Document:

DATED: 23 MAY 2006

                          BEDELL TRUST COMPANY LIMITED

                                       AND

                      TURQUOISE RECEIVABLES TRUSTEE LIMITED

                                       AND

                                  HSBC BANK PLC

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                          CORPORATE SERVICES AGREEMENT

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                                 Bedell Cristin
                                  26 New Street
                                   St. Helier
                                     Jersey
                                 Channel Islands
                             SMH/ALC/KLL/094585/0024
                                     1321481

THIS AGREEMENT is made on twenty third May two thousand and six.

BETWEEN:

(1)     BEDELL TRUST COMPANY LIMITED a company incorporated in Jersey whose
        registered office is situate at 26 New Street, St. Helier, Jersey,
        Channel Islands (the "Service Provider"); and

(2)     TURQUOISE RECEIVABLES TRUSTEE LIMITED a company incorporated in Jersey
        whose registered office is situate at 26 New Street, St. Helier, Jersey,
        Channel Islands as aforesaid (the "Company"); and

(3)     HSBC BANK PLC whose registered office is at Level 4, 8 Canada Square,
        London, E14 5HQ (the "Originator").

RECITALS:-

(A)     The Company was incorporated in Jersey on 27 January, 2006 for the
        purpose of participating in a financing programme relating to certain
        credit card receivables originated or to be originated by HSBC Bank plc.

(B)     The Company requires corporate administration services to be provided to
        it in Jersey and the Service Provider is willing to provide or arrange
        the provision of such services as specified in the Schedule hereto on
        the terms hereinafter set out.

NOW BY THIS AGREEMENT:

DEFINITIONS

1.      (a)     "Delegate" shall mean and include the Partnerships together with
                any or all of the respective officers, employees, servants,
                successors, assigns or duly appointed agents of each of the
                Service Provider and the Partnerships.

        (b)     "Island" shall mean the Island of Jersey, Channel Islands.

        (c)     "MLO" shall mean the Money Laundering (Jersey) Order 1999 and
                any other applicable regulations from time to time relating to
                prevention of use of the financial system for the purpose of
                money laundering and made pursuant to the Proceeds of Crime
                (Jersey) Law 1999.

        (d)     "the Partnerships" shall mean the partners for the time being of
                (i) Bedell Cristin, Jersey Advocates and (ii) the Bedell Group
                Partnership ("Bedell Group").

        (e)     "Services" shall mean the services to be provided by the Service
                Provider pursuant to this Agreement as set out in the Schedule
                hereto.

        (f)     "Transaction" means the securitisation programme for the
                purposes of which the Company was established.

        (g)     "Transaction Documents" means such agreements or other documents
                to which the Company shall be party from time to time in
                connection with the Transaction.

                Unless otherwise defined herein, terms and expressions defined
                in the Transaction Documents shall bear the same meaning when
                used in this Agreement.

                                       1

APPOINTMENT

2.1     The Company hereby appoints the Service Provider to provide or procure
        the provision of the Services and the Service Provider agrees to provide
        or procure the provision of the Services to the Company.

2.2     The Originator acknowledges and agrees to such appointment upon the
        terms of this Agreement. The Originator shall not acquire any rights or
        incur any liabilities hereunder except as expressly stated herein.

2.3     The obligations of the Service Provider under this Agreement are solely
        the obligations of the Service Provider. No recourse shall be had in
        respect of any obligation or claim arising out of or based upon this
        Agreement or any relevant Transaction Document against any employee,
        officer, director, nominee or Delegate of the Service Provider save
        where the claim, demand, liability, cost or expense in connection
        therewith arises from the fraud, bad faith, wilful misconduct or gross
        negligence of such employee, officer, director, nominee or Delegate of
        the Service Provider.

SCOPE OF AUTHORITY

3.      The Service Provider agrees with the Company and the Originator that in
        providing the Services it will comply with any proper instructions,
        directions or orders communicated in writing or by facsimile which may
        from time to time be given to the Service Provider by the Company or any
        director of the Company PROVIDED ALWAYS THAT in cases approved in
        advance by the Company the Service Provider may also act on oral
        instructions given by any director of the Company. The Service Provider
        shall be fully protected when acting upon proper instructions without
        any duty to make enquiry as to the genuineness or authenticity of
        instructions.

DELEGATION

4.      In the performance of the Services the Service Provider may engage at
        its own expense any Delegate to carry out any or all of its duties
        hereunder as it thinks fit without requiring any prior authorisation.
        The Service Provider shall not be responsible for any misconduct or
        negligence on the part of any person appointed by it with due care to
        provide any of the Services.

LIMITATION OF DUTIES

5.1     Notwithstanding the Services agreed to be provided by the Service
        Provider hereunder, nothing in this Agreement shall require the Service
        Provider or any Delegate to act in any manner which they consider or any
        one of them considers may:-

        (a)     conflict with any of the provisions of the Company's Memorandum
                and Articles of Association;

        (b)     conflict with any laws or regulations in force in the Island or
                the terms of any permits consents, licences or applicable Codes
                of Practice issued thereunder by any competent authority in the
                Island and binding on or having effect in relation to the
                Company or the Service Provider; and/or

                                       2

        (c)     expose the Service Provider or any Delegate to any risk of civil
                or criminal liability or prosecution in any jurisdiction.

