Document:

EXHIBIT 4.6

                                 DATED ___, 2002

                          HOLMES FINANCING (NO. 6) PLC

                              THE BANK OF NEW YORK
                             SIXTH ISSUER TRUST DEED

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  US$[1,000,000,000] SERIES 1 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER
                            NOTES DUE [OCTOBER 2003]
 US$[34,000,000] SERIES 1 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
 US$[57,000,000] SERIES 1 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
  US$[1,250,000,000] SERIES 2 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER
                             NOTES DUE [APRIL 2008]
 US$[42,000,000] SERIES 2 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
 US$[71,000,000] SERIES 2 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
 (EURO)[1,200,000,000] SERIES 3 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER
                            NOTES DUE [OCTOBER 2009]
  (EURO)[40,000,000] SERIES 3 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER
                              NOTES DUE [JULY 2040]
  (EURO)[69,000,000] SERIES 3 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER
                              NOTES DUE [JULY 2040]
   US$[750,000,000] SERIES 4 CLASS A1 ASSET BACKED FLOATING RATE SIXTH ISSUER
                            NOTES DUE [OCTOBER 2009]
   CHF[700,000,000] SERIES 4 CLASS A2 ASSET BACKED FIXED-FLOATING RATE SIXTH
                         ISSUER NOTES DUE [OCTOBER 2009]
   US$ [41,000,000] SERIES 4 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER
                              NOTES DUE [JULY 2040]
    US$[70,000,000] SERIES 4 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER
                              NOTES DUE [JULY 2040]
     (POUND)[750,000,000] SERIES 5 CLASS A ASSET BACKED FLOATING RATE SIXTH
                          ISSUER NOTES DUE [JULY 2040]
     (POUND)[25,000,000] SERIES 5 CLASS B ASSET BACKED FLOATING RATE SIXTH
                          ISSUER NOTES DUE [JULY 2040]
     (POUND)[43,000,000] SERIES 5 CLASS C ASSET BACKED FLOATING RATE SIXTH
                          ISSUER NOTES DUE [JULY 2040]

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                                  ALLEN & OVERY
                                     London

<PAGE>

                                    CONTENTS

CLAUSE                                                                      PAGE

1.       Definitions...........................................................2
2.       Covenant to Repay and to pay Interest on Sixth Issuer Notes...........3
3.       Form and Issue of Sixth Issuer Notes..................................6
4.       Replacement of Sixth Issuer Notes....................................11
5.       Register, Transfer and Exchange of Sixth Issuer Notes................11
6.       Fees, Duties and Taxes...............................................14
7.       Covenant of Compliance...............................................14
8.       Cancellation of Sixth Issuer Notes and Records.......................15
9.       Enforcement..........................................................15
10.      Proceedings, Actions and Indemnification.............................16
11.      Discharge of Payment.................................................17
12.      Partial Payments.....................................................17
13.      Covenants by the Sixth Issuer........................................17
14.      Remuneration and Indemnification of Note Trustee.....................23
15.      Supplement to Trustee Act 1925.......................................25
16.      Note Trustee's Liability.............................................32
17.      Note Trustee Contracting with the Sixth Issuer.......................32
18.      Waiver, Authorisation and Determination..............................33
19.      Entitlement to treat Noteholder as Absolute Owner....................34
20.      Currency Indemnity...................................................35
21.      Eligibility and Disqualification; New Note Trustee...................35
22.      Note Trustee's Retirement and Removal................................37
23.      Note Trustee's Powers to be Additional...............................37
24.      Notices..............................................................37
25.      Rights of Third Parties..............................................38
26.      Trust Indenture Act Prevails.........................................38
27.      Certificates and Opinions............................................38
28.      Release of Collateral................................................39
29.      Governing Law........................................................40
30.      Counterparts.........................................................40

SCHEDULES

1.       Forms of Global Sixth Issuer Notes..................................45
2.       Forms of Definitive Sixth Issuer Notes.............................153
3.       Terms and Conditions of the Sixth Issuer Notes.....................222
4.       Provisions for meetings of Noteholders.............................223

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THIS SIXTH ISSUER TRUST DEED is made on ___, 2002

BETWEEN:

(1)     HOLMES FINANCING (NO. 6) PLC (registered in England and Wales No.
        4359738) whose registered office is at Abbey National House, 2 Triton
        Square, Regents Place, London NW1 3AN (the "SIXTH ISSUER"); and

(2)     THE BANK OF NEW YORK whose office is at One Canada Square, London E14
        5AL (the "NOTE TRUSTEE", which expression shall, wherever the context so
        admits, include such company and all other persons or companies for the
        time being the note trustee or note trustees of this Deed) as trustee
        for the Noteholders.

WHEREAS:

(1) By a resolution of a duly authorised Board of Directors of the Sixth Issuer
passed on [10th October, 2002] the Sixth Issuer has resolved to issue
US$[1,000,000,000] Series 1 Class A Asset Backed Floating Rate Sixth Issuer
Notes due [October 2003] (the "SERIES 1 CLASS A SIXTH ISSUER NOTES"),
US$[34,000,000] Series 1 Class B Asset Backed Floating Rate Sixth Issuer Notes
due [July 2040] (the "SERIES 1 CLASS B SIXTH ISSUER NOTES"), US$[57,000,000]
Series 1 Class C Asset Backed Floating Rate Sixth Issuer Notes due [July 2040]
(the "SERIES 1 CLASS C SIXTH ISSUER NOTES" and together with the Series 1 Class
A Sixth Issuer Notes and the Series 1 Class B Sixth Issuer Notes, the "SERIES 1
SIXTH ISSUER NOTES"), US$[1,250,000,000] Series 2 Class A Asset Backed Floating
Rate Sixth Issuer Notes due [April 2008] (the "SERIES 2 CLASS A SIXTH ISSUER
NOTES"), US$[42,000,000] Series 2 Class B Asset Backed Floating Rate Sixth
Issuer Notes due [July 2040] (the "SERIES 2 CLASS B SIXTH ISSUER NOTES"),
US$[71,000,000] Series 2 Class C Asset Backed Floating Rate Sixth Issuer Notes
due [July 2040] (the "SERIES 2 CLASS C SIXTH ISSUER NOTES" and together with the
Series 2 Class A Sixth Issuer Notes and the Series 2 Class B Sixth Issuer Notes,
the "SERIES 2 SIXTH ISSUER NOTES"), (euro)[1,200,000,000] Series 3 Class A Asset
Backed Floating Rate Sixth Issuer Notes due [October 2009] (the "SERIES 3 CLASS
A SIXTH ISSUER NOTES"), (euro)[40,000,000] Series 3 Class B Asset Backed
Floating Rate Sixth Issuer Notes due [July 2040] (the "SERIES 3 CLASS B SIXTH
ISSUER NOTES") and (euro)[69,000,000] Series 3 Class C Asset Backed Floating
Rate Notes due [July 2040] (the "SERIES 3 CLASS C SIXTH ISSUER NOTES and
together with the Series 3 Class A Sixth Issuer Notes and the Series 3 Class B
Sixth Issuer Notes, the "SERIES 3 SIXTH ISSUER NOTES", US$[750,000,000] Series 4
Class A1 Asset Backed Floating Rate Sixth Issuer Notes due [October 2009] (the
"SERIES 4 CLASS A1 SIXTH ISSUER NOTES"), CHF[700,000,000] Series 4 Class A2
Asset Backed Fixed-Floating Rate Sixth Issuer Notes due [October 2009] (the
"SERIES 4 CLASS A2 SIXTH ISSUER NOTES" and together with the Series 4 Class A1
Sixth Issuer Notes, the "SERIES 4 CLASS A SIXTH ISSUER NOTES"), US$[41,000,000]
Series 4 Class B Asset Backed Floating Rate Sixth Issuer Notes due [July 2040]
(the "SERIES 4 CLASS B SIXTH ISSUER NOTES"), US$[70,000,000] Series 4 Class C
Asset Backed Floating Rate Sixth Issuer Note due [July 2040] (the "SERIES 4
CLASS C SIXTH ISSUER NOTES" and together with the Series 4 Class A1 Sixth Issuer
Notes, and the Series 4 Class B Sixth Issuer Notes, the "SERIES 4 SIXTH ISSUER
NOTES"), (pound)[750,000,000] Series 5 Class A Asset Backed Floating Rate Sixth
Issuer Notes due [July 2040] (the "SERIES 5 CLASS A SIXTH ISSUER NOTES"),
(pound)[25,000,000] Series 5 Class B Asset Backed Floating Rate Sixth Issuer
Notes due [July 2040] (the "SERIES 5 CLASS B SIXTH ISSUER NOTES") and
(pound)[43,000,000] Series 5 Class C Asset Backed Floating Rate Sixth Issuer
NOTES due [July 2040] (the "SERIES 5 CLASS C SIXTH ISSUER NOTES" and together
with the Series 5 Class A Sixth Issuer Notes and the Series 5 Class B Sixth
Issuer Notes, the "SERIES 5 SIXTH ISSUER NOTES"). The Series 1 Class A Sixth
Issuer Notes, together with the Series 2 Class A Sixth Issuer Notes, the Series
3 Class A Sixth Issuer Notes, the Series 4 Class A Sixth Issuer Notes, and the
Series 5 Class A Sixth Issuer Notes constitute the "CLASS A SIXTH ISSUER NOTES",
the Series 1 Class B Sixth Issuer Notes, the Series 2 Class B Sixth

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                                       2

Issuer Notes, the Series 3 Class B Sixth Issuer Notes, the Series 4 Class B
Sixth Issuer Notes and the Series 5 Class B Sixth Issuer Notes constitute the
"CLASS B SIXTH ISSUER NOTES" and the Series 1 Class C Sixth Issuer Notes, the
Series 2 Class C Sixth Issuer Notes, the Series 3 Class C Sixth Issuer Notes,
the Series 4 Class C Sixth Issuer Notes and the Series 5 Class C Sixth Issuer
Notes constitute the "CLASS C SIXTH ISSUER NOTES", the Class A Sixth Issuer
Notes, the Class B Sixth Issuer Notes and the Class C Sixth Issuer Notes being
together referred to as the "SIXTH ISSUER NOTES". The Sixth Issuer Notes are
hereby constituted and secured by the Sixth Issuer Deed of Charge.

(2)     The Note Trustee has agreed to act as trustee of these presents for the
        benefit of the Noteholders upon and subject to the terms and conditions
        of these presents.

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

1.      DEFINITIONS

(A)     The Amended and Restated Master Definitions and Construction Schedule
        and the Sixth Issuer Master Definitions and Construction Schedule, both
        signed for the purposes of identification by Allen & Overy and Slaughter
        and May on ___, 2002 (as the same may be amended, varied or supplemented
        from time to time with the consent of the parties hereto) are expressly
        and specifically incorporated into this Deed and, accordingly, the
        expressions defined in the Amended and Restated Master Definitions and
        Construction Schedule and the Sixth Issuer Master Definitions and
        Construction Schedule (as so amended, varied or supplemented) shall,
        except where the context otherwise requires and save where otherwise
        defined herein, have the same meanings in this Deed, including the
        Recitals hereto and this Deed shall be construed in accordance with the
        interpretation provisions set out in CLAUSE 2 of the Amended and
        Restated Master Definitions and Construction Schedule and the Sixth
        Issuer Master Definitions and Construction Schedule. In the event of a
        conflict between the Amended and Restated Master Definitions and
        Construction Schedule and the Sixth Issuer Master Definitions and
        Construction Schedule, the Sixth Issuer Master Definitions Schedule
        shall prevail.

(B)     (i)     All references in these presents to principal and/or premium
                and/or interest in respect of the Sixth Issuer Notes or to any
                monies payable by the Sixth Issuer under these presents shall be
                deemed to include a reference to any additional amounts which
                may be payable under CONDITION 4(B) or, if applicable, under any
                undertaking or covenant given pursuant to CLAUSE 2(B).

        (ii)    All references in these presents to "(POUND)", "STERLING" or
                "POUNDS STERLING" shall be construed as references to the lawful
                currency or currency unit for the time being of the United
                Kingdom. All references to "(EURO)", "EUR", "EURO" or "EURO"
                shall be construed as refereNCES to the single currency
                introduced at the third stage of European Economic and Monetary
                Union pursuant to the Treaty establishing the European
                Communities as amended from time to time. All references to "$",
                "US$" or "US DOLLARS" shall be construed as references to the
                lawful currency or currency unit for the time being of the
                United States of America. All references in these presents to
                "CHF" or "SWISS FRANCS" shall be construed as references to the
                lawful currency or currency unit for the time being of the Swiss
                Confederation.

        (iii)   All references in this Deed to "THESE PRESENTS" means this Deed,
                the Sixth Issuer Notes, the Conditions, the Schedules hereto,
                any deed expressed to be supplemental hereto or thereto and the
                schedules (if any) and the Sixth Issuer Deed of Charge and

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                                       3

                the schedules thereto, all as from time to time supplemented or
                modified in accordance with the provisions contained in this
                Deed and/or where applicable, therein contained.

        (iv)    All references in these presents 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.

        (v)     All references in these presents 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.

        (vi)    All references in these presents to taking proceedings against
                the Sixth Issuer shall be deemed to include references to
                proving in the winding up of the Sixth Issuer.

        (vii)   All references in these presents to DTC, Euroclear, Clearstream,
                Luxembourgand SIS, shall be deemed to include references to any
                other or additional clearing system as may be approved in
                writing by the Note Trustee.

        (viii)  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.

        (ix)    Whenever this Deed refers to a provision of the Trust Indenture
                Act, the provision is incorporated by reference in and made part
                of this Deed. All other Trust Indenture Act terms used in this
                Deed 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.

2.      COVENANT TO REPAY AND TO PAY INTEREST ON SIXTH ISSUER NOTES

(A)     The aggregate principal amount of:

        (i)     the Series 1 Class A Sixth Issuer Notes is limited to
                US$[1,000,000,000];

        (ii)    the Series 1 Class B Sixth Issuer Notes is limited to
                US$[34,000,000];

        (iii)   the Series 1 Class C Sixth Issuer Notes is limited to
                US$[57,000,000];

        (iv)    the Series 2 Class A Sixth Issuer Notes is limited to
                US$[1,250,000,000];

        (v)     the Series 2 Class B Sixth Issuer Notes is limited to
                US$[42,000,000];

        (vi)    the Series 2 Class C Sixth Issuer Notes is limited to
                US$[71,000,000];

        (vii)   the Series 3 Class A Sixth Issuer Notes is limited
                to (euro)[1,200,000,000];

        (viii)  the Series 3 Class B Sixth Issuer Notes is limited
                to (euro)[40,000,000];

        (ix)    the Series 3 Class C Sixth Issuer Notes is limited
                to (euro)[69,000,000];

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                                       4

        (x)     the Series 4 Class A1 Sixth Issuer Notes is limited to
                US$[750,000,000];

        (xi)    the Series 4 Class A2 Sixth Issuer Notes is limited to
                CHF[700,000,000];

        (xii)   the Series 4 Class B Sixth Issuer Notes is limited to
                US$[41,000,000];

        (xiii)  the Series 4 Class C Sixth Issuer Notes is limited to
                US$[70,000,000];

        (xiv)   the Series 5 Class A Sixth Issuer Notes is limited
                to (pound)[750,000,000];

        (xv)    the Series 5 Class B Sixth Issuer Notes is limited
                to (pound)[25,000,000]; and

        (xvi)   the Series 5 Class C Sixth Issuer Notes is limited
                to (pound)[43,000,000].

(B)     The Sixth Issuer covenants with the Note Trustee that it will, in
        accordance with these presents, on the due date for the final maturity
        of the Sixth Issuer Notes provided for in the Conditions, or on such
        earlier date as the same or any part thereof may become due and
        repayable thereunder, pay or procure to be paid unconditionally to or to
        the order of the Note Trustee in euro, US dollars, sterling or Swiss
        francs, as applicable, in London or New York City or Zurich, as
        applicable in immediately available funds the principal amount of the
        Sixth Issuer Notes repayable on that date and shall in the meantime and
        until the due date for the final maturity of the Sixth Issuer Notes
        (both before and after any judgment or other order of a court of
        competent jurisdiction) 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 the Sixth
        Issuer Notes at the rates set out in or (as the case may be) calculated
        from time to time in accordance with CONDITION 4 and on the dates
        provided for in the Conditions PROVIDED THAT:

        (i)     every payment of principal or interest in respect of the Sixth
                Issuer Notes to or to the account of the Principal Paying Agent
                or the Swiss Principal Paying Agent, as applicable, in the
                manner provided in the Sixth Issuer Paying Agent and Agent Bank
                Agreement or the Swiss Paying Agent and Agent Bank Agreement, as
                applicable, shall operate in satisfaction pro tanto of the
                relative covenant by the Sixth Issuer in this Clause except to
                the extent that there is default in the subsequent payment
                thereof in accordance with the Conditions to the Noteholders;

        (ii)    in any case where payment of principal is not made to the Note
                Trustee or the Principal Paying Agent or the Swiss Principal
                Paying Agent, as applicable, on or before the due date, interest
                shall continue to accrue on the principal amount of the Sixth
                Issuer Notes (both before and after any judgment or other order
                of a court of competent jurisdiction) at the respective rates
                aforesaid (or, if higher, the rate of interest on judgment debts
                for the time being provided by English law) up to and including
                the date which the Note Trustee determines to be the date on and
                after which payment is to be made to the Noteholders in respect
                thereof as stated in a notice given to the Noteholders in
                accordance with CONDITION 14 (such date to be not later than 30
                days after the day on which the whole of such principal amount,
                together with an amount equal to the interest which has accrued
                and is to accrue pursuant to this proviso up to and including
                that date, has been received by the Note Trustee or the
                Principal Paying Agent or the Swiss Principal Paying Agent, as
                applicable);

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                                       5

        (iii)   in any case where payment of the whole or any part of the
                principal amount of any Sixth Issuer Note is improperly withheld
                or refused upon due presentation thereof (other than in
                circumstances contemplated by proviso (ii) above) interest shall
                accrue on that principal amount of 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 (or, if
                higher, the rate of interest on judgment debts for the time
                being provided by English law) from and including the date of
                such withholding or refusal up to and including the date on
                which, upon further presentation of the relevant Sixth Issuer
                Note, payment of the full amount (including interest as
                aforesaid) in euro, US dollars, sterling or Swiss francs, as
                applicable, payable in respect of such Sixth Issuer Note is made
                or (if earlier) the seventh day after notice is given to the
                relevant Noteholder (either individually or in accordance with
                CONDITION 14) that the full amount (including interest as
                aforesaid) in euro, US dollars, sterling or Swiss francs, as
                applicable, payable in respect of such Sixth Issuer Note is
                available for payment, provided that, upon further presentation
                thereof being duly made, such payment is made; and

        (iv)    notwithstanding any other provision of this Deed, the right of
                any Noteholder to receive payment of principal and interest on
                the Sixth Issuer Notes, on or after the respective due dates
                expressed in the Sixth 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.

        The Sixth Issuer shall pay Additional Interest in accordance with
        CONDITION 4(B).

        The Note Trustee will hold the benefit of the covenants contained in
        this Clause on trust for the Noteholders and itself in accordance with
        this Deed.

        NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS, ETC.

(C)     At any time after a Note Event of Default shall have occurred or the
        Sixth Issuer Notes shall otherwise have become due and repayable or the
        Definitive Sixth Issuer Notes have not been issued when so required in
        accordance with this Deed and the relative Global Sixth Issuer Notes,
        the Note Trustee may and shall, if directed by an Extraordinary
        Resolution of the Noteholders:

        (i)     by notice in writing to the Sixth Issuer, the Principal Paying
                Agent, the US Paying Agent, the Transfer Agent and the Registrar
                require the Principal Paying Agent, the US Paying Agent, the
                Transfer Agent and the Registrar pursuant to the Sixth Issuer
                Paying Agent and Agent Bank Agreement and by notice in writing
                to the Sixth Issuer, the Swiss Principal Paying Agent and the
                other Swiss Paying Agents require the Swiss Principal Paying
                Agent and the other Swiss Paying Agents pursuant to the Sixth
                Issuer Swiss Paying Agent and Agent Bank Agreement:

                (a)     act thereafter as Principal Paying Agent, US Paying
                        Agent, Transfer Agent and Registrar and as Swiss
                        Principal Paying Agent and Swiss Paying Agents,
                        respectively of the Note Trustee in relation to payments
                        to be made by or on behalf of the Note Trustee under the
                        provisions of this Deed mutatis mutandis on the terms
                        provided in the Sixth Issuer Paying Agent and Agent Bank
                        Agreement and in the Sixth Issuer Swiss Paying Agent and
                        Agent Bank Agreement, respectively (save that the Note
                        Trustee's liability under any provisions thereof for the
                        indemnification, remuneration and payment of out-

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                                       6

                        of-pocket expenses of the Paying Agents, the Transfer
                        Agent and the Registrar and of the Swiss Paying 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 relevant Sixth Issuer Notes and
                        available for such purpose) and thereafter to hold all
                        Sixth Issuer Notes and all sums, documents and records
                        held by them in respect of Sixth Issuer Notes on behalf
                        of the Note Trustee; or

                (b)     deliver up all Sixth Issuer Notes and all sums,
                        documents and records held by them in respect of the
                        Sixth 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 Paying Agent or Swiss Paying
                        Agent or (other than in the case of the Series 4 Class
                        A2 Sixth Issuer Notes) the Registrar, as the case may
                        be, is obliged not to release by any law or regulation;
                        and/or

        (ii)    by notice in writing to the Sixth Issuer require it to make all
                subsequent payments in respect of the Sixth Issuer Notes to or
                to the order of the Note Trustee and not to the Principal Paying
                Agent and the Swiss Principal Paying Agent, as applicable, with
                effect from the issue of any such notice to the Sixth Issuer and
                until such notice is withdrawn CLAUSE 2(B)(I) relating to the
                Sixth Issuer Notes shall cease to have effect.

(D)     The Sixth Issuer shall require each paying agent not a party to the
        Sixth Issuer Paying Agent and Agent Bank Agreement and each Swiss paying
        agent not a party to the Sixth Issuer Swiss Paying Agent and Agent Bank
        Agreement to agree in writing to hold in trust to the extent required by
        the Trust Indenture Act for the benefit of the Noteholders or the Note
        Trustee all money held by such paying agent or Swiss paying agent for
        the payment of principal of or interest on the Sixth Issuer Notes
        (whether such money has been paid to it by the Sixth Issuer or any other
        obligor of the Sixth Issuer Notes), and the Sixth Issuer and such paying
        agent shall each notify the Note Trustee of any default by the Sixth
        Issuer (or any other obligor of the Sixth Issuer Notes) in making any
        such payment.

3.      FORM AND ISSUE OF SIXTH ISSUER NOTES

        GLOBAL SIXTH ISSUER NOTES

(A)     (i)     The Series 1 Sixth Issuer Notes, the Series 2 Sixth Issuer Notes
                and the Series 4 Sixth Issuer Notes (other than the Series 4
                Class A2 Sixth Issuer Notes) will be initially offered and sold
                pursuant to a Registration Statement filed with the United
                States Securities and Exchange Commission. Each class of the
                Series 1 Sixth Issuer Notes, the Series 2 Sixth Issuer Notes and
                the Series 4 Sixth Issuer Notes (other than the Series 4 Class
                A2 Sixth Issuer Notes) will initially be represented by a
                separate global note in registered form (the "SERIES 1 CLASS A
                GLOBAL SIXTH ISSUER NOTE", the "SERIES 1 CLASS B GLOBAL SIXTH
                ISSUER NOTE", the "SERIES 1 CLASS C GLOBAL SIXTH ISSUER NOTE",
                the "SERIES 2 CLASS A GLOBAL SIXTH ISSUER NOTE", the "SERIES 2
                CLASS B GLOBAL SIXTH ISSUER NOTE", the "SERIES 2 CLASS C GLOBAL
                SIXTH ISSUER NOTE", the "SERIES 4 CLASS A1 GLOBAL SIXTH ISSUER
                Note", the "SERIES 4 CLASS B GLOBAL SIXTH ISSUER NOTE" and the
                "SERIES 4 CLASS C GLOBAL SIXTH ISSUER NOTE" and together the
                "DOLLAR GLOBAL SIXTH ISSUER NOTES"), in each case without
                coupons or talons attached and which, in aggregate, will
                represent the aggregate principal amount

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                                       7

        outstanding of the Series 1 Sixth Issuer Notes, the Series 2 Sixth
        Issuer Notes and the Series 4 Sixth Issuer Notes (other than the Series
        4 Class A2 Sixth Issuer Notes).

        (ii)    The Series 3 Sixth Issuer Notes and the Series 5 Sixth Issuer
                Notes will be initially offered and sold outside the United
                States to non-US persons pursuant to Regulation S ("REG S")
                under the United States Securities Act of 1933, as amended (the
                "SECURITIES ACT"). Each class of the Series 3 Sixth Issuer Notes
                and the Series 5 Sixth Issuer Notes will initially be
                represented by a global note in registered form (the "SERIES 3
                CLASS A GLOBAL SIXTH ISSUER NOTE", the "SERIES 3 CLASS B GLOBAL
                SIXTH ISSUER NOTE", the "SERIES 3 CLASS C GLOBAL SIXTH ISSUER
                NOTE", the "SERIES 5 CLASS A GLOBAL SIXTH ISSUER NOTE", the
                "SERIES 5 CLASS B GLOBAL SIXTH ISSUER NOTE" and the "SERIES 5
                CLASS C GLOBAL SIXTH ISSUER NOTE" and together, the "REG S
                GLOBAL SIXTH ISSUER NOTES"), in each case without coupons or
                talons attached and which, in aggregate, will represent the
                aggregate principal amount outstanding of the Series 3 Sixth
                Issuer Notes and the Series 5 Sixth Issuer Notes.

        (iii)   The Series 4 Class A2 Sixth Issuer Notes will be initially
                offered and sold outside the United States to non-US persons
                pursuant to Reg S. The Series 4 Class A2 Sixth Issuer Notes will
                initially be represented by a global note in bearer form (the
                "SERIES 4 CLASS A2 GLOBAL SIXTH ISSUER NOTE" or the "SWISS REG S
                GLOBAL SIXTH ISSUER NOTE"), without coupons or talons attached
                and which, in aggregate, will represent the aggregate principal
                amount outstanding of the Series 4 Class A2 Sixth Issuer Notes.
                The Dollar Global Sixth Issuer Notes, the Reg S Global Sixth
                Issuer Notes and the Swiss Reg S Global Sixth Issuer Note are
                collectively referred to herein as the "GLOBAL SIXTH ISSUER
                NOTES".

                The Series 4 Class A2 Sixth Issuer Notes will qualify as such
                only if each of the following conditions is satisfied:

                (a)     interest on, and the principal of, the Series 4 Class A2
                        Sixth Issuer Notes are denominated only in Swiss francs;

                (b)     interest on, and the principal of, the Series 4 Class A2
                        Sixth Issuer Notes are payable only within Switzerland;

                (c)     the Series 4 Class A2 Sixth Issuer Notes are offered and
                        sold in accordance with practices and documentation
                        customary in Switzerland;

                (d)     the relevant dealer agrees to use reasonable efforts to
                        sell the Series 4 Class A2 Sixth Issuer Notes within
                        Switzerland;

                (e)     the Series 4 Class A2 Sixth Issuer Notes are not listed,
                        or the subject of an application for listing, on an
                        exchange located outside Switzerland;

                (f)     the U.S. Internal Revenue Service (the "IRS") has
                        designated Switzerland as a foreign country in which
                        certification is not permissible and such designation is
                        effective and applicable on the date of issue of such
                        Series 4 Class A2 Sixth Issuer Notes;

                (g)     the issuance of the Series 4 Class A2 Sixth Issuer Notes
                        is subject to guidelines or restrictions imposed by
                        governmental, banking or securities authorities in
                        Switzerland; and

<PAGE>
                                       8

                (h)     more than 80 per cent. by value of the Series 4 Class A2
                        Sixth Issuer Notes included in the offering of the
                        Series 4 Class A2 Sixth Issuer Notes are offered and
                        sold to non-dealers by dealers maintaining an office
                        located in Switzerland.

(B)     The Global Sixth Issuer Notes shall be printed or typed in the form or
        substantially in the respective forms set out in SCHEDULE 1 and (other
        than in the case of the Series 4 Class A2 Sixth Issuer Notes) may be
        executed in facsimile. Each Global Sixth Issuer Note shall represent
        such of the outstanding Sixth Issuer Notes of the relevant class as
        shall be specified therein and each shall provide that it shall
        represent the aggregate Principal Amount Outstanding of the relevant
        class of Sixth Issuer Notes from time to time endorsed thereon and that
        the aggregate Principal Amount Outstanding of the Sixth 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 this Deed and the
        Sixth Issuer Paying Agent and Agent Bank Agreement and the Sixth Issuer
        Swiss Paying Agent and Agent Bank Agreement, as applicable. Any
        endorsement of a Global Sixth Issuer Note to reflect the amount of any
        increase or decrease in the Principal Amount Outstanding of the Sixth
        Issuer Notes represented thereby shall be made by the Registrar or (in
        the case of the Series 4 Class A2 Sixth Issuer Notes) the Swiss
        Principal Paying Agent in accordance with CLAUSE 5. Title to the Global
        Sixth Issuer Notes (other than the Series 4 Class A2 Global Sixth Issuer
        Note) shall pass by and upon the registration in the Register in respect
        thereof in accordance with the provisions of these presents. Title to
        the Series 4 Class A2 Global Sixth Issuer Note shall pass by delivery.
        The Global Sixth Issuer Notes (other than the Series 4 Class A2 Global
        Sixth Issuer Note) shall be issuable only in registered form and the
        Series 4 Class A2 Global Sixth Issuer Note shall be issued only in
        bearer form, in each case, without coupons or talons and signed manually
        by a person duly authorised by the Sixth Issuer on behalf of the Sixth
        Issuer and shall be authenticated by or on behalf of the Principal
        Paying Agent or the Swiss Principal Paying Agent, as applicable. The
        Global Sixth Issuer Notes so executed and authenticated shall be binding
        and valid obligations of the Sixth Issuer, notwithstanding that such
        duly authorised person no longer holds that office at the time the
        Principal Paying Agent or the Swiss Principal Paying Agent, as
        applicable, authenticates the relevant Global Sixth Issuer Note.

(C)     The Global Sixth Issuer Notes (except the Series 4 Class A2 Global Sixth
        Issuer Note) shall be issued by the Sixth Issuer to Cede & Co., as
        nominee for DTC, in respect of each Dollar Global Sixth Issuer Note and
        to ___, as nominee for the Common Depositary, in respect of each Reg S
        Global Sixth Issuer Note, on terms that Cede & Co. and the Common
        Depositary shall hold the same for the account of the persons who would
        otherwise be entitled to receive the Sixth Issuer Notes in definitive
        registered form (together with the Series 4 Class A2 Sixth Issuer Notes
        in definitive bearer form (if any), the "DEFINITIVE SIXTH ISSUER NOTES")
        (as notified to DTC and the Common Depositary by ___, on behalf of the
        Managers of the issue of the Sixth Issuer Notes) and the successors in
        title to such persons appearing in the records of DTC, Euroclear and
        Clearstream, Luxembourg for the time being. Upon the issuance of each
        such Global Sixth Issuer Notes to Cede & Co. and the Common Depositary,
        DTC, Euroclear and Clearstream, Luxembourg shall credit, on their
        respective internal book-entry registration and transfer systems, the
        accounts of holders of Book-Entry Interests with the respective
        interests owned by such Noteholders. The Series 4 Class A2 Sixth Issuer
        Notes will be issued in bearer form and deposited with SIS and will
        remain for as long as it is outstanding in safekeeping with SIS.
        Payments on the Series 4 Class A2 Global Sixth Issuer Note will be made
        only to the order of the Swiss Principal Paying Agent on behalf of the
        Series 4 Class A2 Sixth Issuer Noteholders. Each Series 4 Class A2 Sixth
        Issuer Noteholder

<PAGE>
                                       9

        must look solely to the financial institution which has reflected an
        ownership right in book entry form in an account with such financial
        institution and which is directly or indirectly holding such Series 4
        Class A2 Sixth Issuer Note through SIS.

(D)     The provisions of the "Operating Procedures of the Euroclear System" and
        "Terms and Conditions Governing Use of Euroclear" and the "General Terms
        and Conditions of Clearstream, Luxembourg" and "Customer Handbook" of
        Clearstream, Luxembourg shall be applicable to interests in the Global
        Sixth Issuer Notes that are held through Euroclear and Clearstream,
        Luxembourg.

        DEFINITIVE SIXTH ISSUER NOTES

(E)     The Sixth Issuer shall issue Definitive Sixth Issuer Notes (other than
        with respect to the Series 4 Class A2 Global Sixth Issuer Note) only if
        any of the following applies, while any of the Sixth Issuer Notes of any
        class are represented by a Global Sixth Issuer Note of the relevant
        class at any time after the 40th day following the later of the Sixth
        Issuer Closing Date and the date of the issue of such Global Sixth
        Issuer Note:

        (i)     (in the case of Dollar Global Sixth Issuer Notes) DTC has
                notified the Sixth Issuer that it is at any time unwilling or
                unable to continue as the registered holder of such Dollar
                Global Sixth Issuer Notes or is at any time unwilling or unable
                to continue as, or ceases 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 Sixth Issuer within 90 days of such
                notification, or (in the case of the Reg S Global Sixth Issuer
                Notes) 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; and

        (ii)    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 administration of such laws
                or regulations which becomes effective on or after the Sixth
                Issuer Closing Date, the Sixth Issuer or any Paying Agent is or
                will be required to make any deduction or withholding from any
                payment in respect of the Sixth Issuer Notes which would not be
                required were the Sixth Issuer Notes in definitive form.

        Unless and until Series 4 Class A2 Definitive Sixth Issuer Notes are
        issued under the limited circumstances described in this paragraph, the
        Series 4 Class A2 Global Sixth Issuer Note will remain for as long as it
        is outstanding in safekeeping with SIS, or any other collective custody
        organisation approved by the Swiss Exchange. The Series 4 Class A2
        Global Sixth Issuer Note will be issued in bearer form without interest
        coupons. Under Swiss law, each holder of the Series 4 Class A2 Global
        Sixth Issuer Note retains an ownership interest in the Series 4 Class A2
        Global Sixth Issuer Note to the extent of its undivided interest in
        certain assets of the Issuer. Holders of the Series 4 Class A2 Global
        Sixth Issuer Note therefore do not have the right to request the
        printing or delivery of Series 4 Class A2 Definitive Sixth Issuer Notes.
        If the Swiss Principal Paying Agent deems (i) the printing of Series 4
        Class A2 Definitive Sixth Issuer Notes to be necessary or useful, or
        (ii) if the presentation of Series 4 Class A2 Definitive Sixth Issuer
        Notes is required by Swiss or foreign laws in connection with the
        enforcement of rights (including cases of bankruptcy, consolidation or

<PAGE>
                                       10

        reorganisation of the Sixth Issuer), the Swiss Principal Paying Agent
        will provide for the printing of such Series 4 Class A2 Definitive Sixth
        Issuer Notes without cost to the holders of such Series 4 Class A2
        Global Sixth Issuer Note. The Sixth Issuer will irrevocably authorise
        the Swiss Principal Paying Agent to provide for such printing on its
        behalf. No Series 4 Class A2 Definitive Sixth Issuer Notes will be
        delivered to any location in the United States or its possessions.

        If required by this CLAUSE 3, then the Sixth Issuer shall, at its sole
        cost and expense within 30 days of the occurrence of the relevant event,
        issue Definitive Sixth Issuer Notes of the same class as the class of
        Sixth Issuer Notes represented by the relevant Global Sixth Issuer Note
        in exchange for the whole (or the remaining part(s) outstanding) of the
        relevant Global Sixth Issuer Note. If Definitive Sixth Issuer Notes are
        issued, the beneficial interests represented by the Dollar Global Sixth
        Issuer Note of each class shall be exchanged by the Sixth Issuer for
        Definitive Sixth Issuer Notes of that class ("DOLLAR DEFINITIVE SIXTH
        ISSUER NOTES"), the beneficial interests represented by the Reg S Global
        Sixth Issuer Notes of each class shall be exchanged by the Sixth Issuer
        for Definitive Sixth Issuer Notes of that class ("REG S DEFINITIVE SIXTH
        ISSUER NOTES") and the beneficial interests represented by the Swiss Reg
        S Global Sixth Issuer Note shall be exchanged by the Sixth Issuer for
        Definitive Sixth Issuer Notes of that class ("SWISS DEFINITIVE SIXTH
        ISSUER NOTES").

(F)     The Definitive Sixth Issuer Notes shall be printed or typed in the form
        or substantially in the form set out in Schedule 2 in the denomination
        and transferable in units of (i) US$1,000, US$10,000 and US$100,000 (in
        the case of the Series 1 Sixth Issuer Notes, the Series 2 Sixth Issuer
        Notes and the Series 4 Sixth Issuer Notes (other than the Series 4 Class
        A2 Sixth Issuer Notes)), (ii)(euro)10,000 OR (euro)100,000 (in the case
        of the Series 3 Sixth Issuer Notes, or (iii)(pound)10,000
        or(pound)100,000 (in THE Case of the Series 5 Sixth Issuer Notes or (iv)
        CHF5,000 (in the case of the Series 4 Class A2 Sixth Issuer Notes) each
        or, in each case, integral multiples thereof or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, shall be serially numbered and shall be endorsed
        with a form of transfer in the form or substantially in the form also
        set out in Schedule 2. Title to the Definitive Sixth Issuer Notes (other
        than the Series 4 Class A2 Definitive Sixth Issuer Notes) shall pass by
        and upon the registration in the Register in respect thereof in
        accordance with the provisions of these presents. The Definitive Sixth
        Issuer Notes (other than the Series 4 Class A2 definitive Sixth Issuer
        Notes) shall be issuable only in registered form and the Series 4 Class
        A2 Definitive Sixth Issuer Notes shall be issued only in bearer form, in
        each case without coupons or talons and signed manually or in facsimile
        by a person duly authorised by or on behalf of the Sixth Issuer and
        shall be authenticated by or on behalf of the Principal Paying Agent and
        the Swiss Principal Paying Agent, as applicable. Each Sixth Issuer Note
        so executed and authenticated shall be a binding and valid obligation of
        the Sixth Issuer notwithstanding that such duly authorised person no
        longer holds that office at the time the Principal Paying Agent or the
        Swiss Principal Paying Agent, as applicable, authenticates the Sixth
        Issuer Note.

(G)     If the Sixth Issuer is obliged to issue or procure the issue of any
        Definitive Sixth Issuer Notes pursuant to CLAUSE 3(E) but fails to do so
        within 30 days of the occurrence of the relevant event described in
        CLAUSE 3(E), then the Sixth Issuer shall indemnify the Note Trustee, the
        registered holder of the relevant Global Sixth Issuer Note(s) (other
        than the Series 4 Class A2 Global Sixth Issuer Note), the bearer of the
        Series 4 Class A2 Global Sixth Issuer Note 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, the registered holder
        of such Global Sixth Issuer Note(s) (other than the Series 4 Class A2
        Global Sixth Issuer Note) or the bearer

<PAGE>
                                       11

        of the Series 4 Class A2 Global Sixth Issuer Note or the relevant
        Noteholders in respect of the Sixth Issuer Notes is less than the amount
        that would have been received had Definitive Sixth Issuer Notes been
        issued in accordance with CLAUSE 3(E). If and for so long as the Sixth
        Issuer discharges its obligations under this indemnity, the breach by
        the Sixth Issuer of the provisions of CLAUSE 3(E) shall be deemed to be
        cured ab initio.

