all
Notes of any Class issued on a given day;

    "Series and Class" means, a particular Class of Notes of a given Series
or, where such Class of such Series comprises more than one sub-class, "Series
and Class" means a particular sub-class of such Class;

    "Specified Currency" means, in respect of any Series and Class of Notes,
the currency or currencies specified as such for such Notes in the applicable
Note Supplement;

    "Specified Currency Exchange Rate" means, in relation to a Series and
Class of Notes, the exchange rate specified in the Issuer Swap Agreement
relating to such Series

<PAGE>

and Class of Notes or, if the Issuer Swap Agreement has been terminated, the
applicable spot rate;

    "Specified Date" has the meaning indicated in Condition 11(F);

    "Specified Denomination" means, in respect of any Series and Class of
Notes, the denomination specified as such for such Notes in the applicable
Note Supplement;

    "Specified Office" means, the context may require, in relation to any of
the Agents, the office specified against the name of such Agent in the Issuer
Paying Agent and Agent Bank Agreement or such other specified notice as may be
notified to the Issuer and the Note Trustee pursuant to the Issuer Paying
Agent and Agency Bank Agreement;

    "Specified Period" means, in respect of any Series and Class of Notes, the
period expressed as the Specified Period for such Notes in the applicable Note
Supplement;

    "Sterling", "Pounds Sterling" or "(GBP)" means the lawful currency for
the time being of the United Kingdom of Great Britain and Northern Ireland;

    "Sterling Notes" means each Series and Class of Notes denominated in
Sterling;

    "sub-unit" means, with respect to any currency other than Sterling, the
lowest amount of such currency that is available as legal tender in the
country of such currency and, with respect to Sterling, one pence.

    "Transaction Documents" means the Issuer Corporate Services Agreement, the
Global Intercompany Loan Agreement, the Funding 2 Deed of Charge, the Issuer
Bank Account Agreement, the Issuer Deed of Charge, the Issuer Trust Deed, the
Issuer Paying Agent and Agent Bank Agreement, the Issuer Cash Management
Agreement, the Issuer Post-Enforcement Call Option Agreement, the Issuer Swap
Agreements, any Issuer Swap Collateral Ancillary Document, the Issuer Master
Definitions Schedule, the Mortgages Trustee Guaranteed Investment Contract,
the Funding 2 Guaranteed Investment Contract and such other related documents
which are referred to in the terms of the above documents;

    "Transfer Agent" means Citibank, N.A. in its capacity as transfer agent at
its Specified Office or such other person for the time being acting as
transfer agent under the Issuer Paying Agent and Agent Bank Agreement;

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

    "Trust Determination Date" means the first day (or, if not a London
Business Day, the next succeeding London Business Day) of each calendar month;

    "UK Listing Authority" means the Financial Services Authority in its
capacity as competent authority for the purposes of Part VI of the Financial
Services and Markets Act 2000, as amended;

    "US Global Note Certificates" means the note certificates representing the
US Notes while in global form;

    "US Notes" means each Series and Class of Listed Notes which is registered
with the United States Securities and Exchange Commission under the United
States Securities Act of 1933, as amended;

    "US Paying Agent" means Citibank, N.A., acting in its capacity as US
paying agent through its New York office or such other person for the time
being acting as US paying agent under the Issuer Paying Agent and Agent Bank
Agreement.

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