5.2      The Company agrees and acknowledges:

        (a)     that it will be responsible for compliance with MLO in the
                conduct of its business where applicable; and

        (b)     that, for the purposes of MLO:

                (i)     the Service Provider will retain any client
                        identification verification records provided to it by
                        the Company from time to time with the corporate records
                        of the Company;

                (ii)    the employee or agent of the Bedell Group for the time
                        being discharging the functions of the money laundering
                        reporting officer for the Service Provider will be the
                        person to whom any relevant report should be made by any
                        Delegate handling relevant financial services business
                        for the Company and the procedures adopted in that
                        connection shall be those from time to time prescribed
                        by the Bedell Group or Service Provider; and

                (iii)   MLO employee training procedures in respect of Delegates
                        shall be those procedures adopted in that connection
                        from time to time by the Bedell Group or Service
                        Provider.

        (c)     that, during the continuance of this Agreement, the Company
                and/or the Originator shall:

                (i)     provide the Service Provider with all such information,
                        documentation and records as the Service Provider may
                        reasonably require to enable it to perform its duties
                        hereunder;

                (ii)    keep the Service Provider fully informed as to any
                        change in the business, affairs, financial position and
                        prospects of the Company which is or is likely to be
                        material to the Service Provider; and

                (iii)   neither cause nor permit anything to be done which will
                        or may be calculated to impose any civil or criminal
                        liability or penalty on the Service Provider or any
                        Delegate.

EXPERTISE

6.      The Service Provider is not an expert in, nor does it hold itself or the
        Partnerships out as being experts in or having any knowledge of, the law
        of any jurisdiction other than the laws of the Island and each of the
        Company and the Originator hereby acknowledges that the Company has not
        received nor will it receive any advice from the Service Provider or the
        Partnerships on any matter affecting the Company, other than in respect
        of laws or regulations in force in the Island.

REMUNERATION

7.      The Company hereby acknowledges and agrees that the Service Provider (or
        either of the Partnerships on behalf of the Service Provider) will
        charge the Company fees, and authorises the Service Provider (or either
        of the Partnerships on its behalf) to obtain reimbursement from the
        Company of all disbursements reasonably incurred in connection with the
        provision of the Services, in each case as set out in a letter agreement
        of even date herewith between, inter alios, the Service Provider, the
        Company and the Originator. The amount of such fees may be adjusted from
        time to time in accordance with any revised scale of charges generally
        applicable to the provision of services similar to the Services as the
        Service Provider may from time to time notify to the Company and the
        Originator at least one calendar month prior to such increased charges
        taking effect. For the avoidance of doubt it is hereby agreed that the
        Service Provider shall not be bound to make disbursement of expenses on
        behalf of the Company and may require to be put in funds to meet any
        such expenses as it may determine. Such fees shall be paid and expenses
        reimbursed by the Originator within thirty days of receipt of the
        Service Provider's invoice unless previously paid and reimbursed by the
        Company.

                                       3

NON-PAYMENT OF FEES

8.      The Company acknowledges that if any fees and disbursements payable
        hereunder shall remain outstanding for more than thirty days after
        notification of the amount of such fees and disbursements has been sent
        to the Company (or its agent responsible for processing payment thereof)
        neither the Service Provider nor any Delegate shall be required to
        perform any further Services for the Company including, for the
        avoidance of any doubt, filing the annual return of shareholders or
        filing the Jersey Exempt Company Tax Return for the Company until all
        such fees and disbursements have been paid in full. Without prejudice to
        the generality of the foregoing, the Service Provider shall not be
        required to expend or risk its own funds or otherwise incur financial
        liability in the performance of any of the Services or in the exercise
        of any of its rights or powers hereunder if there are grounds for
        believing that the reimbursement of such expenditure or indemnity
        satisfactory to it against such risk or liability is not assured to it.

LIQUIDATION FUND

9.      Forthwith upon the signing of this Agreement, the Originator shall pay
        or shall procure that the Company shall pay to the Service Provider the
        sum of (pound)1,000 (the "Liquidation Fund") which it shall hold and, if
        this Agreement shall not have been terminated by the time of the
        commencement of the liquidation of the Company, shall apply towards the
        costs and expenses of the liquidation of the Company. The balance of the
        Liquidation Fund (if any) remaining after the liquidation of the Company
        shall be for the account of the Service Provider. In the event of
        termination of this Agreement prior to the commencement of liquidation
        of the Company (save where the Service Provider is entitled to serve
        notice pursuant to Clause 12.2), the Service Provider shall refund the
        Liquidation Fund (without interest) to the Company.

NON-PETITION UNDERTAKING

9.      The Service Provider hereby agrees that it shall not prior to the date
        which is two years and one day after the discharge in full of all
        obligations of the Company under the Transaction Documents take any
        corporate action or other legal steps or legal proceedings for the
        bankruptcy, winding up, dissolution, re-organisation, appointment of a
        receiver, administrator, administrative receiver, liquidator,
        sequestrator or similar officer of the Company or of any or all of the
        revenues and assets of the Company nor participate in any proceedings
        nor seek to enforce any judgment against the Company except in
        accordance with the provisions of the Transaction Documents.

CONFIDENTIALITY

10.     (1)     If at any time during the term of this Agreement the Service
                Provider or any Delegate may have or be deemed to have
                information about any transaction or matter affecting the
                Company neither the Service Provider nor any such Delegate shall
                be under any duty to disclose any such information to the
                Company if the Service Provider or such Delegate shall have
                obtained such information in the course of acting for any other
                clients or in any way other than in the provision of the
                Services under this Agreement.

        (2)     The Service Provider shall keep confidential and shall procure
                that its Delegates shall keep confidential all information
                concerning the Company and all transactions or matters dealt
                with by the Transaction Documents unless; (a) the Service
                Provider or any Delegate is required to disclose the same under
                the Transaction Documents or under the laws of the Island or
                pursuant to the order of any Jersey court or other court or
                regulatory authority having jurisdiction in any such transaction
                or matter; or (b) the Service Provider requires to disclose the
                same to its professional advisers who receive the same under a
                duty of confidentiality, or (c) the relevant information is
                already in the public domain otherwise than as a result of a
                breach of this provision.