4.      REPLACEMENT OF SIXTH ISSUER NOTES

        If a mutilated or defaced Sixth Issuer Note is surrendered to the
        Registrar or (in the case of the Series 4 Class A2 Sixth Issuer Notes)
        the Swiss Principal Paying Agent or, if a mutilated or defaced Global
        Sixth Issuer Note is surrendered to the Principal Paying Agent or (in
        the case of the Series 4 Class A2 Global Sixth Issuer Note) the Swiss
        Principal Paying Agent or if a Noteholder claims that a Sixth Issuer
        Note has been lost, stolen or destroyed, the Sixth Issuer shall issue,
        and the Principal Paying Agent and the Swiss Principal Paying Agent, as
        applicable, shall authenticate, a replacement Sixth Issuer Note on
        receipt of satisfactory evidence in accordance with CONDITION 13. An
        indemnity for an amount sufficient in the judgement of the Sixth Issuer
        and (in the case of a Definitive Sixth Issuer Note (other than a Series
        4 Class A2 Definitive Sixth Issuer Note)) the Registrar or (in the case
        of a Series 4 Class A2 Definitive Sixth Issuer Note) the Swiss Principal
        Paying Agent to protect the Sixth Issuer and (in the case of a
        Definitive Sixth Issuer Note (other than a Series 4 Class A2 Definitive
        Sixth Issuer Note)) the Registrar or (in the case of a Series 4 Class A2
        Definitive Sixth Issuer Note) the Swiss Principal Paying Agent from any
        loss which any of them may suffer if a Sixth Issuer Note is replaced may
        be required by the Sixth Issuer and (in the case of a Definitive Sixth
        Issuer Note (other than a Series 4 Class A2 Definitive Sixth Issuer
        Note)) the Registrar or (in the case of a Series 4 Class A2 Definitive
        Sixth Issuer Note) the Swiss Principal Paying Agent). The Sixth Issuer
        may charge such Noteholder for its costs in replacing such Sixth Issuer
        Note.

5.      REGISTER, TRANSFER AND EXCHANGE OF SIXTH ISSUER NOTES

        TRANSFER AND EXCHANGE OF GLOBAL SIXTH ISSUER NOTES

(A)     A Global Sixth Issuer Note (other than the Series 4 Class A2 Global
        Sixth Issuer Note) will be exchanged by the Sixth Issuer for another
        Global Sixth Issuer Note or Definitive Sixth Issuer Note(s) only in the
        circumstances set forth in CLAUSE 3(E), the Conditions, the Sixth Issuer
        Paying Agent and Agent Bank Agreement and the relevant Global Sixth
        Issuer Note. The Swiss Reg S Global Sixth Issuer Note will be exchanged
        by the Sixth Issuer for another Swiss Reg S Global Sixth Issuer Note or
        Swiss Definitive Sixth Issuer Note(s) only in the circumstances set out
        in CLAUSE 3(E), the Conditions and the Sixth Issuer Swiss Paying Agent
        and Agent Bank Agreement and the Swiss Reg S Global Sixth Issuer Note.
        Upon the occurrence of any of the events specified therein concerning
        their exchange for Definitive Sixth Issuer Notes, Definitive Sixth
        Issuer Notes of the relevant class shall be issued in such names as the
        Sixth Issuer shall instruct the Registrar or (in the case of the Series
        4 Class A2 Sixth Issuer Notes) the Swiss Principal Paying Agent (based
        on the instructions of DTC and Euroclear, Clearstream, Luxembourg and
        SIS) and the Registrar or (in the case of the Series 4 Class A2 Sixth
        Issuer Notes) the Swiss Principal Paying Agent shall cause the Principal
        Amount Outstanding of the applicable Global Sixth Issuer Note to be
        reduced accordingly, cancel such Global Sixth Issuer Note (if
        applicable) and direct DTC and Euroclear and Clearstream, Luxembourg and
        SIS to make corresponding reductions in their book-entry systems, and
        the Sixth Issuer shall execute and the Principal Paying Agent and the
        Swiss Principal Paying Agent, as applicable, shall authenticate and
        deliver to the persons

<PAGE>
                                       12

        designated in such instructions Definitive Sixth Issuer Notes of the
        relevant class in the appropriate principal amounts and (other than in
        the case of the Series 4 Class A2 Definitive Sixth Issuer Notes) the
        Registrar will register them. The Registrar shall deliver such
        Definitive Sixth Issuer Notes (other than Series 4 Class A2 Definitive
        Sixth Issuer Notes) to the persons in whose names such Sixth Issuer
        Notes are so registered. Reg S Definitive Sixth Issuer Notes and Swiss
        Definitive Sixth Issuer Notes issued in exchange for a Book-Entry
        Interest pursuant to this CLAUSE 5(A) shall bear the legend set forth in
        CLAUSE 5(D), and shall be subject to all restrictions on transfer
        contained therein to the same extent as the Global Sixth Issuer Note so
        exchanged. Global Sixth Issuer Notes may also be exchanged or replaced,
        in whole or in part, as provided in CLAUSE 4. Every Sixth Issuer Note
        authenticated and delivered in exchange for, or in lieu of, a Global
        Sixth Issuer Note or any portion thereof, pursuant to CLAUSE 4 hereof,
        shall be authenticated and delivered in the form of, and shall be, a
        Global Sixth Issuer Note. A Global Sixth Issuer Note may not be
        exchanged for another Sixth Issuer Note other than as provided in this
        CLAUSE 5(A).

        TRANSFER AND EXCHANGE OF BOOK-ENTRY INTERESTS

(B)     The transfer and exchange of Book-Entry Interests shall be effected
        through DTC, Euroclear and/or Clearstream, Luxembourg and SIS, as the
        case may be, in accordance with these presents and the Sixth Issuer
        Paying Agent and Agent Bank Agreement and the Sixth Issuer Swiss Paying
        Agent and Agent Bank Agreement, as applicable, and the procedures
        therefor of DTC, Euroclear and/or Clearstream, Luxembourg and SIS, as
        the case may be. Book-Entry Interests shall be subject to restrictions
        on transfer comparable to those set forth herein and in the Sixth Issuer
        Paying Agent and Agent Bank Agreement and the Sixth Issuer Swiss Paying
        Agent and Agent Bank Agreement, as applicable, to the extent required by
        the Securities Act. The Note Trustee shall have no obligation to
        ascertain DTC's, Euroclear's or Clearstream, Luxembourg's or SIS's
        compliance with any such restrictions on transfer.

        TRANSFER OF DEFINITIVE SIXTH ISSUER NOTES

(C)     Definitive Sixth Issuer Notes may be transferred in whole or in part
        (provided that any partial transfer relates to a Definitive Sixth Issuer
        Note in the principal amount of, in the case of the Series 1 Sixth
        Issuer Notes, the Series 2 Sixth Issuer Notes, and the Series 4 Sixth
        Issuer Notes (other than the Series 4 Class A2 Sixth Issuer Notes)
        US$1,000, US$10,000 or US$100,000; in the case of the Series 3 Sixth
        Issuer Notes, ,(euro)10,000 or(euro)100,000; in the case of the Series 5
        Sixth ISSUer Notes,(pound)10,000 or(pound)100,000; and, in the case of
        the Series 4 Class A2 Sixth Issuer Notes, CHF5,000 or, in each case, any
        integral multiple thereof or in such other denominations as the Note
        Trustee shall determine and notify to the relevant Noteholders. When
        Definitive Sixth Issuer Notes (other than Series 4 Class A2 Definitive
        Sixth Issuer Notes) are presented by a Noteholder to the Registrar with
        a request to register the transfer of such Definitive Sixth Issuer
        Notes, the Registrar shall register the transfer as requested only if
        such Definitive Sixth Issuer Notes are presented or surrendered for
        registration of transfer and are endorsed or accompanied by a written
        instrument of transfer in form satisfactory to the Registrar duly
        executed by such Noteholder or by his attorney duly authorised in
        writing and upon receipt of such certificates and other documents as
        shall be necessary to evidence compliance with the restrictions on
        transfer contained herein and in the Sixth Issuer Paying Agent and Agent
        Bank Agreement. Thereupon, the Registrar shall request the Sixth Issuer
        to issue and the Principal Paying Agent to authenticate new Definitive
        Sixth Issuer Notes required to be issued in connection with such
        transfer. In the case of a transfer of part only of such Definitive
        Sixth Issuer Note, a new Definitive Sixth Issuer Note in respect of the
        balance not transferred will be issued to the transferor. Transfer

<PAGE>
                                       13

        of Series 4 Class A2 Definitive Sixth Issuer Notes shall be by delivery.
        All transfers of Definitive Sixth Issuer Notes are subject to any
        restrictions on transfer set forth on such Definitive Sixth Issuer Notes
        and the detailed regulations concerning transfers in the Sixth Issuer
        Paying Agent and Agent Bank Agreement and the Sixth Issuer Swiss Paying
        Agent and Agent Bank Agreement, as applicable.

        REGULATION S LEGEND

(D)     Each Reg S Global Sixth Issuer Note and the Swiss Reg S Global Sixth
        Issuer Note, each Reg S Definitive Sixth Issuer Note and each Swiss Reg
        S Definitive Sixth Issuer Note issued in exchange therefor shall bear a
        legend in substantially the following form:

        "THIS SIXTH ISSUER 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 SIXTH
        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."

        CANCELLATION AND/OR ADJUSTMENT OF GLOBAL SIXTH ISSUER NOTES

(E)     At such time as all Book-Entry Interests in respect of a Global Sixth
        Issuer Note have been exchanged for Definitive Sixth Issuer Notes, such
        Global Sixth Issuer Note shall be returned to or retained and cancelled
        by the Registrar or (in the case of the Series 4 Class A2 Global Sixth
        Issuer Note) the Swiss Principal Paying Agent respectively in accordance
        with the Sixth Issuer Paying Agent and Agent Bank Agreement and the
        Sixth Issuer Swiss Paying Agent and Agent Bank Agreement. At any time
        prior to such cancellation, if any Book-Entry Interest is exchanged for
        an interest in another Global Sixth Issuer Note, the principal amount of
        Sixth Issuer Notes represented by such Global Sixth Issuer Note shall be
        reduced accordingly and an endorsement shall be made on such Global
        Sixth Issuer Note by the Registrar or (in the case of the Series 4 Class
        A2 Global Sixth Issuer Notes) the Swiss Principal Paying Agent, to
        reflect such reduction.

        GENERAL PROVISIONS RELATING TO ALL TRANSFERS AND EXCHANGES

(F)     (i)     To permit registrations of transfers and exchanges of Sixth
                Issuer Notes(other than Series 4 Class A2 Sixth Issuer Notes)
                and exchanges of Series 4 Class A2 Sixth Issuer Notes, the Sixth
                Issuer shall execute and the Principal Paying Agent or the Swiss
                Principal Paying Agent, as applicable, shall authenticate Global
                Sixth Issuer Notes and Definitive Sixth Issuer Notes upon a
                written order signed by an officer of the Sixth Issuer or at the
                Registrar's or (in the case of the Series 4 Class A2 Sixth
                Issuer Notes) at the Swiss Principal Paying Agent's request.

        (ii)    No service fee shall be charged to a Noteholder for any
                registration of a Definitive Sixth Issuer Note on transfer or
                exchange (other than a Series 4 Class A2 Definitive Sixth Issuer
                Note), but the Sixth Issuer may require payment of a sum
                sufficient to cover any stamp or transfer tax or similar
                governmental charge payable in connection

<PAGE>
                                       14

                therewith (other than any such stamp or transfer taxes or
                similar governmental charge payable upon exchange or transfer
                pursuant to CONDITION 13) and the Registrar may require an
                indemnity in respect of such tax or charge.

        (iii)   All Global Sixth Issuer Notes and Definitive Sixth Issuer Notes
                issued upon any registration of transfer or exchange of Global
                Sixth Issuer Notes or Definitive Sixth Issuer Notes (other than
                in respect of Series 4 Class A2 Sixth Issuer Notes) and any
                Series 4 Class A2 Global Sixth Issuer Note and Series 4 Class A2
                Definitive Sixth Issuer Notes issued upon exchange of the Series
                4 Class A2 Global Sixth Issuer Note shall be the valid
                obligations of the Sixth Issuer, evidencing the same debt and
                entitled to the same benefits under this Deed, as the Global
                Sixth Issuer Notes or Definitive Sixth Issuer Notes surrendered
                upon such registration of transfer or exchange or (in the case
                of the Series 4 Class A2 Sixth Issuer Notes) exchange only.

        REGISTER OF SIXTH ISSUER NOTES

(G)     The Sixth Issuer shall at all times ensure that the Registrar maintains
        in London, or at such other place as the Note Trustee may agree, a
        register (the "REGISTER") in respect of the Sixth Issuer Notes (other
        than the Series 4 Class A2 Sixth Issuer Notes) showing the amount of the
        Global Sixth Issuer Notes or Definitive Sixth Issuer Notes, as the case
        may be, from time to time outstanding and the dates of issue and all
        subsequent transfers and changes of ownership thereof and the names and
        addresses of the holders of the Global Sixth Issuer Notes or the
        Definitive Sixth Issuer Notes. So long as DTC or its nominee, or the
        Common Depositary or its nominee, is the registered holder of a Global
        Sixth Issuer Note, DTC or the Common Depositary, as the case may be,
        will be considered the sole registered holder of such Global Sixth
        Issuer Note for all purposes under this Sixth Issuer Trust Deed. Each
        Sixth Issuer Note (other than a Series 4 Class A2 Sixth Issuer Note),
        whether in global or definitive form, shall have an identifying serial
        number which shall be entered on the Register. The Note Trustee and the
        holders of such Sixth Issuer Notes or any of them and any person
        authorised by it or any of them may at all reasonable times during
        office hours inspect the Register and take copies of or extracts from
        it.

6.      FEES, DUTIES AND TAXES

        The Sixth Issuer will pay any stamp duty, issue, registration,
        documentary or other taxes of a similar nature and duties payable in the
        United Kingdom, Belgium, Luxembourg, Switzerland or the United States,
        including interest and penalties, on or in connection with (i) the
        execution and delivery of these presents and the Transaction Documents
        to which it is a party and any documents executed pursuant thereto, (ii)
        the constitution and original issue of the Sixth Issuer Notes, and (iii)
        any action in any jurisdiction taken by or on behalf of the Note Trustee
        or (where permitted under these presents so to do) any Noteholder to
        enforce the Sixth Issuer Notes.

7.      COVENANT OF COMPLIANCE

        The Sixth Issuer covenants with the Note Trustee that it will comply
        with and perform and observe all the provisions of these presents, the
        Sixth Issuer Notes, the Sixth Issuer Deed of Charge, the Sixth Issuer
        Paying Agent and Agent Bank Agreement, the Sixth Issuer Swiss Paying
        Agent and Agent Bank Agreement and the documents executed pursuant
        thereto and the other Transaction Documents which are expressed to be
        binding on it. The Conditions shall be binding on the Sixth Issuer, the
        Noteholders, the Note Trustee and all persons claiming through or under
        any of them. The Note Trustee shall be entitled to enforce the

<PAGE>
                                       15

        obligations of the Sixth Issuer under the Sixth Issuer Notes and the
        Conditions and to exercise any other rights, powers, authorities and
        discretions conferred upon the Note Trustee in the Conditions as if the
        same were set out and contained in this Deed, which shall be read and
        construed as one document with the Sixth Issuer Notes. The Note Trustee
        shall hold the benefit of this covenant upon trust for itself and the
        Noteholders according to its and their respective interests. The
        provisions of Schedule 4 shall have effect in the same manner as if
        herein set forth.

8.      CANCELLATION OF SIXTH ISSUER NOTES AND RECORDS

(A)     The Sixth Issuer shall procure that all Sixth Issuer Notes (i) redeemed,
        (ii) being mutilated or defaced, surrendered and replaced pursuant to
        CONDITION 13 or (iii) exchanged as provided in these presents shall
        forthwith be cancelled by or on behalf of the Sixth Issuer and a
        certificate stating:

        (i)     the aggregate principal amount of Sixth Issuer Notes which have
                been redeemed;

        (ii)    the serial numbers of Sixth Issuer Notes of each class so
                redeemed;

        (iii)   the aggregate amount of interest paid (and the due dates of such
                payments) on Sixth Issuer Notes of each class; and

        (iv)    the aggregate principal amounts of Sixth Issuer Notes of each
                class which have been so exchanged and replaced and the serial
                numbers of such Sixth Issuer Notes in definitive form,

        shall be given to the Note Trustee by or on behalf of the Sixth Issuer
        as soon as possible and in any event within four months after the date
        of such redemption, purchase, cancellation, exchange or replacement, as
        the case may be. The Note Trustee may accept such certificate as
        conclusive evidence of such redemption, purchase, exchange or
        replacement pro tanto of the Sixth Issuer Notes or payment of interest
        thereon and of cancellation of the relative Sixth Issuer Notes.

(B)     The Sixth Issuer shall procure that the Registrar or (in the case of the
        Series 4 Class A2 Sixth Issuer Notes) the Swiss Principal Paying Agent
        shall keep a full and complete record of all Sixth Issuer Notes and of
        their redemption, cancellation, payment or exchange (as the case may be)
        and of all replacement Sixth Issuer Notes issued in substitution for
        lost, stolen, mutilated, defaced or destroyed Sixth Issuer Notes. The
        Sixth Issuer shall procure that the Registrar or (in the case of the
        Series 4 Class A2 Sixth Issuer Notes) the Swiss Principal Paying Agent
        shall at all reasonable times make such record available to the Sixth
        Issuer and the Note Trustee.

(C)     All records and certificates maintained pursuant to this Clause shall
        make a distinction between Definitive Sixth Issuer Notes and Global
        Sixth Issuer Notes

9.      ENFORCEMENT

(A)     The Note Trustee may at any time, at its discretion and without notice,
        take such proceedings and/or other action as it may think fit against or
        in relation to the Sixth Issuer or any other person as it may think fit
        to enforce its obligations under these presents, the Sixth Issuer Notes
        or any of the other Transaction Documents.

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                                       16

(B)     Unless the contrary be proved, proof that as regards any specified Sixth
        Issuer Note the Sixth Issuer has made default in paying any amount due
        in respect of such Sixth Issuer Note shall be sufficient evidence that
        the same default has been made as regards all other Sixth Issuer Notes
        in respect of which the relevant amount is due and payable.

(C)     References in CLAUSES 2(B)(II) and 2(B)(III) or the provisions of any
        trust deed supplemental to this Deed corresponding to CLAUSES 2(B)(II)
        and 2(B)(III) to "the rates aforesaid" shall, in the event of such Sixth
        Issuer Notes having become due and repayable, with effect from the
        expiry of the Interest Period during which such Sixth Issuer Notes
        become due and repayable, be construed as references to rates of
        interest calculated mutatis mutandis in accordance with the Conditions
        except that no notices need be published in respect thereof.

10.     PROCEEDINGS, ACTIONS AND INDEMNIFICATION

(A)     The Note Trustee shall not be bound to take any proceedings mentioned in
        CLAUSE 9(A) or any other action in relation to these presents, the Sixth
        Issuer Notes or any documents executed pursuant thereto or any of the
        other Transaction Documents to which the Note Trustee is a party unless
        (i) respectively directed or requested to do so by an Extraordinary
        Resolution of the Class A Noteholders, the Class B Noteholders or the
        Class C Noteholders or in writing by the holders of at least one-quarter
        in aggregate Principal Amount Outstanding of the Class A Sixth Issuer
        Notes, the Class B Sixth Issuer Notes or the Class C Sixth Issuer Notes
        and (ii) it shall be indemnified to its satisfaction against all
        liabilities, actions, proceedings, claims and demands to which it may be
        or become liable and all costs, charges, damages and expenses which may
        be incurred by it in connection therewith, and the terms of such
        indemnity may include the provisions of a fighting fund, non-recourse
        loan or other similar arrangement PROVIDED THAT:

        (i)     the Note Trustee shall not be obliged to act at the direction or
                request of the Class B Noteholders as aforesaid unless either
                the Note Trustee is of the opinion that to do so would not be
                materially prejudicial to the interests of the Class A
                Noteholders or such action is sanctioned by an Extraordinary
                Resolution of the Class A Noteholders; and

        (ii)    the Note Trustee shall not be obliged to act at the direction or
                request of the Class C Noteholders as aforesaid unless (a)
                either the Note Trustee is of the opinion that to do so would
                not be materially prejudicial to the interests of the Class A
                Noteholders or such action is sanctioned by an Extraordinary
                Resolution of the Class A Noteholders and (b) either the Note
                Trustee is of the opinion that to do so would not be materially
                prejudicial to the interests of the Class B Noteholders or such
                action is sanctioned by an Extraordinary Resolution of the Class
                B Noteholders;

(B)     Only the Note Trustee may enforce the provisions of these presents, the
        Conditions or the Sixth Issuer Notes. No Noteholder shall be entitled to
        proceed directly against the Sixth Issuer or any other party to any of
        the Transaction Documents unless the Note Trustee having become bound as
        aforesaid to take proceedings fails to do so within a reasonable period
        and such failure is continuing provided that, no Class C Noteholder or
        no Class B Noteholder shall be entitled to take proceedings for the
        winding up or administration of the Sixth Issuer for so long as there
        are any Class A Sixth Issuer Notes outstanding and no Class C Noteholder
        shall be entitled to take proceedings for the winding up or
        administration of the Sixth Issuer for so long as there are any Class B
        Sixth Issuer Notes outstanding. Consistent with Section 316 of the Trust
        Indenture Act, each Noteholder shall have the right to institute
        proceedings for the enforcement of payment of principal and interest on
        the Sixth Issuer

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                                       17

        Notes held by it, on or after the maturity date of the relevant Sixth
        Issuer Notes set out on the face of such Sixth Issuer Notes.

11.     DISCHARGE OF PAYMENT

        Any payment to be made in respect of the Sixth Issuer Notes by the Sixth
        Issuer or the Note Trustee may be made in accordance with the Conditions
        and any payment so made shall be a good discharge to the Sixth Issuer
        or, as the case may be, the Note Trustee.

12.     PARTIAL PAYMENTS

        Upon presentation and surrender to the Registrar or (in the case of the
        Series 4 Class A2 Sixth Issuer Notes) the Swiss Principal Paying Agent
        of a Definitive Sixth Issuer Note that is redeemed in part, the
        Principal Paying Agent and the Swiss Principal Paying Agent shall
        respectively authenticate for the holder a new Definitive Sixth Issuer
        Note equal in principal amount to the principal amount of the unredeemed
        portion of the Definitive Sixth Issuer Note surrendered. Upon
        presentation of a Global Sixth Issuer Note that is redeemed in part, the
        Registrar or (in the case of the Series 4 Class A2 Sixth Issuer Notes)
        the Swiss Principal Paying Agent shall make a notation on Part I of the
        Schedule thereto to reduce the aggregate principal amount of such Global
        Sixth Issuer Note to an amount equal to the aggregate principal amount
        of the unredeemed portion of the Global Sixth Issuer Note presented.

13.     COVENANTS BY THE SIXTH ISSUER

        So long as any of the Sixth Issuer Notes remains outstanding (or, in the
        case of PARAGRAPHS (H), (I), (J), (N) and (O), so long as any of the
        Sixth Issuer Notes remains liable to prescription or, in the case of
        PARAGRAPH (Q), until the expiry of a period of 30 days after the
        "relevant date" (as defined in CONDITION 7) in respect of the payment of
        principal in respect of all such Sixth Issuer Notes remaining
        outstanding at such time) the Sixth Issuer covenants with the Note
        Trustee that it shall:

        (A)     CONDUCT: at all times carry on and conduct its affairs in a
                proper and efficient manner;

        (B)     INFORMATION: 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 Sixth Issuer of all
                such certificates called for by the Note Trustee pursuant to
                this Deed for the purpose of the discharge or exercise of the
                duties, trusts, powers, authorities and discretions vested in it
                under these presents or by operation of law;

        (C)     ACCOUNTS FOR STOCK EXCHANGE: cause to be prepared and certified
                by the Auditors of the Sixth Issuer in respect of each Financial
                Period, 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 on which the Sixth Issuer Notes
                are listed;

        (D)     BOOKS AND RECORDS: at all times keep proper books of account and
                allow the Note Trustee and any person appointed by the Note
                Trustee free access to such books of account at all reasonable
                times during normal business hours;

        (E)     NOTEHOLDER INFORMATION: send to the Note Trustee (in addition to
                any copies to which it may be entitled as a holder of any
                securities of the Sixth Issuer) two copies

<PAGE>
                                       18

                in English 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 as a class together
                with any of the foregoing, and every document issued or sent to
                holders of securities other than its shareholders (including the
                Noteholders) as soon as practicable after the issue or
                publication thereof;

        (F)     NOTICE OF NOTE EVENT OF DEFAULT: give notice in writing to the
                Note Trustee of the occurrence of any Note Event of Default or
                any matter it concludes is likely to give rise to a Note Event
                of Default immediately upon becoming aware thereof, including
                the status of any such default or matter and what action the
                Sixth Issuer is taking or proposes to take with respect thereto,
                and without waiting for the Note Trustee to take any action;

        (G)     NOTICE OF DEFERRAL OF PAYMENTS: as soon as practicable after
                becoming aware that any part of a payment of interest on the
                Sixth Issuer Notes will be deferred or that a payment previously
                deferred will be made in accordance with CONDITION 4, give
                notice thereof to the Noteholders in accordance with CONDITION
                14 and, for so long as the Sixth Issuer Notes (other than the
                Series 4 Class A2 Sixth Issuer Notes) are listed on the official
                list of the United Kingdom Listing Authority or admitted to
                trading on the London Stock Exchange, to the United Kingdom
                Listing Authority and the London Stock Exchange and, for so long
                as the Series 4 Class A2 Sixth Issuer Notes are listed on the
                Swiss Exchange, to the Swiss Exchange;

        (H)     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 Period commencing with the financial
                period first ending after the date hereof and in any event not
                later than 120 days after the end of each such financial period
                a certificate signed by two directors of the Sixth Issuer to the
                effect that as at a date not more than seven days before
                delivering 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 Note 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 Sixth Issuer has complied, to the best of their
                knowledge and belief, with all its obligations contained in
                these presents and each of the 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;

        (I)     FURTHER ASSURANCES: at all times execute and do all such further
                documents, acts and things as may be necessary at any time or
                times in the opinion of the Note Trustee to give effect to these
                presents and the other Transaction Documents only in so far as
                permitted by law;

        (J)     AGENT BANK, REFERENCE BANKS ETC.: at all times maintain an Agent
                Bank, four Reference Banks, a Paying Agent, a Swiss Principal
                Paying Agent, a Transfer Agent and a Registrar in accordance
                with the Conditions;

        (K)     NOTIFICATION OF LATE UNCONDITIONAL PAYMENT: procure the
                Principal Paying Agentand the Swiss Principal Paying Agent, as
                applicable, (or any other relevant Paying Agent and any other
                relevant Swiss Paying Agent, as applicable) to notify the

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                                       19

                Note Trustee forthwith in the event that (i) the Principal
                Paying Agent or the Swiss Principal Paying Agent, as applicable
                (or other relevant Paying Agent or other relevant Swiss Paying
                Agent, as applicable) does not, on or before the due date for
                any payment in respect of any of the Sixth Issuer Notes, receive
                unconditionally pursuant to the Sixth Issuer Paying Agent and
                Agent Bank Agreement or the Sixth Issuer Swiss Paying Agent and
                Agent Bank Agreement, as applicable, payment of the full amount
                in the requisite currency of the monies payable on such due date
                on all such Sixth Issuer Notes, or (ii) there are insufficient
                funds in US dollars, euro,sterling or Swiss francs, as the case
                may be, available to the Principal Paying Agent and the Swiss
                Principal Paying Agent, as applicable, to discharge the amount
                of the monies payable on such due date;

        (L)     NOTIFICATION OF UNCONDITIONAL PAYMENT: in the event of any
                unconditional payment to the Principal Paying Agent or the Swiss
                Principal Paying Agent, as applicable, (or any other relevant
                Paying Agent or any other relevant Swiss Paying Agent (as
                applicable)) or the Note Trustee of any sum due in respect of
                any of the Sixth Issuer Notes being made after the due date for
                payment thereof forthwith give or procure to be given notice to
                the relevant Noteholders in accordance with CONDITION 14 that
                such payment has been made;

        (M)     LISTING: use reasonable endeavours to maintain the listing of
                the Sixth Issuer Notes (other than the Series 4 Class A2 Sixth
                Issuer Notes) on the official list of the United Kingdom Listing
                Authority and to maintain the admission to trading of the Sixth
                Issuer Notes on the London Stock Exchange and to maintain the
                admission to trading of the Series 4 Class A2 Sixth Issuer Notes
                on the Swiss Exchange or, if it is unable to do so having used
                reasonable endeavours, use reasonable endeavours to obtain and
                maintain a quotation, listing and admission to trading of the
                Sixth Issuer Notes (other than the Series 4 Class A2 Sixth
                Issuer Notes) on such other stock exchange or exchanges or
                securities market or markets as the Sixth Issuer may decide
                (with the prior written approval of the Note Trustee) and shall
                also upon obtaining a quotation, listing and admission to
                trading of such Sixth Issuer Notes on such other stock exchange
                or exchanges or securities market or markets enter into a trust
                deed supplemental to this Deed to effect such consequential
                amendments to this Deed as the Note Trustee may require or as
                shall be requisite to comply with the requirements of any such
                stock exchange or securities market;

        (N)     CHANGE OF AGENT BANK, REFERENCE BANKS, ETC.: give notice to the
                Noteholders in accordance with CONDITION 14 of any appointment,
                resignation or removal of any Agent Bank, Reference Banks,
                Paying Agents, Swiss Paying Agents, Transfer Agent or Registrar
                (other than the appointment of the initial Agent Bank, Reference
                Banks, Paying Agents, Swiss 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
                any Paying Agent's, Swiss Paying Agent's, Agent Bank's, Transfer
                Agent's or Registrar's specified office and (except as provided
                by the Sixth Issuer Paying Agent and Agent Bank Agreement, the
                Sixth Issuer Swiss Paying Agent and Agent Bank Agreement or the
                Conditions) at least 30 days prior to such event taking effect
                PROVIDED ALWAYS THAT so long as any of the Sixth Issuer Notes
                remains outstanding in the case of the termination of the
                appointment of the Agent Bank, Transfer Agent or the Registrar
                or so long as any of the Sixth Issuer Notes remains liable to
                prescription in the case of the termination of the appointment
                of the Principal Paying Agent and the

<PAGE>
                                       20

                Swiss Principal Paying Agent, as applicable, no such termination
                shall take effect until a new Agent Bank, Transfer Agent,
                Registrar, Principal Paying Agent or Swiss Principal Paying
                Agent (as the case may be) has been appointed on terms
                previously approved in writing by the Note Trustee;

        (O)     PRE-APPROVAL OF NOTICES: obtain the prior written approval of
                the Note Trustee to, and promptly give to the Note Trustee and
                the Rating Agencies two copies of, the form of every notice
                given to the Noteholders in accordance with CONDITION 14 (such
                approval, unless so expressed, not to constitute approval for
                the purposes of Section 21 of the Financial Services and Markets
                Act 2000 of the content of an invitation or inducement to engage
                in investment activities within the meaning of Section 21 of the
                Financial Services and Markets Act 2000));

        (P)     AVAILABILITY OF MEETING MATERIALS: from time to time as required
                or contemplated by this Deed or as reasonably requested by the
                Note Trustee, make available through the Paying Agents and the
                Swiss Paying Agents, as applicable, or otherwise such documents
                as may be required by the Noteholders in connection with
                meetings of Noteholders;

        (Q)     COMPLIANCE WITH SIXTH ISSUER PAYING AGENT AND AGENT BANK
                AGREEMENT, SIXTH ISSUER SWISS PAYING AGENT AND AGENT BANK
                AGREEMENT AND OTHER TRANSACTION DOCUMENTS: use its best
                endeavours to procure that the Agent Bank, the Paying Agents,
                the Swiss Paying Agents, the Transfer Agent and the Registrar
                comply with and perform all their respective obligations under
                the Sixth Issuer Paying Agent and Agent Bank Agreement, the
                Sixth Issuer Swiss Paying Agent and Agent Bank Agreement and the
                other Transaction Documents and (in the case of the Paying
                Agents, the Swiss Paying Agents, the Transfer Agent and the
                Registrar) any notice given by the Note Trustee pursuant to
                CLAUSE 2(C)(I) and not make any amendment or modification to
                either of such agreement or other Transaction Documents or agree
                to waive or authorise any breach thereof without the prior
                written approval of the Note Trustee;

        (R)     EXERCISE OF REDEMPTION RIGHTS: in the event that Funding elects
                to prepay any Term Advance in whole or in part under CLAUSE 8 of
                the Intercompany Loan Terms and Conditions, the Sixth Issuer
                shall exercise its right to redeem the corresponding class or
                classes of Sixth Issuer Notes in the same respective aggregate
                principal amounts as such Term Advance on the same Interest
                Payment Date under CONDITION 5(B);

        (S)     REDEMPTION REQUIREMENTS: not give notice of its election to
                redeem all or any part of a class or classes of Sixth Issuer
                Notes pursuant to CONDITION 5(D) or (E) unless it shall first
                have:

                (i)     given written notice to the Note Trustee of its
                        intention so to do in accordance with the Sixth Issuer
                        Paying Agent and Agent Bank Agreement and the Sixth
                        Issuer Swiss Paying Agent and Agent Bank Agreement, as
                        applicable;

                (ii)    delivered to the Note Trustee a certificate signed by
                        two directors of the Sixth Issuer certifying that the
                        Sixth Issuer will have the necessary funds on the
                        Interest Payment Date on which redemption is to occur
                        (the "REDEMPTION DATE") to discharge all amounts
                        required under the Sixth Issuer Deed of

<PAGE>
                                       21

                        Charge to be paid in priority to such class or classes
                        of Sixth Issuer Notes on the redemption date, and to
                        redeem such class or classes of Sixth Issuer Notes in
                        whole or, as the case may be, in part; and that all such
                        funds will on such redemption date be subject to the
                        security constituted by the Sixth Issuer Deed of Charge
                        and not subject to the interest of any other person; and

                (iii)   provided evidence acceptable to the Note Trustee of the
                        matters certified by it in paragraph (ii) above,

                but the provisions of this subclause are subject to and without
                prejudice to the provisions of CLAUSE 13(O);

        (T)     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 Sixth 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;

        (U)     INTEREST IN SIXTH ISSUER CHARGED PROPERTY: ensure that, save as
                permitted in these presents, the Sixth Issuer Deed of Charge,
                the Conditions and the other Transaction Documents, no person
                other than the Sixth Issuer and the Security Trustee shall have
                any equitable or beneficial interest in the Sixth Issuer Charged
                Property;

        (V)     MAINTENANCE OF SIXTH ISSUER CASH MANAGER: ensure that there is
                at all times a cash manager appointed in accordance with the
                provisions of the Sixth Issuer Cash Management Agreement;

        (W)     MAINTENANCE OF SIXTH ISSUER LIQUIDITY FACILITY: maintain, for so
                long as any of the Sixth Issuer Notes remains outstanding, a
                liquidity facility on substantially similar terms to the Sixth
                Issuer Liquidity Facility 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 Sixth Issuer Notes by the
                Sixth Issuer being denied, postponed or 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, and will not hold any property if
                doing so would cause it to be engaged or deemed to be engaged in
                a trade or business within the United States as determined under
                United States income tax principles;

        (Z)     PRE-ENFORCEMENT PAYMENTS: ensure that amounts standing to the
                credit of the Sixth Issuer Transaction Accounts and the Sixth
                Issuer Liquidity Facility Stand-by Account will be applied by
                the Sixth Issuer in or towards satisfaction of such of the

<PAGE>
                                       22

                obligations set out in the Sixth Issuer Cash Management
                Agreement 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
                are likely to fall due at that time or prior to the next
                succeeding Interest 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 Registrar or (in the
                case of the Series 4 Class A2 Sixth Issuer Notes) at the
                specified office of the Swiss Principal Paying Agent during
                normal business hours on any Business Day copies of each balance
                sheet and profit and loss account sent to the Note Trustee
                pursuant to CLAUSE 13(E), this Deed, the Sixth Issuer Paying
                Agent and Agent Bank Agreement, the Sixth Issuer Swiss Paying
                Agent and Agent Bank Agreement and the other Transaction
                Documents and provide the Registrar or (in the case of the
                Series 4 Class A2 Sixth Issuer Notes) the Swiss Principal Paying
                Agent with the information specified in CONDITION 4(C);

        (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 Sixth 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 Sixth Issuer, the Sixth Issuer agrees only to use
                its best 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 Sixth Issuer Notes by the
                Rating Agencies);

        (CC)    CALCULATIONS: do, or procure that there are done on its behalf,
                all calculations required pursuant to the Conditions;

        (DD)    DTC, EUROCLEAR AND CLEARSTREAM, LUXEMBOURG AND SIS: use its
                reasonable endeavours to procure that DTC, Euroclear and/or
                Clearstream, Luxembourg and SIS (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: furnish or cause to be
                furnished to the Note Trustee on 30th June and 31st December of
                each year, commencing [31st December, 2002] and at such other
                times as the Note Trustee may request in writing, all
                information in the possession or control of the Sixth Issuer, or
                of the Registrar as to the names and addresses of the
                Noteholders (other than the Series 4 Class A2 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 Sixth Issuer to the Note Trustee to take any action under
                any of the provisions of this Deed (other than the issuance of
                Sixth 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);

<PAGE>
                                       23

        (GG)    PROTECTION OF SECURITY: promptly after the execution and
                delivery of this Deed and each supplement hereto, 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 Note Trustee in the secured
                property under the Sixth 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 Sixth Issuer shall
                furnish to the Note Trustee, not more than three (3) months
                after the anniversary of each calendar year, commencing with
                calendar year [2002], 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 secured property under the
                Sixth 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, the
                Swiss Principal Paying Agent and the Registrar) a list of the
                Authorised Signatories of the Sixth Issuer, together with
                certified specimen signatures of the same;

        (II)    NEW NOTES: procure that notice of any New Notes to be issued by
                any New Issuer is given to the Noteholders in accordance with
                Condition 14; and

        (JJ)    SWISS PRINCIPAL PAYING AGENT: at any time whilst the Series 4
                Class A2 Sixth Issuer Notes are outstanding, at all times
                maintain a Swiss Principal Paying Agent having a specified
                office in Switzerland and will at no time maintain a Swiss
                Principal Paying Agent having a specified office outside
                Switzerland unless permitted by applicable law.

14.     REMUNERATION AND INDEMNIFICATION OF NOTE TRUSTEE

(A)     The Sixth Issuer shall pay to the Note Trustee remuneration for its
        services as trustee as from the date of this Sixth Issuer Trust Deed,
        such remuneration to be at such rate and to be paid on such dates as may
        from time to time be agreed between the Sixth 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 Sixth Issuer Notes of any
        series be reduced by such amount as shall be agreed between the Sixth
        Issuer and the Note Trustee, such reduced remuneration to be calculated
        from such date as shall be agreed as aforesaid. Such remuneration shall
        accrue from day to day and be payable (in priority to payments to the
        Noteholders) up to and including the date when, all the Sixth 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, the Swiss Principal Paying Agent and, where
        applicable, the Registrar or, as the case may be, the Note Trustee
        PROVIDED THAT if upon due presentation of any Sixth Issuer Note 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.

(B)     In the event of the occurrence of a Note Event of Default or the Note
        Trustee considering it necessary or being requested by the Sixth Issuer
        to undertake duties which the Note Trustee and the Sixth Issuer agree to
        be of an exceptional nature or otherwise outside the scope of the normal
        duties of the Note Trustee under this Deed the Sixth Issuer shall pay to
        the Note Trustee such additional remuneration as shall be agreed between
        them.

<PAGE>
                                       24

(C)     The Sixth Issuer shall pay to the Note Trustee in addition an amount
        equal to the amount of any value added tax or similar tax chargeable in
        respect of its remuneration under this Deed against production of a
        valid tax invoice.

(D)     In the event of the Note Trustee and the Sixth Issuer failing to agree:

        (i)     (in a case to which subclause (A) above applies) upon the amount
                of the remuneration; or

        (ii)    (in a case to which subclause (B) above 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
                this Deed, or upon such additional remuneration,

        such matters shall be determined by a merchant or investment bank
        (acting as an expert and not as an arbitrator) selected by the Note
        Trustee and approved by the Sixth 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
        involved in such nomination and the fees of such merchant or investment
        bank being payable by the Sixth Issuer) and the determination of any
        such merchant or investment bank shall be final and binding upon the
        Note Trustee and the Sixth Issuer.

