Document:

EXHIBIT 4.11
                                                               EXECUTION VERSION

                             DATED 23 SEPTEMBER 2002

                           GRANITE MORTGAGES 02-2 PLC
                                as Current Issuer

                                  GPCH LIMITED
                     as Post-Enforcement Call Option Holder

                                     - AND -

                              THE BANK OF NEW YORK
                                 as Note Trustee

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               ISSUER POST-ENFORCEMENT CALL OPTION AGREEMENT
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                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                          TELEPHONE 020 7360 3600
                          FACSIMILE 020 7626 7937
                          REF:LHC/30507-00013/IM550580

<PAGE>

THIS AGREEMENT IS MADE BY WAY OF DEED dated 23 September 2002

BETWEEN

(1)  GRANITE MORTGAGES 02-2 PLC (registered number 4482804), a public limited
     company incorporated under the laws of England and Wales whose registered
     office is at Fifth Floor, 100 Wood Street, London EC2V 7EX (the "Current
     Issuer");

(2)  GPCH LIMITED (registered number 4128437), a private limited company
     incorporated under the laws of England whose registered office is at Fifth
     Floor, 100 Wood Street, London EC2V 7EX (the "Post-Enforcement Call Option
     Holder"); and

(3)  THE BANK OF NEW YORK acting through its office at One Canada Square, 48th
     Floor, London E14 5AL (in its capacity as the "Note Trustee", which
     expressions shall include such persons and all other persons for the time
     being acting as note trustee or note trustees under the Current Issuer Deed
     of Charge).

IT IS HEREBY AGREED AS FOLLOWS:

1.   INTERPRETATION

     The provisions of:

     (a)  the Master Definitions Schedule as amended and restated by (and
          appearing in Appendix 1 to) the Master Definitions Schedule Third
          Amendment and Restatement Deed made on 23 September 2002 between,
          among others, the Seller, Funding and the Mortgages Trustee, and

     (b)  the Issuer Master Definitions Schedule signed for the purposes of
          identification by Sidley Austin Brown & Wood and Allen & Overy on 23
          September 2002,

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

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

2.   OPTION

2.1  In the event that (a) the Current Issuer Security is enforced and, after
     payment of all other claims ranking in priority to the Current Issuer Notes
     under the Current Issuer Deed of Charge, the remaining proceeds of such
     enforcement are insufficient to pay in full all principal and interest and
     other amounts whatsoever due in respect of the Current Issuer Notes and all
     other claims ranking pari passu therewith, or (b) within 20 days following
     the Final Maturity Date of the latest maturing Notes, the Note Trustee
     certifies that there is no further amount outstanding under the Current
     Issuer Intercompany Loan, then all interests in the Global Note
     Certificates will be automatically exchanged (such date of exchange being
     the "OPTION EXERCISE DATE") for equivalent interests in an equivalent
     amount of Notes in an equivalent Principal

<PAGE>

     Amount Outstanding represented by Individual Note Certificates and such
     Global Note Certificates will be cancelled.

2.2  In connection with the issuance of the Current Issuer Notes, the Note
     Trustee hereby grants, and the Current Issuer hereby acknowledges, an
     option (the "Option"), under which the Note Trustee has no personal
     liability, exercisable by the Post-Enforcement Call Option Holder (or by
     any designated subsidiary of the Post-Enforcement Call Option Holder, to be
     designated by notice from the Post-Enforcement Call Option Holder to the
     Note Trustee at the discretion of the Post-Enforcement Call Option Holder
     (the "Designated Subsidiary") permitting the Post-Enforcement Call Option
     Holder (or any Designated Subsidiary) to acquire at any time on or after
     the Option Exercise Date all (but not some only) of the Relevant Notes (as
     defined below) outstanding as at the Option Exercise Date, together with
     accrued interest thereon ("Relevant Notes" being for the purposes of this
     Deed, all the Current Issuer Notes represented by Individual Note
     Certificates as at the Option Exercise Date).

2.3  The Option shall be exercised by the Post-Enforcement Call Option Holder
     (or any Designated Subsidiary) by notice from the Post-Enforcement Call
     Option Holder (or the Designated Subsidiary) to the Note Trustee and the
     Noteholders in accordance with Condition 14 of the Current Issuer Notes.