                                       4

CONFLICTS OF INTEREST

11.     (1)     The services of the Service Provider to the Company hereunder
                are not to be deemed exclusive and the Service Provider shall be
                free to render similar services to any other person for so long
                as its services hereunder are not impaired thereby and shall not
                be liable to account for any profits arising therefrom.

        (2)     The Company hereby acknowledges that the Service Provider is
                ultimately owned by the Bedell Group (which has some partners in
                common with Bedell Cristin) and agrees that the Service Provider
                provides the Services in the full knowledge that either of the
                Partnerships may have acted (or may hereafter act) for the
                Company or an arranger of the Transaction contemplated by the
                Transaction Documents.

TERMINATION

12.     (1)     This Agreement and the Services to be performed hereunder may be
                terminated:-

                (a)     on one month's notice in writing given by the Service
                        Provider to the Company; or

                (b)     on one month's notice in writing given by the Company to
                        the Service Provider.

        (2)     This Agreement shall be terminated immediately on written notice
                from the Service Provider to the Company if the Service Provider
                shall consider any of the following events to have occurred:-

                (a)     the Company becomes insolvent or is declared en desastre
                        (bankrupt) or is subject to a creditors' (insolvent)
                        winding-up in Jersey or is subject to any analogous
                        procedure in any other jurisdiction;

                (b)     the Company and/or the Originator commits any breach of
                        the terms of this Agreement which is incapable of remedy
                        or commits any other breach which is capable of remedy
                        but fails to remedy such breach after the Service
                        Provider has given at least thirty days' notice in
                        writing to the Company and the Originator requiring such
                        breach to be remedied; and/or

                (c)     any changes are made to the terms of any of the
                        Transaction Documents which affect the duties and
                        obligations of the Company thereunder and which changes
                        are expected to have a material adverse affect on the
                        Service Provider or the Partnerships unless any such
                        change has been previously approved by the Service
                        Provider.

        (3)     Upon the termination of this Agreement howsoever occurring, the
                Service Provider shall be entitled to resign, or procure the
                resignation of any Delegate, from each office and position held
                in relation to the Company including without prejudice to the
                generality of the foregoing the resignation of the secretary and
                the directors provided by the Service Provider and the Company
                shall forthwith notify the Service Provider of:-

                (a)     an address to be the new registered office of the
                        Company in Jersey in substitution for the Service
                        Provider's address;

                (b)     an address to which all the books and records of the
                        Company may be transferred provided always that the
                        Service Provider on behalf of the Partnerships shall
                        have a lien on all such books, records and documents of
                        the Company until all fees and disbursements up to the
                        date of termination of the Agreement have been paid; and

                                       5

                (c)     the names of at least two persons into whose names the
                        shares in the Company shall be transferred.

        (4)     Upon the termination of this Agreement howsoever occurring, the
                Service Provider and the Bedell Group shall use their best
                endeavours to assist in the orderly transfer of the
                administration of the Company and shall be entitled to charge
                and be paid fees to the date of termination and at their
                respective normal rates in force at that time for any work done
                in transferring the administration of the Company. The
                termination of this Agreement shall be without prejudice to any
                antecedent liability of the parties hereto.

LIABILITY AND INDEMNITY

13.     (1)     The Service Provider and any Delegate shall use their respective
                best endeavours and exercise due care in performing the Services
                but neither the Service Provider nor any Delegate shall, in the
                absence of any fraud, bad faith, wilful misconduct or gross
                negligence on the part of the Service Provider or any Delegate,
                be liable to the Company or any other person for any loss or
                damage suffered arising out of the performance or non
                performance by the Service Provider or any Delegate of the
                Services.

        (2)     The Company and the Originator jointly and severally undertake
                (in the case of the Company to the extent permitted under its
                constitution) to indemnify and hold harmless the Service
                Provider and all Delegates (and officers of the Company, if not
                Delegates) against all actions, proceedings, accounts, claims or
                demands and any costs and expenses reasonably incurred in
                connection therewith which may be brought or made or threatened
                to be brought or made against the Service Provider or any
                Delegate (or officer of the Company, if not a Delegate) in
                connection with the affairs of the Company including without
                prejudice to the generality of the foregoing in connection with
                the Services provided by the Service Provider or any Delegate
                (or officer of the Company, if not a Delegate) hereunder
                provided that no person seeking indemnity hereunder in respect
                of such a liability shall be so entitled to the extent that any
                such liability shall have arisen solely from his or its fraud,
                bad faith, wilful misconduct or gross negligence. Expenses
                incurred in defending any action, suit or proceeding by a person
                who may be entitled to indemnity under the above provisions
                shall be paid by the Company in advance of the final disposition
                of such action, suit or proceeding upon receipt of an
                undertaking by or on behalf of the person to whom payment is to
                be made that he will repay the amounts advanced if it shall
                ultimately be determined that he is not entitled to be
                indemnified by the Company in accordance with the above
                provisions. This indemnity shall continue in force
                notwithstanding the termination of this Agreement and shall
                continue as to a person who has ceased to be a director,
                officer, agent or other Delegate and shall inure to the benefit
                of the heirs, executors and administrators of such a person. To
                the extent necessary to give effect to the intention of the
                parties, the parties agree that the Service Provider shall hold
                the benefit of these indemnities in trust for such Delegates or
                other such persons not party to this Agreement.

        (3)     Without prejudice to the generality of the foregoing the
                Originator hereby waives any future claims (whether in contract,
                tort or otherwise) which may otherwise arise against any
                Delegate arising out of or as a result of such Delegate holding
                office as a director of the Company save to the extent that such
                claim shall have arisen solely from the fraud, bad faith, wilful
                misconduct or gross negligence on the part of the Delegate who
                is sought to be made liable.