(E)     In addition to remuneration hereunder, the Sixth Issuer shall on written
        request pay (on an indemnity basis) all other costs, charges and
        expenses which the Note Trustee may properly incur in relation to the
        negotiation, preparation and execution of, the exercise of its powers
        and the performance of its duties under, and in any other manner in
        relation to, this Deed and any other Transaction Document to which the
        Note Trustee is a party, including but not limited to reasonable
        travelling and legal expenses properly incurred and any stamp, issue,
        registration, documentary and other similar taxes or duties paid or
        payable by the Note Trustee in connection with any action taken or
        contemplated by or on behalf of the Note Trustee for enforcing, or for
        any other purpose in relation to, this Deed or any of the other
        Transaction Documents.

(F)     All amounts payable pursuant to subclause (E) above and/or CLAUSE 15(L)
        shall be payable by the Sixth Issuer on the date specified in a demand
        by the Note Trustee and in the case of payments actually made by the
        Note Trustee prior to such demand shall (if not paid within three days
        after such demand and the Note Trustee so requires) carry interest at
        the rate of three per cent. per annum above the mean base rate from time
        to time of the Reference Banks from the date specified in such demand,
        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. All remuneration payable to the Note
        Trustee shall carry interest at such rate from the due date therefor.

(G)     Unless otherwise specifically stated in any discharge of this Deed the
        provisions of this Clause and CLAUSE 15(L) shall continue in full force
        and effect notwithstanding such discharge.

(H)     The Note Trustee shall be entitled in its absolute discretion to
        determine in respect of which series of Sixth Issuer Notes any
        liabilities incurred under this Deed have been incurred.

<PAGE>
                                       25

15.     SUPPLEMENT TO TRUSTEE ACT 1925

        The Note Trustee shall have all the powers conferred upon trustees by
        the Trustee Act 1925 of England and Wales and by way of supplement
        thereto it is expressly declared as follows (which provisions, except as
        expressly provided in this Clause 15, shall be in lieu of the provisions
        contained in section 315(a) of the Trust Indenture Act):

        (A)     EXPERT ADVICE OR OPINION: the Note Trustee may in relation to
                these presents or the other Transaction Documents act on the
                advice or opinion of or any information obtained from any
                lawyer, valuer, accountant, surveyor, banker, broker, auctioneer
                or other expert whether obtained by the Sixth Issuer, the Note
                Trustee, the Principal Paying Agent, the Swiss Principal Paying
                Agent, the Registrar or otherwise and shall not be responsible
                for any liability occasioned by so acting in good faith; any
                such advice, opinion or information may be sent or obtained by
                letter, telex, telegram, facsimile transmission or cable and the
                Note Trustee shall not be liable for acting on any advice,
                opinion or information purporting to be conveyed by any such
                letter, telex, telegram, facsimile transmission or cable
                although the same shall contain some error or shall not be
                authentic;

        (B)     CERTIFICATE AS SUFFICIENT EVIDENCE: the Note Trustee may call
                for and shall be at liberty to accept as sufficient evidence of
                any fact or matter or the expediency of any transaction or thing
                a certificate signed by any two directors of the Sixth 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;

        (C)     CUSTODY OF DOCUMENTS: the Note Trustee shall be at liberty to
                hold these presents and any other documents relating thereto or
                any other Transaction Documents or to deposit them in any part
                of the world with any banker or banking company or company whose
                business includes undertaking the safe custody of documents or
                lawyer or firm of lawyers considered by the Note Trustee to be
                of good repute and the Note Trustee shall not be responsible for
                or required to insure against any liability incurred in
                connection with any such holding or deposit and may pay all sums
                required to be paid on account of or in respect of any such
                deposit;

        (D)     APPLICATION OF PROCEEDS: the Note Trustee shall not be
                responsible for the receipt or application of the proceeds of
                the issue of any of the Sixth Issuer Notes by the Sixth Issuer,
                the exchange of any Global Sixth Issuer Note for another Global
                Sixth Issuer Note or Definitive Sixth Issuer Notes or the
                exchange of any Definitive Sixth Issuer Note for another
                Definitive Sixth Issuer Note or the delivery of any Global Sixth
                Issuer Note or Definitive Sixth Issuer Notes to the person(s)
                entitled to it or them;

        (E)     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 give notice to any person of the execution
                of any documents comprised or referred to in these presents or
                to take any steps to ascertain whether any Note Event of Default
                has happened and, until it shall have actual knowledge or
                express notice pursuant to these presents to the contrary, the
                Note Trustee shall be entitled to assume that no Note Event of
                Default has happened and that the Sixth Issuer is observing and
                performing all its obligations under these presents;

<PAGE>
                                       26

        (F)     ABSOLUTE DISCRETION: save as expressly otherwise provided in
                this Deed, the Note Trustee shall have absolute and uncontrolled
                discretion as to the exercise or non-exercise of its trusts,
                powers, authorities and discretions under these presents (the
                exercise or non-exercise of which as between the Note Trustee
                and the Noteholders shall be conclusive and binding on the
                Noteholders) and provided it shall not have acted fraudulently
                or negligently or in breach of the terms of this Deed, shall not
                be responsible for any liability which may result from their
                exercise or non-exercise;

        (G)     RELIANCE ON EXTRAORDINARY RESOLUTION: the Note Trustee shall not
                be liable to any person by reason of having acted upon any
                Extraordinary Resolution in writing or any Extraordinary
                Resolution or other resolution purporting to have been passed at
                any meeting of the Noteholders of all or any class or classes 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 in
                writing) that not all Noteholders had signed the Extraordinary
                Resolution or that for any reason the resolution was not valid
                or binding upon such Noteholders;

        (H)     RELIANCE ON NOTICE OF PREPAYMENT: 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 the
                matters certified therein a certificate signed by two directors
                of the Sixth Issuer under CLAUSE 13(S)(ii). The Note Trustee
                shall have no responsibility to the Noteholders or any other
                person for guaranteeing or ensuring that the Sixth Issuer's
                liabilities in respect of the Sixth Issuer Notes and any other
                amounts are in fact discharged on the due date and shall have no
                liability to the Noteholders or any other person for any failure
                by the Sixth Issuer to discharge or pay such liabilities and
                other amounts;

        (I)     SIXTH ISSUER CHARGED PROPERTY: the Note Trustee may accept
                without enquiry, requisition or objection such title as the
                Sixth Issuer may have to the Sixth Issuer Charged Property or
                any part thereof from time to time and shall not be bound to
                investigate or make any enquiry into the title of the Sixth
                Issuer to the Sixth Issuer Charged Property or any part thereof
                from time to time whether or not any default or failure is or
                was known to the Note Trustee or might be, or might have been,
                discovered upon examination, inquiry or investigation and
                whether or not capable of remedy. Notwithstanding the generality
                of the foregoing, each Noteholder shall be solely responsible
                for making its own independent appraisal of and investigation
                into the financial condition, creditworthiness, condition,
                affairs, status and nature of the Sixth Issuer, and the Note
                Trustee shall not at any time have any responsibility for the
                same and each Noteholder shall not rely on the Note Trustee in
                respect thereof;

        (J)     RELIANCE ON CERTIFICATES: except in the event of wilful default
                or manifest error, the Note Trustee shall be entitled to rely on
                a certificate of the Agent Bank, any Paying Agent, any Swiss
                Paying Agent or any Reference Bank in respect of every matter
                and circumstance for which a certificate of the Agent Bank, any
                Paying Agent, any Swiss Paying Agent or any Reference Bank is
                expressly provided for under these presents, the Conditions or
                any other Transaction Document and to call for and rely upon a
                certificate of the Agent Bank, any Paying Agent, any Swiss
                Paying Agent or any Reference Bank or any other person as to any
                other fact or matter prima facie within the knowledge of the
                Agent Bank, any Paying Agent, any Swiss Paying Agent or any
                Reference Bank or such other person, as sufficient evidence
                thereof and the Note

<PAGE>
                                       27

                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 occasioned by its
                failing so to do or the exercise or non-exercise by the Note
                Trustee of any of its powers, duties and discretions hereunder;

        (K)     SIXTH ISSUER NOTES NOT AUTHENTIC: the Note Trustee shall not be
                liable to any person by reason of having accepted as valid or
                not having rejected any Sixth Issuer Note purporting to be such
                and subsequently found to be forged or not authentic;

        (L)     INDEMNITY: without prejudice to the right of indemnity by law
                given to trustees, the Sixth Issuer shall indemnify the Note
                Trustee (except where the Note Trustee is indemnified by the
                Noteholders) and keep it or him indemnified against all
                liabilities to which it or he may be or become subject or which
                may be incurred by it or him in the proper execution or
                purported proper execution of any of its or his trusts, powers,
                authorities and discretions under these presents or any other
                Transaction Document or its or his functions under any such
                appointment or in respect of any other matter or thing done or
                omitted in any way relating to these presents or any other
                Transaction Document or any such appointment save to the extent
                that the same arises as a result of wilful default, wilful
                misconduct, fraud or breach of trust on the part of the Note
                Trustee. The Note Trustee shall keep the Sixth Issuer informed
                of the progress of any claims against the Note Trustee;

        (M)     CONSENT OR APPROVAL: any consent or approval given by the Note
                Trustee for the purposes of these presents or the Sixth Issuer
                Notes may be given on such terms and subject to such conditions
                (if any) as the Note Trustee thinks fit (acting reasonably) and
                notwithstanding anything to the contrary in these presents or
                the Sixth Issuer Notes may be given retrospectively;

        (N)     NO DISCLOSURE OBLIGATION: unless and to the extent ordered so to
                do by a court of competent jurisdiction, the Note Trustee shall
                not be required to disclose to any Noteholder any information
                (including, without limitation, information of a confidential,
                financial or price sensitive nature) made available to the Note
                Trustee by the Sixth Issuer or any other person in connection
                with these presents or any other Transaction Document and no
                Noteholder shall be entitled to take any action to obtain from
                the Note Trustee any such information;

        (O)     CURRENCY CONVERSION: 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 be converted (unless
                otherwise provided by these presents or required by law) 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
                agreed by the Note Trustee in consultation with the Sixth Issuer
                and any rate, method and date so agreed shall be binding on the
                Sixth Issuer and the Noteholders;

        (P)     CERTIFICATE IN RESPECT OF MATERIAL PREJUDICE: the Note Trustee
                may certify whether or not any of the conditions, events and
                acts set out in CONDITION 9 (each of which conditions, events
                and acts shall, unless in any case the Note Trustee in its
                absolute discretion shall otherwise determine, for all the
                purposes of these presents be deemed to include the
                circumstances resulting therein and the consequences resulting
                therefrom) is in its opinion materially prejudicial to the
                interests of the Noteholders of the relevant class or classes
                and any such certificate shall be conclusive and binding upon
                the Sixth Issuer and the Noteholders;

<PAGE>
                                       28

        (Q)     DETERMINATION BY NOTE TRUSTEE: the Note Trustee as between
                itself and the Noteholders may determine all questions and
                doubts arising in relation to any of the provisions of this
                Deed. Every such determination, whether or not relating in whole
                or in part to the acts or proceedings of the Note Trustee, shall
                be conclusive and shall bind the Note Trustee and the
                Noteholders;

        (R)     INTERESTS OF NOTEHOLDERS: in connection with the exercise by the
                Note Trustee of any of its trusts, duties, rights, powers,
                authorities and discretions under these presents and the other
                Transaction Documents:

                (i)     where it is required to have regard to the interests of
                        the Noteholders of any class, 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, shall not have regard to, or be in any
                        way liable for, the consequences of any exercise thereof
                        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, and the Note Trustee shall not be
                        entitled to require, nor shall any Noteholder be
                        entitled to claim, from the Sixth Issuer 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, it shall have
                        regard to the interests of the Class A Noteholders, the
                        Class B Noteholders and the Class C Noteholders equally
                        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 and/or the Class C Noteholders on
                        the other hand, the Note Trustee shall have regard only
                        to the interests of the Class A Noteholders and subject
                        to (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 C Noteholders on the other hand, the Note Trustee
                        shall have regard only to the interests of the Class B
                        Noteholders; but so that this proviso shall not apply in
                        the case of powers, authorities or discretions 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 Sixth Issuer Secured Creditor or any other person,

                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 the Sixth Issuer Notes, these
                presents or any of the other Transaction Documents, that such
                exercise will not be materially prejudicial to the interests of
                the Class A Noteholders if each of the Rating Agencies has
                confirmed that the then current rating by it of the Class A
                Sixth Issuer Notes would not be adversely affected by such
                exercise, that such exercise will not be materially prejudicial
                to the interests of the Class B Noteholders if each of the
                Rating Agencies has confirmed that the then current rating by it
                of the Class B Sixth Issuer Notes would not be adversely
                affected by such exercise, that such exercise will not be
                materially prejudicial to the interests of the Class C
                Noteholders if each of the Rating Agencies has confirmed that
                the then

<PAGE>
                                       29

                current rating by it of the Class C Sixth Issuer Notes will not
                be adversely affected by such exercise;

        (S)     CERTIFICATE OF PRINCIPAL AMOUNT OUTSTANDING: the Note Trustee
                may call for any certificate or other document to be issued by
                DTC, Euroclear, Clearstream, Luxembourg or SIS (through the
                Swiss Principal Paying Agent) as to the Principal Amount
                Outstanding of Sixth Issuer Notes represented by a Global Sixth
                Issuer Note 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, Clearstream,
                Luxembourg or SIS (through the Swiss Principal Paying Agent) and
                subsequently found to be forged or not authentic;

        (T)     PROFESSIONAL CHARGES: 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 these presents and also his reasonable charges in addition to
                disbursements for all other work and business done and all time
                spent by him or his firm in connection with matters arising in
                connection with these presents;

        (U)     POWER OF ATTORNEY: the Note Trustee may whenever it thinks fit
                (acting reasonably) delegate by power of attorney or otherwise
                to any person or persons or fluctuating body of persons (whether
                being a joint trustee of these presents or not) all or any of
                its trusts, powers, authorities and discretions under these
                presents. Such delegation may be made upon such terms (including
                power to sub-delegate) and subject to such conditions and
                regulations as the Note Trustee may in the interests of the
                Noteholders think fit. The Note Trustee shall not be under any
                obligation to supervise the proceedings or acts of any such
                delegate or sub-delegate or be in any way responsible for any
                liability incurred by reason of any misconduct or default on the
                part of any such delegate or sub-delegate (except where such
                delegate or sub-delegate is an affiliate, associate or otherwise
                connected with the Note Trustee). The Note Trustee shall within
                a reasonable time after any such delegation or any renewal,
                extension or termination thereof give notice thereof to the
                Sixth Issuer;

        (V)     DELEGATION: the Note Trustee may in the conduct of the trusts of
                these presents instead of acting personally employ and pay an
                agent (whether being 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 in connection with these presents). The Note Trustee shall
                not be in any way responsible for any liability incurred by
                reason of any misconduct or default on the part of any such
                agent or be bound to supervise the proceedings or acts of any
                such agent;

        (W)     RATINGS: the Note Trustee shall have no responsibility for the
                maintenance of any rating of any of the Sixth Issuer Notes by
                the Rating Agencies or any other person;

        (X)     SIXTH ISSUER LIQUIDITY PROVIDERS AND OTHER PARTIES: nothing
                contained in these presents shall impose any obligation on the
                Note Trustee to make any advance to Funding or the Sixth Issuer
                or to borrow any monies under the Sixth Issuer Liquidity

<PAGE>
                                       30

                Facility Agreement or otherwise or to supervise the performance
                by the Sixth Issuer Liquidity Facility Provider, any Reference
                Bank or any other person of its obligations pursuant to any of
                the Transaction Documents and the Note Trustee shall be entitled
                to assume, in the absence of express notice pursuant to this
                Deed to the contrary, that such person is properly performing
                such obligations;

        (Y)     NO REQUIREMENT TO PERFORM ILLEGAL ACTS, ETC.: no provision of
                these presents shall require the Note Trustee to do anything
                which may be illegal or contrary to applicable law or regulation
                or expend or 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, any other Transaction Document
                or the Sixth Issuer Notes (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;

        (Z)     REPORTS BY NOTE TRUSTEE TO NOTEHOLDERS: if required by Trust
                Indenture Act Section 313(a), within 60 days after 31st December
                of any year, commencing [31st December 2002] following the date
                of this Deed, the Note Trustee shall deliver to each Noteholder
                a brief report dated as of such 31st December that complies with
                Trust Indenture Act Section 313(a). The Note Trustee also shall
                comply with Trust Indenture Act Section 313(b), (c) and (d).
                Reports delivered pursuant to this CLAUSE 15 (Z) shall be sent
                as provided in CLAUSE 24;

        (AA)    PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE SIXTH ISSUER: 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 Sixth Issuer as the
                obligor of the Sixth Issuer Notes;

        (BB)    RESPONSIBILITY FOR REPORTS ETC: 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' Certificate and Opinions of
                Counsel delivered to the Note Trustee in accordance with CLAUSE
                13 (T), (EE) or (FF) or CLAUSE 27, and is under no obligation to
                inform Noteholders of the contents of any such reports,
                information, documents, Officers' Certificate and Opinions of
                Counsel, other than allowing Noteholders upon reasonable notice,
                to inspect such reports, information, documents, Officers'
                Certificate and Opinions of Counsel;

        (CC)    AUDITORS REPORTS AND CERTIFICATES: any certificate or report of
                the Auditors called for by or provided to the Trustee in
                accordance with or for the purposes of these presents may be
                relied on upon by the Trustee as sufficient evidence of the
                facts stated therein notwithstanding that such certificate or
                report and/or any engagement letter or other document entered
                into by the Trustee in connection therewith contains a monetary
                or other limit on the liability of the Auditors in respect
                thereof; and

        (DD)    LIMITATION OF LIABILITY: subject to CLAUSE 16 and save as
                required for the purposes of the Trust Indenture Act, the Note
                Trustee shall not be responsible for the genuineness, validity,
                effectiveness or suitability of any of the Transaction Documents
                or any other documents entered into in connection therewith or
                any other document or any obligation or rights created or
                purported to be created thereby or

<PAGE>
                                       31

                pursuant thereto or any security or the priority thereof
                constituted or purported to be constituted thereby or pursuant
                thereto, 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 decisions of any court and (without prejudice to the
                generality of the foregoing) 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:

                (i)     the nature, status, creditworthiness or solvency of the
                        Sixth Issuer or Funding or any other person or entity
                        who has at any time provided any security or support
                        whether by way of guarantee, charge or otherwise in
                        respect of any advance made to the Sixth Issuer;

                (ii)    the execution, delivery, legality, validity, adequacy,
                        admissibility in evidence or enforceability of any
                        Transaction Document or any other document entered into
                        in connection therewith;

                (iii)   the title, ownership, value, sufficiency or existence of
                        any Sixth Issuer Charged Property or the security
                        relating thereto;

                (iv)    the registration, filing, protection or perfection of
                        any security relating to the Sixth Issuer Charged
                        Property or the priority of the security thereby created
                        whether in respect of any initial advance or any
                        subsequent advance or any other sums or liabilities;

                (v)     the scope or accuracy of any representations, warranties
                        or statements made by or on behalf of the Sixth Issuer
                        or Funding or any other person or entity who has at any
                        time provided the same in any Transaction Document or in
                        any document entered into in connection therewith;

                (vi)    the performance or observance by the Sixth Issuer or
                        Funding or any other person of any provisions of any
                        Transaction Document or any document entered into in
                        connection therewith or the fulfilment or satisfaction
                        of any conditions contained therein or relating thereto
                        or as to the existence or occurrence at any time of any
                        default, event of default or similar event howsoever
                        described contained therein or any waiver or consent
                        which has at any time been granted in relation to any of
                        the foregoing;

                (vii)   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 any Sixth Issuer Charged Property or
                        Transaction Document;

                (viii)  the title of the Sixth Issuer to any Sixth Issuer
                        Charged Property;

                (ix)    the suitability, adequacy or sufficiency of any
                        applicable criteria for any advances under the Sixth
                        Issuer Intercompany Loan Agreement or the legality or
                        recoverability or enforceability thereof or the priority
                        of the security in relation thereto;

                (x)     the failure by the Sixth Issuer to obtain or comply with
                        any licence, consent or other authority in connection
                        with the Sixth Issuer Charged Property or

<PAGE>
                                       32

                        the Transaction Documents or the making of any advances
                        in connection therewith or the failure to effect or
                        procure registration of or to give notice to any person
                        in relation to or otherwise protect the security created
                        or purported to be created by or pursuant to any of the
                        Sixth Issuer Charged Property or the Transaction
                        Documents or other documents entered into in connection
                        therewith;

                (xi)    the failure to call for delivery of documents of title
                        to or require any transfers, legal mortgages, standard
                        securities, charges or other further assurances in
                        relation to any of the assets that are the subject
                        matter of any of the Transaction Documents or any other
                        document;

                (xii)   any assets comprised in the security created by the
                        Sixth Issuer Deed of Charge, or any deeds or documents
                        of title thereto, being uninsured or inadequately
                        insured or being held by or to the order of other
                        parties to the Transaction Documents, clearing
                        organisations or their operators or by intermediaries
                        such as banks, brokers, depositories, warehousemen or
                        other similar persons whether or not on behalf of the
                        Note Trustee;

                (xiii)  any accounts, books, records or files maintained by the
                        Sixth Issuer or any other person in respect of any of
                        the Sixth Issuer Charged Property or Transaction
                        Documents; or

                (xiv)   any other matter or thing relating to or in any way
                        connected with any Sixth Issuer Charged Property or
                        Transaction Document or any document entered into in
                        connection therewith whether or not similar to the
                        foregoing.

16.     NOTE TRUSTEE'S LIABILITY

        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 of these presents, having regard to the
        provisions of these presents and any of the other Transaction Documents
        to which the Note Trustee is a party conferring on the Note Trustee any
        powers, authorities or discretions, relieve or indemnify the Note
        Trustee against any liabilities which by virtue of any rule of law would
        otherwise attach to it in respect of any wilful default, wilful
        misconduct, breach of duty, negligence or breach of trust of which it
        may be guilty in relation to its duties under these presents.

17.     NOTE TRUSTEE CONTRACTING WITH THE SIXTH ISSUER

        Neither the Note Trustee nor any director or officer or holding company
        or associated company of a corporation acting as a trustee under these
        presents shall by reason of its or his fiduciary position be in any way
        precluded from:

        (i)     entering into or being interested in any contract or financial
                or other transaction or arrangement with the Sixth Issuer or any
                other party to the Transaction Documents or any person or body
                corporate associated with the Sixth Issuer or any other party to
                the Transaction Documents (including without limitation any
                contract, transaction or arrangement of a banking or insurance
                nature or any contract, transaction or arrangement in relation
                to the making of loans or the provision of financial facilities
                or financial advice to, or the purchase, placing or underwriting
                of or the subscribing or procuring subscriptions for or
                otherwise acquiring, holding or dealing with, or

<PAGE>
                                       33

                acting as paying agent in respect of, the Sixth Issuer Notes or
                any other notes, bonds, stocks, shares, debenture stock,
                debentures or other securities of, the Sixth Issuer or any other
                party to the Transaction Documents or any person or body
                corporate associated as aforesaid); or

        (ii)    accepting or holding the trusteeship of any other trust deed
                constituting or securing any other notes issued by or relating
                to the Sixth Issuer or any other party to the Transaction
                Documents or any such person or body corporate so associated or
                any other office of profit under the Sixth Issuer or any other
                party to the Transaction Documents or any such person or body
                corporate so associated,

        and shall be entitled to exercise and enforce its rights, comply with
        its obligations and perform its duties under or in relation to any such
        contract, transaction or arrangement as is referred to in (i) above or,
        as the case may be, any such trusteeship or office of profit as is
        referred to in (ii) above without regard to the interests of the
        Noteholders and notwithstanding that the same may be contrary or
        prejudicial to the interests of the Noteholders and shall not be
        responsible for any liability occasioned to the Noteholders thereby and
        shall be entitled to retain and shall not be in any way liable to
        account for any profit made or share of brokerage or commission or
        remuneration or other amount or benefit received thereby or in
        connection therewith.

        Where any holding company, subsidiary or associated company of the Note
        Trustee or any director or officer of the Note Trustee acting other than
        in such capacity as director or officer has any information, the Note
        Trustee shall not thereby be deemed also to have knowledge of such
        information and, unless it shall have express notice pursuant to this
        Deed of such information, shall not be responsible for any loss suffered
        by Noteholders resulting from the Note Trustee's failing to take such
        information into account in acting or refraining from acting under or in
        relation to these presents.

18.     WAIVER, AUTHORISATION AND DETERMINATION

(A)     The Note Trustee may, without the consent or sanction of the Noteholders
        and without prejudice to its rights in respect of any subsequent breach,
        from time to time and at any time but only if and in so far as in its
        opinion the interests of the Noteholders shall not be materially
        prejudiced thereby waive or authorise any breach or proposed breach by
        the Sixth Issuer or any other party thereto of any of the covenants or
        provisions contained in these presents or any of the other Transaction
        Documents or determine that any Note Event of Default shall not be
        treated as such for the purposes of these presents 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 Extraordinary
        Resolution or by a request under CONDITION 9 or 10 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 Sixth Issuer to the Noteholders in
        accordance with CONDITION 14 as soon as practicable thereafter. The
        provisions of this CLAUSE 18(A) 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 this Deed and the Sixth
        Issuer Notes, as permitted by the Trust Indenture Act.

<PAGE>
                                       34

        MODIFICATION

(B)     (i)     The Note Trustee may without the consent or sanction of the
                Noteholders at any time and from time to time concur with the
                Sixth Issuer in making any modification (except a Basic Terms
                Modification (as defined in PARAGRAPH 5 of SCHEDULE 4 hereto))
                (i) to these presents or any of the other Transaction Documents
                which in the opinion of the Note Trustee it may be proper to
                make PROVIDED THAT the Note Trustee is of the opinion that such
                modification will not be materially prejudicial to the interests
                of the Noteholders or (ii) to these presents or any of the other
                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. 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 Sixth Issuer to the Noteholders and the Rating Agencies
                in accordance with CONDITION 14 as soon as practicable
                thereafter.

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

        BREACH

(C)     Any breach of or failure to comply with any such terms and conditions as
        are referred to in subclauses (A) and (B) of this Clause shall
        constitute a default by the Sixth Issuer in the performance or
        observance of a covenant or provision binding on it under or pursuant to
        these presents.

19.     ENTITLEMENT TO TREAT NOTEHOLDER AS ABSOLUTE OWNER

        The Sixth Issuer, the Note Trustee, the Paying Agents, the Swiss Paying
        Agents, the Transfer Agent and the Registrar may (to the fullest extent
        permitted by applicable laws) deem and treat the registered holder or
        (in the case of the Series 4 Class A2 Sixth Issuer Notes) the bearer of
        any Sixth Issuer Note or of a particular principal amount of the Sixth
        Issuer Notes as the absolute owner of such Sixth Issuer Note or
        principal amount, as the case may be, for all purposes (whether or not
        such Sixth Issuer Note or principal amount shall be overdue and
        notwithstanding any notice of ownership thereof or of trust or other
        interest with regard thereto, any notice of loss or theft thereof or any
        writing thereon), and the Sixth Issuer, the Note Trustee, the Paying
        Agents, the Swiss Paying Agents, the Transfer Agent and the Registrar
        shall not be affected by any notice to the contrary. All payments made
        to any such registered holder or bearer of a Definitive Sixth Issuer
        Note or Global Sixth Issuer Note 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 Sixth Issuer Note or principal
        amount, as the case may be.

<PAGE>
                                       35

20.     CURRENCY INDEMNITY

        The Sixth Issuer shall indemnify the Note Trustee, every appointee of
        the Note Trustee and the Noteholders and keep them indemnified against:

        (a)     any liability incurred by any of them arising from the
                non-payment by the Sixth Issuer of any amount due to the Note
                Trustee or the Noteholders under these presents by reason of any
                variation in the rates of exchange between those used for the
                purposes of calculating the amount due under a judgment or order
                in respect thereof and those prevailing at the date of actual
                payment by the Sixth Issuer; and

        (b)     any deficiency arising or resulting from any variation in rates
                of exchange between (i) the date as of which the local currency
                equivalent of the amounts due or contingently due under these
                presents (other than this Clause) is calculated for the purposes
                of any bankruptcy, insolvency or liquidation of the Sixth Issuer
                and (ii) the final date for ascertaining the amount of claims in
                such bankruptcy, insolvency or liquidation. The amount of such
                deficiency shall be deemed not to be reduced by any variation in
                rates of exchange occurring between the said final date and the
                date of any distribution of assets in connection with any such
                bankruptcy, insolvency or liquidation.

        The above indemnity shall constitute an obligation of the Sixth Issuer
        separate and independent from its obligations under the other provisions
        of these presents and the Sixth Issuer Notes and shall apply
        irrespective of any indulgence granted by the Note Trustee or the
        Noteholders from time to time and shall continue in full force and
        effect notwithstanding the judgment or filing of any proof or proofs in
        any bankruptcy, insolvency or liquidation of the Sixth Issuer for a
        liquidated sum or sums in respect of amounts due under these presents
        (other than this Clause). Any such deficiency as aforesaid shall be
        deemed to constitute a loss suffered by the Noteholders and no proof or
        evidence of any actual loss shall be required by the Sixth Issuer or its
        liquidator or liquidators.

21.     ELIGIBILITY AND DISQUALIFICATION; NEW NOTE TRUSTEE

        ELIGIBILITY AND DISQUALIFICATION

(A)     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 Sixth 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
        Sixth 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 21(A), the Note Trustee shall resign promptly
        in the manner and with the effect specified in CLAUSE 22.

<PAGE>
                                       36

        NEW NOTE TRUSTEE

(B)     (a)     Subject to paragraph (b) below the power to appoint a new
                trustee of these presents shall be vested in the Sixth Issuer
                but no person shall be appointed who shall not previously have
                been approved by an Extraordinary Resolution of the Class A
                Noteholders, the Class B Noteholders and the Class C
                Noteholders. One or more persons may hold office as trustee or
                trustees of these presents but such trustee or trustees shall be
                or include a Trust Corporation. Whenever there shall be more
                than two trustees of these presents the majority of such
                trustees shall be competent to execute and exercise all the
                duties, powers, trusts, authorities and discretions vested in
                the Note Trustee by these presents provided that a Trust
                Corporation shall be included in such majority. Any appointment
                of a new trustee of these presents shall as soon as practicable
                thereafter be notified by the Sixth Issuer to the Principal
                Paying Agent, the Swiss Principal Paying Agent, the Transfer
                Agent, the Registrar, the Noteholders and the Rating Agencies.

        (b)     Any new trustee must (i) meet the requirements of section
                26(a)(1) of the US Investment Company Act of 1940; (ii) not be
                an affiliate (as defined in Rule 405 of the US Securities Act of
                1933, as amended) of the Sixth Issuer or of any person involved
                in the organisation or operation of the Sixth Issuer; (iii) not
                offer or provide credit or credit enhancement to the Sixth
                Issuer; and (iv) execute an agreement or instrument concerning
                the Sixth Issuer Notes containing provisions to the effect set
                forth in section 26(a)(3) of the US Investment Company Act of
                1940.

        SEPARATE AND CO-TRUSTEES

(C)     Notwithstanding the provisions of subclause (B) above, the Note Trustee
        may, upon giving prior notice to the Sixth Issuer (but without requiring
        the consent of the Sixth 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:

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

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

        (iii)   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 Transaction Documents against the Sixth Issuer or any
                other party thereto.

        The Sixth Issuer 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) have such trusts, powers, authorities and discretions
        (not exceeding those conferred on the Note Trustee by these presents)
        and such duties and obligations as shall be conferred or imposed by the
        instrument of appointment. The Note Trustee shall have power in like
        manner to remove any such person. Such reasonable 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

<PAGE>
                                       37

        or co-trustee, shall for the purposes of this Deed be treated as costs,
        charges and expenses incurred by the Note Trustee.

22.     NOTE TRUSTEE'S RETIREMENT AND REMOVAL

        A trustee of this Deed may retire at any time on giving not less than
        three months' prior written notice to the Sixth Issuer without giving
        any reason and without being responsible for any costs incurred by
        reason of 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. The Sixth Issuer undertakes that
        in the event of the only trustee of these presents which is a Trust
        Corporation giving notice under this Clause or being removed by
        Extraordinary Resolution of each class of Noteholders it will use its
        best endeavours to procure that a new trustee of these presents being a
        Trust Corporation is appointed as soon as reasonably practicable
        thereafter. The retirement or removal of any such trustee shall not
        become effective until a successor trustee being a Trust Corporation is
        appointed. If a successor trustee being a trust corporation has not been
        appointed within two months after the date of the notice of retirement
        of the Note Trustee, then the retiring Note Trustee may appoint its own
        successor trustee being a trust corporation.

23.     NOTE TRUSTEE'S POWERS TO BE ADDITIONAL

        The powers conferred upon the Note Trustee by these presents shall be in
        addition to any powers which may from time to time be vested in the Note
        Trustee by the general law or as a holder of any of the Sixth Issuer
        Notes.

24.     NOTICES

(A)     Any notice or demand to the Sixth Issuer or the Note Trustee to be
        given, made or served for any purposes under these presents shall be
        given, made or served by sending the same by pre-paid post (first class
        if inland, first class airmail if overseas) or facsimile transmission or
        by delivering it by hand to:

        (i)     Sixth Issuer:

                Holmes Financing (No. 6) PLC
                c/o Abbey House (AAM 126)
                201 Grafton Gate East
                Milton Keynes MK9 1AN

                For the attention of: Securitisation Team, Business Relationship
                Management

                Facsimile: (44) 1908 343 019

        (ii)    Note Trustee:

                The Bank of New York One Canada Square
                London
                E14 5AL

                For the attention of: ___

                Facsimile: ___

<PAGE>
                                       38

        or to such other address or facsimile number as shall have been notified
        (in accordance with this Clause) to the other party hereto and any
        notice or demand sent by post as aforesaid shall be deemed to have been
        given, made or served three days in the case of inland post or seven
        days in the case of overseas post after despatch and any notice or
        demand sent by facsimile transmission as aforesaid shall be deemed to
        have been given, made or served on report of successful transmission.

(B)     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 this
        Deed or the Sixth Issuer Notes. The Sixth Issuer, the Note Trustee, the
        Principal Paying Agent, the Swiss Principal Paying Agent, the Registrar
        and anyone else shall have the protection of Trust Indenture Act Section
        312(c).

(C)     NOTICES TO NOTEHOLDERS

        Any notice or communication mailed to Noteholders hereunder shall be
        transmitted by mail:

        (i)     to all Noteholders of Definitive Sixth Issuer Notes (other than
                to Noteholders of Series 4 Class A2 Definitive Sixth Issuer
                Notes), as the names and addresses of such Noteholders appear
                upon the Register; and

        (ii)    to such other Noteholders as have, within the two years
                preceding such transmission, filed their names and addresses
                with the Note Trustee for that purpose.

25.     RIGHTS OF THIRD PARTIES

        No person who is not a party to this Deed shall have any right under the
        Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
        Deed.

26.     TRUST INDENTURE ACT PREVAILS

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

27.     CERTIFICATES AND OPINIONS

        CERTIFICATE AND OPINIONS AS TO CONDITIONS PRECEDENT

(A)     Upon any request or application by the Sixth Issuer to the Note Trustee
        to take any action under this Deed, the Sixth Issuer shall furnish to
        the Note Trustee:

        (i)     an Officers' Certificate (which shall include the statements set
                forth in CLAUSE 27(B) below) stating that, in the opinion of the
                signers, all conditions precedent, if any, provided for in this
                Deed relating to the proposed action have been complied with;
                and

        (ii)    an Opinion of Counsel (which shall include the statements set
                forth in CLAUSE 27(B) below) stating that, in the opinion of
                such counsel, all such conditions precedent, if

<PAGE>
                                       39

                any, provided for in this Deed relating to the proposed action
                have been complied with.

        STATEMENTS REQUIRED IN CERTIFICATE AND OPINION

(B)     Each certificate and opinion with respect to compliance with a condition
        or covenant provided for in this Deed shall include:

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

        (ii)    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;

        (iii)   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

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

28.     RELEASE OF COLLATERAL

        Except to the extent expressly provided in this CLAUSE 28, the Note
        Trustee shall release property from the security constituted by the
        Sixth Issuer Deed of Charge only upon receipt of a request from the
        Sixth 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.

        Prior to the release of any property or securities subject to the lien
        of the Sixth Issuer Deed of Charge, the Sixth Issuer shall, in addition
        to any obligation imposed in this CLAUSE 28 or elsewhere in this Deed,
        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 Sixth 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 Sixth 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 the preceding paragraph, the
        Sixth Issuer shall also deliver to the Note Trustee an Independent
        Certificate as to the same matters, if the fair value to the Sixth
        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 Sixth Issuer, as set forth in the
        certificates delivered pursuant to this CLAUSE 28, is 10 per cent. or
        more of the Principal Amount Outstanding of the Sixth Issuer Notes, but
        such a certificate need not be furnished with respect to any property so
        released if the fair value thereof to the Sixth Issuer as set forth in
        the related Officers' Certificate is less than $25,000 or less than one
        per cent. of the Principal Amount Outstanding of the Sixth Issuer Notes.

<PAGE>
                                       40

        Whenever any property is to be released from the security constituted by
        the Sixth Issuer Deed of Charge, the Sixth 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 this
        Deed in contravention of the provisions hereof.

        Notwithstanding anything to the contrary contained herein, the Sixth
        Issuer may (a) make cash payments out of the Sixth Issuer Accounts
        relating to the Sixth Issuer Notes as and to the extent permitted or
        required by the Transaction Documents and (b) take any other action not
        inconsistent with the Trust Indenture Act.

29.     GOVERNING LAW

        These presents and the Sixth Issuer Notes are governed by, and shall be
        construed in accordance with, English law.

30.     COUNTERPARTS

        This Deed and any trust deed supplemental hereto may be executed and
        delivered in any number of counterparts, all of which, taken together,
        shall constitute one and the same deed and any party to this Deed or any
        trust deed supplemental hereto may enter into the same by executing and
        delivering a counterpart.

IN WITNESS WHEREOF this Deed has been executed as a deed by the Sixth Issuer and
the Note Trustee and delivered on the date first stated on page 1.

<PAGE>
                                       41

THE SIXTH ISSUER

EXECUTED and DELIVERED as a DEED by )
HOLMES FINANCING (NO. 6) PLC        )
acting by two directors/a           )
director and the secretary          )

Director

Director/Secretary

THE NOTE TRUSTEE

EXECUTED and DELIVERED as a DEED by )
THE BANK OF NEW YORK,
                                    )
LONDON BRANCH                       )
acting by its attorney              )
in the presence of:                 )

Witness:

Name:

Address:

<PAGE>
                                       42

                                   SCHEDULE 1

                       FORMS OF GLOBAL SIXTH ISSUER NOTES

                                     PART A

                    SERIES 1 CLASS A GLOBAL SIXTH ISSUER NOTE

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 1 CLASS A GLOBAL SIXTH ISSUER NOTE
                               representing up to

   US$[1,000,000,000] SERIES 1 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER
                            NOTES DUE [OCTOBER 2003]

This Series 1 Class A Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 1
Class A Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to one billion US dollars
(US$[1,000,000,000]) and governed by a Sixth Issuer Trust Deed dated ___, 2002
(the "SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank of New
York, as trustee (the trustee for the time being thereof being herein called the
"NOTE TRUSTEE"). References herein to the Conditions (or to any particular
numbered Condition) shall be to the Conditions (or that particular one of them)
set out in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein
have the meanings ascribed to them in the Amended and Restated Master
Definitions and Construction Schedule and the Sixth Issuer Master Definitions
and Construction Schedule, both dated ___, 2002 and signed for the purposes of
identification by Allen & Overy and Slaughter and May, and the Sixth Issuer
Trust Deed. The aggregate principal amount from time to time of this Global
Sixth Issuer Note shall be that amount not exceeding US$[1,000,000,000] as shall
be shown by the latest entry duly made in the Schedule hereto.