3.   REPRESENTATIONS AND WARRANTIES

     The Post-Enforcement Call Option Holder represents and warrants for the
     benefit of the Current Issuer and the Note Trustee that:

     (a)  it is resident for tax purposes solely in, and has its usual place of
          abode, in the United Kingdom;

     (b)  it does not hold, and has not at any time held, any shares in or other
          interests in any company;

     (c)  it has not engaged in, nor will it engage in, any activities other
          than those contemplated by the Transaction Documents;

     (d)  it will discharge all of its liabilities and meet all of its
          obligations (including any liability in respect of United Kingdom
          corporation tax) as and when they fall due.

4.   CONSIDERATION

     The Post-Enforcement Call Option Holder (or the Designated Subsidiary)
     shall pay to the Noteholders in respect of the exercise of the Option, the
     sum of one pence sterling in respect of each Current Issuer Note then
     outstanding.

5.   ACKNOWLEDGEMENT BY NOTE TRUSTEE

     The Note Trustee acknowledges that the Current Issuer Notes are to be
     issued subject to the Option and the Note Trustee hereby grants the Option
     but does so entirely without warranty, responsibility or liability as to
     its effectiveness or otherwise on the part of the Note Trustee to the
     Noteholders or any other person. In accordance with the Conditions, each of
     the Noteholders, by subscribing for or purchasing the Current

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     Issuer Notes, shall, upon subscription or purchase, be deemed to have
     agreed to be bound by and, to the extent necessary, to have ratified the
     granting of the Option.

6.   NOTICES

     Any notices to be given pursuant to this Deed to any of the parties hereto
     shall be sufficiently served if sent by prepaid first class post, by hand
     or facsimile transmission and shall be deemed to be given (in the case of
     facsimile transmission) when despatched, (where delivered by hand) on the
     day of delivery if delivered before 17.00 hours on a Business Day or on the
     next Business Day if delivered thereafter or on a day which is not a
     Business Day or (in the case of first class post) when it would be received
     in the ordinary course of the post and shall be sent:

     (a)  in the case of the Current Issuer to: Granite Mortgages 02-2 plc: c/o
          Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile: 020 7606
          0643) for the attention of the Company Secretary;

          with a copy to:
          Northern  Rock plc,  Northern  Rock House,  Gosforth,  Newcastle
          upon  Tyne  NE3  4PL,   (facsimile:   0191  213  2203)  for  the
          attention of the Group Secretary;

     (b)  in the case of the Post-Enforcement Call Option Holder to: GPCH
          Limited c/o Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile:
          020 7606 0643) for the attention of The Company Secretary; and

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

     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 6.

7.    CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

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

8.   GOVERNING LAW AND JURISDICTION; APPROPRIATE FORUM

8.1  This Deed shall be governed by, and construed in accordance with, English
     law.

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

8.3  Each of the parties hereto irrevocably waives any objection which it might
     now or hereafter have to the courts of England being nominated as the forum
     to hear and determine any proceedings and to settle any disputes, and
     agrees not to claim that any

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<PAGE>

     such court is not a convenient or appropriate forum.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.

                                       4
<PAGE>

                                 EXECUTION PAGE

EXECUTED AS A DEED for and on       )
behalf of GRANITE MORTGAGES 02-2    )
PLC by:                             )

Name: CARL FLINN
Title: ALTERNATE DIRECTOR

Name:
Representing LDC Securitisation Director
No 1 Limited
Title: DIRECTOR

EXECUTED AS A DEED for and on       )
behalf of GPCH LIMITED              )
by:                                 )

Name: CLIVE RAKESTROW
Representing LDC Securitisation Director
No 1 Limited
Title: DIRECTOR

Name: IAN BOWDEN
Representing LDC Securitisation Director
No 2 Limited
Title: DIRECTOR