                                       6

DOCUMENT RETENTION

14.     After termination of this Agreement, the Service Provider is entitled to
        retain all papers and documents which have come into existence in the
        course of it providing the Services until all fees and disbursements due
        to it have been settled in full. Subject to payment in full of all fees
        and disbursements, the Service Provider will where a successor
        administrator has been appointed liaise with that administrator to
        provide all such original or copy documents as may be reasonably
        required by the successor administrator and will retain copies of
        documents at its discretion. The Service Provider reserves the right to
        require payment for its reasonable copying charges in advance of
        providing such documents. Thereafter, the Service Provider will keep all
        documents, correspondence, memoranda and notes which have been created
        in the course of provision of the Services, for ten years. During this
        period the Service Provider reserves the right, but has no obligation,
        to make electronic copies of any such documents, correspondence,
        memoranda and notes and, save for original signed documents, reserves
        the right to destroy hard copies and store the remainder of the filing
        electronically. After ten years continued retention (whether in
        electronic form or otherwise) files of papers and documents (other than
        originals) are subject to the Service Provider's right to destroy all
        such files at such time as it considers appropriate and unless it has
        been instructed to the contrary at or prior to the termination of
        provision of the Services. When the Service Provider is instructed to
        retain files beyond the ten year period, it reserves the right to charge
        for doing so. If after the termination of provision of the Services the
        Service Provider receives from any person entitled to do so a specific
        request for information concerning a matter in relation to the provision
        of the Services and/or a request to retrieve specific documents and
        other papers, the Service Provider reserves the right to charge for such
        services.

NOTICES

15.     Any notice to be given by any party to this Agreement to any other
        should be sent by post or by fax (at the sender's option) to the
        recipient at its address or fax number set out under its signature below
        (or at such other address or fax number as shall have been notified in
        writing for such purpose by the recipient). Any such notice shall be
        deemed to have been served (if posted) three business days after posting
        or (if sent by fax) on production by the sender's fax machine of a
        confirmation of transmission in full.

VARIATION

16.     Any amendment, variation or waiver of the terms of this Agreement shall
        be made in writing and shall be signed by or on behalf of each of the
        parties hereto.

COUNTERPARTS

17.     This Agreement may be executed in any number of counterparts, and by the
        different parties hereto on the same or separate counterparts, each of
        which shall be deemed to be an original and all of which when taken
        together shall constitute one and the same agreement.

ASSIGNMENT

18.     The Service Provider shall not be entitled to assign all or any of its
        rights or benefits or to transfer any of its obligations hereunder
        provided that the Service Provider shall be entitled to delegate the
        performance of the Services pursuant to Clause 4.

GOVERNING LAW

19.     This Agreement shall be governed by and construed in accordance with the
        laws of Jersey and the parties submit to the non exclusive jurisdiction
        of the courts of Jersey in all matters arising out of or in connection
        with this Agreement.

IN WITNESS WHEREOF the parties hereto have entered into this Agreement on the
date first above written.

                                       7

THE SCHEDULE

Services to be provided by the Service Provider are as follows:-

(1)     perform all general company secretarial, registrar and company
        administration services for the Company (other than such services as
        shall be rendered to the Company pursuant to the Transaction Documents),
        including the provision of at least two directors and a secretary of the
        Company;

(2)     as and when requested by any director or the auditors, provide the
        directors or the auditors (as the case may be) with such information in
        connection with the Company as may be in the possession of the Service
        Provider or as may be reasonably obtained by it;

(3)     keep duplicate copy accounts of the Company provided by the directors
        (provided always that except where the Service Provider provides all the
        directors of the Company, the Service Provider shall have no
        responsibility for verifying the accuracy thereof and shall rely upon
        the information provided by the directors) and such books and records as
        are required by any applicable law or otherwise for the proper conduct
        of the affairs of the Company and, upon instructions from the directors,
        prepare for forwarding to members of the Company all statements and
        notices which the board is required to issue, send or serve in
        accordance with the Articles of Association of the Company;

(4)     give any necessary directions and information as instructed by the
        directors to any agents appointed by the directors pursuant to the
        Articles of Association of the Company;

(5)     provide an adequate staff and other facilities in the Island (including
        the provision of the Company's registered office, telephone and
        facsimile transmission facilities) for efficiently performing its
        functions as Service Provider and carrying on its duties hereunder
        (provided that neither the Company nor its directors shall be entitled
        to the exclusive use of such accommodation);

(6)     keep the common seal of the Company and the register of shareholders,
        issue share certificates, effect transfers and file timeously (insofar
        as the directors have duly approved, signed and delivered the same and
        monies in respect of applicable fees are made available by or on behalf
        of the Company) the Annual Return of shareholders, annual applications
        for exempt company status and any other applicable statutory returns and
        exempt company tax filings in the Island;

(7)     arrange for the convening of shareholders' and directors' meetings of
        the Company as and when required, provide facilities for holding such
        meetings in the Island and prepare and keep minutes of such meetings;

(8)     accept service of process and any other documents or notices to be
        served on the Company in the Island; and

(9)     provide such other corporate administration services as may be required
        by the Company from time to time and agreed by the Service Provider.