This is to certify that:

         Cede & Co. as nominee on behalf of The Depositary Trust Company

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof one billion US
        dollars (US$[1,000,000,000])) on the Interest Payment Date falling in
        [October 2003] (or on such earlier date as the said principal amount may
        become repayable in accordance with the Conditions or the Sixth Issuer
        Trust Deed) and to pay

<PAGE>
                                       43

        interest monthly or quarterly, as the case may be, in arrear on each
        Interest Payment Date on the principal amount from time to time of this
        Global Sixth Issuer Note at the rates determined in accordance with the
        Conditions together with such premium and other amounts (if any) as may
        be payable, all subject to and in accordance with the Conditions and the
        provisions of the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) The Depositary
        Trust Company ("DTC") has notified the Sixth Issuer that it is at any
        time unwilling or unable to continue as holder of this Global Sixth
        Issuer Note or 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
        able to be appointed by the Sixth Issuer within 90 days of such
        notification, 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 Sixth Issuer Closing Date, the Sixth
        Issuer or any Paying Agent is or will be required to make any deduction
        or withholding from any payment in respect of the Sixth Issuer Notes
        which would not be required were the relevant Sixth Issuer Notes in
        definitive registered form. Thereupon the holder of this Global Sixth
        Issuer Note (acting on the instructions of (a) holder(s) of (a)
        Book-Entry Interest(s) (as defined in SECTION 3 above)) may give notice
        to the Sixth Issuer, and the Sixth Issuer may give notice to the Note
        Trustee and the Noteholders, of its intention to exchange this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes on or after the
        Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of US$1,000, US$10,000 or
        US$100,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or, as the case may be, reduced for all
        purposes by the amount so exchanged or so purchased and cancelled and
        endorsed. Upon the exchange of the whole of this Global Sixth Issuer
        Note for Definitive Sixth Issuer Notes, this Global Sixth Issuer Note
        shall be surrendered to or to the order of the Registrar and cancelled
        and, if the holder of this Global Sixth Issuer Note requests, returned
        to it together with any relevant Definitive Sixth Issuer Notes.

<PAGE>
                                       44

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      DTC

        References herein to DTC shall be deemed to include references to any
        other clearing system approved by the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ----------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                       45

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated without recourse, warranty
or liability.

.......................................................

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                       46

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
Made   Paid       Paid      Paid        Amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer
         US$        US$       US$                US$

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       47

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                    US$                US$                     US$
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                       48

                                     PART B

                    SERIES 1 CLASS B GLOBAL SIXTH ISSUER NOTE

                          HOLMES FINANCING (NO. 6) PLC

              (Incorporated with limited liability in England with
                          registered number 4359738 )

                    SERIES 1 CLASS B GLOBAL SIXTH ISSUER NOTE
                               representing up to

 US$[34,000,000] SERIES 1 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]

This Series 1 Class B Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 1
Class B Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [thirty four million] US dollars
(US$[34,000,000]) and governed by a Sixth Issuer Trust Deed dated ___, 2002 (the
"SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank of New York, as
trustee (the trustee for the time being thereof being herein called the "NOTE
TRUSTEE"). References herein to the Conditions (or to any particular numbered
Condition) shall be to the Conditions (or that particular one of them) set out
in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein have the
meanings ascribed to them in the Amended and Restated Master Definitions and
Construction Schedule and the Sixth Issuer Master Definitions and Construction
Schedule, both dated and made on ___, 2002 and signed for the purposes of
identification by Allen & Overy and Slaughter and May, and the Sixth Issuer
Trust Deed. The aggregate principal amount from time to time of this Global
Sixth Issuer Note shall be that amount not exceeding US$[34,000,000] as shall be
shown by the latest entry duly made in the Schedule hereto.

This is to certify that:

         Cede & Co. as nominee on behalf of The Depositary Trust Company

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [thirty four
        million] US dollars (US$[34,000,000])) on the Interest Payment Date
        falling in [July 2040] (or on such earlier date as the said principal
        amount may become repayable in accordance with the Conditions or the
        Sixth Issuer Trust Deed) and to pay interest quarterly in arrear on each
        Interest Payment Date on the principal amount from time to time of this
        Global Sixth Issuer Note at the rates determined in accordance with the
        Conditions together with such premium and other amounts (if any) as may
        be payable, all subject to and in accordance with the Conditions and the
        provisions of the Sixth Issuer Trust Deed.

<PAGE>
                                       49

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) The Depositary
        Trust Company ("DTC") has notified the Sixth Issuer that it is at any
        time unwilling or unable to continue as holder of this Global Sixth
        Issuer Note or 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
        able to be appointed by the Sixth Issuer within 90 days of such
        notification, 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 Sixth Issuer Closing Date, the Sixth
        Issuer or any Paying Agent is or will be required to make any deduction
        or withholding from any payment in respect of the Sixth Issuer Notes
        which would not be required were the relevant Sixth Issuer Notes in
        definitive registered form. Thereupon the holder of this Global Sixth
        Issuer Note (acting on the instructions of (a) holder(s) of (a)
        Book-Entry Interest(s) (as defined in SECTION 3 above)) may give notice
        to the Sixth Issuer, and the Sixth Issuer may give notice to the Note
        Trustee and the Noteholders, of its intention to exchange this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes on or after the
        Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of US$1,000, US$10,000 or
        US$100,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or, as the case may be, reduced for all
        purposes by the amount so exchanged or so purchased and cancelled and
        endorsed. Upon the exchange of the whole of this Global Sixth Issuer
        Note for Definitive Sixth Issuer Notes, this Global Sixth Issuer Note
        shall be surrendered to or to the order of the Registrar and cancelled
        and, if the holder of this Global Sixth Issuer Note requests, returned
        to it together with any relevant Definitive Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions,

<PAGE>
                                       50

        the Sixth Issuer Trust Deed and the Sixth Issuer Deed of Charge.
        Payments of principal, premium (if any) and interest in respect of Sixth
        Issuer Notes represented by this Global Sixth Issuer Note will be made
        in accordance with the Conditions. Upon any payment of principal,
        premium or interest on this Global Sixth Issuer Note the amount so paid
        shall be endorsed by or on behalf of the Registrar on behalf of the
        Sixth Issuer on Part I of the Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      DTC

        References herein to DTC shall be deemed to include references to any
        other clearing system approved by the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ---------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                       51

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated without recourse, warranty
or liability.

.......................................................

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                       52

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
Made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        Following such payment     Sixth Issuer
          US$        US$       US$                US$

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       53

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal   Aggregate principal amount   Notation made on
            amount exchanged    amount purchased    following such exchange,     behalf of the
            for Definitive      and cancelled       purchase or cancellation     Sixth Issuer
            Sixth Issuer Notes

                    US$                  US$                     US$
<S>         <C>                 <C>                 <C>                          <C>
---------   ------------------  -----------------   --------------------------   ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---------   ------------------  -----------------   --------------------------   ----------------
</TABLE>

<PAGE>
                                       54

                                     PART C

                    SERIES 1 CLASS C GLOBAL SIXTH ISSUER NOTE

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 1 CLASS C GLOBAL SIXTH ISSUER NOTE
                               representing up to

 US$[57,000,000] SERIES 1 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]

This Series 1 Class C Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 1
Class C Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [fifty sevenmillion] US dollars
(US$[57,000,000]) and governed by a Sixth Issuer Trust Deed dated ___, 2002 (the
"SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank of New York, as
trustee (the trustee for the time being thereof being herein called the "NOTE
TRUSTEE"). References herein to the Conditions (or to any particular numbered
Condition) shall be to the Conditions (or that particular one of them) set out
in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein have the
meanings ascribed to them in the Amended and Restated Master Definitions and
Construction Schedule and the Sixth Issuer Master Definitions and Construction
Schedule, both dated ___, 2002 and signed for the purposes of identification by
Allen & Overy and Slaughter and May, and the Sixth Issuer Trust Deed. The
aggregate principal amount from time to time of this Global Sixth Issuer Note
shall be that amount not exceeding US$[57,000,000] as shall be shown by the
latest entry duly made in the Schedule hereto.

This is to certify that:

         Cede & Co. as nominee on behalf of The Depositary Trust Company

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [fifty
        sevenmillion] US dollars (US$[57,000,000]) on the Interest Payment Date
        falling in [July 2040] (or on such earlier date as the said principal
        amount may become repayable in accordance with the Conditions or the
        Sixth Issuer Trust Deed) and to pay interest quarterly in arrear on each
        Interest Payment Date on the principal amount from time to time of this
        Global Sixth Issuer Note at the rates determined in accordance with the
        Conditions together with such premium and other amounts (if any) as may
        be payable, all subject to and in accordance with the Conditions and the
        provisions of the Sixth Issuer Trust Deed.

<PAGE>
                                       55

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) The Depositary
        Trust Company ("DTC") has notified the Sixth Issuer that it is at any
        time unwilling or unable to continue as holder of this Global Sixth
        Issuer Note or 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
        able to be appointed by the Sixth Issuer within 90 days of such
        notification, 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 Sixth Issuer Closing Date, the Sixth
        Issuer or any Paying Agent is or will be required to make any deduction
        or withholding from any payment in respect of the Sixth Issuer Notes
        which would not be required were the relevant Sixth Issuer Notes in
        definitive registered form. Thereupon the holder of this Global Sixth
        Issuer Note (acting on the instructions of (a) holder(s) of (a)
        Book-Entry Interest(s) (as defined in SECTION 3 above)) may give notice
        to the Sixth Issuer, and the Sixth Issuer may give notice to the Note
        Trustee and the Noteholders, of its intention to exchange this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes on or after the
        Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of US$1,000, US$10,000 or
        US$100,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or, as the case may be, reduced for all
        purposes by the amount so exchanged or so purchased and cancelled and
        endorsed. Upon the exchange of the whole of this Global Sixth Issuer
        Note for Definitive Sixth Issuer Notes, this Global Sixth Issuer Note
        shall be surrendered to or to the order of the Registrar and cancelled
        and, if the holder of this Global Sixth Issuer Note requests, returned
        to it together with any relevant Definitive Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions,

<PAGE>
                                       56

        the Sixth Issuer Trust Deed and the Sixth Issuer Deed of Charge.
        Payments of principal, premium (if any) and interest in respect of Sixth
        Issuer Notes represented by this Global Sixth Issuer Note will be made
        in accordance with the Conditions. Upon any payment of principal,
        premium or interest on this Global Sixth Issuer Note the amount so paid
        shall be endorsed by or on behalf of the Registrar on behalf of the
        Sixth Issuer on Part I of the Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      DTC

        References herein to DTC shall be deemed to include references to any
        other clearing system approved by the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ---------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                       57

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated without recourse, warranty
or liability.

.......................................................

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                       58

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

        US$         US$       US$               US$

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       59

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal   Aggregate principal amount   Notation made on
            amount exchanged    amount purchased    following such exchange,     behalf of the
            for Definitive      and cancelled       purchase or cancellation     Sixth Issuer
            Sixth Issuer Notes

                   US$                US$                      US$

<S>         <C>                 <C>                 <C>                          <C>
---------   ------------------  -----------------   -------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                       60

                                     PART D

                    SERIES 2 CLASS A GLOBAL SIXTH ISSUER NOTE

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 2 CLASS A GLOBAL SIXTH ISSUER NOTE
                               representing up to

   US$[1,250,000,000] SERIES 2 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER
                             NOTES DUE [APRIL 2008]

This Series 2 Class A Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 2
Class A Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [one billion two hundred and fifty
million] US dollars (US$[1,250,000,000]) and governed by a Sixth Issuer Trust
Deed dated ___, 2002 (the "SIXTH ISSUER TRUST DEED") between the Sixth Issuer
andThe Bank of New York, as trustee (the trustee for the time being thereof
being herein called the "NOTE TRUSTEE"). References herein to the Conditions (or
to any particular numbered Condition) shall be to the Conditions (or that
particular one of them) set out in Schedule 3 to the Sixth Issuer Trust Deed.
Terms not defined herein have the meanings ascribed to them in the Amended and
Restated Master Definitions and Construction Schedule and the Sixth Issuer
Master Definitions and Construction Schedule, both dated ___, 2002 and signed
for the purposes of identification by Allen & Overy and Slaughter and May, and
the Sixth Issuer Trust Deed. The aggregate principal amount from time to time of
this Global Sixth Issuer Note shall be that amount not exceeding
US$[1,250,000,000] as shall be shown by the latest entry duly made in the
Schedule hereto.

This is to certify that:

         Cede & Co. as nominee on behalf of The Depositary Trust Company

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [one billion two
        hundred and fifty million] US dollars (US$[1,250,000,000]) on the
        Interest Payment Date falling in [April 2008] (or on such earlier date
        as the said principal amount may become repayable in accordance with the
        Conditions or the Sixth Issuer Trust Deed) and to pay quarterly in
        arrear on each Interest Payment Date on the principal amount from time
        to time of this Global Sixth Issuer Note at the rates determined in
        accordance with the Conditions together with such premium and other
        amounts (if any) as may be payable, all

<PAGE>
                                       61

        subject to and in accordance with the Conditions and the provisions
        of the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) The Depositary
        Trust Company ("DTC") has notified the Sixth Issuer that it is at any
        time unwilling or unable to continue as holder of this Global Sixth
        Issuer Note or 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
        able to be appointed by the Sixth Issuer within 90 days of such
        notification, 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 Sixth Issuer Closing Date, the Sixth
        Issuer or any Paying Agent is or will be required to make any deduction
        or withholding from any payment in respect of the Sixth Issuer Notes
        which would not be required were the relevant Sixth Issuer Notes in
        definitive registered form. Thereupon the holder of this Global Sixth
        Issuer Note (acting on the instructions of (a) holder(s) of (a)
        Book-Entry Interest(s) (as defined in SECTION 3 hereof)) may give notice
        to the Sixth Issuer, and the Sixth Issuer may give notice to the Note
        Trustee and the Noteholders, of its intention to exchange this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes on or after the
        Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of US$1,000, US$10,000 or
        US$100,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or, as the case may be, reduced for all
        purposes by the amount so exchanged or so purchased and cancelled and
        endorsed. Upon the exchange of the whole of this Global Sixth Issuer
        Note for Definitive Sixth Issuer Notes, this Global Sixth Issuer Note
        shall be surrendered to or to the order of the Registrar and cancelled
        and, if the holder of this Global Sixth Issuer Note requests, returned
        to it together with any relevant Definitive Sixth Issuer Notes.

<PAGE>
                                       62

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      DTC

        References herein to DTC shall be deemed to include references to any
        other clearing system approved by the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ---------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                       63

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                       64

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

         US$        US$       US$               US$

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       65

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                    US$                US$                     US$
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                       66

                                     PART E

                    SERIES 2 CLASS B GLOBAL SIXTH ISSUER NOTE

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 2 CLASS B GLOBAL SIXTH ISSUER NOTE
                               representing up to

    US$[42,000,000] SERIES 2 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER
                             NOTES DUE [JULY 2040]

This Series 2 Class B Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 2
Class B Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [forty two million] US dollars
(US$[42,000,000]) and governed by a Sixth Issuer Trust Deed dated ___, 2002 (the
"SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank of New York, as
trustee (the trustee for the time being thereof being herein called the "NOTE
TRUSTEE"). References herein to the Conditions (or to any particular numbered
Condition) shall be to the Conditions (or that particular one of them) set out
in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein have the
meanings ascribed to them in the Amended and Restated Master Definitions and
Construction Schedule and the Sixth Issuer Master Definitions and Construction
Schedule, both dated and made on ___, 2002 and signed for the purposes of
identification by Allen & Overy and Slaughter and May, and the Sixth Issuer
Trust Deed. The aggregate principal amount from time to time of this Global
Sixth Issuer Note shall be that amount not exceeding US$[42,000,000] as shall be
shown by the latest entry duly made in the Schedule hereto.

This is to certify that:

         Cede & Co. as nominee on behalf of The Depositary Trust Company

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof to [forty two
        million] US dollars (US$[42,000,000]) on the Interest Payment Date
        falling in [July 2040] (or on such earlier date as the said principal
        amount may become repayable in accordance with the Conditions or the
        Sixth Issuer Trust Deed) and to pay interest quarterly in arrear on each
        Interest Payment Date on the principal amount from time to time of this
        Global Sixth Issuer Note at the rates determined in accordance with the
        Conditions together with such premium and other amounts (if any) as may
        be payable, all

<PAGE>
                                       67

        subject to and in accordance with the Conditions and the provisions of
        the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) The Depositary
        Trust Company ("DTC") has notified the Sixth Issuer that it is at any
        time unwilling or unable to continue as holder of this Global Sixth
        Issuer Note or 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
        able to be appointed by the Sixth Issuer within 90 days of such
        notification, 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 Sixth Issuer Closing Date, the Sixth
        Issuer or any Paying Agent is or will be required to make any deduction
        or withholding from any payment in respect of the Sixth Issuer Notes
        which would not be required were the relevant Sixth Issuer Notes in
        definitive registered form. Thereupon the holder of this Global Sixth
        Issuer Note (acting on the instructions of (a) holder(s) of (a)
        Book-Entry Interest(s) (as defined in SECTION 3 above)) may give notice
        to the Sixth Issuer, and the Sixth Issuer may give notice to the Note
        Trustee and the Noteholders, of its intention to exchange this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes on or after the
        Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of US$1,000, US$10,000 or
        US$100,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or, as the case may be, reduced for all
        purposes by the amount so exchanged or so purchased and cancelled and
        endorsed. Upon the exchange of the whole of this Global Sixth Issuer
        Note for Definitive Sixth Issuer Notes, this Global Sixth Issuer Note
        shall be surrendered to or to the order of the Registrar and cancelled
        and, if the holder of this Global Sixth Issuer Note requests, returned
        to it together with any relevant Definitive Sixth Issuer Notes.

<PAGE>
                                       68

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      DTC

        References herein to DTC shall be deemed to include references to any
        other clearing system approved by the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ----------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                       69

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                       70

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

         US$       US$        US$                US$

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       71

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                    US$                US$                     US$
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                       72

                                     PART F

                    SERIES 2 CLASS C GLOBAL SIXTH ISSUER NOTE

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 2 CLASS C GLOBAL SIXTH ISSUER NOTE
                               representing up to

    US$[71,000,000] SERIES 2 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER
                             NOTES DUE [JULY 2040]

This Series 2 Class C Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 2
Class C Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [seventy one million] US dollars
(US$[71,000,000]) and governed by a Sixth Issuer Trust Deed dated ___, 2002 (the
"SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank of New York, as
trustee (the trustee for the time being thereof being herein called the "NOTE
TRUSTEE"). References herein to the Conditions (or to any particular numbered
Condition) shall be to the Conditions (or that particular one of them) set out
in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein have the
meanings ascribed to them in the Amended and Restated Master Definitions and
Construction Schedule and the Sixth Issuer Master Definitions and Construction
Schedule, both dated and made on ___, 2002 and signed for the purposes of
identification by Allen & Overy and Slaughter and May, and the Sixth Issuer
Trust Deed. The aggregate principal amount from time to time of this Global
Sixth Issuer Note shall be that amount not exceeding US$[71,000,000] as shall be
shown by the latest entry duly made in the Schedule hereto.

This is to certify that:

         Cede & Co. as nominee on behalf of The Depositary Trust Company

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof to [seventy one
        million] US dollars (US$[71,000,000]) on the Interest Payment Date
        falling in [July 2040] (or on such earlier date as the said principal
        amount may become repayable in accordance with the Conditions or the
        Sixth Issuer Trust Deed) and to pay interest quarterly in arrear on each
        Interest Payment Date on the principal amount from time to time of this
        Global Sixth Issuer Note at the rates determined in accordance with the
        Conditions together with such premium and other amounts (if any) as may
        be payable, all

<PAGE>
                                       73

        subject to and in accordance with the Conditions and the provisions of
        the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) The Depositary
        Trust Company ("DTC") has notified the Sixth Issuer that it is at any
        time unwilling or unable to continue as holder of this Global Sixth
        Issuer Note or 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
        able to be appointed by the Sixth Issuer within 90 days of such
        notification, 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 Sixth Issuer Closing Date, the Sixth
        Issuer or any Paying Agent is or will be required to make any deduction
        or withholding from any payment in respect of the Sixth Issuer Notes
        which would not be required were the relevant Sixth Issuer Notes in
        definitive registered form. Thereupon the holder of this Global Sixth
        Issuer Note (acting on the instructions of (a) holder(s) of (a)
        Book-Entry Interest(s) (as defined in SECTION 3 above)) may give notice
        to the Sixth Issuer, and the Sixth Issuer may give notice to the Note
        Trustee and the Noteholders, of its intention to exchange this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes on or after the
        Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of US$1,000, US$10,000 or
        US$100,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or, as the case may be, reduced for all
        purposes by the amount so exchanged or so purchased and cancelled and
        endorsed. Upon the exchange of the whole of this Global Sixth Issuer
        Note for Definitive Sixth Issuer Notes, this Global Sixth Issuer Note
        shall be surrendered to or to the order of the Registrar and cancelled
        and, if the holder of this Global Sixth Issuer Note requests, returned
        to it together with any relevant Definitive Sixth Issuer Notes.

<PAGE>
                                       74

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      DTC

        References herein to DTC shall be deemed to include references to any
        other clearing system approved by the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ----------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                       75

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH as Principal Paying Agent

<PAGE>
                                       76

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

         US$        US$       US$                US$

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       77

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                    US$                US$                     US$
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                       78

                                     PART G

                    SERIES 3 CLASS A GLOBAL SIXTH ISSUER NOTE

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 3 CLASS A GLOBAL SIXTH ISSUER NOTE
                               representing up to

 (EURO)[1,200,000,000] SERIES 3 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER
                           NOTES DUE [OCTOBER, 2009]

This Series 3 Class A Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 3
Class A Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [one billion and two hundred million]
euro ((euro)[1,200,000,000]) aND governed by a Sixth Issuer Trust Deed dated
___, 2002 (the "SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank
of New York, as trustee (the trustee for the time being thereof being herein
called the "NOTE TRUSTEE"). References herein to the Conditions (or to any
particular numbered Condition) shall be to the Conditions (or that particular
one of them) set out in Schedule 3 to the Sixth Issuer Trust Deed. Terms not
defined herein have the meanings ascribed to them in the Amended and Restated
Master Definitions Schedule and the Sixth Issuer Master Definitions Schedule,
both dated ___, 2002 and signed for the purposes of identification by Allen &
Overy and Slaughter and May, and the Sixth Issuer Trust Deed. The aggregate
principal amount from time to time of this Global Sixth Issuer Note shall be
that amount not exceeding (euro)[1,200,000,000] as shall be shown by the latest
entry duly made in the Schedule hereto.

This is to certify that:

                ___ as nominee on behalf of the Common Depositary

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

<PAGE>
                                       79

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [one billion two
        hundred million] euro ((euro)[1,200,000,000])) on the Interest Payment
        DaTE falling in [October 2009] (or on such earlier date as the said
        principal amount may become repayable in accordance with the Conditions
        or the Sixth Issuer Trust Deed) and to pay interest annually or
        quarterly, as the case may be, in arrear on each Interest Payment Date
        on the principal amount from time to time of this Global Sixth Issuer
        Note at the rates determined in accordance with Conditions together with
        such premium and other amounts (if any) as may be payable, all subject
        to and in accordance with the Conditions and the provisions of the Sixth
        Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) both Euroclear
        Bank S.A./N.V., as operator of the Euroclear System ("EUROCLEAR") and
        Clearstream, Luxembourg Banking, societe anonyme ("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 or do so and no alternative
        clearing system satisfactory to the Note Trustee is then available, 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 Sixth Issuer Closing Date, the Sixth Issuer or
        any Paying Agent is or will be required to make any deduction or
        withholding from any payment in respect of the Sixth Issuer Notes which
        would not be required were the relevant Sixth Issuer Notes in definitive
        registered form. Thereupon the holder of this Global Sixth Issuer Note
        (acting on the instructions of (a) holder(s) of (a) Book-Entry
        Interest(s) (as defined in SECTION 3 above)) may give notice to the
        Sixth Issuer, and the Sixth Issuer may give notice to the Note Trustee
        and the Noteholders, of its intention to exchange this Global Sixth
        Issuer Note for Definitive Sixth Issuer Notes on or after the Exchange
        Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of (euro)10,000 or
        (euro)100,000 each or any integral multiple thereOF, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on

<PAGE>
                                       80

        Part II of the Schedule hereto, whereupon the principal amount hereof
        shall be increased or, as the case may be, reduced for all purposes by
        the amount so exchanged or so purchased and cancelled and endorsed. Upon
        the exchange of the whole of this Global Sixth Issuer Note for
        Definitive Sixth Issuer Notes this Global Sixth Issuer Note, shall be
        surrendered to or to the order of the Registrar and cancelled and, if
        the holder of this Global Sixth Issuer Note requests, returned to it
        together with any relevant Definitive Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      EUROCLEAR AND CLEARSTREAM, LUXEMBOURG

        References herein to Euroclear and/or Clearstream, Luxembourg shall be
        deemed to include references to any other clearing system approved by
        the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

<PAGE>
                                       81

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

HOLMES FINANCING (NO. 6) PLC

By:
   ------------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................
Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                       82

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

       (euro)     (euro)    (euro)             (euro)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       83

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                  (euro)            (euro)                   (euro)
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                       84

                                     PART H

                    SERIES 3 CLASS B GLOBAL SIXTH ISSUER NOTE

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 3 CLASS B GLOBAL SIXTH ISSUER NOTE
                               representing up to

   (EURO)[40,000,000] SERIES 3 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER
                              NOTES DUE [JULY 2040]

This Series 3 Class B Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 3
Class B Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [forty million] euro
((euro)[40,000,000]) and governed by a Sixth Issuer TruST Deed dated ___, 2002
(the "SIXTH ISSUER TRUST DEED") between the Sixth Issuer andThe Bank of New
York, as trustee (the trustee for the time being thereof being herein called the
"NOTE TRUSTEE"). References herein to the Conditions (or to any particular
numbered Condition) shall be to the Conditions (or that particular one of them)
set out in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein
have the meanings ascribed to them in the Amended and Restated Master
Definitions Schedule and the Sixth Issuer Master Definitions Schedule, both
dated and made on ___, 2002 and signed for the purposes of identification by
Allen & Overy and Slaughter and May, and the Sixth Issuer Trust Deed. The
aggregate principal amount from time to time of this Global Sixth Issuer Note
shall be that amount not exceeding (euro)[40,000,000] as shall be shown BY the
latest entry duly made in the Schedule hereto.

This is to certify that:

                ___ as nominee on behalf of the Common Depositary

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

<PAGE>
                                       85

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [thirty nine
        million] euro ((euro)[39,000,000])) on the Interest Payment Date falling
        in [JuLY 2040] (or on such earlier date as the said principal amount may
        become repayable in accordance with the Conditions or the Sixth Issuer
        Trust Deed) and to pay interest quarterly in arrear on each Interest
        Payment Date on the principal amount from time to time of this Global
        Sixth Issuer Note at the rates determined in accordance with Conditions
        together with such premium and other amounts (if any) as may be payable,
        all subject to and in accordance with the Conditions and the provisions
        of the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) both Euroclear
        Bank S.A./N.V., as operator of the Euroclear System ("EUROCLEAR") and
        Clearstream, Luxembourg Banking, societe anonyme ("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 or do so and no alternative
        clearing system satisfactory to the Note Trustee is then available, 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 Sixth Issuer Closing Date, the Sixth Issuer or
        any Paying Agent is or will be required to make any deduction or
        withholding from any payment in respect of the Sixth Issuer Notes which
        would not be required were the relevant Sixth Issuer Notes in definitive
        registered form. Thereupon the holder of this Global Sixth Issuer Note
        (acting on the instructions of (a) holder(s) of (a) Book-Entry
        Interest(s) (as defined in SECTION 3 hereof)) may give notice to the
        Sixth Issuer, and the Sixth Issuer may give notice to the Note Trustee
        and the Noteholders, of its intention to exchange this Global Sixth
        Issuer Note for Definitive Sixth Issuer Notes on or after the Exchange
        Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of (euro)10,000 or
        (euro)100,000 each or any integral multiple thereOF, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or,

<PAGE>
                                       86

        as the case may be, reduced for all purposes by the amount so exchanged
        or so purchased and cancelled and endorsed. Upon the exchange of the
        whole of this Global Sixth Issuer Note for Definitive Sixth Issuer Notes
        this Global Sixth Issuer Note, shall be surrendered to or to the order
        of the Registrar and cancelled and, if the holder of this Global Sixth
        Issuer Note requests, returned to it together with any relevant
        Definitive Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      EUROCLEAR AND CLEARSTREAM, LUXEMBOURG

        References herein to Euroclear and/or Clearstream, Luxembourg shall be
        deemed to include references to any other clearing system approved by
        the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ------------------------------------
(Duly authorised)

<PAGE>
                                       87

Issued in London, England on ___, 2002.

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................
Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                       88

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

       (euro)     (euro)     (euro)            (euro)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       89

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                 (euro)              (euro)                   (euro)
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                       90

                                     PART I

                    SERIES 3 CLASS C GLOBAL SIXTH ISSUER NOTE

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 3 CLASS C GLOBAL SIXTH ISSUER NOTE
                               representing up to

   (EURO)[69,000,000] SERIES 3 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER
                              NOTES DUE [JULY 2040]

This Series 3 Class C Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 3
Class C Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [sixty nine million] euro
((euro)[69,000,000]) and governed by a Sixth IssuER Trust Deed dated ___, 2002
(the "SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank of New
York, as trustee (the trustee for the time being thereof being herein called the
"NOTE TRUSTEE"). References herein to the Conditions (or to any particular
numbered Condition) shall be to the Conditions (or that particular one of them)
set out in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein
have the meanings ascribed to them in the Amended and Restated Master
Definitions Schedule and the Sixth Issuer Master Definitions Schedule, both
dated and made on ___, 2002 and signed for the purposes of identification by
Allen & Overy and Slaughter and May, and the Sixth Issuer Trust Deed. The
aggregate principal amount from time to time of this Global Sixth Issuer Note
shall be that amount not exceeding (euro)[69,000,000] as shall BE shown by the
latest entry duly made in the Schedule hereto.

This is to certify that:

                ___ as nominee on behalf of the Common Depositary

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

<PAGE>
                                       91

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [sixty nine
        million] euro ((euro)[69,000,000])) on the Interest Payment Date falling
        in [July 2040] (or on such earlier date as the said principal amount may
        become repayable in accordance with the Conditions or the Sixth Issuer
        Trust Deed) and to pay interest quarterly in arrear on each Interest
        Payment Date on the principal amount from time to time of this Global
        Sixth Issuer Note at the rates determined in accordance with Conditions
        together with such premium and other amounts (if any) as may be payable,
        all subject to and in accordance with the Conditions and the provisions
        of the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) both Euroclear
        Bank S.A./N.V., as operator of the Euroclear System ("EUROCLEAR") and
        Clearstream, Luxembourg Banking, societe anonyme ("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 or do so and no alternative
        clearing system satisfactory to the Note Trustee is then available, 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 Sixth Issuer Closing Date, the Sixth Issuer or
        any Paying Agent is or will be required to make any deduction or
        withholding from any payment in respect of the Sixth Issuer Notes which
        would not be required were the relevant Sixth Issuer Notes in definitive
        registered form. Thereupon the holder of this Global Sixth Issuer Note
        (acting on the instructions of (a) holder(s) of (a) Book-Entry
        Interest(s) (as defined in SECTION 3 hereof)) may give notice to the
        Sixth Issuer, and the Sixth Issuer may give notice to the Note Trustee
        and the Noteholders, of its intention to exchange this Global Sixth
        Issuer Note for Definitive Sixth Issuer Notes on or after the Exchange
        Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of (euro)10,000 or
        (euro)100,000 each or any integral multiple thereOF, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or,

<PAGE>
                                       92

        as the case may be, reduced for all purposes by the amount so exchanged
        or so purchased and cancelled and endorsed. Upon the exchange of the
        whole of this Global Sixth Issuer Note for Definitive Sixth Issuer Notes
        this Global Sixth Issuer Note, shall be surrendered to or to the order
        of the Registrar and cancelled and, if the holder of this Global Sixth
        Issuer Note requests, returned to it together with any relevant
        Definitive Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      EUROCLEAR AND CLEARSTREAM, LUXEMBOURG

        References herein to Euroclear and/or Clearstream, Luxembourg shall be
        deemed to include references to any other clearing system approved by
        the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ------------------------------------
(Duly authorised)

<PAGE>
                                       93

Issued in London, England on ___, 2002.

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated without recourse, warranty
or liability.

....................................
Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                       94

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

        (euro)    (euro)     (euro)            (euro)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       95

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                  (euro)             (euro)                    (euro)
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                       96

                                     PART J

                   SERIES 4 CLASS A1 GLOBAL SIXTH ISSUER NOTE

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                   SERIES 4 CLASS A1 GLOBAL SIXTH ISSUER NOTE
                               representing up to

   US$[750,000,000] SERIES 4 CLASS A1 ASSET BACKED FLOATING RATE SIXTH ISSUER
                            NOTES DUE [OCTOBER 2009]

This Series 4 Class A1 Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 4
Class A1 Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH
ISSUER"), designated as specified in the title hereof (the "SIXTH ISSUER
NOTES"), limited to the aggregate principal amount of up to [seven hundred and
fifty million] US dollars (US$[750,000,000]) and governed by a Sixth Issuer
Trust Deed dated ___, 2002 (the "SIXTH ISSUER TRUST DEED") between the Sixth
Issuer and The Bank of New York, as trustee (the trustee for the time being
thereof being herein called the "NOTE TRUSTEE"). References herein to the
Conditions (or to any particular numbered Condition) shall be to the Conditions
(or that particular one of them) set out in Schedule 3 to the Sixth Issuer Trust
Deed. Terms not defined herein have the meanings ascribed to them in the Amended
and Restated Master Definitions and Construction Schedule and the Sixth Issuer
Master Definitions and Construction Schedule, both dated ___, 2002 and signed
for the purposes of identification by Allen & Overy and Slaughter and May, and
the Sixth Issuer Trust Deed. The aggregate principal amount from time to time of
this Global Sixth Issuer Note shall be that amount not exceeding
US$[750,000,000] as shall be shown by the latest entry duly made in the Schedule
hereto.

This is to certify that:

         Cede & Co. as nominee on behalf of The Depositary Trust Company

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [seven hundred
        and fifty million] US dollars (US$[750,000,000])) on the Interest
        Payment Date falling in [October 2009] (or on such earlier date as the
        said principal amount may become repayable in accordance with the
        Conditions or the Sixth Issuer Trust Deed) and to pay interest quarterly
        in arrear on each Interest Payment Date on the principal amount from
        time to time of this Global Sixth Issuer Note at the rates determined in
        accordance with the Conditions together with such premium and other
        amounts (if any) as may be payable, all

<PAGE>
                                       97

        subject to and in accordance with the Conditions and the provisions of
        the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) The Depositary
        Trust Company ("DTC") has notified the Sixth Issuer that it is at any
        time unwilling or unable to continue as holder of this Global Sixth
        Issuer Note or 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
        able to be appointed by the Sixth Issuer within 90 days of such
        notification, 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 Sixth Issuer Closing Date, the Sixth
        Issuer or any Paying Agent is or will be required to make any deduction
        or withholding from any payment in respect of the Sixth Issuer Notes
        which would not be required were the relevant Sixth Issuer Notes in
        definitive registered form. Thereupon the holder of this Global Sixth
        Issuer Note (acting on the instructions of (a) holder(s) of (a)
        Book-Entry Interest(s) (as defined in SECTION 3 above)) may give notice
        to the Sixth Issuer, and the Sixth Issuer may give notice to the Note
        Trustee and the Noteholders, of its intention to exchange this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes on or after the
        Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of US$1,000, US$10,000 or
        US$100,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or, as the case may be, reduced for all
        purposes by the amount so exchanged or so purchased and cancelled and
        endorsed. Upon the exchange of the whole of this Global Sixth Issuer
        Note for Definitive Sixth Issuer Notes, this Global Sixth Issuer Note
        shall be surrendered to or to the order of the Registrar and cancelled
        and, if the holder of this Global Sixth Issuer Note requests, returned
        to it together with any relevant Definitive Sixth Issuer Notes.

<PAGE>

                                       98

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      DTC

        References herein to DTC shall be deemed to include references to any
        other clearing system approved by the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   -------------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                       99

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                      100

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

         US$        US$       US$                US$

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                      101

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                    US$                US$                     US$
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                      102

                                    PART [K]

                   SERIES 4 CLASS A2 GLOBAL SIXTH ISSUER NOTE
                               [ISIN CH0013170276]

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

              (Incorporated with limited liability in England with
                          registered number [4359738])

                   SERIES 4 CLASS A2 GLOBAL SIXTH ISSUER NOTE
                               representing up to

     CHF700,000,000 SERIES 4 CLASS A2 ASSET BACKED FIXED-FLOATING RATE SIXTH
                         ISSUER NOTES DUE OCTOBER 2009

This Series 4 Class A2 Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 4
Class A2 Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH
ISSUER"), designated as specified in the title hereof (the "SIXTH ISSUER
NOTES"), limited to the aggregate principal amount of up to [seven hundred
million] Swiss francs (CHF700,000,000) and governed by a Sixth Issuer Trust Deed
dated ___, 2002 (the "SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The
Bank of New York, as trustee (the trustee for the time being thereof being
herein called the "NOTE TRUSTEE"). References herein to the Conditions (or to
any particular numbered Condition) shall be to the Conditions (or that
particular one of them) set out in Schedule 3 to the Sixth Issuer Trust Deed.
Terms not defined herein have the meanings ascribed to them in the Amended and
Restated Master Definitions and Construction Schedule and the Sixth Issuer
Master Definitions and Construction Schedule, both dated ___, 2002 and signed
for the purposes of identification by Allen & Overy and Slaughter and May, and
the Sixth Issuer Trust Deed. The aggregate principal amount from time to time of
this Global Sixth Issuer Note shall be that amount not exceeding CHF700,000,000
as shall be shown by the latest entry duly made in the Schedule hereto.

Transfer of this Global Sixth Issuer Note shall be by delivery.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the bearer hereof the principal amount of this Global
        Sixth Issuer Note (being at the date hereof [seven hundred] million
        Swiss francs (CHF[700,000,000])) on the Interest Payment Date falling in
        [October 2009] (or on such earlier date as the said principal amount may
        become repayable in accordance with the Conditions or the Sixth Issuer
        Trust Deed) and to pay

<PAGE>
                                      103

        interest annually or quarterly, as the case may be, in arrear on each
        Interest Payment Date on the principal amount from time to time of this
        Global Sixth Issuer Note at the rates determined in accordance with
        Conditions together with such premium and other amounts (if any) as may
        be payable, all subject to and in accordance with the Conditions and the
        provisions of the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) the Swiss
        Principal Paying Agent deems the printing of Definitive Sixth Issuer
        Notes to be necessary or useful, or (ii) the presentation of Definitive
        Sixth Issuer Notes is required by Swiss or foreign laws in connection
        with the enforcement of rights (including cases of bankruptcy,
        consolidation or reorganisation of the Sixth Issuer). Thereupon the
        holder of this Global Sixth Issuer Note (acting on the instructions of
        (a) holder(s) of (a) Book-Entry Interest(s) (as defined in SECTION 3
        above)) may give notice to the Sixth Issuer, and the Sixth Issuer may
        give notice to the Note Trustee and the Noteholders, of its intention to
        exchange this Global Sixth Issuer Note for Definitive Sixth Issuer Notes
        on or after the Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Swiss Principal Paying Agent. In exchange for this Global Sixth
        Issuer Note the Sixth Issuer will deliver, or procure the delivery of,
        Definitive Sixth Issuer Notes in bearer form in denominations of
        CHF5,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Swiss Principal Paying Agent is located and in
        the city in which the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Swiss Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Swiss Principal Paying Agent on
        behalf of the Sixth Issuer on Part II of the Schedule hereto, whereupon
        the principal amount hereof shall be increased or, as the case may be,
        reduced for all purposes by the amount so exchanged or so purchased and
        cancelled and endorsed. Upon the exchange of the whole of this Global
        Sixth Issuer Note for Definitive Sixth Issuer Note, this Global Sixth
        Issuer Note shall be surrendered to or to the order of the Swiss
        Principal Paying Agent and cancelled and, if the holder of this Global
        Sixth Issuer Note requests, returned to it together with any relevant
        Definitive Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of

<PAGE>
                                      104

        principal, premium or interest on this Global Sixth Issuer Note the
        amount so paid shall be endorsed by or on behalf of the Swiss Principal
        Paying Agent on behalf of the Sixth Issuer on Part I of the Schedule
        hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the bearer of this
        Global Sixth Issuer Note shall be valid and, to the extent of the sums
        so paid, effectual to satisfy and discharge the liability for the monies
        payable hereon.