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

Name: KATE RUSSELL
Title: ASSISTANT VICE PRESIDENT

                                       5EXHIBIT 4.12
                                                                  EXECUTION COPY

                             DATED 23 SEPTEMBER 2002

                         GRANITE FINANCE FUNDING LIMITED
                                   as Funding

                                NORTHERN ROCK PLC
                                 as Cash Manager

                               LLOYDS TSB BANK PLC
                                 as Account Bank

                                     - AND -

                              THE BANK OF NEW YORK
                               as Security Trustee

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                                 FUNDING (02-2)
                             BANK ACCOUNT AGREEMENT
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                         SIDLEY AUSTIN BROWN & Wood
                           1 Threadneedle Street
                              LONDON EC2R 8AW
                          TELEPHONE 020 7360 3600
                          FACSIMILE 020 7626 7937
                                 UK: 546745

<PAGE>

                                    CONTENTS

Clause                                                                Page No.

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

2.    The Funding (Current Issuer) GIC Account.............................1

3.    Payments.............................................................2

4.    Mandate and Statements...............................................3

5.    Acknowledgement by the Account Bank..................................3

6.    Certification, Indemnity and Enforcement Notice......................5

7.    Change of Security Trustee or Account Bank...........................6

8.    Termination..........................................................6

9.    Further Assurance....................................................9

10.   Confidentiality......................................................9

11.   Costs................................................................9

12.   Notices.............................................................10

13.   Interest............................................................10

14.   Withholding.........................................................11

15.   Tax Status..........................................................11

16.   Entire Agreement....................................................11

17.   Variation and Waiver................................................12

18.   Assignment..........................................................12

19.   The Security Trustee................................................12

20.   New Intercompany Loan Agreements....................................12

21.   Exclusion of Third Party Rights.....................................12

22.   Counterparts........................................................13

23.   Governing Law and Jurisdiction; Process Agents; Appropriate Forum...13

SCHEDULE 1................................................................14
    Form of Mandate.......................................................14

<PAGE>

THIS AGREEMENT is made on 23 September 2002

BETWEEN:

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

(2)  NORTHERN ROCK PLC (registered number 03273685), a public limited company
     incorporated under the laws of England and Wales whose registered office is
     at Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL, in its
     capacity as Cash Manager to Funding pursuant to the Cash Management
     Agreement;

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

(4)  LLOYDS TSB BANK PLC, a company incorporated in England and Wales under
     registered number 2065, acting through its office at Treasury Division, 25
     Monument Street, London EC2R 8BQ in its capacity as Account Bank under this
     Agreement.

IT IS HEREBY AGREED as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  The provisions of:

     (a)  the Master Definitions Schedule as amended and restated by (and
          appearing in Appendix 1 to) the Master Definitions Schedule Third
          Amendment Deed made on 23 September 2002 between, among others, the
          Seller, Funding and the Mortgages Trustee, and

     (b)  the Issuer Master Definitions Schedule signed for the purposes of
          identification by Sidley Austin Brown & Wood and Allen & Overy on 23
          September 2002,

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

2.   THE FUNDING (CURRENT ISSUER) GIC ACCOUNT

2.1  INSTRUCTIONS FROM THE CASH MANAGER: Subject to Clause 2.4 (No Negative
     Balance) and Clause 6.3 (Consequences of an Intercompany Loan Enforcement
     Notice), the Account Bank shall, as directed by the Cash Manager, be
     entitled to effect a payment by debiting the Funding (Current Issuer) GIC
     Account provided that such direction from the Cash Manager complies with
     the Funding (Current Issuer) GIC Account Mandate (the "Mandate").

<PAGE>

     The Account Bank shall be entitled to rely on any direction given in
     writing which, in its opinion (acting reasonably and in good faith),
     purports to be given by any Authorised Signatory referred to in the Mandate
     from time to time and in respect of which the person giving the direction
     quotes a code reference notified in writing by the Cash Manager from time
     to time to the Account Bank.