                                       8

SIGNED by                                   )
for and on behalf of BEDELL                 )
TRUST COMPANY LIMITED                       )

Address for Notices:      26 New Street,
                          St. Helier,
                          Jersey JE2 3RA

Fax:                      44 1534 814815

SIGNED by                                   )
for and on behalf of TURQUOISE              )
RECEIVABLES TRUSTEE                         )
LIMITED                                     )

Address for Notices:      26 New Street,
                          St. Helier,
                          Jersey JE2 3RA

Fax:                      44 1534 814815

SIGNED by                                   )
for and on behalf of HSBC BANK PLC          )

Address for Notices:      Level 4,
                          8 Canada Square,
                          London,
                          E14 5HQ

Attention:                HSBC Card Services

Fax:                      44 20 7991 4663

                                       9CLIFFORD                                           LIMITED LIABILITY PARTNERSHIP
CHANCE
                                                                  CONFORMED COPY

                      TURQUOISE CARD BACKED SECURITIES PLC
                                    as Issuer

                                       and

                                  HSBC BANK PLC
                             as Issuer Account Bank

                                       and

                     LAW DEBENTURE TRUST COMPANY OF NEW YORK
                                 as Note Trustee

                                   ----------

                               ISSUER DISTRIBUTION
                             ACCOUNT BANK AGREEMENT

                                   ----------

                                    CONTENTS

CLAUSE                                                                      PAGE
------                                                                      ----
1.   Interpretation......................................................     1
2.   The Account.........................................................     2
3.   Mandate.............................................................     3
4.   Acknowledgement By HSBC Bank plc....................................     3
5.   Indemnity...........................................................     4
6.   Termination And Resignation.........................................     5
7.   Change Of Note Trustee Or Issuer Account Bank.......................     6
8.   Costs...............................................................     7
SCHEDULE 1 BANK MANDATE (SERIES ISSUER DISTRIBUTION ACCOUNT).............     8

THIS AGREEMENT is made on 23 May 2006

BETWEEN:

(1)  TURQUOISE CARD BACKED SECURITIES PLC whose registered office is at c/o
     Wilmington Trust SP Services (London) Limited, Tower 42 (Level 11), 25 Old
     Broad Street, London EC2N 1HQ (the "ISSUER");

(2)  HSBC BANK PLC whose registered office is at 8 Canada Square, London E14 5HQ
     (the "ISSUER ACCOUNT BANK"); and

(3)  LAW DEBENTURE TRUST COMPANY OF NEW YORK, acting through its New York branch
     whose principal place of business is at 767 Third Avenue - 31st floor, New
     York, New York 10017 (the "NOTE TRUSTEE", which expression shall include
     its successors as Note Trustee pursuant to the Note Trust Deed).

IT IS HEREBY AGREED AS FOLLOWS:

1.   INTERPRETATION

1.1  DEFINITIONS

     Unless otherwise defined in this Agreement or the context requires
     otherwise, words and expressions used in this Agreement have the meanings
     and constructions ascribed to them in the Master Definitions Schedule set
     out in Schedule 1 (Master Definitions Schedule) of the Issuer Master
     Framework Agreement which is dated on or about the date of this Agreement
     and signed for the purpose of identification by, amongst others, each of
     the parties to this Agreement.

1.2  INCORPORATION OF COMMON TERMS

     The Common Terms apply to this Agreement and shall be binding on the
     parties to this Agreement as if set out in full in this Agreement.

1.3  CONFLICT WITH COMMON TERMS

     If there is any conflict between the provisions of the Common Terms and the
     provisions of this Agreement, the provisions of this Agreement shall
     prevail.

1.4  ADDITIONAL DEFINITIONS

     "ELECTRONIC MEANS" means in respect of transfers of sterling amounts, by
     way of CHAPS or such other system(s) as may replace it and in respect of
     transfers of dollar amounts, by way of SWIFT or such other system(s) as may
     replace it, or any other electronic messaging or transfer system as may be
     agreed in writing between the parties hereto;

     "LEDGER" means in respect of each Series, any of the ledgers regarding
     amounts debited from and credited to the relevant Series Issuer
     Distribution Account of such Series and any sub-ledgers and further
     sub-ledgers thereof relating to any Class or Sub-Class.

     "SERIES ISSUER DISTRIBUTION ACCOUNT" means, with respect to each Series,
     (together with any redesignation or sub-account thereof or any replacement
     therefor with any bank which is a Qualifying Institution), each account
     designated the "Turquoise Card Backed Securities plc - Series Issuer
     Distribution Account" and designated with reference to the

                                       -1-

     number of such Series or any account which replaces such account and held
     at any branch of the Issuer Account Bank;

1.5  OBLIGOR/OBLIGEE

     1.5.1 Paragraph 1 (Further Assurance) of the Common Terms applies to this
           Agreement as if set out in full in this Agreement and as if the
           Issuer and the Issuer Account Bank were the Obligor and the Note
           Trustee were the Obligee for the purposes of such Paragraph.

     1.5.2 Limited recourse and non-petition

           The provisions of Paragraph 8 (Non-Petition) of the Common Terms
           apply to this Agreement as if set out in full in this Agreement.

1.6  GOVERNING LAW AND JURISDICTION

     This Agreement and all matters arising from or connected with it shall be
     governed by English law in accordance with Paragraph 26 (Governing Law) of
     the Common Terms. Paragraph 27 (Jurisdiction) of the Common Terms applies
     to this Agreement as if set out in full in this Agreement.

1.7  REPRESENTATIONS AND WARRANTIES

     The Issuer gives certain representations and warranties to the Note Trustee
     on the terms set out in Schedule 4 (Issuer's Representations and
     Warranties) of the Issuer Master Framework Agreement.

1.8  COVENANTS

     The Issuer covenants with the Note Trustee on the terms set out in Schedule
     5 (Issuer Covenants) of the Issuer Funding Master Framework Agreement.