4.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Swiss Principal Paying Agent.

5.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ------------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                      105

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................
Duly authorised
for and on behalf of
UBS AG
as Swiss Principal Paying Agent

<PAGE>
                                      106

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

         CHF       CHF         CHF               CHF

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                      107

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                    CHF                CHF                     CHF
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                      108

                                     PART L

                    SERIES 4 CLASS B GLOBAL SIXTH ISSUER NOTE

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 4 CLASS B GLOBAL SIXTH ISSUER NOTE
                               representing up to

 US$[41,000,000] SERIES 4 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                DUE [JULY 2040]

This Series 4 Class B Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 4
Class B Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [forty one million] US dollars
(US$[41,000,000]) and governed by a Sixth Issuer Trust Deed dated ___, 2002 (the
"SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank of New York, as
trustee (the trustee for the time being thereof being herein called the "NOTE
TRUSTEE"). References herein to the Conditions (or to any particular numbered
Condition) shall be to the Conditions (or that particular one of them) set out
in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein have the
meanings ascribed to them in the Amended and Restated Master Definitions and
Construction Schedule and the Sixth Issuer Master Definitions and Construction
Schedule, both dated ___, 2002 and signed for the purposes of identification by
Allen & Overy and Slaughter and May, and the Sixth Issuer Trust Deed. The
aggregate principal amount from time to time of this Global Sixth Issuer Note
shall be that amount not exceeding US$[41,000,000] as shall be shown by the
latest entry duly made in the Schedule hereto.

This is to certify that:

         Cede & Co. as nominee on behalf of The Depositary Trust Company

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [forty one
        million] US dollars (US$[41,000,000])) on the Interest Payment Date
        falling in [July 2040] (or on such earlier date as the said principal
        amount may become repayable in accordance with the Conditions or the
        Sixth Issuer Trust Deed) and to pay interest quarterly in arrear on each
        Interest Payment Date on the principal amount from time to time of this
        Global Sixth Issuer Note at the rates determined in accordance with the
        Conditions together with such premium and other amounts (if any) as may
        be payable, all subject to and in accordance with the Conditions and the
        provisions of the Sixth Issuer Trust Deed.

<PAGE>
                                      109

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) The Depositary
        Trust Company ("DTC") has notified the Sixth Issuer that it is at any
        time unwilling or unable to continue as holder of this Global Sixth
        Issuer Note or 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
        able to be appointed by the Sixth Issuer within 90 days of such
        notification, 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 Sixth Issuer Closing Date, the Sixth
        Issuer or any Paying Agent is or will be required to make any deduction
        or withholding from any payment in respect of the Sixth Issuer Notes
        which would not be required were the relevant Sixth Issuer Notes in
        definitive registered form. Thereupon the holder of this Global Sixth
        Issuer Note (acting on the instructions of (a) holder(s) of (a)
        Book-Entry Interest(s) (as defined in SECTION 3 above)) may give notice
        to the Sixth Issuer, and the Sixth Issuer may give notice to the Note
        Trustee and the Noteholders, of its intention to exchange this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes on or after the
        Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of US$1000, US$10,000 or
        US$100,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or, as the case may be, reduced for all
        purposes by the amount so exchanged or so purchased and cancelled and
        endorsed. Upon the exchange of the whole of this Global Sixth Issuer
        Note for Definitive Sixth Issuer Notes, this Global Sixth Issuer Note
        shall be surrendered to or to the order of the Registrar and cancelled
        and, if the holder of this Global Sixth Issuer Note requests, returned
        to it together with any relevant Definitive Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions,

<PAGE>
                                      110

        the Sixth Issuer Trust Deed and the Sixth Issuer Deed of Charge.
        Payments of principal, premium (if any) and interest in respect of Sixth
        Issuer Notes represented by this Global Sixth Issuer Note will be made
        in accordance with the Conditions. Upon any payment of principal,
        premium or interest on this Global Sixth Issuer Note the amount so paid
        shall be endorsed by or on behalf of the Registrar on behalf of the
        Sixth Issuer on Part I of the Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      DTC

        References herein to DTC shall be deemed to include references to any
        other clearing system approved by the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ------------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                      111

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                      112

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

         US$        US$       US$                US$

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                      113

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                    US$                US$                     US$
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                      114

                                     PART M

                    SERIES 4 CLASS C GLOBAL SIXTH ISSUER NOTE

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 4 CLASS C GLOBAL SIXTH ISSUER NOTE
                               representing up to

 US$[70,000,000] SERIES 4 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]

This Series 4 Class C Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 4
Class C Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [seventy million] US dollars
(US$[70,000,000]) and governed by a Sixth Issuer Trust Deed dated ___, 2002 (the
"SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank of New York, as
trustee (the trustee for the time being thereof being herein called the "NOTE
TRUSTEE"). References herein to the Conditions (or to any particular numbered
Condition) shall be to the Conditions (or that particular one of them) set out
in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein have the
meanings ascribed to them in the Amended and Restated Master Definitions and
Construction Schedule and the Sixth Issuer Master Definitions and Construction
Schedule, both dated ___, 2002 and signed for the purposes of identification by
Allen & Overy and Slaughter and May, and the Sixth Issuer Trust Deed. The
aggregate principal amount from time to time of this Global Sixth Issuer Note
shall be that amount not exceeding US$[70,000,000] as shall be shown by the
latest entry duly made in the Schedule hereto.

This is to certify that:

         Cede & Co. as nominee on behalf of The Depositary Trust Company

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [seventy
        million] US dollars (US$[70,000,000]) on the Interest Payment Date
        falling in [July 2040] (or on such earlier date as the said principal
        amount may become repayable in accordance with the Conditions or the
        Sixth Issuer Trust Deed) and to pay interest quarterly in arrear on each
        Interest Payment Date on the principal amount from time to time of this
        Global Sixth Issuer Note at the rates determined in accordance with the
        Conditions together with such premium and other amounts (if any) as may
        be payable, all subject to and in accordance with the Conditions and the
        provisions of the Sixth Issuer Trust Deed.

<PAGE>
                                      115

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) The Depositary
        Trust Company ("DTC") has notified the Sixth Issuer that it is at any
        time unwilling or unable to continue as holder of this Global Sixth
        Issuer Note or 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
        able to be appointed by the Sixth Issuer within 90 days of such
        notification, 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 Sixth Issuer Closing Date, the Sixth
        Issuer or any Paying Agent is or will be required to make any deduction
        or withholding from any payment in respect of the Sixth Issuer Notes
        which would not be required were the relevant Sixth Issuer Notes in
        definitive registered form. Thereupon the holder of this Global Sixth
        Issuer Note (acting on the instructions of (a) holder(s) of (a)
        Book-Entry Interest(s) (as defined in SECTION 3 above)) may give notice
        to the Sixth Issuer, and the Sixth Issuer may give notice to the Note
        Trustee and the Noteholders, of its intention to exchange this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes on or after the
        Exchange Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of US$1,000, US$10,000 or
        US$100,000 each or any integral multiple thereof, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or, as the case may be, reduced for all
        purposes by the amount so exchanged or so purchased and cancelled and
        endorsed. Upon the exchange of the whole of this Global Sixth Issuer
        Note for Definitive Sixth Issuer Notes, this Global Sixth Issuer Note
        shall be surrendered to or to the order of the Registrar and cancelled
        and, if the holder of this Global Sixth Issuer Note requests, returned
        to it together with any relevant Definitive Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions,

<PAGE>
                                      116

        the Sixth Issuer Trust Deed and the Sixth Issuer Deed of Charge.
        Payments of principal, premium (if any) and interest in respect of Sixth
        Issuer Notes represented by this Global Sixth Issuer Note will be made
        in accordance with the Conditions. Upon any payment of principal,
        premium or interest on this Global Sixth Issuer Note the amount so paid
        shall be endorsed by or on behalf of the Registrar on behalf of the
        Sixth Issuer on Part I of the Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      DTC

        References herein to DTC shall be deemed to include references to any
        other clearing system approved by the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ------------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

<PAGE>
                                      117

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                      118

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issue

         US$       US$        US$                US$

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                      119

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                    US$                US$                     US$
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                      120

                                     PART N

                    SERIES 5 CLASS A GLOBAL SIXTH ISSUER NOTE

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 5 CLASS A GLOBAL SIXTH ISSUER NOTE
                               representing up to

  (POUND)[750,000,000] SERIES 5 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER
                             NOTES DUE [JULY 2040 ]

This Series 5 Class A Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 5
Class A Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [seven hundred and fifty million]
pounds sterling ((pound)[750,000,000]) AND governed by a Sixth Issuer Trust Deed
dated ___, 2002 (the "SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The
Bank of New York, as trustee (the trustee for the time being thereof being
herein called the "NOTE TRUSTEE"). References herein to the Conditions (or to
any particular numbered Condition) shall be to the Conditions (or that
particular one of them) set out in Schedule 3 to the Sixth Issuer Trust Deed.
Terms not defined herein have the meanings ascribed to them in the Amended and
Restated Master Definitions and Construction Schedule and the Sixth Issuer
Master Definitions and Construction Schedule, both dated ___, 2002 and signed
for the purposes of identification by Allen & Overy and Slaughter and May, and
the Sixth Issuer Trust Deed. The aggregate principal amount from time to time of
this Global Sixth Issuer Note shall be that amount not exceeding
(pound)[750,000,000] as shall be shown by the latest entry duly made in the
Schedule hereto.

This is to certify that:

                ___ as nominee on behalf of the Common Depositary

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

<PAGE>
                                      121

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [seven hundred
        and fifty million] pounds sterling ((pound)[750,000,000])) on the
        Interest PaymENT Date falling in [July 2040] (or on such earlier date as
        the said principal amount may become repayable in accordance with the
        Conditions or the Sixth Issuer Trust Deed) and to pay interest quarterly
        in arrear on each Interest Payment Date on the principal amount from
        time to time of this Global Sixth Issuer Note at the rates determined in
        accordance with Conditions together with such premium and other amounts
        (if any) as may be payable, all subject to and in accordance with the
        Conditions and the provisions of the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) both Euroclear
        Bank S.A./N.V., as operator of the Euroclear System ("EUROCLEAR") and
        Clearstream, Luxembourg Banking, societe anonyme ("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 or do so and no alternative
        clearing system satisfactory to the Note Trustee is then available, 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 Sixth Issuer Closing Date, the Sixth Issuer or
        any Paying Agent is or will be required to make any deduction or
        withholding from any payment in respect of the Sixth Issuer Notes which
        would not be required were the relevant Sixth Issuer Notes in definitive
        registered form. Thereupon the holder of this Global Sixth Issuer Note
        (acting on the instructions of (a) holder(s) of (a) Book-Entry
        Interest(s) (as defined in SECTION 3 hereof)) may give notice to the
        Sixth Issuer, and the Sixth Issuer may give notice to the Note Trustee
        and the Noteholders, of its intention to exchange this Global Sixth
        Issuer Note for Definitive Sixth Issuer Notes on or after the Exchange
        Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of (pound)10,000 or
        (pound)100,000 each or any integral multiple theREOf, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and

<PAGE>
                                      122

        cancelled shall be endorsed by or on behalf of the Registrar on behalf
        of the Sixth Issuer on Part II of the Schedule hereto, whereupon the
        principal amount hereof shall be increased or, as the case may be,
        reduced for all purposes by the amount so exchanged or so purchased and
        cancelled and endorsed. Upon the exchange of the whole of this Global
        Sixth Issuer Note for Definitive Sixth Issuer Notes this Global Sixth
        Issuer Note, shall be surrendered to or to the order of the Registrar
        and cancelled and, if the holder of this Global Sixth Issuer Note
        requests, returned to it together with any relevant Definitive Sixth
        Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      EUROCLEAR AND CLEARSTREAM, LUXEMBOURG

        References herein to Euroclear and/or Clearstream, Luxembourg shall be
        deemed to include references to any other clearing system approved by
        the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

<PAGE>
                                      123

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

HOLMES FINANCING (NO. 6) PLC

By:
   ------------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................
Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                      124

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

        (pound)   (pound)    (pound)           (pound)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                       125

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                 (pound)             (pound)               (pound)
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                      126

                                     PART O

                    SERIES 4 CLASS B GLOBAL SIXTH ISSUER NOTE

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 5 CLASS B GLOBAL SIXTH ISSUER NOTE
                               representing up to

  (POUND)[25,000,000] SERIES 5 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER
                             NOTES DUE [JULY 2040 ]

This Series 5 Class B Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 5
Class B Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [twenty five million] pounds sterling
((pound)[25,000,000]) and governed bY A Sixth Issuer Trust Deed dated ___, 2002
(the "SIXTH ISSUER TRUST DEED") between the Sixth Issuer and The Bank of New
York, as trustee (the trustee for the time being thereof being herein called the
"NOTE TRUSTEE"). References herein to the Conditions (or to any particular
numbered Condition) shall be to the Conditions (or that particular one of them)
set out in Schedule 3 to the Sixth Issuer Trust Deed. Terms not defined herein
have the meanings ascribed to them in the Amended and Restated Master
Definitions and Construction Schedule and the Sixth Issuer Master Definitions
and Construction Schedule, both dated ___, 2002 and signed for the purposes of
identification by Allen & Overy and Slaughter and May, and the Sixth Issuer
Trust Deed. The aggregate principal amount from time to time of this Global
Sixth Issuer Note shall be that amount not exceeding (pound)[25,000,000] as
shall be shown by the latest entry duly made in the Schedule hereto.

This is to certify that:

                ___ as nominee on behalf of the Common Depositary

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer

<PAGE>
                                      127

Notes passes only on due registration in the Register and only the registered
holder is entitled to payment in respect of this Global Sixth Issuer Note.

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [twenty five
        million] pounds sterling ((pound)[25,000,000])) on the Interest Payment
        Date fallING in [July 2040] (or on such earlier date as the said
        principal amount may become repayable in accordance with the Conditions
        or the Sixth Issuer Trust Deed) and to pay interest quarterly in arrear
        on each Interest Payment Date on the principal amount from time to time
        of this Global Sixth Issuer Note at the rates determined in accordance
        with Conditions together with such premium and other amounts (if any) as
        may be payable, all subject to and in accordance with the Conditions and
        the provisions of the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) both Euroclear
        Bank S.A./N.V., as operator of the Euroclear System ("EUROCLEAR") and
        Clearstream, Luxembourg Banking, societe anonyme ("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 or do so and no alternative
        clearing system satisfactory to the Note Trustee is then available, 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 Sixth Issuer Closing Date, the Sixth Issuer or
        any Paying Agent is or will be required to make any deduction or
        withholding from any payment in respect of the Sixth Issuer Notes which
        would not be required were the relevant Sixth Issuer Notes in definitive
        registered form. Thereupon the holder of this Global Sixth Issuer Note
        (acting on the instructions of (a) holder(s) of (a) Book-Entry
        Interest(s) (as defined in SECTION 3 hereof)) may give notice to the
        Sixth Issuer, and the Sixth Issuer may give notice to the Note Trustee
        and the Noteholders, of its intention to exchange this Global Sixth
        Issuer Note for Definitive Sixth Issuer Notes on or after the Exchange
        Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of (pound)10,000 or
        (pound)100,000 each or any integral multiple theREOf, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank

<PAGE>
                                      128

        Agreement, the portion of the principal amount hereof so exchanged or so
        purchased and cancelled shall be endorsed by or on behalf of the
        Registrar on behalf of the Sixth Issuer on Part II of the Schedule
        hereto, whereupon the principal amount hereof shall be increased or, as
        the case may be, reduced for all purposes by the amount so exchanged or
        so purchased and cancelled and endorsed. Upon the exchange of the whole
        of this Global Sixth Issuer Note for Definitive Sixth Issuer Notes this
        Global Sixth Issuer Note, shall be surrendered to or to the order of the
        Registrar and cancelled and, if the holder of this Global Sixth Issuer
        Note requests, returned to it together with any relevant Definitive
        Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      EUROCLEAR AND CLEARSTREAM, LUXEMBOURG

        References herein to Euroclear and/or Clearstream, Luxembourg shall be
        deemed to include references to any other clearing system approved by
        the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

<PAGE>
                                      129

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

HOLMES FINANCING (NO. 6) PLC

By:
   ------------------------------------
(Duly authorised)

Issued in London, England on ___, 2002.

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................
Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                      130

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

       (pound)    (pound)    (pound)            (pound)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                      131

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                 (pound)            (pound)                  (pound)
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>
                                      132

                                     PART P

                    SERIES 5 CLASS C GLOBAL SIXTH ISSUER NOTE

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                    SERIES 5 CLASS C GLOBAL SIXTH ISSUER NOTE
                               representing up to

  (POUND)[43,000,000] SERIES 5 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER
                             NOTES DUE [JULY 2040 ]

This Series 5 Class C Sixth Issuer Note is a Global Sixth Issuer Note without
principal or interest coupons in respect of a duly authorised issue of Series 5
Class C Sixth Issuer Notes of HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER"),
designated as specified in the title hereof (the "SIXTH ISSUER NOTES"), limited
to the aggregate principal amount of up to [forty three million] pounds sterling
((pound)[43,000,000]) and governed bY A Sixth Issuer Trust Deed dated ___, 2002
(the "SIXTH ISSUER TRUST DEED") between the Sixth Issuer and ___, as trustee
(the trustee for the time being thereof being herein called the "NOTE TRUSTEE").
References herein to the Conditions (or to any particular numbered Condition)
shall be to the Conditions (or that particular one of them) set out in Schedule
3 to the Sixth Issuer Trust Deed. Terms not defined herein have the meanings
ascribed to them in the Amended and Restated Master Definitions and Construction
Schedule and the Sixth Issuer Master Definitions and Construction Schedule, both
dated ___, 2002 and signed for the purposes of identification by Allen & Overy
and Slaughter and May, and the Sixth Issuer Trust Deed. The aggregate principal
amount from time to time of this Global Sixth Issuer Note shall be that amount
not exceeding (pound)[43,000,000] as shall be shown by the latest entry duly
made in the Schedule hereto.

This is to certify that:

                ___ as nominee on behalf of the Common Depositary

is/are the duly registered holder(s) of one of the above-mentioned registered
Global Sixth Issuer Note. This Global Sixth Issuer Note is evidence of
entitlement only. Title to the Global Sixth Issuer Notes passes only on due
registration in the Register and only the registered holder is entitled to
payment in respect of this Global Sixth Issuer Note.

<PAGE>
                                      133

1.      PROMISE TO PAY

        Subject as provided in this Global Sixth Issuer Note the Sixth Issuer
        promises to pay to the registered holder hereof the principal amount of
        this Global Sixth Issuer Note (being at the date hereof [forty three
        million] pounds sterling ((pound)[43,000,000])) on the Interest Payment
        Date fallING in [July 2040] (or on such earlier date as the said
        principal amount may become repayable in accordance with the Conditions
        or the Sixth Issuer Trust Deed) and to pay interest quarterly in arrear
        on each Interest Payment Date on the principal amount from time to time
        of this Global Sixth Issuer Note at the rates determined in accordance
        with Conditions together with such premium and other amounts (if any) as
        may be payable, all subject to and in accordance with the Conditions and
        the provisions of the Sixth Issuer Trust Deed.

2.      EXCHANGE FOR DEFINITIVE SIXTH ISSUER NOTES AND PURCHASES

        This Global Sixth Issuer Note will be exchangeable (free of charge to
        the holder) for Definitive Sixth Issuer Notes only if (i) both Euroclear
        Bank S.A./N.V., as operator of the Euroclear System ("EUROCLEAR") and
        Clearstream, Luxembourg Banking, societe anonyme ("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 or do so and no alternative
        clearing system satisfactory to the Note Trustee is then available, 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 Sixth Issuer Closing Date, the Sixth Issuer or
        any Paying Agent is or will be required to make any deduction or
        withholding from any payment in respect of the Sixth Issuer Notes which
        would not be required were the relevant Sixth Issuer Notes in definitive
        registered form. Thereupon the holder of this Global Sixth Issuer Note
        (acting on the instructions of (a) holder(s) of (a) Book-Entry
        Interest(s) (as defined in SECTION 3 above)) may give notice to the
        Sixth Issuer, and the Sixth Issuer may give notice to the Note Trustee
        and the Noteholders, of its intention to exchange this Global Sixth
        Issuer Note for Definitive Sixth Issuer Notes on or after the Exchange
        Date (as defined below).

        On or after the Exchange Date, the holder of this Global Sixth Issuer
        Note shall surrender this Global Sixth Issuer Note to or to the order of
        the Registrar. In exchange for this Global Sixth Issuer Note the Sixth
        Issuer will deliver, or procure the delivery of, Definitive Sixth Issuer
        Notes in registered form in denominations of (pound)10,000 or
        (pound)100,000 each or any integral multiple theREOf, or in such other
        denominations as the Note Trustee shall determine and notify to the
        relevant Noteholders, in exchange for the whole of this Global Sixth
        Issuer Note.

        "EXCHANGE DATE" means a day specified in the notice requiring exchange
        falling not more than 60 days after that on which such notice is given
        and on which banks are open for business in the city in which the
        specified office of the Registrar is located and in the city in which
        the relevant clearing system is located.

        Upon the cancellation of a part of this Global Sixth Issuer Note in
        accordance with the Sixth Issuer Trust Deed, the Conditions and the
        Sixth Issuer Paying Agent and Agent Bank Agreement, the portion of the
        principal amount hereof so exchanged or so purchased and cancelled shall
        be endorsed by or on behalf of the Registrar on behalf of the Sixth
        Issuer on Part II of the Schedule hereto, whereupon the principal amount
        hereof shall be increased or,

<PAGE>
                                      134

        as the case may be, reduced for all purposes by the amount so exchanged
        or so purchased and cancelled and endorsed. Upon the exchange of the
        whole of this Global Sixth Issuer Note for Definitive Sixth Issuer Notes
        this Global Sixth Issuer Note, shall be surrendered to or to the order
        of the Registrar and cancelled and, if the holder of this Global Sixth
        Issuer Note requests, returned to it together with any relevant
        Definitive Sixth Issuer Notes.

3.      PAYMENTS

        Until the entire principal amount of this Global Sixth Issuer Note has
        been extinguished, this Global Sixth Issuer Note shall be entitled to
        the benefit of and be bound by the Conditions, the Sixth Issuer Trust
        Deed and the Sixth Issuer Deed of Charge. Payments of principal, premium
        (if any) and interest in respect of Sixth Issuer Notes represented by
        this Global Sixth Issuer Note will be made in accordance with the
        Conditions. Upon any payment of principal, premium or interest on this
        Global Sixth Issuer Note the amount so paid shall be endorsed by or on
        behalf of the Registrar on behalf of the Sixth Issuer on Part I of the
        Schedule hereto.

        Upon any payment of principal and endorsement of such payment on Part I
        of the Schedule hereto, the principal amount of this Global Sixth Issuer
        Note shall be reduced for all purposes by the principal amount so paid
        and endorsed.

        All payments of any amounts payable and paid to the registered holder of
        this Global Sixth Issuer Note shall be valid and, to the extent of the
        sums so paid, effectual to satisfy and discharge the liability for the
        monies payable hereon.

4.      EUROCLEAR AND CLEARSTREAM, LUXEMBOURG

        References herein to Euroclear and/or Clearstream, Luxembourg shall be
        deemed to include references to any other clearing system approved by
        the Note Trustee.

5.      AUTHENTICATION

        This Global Sixth Issuer Note shall not be or become valid or obligatory
        for any purpose unless and until authenticated by or on behalf of the
        Principal Paying Agent.

6.      GOVERNING LAW

        This Global Sixth Issuer Note is governed by, and shall be construed in
        accordance with, the laws of England.

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

HOLMES FINANCING (NO. 6) PLC

By:
   ------------------------------------
(Duly authorised)

<PAGE>
                                      135

Issued in London, England on ___, 2002.

CERTIFICATE OF AUTHENTICATION

This Global Sixth Issuer Note is duly authenticated
without recourse, warranty or liability.

.......................................................
Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>
                                      136

                                  THE SCHEDULE

                                     PART I

                   PAYMENTS OF PRINCIPAL, PREMIUM AND INTEREST

The following payments on this Global Sixth Issuer Note have been made:

Date   Interest   Premium   Principal   Remaining principal        Notation
made   Paid       Paid      Paid        amount of this             made on
                                        Global Sixth Issuer Note   behalf of the
                                        following such payment     Sixth Issuer

       (pound)    (pound)    (pound)            (pound)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                      137

                                     PART II

                                   EXCHANGES,
                           PURCHASES AND CANCELLATIONS

The following exchanges for Definitive Sixth Issuer Notes and purchases and
cancellations of a part of this Global Sixth Issuer Note have been made:

<TABLE>
<CAPTION>

Date made   Part of principal   Part of principal    Aggregate principal amount    Notation made on
            amount exchanged    amount purchased     following such exchange,      behalf of the
            for Definitive      and cancelled        purchase or cancellation      Sixth Issuer
            Sixth Issuer Notes

                 (pound)             (pound)                 (pound)
<S>         <C>                 <C>                  <C>                           <C>
---------   ------------------  -----------------    --------------------------    ----------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<PAGE>

                                   SCHEDULE 2

                     FORMS OF DEFINITIVE SIXTH ISSUER NOTES

                                     PART A

                  SERIES 1 CLASS A DEFINITIVE SIXTH ISSUER NOTE

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

  1,000/10,000/100,000     ISIN:US43638WAA71    [SERIES]   [SERIAL NO.]

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

                           HOLMES FINANCING (NO.6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

         US$[1,000,000,000] SERIES 1 CLASS A ASSET BACKED FLOATING RATE
                      SIXTH ISSUER NOTES DUE [OCTOBER 2003]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and THE BANK OF
NEW YORK, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
US$1,000, US$10,000 or US$100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of US$
(__________ US dollars) and is/are entitled on the Interest Payment Date falling
in [October 2003] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                          US$ (___________ US dollars)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon) of this Series 1 Class A Sixth Issuer Note at rates
determined in accordance with the said Conditions payable monthly or quarterly,
as the case may be, in arrear on each Interest Payment Date and together with
such other amounts (if any) as may be payable, all subject to and in accordance
with the said Conditions and the provisions of the Sixth Issuer Trust Deed.

<PAGE>

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                 HOLMES FINANCING (NO. 6) PLC

                                 By:   __________________________________
                                       Director

                                 By:   __________________________________
                                       Director
Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

__________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

US$_______________ principal amount of this Sixth Issuer Note and all rights
hereunder, hereby irrevocably constituting and appointing _______________ as
attorney to transfer such principal amount of this Sixth Issuer Note in the
register maintained by or on behalf of HOLMES FINANCING (NO. 6) PLC with full
power of substitution.

Signature(s) ____________________

Date:  __________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART B

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

                  SERIES 1 CLASS B DEFINITIVE SIXTH ISSUER NOTE

 1,000/10,000/100,000     ISIN:43638WAB54US      [SERIES]     [SERIAL NO.]

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

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

             US$[34,000,000] SERIES 1 CLASS B ASSET BACKED FLOATING
                     RATE SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________ made
between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and THE BANK OF NEW
YORK, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
US$1,000, US$10,000 or US$100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of US$
(____________ US dollars) and is/are entitled on the Interest Payment Date
falling in [July 2040] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                          US$(____________ US dollars)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 1 Class B Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                              HOLMES FINANCING (NO. 6) PLC

                              By:  ___________________________________
                                   Director

                              By:  ___________________________________
                                   Director
Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

___________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent.

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

US$_________________ principal amount of this Sixth Issuer Note and all rights
hereunder, hereby irrevocably constituting and appointing
_________________________ as attorney to transfer such principal amount of this
Sixth Issuer Note in the register maintained by or on behalf of HOLMES FINANCING
(NO. 6) PLC with full power of substitution.

                                              Signature(s) _____________________

Date: ____________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART C

                  SERIES 1 CLASS C DEFINITIVE SIXTH ISSUER NOTE

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

   [1,000/10,000/100,000]      [ISIN:US43638WAC38]    [SERIES]   [SERIAL NO.]

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

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

             US$[57,000,000] SERIES 1 CLASS C ASSET BACKED FLOATING
                     RATE SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________ made
between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and THE BANK OF NEW
YORK, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
US$1,000, US$10,000 or US$100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of US$ ( US
dollars) and is/are entitled on the Interest Payment Date falling in [July 2040]
(or on such earlier date as the principal sum hereinafter mentioned may become
repayable in accordance with the Conditions endorsed hereon) to the repayment of
such principal sum of:

                       US$ (_________________ US dollars)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 1 Class C Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                       HOLMES FINANCING (NO. 6) PLC

                                       By:  ____________________________________
                                            Director

                                       By:  ____________________________________
                                            Director
Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

____________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

US$________________ principal amount of this Sixth Issuer Note and all rights
hereunder, hereby irrevocably constituting and appointing ________________ as
attorney to transfer such principal amount of this Sixth Issuer Note in the
register maintained by or on behalf of HOLMES FINANCING (NO. 6) PLC with full
power of substitution.

Signature(s) __________________________

Date: _________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART D

                  SERIES 2 CLASS A DEFINITIVE SIXTH ISSUER NOTE

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

  [1,000/10,000/100,000]      [ISIN:US43638WAD11]    [SERIES]   [SERIAL NO.]

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

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                US$[1,250,000,000] SERIES 2 CLASS A ASSET BACKED
                FLOATING RATE SIXTH ISSUER NOTES DUE [APRIL 2008]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________,
2002 made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and THE BANK
OF NEW YORK, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
US$1,000, US$10,000 or US$100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of US$
(__________US dollars) and is/are entitled on the Interest Payment Date falling
in [April 2008] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                           US$ (__________ US dollars)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 2 Class A Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director
Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

US$_______________ principal amount of this Sixth Issuer Note and all rights
hereunder, hereby irrevocably constituting and appointing
_________________________ as attorney to transfer such principal amount of this
Sixth Issuer Note in the register maintained by or on behalf of HOLMES FINANCING
(NO. 6) PLC with full power of substitution.

Signature(s) ________________________

Date:  ______________________________

NOTES:

1.  This form of transfer must be accompanied by such documents, evidence
    and information as may be required pursuant to the Sixth Issuer Trust
    Deed and the Sixth Issuer Paying Agent and Agent Bank Agreement and
    must be executed under the hand of the transferor or, if the transferor
    is a corporation, either under its common seal or under the hand of two
    of its officers duly authorised in writing and, in such latter case,
    the document so authorising such officers must be delivered with this
    form of transfer.

2.  The signature(s) on this form of transfer must correspond with the
    name(s) as it/they appear(s) on the face of this Sixth Issuer Note in
    every particular, without alteration or enlargement or any change
    whatever.

<PAGE>

                                     PART E

                  SERIES 2 CLASS B DEFINITIVE SIXTH ISSUER NOTE

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

 [1,000/10,000/100,000]   [ISIN:US43638WAE93]    [SERIES]   [SERIAL NO.]

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

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

                  US$[42,000,000] SERIES 2 CLASS B ASSET BACKED
                FLOATING RATE SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and THE BANK OF
NEW YORK, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
US$1,000, US$10,000 or US$100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of US$
(___________US dollars) and is/are entitled on the Interest Payment Date falling
in [July 2040] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                        US$ (_______________ US dollars)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 2 Class B Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director
Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

US$________________ principal amount of this Sixth Issuer Note and all rights
hereunder, hereby irrevocably constituting and appointing
______________________________ as attorney to transfer such principal amount of
this Sixth Issuer Note in the register maintained by or on behalf of HOLMES
FINANCING (NO. 6) PLC with full power of substitution.

                                               Signature(s) ____________________

Date: _________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART F

                  SERIES 2 CLASS C DEFINITIVE SIXTH ISSUER NOTE

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

   [1,000/10,000/100,000]   [ISIN:US43638WAF68]    [SERIES]   [SERIAL NO.]

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

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

             US$[71,000,000] SERIES 2 CLASS C ASSET BACKED FLOATING
                     RATE SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and THE BANK OF
NEW YORK, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
US$1,000, US$10,000 or US$100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of US$
(___________ US dollars) and is/are entitled on the Interest Payment Date
falling in [July 2040] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                            US$ (________ US dollars)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 2 Class C Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director
Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

US$_________________ principal amount of this Sixth Issuer Note and all rights
hereunder, hereby irrevocably constituting and appointing
________________________ as attorney to transfer such principal amount of this
Sixth Issuer Note in the register maintained by or on behalf of HOLMES FINANCING
(NO. 6) PLC with full power of substitution.

                                          Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART G

                  SERIES 3 CLASS A DEFINITIVE SIXTH ISSUER NOTE

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

   [10,000/100,000]     [ISIN:XS_________]     [SERIES]   [SERIAL NO.]

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

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

          (EURO)[1,200,000,000] SERIES 3 CLASS A ASSET BACKED FLOATING
                   RATE SIXTH ISSUER NOTES DUE [OCTOBER 2009]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and THE BANK OF
NEW YORK, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
(euro)10,000 or (euro)100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of (euro)
(___________euro) and is/are entitled on the Interest Payment Date falling in
[October 2009] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                            (euro) (__________ euro)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 3 Class A Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable annually or quarterly,
as the case may be, in arrear on each Interest Payment Date and together with
such other amounts (if any) as may be payable, all subject to and in accordance
with the said Conditions and the provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director
Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

(euro)____________________ principal amount of this Sixth Issuer Note and all
rights hereunder, hereby irrevocably constituting and appointing
__________________ as attorney to transfer such principal amount of this Sixth
Issuer Note in the register maintained by or on behalf of HOLMES FINANCING (NO.
6) PLC with full power of substitution.

Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART H

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

                  SERIES 3 CLASS B DEFINITIVE SIXTH ISSUER NOTE

  [10,000/100,000]      [ISIN:XS_________]     [SERIES]   [SERIAL NO.]

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

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

         (EURO)[40,000,000] SERIES 3 CLASS B ASSET BACKED FLOATING RATE
                       SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and THE BANK OF
NEW YORK, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
(euro)10,000 or (euro)100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of (euro)
(___________ euro) and is/are entitled on the Interest Payment Date falling in
[July 2040] (or on such earlier date as the principal sum hereinafter mentioned
may become repayable in accordance with the Conditions endorsed hereon) to the
repayment of such principal sum of:

                             (euro) (_________euro)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 3 Class B Sixth Issuer Note at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director

Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

(euro)________________ principal amount of this Sixth Issuer Note and all rights
hereunder, hereby irrevocably constituting and appointing _____________________
as attorney to transfer such principal amount of this Sixth Issuer Note in the
register maintained by or on behalf of HOLMES FINANCING (NO. 6) PLC with full
power of substitution.

Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART I

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

                  SERIES 3 CLASS C DEFINITIVE SIXTH ISSUER NOTE

  [10,000/100,000]    [ISIN:XS_________]     [SERIES]   [SERIAL NO.]

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

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

         (EURO)[69,000,000] SERIES 3 CLASS C ASSET BACKED FLOATING RATE
                       SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________ made
between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and THE BANK OF NEW
YORK, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
(euro)10,000 or (euro)100,000, each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of (euro)
(__________euro) and is/are entitled on the Interest Payment Date falling in
[July 2040] (or on such earlier date as the principal sum hereinafter mentioned
may become repayable in accordance with the Conditions endorsed hereon) to the
repayment of such principal sum of:

                           (euro) (_____________ euro)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 3 Class C Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director

Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

(euro)___________________ principal amount of this Sixth Issuer Note and all
rights hereunder, hereby irrevocably constituting and appointing
___________________ as attorney to transfer such principal amount of this Sixth
Issuer Note in the register maintained by or on behalf of HOLMES FINANCING (NO.
6) PLC with full power of substitution.

Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART J

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

                 SERIES 4 CLASS A1 DEFINITIVE SIXTH ISSUER NOTE

 [1,000/10,000/100,000]   [ISIN:US43638WAG42]    [SERIES]   [SERIAL NO.]

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

                           HOLMES FINANCING (NO.6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

            US$[750,000,000] SERIES 4 CLASS A1 ASSET BACKED FLOATING
                   RATE SIXTH ISSUER NOTES DUE [OCTOBER 2009]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and The Bank of
New York, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
US$1,000, US$10,000 or US$100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of US$
(__________US dollars) and is/are entitled on the Interest Payment Date falling
in [October 2009] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                      US$ (____________________ US dollars)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 4 Class A1 Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable monthly or quarterly,
as the case may be, in arrear on each Interest Payment Date and together with
such other amounts (if any) as may be payable, all subject to and in accordance
with the said Conditions and the provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director

Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

US$____________________ principal amount of this Sixth Issuer Note and all
rights hereunder, hereby irrevocably constituting and appointing
____________________ as attorney to transfer such principal amount of this Sixth
Issuer Note in the register maintained by or on behalf of HOLMES FINANCING (NO.
6) PLC with full power of substitution.

Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART K

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

                  SERIES 4 CLASS B DEFINITIVE SIXTH ISSUER NOTE

  [1,000/10,000/100,000]   [ISIN:US43638WAH25]     [SERIES]     [SERIAL NO.]

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

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

             US$[41,000,000] SERIES 4 CLASS B ASSET BACKED FLOATING
                     RATE SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and The Bank of
New York, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
US$1,000, US$10,000 or US$100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of US$
(_________US dollars) and is/are entitled on the Interest Payment Date falling
in [July 2040] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                      US$(____________________ US dollars)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 4 Class B Sixth Issuer Note at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director

Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

US$___________________ principal amount of this Sixth Issuer Note and all rights
hereunder, hereby irrevocably constituting and appointing ____________________
as attorney to transfer such principal amount of this Sixth Issuer Note in the
register maintained by or on behalf of HOLMES FINANCING (NO. 6) PLC with full
power of substitution.

                                          Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART L

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

                  SERIES 4 CLASS C DEFINITIVE SIXTH ISSUER NOTE

  [1,000/10,000/100,000]   [ISIN:US43638WAJ80]    [SERIES]   [SERIAL NO.]

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

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

             US$[70,000,000] SERIES 4 CLASS C ASSET BACKED FLOATING
                     RATE SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________ made
between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and The Bank of new
York, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
US$1,000, US$10,000 or US$100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of US$ (
__________ US dollars) and is/are entitled on the Interest Payment Date falling
in [July 2040] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                      US$ (____________________ US dollars)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 4 Class C Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director

Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

US$___________________ principal amount of this Sixth Issuer Note and all rights
hereunder, hereby irrevocably constituting and appointing ____________________
as attorney to transfer such principal amount of this Sixth Issuer Note in the
register maintained by or on behalf of HOLMES FINANCING (NO. 6) PLC with full
power of substitution.

Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART M

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

                  SERIES 5 CLASS A DEFINITIVE SIXTH ISSUER NOTE

   [10,000/100,000]     [ISIN:XS_________]     [SERIES]      [SERIAL NO.]

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

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

           (POUND)[750,000,000] SERIES 5 CLASS A ASSET BACKED FLOATING
                     RATE SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and The Bank of
New York, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
(pound)10,000 or (pound)100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of (pound)
(__________ pounds sterling) and is/are entitled on the Interest Payment Date
falling in [July 2040] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                       (pound) (_________ pounds sterling)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 5 Class A Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director

Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

(pound)___________________ principal amount of this Sixth Issuer Note and all
rights hereunder, hereby irrevocably constituting and appointing
____________________ as attorney to transfer such principal amount of this Sixth
Issuer Note in the register maintained by or on behalf of HOLMES FINANCING (NO.
6) PLC with full power of substitution.

                                          Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART N

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

                  SERIES 5 CLASS B DEFINITIVE SIXTH ISSUER NOTE

  [10,000/100,000]    [ISIN:XS_________]     [SERIES]   [SERIAL NO.]