1.9  The headings in this Agreement shall not affect its interpretation.

1.10 Words denoting the singular number only shall include the plural number
     also and vice versa; words denoting one gender only shall include the other
     genders and words denoting persons only shall include firms and
     corporations and vice versa.

1.11 References to this or any other agreement or document include any amendment
     or supplement thereto or variation thereof for the time being having
     effect.

1.12 The parties hereto acknowledge that references to the Note Trust Deed in
     this Agreement are for definition purposes only and that (other than as
     expressly provided herein) the Issuer Account Bank, in its capacity as the
     account operating bank under this Agreement, shall not be deemed to have
     notice of its terms.

2.   THE ACCOUNT

2.1  Prior to the occurrence of an Event of Default in respect of a Series and
     subject to Clause 4.2, the Issuer Account Bank shall comply with any
     direction of the Issuer or its Delegate with respect to the Series Issuer
     Distribution Account of each Series provided that such direction shall:

     (a)   be in writing; and

                                       -2-

     (b)   comply with the relevant Mandate.

     Notwithstanding the provisions of this Clause 2.1 amounts shall only be
     withdrawn from the relevant Series Issuer Distribution Account of a Series
     to the extent that such withdrawal does not cause the relevant account to
     become overdrawn and furthermore credits shall only be made to an account
     when the Issuer Account Bank shall have received cleared funds.

2.2  The Issuer Account Bank agrees that if directed pursuant to Clause 2.1
     above to make any payment, and provided such direction is given by the
     Issuer, its Delegate or the Note Trustee prior to 2.00 p.m. it will
     transfer such amounts prior to close of business on the Business Day on
     which such direction is received and for value that day provided that if
     any direction is received by the Issuer Account Bank later than 2.00 p.m.
     (London time) on any Business Day the Issuer Account Bank shall make such
     payment as soon as practicable on the commencement of business on the
     following Business Day for value that day.

2.3  The charges of the Issuer Account Bank (if any) for the operation of the
     relevant Series Issuer Distribution Account of each Series shall not be
     debited from the relevant Issuer Distribution Account but shall be payable
     by the Issuer within 30 days or less of receipt of a written invoice and
     charged by the Issuer Account Bank to the Issuer on the same basis and at
     the same rates as are generally applicable to its business customers and
     the Issuer Account Bank hereby acknowledges that it will have no recourse
     by way of set-off or otherwise against any funds standing to the credit the
     relevant Series Issuer Distribution Account of each Series or against any
     party hereto other than the Issuer in respect of the said charges.

3.   MANDATE

     The Issuer has agreed to deliver a Mandate with respect to each Series
     Issuer Distribution Account for each Series to the Issuer Account Bank
     (with a copy to the Note Trustee) and the Issuer Account Bank will confirm
     to the Issuer and the Note Trustee with respect to each Mandate:

     (a)   receipt by it of the relevant Mandate from the Issuer; and

     (b)   that the Mandate is operative and supersedes any previous mandates or
           arrangements relating to the relevant Series Issuer Distribution
           Account of the Series.

4.   ACKNOWLEDGEMENT BY HSBC BANK PLC

4.1  Notwithstanding anything to the contrary in the relevant corresponding
     Mandate, the Issuer Account Bank hereby:

     (a)   acknowledges that pursuant to the Note Trust Deed and each relevant
           Note Trust Deed Supplement the Issuer intends to assign, with respect
           to each Series, its rights, title and interest in the Issuer
           Distribution Account of such Series to the Note Trustee by way of
           security; and

                                       -3-

     (b)   subject to execution by the Issuer of the Note Trust Deed and each
           relevant Note Trust Deed Supplement (such execution to be notified by
           the Issuer to the Issuer Account Bank), waives any right it has or
           may hereafter acquire to combine, consolidate or merge the relevant
           Series Issuer Distribution Account with any other account of the
           Issuer or any other person or any liabilities of the Issuer or any
           other person to the Issuer Account Bank and agrees that it may not
           set off, transfer, combine or withhold payment of any sum standing to
           the credit of the relevant Series Issuer Distribution Account in or
           towards or conditionally upon satisfaction of any liabilities to it
           of the Issuer or any other person.

4.2  Notwithstanding anything to the contrary in the relevant Mandate or the
     Bank Account Operating Agreement, the Issuer Account Bank hereby agrees
     (with the consent of the Issuer):

     (a)   to comply with any direction of the Note Trustee expressed to be
           given by the Note Trustee pursuant to the Note Trust Deed and the
           relevant Note Trust Deed Supplement in respect of the operation of
           the relevant Series Issuer Distribution Account with respect to each
           Series and the Issuer Account Bank shall be entitled to rely on any
           such direction purporting to have been given on behalf of the Note
           Trustee without enquiry; and

     (b)   after the occurrence of an Event of Default in relation to a
           particular Series that all right, authority and power of the Issuer
           and the Delegate in respect of the operation of the relevant Series
           Issuer Distribution Account of such Series shall be deemed to be
           terminated and of no further effect and the Issuer Account Bank and
           the Issuer agree that the Issuer Account Bank shall, upon receipt of
           such notice (to be given in writing) from the Note Trustee, comply
           with the directions of the Note Trustee or any receiver appointed
           under the Note Trust Deed in relation to the operation of the
           relevant Series Issuer Distribution Account.

4.3  Until the Issuer Account Bank shall have been notified in writing by the
     Note Trustee that none of the Notes are outstanding, the Issuer Account
     Bank shall provide the Issuer with a monthly statement in respect of each
     Series Issuer Distribution Account or upon written request from time to
     time, and in the latter case such statement shall be provided as soon as
     reasonably practicable after receipt of a request for a statement.