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

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

         (POUND)[25,000,000] SERIES 5 CLASS B ASSET BACKED FLOATING RATE
                       SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH ISSUER") and The Bank of
New York, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
TRUSTEE") and issued as registered Sixth Issuer Notes in denominations of
(pound)10,000 or (pound)100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of (pound) (_____
pounds sterling) and is/are entitled on the Interest Payment Date falling in
[July 2040] (or on such earlier date as the principal sum hereinafter mentioned
may become repayable in accordance with the Conditions endorsed hereon) to the
repayment of such principal sum of:

                       (pound) (_________ pounds sterling)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 5 Class B Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director

Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
___ as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

(pound)___________________ principal amount of this Sixth Issuer Note and all
rights hereunder, hereby irrevocably constituting and appointing
____________________ as attorney to transfer such principal amount of this Sixth
Issuer Note in the register maintained by or on behalf of HOLMES FINANCING (NO.
6) PLC with full power of substitution.

                                          Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART O

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

                  SERIES 5 CLASS C DEFINITIVE SIXTH ISSUER NOTE

 [10,000/100,000]       [ISIN:XS _________]     [SERIES]   [SERIAL NO.]

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

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

           (POUND)[43,000,000] SERIES 5 CLASS C ASSET BACKED FLOATING
                     RATE SIXTH ISSUER NOTES DUE [JULY 2040]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH Issuer") and The Bank of
New York, as trustee for the Noteholders of the Sixth Issuer Notes (the "NOTE
Trustee") and issued as registered Sixth Issuer Notes in denominations of
(pound)10,000 or (pound)100,000 each or integral multiples thereof, or in such
other denominations as the Note Trustee shall determine and notify to the
relevant Noteholders.

THIS IS TO CERTIFY that

is/are the registered holder(s) of one of the above-mentioned registered Sixth
Issuer Notes, such Sixth Issuer Note being in the denomination of (pound)
(__________ pounds sterling) and is/are entitled on the Interest Payment Date
falling in [July 2040] (or on such earlier date as the principal sum hereinafter
mentioned may become repayable in accordance with the Conditions endorsed
hereon) to the repayment of such principal sum of:

                       (pound) (________ pounds sterling)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 5 Class C Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable quarterly in arrear on
each Interest Payment Date and together with such other amounts (if any) as may
be payable, all subject to and in accordance with the said Conditions and the
provisions of the Sixth Issuer Trust Deed.

<PAGE>

IN WITNESS WHEREOF this registered Sixth Issuer Note has been executed on behalf
of the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director

Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
JPMORGAN CHASE BANK, LONDON BRANCH
as Principal Paying Agent

<PAGE>

                                (REVERSE OF NOTE)

                                 THE CONDITIONS

[In the form set out in Schedule 3]

<PAGE>

                FORM OF TRANSFER OF DEFINITIVE SIXTH ISSUER NOTE

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

(Please print or type name and address (including postal code) of transferee)

(pound)___________________ principal amount of this Sixth Issuer Note and all
rights hereunder, hereby irrevocably constituting and appointing
____________________ as attorney to transfer such principal amount of this Sixth
Issuer Note in the register maintained by or on behalf of HOLMES FINANCING (NO.
6) PLC with full power of substitution.

                                          Signature(s) _________________________

Date: ________________________________

NOTES:

1.    This form of transfer must be accompanied by such documents, evidence and
      information as may be required pursuant to the Sixth Issuer Trust Deed and
      the Sixth Issuer Paying Agent and Agent Bank Agreement and must be
      executed under the hand of the transferor or, if the transferor is a
      corporation, either under its common seal or under the hand of two of its
      officers duly authorised in writing and, in such latter case, the document
      so authorising such officers must be delivered with this form of transfer.

2.    The signature(s) on this form of transfer must correspond with the name(s)
      as it/they appear(s) on the face of this Sixth Issuer Note in every
      particular, without alteration or enlargement or any change whatever.

<PAGE>

                                     PART P

                 SERIES 4 CLASS A2 DEFINITIVE SIXTH ISSUER NOTE

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

                 CHF 5,000 [CH0013170276] [SERIES] [SERIAL NO.]

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

THIS SIXTH ISSUER 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 SIXTH 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.

                          HOLMES FINANCING (NO. 6) PLC

 (Incorporated with limited liability in England with registered number 4359738)

          CHF700,000,000 SERIES 4 CLASS A2 ASSET BACKED FIXED-FLOATING
                   RATE SIXTH ISSUER NOTES DUE [OCTOBER 2009]

This Sixth Issuer Note forms one of a series of Sixth Issuer Notes governed by a
Sixth Issuer Trust Deed (the "SIXTH ISSUER TRUST DEED") dated _________, 2002
made between HOLMES FINANCING (NO. 6) PLC (the "SIXTH Issuer") and THE BANK OF
NEW YORK, as trustee for the Noteholders of the Fifth Issuer Notes (the "NOTE
Trustee") and issued as bearer Sixth Issuer Notes in denominations of CHF5,000
each or integral multiples thereof, or in such other denominations as the Note
Trustee shall determine and notify to the relevant Noteholders.

THIS IS TO CERTIFY that the bearer of one of the above-mentioned registered
Sixth Issuer Notes, such Sixth Issuer Note being in the denomination of CHF5,000
(five thousand Swiss francs) and is entitled on the Interest Payment Date
falling in October 2009 (or on such earlier date as the principal sum
hereinafter mentioned may become repayable in accordance with the Conditions
endorsed hereon) to the repayment of such principal sum of:

                      CHF 5,000 (five thousand Swiss francs)

together with such premium and other amounts (if any) as may be payable, all
subject to and in accordance with the said Conditions and the provisions of the
Sixth Issuer Trust Deed.

Interest is payable on the Principal Amount Outstanding (as defined in Condition
5(C) endorsed hereon of this Series 4 Class A2 Sixth Issuer Note) at rates
determined in accordance with the said Conditions payable annually or quarterly,
as the case may be, in arrear on each Interest Payment Date and together with
such other amounts (if any) as may be payable, all subject to and in accordance
with the said Conditions and the provisions of the Sixth Issuer Trust Deed.

<PAGE>

IN WITNESS WHEREOF this bearer Sixth Issuer Note has been executed on behalf of
the Sixth Issuer.

                                    HOLMES FINANCING (NO. 6) PLC

                                    By:  _______________________________________
                                         Director

                                    By:  _______________________________________
                                         Director

Dated

CERTIFICATE OF AUTHENTICATION

This Sixth Issuer Note is duly authenticated without recourse, warranty or
liability.

_______________________________________

Duly authorised
for and on behalf of
UBS AG
as Principal Paying Agent

<PAGE>

                                   SCHEDULE 3

                TERMS AND CONDITIONS OF THE OFFERED ISSUER NOTES

<PAGE>

                                   SCHEDULE 4

                     PROVISIONS FOR MEETINGS OF NOTEHOLDERS

1.    (A)    As used in this Schedule the following expressions shall have the
             following meanings unless the context otherwise requires:

             (i)  "VOTING CERTIFICATE" shall mean an English language
                  certificate issued by a Paying Agent or Swiss Paying Agent and
                  dated in which it is stated:

                  (a)  that on the date thereof Sixth Issuer Notes (represented
                       by a Global Sixth Issuer Note and not being Sixth Issuer
                       Notes in respect of which a block voting instruction has
                       been issued and is outstanding in respect of the meeting
                       specified in such voting certificate or any adjourned
                       such meeting) were (to the satisfaction of such Paying
                       Agent or Swiss Paying Agent) held to its order or under
                       its control and that no such will Sixth Issuer Notes
                       cease to be so held until the first to occur of:

                       (1)  the conclusion of the meeting specified in such
                            certificate or, if applicable, of any adjourned such
                            meeting; and

                       (2)  the surrender of the certificate to the Paying Agent
                            or Swiss Paying Agent who issued the same; and

                  (b)  that the bearer thereof is entitled to attend and vote at
                       such meeting and any adjourned such meeting in respect of
                       the Sixth Issuer Notes represented by such certificate;

             (ii) "BLOCK VOTING INSTRUCTION" shall mean an English language
                  document issued by a Paying Agent or Swiss Paying Agent and
                  dated in which:

                  (a)  it is certified that Sixth Issuer Notes (represented by a
                       Global Sixth Issuer Note and not being Sixth Issuer Notes
                       in respect of which a voting certificate has been issued
                       and is outstanding in respect of the meeting specified in
                       such block voting instruction and any adjourned such
                       meeting) were (to the satisfaction of such Paying Agent
                       or Swiss Paying Agent) held to its order or under its
                       control and that no such Sixth Issuer Notes will cease to
                       be so held until the first to occur of:

                       (1)  the conclusion of the meeting specified in such
                            document or, if applicable, of any adjourned such
                            meeting; and

                       (2)  the surrender to that Paying Agent or Swiss Paying
                            Agent not less than 48 hours before the time for
                            which such meeting or any adjourned such meeting is
                            convened of the receipt issued by such Paying Agent
                            or Swiss Paying Agent in respect of each such Sixth
                            Issuer Note which is to be released or (as the case
                            may require) the Sixth Issuer Note or Sixth Issuer
                            Notes ceasing with the agreement of that Paying

<PAGE>

                            Agent or Swiss Paying Agent to be held to its order
                            or under its control and the giving of notice by
                            that Paying Agent or Swiss Paying Agent to the Sixth
                            Issuer in accordance with PARAGRAPH 17 hereof of the
                            necessary amendment to the block voting instruction;

                  (b)  it is certified that each holder of such Sixth Issuer
                       Notes has instructed such Paying Agent or Swiss Paying
                       Agent that the vote(s) attributable to the Sixth Issuer
                       Note or Sixth Issuer Notes so held should be cast in a
                       particular way in relation to the resolution or
                       resolutions to be put to such meeting or any adjourned
                       such meeting and that all such instructions are during
                       the period commencing 48 hours prior to the time for
                       which such meeting or any adjourned such meeting is
                       convened and ending at the conclusion or adjournment
                       thereof neither revocable nor capable of amendment;

                  (c)  the aggregate principal amount of the Sixth Issuer 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

                  (d)  one or more persons named in such document (each
                       hereinafter called a "PROXY") is or are authorised and
                       instructed by such Paying Agent or Swiss Paying Agent to
                       cast the votes attributable to the Sixth Issuer Notes so
                       listed in accordance with the instructions referred to in
                       (c) above as set out in such document;

             (iii) "24 HOURS" shall mean 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 and the Swiss
                   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;

             (iv)  "48 HOURS" shall mean a period of 48 hours including all or
                   part of two days upon which banks are open for business both
                   in the place where the relevant meeting is to be held and in
                   each of the places where the Paying Agents and the Swiss
                   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 two days upon which
                   banks are open for business in all of the places as
                   aforesaid; and

             (v)   "SIXTH ISSUER NOTES" and "NOTEHOLDERS" shall mean:

                   (a)   in connection with a single meeting of Class A
                         Noteholders, Class A Sixth Issuer Notes and Class A
                         Noteholders, respectively;

<PAGE>

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

                   (c)   in connection with a meeting of Class C Noteholders,
                         Class C Sixth Issuer Notes and Class C Noteholders
                         respectively.

      (B)  A holder of a Sixth Issuer Note represented by a Global Sixth Issuer
           Note may obtain a voting certificate in respect of such Sixth Issuer
           Note from a Paying Agent or Swiss Paying Agent or require a Paying
           Agent or Swiss Paying Agent to issue a block voting instruction in
           respect of such Sixth Issuer Note or by such Sixth Issuer Note (to
           the satisfaction of such Paying Agent or Swiss Paying Agent) being
           held to its order or under its control, in each case not less than 48
           hours before the time fixed for the relevant meeting and on the terms
           set out in subparagraph (A)(i)(a) or (A)(ii)(a) above (as the case
           may be), and (in the case of a block voting instruction) instructing
           such Paying Agent or Swiss Paying Agent to the effect set out in
           subparagraph (A)(ii)(b) above. The holder of any voting certificate
           or the proxies named in any block voting instruction shall for all
           purposes in connection with the relevant meeting or adjourned meeting
           of Noteholders be deemed to be the holder of the Sixth Issuer Notes
           to which such voting certificate or block voting instruction relates
           and the person holding the same to the order or under the control of
           such Paying Agent or Swiss Paying Agent shall be deemed for such
           purposes not to be the holder of those Sixth Issuer Notes.

      (C)  (i)    A holder of Definitive Sixth Issuer Notes may, by an
                  instrument in writing in the English language (a "FORM OF
                  PROXY") signed by the holder or, in the case of a corporation,
                  executed under its common seal or signed on its behalf by an
                  attorney or a duly authorised officer of the corporation and
                  delivered to the specified office of the Registrar or (in the
                  case of the Series 4 Class A2 Sixth Issuer Notes) the Swiss
                  Principal Paying Agent not less than 48 hours before the time
                  fixed for the relevant meeting, appoint any person (a "PROXY")
                  to act on his or its behalf in connection with any meeting of
                  the Noteholders and any adjourned such meeting.

            (ii)  Any holder of Definitive Sixth 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 of the Noteholders and any adjourned such meeting.

            (iii) Any proxy appointed pursuant to subparagraph (i) above or
                  representative appointed pursuant to subparagraph (ii) above
                  shall so long as such appointment remains in force be deemed,
                  for all purposes in connection with the relevant meeting or
                  adjourned meeting of the Noteholders, to be the holder of the
                  Definitive Sixth Issuer Notes to which such appointment
                  relates and the holder of the Definitive Sixth Issuer Notes
                  shall be deemed for such purposes not to be the holder.

2.    The Sixth Issuer or the Note Trustee may at any time and the Sixth Issuer
      shall upon a requisition in writing signed by the holders of not less than
      one-tenth in principal amount of the Sixth Issuer Notes for the time being
      outstanding convene a meeting of the Noteholders and if the Sixth Issuer
      makes default for a period of seven days in convening such a meeting

<PAGE>

      the same may be convened by the Note Trustee or the requisitionists. Every
      such meeting shall be held at such time and place as the Note Trustee may
      appoint or approve.

3.    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 Noteholders prior to
      any meeting of the Noteholders. Such notice, which shall be in the English
      language, shall state generally the nature of the business to be
      transacted at the meeting thereby convened but (except for an
      Extraordinary Resolution) it shall not be necessary to specify in such
      notice the terms of any resolution to be proposed. Such notice shall
      include statements, if applicable, to the effect that (i) Sixth Issuer
      Notes represented by a Global Sixth Issuer Note may, not less than 48
      hours before the time fixed for the meeting, be held to the order or under
      the control of any Paying Agent or Swiss Paying Agent (to its
      satisfaction) for the purpose of obtaining voting certificates or
      appointing proxies and (ii) the holders of Definitive Sixth Issuer Notes
      of the relevant class may appoint proxies by executing and delivering a
      form of proxy in the English language to the specified office of the
      Registrar or (in the case of the Series 4 Class A2 Sixth Issuer Notes) the
      Swiss Principal Paying Agent not less than 48 hours before the time fixed
      for the meeting or, in the case of corporations, may appoint
      representatives by resolution of their directors or other governing body.
      A copy of the notice shall be sent by post to the Note Trustee (unless the
      meeting is convened by the Note Trustee) and, to the Sixth Issuer (unless
      the meeting is convened by the Sixth Issuer).

4.    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 or adjourned meeting but if no such nomination is made or if at
      any meeting or adjourned meeting the person nominated shall not be present
      within 15 minutes after the time appointed for holding the meeting or
      adjourned meeting the Noteholders present shall choose one of their number
      to be Chairman, failing which the Sixth 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.    At any such meeting one or more persons present holding Sixth Issuer Notes
      or voting certificates or being proxies or representatives and holding or
      representing in the aggregate not less than one-twentieth of the principal
      amount of the Sixth Issuer Notes for the time being outstanding shall
      (except for the purpose of passing an Extraordinary 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.
      The quorum at any such meeting for passing an Extraordinary Resolution
      shall (subject as provided below) be two or more persons present holding
      or representing Sixth Issuer Notes or voting certificates or being proxies
      or representatives and holding or representing in the aggregate not less
      than 50 per cent. in Principal Amount Outstanding of the Sixth Issuer
      Notes (or, at any adjourned meeting, two or more persons being or
      representing Noteholders whatever the aggregate Principal Amount
      Outstanding of the Sixth Issuer Notes so held or represented) PROVIDED
      THAT at any meeting the business of which includes the passing of an
      Extraordinary Resolution to sanction any of the following matters (each a
      "BASIC TERMS MODIFICATION") namely:

      (A)   reduction or cancellation of the amount payable or, where
            applicable, modification, except where such modification is in the
            opinion of the Note Trustee bound to result in an increase, of the
            method of calculating the amount payable or modification of the date
            of payment or, where applicable, of the method of calculating the
            date of

<PAGE>

            payment in respect of any principal, premium or interest in respect
            of the Sixth Issuer Notes;

      (B)   alteration of the currency in which payments under the Sixth Issuer
            Notes are to be made;

      (C)   alteration of the quorum or majority required to pass an
            Extraordinary Resolution in respect of any such Basic Terms
            Modification; and

      (D)   alteration of this proviso or the proviso to paragraph 6 below,

      the quorum for passing the requisite Extraordinary Resolution shall be two
      or more persons present holding Sixth Issuer Notes or voting certificates
      or being proxies or representatives and holding or representing in the
      aggregate not less than three quarters (or, at any adjourned meeting, not
      less than one quarter) of the Principal Amount Outstanding of the Sixth
      Issuer Notes for the time being outstanding.

6.    If within 15 minutes (or such longer period not exceeding 30 minutes as
      the Chairman may decide) after the time appointed for any such 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 if convened upon the
      requisition of Noteholders be dissolved. In any other case it 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). 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 Chairman may either (with the approval of the Note
      Trustee) dissolve such meeting or adjourn the same for such period, being
      not less than 13 clear days (but without any maximum number of clear
      days), and to such place as may be appointed by the Chairman either at or
      subsequent to such adjourned meeting and approved by the Note Trustee, and
      the provisions of this sentence shall apply to all further adjourned such
      meetings. At any adjourned meeting one or more persons present holding
      Definitive Sixth Issuer Notes or voting certificates or being proxies or
      representatives (whatever the principal amount of the Sixth Issuer Notes
      so held or represented by them) shall (subject as provided below) form a
      quorum and shall (subject as provided below) have power to pass any
      Extraordinary Resolution or other resolution and to decide upon all
      matters which could properly have been dealt with at the meeting from
      which the adjournment took place had the requisite quorum been present
      PROVIDED THAT at any adjourned meeting the quorum for the transaction of
      business comprising any of the matters specified in the proviso to
      paragraph 5 above shall be one or more persons present holding Definitive
      Sixth Issuer Notes or voting certificates or being proxies or
      representatives and holding or representing in the aggregate not less than
      one-third of the principal amount of the Sixth Issuer Notes for the time
      being outstanding.

7.    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 but as if 10 were substituted for 21 in paragraph 3 above and such
      notice shall state the relevant quorum. Subject as aforesaid it shall not
      be necessary to give any notice of an adjourned meeting.

<PAGE>

8.    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 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 holder of a voting certificate or as a proxy or as a
      representative.

9.    At any meeting unless a poll is (before or on the declaration of the
      result of the show of hands) demanded by the Chairman, the Sixth Issuer,
      the Note Trustee or any person present holding a Definitive Sixth Issuer
      Note or a voting certificate or being a proxy or representative (whatever
      the principal amount of the Sixth 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.   Subject to paragraph 12 below, if at any such meeting a poll is so
      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.   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.   Any poll demanded at any such meeting on the election of a Chairman or on
      any question of adjournment shall be taken at the meeting without
      adjournment.

13.   The Note Trustee and its lawyers and any director, officer or employee of
      a corporation being a trustee of the Sixth Issuer Trust Deed and any
      director or officer of the Sixth Issuer and its lawyers and any other
      person authorised so to do by 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 of the
      Noteholders or join with others in requesting the convening of such a
      meeting or to exercise the rights conferred on the Noteholders by CLAUSE
      10 of the Sixth Issuer Trust Deed unless he either produces Sixth Issuer
      Note(s) or a voting certificate or is a proxy or a representative or is
      the holder of a Definitive Sixth Issuer Note or Definitive Sixth Issuer
      Notes. No person shall be entitled to vote at any meeting in respect of
      Sixth Issuer Notes held by, for the benefit of, or on behalf of, the Sixth
      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 Sixth Issuer.

14.   Subject as provided in paragraph 13 hereof at any meeting:

      (A)   on a show of hands every person who is present in person and
            produces a voting certificate or is a holder of Sixth Issuer Notes
            or is a proxy or representative shall have one vote; and

<PAGE>

      (B)   on a poll every 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 absolute discretion stipulate) in principal amount of the
            Sixth Issuer Notes represented by the voting certificate so produced
            or 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.   The proxies named in any block voting instruction or form of proxy and
      representatives need not be Noteholders.

16.   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 relevant Paying Agent or Swiss Paying Agent and each form
      of proxy shall be deposited by the relevant Paying Agent or Swiss Paying
      Agent or (as the case may be) 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 of the meeting 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.   Any vote 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 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 from the relevant Paying Agent or Swiss Paying Agent or in
      the case of a Definitive Sixth Issuer Note from the holder thereof by the
      Sixth Issuer at its registered office (or such other place as may have
      been required or approved by the Note Trustee for the purpose) by the time
      being 24 hours and 48 hours respectively 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.

18.   Subject always to the provisions of CLAUSE 18 of the Sixth Issuer Trust
      Deed, a meeting of the Noteholders shall in addition to the powers
      hereinbefore given have the following powers exercisable only by
      Extraordinary Resolution (subject to the provisions relating to quorum
      contained in paragraphs 5 and 6 above) namely:

      (A)   power to sanction any compromise or arrangement proposed to be made
            between the Sixth 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 Sixth Issuer
            against any other or others of them or against any other party to
            any of the Transaction Documents or against any of their property

<PAGE>

            whether such rights shall arise under the Sixth Issuer Trust Deed,
            any other Transaction Document or otherwise;

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

      (D)   power to give any authority or sanction which under the provisions
            of the Conditions or the Sixth 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 discretions 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 Sixth
            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 Sixth 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; and

      (I)   power to sanction any scheme or proposal for the exchange or sale of
            the Sixth Issuer Notes for or the conversion of the Sixth Issuer
            Notes into or the cancellation of the Sixth Issuer Notes in
            consideration of shares, stock, notes, bonds, debentures, debenture
            stock and/or other obligations and/or notes of the Sixth 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 Definitive Sixth Issuer Notes held by them in favour
            of the persons with or to whom the Sixth Issuer Notes are to be
            exchanged or sold respectively,

      PROVIDED THAT:

      (i)   no Extraordinary Resolution of the Class A Noteholders or the Class
            B Noteholders to sanction a modification of the Conditions, the
            Sixth Issuer Trust Deed or any of the other Transaction Documents or
            a waiver or authorisation of any breach or proposed breach of any of
            the provisions of the Conditions, the Sixth Issuer Trust Deed or any
            of the other Transaction Documents shall be effective for any
            purpose unless either:

            (a)   the Note Trustee or the Security Trustee (as the case may be)
                  is of the opinion that it will not be materially prejudicial
                  to the interests of (in the case of an Extraordinary
                  Resolution of the Class A Noteholders) the Class B

<PAGE>

                  Noteholders and the Class C Noteholders or (in the case of an
                  Extraordinary Resolution of the Class B Noteholders) the Class
                  C Noteholders; or

            (b)   it shall have been sanctioned by an Extraordinary Resolution
                  of (in the case of an Extraordinary Resolution of the Class A
                  Noteholders) the Class B Noteholders and the Class C
                  Noteholders or (in the case of an Extraordinary Resolution of
                  the Class B Noteholders) the Class C Noteholders;

      (ii)  no Extraordinary Resolution of the Class B Noteholders shall be
            effective for any purpose while any Class A Sixth Issuer Notes
            remain outstanding unless either (aa) the Note Trustee is of the
            opinion that it will not be materially prejudicial to the interests
            of the Class A Noteholders or (bb) it is sanctioned by an
            Extraordinary Resolution of the Class A Noteholders; and

      (iii) no Extraordinary Resolution of the Class C Noteholders shall be
            effective for any purpose while any Class A Sixth Issuer Notes or
            Class B Sixth Issuer Notes remain outstanding unless either (aa) the
            Note Trustee is of the opinion that it will not be materially
            prejudicial to the interests of the Class A Noteholders and/or the
            Class B Noteholders (as the case may be) or (bb) it is sanctioned by
            an Extraordinary Resolution of the Class A Noteholders and/or the
            Class B Noteholders (as the case may be).

19.   Subject to the provisos to paragraph 18 any resolution passed at a meeting
      of the Noteholders duly convened and held in accordance with the Sixth
      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 resolution shall be conclusive evidence that the
      circumstances justify the passing thereof. Notice of the result of the
      voting on any resolution duly considered by the Noteholders shall be given
      by the Sixth Issuer to the Noteholders in accordance with CONDITION 14
      within 14 days of such result being known PROVIDED THAT the
      non-publication of such notice shall not invalidate such result.

20.   (A)    A resolution which in the opinion of the Note Trustee affects
             the interests of the holders of one class only of the Class A
             Sixth Issuer Notes shall be deemed to have been duly passed if
             passed at a meeting of the holders of the Class A Sixth Issuer
             Notes of that class.

      (B)    A resolution which, in the opinion of the Note Trustee, affects the
             interests of the holders of any two or more classes of the Class A
             Sixth Issuer Notes but does not give rise to a conflict of interest
             between the holders of such two or more classes of the Class A
             Sixth Issuer Note, shall be deemed to have been duly passed if
             passed at a single meeting of the holders of such two or more
             classes of the Class A Sixth Issuer Notes.

      (C)    A resolution which in the opinion of the Note Trustee affects the
             interests of the holders of any two or more of the Class A Sixth
             Issuer Notes and gives or may give rise to a conflict of interest
             between the holders of such two or more classes of the Class A
             Sixth Issuer Note 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 classes of the Class A Sixth Issuer Notes, it shall be
             duly passed at separate meetings of the holders of such two or more
             of the Class A Sixth Issuer Notes.

<PAGE>

      (D)    In the case of a single meeting of the holders of the two or more
             classes of the Class A Sixth Issuer Notes which are not all
             denominated in the same currency, the Principal Amount Outstanding
             of any Class A Sixth Issuer Note denominated in dollars shall be
             converted into sterling at the relevant Dollar Currency Swap Rates,
             the Principal Amount Outstanding of any Class A Sixth Issuer Note
             denominated in euro shall be converted into sterling at the
             relevant Euro Currency Swap Rates and the Principal Amount
             Outstanding of any Class A Sixth Issuer Note denominated in Swiss
             francs shall be converted into sterling at the relevant Swiss Franc
             Currency Swap Rate.

21.   (A)    A resolution which, in the opinion of the Note Trustee, affects the
             interests of the holders of one class only of the Class B Sixth
             Issuer Notes shall be deemed to have been duly passed if passed at
             a meeting of the holders of the Class B Sixth Issuer Notes of that
             class.

      (B)    A resolution which, in the opinion of the Note Trustee, affects the
             interests of the holders of any two or more classes of the Class B
             Sixth Issuer Notes but does not give rise to a conflict of interest
             between the holders of such two or more classes of the Class B
             Sixth Issuer Notes, shall be deemed to have been duly passed if
             passed at a single meeting of the holders of such two or more
             classes of the Class B Sixth Issuer Notes.

      (C)    A resolution which, in the opinion of the Note Trustee, affects the
             interests of the holders of any two or more classes of the Class B
             Sixth Issuer Notes and gives or may give rise to a conflict of
             interest between the holders of such two or more classes of the
             Class B Sixth Issuer 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 classes of the Class B Sixth Issuer
             Notes, it shall be duly passed at separate meetings of the holders
             of such two or more classes of the Class B Sixth Issuer Notes.

      (D)    In the case of a single meeting of the holders of the two or more
             classes of the Class B Sixth Issuer Notes which are not all
             denominated in the same currency, the Principal Amount Outstanding
             of any Class B Sixth Issuer Note denominated in dollars shall be
             converted into sterling at the relevant Dollar Currency Swap Rates
             and the Principal Amount Outstanding of any Class A Sixth Issuer
             Note denominated in euro shall be converted into sterling at the
             relevant Euro Currency Swap Rates.

22.   (A)    A resolution which, in the opinion of the Note Trustee, affects the
             interests of the holders of one class only of the Class C Sixth
             Issuer Notes shall be deemed to have been duly passed if passed at
             a meeting of the holders of the Class C Sixth Issuer Notes of that
             class.

      (B)    A resolution which, in the opinion of the Note Trustee, affects the
             interests of the holders of any two or more classes of the Class C
             Sixth Issuer Notes but does not give rise to a conflict of interest
             between the holders of such two or more classes of the Class C
             Sixth Issuer Notes, shall be deemed to have been duly passed if
             passed at a single meeting of the holders of such two or more
             classes of the Class C Sixth Issuer Notes.

      (C)    A resolution which, in the opinion of the Note Trustee, affects the
             interests of the holders of any two or more classes of the Class C
             Sixth Issuer Notes and gives or may give rise to a conflict of
             interest between the holders of such two or more classes

<PAGE>

             of the Class C Sixth Issuer 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 classes of the Class C Sixth Issuer
             Notes, it shall be duly passed at separate meetings of the holders
             of such two or more classes of the Class C Sixth Issuer Notes.

      (D)    In the case of a single meeting of the holders of the two or more
             classes of the Class C Sixth Issuer Notes which are not all
             denominated in the same currency, the Principal Amount Outstanding
             of any Class C Sixth Issuer Note denominated in dollars shall be
             converted into sterling at the relevant Dollar Currency Swap Rates
             and the Principal Amount Outstanding of any Class C Sixth Issuer
             Note denominated in euro shall be converted into sterling at the
             relevant Euro Currency Swap Rates.

23.   The expression "EXTRAORDINARY RESOLUTION" when used in the Sixth Issuer
      Trust Deed means (a) a resolution passed at a meeting of the Noteholders
      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, 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.

24.   Minutes of all resolutions and proceedings at every meeting of the
      Noteholders shall be made and entered in books to be from time to time
      provided for that purpose by the Sixth 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.

25.   Subject to all other provisions of the Sixth Issuer Trust Deed the Note
      Trustee may without the consent of the Sixth Issuer or the Noteholders
      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.EXHIBIT 4.7

                               ___ NOVEMBER, 2002

                           HOLMES FINANCING (NO.6) PLC
                              (the "SIXTH ISSUER")
                                       and
                       JPMORGAN CHASE BANK, LONDON BRANCH
                 (the "PRINCIPAL PAYING AGENT" and "AGENT BANK")
                                       and
                      JPMORGAN CHASE BANK, NEW YORK BRANCH
                             (the "US PAYING AGENT")
                                       and
                        J.P. MORGAN BANK LUXEMBOURG S.A.
                     (the "REGISTRAR" and "TRANSFER AGENT")
                                       and
                              THE BANK OF NEW YORK
                      (the "SIXTH ISSUER SECURITY TRUSTEE")

            --------------------------------------------------------
               SIXTH ISSUER PAYING AGENT AND AGENT BANK AGREEMENT
            --------------------------------------------------------

                                  in respect of
<TABLE>
<S>                                                                                   <C>
   US$[1,000,000,000] SERIES 1 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER
                            NOTES DUE [OCTOBER 2003]
 US$[34,000,000] SERIES 1 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
 US$[57,000,000] SERIES 1 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
   US$[1,250,000,000] SERIES 2 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER
                             NOTES DUE [APRIL 2008]
 US$[42,000,000] SERIES 2 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
 US$[71,000,000] SERIES 2 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
  (EURO)[1,200,000,000] SERIES 3 CLASS A ASSET BACKED FIXED-FLOATING RATE SIXTH
                         ISSUER NOTES DUE [OCTOBER 2009]
(EURO)[40,000,000] SERIES 3 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
 (EURO)[69,000,000] SERIES 3 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
 US$[750,000,000] SERIES 4 CLASS A1 ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                               DUE [OCTOBER 2009]
US$[41,000,000] SERIES 4 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES DUE
                                   [JULY 2040]
US$[70,000,000] SERIES 4 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES DUE
                                   [JULY 2040]
(POUND)[750,000,000] SERIES 5 CLASS A ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
 (POUND)[25,000,000] SERIES 5 CLASS B ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                 DUE [JULY 2040]
 (POUND)[43,000,000] SERIES 5 CLASS C ASSET BACKED FLOATING RATE SIXTH ISSUER NOTES
                                   DUE [2040]
</TABLE>

                                  ALLEN & OVERY
                                     London

<PAGE>

                                    CONTENTS

CLAUSE                                                                      PAGE

1.  Definitions and Interpretation...........................................  1
2.  Appointment of the Agents................................................  2
3.  The Sixth Issuer Notes...................................................  2
4.  Delivery of Definitive Sixth Issuer Notes; Transfers and Exchanges of
    Global Sixth Issuer Notes................................................  5
5.  Replacement Sixth Issuer Notes...........................................  5
6.  Payments to the Principal Paying Agent...................................  6
7.  Payments to Noteholders..................................................  9
8.  Miscellaneous Duties of the Principal Paying Agent, The Registrar and
    Transfer Agent........................................................... 12
9.  Agents to act for Sixth Issuer Security Trustee.......................... 16
10. Fees and Expenses........................................................ 17
11. Terms of Appointment..................................................... 18
12. Termination of Appointment............................................... 20
13. Non-Petition............................................................. 23
14. Time..................................................................... 24
15. Notices and Demands...................................................... 25
16. Miscellaneous............................................................ 26
17. Exclusion of Third Party Rights.......................................... 26
18. Governing Law............................................................ 26
19. Exclusion of Liability................................................... 28

SCHEDULES

1.  Specified Offices of the Agents.......................................... 29
2.  Regulations Concerning the Transfer, Exchange and Registration of
    the Registered Definitive Fourth Issuer Notes............................ 30

SIGNATORIES.................................................................. 32

<PAGE>

THIS AGREEMENT is made on ___ November, 2002

BETWEEN:

(1)     HOLMES FINANCING (NO. 6) PLC (registered number 4359738), a public
        limited company incorporated under the laws of England and Wales whose
        registered office is Abbey National House, 2 Triton Square, Regents
        Place, London NW1 3AN (the "SIXTH ISSUER");

(2)     JPMORGAN CHASE BANK, LONDON BRANCH, formerly known as The Chase
        Manhattan Bank, London Branch acting through its office at Trinity
        Tower, 9 Thomas More Street, London, E1W 9YT (in its capacity as the
        "PRINCIPAL PAYING AGENT");

(3)     JPMORGAN CHASE BANK, LONDON BRANCH, formerly known as The Chase
        Manhattan Bank, London Branch acting through its office at Trinity
        Tower, 9 Thomas More Street, London, E1W 1YT in its capacity as Agent
        Bank (the "AGENT BANK");

(4)     JPMORGAN CHASE BANK, NEW YORK BRANCH, formerly known as The Chase
        Manhattan Bank, New York Branch acting through its office at 450 West
        33rd Street, New York, NY 10001-2697 (in its capacity as the "US PAYING
        AGENT");

(5)     J.P. MORGAN BANK LUXEMBOURG S.A., formerly known as Chase Manhattan Bank
        Luxembourg S.A. acting through its office at 5 Rue Plaetis, L-2238
        Luxembourg, Grand Duchy of Luxembourg (in its capacity as the
        "REGISTRAR" which expression shall include such person and all other
        persons for the time being acting as the registrar or registrars
        pursuant to this Agreement);

(6)     J.P. MORGAN BANK LUXEMBOURG S.A., formerly known as Chase Manhattan Bank
        Luxembourg S.A. acting through its office at 5 Rue Plaetis, L-2238,
        Luxembourg, Grand Duchy of Luxembourg (in its capacity as the "TRANSFER
        AGENT" which expression shall include such person and all other persons
        for the time being acting as the transfer agent or transfer agents
        pursuant to this Agreement); and

(7)     THE BANK OF NEW YORK, acting through its office at One Canada Square,
        London E14 5AL (in its capacity as the "SIXTH ISSUER SECURITY TRUSTEE"
        which expression shall include such person and all other persons for the
        time being acting as the security trustee or security trustees pursuant
        to this Agreement).

IT IS AGREED AS FOLLOWS:

1.      DEFINITIONS AND INTERPRETATION

        The Amended and Restated Master Definitions and Construction Schedule
        and the Sixth Issuer Master Definitions and Construction Schedule, both
        signed for the purposes of identification by Allen & Overy and Slaughter
        and May on ___ November, 2002 (as the same may be amended, varied or
        supplemented from time to time with the consent of the parties hereto)
        are expressly and specifically incorporated into this Agreement and,
        accordingly, the expressions defined in Amended and Restated Master
        Definitions and Construction Schedule and the Sixth Issuer Master
        Definitions and Construction Schedule (as so amended, varied or
        supplemented) shall, except where the context otherwise requires and
        save where otherwise defined herein, have the same meanings in this
        Agreement, including the Recitals hereto and this Agreement shall be
        construed in accordance with the interpretation provisions set out in
        CLAUSE 2 of the Amended and Restated Master Definitions and Construction
        Schedule and the Sixth Issuer Master Definitions and Construction
        Schedule. In the event of a conflict between

<PAGE>
                                       2

        the Amended and Restated Master Definitions and Construction Schedule
        and the Sixth Issuer Master Definitions and Construction Schedule, the
        Sixth Issuer Master Definitions and Construction Schedule shall prevail.
        Notwithstanding the foregoing, for the purposes of this Agreement only,
        all references to the Sixth Issuer Notes shall not apply to the Series 4
        Class A2 Sixth Issuer Notes which shall be subject to the terms of the
        Sixth Issuer Swiss Paying Agent and Agent Bank Agreement.

2.      APPOINTMENT OF THE AGENTS

2.1     APPOINTMENT

        Upon and subject to the terms of this Agreement, the Sixth Issuer and,
        for the purposes of CLAUSE 9 only, the Sixth Issuer Security Trustee
        hereby appoint, to carry out each of its respective obligations on a
        several but not joint basis:

        (a)     the Principal Paying Agent as principal paying agent in respect
                of the Sixth Issuer Notes;

        (b)     the US Paying Agent as paying agent in the United States in
                respect of the Sixth Issuer Notes;

        (c)     the Agent Bank as agent bank for the purpose, inter alia, of
                calculating interest payable in respect of the Sixth Issuer
                Notes;

        (d)     the Registrar as registrar for the purpose of recording the
                holders of the Sixth Issuer Notes; and

        (e)     the Transfer Agent as transfer agent in respect of the Sixth
                Issuer Notes.

        The Sixth Issuer appoints the Agent Bank acting through its Specified
        Office as its agent in relation to the Sixth Issuer Notes for the
        purposes specified in this Agreement and in the Conditions.

2.2     ACCEPTANCE OF APPOINTMENT BY PAYING AGENTS, REGISTRAR AND TRANSFER AGENT

        The Principal Paying Agent, the US Paying Agent, the Registrar and the
        Transfer Agent each accept their respective appointments as agent of the
        Sixth Issuer and, for the purpose of CLAUSE 9 only, as agent of the
        Sixth Issuer Security Trustee in relation to the Sixth Issuer Notes and
        shall comply with the provisions of this Agreement.

2.3     ACCEPTANCE OF APPOINTMENT BY AGENT BANK

        The Agent Bank accepts its appointment as agent of the Sixth Issuer for
        the purpose, inter alia, of calculating the rate of interest on the
        Sixth Issuer Notes in accordance with the Conditions, the Sixth Issuer
        Trust Deed and this Agreement.

3.      THE SIXTH ISSUER NOTES

3.1     REG S GLOBAL SIXTH ISSUER NOTES AND DOLLAR GLOBAL SIXTH ISSUER NOTES

        The Reg S Global Sixth Issuer Notes and the Dollar Global Sixth Issuer
        Notes shall be in substantially the form set out in the First Schedule
        to the Sixth Issuer Trust Deed and shall, in each case, be executed
        manually or in facsimile by an Authorised Signatory of the Sixth

<PAGE>
                                       3

        Issuer and authenticated manually by or on behalf of the Principal
        Paying Agent on the Sixth Issuer Closing Date.