5.   INDEMNITY

5.1  Unless otherwise directed by the Note Trustee pursuant to Clause 4.2 above,
     the Issuer Account Bank in making payment from each Series Issuer
     Distribution Account, in accordance with this Agreement, shall be entitled
     to act as directed by the Issuer pursuant to Clause 2.1 above and to rely
     as to the amount of any such transfer or payment on the instruction of the
     Issuer in accordance with the relevant Mandate and the Issuer Account Bank
     shall have no liability for any loss, injury or consequence suffered or
     incurred by the Issuer for any action taken as a consequence of relying on
     any such instruction except in the case of the Issuer Account Bank's wilful
     default, negligence, fraud or unremedied breach of this Agreement.

                                       -4-

5.2  The Issuer shall indemnify the Issuer Account Bank against any loss, cost,
     damage, charge or expense incurred by the Issuer Account Bank in complying
     with any direction of the Issuer or the Note Trustee as the case may be,
     delivered pursuant to and in accordance with this Agreement, save that this
     indemnity shall not extend to:

     (a)   the charges of the Issuer Account Bank (if any) for the operation of
           each Series Issuer Distribution Account; and

     (b)   any loss, cost, damage, charge or expense arising from any breach by
           the Issuer Account Bank of its obligations under this Agreement.

6.   TERMINATION AND RESIGNATION

6.1  RESIGNATION

     The Issuer Account Bank may resign its appointment upon not less than 4
     weeks' notice to the Issuer (with a copy to the Note Trustee), provided
     that:

     6.1.1 if such resignation would otherwise take effect less than 30 days
           before or after a Final Redemption Date or other date for redemption
           of the Notes or any Interest Payment Date in relation to the Notes,
           it shall not take effect until the thirtieth day following such date;
           and

     6.1.2 such resignation shall not take effect until a successor has been
           duly appointed consistently with Clause 6.5 (Successor Issuer Account
           Bank) or Clause 6.6 (Issuer Account Bank may appoint Successors).

6.2  TERMINATION

     The Issuer may (with the prior written approval of the Note Trustee) revoke
     its appointment of the Issuer Account Bank by not less than 30 days' notice
     to the Issuer Account Bank (with a copy, to the Note Trustee). Such
     revocation shall not take effect until a successor, previously approved in
     writing by the Note Trustee, has been duly appointed consistently with
     Clause 6.5 (Successor Issuer Account Bank) or Clause 6.6 (Issuer Account
     Bank may appoint Successors).

6.3  AUTOMATIC TERMINATION

     The appointment of the Issuer Account Bank shall terminate forthwith if an
     Insolvency Event occurs in relation to the Issuer Account Bank. If the
     appointment of the Issuer Account Bank is terminated in accordance with
     this provision, the Issuer shall forthwith appoint a successor in
     accordance with Clause 6.5 (Successor Issuer Account Bank).

6.4  QUALIFIED INSTITUTION

     In the event that the Issuer Account Bank ceases to be a Qualified
     Institution, the Issuer Account Bank shall immediately give notice of that
     fact to the Note Trustee and the Issuer. As soon as practicable thereafter
     and in any event within 30 days of such notice, the Issuer Account Bank
     shall transfer the closing credit balance of each Series Issuer
     Distribution Account, together with all interest accrued on such balance up
     to but not including the date of transfer, to an appropriate successor
     account with a Qualified Institution, approved by the Note Trustee.

                                       -5-

6.5  SUCCESSOR ISSUER ACCOUNT BANK

     The Issuer may (with the prior written approval of the Note Trustee)
     appoint a successor Issuer Account Bank and shall forthwith give notice of
     any such appointment to the Note Trustee, whereupon the Issuer and the Note
     Trustee and the successor Issuer Account Bank shall acquire and become
     subject to the same rights and obligations between themselves as if they
     had entered into an agreement in the form of (and on the same terms as)
     this Agreement. Any successor Issuer Account Bank appointed by the Issuer
     shall be a Qualified Institution.

6.6  ISSUER ACCOUNT BANK MAY APPOINT SUCCESSORS

     If the Issuer Account Bank gives notice of its resignation in accordance
     with Clause 6.1 (Resignation) and by the tenth day before the expiry of
     such notice a successor has not been duly appointed in accordance with
     Clause 6.5 (Successor Issuer Account Bank), the Issuer Account Bank may
     itself, following such consultation with the Issuer as is practicable in
     the circumstances and with the prior written approval of the Note Trustee,
     appoint as its successor any Qualified Institution. The Issuer Account Bank
     shall give notice of such appointment to the Issuer and the Note Trustee
     whereupon the Issuer and the Note Trustee 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 of (and on the same terms
     as) this Agreement.

6.7  MERGER

     6.7.1 Successor through merger: Any legal entity into which the Issuer
           Account Bank is merged or converted or any legal entity resulting
           from any merger or conversion to which such the Issuer Account Bank
           is a party shall, to the extent permitted by applicable law, be the
           successor to the Issuer Account Bank without any further formality.

     6.7.2 Rights and obligations upon merger: In the event of such a merger or
           conversion the Issuer and the Note Trustee 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 of
           (and on the same terms as) this Agreement.

     6.7.3 Notice of merger: Notice of any such merger or conversion shall
           forthwith be given by such successor to the Issuer and the Note
           Trustee.

7.   CHANGE OF NOTE TRUSTEE OR ISSUER ACCOUNT BANK

7.1  If there is any change in the identity of the Note Trustee in accordance
     with the terms of the Note Trust Deed, or a change in the identity of the
     Issuer Account Bank other than in terms of Clause 6.7 (Merger), the parties
     hereto or any of them as appropriate shall execute such documents and take
     such actions as the new Note Trustee or Issuer Account Bank and the
     outgoing Note Trustee or Issuer Account Bank may require for the purpose of
     vesting in the new Note Trustee or Issuer Account Bank the rights and
     obligations of the outgoing Note Trustee or Issuer Account Bank, and
     releasing the outgoing Note Trustee or Issuer Account Bank from its future
     obligations under this Agreement.