3.2     DEFINITIVE SIXTH ISSUER NOTES

        Each Definitive Sixth Issuer Note shall:

        (a)     be in substantially the form set out in the Second Schedule to
                the Sixth Issuer Trust Deed;

        (b)     be printed, lithographed or typewritten in accordance with all
                applicable legal and stock exchange requirements;

        (c)     bear a unique certificate number; and

        (d)     be executed manually or in facsimile by an Authorised Signatory
                of the Sixth Issuer and authenticated manually by the Principal
                Paying Agent.

3.3     FACSIMILE SIGNATURES ON SIXTH ISSUER NOTES

        The Sixth Issuer may use for the purposes of executing any Global Sixth
        Issuer Notes or Definitive Sixth Issuer Notes, the facsimile signature
        of any person who at the date of this Agreement was duly authorised to
        sign the same on behalf of the Sixth Issuer, even if at the time of
        issue of such Global Sixth Issuer Note or Definitive Sixth Issuer Note,
        such person no longer holds (for whatever reason including death) the
        relevant office and any Global Sixth Issuer Notes or Definitive Sixth
        Issuer Notes so executed and authenticated will be valid and binding
        obligations of the Sixth Issuer. No Global Sixth Issuer Note or
        Definitive Sixth Issuer Note shall be valid for any purpose until it has
        been authenticated by the Principal Paying Agent in accordance with this
        Agreement and the Sixth Issuer Trust Deed.

3.4     AVAILABILITY

        The Sixth Issuer shall, on or prior to the Sixth Issuer Closing Date,
        deliver each unauthenticated Global Sixth Issuer Note to or to the order
        of the Principal Paying Agent for authentication in accordance with
        CLAUSE 3.1. The Principal Paying Agent shall, on or about the Sixth
        Issuer Closing Date, authenticate and deliver each Global Sixth Issuer
        Note:

        (a)     in the case of Reg S Global Sixth Issuer Notes, to the Common
                Depositary of Euroclear and Clearstream, Luxembourg against
                receipt from the Common Depositary of confirmation that the
                Common Depositary is holding the relevant Reg S Global Sixth
                Issuer Note in safe custody for the account of Euroclear and
                Clearstream, Luxembourg; and

        (b)     in the case of Dollar Global Sixth Issuer Notes, to a custodian
                for DTC.

        The Principal Paying Agent shall hold in safe custody any
        unauthenticated Global Sixth Issuer Notes delivered to it in accordance
        with this CLAUSE 3.4 and shall ensure that they are authenticated and
        delivered only in accordance with this Agreement and the Sixth Issuer
        Trust Deed.

<PAGE>
                                       4

3.5     DEFINITIVE SIXTH ISSUER NOTES

        If the Sixth Issuer is required to deliver Definitive Sixth Issuer Notes
        pursuant to the terms of the relevant Global Sixth Issuer Note and the
        Sixth Issuer Trust Deed, the Sixth Issuer shall arrange for Definitive
        Sixth Issuer Notes in an aggregate principal amount equal to the
        Principal Amount Outstanding of the relevant Global Sixth Issuer Note to
        be made available to or to the order of the Principal Paying Agent by
        the date falling 30 days after the occurrence of the relevant event as
        set out in CLAUSE 3 of the Sixth Issuer Trust Deed. Any Definitive Sixth
        Issuer Notes will be in registered form and, in each case, in an
        Authorised Denomination. The Sixth Issuer shall also arrange, on written
        request, for such Definitive Sixth Issuer Notes as are required to
        enable the Principal Paying Agent to perform its respective obligations
        under CLAUSE 5 to be made available to or to the order of the Principal
        Paying Agent from time to time.

3.6     DUTIES OF THE AGENT BANK

        The Agent Bank shall perform such duties at its Specified Office as are
        set forth in this Agreement and in the Conditions and such other duties
        as are reasonably incidental thereto at the request of the Sixth Issuer,
        the Sixth Issuer Security Trustee, the Paying Agents, the Registrar or
        the Transfer Agents. Save as hereinafter provided, as soon as
        practicable after 11.00 a.m. (London time), on each Interest
        Determination Date, the Agent Bank shall determine the rate of interest
        on each class of the Sixth Issuer Notes and the Interest Amount
        applicable to the next Interest Period in accordance with the Conditions
        and shall carry out all other relevant calculations under the
        Conditions. Further, the Agent Bank shall notify promptly by facsimile
        transmission, and in no event later than the third Business Day
        following each such Interest Determination Date, the Sixth Issuer, the
        Sixth Issuer Security Trustee, the Principal Paying Agent, the Sixth
        Issuer Cash Manager and the London Stock Exchange of the rate of
        interest so determined, the Interest Amount payable in respect of
        interest for such Interest Period and the Interest Payment Date in
        respect of such Interest Period specifying to the Sixth Issuer, the
        Sixth Issuer Cash Manager and the Sixth Issuer Security Trustee the
        rates upon which the same are based and (where relevant) the names of
        the banks quoting such rates provided that the Agent Bank shall make
        such determination and calculation in relation to each class of Sixth
        Issuer Notes on the basis of CONDITION 4 of the Sixth Issuer Notes.

        The Sixth Issuer Notes, on issue, are expected to be listed on the
        official list of the United Kingdom Listing Authority and to be admitted
        to trading on the London Stock Exchange. The Sixth Issuer will advise
        the Agent Bank and the Sixth Issuer Security Trustee in writing if such
        listing is withdrawn or if the Sixth Issuer Notes become listed on any
        other stock exchange.

3.7     PUBLICATION OF RATE OF INTEREST

        It shall be the responsibility of the Agent Bank to cause notice of such
        rates of interest, Interest Amounts for each Interest Period and the
        immediately succeeding Interest Payment Date to be notified to the
        London Stock Exchange and to be published in accordance with CONDITIONS
        4(E) and 14.

3.8     DUTIES OF THE PRINCIPAL PAYING AGENT

        The Principal Paying Agent shall procure the holding in safe custody of
        all unauthenticated Definitive Sixth Issuer Notes delivered to it in
        accordance with CLAUSE 3.5 and shall ensure

<PAGE>
                                       5

        that such Definitive Sixth Issuer Notes are authenticated and delivered
        only in accordance with the terms hereof and of the Conditions.

3.9     AUTHORITY TO AUTHENTICATE

        The Principal Paying Agent or its designated agent (in respect of the
        Global Sixth Issuer Notes) is authorised and instructed by the Sixth
        Issuer to authenticate such Sixth Issuer Notes as may be required to be
        authenticated hereunder by the original signature of any of its officers
        or any other person duly authorised for the purpose by the Registrar.

4.      DELIVERY OF DEFINITIVE SIXTH ISSUER NOTES; TRANSFERS AND EXCHANGES OF
        GLOBAL SIXTH ISSUER NOTES

4.1     DELIVERY OF DEFINITIVE SIXTH ISSUER NOTES

        On or after the date for the exchange of any Global Sixth Issuer Note
        for Definitive Sixth Issuer Notes in accordance with the Conditions, the
        Registrar shall, against surrender of such Global Sixth Issuer Note
        cause the Principal Paying Agent to authenticate and deliver, or cause
        to be authenticated and delivered on its behalf, Definitive Sixth Issuer
        Notes in accordance with the Conditions and the Sixth Issuer Trust Deed
        provided that in no circumstances shall the aggregate principal amount
        of such Definitive Sixth Issuer Notes exceed the aggregate principal
        amount of the relevant Global Sixth Issuer Note.

4.2     ANNOTATION OF GLOBAL SIXTH ISSUER NOTES

        On each occasion on which Definitive Sixth Issuer Notes are so
        delivered, the amount of the relevant Global Sixth Issuer Note shall be
        reduced by the amount of the Definitive Sixth Issuer Notes so delivered
        and the Registrar shall procure that there is noted in the schedule to
        the relevant Global Sixth Issuer Note the amount of Definitive Sixth
        Issuer Notes so delivered (the "PRINCIPAL AMOUNT") and the remaining
        Principal Amount Outstanding of the relevant Global Sixth Issuer Note
        and shall procure the signature of such notation on its behalf.

5.      REPLACEMENT SIXTH ISSUER NOTES

5.1     DELIVERY OF REPLACEMENTS

        The Principal Paying Agent (in the case of the Global Sixth Issuer
        Notes) or the Registrar (in the case of the Definitive Sixth Issuer
        Notes) shall, upon and in accordance with the instructions of the Sixth
        Issuer (which instructions may, without limitation, include such terms
        as to the payment of expenses and as to evidence, security and indemnity
        as the Sixth Issuer may reasonably require) and in the absence of notice
        to the Principal Paying Agent, the Registrar or the Sixth Issuer
        Security Trustee that such Sixth Issuer Note has been acquired by a bona
        fide purchase, authenticate or (in the case of the Definitive Sixth
        Issuer Notes) cause the Principal Paying Agent to authenticate and
        deliver a Sixth Issuer Note as a replacement for any such Sixth Issuer
        Note (of the same form) which has been mutilated or defaced or which is
        alleged to have been destroyed, stolen or lost provided that, however,
        the Principal Paying Agent or the Registrar (as the case may be) shall
        not deliver any such Sixth Issuer Note as a replacement for any Sixth
        Issuer Note (of the same form) which has been mutilated or defaced
        otherwise than against surrender of the same.

5.2     REPLACEMENTS TO BE NUMBERED

        Each replacement Sixth Issuer Note delivered hereunder shall bear a
        unique serial number.

<PAGE>
                                       6

5.3     CANCELLATION AND DESTRUCTION

        The Principal Paying Agent or the Registrar (as the case may be), shall
        cancel and destroy each mutilated or defaced Sixth Issuer Note
        surrendered to it and in respect of which a replacement has been
        delivered.

5.4     VERIFICATION

        The Principal Paying Agent or the Registrar (as the case may be), shall
        obtain verification, in the case of an allegedly lost, stolen or
        destroyed Sixth Issuer Note in respect of which the serial number is
        known, that such Sixth Issuer Note has not previously been redeemed or
        paid. The Principal Paying Agent or the Registrar (as the case may be),
        shall not issue any replacement Sixth Issuer Note unless and until the
        Principal Paying Agent or the Registrar (as the case may be) and the
        Sixth Issuer agree that the applicant therefor has:

        (a)     paid such costs as may be incurred in connection therewith;

        (b)     furnished it with such evidence and indemnification as the Sixth
                Issuer and the Principal Paying Agent or the Registrar (as the
                case may be), may reasonably require; and

        (c)     in the case of any mutilated or defaced Sixth Issuer Note,
                surrendered it to the Principal Paying Agent or the Registrar
                (as the case may be).

5.5     NOTIFICATION

        Each of the Principal Paying Agent and the Registrar shall notify the
        Sixth Issuer of the delivery by it in accordance herewith of any
        replacement Sixth Issuer Note, specifying the serial number thereof and
        the serial number respectively (if and if known) of the Sixth Issuer
        Note which it replaces and confirm (if such be the case) that the Sixth
        Issuer Note which it replaces has been cancelled or destroyed and the
        Registrar shall, in addition, as promptly as is practicable, enter such
        details on the Register. Whenever any Sixth Issuer Note for which a
        replacement Sixth Issuer Note has been issued and of which the serial
        number is known is presented to any of the Paying Agents for payment,
        the relevant Paying Agent shall immediately send notice thereof to the
        Sixth Issuer, the Principal Paying Agent and the Registrar. No payment
        shall be made on such cancelled Sixth Issuer Note.

6.      PAYMENTS TO THE PRINCIPAL PAYING AGENT

6.1     SIXTH ISSUER TO PAY THE PRINCIPAL PAYING AGENT

        In order to provide for the payment of interest and principal in respect
        of the Sixth Issuer Notes as the same become due and payable in
        accordance with the Conditions and the Sixth Issuer Trust Deed, the
        Sixth Issuer shall pay to the Principal Paying Agent or otherwise cause
        the Principal Paying Agent to receive an amount which is equal to the
        amount of principal and interest then falling due in respect of the
        Sixth Issuer Notes.

6.2     PAYMENT BY SIXTH ISSUER

        The Sixth Issuer shall, not later than 11.00 a.m. (London time) on each
        Interest Payment Date, on which any payment of principal and interest in
        respect of the Sixth Issuer Notes becomes due, pay or cause to be paid
        to the Principal Paying Agent such amounts in euro, sterling or

<PAGE>
                                       7

        dollars, as the case may be, in immediately available funds as may be
        required for the purpose of paying principal or interest under the Sixth
        Issuer Notes, after taking account of any cash then held by the
        Principal Paying Agent and available for the purpose and such amounts to
        be paid to the credit of suitably designated accounts at such bank or
        banks in London for payment to the Noteholders as shall be notified to
        the Sixth Issuer by the Principal Paying Agent in writing two weeks
        before the first payment is due to be made to the Noteholders. The
        Principal Paying Agent shall notify the Sixth Issuer and/or the Sixth
        Issuer Security Trustee in writing, within five Business Days of any
        change of those accounts, or any of them, and (i) upon the bankruptcy,
        insolvency, winding up or liquidation (other than the passing of any
        resolution by any Paying Agent in connection with any merger,
        conversion, consolidation, or transfer as contemplated by CLAUSE 12.11)
        of the Principal Paying Agent or (ii) upon default being made by any
        Paying Agent in the payment of any amounts in respect of principal or
        interest in accordance with this Agreement or (iii) failing payment
        within the designated periods of prescription specified in CONDITION 7,
        the Principal Paying Agent shall hold all payments on trust for
        repayment to the Sixth Issuer.

6.3     NOTIFICATION OF PAYMENT BY SIXTH ISSUER

        The Sixth Issuer shall procure that the bank effecting payment on its
        behalf confirms by tested telex or authenticated SWIFT message by 2.00
        p.m. (London time) two Business Days prior to each date on which any
        payment is due to be made under CLAUSE 6.2 that it has issued
        irrevocable payment instructions for the transfer of the relevant sum
        due on that date to the account of the Principal Paying Agent.

6.4     CONFIRMATION BY THE SIXTH ISSUER

(a)     The Sixth Issuer will procure that the bank in London making payments on
        its behalf as referred to in CLAUSE 6.2 will irrevocably confirm in
        writing to the Principal Paying Agent by 11 a.m. (London time) on each
        Interest Payment Date, as set out in CLAUSE 6.2, that it has credited
        such account of the Principal Paying Agent as notified by the Principal
        Paying Agent to the Sixth Issuer from time to time, on such payment
        date.

(b)     Not later than one Business Day before making any payment pursuant to
        CLAUSE 6.2 in respect of any class of the Sixth Issuer Notes, the Sixth
        Issuer shall notify, or procure the notification to, the Principal
        Paying Agent and the Sixth Issuer Security Trustee of the amount of
        interest or principal (as the case may be) payable in respect of each
        class of Sixth Issuer Notes on the date in question and the
        apportionment of such amount as between principal and interest.

(c)     Whilst the Sixth Issuer Notes of any class continue to be represented by
        Global Sixth Issuer Notes, the Principal Paying Agent shall pay or cause
        to be paid all payments of principal or interest (as the case may be)
        due in respect of such Sixth Issuer Notes to, or to the order of:

        (i)     in the case of Reg S Global Sixth Issuer Notes, the Common
                Depository of Euroclear and Clearstream, Luxembourg; and

        (ii)    in the case of Dollar Global Sixth Issuer Notes, the nominee of
                DTC,

        and shall give notice of all such payments to the Registrar.

        All such payments will be distributed without deduction or withholding
        for any taxes, duties, assessments or other governmental charges of
        whatever nature except as may be required by

<PAGE>
                                       8

        law. If any such deduction or withholding is required to be made, then
        neither the Sixth Issuer nor any other person will be obliged to pay any
        additional amounts in respect thereof.

6.5     EXCLUSION OF LIENS AND INTEREST

        The Principal Paying Agent shall:

        (a)     not exercise any lien, right of set-off or similar claim in
                respect of monies received by the Principal Paying Agent in
                connection with its activities hereunder;

        (b)     not be liable to any person for interest thereon; and

        (c)     not be obliged to hold any funds received by it hereunder in a
                segregated account or accounts.

6.6     APPLICATION BY PRINCIPAL PAYING AGENT

        The Principal Paying Agent shall apply (or direct or cause application
        of) each amount paid to it hereunder in accordance with CLAUSE 7 in
        respect of the Global Sixth Issuer Notes and Definitive Sixth Issuer
        Notes (if any) and shall not be obliged to repay any such amount other
        than as provided herein or unless the claim for the relevant payment
        becomes void under the Conditions in which event it shall repay to the
        Sixth Issuer such portion of such amount as relates to such payment,
        together with the fees applicable thereto (pro rata as to the amount and
        time) to the extent already paid pursuant to CLAUSE 10, by paying the
        same by credit transfer in euro, sterling or dollars, as the case may
        be, to such account with such bank as the Sixth Issuer has by notice to
        the Principal Paying Agent specified for the purpose.

6.7     FAILURE TO NOTIFY PAYMENT INSTRUCTIONS

        If the Principal Paying Agent has not, by 3.00 p.m. (London time) on the
        Business Day before the date of due payment to it under CLAUSE 6,
        received notification of the relevant payment instructions under CLAUSE
        6, it shall immediately notify the Sixth Issuer, the Registrar, the
        other Paying Agents, the Agent Bank and the Sixth Issuer Security
        Trustee by facsimile and telephone. If the Principal Paying Agent
        subsequently receives notification of such payment instructions, it
        shall forthwith notify the Sixth Issuer, the Registrar, the other Paying
        Agents, the Agent Bank and the Sixth Issuer Security Trustee.

6.8     FAILURE TO RECEIVE PAYMENT

        The Principal Paying Agent shall as soon as is reasonably practicable
        notify the Sixth Issuer Security Trustee, the Agent Bank, the other
        Paying Agents, the Registrar and the Sixth Issuer by facsimile and
        telephone if by 5.00 p.m. on the Interest Payment Date it has not
        received the deposit required by CLAUSE 6.2 and/or there are not
        sufficient funds in euro, sterling or dollars, as the case may be,
        available to the Principal Paying Agent to discharge the amount of the
        monies payable thereon in accordance with the Conditions and/or the
        provisions of the Sixth Issuer Trust Deed on such Interest Payment Date.

<PAGE>
                                       9

7.      PAYMENTS TO NOTEHOLDERS

7.1     PAYMENTS IN RESPECT OF GLOBAL SIXTH ISSUER NOTES

        Each Paying Agent acting through its Specified Office shall make
        payments of interest and principal in respect of the Global Sixth Issuer
        Notes in accordance with the Conditions and the Sixth Issuer Trust Deed
        provided, however, that:

        (a)     if any Global Sixth Issuer Note is presented or surrendered for
                payment to a Paying Agent and such Paying Agent has delivered a
                replacement therefor or has been notified that the same has been
                replaced, such Paying Agent shall as soon as is reasonably
                practicable notify the Sixth Issuer in writing of such
                presentation or surrender and shall not make payment against the
                same until it is so instructed by the Sixth Issuer and has
                received the amount to be so paid;

        (b)     each Paying Agent shall cancel each Definitive Sixth Issuer Note
                against surrender of which it has made full payment and shall
                deliver each Definitive Sixth Issuer Note so cancelled by it to
                the Registrar;

        (c)     in the case of payment of interest or principal against
                presentation of a Global Sixth Issuer Note, the Registrar shall
                note or procure that there is noted on the relevant schedule to
                such Global Sixth Issuer Note, the amount of such payment and,
                in the case of payment of principal, the remaining Principal
                Amount Outstanding of a Global Sixth Issuer Note and shall
                procure the signature of such notation on its behalf;

        (d)     a Paying Agent shall not be obliged (but shall be entitled) to
                make payments of principal or interest if:

                (i)     in the case of the Principal Paying Agent, it has not
                        received the full amount of any payment due to it under
                        CLAUSE 6.1; or

                (ii)    in the case of any other Paying Agent:

                        (A)     it has been notified in accordance with CLAUSE 6
                                that the relevant irrevocable payment
                                instructions have not been received, unless it
                                is subsequently notified that such payment
                                instructions have been received; or

                        (B)     it is not able to establish that the Principal
                                Paying Agent has received the full amount of any
                                payment due to it under CLAUSE 6.

7.2     PAYMENTS IN RESPECT OF DEFINITIVE SIXTH ISSUER NOTES

        The Registrar will, in the case of Definitive Sixth Issuer Notes, notify
        the Principal Paying Agent, not later than five days after each Record
        Date, whether any Noteholder has elected to receive payments by transfer
        to a bank account and, if so, the relevant details of such bank account.
        For those Noteholders who have chosen not to receive payments by
        transfer to a bank account, the Registrar will notify the Principal
        Paying Agent of the address of such Noteholder appearing in the Register
        to which cheques should be posted.

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                                       10

7.3     REGISTER

        The Principal Paying Agent shall make or shall procure payments of
        interest and principal in respect of the Definitive Sixth Issuer Notes
        in accordance with the Conditions and the Sixth Issuer Trust Deed by
        mailing a dollar cheque drawn on a bank in New York City, in the case of
        the Series 1 Class A Sixth Issuer Notes, the Series 1 Class B Sixth
        Issuer Notes, the Series 1 Class C Sixth Issuer Notes, the Series 2
        Class A Sixth Issuer Notes, the Series 2 Class B Sixth Issuer Notes, the
        Series 2 Class C Sixth Issuer Notes, the Series 5 Class A Sixth Issuer
        Notes, the Series 5 Class B Sixth Issuer Notes and the Series 5 Class C
        Sixth Issuer Notes, a euro cheque drawn on a bank in London in the case
        of the Series 3 Class A Sixth Issuer Notes, the Series 3 Class B Sixth
        Issuer Notes and the Series 3 Class C Sixth Issuer Notes and a sterling
        cheque drawn on a bank in London in the case of the Series 4 Class A1
        Sixth Issuer Notes, the Series 4 Class B Sixth Issuer Notes and the
        Series 4 Class C Sixth Issuer Notes to the address of the Noteholder
        appearing in the Register on the Record Date or, if the Noteholder has
        elected to do so, by transfer to a dollar, sterling or euro account, as
        the case may be.

7.4     NO OBLIGATION TO PAY

        No payments in respect of any Definitive Sixth Issuer Notes will be made
        on the final date for redemption, or as the case may be payment, or such
        earlier date as the relevant Definitive Sixth Issuer Notes may become
        repayable, or as the case may be payable, in whole unless the Registrar
        or any Transfer Agent confirms to the Principal Paying Agent that such
        Definitive Sixth Issuer Note has been surrendered to it.

7.5     PARTIAL PAYMENT

(a)     The Principal Paying Agent shall not be obliged (but shall be entitled)
        to make payments of interest or principal in respect of a Global Sixth
        Issuer Note or a Definitive Sixth Issuer Note (as the case may be) if it
        has not received the full amount of any payment due to it under CLAUSE
        6.1. If at any time and for any reason the Principal Paying Agent makes
        a partial payment in respect of a Global Sixth Issuer Note, the
        Registrar shall, in respect of such Global Sixth Issuer Note, endorse
        thereon a statement indicating the amount and date of such payment and
        in respect of Definitive Sixth Issuer Notes, the Registrar shall
        annotate the Register with such details.

(b)     (i)     If the Sixth Issuer intends to redeem all (but not some only) of
                any class of the Sixth Issuer Notes prior to their stated
                maturity date pursuant to and in accordance with the terms of
                CONDITION 5(D) or (E), it shall give not more than 60 nor less
                than 30 days' written notice of such intention to the Sixth
                Issuer Security Trustee and the Noteholders in accordance with
                the relevant paragraphs of CONDITION 5 and stating the date on
                which such Sixth Issuer Notes are to be redeemed and shall give
                sufficient notice to the Principal Paying Agent to enable it to
                notify the Noteholders within such prescribed period.

        (ii)    The Principal Paying Agent shall promptly and in accordance with
                the Conditions on behalf of and at the expense of the Sixth
                Issuer publish the notices required in connection with such
                redemption.

(c)     In the case of a partial redemption of any class of the Sixth Issuer
        Notes in accordance with CONDITION 5(B), the principal amount of the
        Sixth Issuer Notes being partially redeemed on an Interest Payment Date
        shall be redeemed on a pro rata basis in accordance with CONDITION 5(B).

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                                       11

7.6     EXCLUSION OF LIENS AND COMMISSIONS

        No Paying Agent shall exercise any lien, right of set-off or similar
        claim against any person to whom it makes any payment under CLAUSE 7.1
        or CLAUSE 7.2 in respect thereof, nor shall any commission or expense be
        charged by it to any such person in respect thereof.

7.7     REIMBURSEMENT BY PRINCIPAL PAYING AGENT

        If a Paying Agent other than the Principal Paying Agent makes any
        payment in accordance with CLAUSE 7.1 or CLAUSE 7.2:

        (a)     it shall notify the Principal Paying Agent of the amount so paid
                by it, the certificate or serial number of the Sixth Issuer
                Notes against presentation or surrender of which payment of
                principal or interest was made; and

        (b)     subject to, and to the extent of, compliance by the Sixth Issuer
                with CLAUSE 6.1 (whether or not at the due time), the Principal
                Paying Agent shall pay to such Paying Agent out of the funds
                received by the Principal Paying Agent under CLAUSE 6.1, by
                credit transfer in euro, sterling or dollars, as the case may
                be, and in same day, freely transferable, cleared funds to such
                account with such bank in London as such Paying Agent has by
                notice to the Principal Paying Agent specified for the purpose,
                an amount equal to the amount so paid by such Paying Agent.

7.8     APPROPRIATION BY PRINCIPAL PAYING AGENT

        If the Principal Paying Agent makes any payment in accordance with
        CLAUSE 7.5(a), it shall be entitled to appropriate for its own account
        out of the funds received by it under CLAUSE 6.1 an amount equal to the
        amount so paid by it.

7.9     REIMBURSEMENT BY SIXTH ISSUER

        If any Paying Agent (which for the avoidance of doubt includes the
        Principal Paying Agent) makes a payment in respect of the Sixth Issuer
        Notes at a time which the Principal Paying Agent has not received the
        full amount of the relevant payment due to it under CLAUSE 6.1 and the
        Principal Paying Agent is not able out of the funds received by it under
        CLAUSE 6.1 to reimburse such Paying Agent therefor (whether by payment
        under CLAUSE 7.7 or appropriation under CLAUSE 7.8), the Sixth Issuer
        shall from time to time on written demand pay to the Principal Paying
        Agent for account of such Paying Agent:

        (a)     the amount so paid out by such Paying Agent and not so
                reimbursed to it; and

        (b)     interest on such amount from the date on which such Paying Agent
                made such payment until the date of reimbursement of such amount
                with proof thereof of such amount,

        provided, however, that any payment under PARAGRAPH (a) above shall
        satisfy pro tanto the Sixth Issuer's obligations under CLAUSE 6.1.

7.10    INTEREST

        Interest shall accrue for the purpose of CLAUSE 7.9(b) (as well after as
        before judgment) on the basis of a year of 365 days and the actual
        number of days elapsed and at a rate per annum

<PAGE>
                                       12

        specified by the Principal Paying Agent as reflecting its cost of funds
        for the time being in relation to the unpaid amount.

8.      MISCELLANEOUS DUTIES OF THE PRINCIPAL PAYING AGENT, THE REGISTRAR AND
        TRANSFER AGENT

8.1     RECORDS

        The Registrar shall:

        (a)     maintain a full and complete record of all Global Sixth Issuer
                Notes and Definitive Sixth Issuer Notes and of their redemption,
                payment, exchange or cancellation (as the case may be) and of
                all replacement Global Sixth Issuer Notes and Definitive Sixth
                Issuer Notes issued in substitution for any lost, stolen,
                mutilated, defaced or destroyed Global Sixth Issuer Notes or
                Definitive Sixth Issuer Notes (as the case may be);

        (b)     make such records available for inspection at all reasonable
                times by the Sixth Issuer, the Paying Agents, the Transfer Agent
                and the Sixth Issuer Security Trustee; and

        (c)     make copies of this Agreement, the Sixth Issuer Trust Deed, the
                Sixth Issuer Deed of Charge and the Master Definitions and
                Construction Schedule and the Sixth Issuer Master Definitions
                and Construction Schedule available for inspection at its
                specified office at all reasonable times.

8.2     INFORMATION FROM PAYING AGENT

        The Paying Agents shall make available to the Registrar such information
        as is reasonably required for the maintenance of the records referred to
        in CLAUSE 8.1.

8.3     DEFINITIVE SIXTH ISSUER NOTES IN ISSUE

        As soon as practicable (or in any event within five Business Days) after
        a request therefor by the Sixth Issuer or the Sixth Issuer Security
        Trustee, the Registrar shall (on the basis of the information maintained
        in accordance with CLAUSE 8) notify the Sixth Issuer or the Sixth Issuer
        Security Trustee (as the case may be) in writing of the number of any
        Definitive Sixth Issuer Notes against surrender of which payment has
        been made and of the number of any Definitive Sixth Issuer Notes which
        have not yet been surrendered for payment and the details of all the
        Sixth Issuer Notes redeemed and cancelled.

8.4     FORWARDING OF COMMUNICATIONS

        The Principal Paying Agent shall promptly forward to the Sixth Issuer
        and the Sixth Issuer Security Trustee a copy of any notice or
        communication addressed to the Sixth Issuer by any Noteholder which is
        received by the Principal Paying Agent. The Transfer Agent or Registrar
        shall promptly notify the Principal Paying Agent in the event that it
        receives any such notice or communication and promptly forward such
        notice or communication to the Principal Paying Agent.

8.5     PUBLICATION OF NOTICES

        The Principal Paying Agent shall, upon and in accordance with the
        instructions, and at the expense of the Sixth Issuer but not otherwise,
        arrange for the publication in accordance with CONDITION 14 of any
        notice which is to be given to the Noteholders and shall promptly supply

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                                       13

        two copies thereof to the Sixth Issuer Security Trustee and a copy
        thereof to each other Paying Agent.

8.6     DESTRUCTION

        The Registrar may destroy each Definitive Sixth Issuer Note delivered to
        or cancelled by it in accordance with CLAUSE 7.1(b), in which case it
        shall promptly furnish the Sixth Issuer and the Sixth Issuer Security
        Trustee, on request, with a certificate as to such destruction,
        specifying the reason for such destruction and the certificate or serial
        numbers of the relevant Definitive Sixth Issuer Note.

8.7     VOTING CERTIFICATES AND BLOCK VOTING INSTRUCTIONS

        In the event of a meeting of the Noteholders the Principal Paying Agent
        shall, at the request of any Noteholder in accordance with the Sixth
        Issuer Trust Deed, issue voting certificates and block voting
        instructions in a form and manner which comply with the provisions of
        the Schedule Four to the Sixth Issuer Trust Deed (except that it shall
        not be required to issue the same less than forty-eight hours before the
        time for which the meeting or the poll to which the same relates has
        been convened or called). The Principal Paying Agent shall keep a full
        record of voting certificates and block voting instructions issued by it
        and will give to the Sixth Issuer, not less than one Business Day before
        the time appointed for any meeting or adjourned meeting, full
        particulars of all voting certificates and block voting instructions
        issued by it in respect of such meeting or adjourned meeting.

8.8     DUTIES OF THE TRANSFER AGENTS

        If and to the extent so specified by the Conditions and in accordance
        therewith and with the terms of this Agreement, or if otherwise
        requested by the Sixth Issuer, the Transfer Agents shall:

        (a)     on behalf of the Registrar, authenticate Definitive Sixth Issuer
                Notes upon any transfer or exchange of interests in a Global
                Sixth Issuer Note for Definitive Sixth Issuer Notes;

        (b)     on behalf of the Registrar, make available forms of transfer,
                forms of proxy and any certificates as to beneficial ownership
                in respect of the Sixth Issuer Notes, receive requests for the
                transfer of such Sixth Issuer Notes, forms of transfer, forms of
                proxy, certificates and other evidence, inform the Registrar of
                the name and address of the holder of each such Sixth Issuer
                Note, the serial numbers of any Definitive Sixth Issuer Notes,
                the name and address of the relevant person to be inserted in
                the Register, forward each such document to the Registrar and,
                upon being informed by the Registrar that the appropriate
                entries have been made in the Register and all formalities
                complied with, forthwith issue Definitive Sixth Issuer Notes on
                behalf of the Registrar representing the relevant Sixth Issuer
                Notes to be transferred;

        (c)     keep the Registrar informed of all transfers and exchanges; and

        (d)     carry out such other acts as may be necessary to give effect to
                the Conditions, this Agreement and the Regulations.

<PAGE>
                                       14

8.9     AUTHENTICATION AND DELIVERY OF DEFINITIVE SIXTH ISSUER NOTES AND
        MAINTENANCE OF REGISTER BY REGISTRAR

        The Registrar shall cause the Principal Paying Agent to authenticate and
        it shall deliver, or cause a Transfer Agent to deliver, any Sixth Issuer
        Note issued upon transfer in accordance with the Sixth Issuer Trust Deed
        and shall so long as any Definitive Sixth Issuer Notes are outstanding
        maintain a register in Luxembourg, or at such other place as the Sixth
        Issuer Security Trustee may approve in writing, in accordance with the
        Conditions, the Regulations and this Agreement. The Register shall show
        the Principal Amount Outstanding or total number outstanding, as the
        case may be, of each Definitive Sixth Issuer Note, the serial numbers
        thereof and the respective dates of issue and all subsequent transfers,
        cancellations and replacements thereof and all changes of ownership and
        the names and addresses of the holders of such Sixth Issuer Notes. The
        Registrar shall at all reasonable times during its office hours make the
        Register available to the Sixth Issuer, the Paying Agents and the
        Transfer Agents or any person authorised by any of them for inspection
        and for the taking of copies thereof or extracts therefrom and the
        Registrar shall deliver to such persons all such lists of Noteholders,
        their addresses and holdings as they may request.

8.10    TRANSFER OF DEFINITIVE SIXTH ISSUER NOTES

        The Registrar shall make available forms of transfer, forms of proxy,
        and certificates as to beneficial ownership in respect of the Definitive
        Sixth Issuer Notes, receive requests for the transfer of Definitive
        Sixth Issuer Notes, forms of transfer, forms of proxy, certificates and
        other evidence, effect the necessary entries and formalities and procure
        that it or the Transfer Agent on its behalf endorses the name and
        address of the transferee on each Definitive Sixth Issuer Note and
        delivers the same to the person entitled thereto. No transfer shall be
        registered for a period of 15 days immediately preceding any due date
        for payment in respect of the Sixth Issuer Notes or, as the case may be,
        the due date for redemption, or as the case may be, payment of any of
        the relevant Sixth Issuer Notes.

8.11    ADDITIONAL DUTIES

        The Registrar shall:

        (a)     register all transfers of Definitive Sixth Issuer Notes in
                accordance with the terms of those Definitive Sixth Issuer
                Notes, the Sixth Issuer Trust Deed and the Conditions;

        (b)     receive any document relating to or affecting the title to any
                of the Definitive Sixth Issuer Notes including all forms of
                transfer, forms of exchange, probates, letters of administration
                and powers of attorney;

        (c)     maintain proper records of the details of all documents
                received;

        (d)     prepare all such lists of the holders of the Definitive Sixth
                Issuer Notes as may be required by the Sixth Issuer, any Paying
                Agent, the Sixth Issuer Security Trustee or any person
                authorised by any of them;

        (e)     comply with the proper and reasonable requests of the Sixth
                Issuer with respect to the maintenance of the Register and give
                to the Paying Agents such information as may be reasonably
                required by it for the proper performance of its duties;

        (f)     forthwith, and in any event within three Business Days of the
                relevant request (or within such longer period as may be
                required to comply with any applicable fiscal or

<PAGE>
                                       15

                other regulations), upon receipt by it of, or receipt by it of
                notification from the Transfer Agent of delivery to it of,
                Definitive Sixth Issuer Notes duly endorsed for transfer in the
                name of the registered holders or subsequent to the endorsement
                of a reduction in nominal amount of a Global Sixth Issuer Note
                for exchange into Definitive Sixth Issuer Notes, authenticate
                and issue duly dated and completed Definitive Sixth Issuer Notes
                and deliver the Definitive Sixth Issuer Notes in the name of the
                registered holders at its Specified Office or (at the risk of
                the relevant registered holders) send the Definitive Sixth
                Issuer Notes to such address as the registered holders may
                request; and

        (g)     carry out such other acts as may reasonably be necessary to give
                effect to the Conditions, the Sixth Issuer Trust Deed, this
                Agreement and the Regulations. In carrying out its functions the
                Registrar shall act in accordance with the terms of this
                Agreement, the Sixth Issuer Trust Deed, the Regulations and the
                Conditions.

8.12    SUPPLIES OF ADDITIONAL DEFINITIVE SIXTH ISSUER NOTES

        The Sixth Issuer will deliver to the Transfer Agent and the Registrar
        for the performance of their duties hereunder from time to time so long
        as any of the Sixth Issuer Notes are outstanding, sufficient additional
        Definitive Sixth Issuer Notes as may be required for the performance of
        the duties of the Transfer Agent and the Registrar.

8.13    SAFE CUSTODY OF THE DEFINITIVE SIXTH ISSUER NOTES

        Each of the Registrar and the Transfer Agent shall maintain in safe
        custody all Definitive Sixth Issuer Notes delivered to and held by it
        hereunder and shall ensure such Definitive Sixth Issuer Notes are issued
        only in accordance with the Conditions, the Sixth Issuer Trust Deed and
        the terms of this Agreement.

8.14    CERTIFICATION OF DEFINITIVE SIXTH ISSUER NOTES HELD

        Within five Business Days of any request therefor by the Sixth Issuer or
        any of the Paying Agents, so long as any of the Sixth Issuer Notes are
        outstanding, the Registrar and the Transfer Agent shall certify to the
        Sixth Issuer, the Paying Agents and the Sixth Issuer Security Trustee
        the number of unauthenticated Definitive Sixth Issuer Notes held by it
        hereunder.

8.15    PROVISION OF INFORMATION

        Each of the Transfer Agent and the Registrar will give to the Paying
        Agents and, as appropriate, the Registrar or the Transfer Agent such
        further information with regard to its activities hereunder as may
        reasonably be required by them for the proper carrying out of their
        respective duties.

8.16    REGULATIONS FOR THE DUTIES OF THE TRANSFER AGENTS AND THE REGISTRAR

        In the event that Definitive Sixth Issuer Notes are required to be
        issued, the Registrar shall (after consultation with the Sixth Issuer,
        the Paying Agents, the Transfer Agent and the Sixth Issuer Security
        Trustee) promulgate reasonable regulations concerning the carrying out
        of their respective duties, including the carrying out of transfers and
        exchanges of Definitive Sixth Issuer Notes and the forms and evidence to
        be proved. All such transfers and exchanges will be made subject to the
        Regulations. The initial Regulations are set out in the SCHEDULE 2
        hereto. The Regulations may be changed by the Sixth Issuer with the
        prior written approval

<PAGE>
                                       16

        of the Registrar and the Sixth Issuer Security Trustee, which approval
        shall not be unreasonably withheld or delayed. A copy of the current
        Regulations will be sent by the Registrar to any holder of a Definitive
        Sixth Issuer Note who so requests.

8.17    NOTIFICATION OF THE PRINCIPAL AMOUNT OUTSTANDING

        The Registrar shall, on the Business Day prior to each Interest Payment
        Date notify the Principal Paying Agent, the Sixth Issuer and the Sixth
        Issuer Cash Manager of the aggregate Principal Amount Outstanding of
        Definitive Sixth Issuer Notes.