                                       -6-

7.2  In the event of any termination under Clause 6 (Termination and
     Resignation) the Issuer Account Bank shall take reasonable steps (for a
     period of no longer than 3 months after such termination) to assist the
     other parties hereto to effect an orderly transition of the Issuer's
     banking arrangements.

8.   COSTS

     The Issuer agrees to pay the proper costs (including proper legal costs and
     expenses) of the Issuer Account Bank and of the Note Trustee in connection
     with the negotiation of this Agreement and the establishment of the Account
     and the negotiation and execution of any further documents and the taking
     of any further action to be executed or taken pursuant to Paragraph 18
     (Confidentiality) of Schedule 2 (Common Terms) of the Master Framework
     Agreement.

IN WITNESS WHEREOF the parties hereto have signed and executed this Agreement on
the day and year first above written.

                                       -7-

                                   SCHEDULE 1

                                  BANK MANDATE

                      (SERIES ISSUER DISTRIBUTION ACCOUNT)

At a duly constituted meeting of the Board of Directors of Turquoise Card Backed
Securities plc (the "COMPANY") held at the registered office of the Company on
22 May 2006.

IT WAS RESOLVED that:

1.   The Company ratify the opening of the account number 60190505 sort code
     40-05-15 in the name of the Company designated the "Turquoise Card Backed
     Securities plc- Series 2006-1 Issuer Distribution Account" (the "SERIES
     ISSUER DISTRIBUTION ACCOUNT") held with HSBC Bank plc (the "ISSUER ACCOUNT
     BANK" for the purpose of this mandate) at 8 Canada Square, London, E14 5HQ
     and that the Series Issuer Distribution Account be used as an account for
     the benefit of the Company.

2.   Terms defined in the Issuer Distribution Account Bank Agreement entered
     into on or about 23 May 2006 between the Company, Law Debenture Trust
     Company of New York (the "NOTE TRUSTEE") and the Issuer Account Bank (the
     "ISSUER DISTRIBUTION ACCOUNT BANK AGREEMENT") have the same meanings
     herein, unless otherwise defined herein or as the context otherwise
     requires.

3.   In relation to the Series Issuer Distribution Account, the Issuer Account
     Bank is hereby authorised to honour and comply with all cheques, drafts,
     bills, payments by way of the Clearing House Automated Payment System,
     promissory notes, acceptances, negotiable instruments and orders expressed
     to be drawn, accepted made or given and all directions in writing in
     respect of the Series Issuer Distribution Account opened pursuant to the
     Series Issuer Distribution Issuer Account Bank Agreement, PROVIDED THAT any
     such cheques, bills, promissory notes, acceptances, negotiable instruments,
     directions, orders and/or endorsements are signed by any of the persons
     whose names and specimen signatures are set out in the schedule attached to
     these Resolutions OR THAT any directions or orders are received by the
     Issuer Account Bank by means of secure facsimile transmission that includes
     the signal number authentication code supplied to the Issuer.

4.   Notwithstanding Resolution 3 above, the Issuer Account Bank be and is
     hereby instructed to act on any advice contained in a secure facsimile
     transmission that includes the signal number authentication code with
     respect to the debiting and crediting of monies from and to the Series
     Issuer Distribution Account unless notified otherwise in writing by the
     Company.

5.   The mandates given to the Issuer Account Bank by virtue of these
     resolutions shall, subject as provided in Resolution 6 below, remain in
     force, unless and until the Issuer Account Bank has received from the Note
     Trustee notice to the contrary (the "NOTE TRUSTEE'S NOTICE").

6.   If the Issuer Account Bank has received the Note Trustee's Notice, any
     instruction or other direction referred to in Resolution 3 as it relates to
     amounts in the Series Issuer Distribution Account in respect of the Series
     shall be signed by or on behalf of the Note Trustee or any substitute
     administrator or by the person or persons specified by the Note

                                       -8-

     Trustee in the Note Trustee's Notice or as otherwise agreed or directed by
     the Note Trustee hereafter.

7.   The Issuer Account Bank be supplied with the list of names of Directors,
     the Secretary and other officers of the Company and the Issuer Account Bank
     be and is hereby authorised to act on any information given by a Director
     or the Secretary of the Company (as the case may be) as to any changes
     therein.

8.   These Resolutions be communicated to the Issuer Account Bank and remain in
     force until an amending Resolution shall be passed by the Board of
     Directors of the Company with the prior written consent of the Note Trustee
     and a copy thereof and of such consent, certified by any one of the
     Directors or the Secretary, shall be received by the Issuer Account Bank.

I hereby certify the above to be a true extract from the Minutes of the said
Meeting.

---------------------------
Director

                                       -9-

                                    SCHEDULE
                               LIST OF SIGNATORIES

NAMES                                                         SPECIMEN SIGNATURE

[o]

                                      -10-

                                 EXECUTION PAGE

THE ISSUER

EXECUTED by
TURQUOISE CARD BACKED SECURITIES PLC

By: RUTH SAMSON

Director

ISSUER ACCOUNT BANK

EXECUTED by
HSBC BANK PLC

By: PAUL OLIVE
    -----------------------------------
Authorised Signatory

THE NOTE TRUSTEE

LAW DEBENTURE TRUST
COMPANY OF NEW YORK AS NOTE TRUSTEE

By PATRICK J. HEALY
    -----------------------------------
Name PATRICK J. HEALY
Title VICE PRESIDENT

                                      -11-

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