9.      AGENTS TO ACT FOR SIXTH ISSUER SECURITY TRUSTEE

9.1     At any time after an Event of Default in respect of the Sixth Issuer
        Notes or any of them shall have occurred:

        (a)     the Principal Paying Agent, the US Paying Agent, the Transfer
                Agent and the Registrar shall (where such agents act on behalf
                of the Sixth Issuer), if so required by notice in writing given
                by the Sixth Issuer Security Trustee to the Sixth Issuer and the
                Principal Paying Agent, the US Paying Agent, the Transfer Agent
                and the Registrar:

                (i)     thereafter act as agents of the Sixth Issuer Security
                        Trustee under the terms of the Sixth Issuer Trust Deed
                        on the terms mutatis mutandis contained herein (save
                        that the Sixth Issuer Security Trustee's liability under
                        any provision herein contained for the remuneration and
                        indemnification of such Agents shall be limited to the
                        amount for the time being held by the Sixth Issuer
                        Security Trustee on the trusts of the Sixth Issuer Trust
                        Deed which is available to be applied by the Sixth
                        Issuer Security Trustee for such purpose) and thereafter
                        hold all Sixth Issuer Notes and all sums, documents and
                        records held by them in respect of the Sixth Issuer
                        Notes on behalf of the Sixth Issuer Security Trustee;
                        and/or

                (ii)    deliver up all Sixth Issuer Notes all sums, documents
                        and records held by them in respect of the Sixth Issuer
                        Notes to the Sixth Issuer Security Trustee or as the
                        Sixth Issuer Security Trustee shall direct in such
                        notice,

                provided that such notice shall be deemed not to apply to any
                document or record which the relevant Agent is obliged not to
                release by any applicable law or regulation; and/or

        (b)     the Agent Bank shall, if so required by notice in writing given
                by the Sixth Issuer Security Trustee to the Agent Bank and until
                such appointment is terminated by the Sixth Issuer Security
                Trustee by notice in writing:

                (i)     thereafter act as Agent Bank of the Sixth Issuer
                        Security Trustee in relation to calculations and other
                        related functions to be made or performed by, or on
                        behalf of, the Sixth Issuer Security Trustee under the
                        terms of the Sixth Issuer Trust Deed mutatis mutandis on
                        the terms contained herein (save that the Sixth Issuer
                        Security Trustee's liability under any provision hereof
                        for the remuneration and indemnification of the Agent
                        Bank shall be limited to the amounts for the time being
                        held by the Sixth Issuer Security Trustee in respect of
                        principal and interest on the Sixth Issuer Notes on the
                        trusts of the Sixth Issuer Trust Deed which is available
                        to be applied by the Sixth Issuer Security Trustee for
                        such purposes) and thereafter to hold on behalf of the

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                                       17

                        Sixth Issuer Security Trustee all documents and records
                        held by it in respect of principal and interest on the
                        Sixth Issuer Notes; and/or

                (ii)    deliver up all documents and records held by it in
                        respect of principal and interest on the Sixth Issuer
                        Notes to the Sixth Issuer Security Trustee or as the
                        Sixth Issuer Security Trustee shall direct in such
                        notice,

        provided that such notice shall be deemed not to apply to any document
        or record which the Agent Bank is obliged not to release by any
        applicable law or regulation.

9.2     The Sixth Issuer Security Trustee at any time may, if any Event of
        Default is remedied to the reasonable satisfaction of the Sixth Issuer
        Security Trustee during any applicable grace period, by notice in
        writing to the Sixth Issuer and the relevant Agents, withdraw any notice
        given by the Sixth Issuer Security Trustee pursuant to CLAUSE 9.1
        whereupon such Agents shall act as agents of the Sixth Issuer in
        accordance with the terms hereof. The withdrawal of any notice given by
        the Sixth Issuer Security Trustee pursuant to CLAUSE 9.1 shall not
        preclude the Sixth Issuer Security Trustee from issuing any other or
        further notices pursuant to that Clause on any subsequent occasion and
        at any time after the occurrence of an Event of Default, no notice given
        by the Sixth Issuer Security Trustee pursuant to CLAUSE 9.1 shall be
        withdrawn except at the absolute discretion of the Sixth Issuer Security
        Trustee.

10.     FEES AND EXPENSES

10.1    FEES

        The Sixth Issuer shall pay to the Principal Paying Agent during the
        period when any of the Sixth Issuer Notes remain outstanding for its own
        account and for the account of the other Agents, such fees as may have
        been agreed in writing between the Sixth Issuer and the relevant Agent
        in respect of the services of the Agents hereunder (together with any
        amounts in respect of VAT or similar tax payable in respect thereof
        (against production of a valid tax invoice)). If any agent shall cease
        to be an Agent hereunder, it shall repay to the Sixth Issuer the
        unearned portion, calculated on a pro rata basis of the said fees.

10.2    FRONT-END EXPENSES

        The Sixth Issuer shall after receipt of an account of such expenses
        reimburse each Agent for its own account for all reasonable
        out-of-pocket expenses incurred by it in the negotiation, preparation
        and execution of this Agreement and for its own account for all
        reasonable out-of-pocket expenses (including, without limitation,
        reasonable legal fees and any reasonable communication, courier, postage
        and other out-of-pocket expenses) properly incurred in connection with
        its services hereunder (together with any amounts in respect of value
        added tax (against production of a valid tax invoice)) provided that
        such expenses shall not have been incurred as a result of the Agent's
        negligence, wilful misconduct or bad faith. The Principal Paying Agent
        will be responsible for distributing the remuneration and the relevant
        expenses of the Agent Bank, any other Paying Agent, any Transfer Agent
        and Registrar appointed hereunder.

10.3    TAXES AND EXPENSES OCCASIONED BY DEFAULT

        The Sixth Issuer shall pay all stamp, registration and other similar
        taxes and duties (including any interest and penalties thereon or in
        connection therewith) which are payable upon or in connection with the
        execution and delivery of this Agreement.

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                                       18

10.4    Save as provided in this CLAUSE 10 or as expressly provided elsewhere in
        this Agreement, the Sixth Issuer shall have no liability in respect of
        any fees or expenses of any Agents incurred by any of them in connection
        with the performance of their respective obligations hereunder.

11.     TERMS OF APPOINTMENT

11.1    RIGHTS AND POWERS OF THE PAYING AGENTS

(a)     The Paying Agents shall (except as ordered by a court of competent
        jurisdiction or as required by law or otherwise instructed by the Sixth
        Issuer or the Sixth Issuer Security Trustee) in connection with their
        services hereunder (whether or not the relevant Sixth Issuer Note shall
        be overdue and notwithstanding any notice to the contrary or writing
        shown thereon or any notice of previous loss or theft or of trust or
        other interest therein shown on the register) be entitled to treat the
        registered holder of any Sixth Issuer Note as the absolute owner of such
        Sixth Issuer Note for all purposes and make payments thereon accordingly
        Provided that where the Registrar has notified the Sixth Issuer of the
        presentation or surrender of any Sixth Issuer Note in accordance with
        CLAUSE 7.1(a), the relevant Paying Agent shall not make payment thereon
        until so instructed by the Sixth Issuer.

(b)     Each of the Paying Agents, the Agent Bank, the Registrar and the
        Transfer Agent may in connection with its services hereunder:

        (i)     rely upon the terms of any notice, communication or other
                document reasonably believed by it to be genuine;

        (ii)    engage and pay for the advice or services of any lawyers or
                other experts (being an appointee who shall have been previously
                approved in writing by the Sixth Issuer Security Trustee) whose
                advice or services it considers necessary and rely upon any
                written advice so obtained (and such Agent shall be protected
                and shall incur no liability as against the Sixth Issuer in
                respect of any action taken, or suffered to be taken in good
                faith, in accordance with such advice except to the extent that
                such liability arises out of any breach of contract, bad faith,
                misconduct or negligence on the part of such Agent);

        (iii)   assume that the terms of each Global Sixth Issuer Note or (as
                the case may be) Definitive Sixth Issuer Note as issued are
                correct;

        (iv)    refer any question relating to the ownership of any Global Sixth
                Issuer Note or Definitive Sixth Issuer Note (as the case may
                be), or the adequacy or sufficiency of any evidence supplied in
                connection with the replacement, transfer or exchange of any
                Global Sixth Issuer Note or Definitive Sixth Issuer Note (as the
                case may be) to the Sixth Issuer for determination by the Sixth
                Issuer and in good faith conclusively rely upon any
                determination so made; and

        (v)     whenever in the administration of this Agreement it shall deem
                it desirable that a matter be proved or established prior to
                taking, suffering or omitting any action hereunder, in the
                absence of bad faith or negligence or wilful misconduct on its
                part, accept a certificate signed by any person duly authorised
                on behalf of the Sixth Issuer as to any fact or matter prima
                facie within the knowledge of the Sixth Issuer as sufficient
                evidence thereof.

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                                       19

11.2    PROVISION OF SPECIMEN SIGNATURES

        The Sixth Issuer will supply the Principal Paying Agent and the
        Registrar with the names and specimen signatures of its Authorised
        Signatories.

11.3    EXTENT OF DUTIES

        Each Agent shall only be obliged to perform the duties set out herein
        and such other duties as are necessarily incidental thereto. No Agent
        shall (i) be under any fiduciary duty towards any person other than the
        Sixth Issuer, (ii) be responsible for or liable in respect of the
        authorisation, validity or legality of any Global Sixth Issuer Note or
        Definitive Sixth Issuer Note (as the case may be) amount paid by it
        hereunder or any act or omission of any other person including, without
        limitation, any other Agent (except to the extent that such liability
        arises out of any breach of contract, bad faith, misconduct or
        negligence on the part of any such Agent), (iii) be under any obligation
        towards any person other than the Sixth Issuer Security Trustee, the
        Sixth Issuer and the other Agents or (iv) assume any relationship of
        agency or trust for or with any Noteholder except that funds received by
        the Paying Agents for the payment of any sums due in respect of any
        Sixth Issuer Notes shall be held by them on trust to the extent required
        by the Trust Indenture Act for the relevant Noteholders until the
        expiration of the relevant prescription period under the Sixth Issuer
        Trust Deed.

11.4    FREEDOM TO TRANSACT

        Each Agent may purchase, hold and dispose of beneficial interests in a
        Global Sixth Issuer Note or any Definitive Sixth Issuer Note (as the
        case may be) and may enter into any transaction (including, without
        limitation, any depository, trust or agency transaction) with the Sixth
        Issuer or any holders or owners of any Sixth Issuer Notes or with any
        other party hereto in the same manner as if it had not been appointed as
        the agent of the Sixth Issuer or the Sixth Issuer Security Trustee in
        relation to the Sixth Issuer Notes.

11.5    INDEMNITY

(a)     The Sixth Issuer agrees to indemnify each Agent for, and to hold such
        Agent harmless against, any loss, liability or expense incurred without
        negligence or wilful misconduct on its part, arising out of, or in
        connection with, the acceptance and provision of any services by such
        Agent under this Agreement, including the costs and expenses (including
        reasonable legal fees and expenses) of defending itself against any
        claim in connection with the exercise or performance of any of its
        powers or duties under this Agreement.

        No termination of this Agreement shall affect the obligations created by
        this CLAUSE 11.5 of the Sixth Issuer to indemnify any Agent under the
        Conditions and to the extent set forth herein.

(b)     The Paying Agents, the Agent Bank, the Registrar and the Transfer Agent
        shall severally indemnify the Sixth Issuer and, for the purposes of
        CLAUSE 9, the Sixth Issuer Security Trustee against any loss, liability,
        reasonable costs and expenses including any claim, action or demand
        which the Sixth Issuer or Sixth Issuer Security Trustee may incur or
        which may be made against it as a result of the breach by any Paying
        Agent, the Agent Bank, the Registrar or the Transfer Agent of the terms
        of this Agreement or its negligence, breach of contract, bad faith or
        misconduct or that of its officers or employees including any failure to
        obtain and maintain in existence any consent, authorisation, permission
        or licence required by it for the assumption, exercise and performance
        of its powers and duties hereunder.

<PAGE>
                                       20

11.6    AGENTS' COMMITMENTS

        No provisions of this Agreement shall require any Agent or the Sixth
        Issuer Security Trustee to expend its own funds or assume a financial
        commitment to a person not party to this Agreement (other than in the
        ordinary course of its business) in the performance of any of its duties
        hereunder, or in the exercise of any of its rights or powers hereunder,
        if it shall have reasonable grounds for believing that repayment of such
        funds or adequate indemnity against such commitment is not reasonably
        assured to it.

11.7    EXCLUSION OF LIABILITY

        Notwithstanding anything in this Agreement to the contrary, in no event
        shall the Agents be liable under or in connection with this Agreement
        for indirect, special or consequential losses or damages of any kind,
        including lost profits, even if the Agents have been advised of the
        possibility thereof and regardless of the form of action by which such
        losses or damages may be claimed.

12.     TERMINATION OF APPOINTMENT

12.1    RESIGNATION

        Subject to CLAUSE 12.9, the Paying Agents in respect of any or all
        classes of Sixth Issuer Notes or the Agent Bank, the Registrar or the
        Transfer Agent may resign its appointment upon not less than 60 days'
        written notice to the Sixth Issuer and the Sixth Issuer Security Trustee
        (with a copy to the Principal Paying Agent) to that effect, which notice
        shall expire not less than 30 days before a Interest Payment Date
        related to the affected class of Sixth Issuer Notes.

12.2    REVOCATION

        Subject to CLAUSE 12.9, the Sixth Issuer may at any time with the prior
        written consent of the Sixth Issuer Security Trustee revoke its
        appointment of any Agent as its agent in relation to the Sixth Issuer
        Notes by not less than 60 days' written notice to the Sixth Issuer
        Security Trustee and such Agent whose appointment is to be revoked (with
        a copy to the Principal Paying Agent), which notice shall expire not
        less than 30 days before an Interest Payment Date.

12.3    AUTOMATIC TERMINATION

        If at any time:

        (a)     a secured party takes possession, or a receiver, manager or
                other similar officer is appointed, of the whole or any part of
                the undertaking, assets and revenues of any Agent;

        (b)     any Agent admits in writing its insolvency or inability to pay
                its debts as they fall due or suspends payments of its debts;

        (c)     an administrator or liquidator of any Agent of the whole or any
                part of the undertaking, assets and revenues of any Agent is
                appointed (or application for any such appointment is made);

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                                       21

        (d)     any Agent takes any action for a readjustment or deferment of
                any of its obligations or makes a general assignment or an
                arrangement or composition with or for the benefit of its
                creditors or declares a moratorium in respect of any of its
                indebtedness;

        (e)     an order is made or an effective resolution is passed for the
                winding up of any Agent; or

        (f)     any event occurs which has an analogous effect to any of the
                foregoing,

        the Sixth Issuer may with the prior approval of the Sixth Issuer
        Security Trustee (which approval shall not be unreasonably withheld or
        delayed) forthwith terminate without notice the appointment of such
        Agent and the remaining Agents and the Sixth Issuer (or the Sixth Issuer
        Security Trustee, as applicable) shall give notice thereof to the Sixth
        Issuer Security Trustee and to the Noteholders in accordance with
        CONDITION 14. On the occurrence of any of the above, the relevant Agent
        shall forthwith notify the Sixth Issuer.

12.4    ADDITIONAL AND SUCCESSOR AGENTS

        The Sixth Issuer may with the prior written approval of the Sixth Issuer
        Security Trustee:

        (a)     appoint a Successor Principal Paying Agent or any other
                Successor US Paying Agent; and/or

        (b)     appoint a Successor Agent Bank; and/or

        (c)     appoint a Registrar and a Transfer Agent in accordance with the
                Conditions; and/or

        (d)     appoint one or more additional Paying Agents in respect of any
                class of Sixth Issuer Notes; and/or

        (e)     appoint an alternative Agent Bank in respect of any class of
                Sixth Issuer Notes; and/or

        (f)     appoint an alternative Registrar in respect of any class of
                Sixth Issuer Notes; and/or

        (g)     appoint an alternative Transfer Agent in respect of any class of
                Sixth Issuer Notes,

        and shall forthwith give notice of any such appointment to the
        continuing Agents and the Noteholders.

12.5    AGENT MAY APPOINT SUCCESSOR

        If any Agent gives notice of its resignation in accordance with CLAUSE
        12.1 and by the tenth day before the expiration of such notice a
        Successor Agent has not been duly appointed, such Agent may itself,
        following such consultation with the Sixth Issuer as is practicable in
        the circumstances and with the prior written approval of the Sixth
        Issuer Security Trustee and the Sixth Issuer (Provided such failure to
        appoint was not due to default by the Sixth Issuer), appoint as its
        Successor Agent any reputable and experienced bank or financial
        institution and give notice of such appointment to the Sixth Issuer, the
        remaining Agents and the Noteholders.

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                                       22

12.6    RIGHTS OF SUCCESSOR AGENT

        Upon the execution by the Sixth Issuer and any Successor Agent of an
        instrument effecting the appointment of a Successor Agent, such
        Successor Agent shall, without any further act, deed or conveyance,
        become vested with all the authority, rights, powers, trusts,
        immunities, duties and obligations of its predecessor with like effect
        as if originally named as the relevant Agent herein and such
        predecessor, upon payment to it of the pro rata proportion of its
        administration fee and disbursements then unpaid (if any), shall
        thereupon become obliged to transfer, deliver and pay over, and such
        Successor Agent shall be entitled to receive, all monies, records and
        documents (including any Definitive Sixth Issuer Notes of the relevant
        class or classes of Sixth Issuer Notes, if any) held by such predecessor
        hereunder.

12.7    NOTICE TO NOTEHOLDERS

        The Sixth Issuer shall, within 30 days of the revocation of the
        appointment of any Agent, the appointment of a new Agent or the
        resignation of any Agent, give to the relevant Noteholders written
        notice thereof in accordance with CONDITION 14.

12.8    CHANGE OF SPECIFIED OFFICE

        If any Agent shall determine to change its Specified Office (which, in
        the case of the Paying Agents, may only be effected within the same
        city) it shall give to the Sixth Issuer and the Sixth Issuer Security
        Trustee written notice of such determination giving the address of the
        new Specified Office and stating the date on which such change is to
        take effect, which date shall not be less than 30 days after the date of
        such notice, provided that no such notice shall take effect within the
        period of 30 days before or after any Interest Payment Date. The Sixth
        Issuer shall, within 40 days of receipt of such notice (unless the
        appointment is pursuant to a revocation or termination under CLAUSE 12.2
        or 12.3 above on or prior to the date of such change), give to the
        Noteholders notice of such change as approved by the Sixth Issuer
        Security Trustee and of the address of the Specified Office in
        accordance with CONDITION 14 but the costs of giving such notice shall
        be borne by such Agent changing its office and not by the Sixth Issuer.

12.9    LIMITATIONS ON RESIGNATION AND REVOCATION

        Notwithstanding CLAUSE 12.1 and 12.2:

        (a)     if there is only one Paying Agent, no resignation by or
                termination of the appointment of the Paying Agent shall take
                effect until a new Paying Agent in respect of the affected class
                or classes of Sixth Issuer Notes, approved in writing by the
                Sixth Issuer Security Trustee, has been appointed on terms
                previously approved in writing by the Sixth Issuer Security
                Trustee;

        (b)     no resignation by or termination of the appointment of any
                Paying Agent shall take effect if as a result of such
                resignation or termination there would cease to be a Paying
                Agent in respect of the affected class or classes of Sixth
                Issuer Notes having a Specified Office in London;

        (c)     no appointment or termination of the appointment of a Paying
                Agent shall take effect unless and until notice thereof shall
                have been given to the relevant Noteholders in accordance with
                the Sixth Issuer Trust Deed and the Conditions;

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                                       23

        (d)     no resignation by or revocation of the appointment of the Agent
                Bank shall take effect until a new Agent Bank having its
                Specified Office in London has been appointed;

        (e)     no resignation by or termination of the appointment of the
                Registrar shall take effect until a new Registrar having its
                Specified Office in London has been appointed; and

        (f)     the appointment of any additional Paying Agent shall be mutatis
                mutandis on the terms and subject to the conditions of this
                Agreement and each of the parties hereto shall co-operate fully
                to do all such further acts and things and execute any further
                documents as may be necessary or desirable to give effect to the
                appointment of such Paying Agent.

12.10   EFFECT OF RESIGNATION, REVOCATION AND TERMINATION

        Upon any resignation or revocation taking effect under CLAUSE 12.1 or
        12.2 or any termination under CLAUSE 12.3, the relevant Agent shall:

        (a)     without prejudice to any accrued liabilities and obligations, be
                released and discharged from any further obligations under this
                Agreement (save that it shall remain entitled to the benefit of,
                and subject to, CLAUSES 10, 11 and 12);

        (b)     repay to the Sixth Issuer such part of any fee paid to it in
                accordance with CLAUSE 10.1 as shall relate to any period
                thereafter;

        (c)     deliver to the Sixth Issuer and to its Successor Agent a copy,
                certified as true and up-to-date by an officer of such Agent of
                the records maintained by it pursuant to this Agreement;

        (d)     forthwith transfer all monies and papers (including any unissued
                Definitive Sixth Issuer Notes held by it hereunder) to its
                successor in that capacity and provide reasonable assistance to
                its successor for the discharge by it of its duties and
                responsibilities hereunder; and

        (e)     in the case of the Paying Agent, pay to the Successor Paying
                Agent any amount held by it for payment of principal or interest
                in respect of the relevant Sixth Issuer Notes.

12.11   MERGER

        Any legal entity into which any Agent is merged or converted or any
        legal entity resulting from any merger or conversion to which such Agent
        is a party shall, to the extent permitted by applicable law, be the
        successor to such Agent without any further formality, whereupon the
        Sixth Issuer, the Sixth Issuer Security Trustee, the other Agents and
        such successor shall acquire and become subject to the same rights and
        obligations between themselves as if they had entered into an agreement
        in the form mutatis mutandis of this Agreement. Written notice of any
        such merger or conversion shall forthwith be given by such successor to
        the Sixth Issuer, the Sixth Issuer Security Trustee and the other
        Agents.

13.     NON-PETITION

(a)     Each of the Agents and the Sixth Issuer Security Trustee, in relation to
        any fees, costs and expenses payable to the Sixth Issuer Security
        Trustee but without prejudice to the rights of the Sixth Issuer Security
        Trustee under and the provisions of, the Sixth Issuer Deed of Charge,

<PAGE>
                                       24

        undertakes to the Sixth Issuer that until one year and one day has
        elapsed since the last day on which the Sixth Issuer has discharged all
        of its obligations in relation to all the Sixth Issuer Notes, none of
        them will petition or commence proceedings for the administration or
        winding up of the Sixth Issuer (nor join any person in such proceedings
        or commencement of proceedings) nor commence any legal proceedings
        against the Sixth Issuer.

(b)     Each of the Agents and the Sixth Issuer Security Trustee shall have
        recourse only to the Sixth Issuer Charged Property subject always to the
        charges set out in the Sixth Issuer Deed of Charge and the priority of
        payments set out therein. Upon final realisation of the Sixth Issuer
        Charged Property, none of the Agents and the Sixth Issuer Security
        Trustee or any person acting on its behalf shall be entitled to take any
        further steps against the Sixth Issuer to recover any sums due to each
        of the Agents and the Sixth Issuer Security Trustee but still unpaid and
        all claims in respect of such sums due but still unpaid shall be
        extinguished.

(c)     Each of the Agents hereby covenants and agrees with the Sixth Issuer and
        the Sixth Issuer Security Trustee that:

        (i)     only the Sixth Issuer Security Trustee may enforce the security
                created in favour of the Sixth Issuer Security Trustee by the
                Sixth Issuer Deed of Charge in accordance with its provisions;
                and

        (ii)    it will not in relation to the matters contemplated in this
                Agreement take any steps for the purpose of recovering any sums
                due under this Agreement or enforcing any rights arising out of
                this Agreement or institute against the Sixth Issuer or join any
                other person in instituting against the Sixth Issuer any winding
                up, arrangement, reorganisation, liquidation, bankruptcy,
                insolvency or other proceedings under any similar law for a
                period of one year and one day after all the Sixth Issuer Notes
                issued by the Sixth Issuer have been redeemed.

(d)     Notwithstanding any other provisions of this Agreement, each of the
        Agents hereby agrees to be bound by the provisions of the Sixth Issuer
        Deed of Charge and in particular confirms that no sum due under the
        Sixth Issuer Deed of Charge will be due and payable by the Sixth Issuer
        except in accordance with the Sixth Issuer Deed of Charge, unless and
        until all sums thereby required to be paid in priority thereto have been
        paid or discharged in full.

(e)     Each of the Agents hereby undertakes with the Sixth Issuer Security
        Trustee and the Sixth Issuer that if, whether in the liquidation of the
        Sixth Issuer or otherwise (and notwithstanding the provisions of this
        CLAUSE 13), any payment is made to or amount recovered by any Agent
        other than in accordance with or the Sixth Issuer Deed of Charge, the
        amount so paid or recovered shall be paid by such Agent to the Sixth
        Issuer Security Trustee; provided however that this CLAUSE 13 shall have
        effect only to the extent it does not create and is not deemed to create
        or constitute a Security Interest.

14.     TIME

        Any date or period specified herein may be postponed or extended by
        mutual agreement among the parties but, as regards any date or period
        originally fixed or so postponed or extended, time shall be of the
        essence.

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                                       25

15.     NOTICES AND DEMANDS

15.1    SERVICE OF NOTICES

        Any notice, communication or demand made under or in connection with
        this Agreement shall be in writing and shall be delivered personally, or
        by post, fax or cable to the addresses given in CLAUSE 15.2 (Address) or
        at such other address as the recipient may have notified to the other
        party in writing. Proof of posting or despatch of any notice or
        communication shall be deemed to be proof of receipt:

        (a)     in the case of a letter, on the third business day after
                posting; and

        (b)     in the case of a facsimile on the business day of despatch.

15.2    ADDRESS

        The addresses referred to in this CLAUSE 15.2 (Address) are as follows:

        (a)     in the case of the Sixth Issuer, to Holmes Financing (No. 6)
                PLC, c/o Abbey National House, 2 Triton Square, Regents Place,
                London NW1 3AN (facsimile number (44) 20 7612 4442) for the
                attention of the Company Secretary with a copy to Abbey National
                plc, c/o Abbey House (AAM 126), 201 Grafton Gate East, Milton
                Keynes MK9 1AN (facsimile number (44) 1908 343 019) for the
                attention of Securitisation Team, Business Relationship
                Management;

        (b)     in the case of the Principal Paying Agent, to JPMorgan Chase
                Bank, London Branch, Trinity Tower, 9 Thomas More Street, London
                E1W 1YT (facsimile number (44) 1202 347 945) for the attention
                of the Manager, Capital Markets Fiduciary Services;

        (c)     in the case of the US Paying Agent, to JPMorgan Chase Bank, New
                York Branch, 450 West 33rd Street, New York, NY 10001-2697
                (facsimile number (1) 212 946 8177) for the attention of the
                Manager, Capital Markets Fiduciary Services;

        (d)     in the case of the Sixth Issuer Security Trustee, to The Bank of
                New York, One Canada Square, London E14 5AL (facsimile number
                ___) for the attention of ___;

        (e)     in the case of the Agent Bank, to JPMorgan Chase Bank, London
                Branch, Trinity Tower, 9 Thomas More Street, London E1W 1YT
                (facsimile number (44) 1202 347 945) for the attention of the
                Manager, Capital Markets Fiduciary Services;

        (f)     in the case of the Registrar, to J.P. Morgan Bank Luxembourg
                S.A., 5 Rue Plaetis, L-2238, Luxembourg (facsimile number (352)
                4626 85380) for the attention of the Manager, Capital Markets
                Fiduciary Services;

        (g)     in the case of the Transfer Agent, to J.P. Morgan Bank
                Luxembourg S.A., 5 Rue Plaetis, L-2238, Luxembourg (facsimile
                number (352) 4626 85380) for the attention of the Manager,
                Capital Markets Fiduciary Services;

        (h)     in the case of Moody's, to Moody's Investor Services, 2 Minster
                Court, Mincing Lane, London EC3R 7XB (facsimile number (44) 20
                7772 5400) for the attention of Nick Lindstrom, Asset Backed
                Finance;

<PAGE>
                                       26

        (i)     in the case of S&P, to Standard & Poor's, Garden House, 18
                Finsbury Circus, London EC2M 7BP (facsimile number (44) 20 7826
                3598) for the attention of the Structured Finance Surveillance
                Group; and

        (j)     in the case of Fitch, to Fitch Ratings Limited, Eldon House, 2
                Eldon Street, London EC2M 7UA (facsimile number (44) 20 7417
                6262) for the attention of European 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 written notice in accordance with the provisions
        of this CLAUSE 15.

16.     MISCELLANEOUS

16.1    COUNTERPARTS

        This Agreement may be executed in any number of counterparts each of
        which, when executed and delivered, shall constitute an original, but
        all the counterparts shall together constitute but one and the same
        instrument, provided, however, that this Agreement shall have no force
        or effect until it is executed by the last party to execute the same and
        shall be deemed to have been executed and delivered in the place where
        such last party executed this Agreement.

16.2    AMENDMENTS

        This Agreement may be amended by the parties hereto, without the consent
        of any Noteholder, for the purpose of curing any ambiguity or of curing,
        correcting or supplementing any defective provision contained herein or
        in any manner which the parties may agree is necessary or desirable,
        provided that such amendment shall not be inconsistent with the
        Conditions and, in the Sixth Issuer Security Trustee's sole discretion,
        shall not be materially prejudicial to the Noteholders of any class.

17.     EXCLUSION OF THIRD PARTY RIGHTS

        The parties to this Agreement do not intend that any term of this
        Agreement should be enforced, by virtue of the Contracts (Rights of
        Third Parties) Act 1999, by any person who is not a party to this
        Agreement.

18.     GOVERNING LAW

18.1    GOVERNING LAW

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

18.2    JURISDICTION

(a)     The Agents irrevocably agree for the benefit of the Sixth Issuer and the
        Sixth Issuer Security Trustee that the courts of England are to have
        jurisdiction to settle any dispute which may arise out of or in
        connection with this Agreement and that accordingly any suit, action or
        proceedings arising out of or in connection with this Agreement
        (together referred to as "PROCEEDINGS") may be brought in the courts of
        England.

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                                       27

(b)     The Agents irrevocably and unconditionally waive and agree not to raise
        any objection which they may have now or subsequently to the laying of
        the venue of any Proceedings in the courts of England and any claim that
        any Proceedings have been brought in an inconvenient forum and further
        irrevocably and unconditionally agrees that a judgement in any
        Proceedings brought in the courts of England shall be conclusive and
        binding upon the Agents and may be enforced in the courts of any other
        jurisdiction.

(c)     Nothing contained in this Clause shall limit any right to take
        Proceedings against any party to this Agreement in any other court of
        competent jurisdiction, nor shall the taking of Proceedings in one or
        more jurisdictions preclude the taking of Proceedings in any other
        jurisdiction, whether concurrently or not.

(d)     The US Paying Agent, the Registrar and the Transfer Agent each
        irrevocably and unconditionally appoints the Principal Paying Agent at
        its registered office for the time being as its agent for service of
        process in England in respect of any Proceedings and undertakes that in
        the event of it ceasing so to act it will appoint another person with a
        registered office in London as its agent for service of process.

(e)     The US Paying Agent, the Registrar and the Transfer Agent each:

        (i)     agree to procure that, so long as any of the Sixth Issuer Notes
                remains liable to prescription, there shall be in force an
                appointment of such a person approved by the Sixth Issuer
                Security Trustee with an office in London with authority to
                accept service as aforesaid;

        (ii)    agree that failure by any such person to give notice of such
                service of process to the relevant Paying Agent shall not impair
                the validity of such service or of any judgement based thereon;

        (iii)   consent to the service of process in respect of any Proceedings
                by the airmailing of copies, postage prepaid, to the relevant
                Paying Agent in accordance with CLAUSE 15; and

        (iv)    agree that nothing in this Agreement shall affect the right to
                serve process in any other manner permitted by law.

18.3    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.

18.4    NON-EXCLUSIVITY

        The submission to the jurisdiction of the courts of England shall not
        (and shall not be construed so as to) limit the right of the parties or
        any of them to take Proceedings in any other court of competent
        jurisdiction, nor shall the taking of Proceedings in any one or more
        jurisdictions preclude the taking of Proceedings in any other
        jurisdiction (whether concurrently or not) if and to the extent
        permitted by law.

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                                       28

19.     EXCLUSION OF LIABILITY

        The Sixth Issuer Security Trustee is a party to this Agreement only to
        receive the benefit of the provisions in this Agreement and has no
        liability under this Agreement.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.

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                                       29

                                   SCHEDULE 1

                         SPECIFIED OFFICES OF THE AGENTS

THE PRINCIPAL PAYING AGENT

Trinity Tower
9 Thomas More Street
London
E1W 1YT

THE US PAYING AGENT

450 West 33rd Street
New York
NY 10001-2697

THE AGENT BANK

Trinity Tower
9 Thomas More Street
London E1W 1YT

THE REGISTRAR

5 Rue Plaetis,
L-2238, Luxembourg

THE TRANSFER AGENT

5 Rue Plaetis,
L-2238, Luxembourg

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                                       30

                                   SCHEDULE 2

                REGULATIONS CONCERNING THE TRANSFER, EXCHANGE AND
          REGISTRATION OF THE REGISTERED DEFINITIVE SIXTH ISSUER NOTES

1.      In this Schedule, any reference to "SIXTH ISSUER NOTE" or "SIXTH ISSUER
        NOTES" shall be construed as a reference to a Definitive Sixth Issuer
        Note in registered form. The Sixth Issuer Notes are in a denomination of
        (euro)10,000, (euro)100,000, (pound)10,000 or (pound)100,000, $1,000,
        $10,000 or $100,000, depending on the currency of denomination, or
        integral multiples in excess thereof or in such other denominations as
        the Note Trustee shall determine and notify to the relevant Noteholders.

2.      Subject to paragraph 6 below, a Sixth Issuer Note may be transferred by
        execution of the relevant form of transfer under the hand of the
        transferor or, where the transferor is a corporation, under its common
        seal or under the hand of two of its officers duly authorised in
        writing. Where the form of transfer is executed by an attorney or, in
        the case of a corporation, under seal or under the hand of two of its
        officers duly authorised in writing, a copy of the relevant power of
        attorney certified by a financial institution in good standing or a
        notary public or in such other manner as the Registrar may require or,
        as the case may be, copies certified in the manner aforesaid of the
        documents authorising such officers to sign and witness the affixing of
        the seal must be delivered with the form of transfer. In this Schedule,
        "TRANSFEROR" shall, where the context permits or requires, include joint
        transferors and shall be construed accordingly.

3.      The Sixth Issuer Note to be transferred or exchanged must be surrendered
        for registration, together with a duly completed and executed form of
        transfer (including any certification as to compliance with restrictions
        on transfer included in such form of transfer) at the Specified Office
        of the Paying Agents, the Registrar or the Transfer Agent, together with
        such evidence as the Paying Agents, the Registrar or the Transfer Agent
        may reasonably require to prove the title of the transferor and the
        authority of the persons who have executed the form of transfer. The
        signature of the person effecting a transfer or exchange of a Sixth
        Issuer Note shall conform to any list of duly authorised specimen
        signatures supplied by the holder of such Sixth Issuer Note or be
        certified by a financial institution in good standing, notary public or
        in such other manner as the Paying Agents, the Registrar or the Transfer
        Agent may require.

4.      No Noteholder may require the transfer of a Sixth Issuer Note to be
        registered during the period of 15 calendar days ending on an Interest
        Payment Date in respect of such Sixth Issuer Note.

5.      The executors or administration of a deceased holder of any Sixth Issuer
        Notes (not being one of several joint holders) and, in the case of the
        death of one or more of several joint holders, the survivor or survivors
        of such joint holders, shall be the only persons recognised by the Sixth
        Issuer as having any title to such Sixth Issuer Notes.

6.      Any person becoming entitled to any Sixth Issuer Notes in consequence of
        the death or bankruptcy of the holder of such Sixth Issuer Notes may,
        upon producing such evidence that he holds the position in respect of
        which he proposes to act under this paragraph or of his title as the
        Paying Agents, the Registrar or the Transfer Agent shall require
        (including legal opinions), become registered himself as the holder of
        such Sixth Issuer Notes or, subject to the provisions of these
        Regulations, the Sixth Issuer Notes and the relevant Conditions as to
        transfer, may transfer such Sixth Issuer Notes. The Sixth Issuer, the
        Transfer Agent, the Registrar and the Paying Agents shall be at liberty
        to retain any amount payable upon the

<PAGE>
                                       31

        Sixth Issuer Notes to which any person is so entitled until such person
        shall be registered as aforesaid or shall duly transfer the relevant
        Sixth Issuer Notes.

7.      Unless otherwise required by him and agreed by the Sixth Issuer, the
        holder of any Sixth Issuer Notes shall be entitled to receive only one
        Sixth Issuer Note in respect of his holding.

8.      The joint holders of any Sixth Issuer Note shall be entitled to one
        Sixth Issuer Note only in respect of their joint holding which shall,
        except where they otherwise direct, be delivered to the joint holder
        whose name appears first in the Register in respect of the joint
        holding.

9.      Where there is more than one transferee (to hold other than as joint
        holders), separate forms of transfer (obtainable from the specified
        office of a Paying Agent, the Registrar or the Transfer Agent) must be
        completed in respect of each new holding.

10.     Where a holder of Sixth Issuer Notes has transferred part only of his
        holding comprised therein, there shall be delivered to him a new Sixth
        Issuer Note in respect of the balance of such holding.

11.     The Sixth Issuer, the Transfer Agent, a Paying Agent and the Registrar
        shall, save in the case of the issue of replacement Sixth Issuer Notes
        pursuant to the Conditions, make no charge to the holders for the
        registration of any holding of Sixth Issuer Notes or any transfer
        thereof or for the issue of any Sixth Issuer Notes or for the delivery
        thereof at the Specified Office of the Transfer Agent, such Paying Agent
        or the Registrar or by uninsured post to the address specified by the
        holder, but such registration, transfer, issue or delivery shall be
        effected against such indemnity from the holder or the transferee
        thereof as the Paying Agents, the Registrar or the Transfer Agent may
        require in respect of any tax or other duty of whatever nature which may
        be levied or imposed in connection with such registration, transfer,
        issue or delivery.

12.     Provided a transfer of a Sixth Issuer Note is duly made in accordance
        with all applicable requirements and restrictions upon transfer and the
        Sixth Issuer Note(s) transferred are presented to the Transfer Agent
        and/or a Paying Agent in accordance with the Sixth Issuer Paying Agency
        and Agent Bank Agreement and these Regulations and subject to unforeseen
        circumstances beyond the control of the Transfer Agent, a Paying Agent
        or the Registrar arising, such Transfer Agent, Paying Agent and the
        Registrar will, within five business days of the request for transfer
        being duly made, deliver at its Specified Office or despatch to the
        transferee by uninsured post (at the request and risk of the transferee)
        to such address as the transferee entitled to the Sixth Issuer Notes may
        have specified, a Sixth Issuer Note in respect of which entries have
        been made in the Register, all formalities complied with and the name of
        the transferee completed on the Sixth Issuer Note by or on behalf of the
        Registrar; and, for the purposes of this paragraph, "BUSINESS DAY" means
        a day (other than a Saturday or a Sunday) on which commercial banks are
        open for business (including dealings in foreign currencies) in the
        cities in which the Paying Agents, the Registrar and the Transfer Agent
        have their respective Specified Office.

<PAGE>
                                       32

                                   SIGNATORIES

SIXTH ISSUER

SIGNED for and on behalf of                          )
HOLMES FINANCING (NO. 6) PLC                         )

PRINCIPAL PAYING AGENT AND AGENT BANK

SIGNED for and on behalf of                          )
JPMORGAN CHASE BANK,                                 )
LONDON BRANCH                                        )

US PAYING AGENT

SIGNED for and on behalf of                          )
JPMORGAN CHASE BANK,                                 )
NEW YORK BRANCH                                      )

REGISTRAR AND TRANSFER AGENT

SIGNED for and on behalf of                          )
J.P. MORGAN                                          )
BANK LUXEMBOURG S.A.                                 )

SIXTH ISSUER SECURITY TRUSTEE

SIGNED for and on behalf of                          )
THE BANK OF NEW YORK                                 )

Without prejudice to the foregoing execution of this Agreement, J.P. Morgan Bank
Luxembourg S.A. expressly and specifically confirms its agreement with the
provisions of Clause 18 of this Agreement for the purposes of Article 1 of the
Protocol annexed to the Convention on Jurisdiction and the Enforcement of
Judgements in Civil and Commercial Matters signed at Brussels, on 27th
September, 1968, as amended.

Signed by:

For and on behalf                                          J.P. MORGAN BANK
                                                           LUXEMBOURG S.A.

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