2.2  TIMING OF PAYMENT: Without prejudice to the provisions of Clause 3.2
     (Confirmation of Payment Instructions), the Account Bank agrees that if
     directed pursuant to Clause 2.1 (Instructions from the Cash Manager) to
     make any payment, on any date other than a Payment Date (to which the
     provisions of Clause 3.1 (Instructions from the Cash Manager) shall apply)
     then, subject to Clauses 2.4 (No Negative Balance) and 6.3 (Consequences of
     an Intercompany Loan Enforcement Notice) below, it will do so prior to
     close of business on the London Business Day on which such direction is
     received and for value that day; provided that, if any direction is
     received later than 12:00 p.m. (London time) on any London Business Day,
     the Account Bank shall make such payment at the commencement of business on
     the following London Business Day for value that day.

2.3  ACCOUNT BANK CHARGES: The charges of the Account Bank for the operation of
     the Funding (Current Issuer) GIC Account shall be debited to the Funding
     Transaction Account only on the first day of each month (or, if such day is
     not a London Business Day, the next succeeding London Business Day) in
     accordance with the order of priority set out in the Funding Deed of
     Charge, and Funding by its execution hereof irrevocably agrees that this
     shall be done. The charges shall be payable at the same rates as are
     generally applicable to the business customers of the Account Bank provided
     that, subject to Clause 8.6 (Termination by Account Bank), if there are
     insufficient funds standing to the credit of the Funding Transaction
     Account to pay such charges the Account Bank shall not be relieved of its
     obligations in respect of the Funding (Current Issuer) GIC Account.

2.4  NO NEGATIVE BALANCE: Notwithstanding the provisions of Clause 2.1
     (Instructions from the Cash Manager) and Clause 2.3 (Account Bank Charges),
     amounts shall only be withdrawn from the Funding (Current Issuer) GIC
     Account to the extent that such withdrawal does not cause the Funding
     (Current Issuer) GIC Account to have a negative balance.

3.   PAYMENTS

3.1  INSTRUCTIONS FROM THE CASH MANAGER:

     (a)  The Cash Manager shall, no later than 11.00 a.m. (London time) on the
          second London Business Day prior to the Payment Date upon which any
          payment is due to be made from the Funding (Current Issuer) GIC
          Account, submit to the Account Bank irrevocable instructions in
          compliance with the Mandate as to the payments to be made out of such
          account on such date.

     (b)  The Account Bank shall comply with such instructions and shall effect
          the payments specified therein not later than the time specified for
          payment thereof (provided that the Account Bank shall not have any
          liability to any person if it fails to effect timely payment by reason
          of strike, computer failure, power cut or other matters beyond its

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<PAGE>

          control) on the relevant date if the instructions comply with the
          Mandate.

3.2  CONFIRMATION OF PAYMENT INSTRUCTIONS: The Account Bank agrees that it will,
     not later than 12:00 p.m. (London time) on the second London Business Day
     prior to the date upon which any payment is due to be made from the Funding
     (Current Issuer) GIC Account, confirm to the Cash Manager (provided that
     such is the case) that it has received irrevocable instructions to effect
     payment and specifying the amount of the payment to be made and that,
     subject to receipt of funds, it will effect such payment.

4.   MANDATE AND STATEMENTS

4.1  SIGNING AND DELIVERY OF THE MANDATE: Funding hereby confirms that it has
     delivered to the Account Bank, prior to the Closing Date, the Mandate in
     the form set out in Schedule 1 hereto duly executed and relating to the
     Funding (Current Issuer) GIC Account and the Account Bank hereby confirms
     to the Security Trustee that the Mandate has been provided to it, that the
     Funding (Current Issuer) GIC Account is open and that the Mandate is
     operative.

4.2  AMENDMENT OR REVOCATION: The Account Bank agrees that it shall notify the
     Security Trustee as soon as is reasonably practicable, if it receives any
     amendment or revocation of the Mandate relating to the Funding (Current
     Issuer) GIC Account (other than a change of Authorised Signatory) and shall
     require the consent of the Security Trustee to any such amendment or
     revocation (other than a change of Authorised Signatory) provided, however,
     that unless the Mandate is revoked, the Account Bank may continue to comply
     with the amended Mandate unless it receives notice in writing from the
     Security Trustee to the effect that an Intercompany Loan Enforcement Notice
     has been served or that the appointment of Northern Rock plc as Cash
     Manager under the Cash Management Agreement has been terminated.

4.3  STATEMENTS: The Account Bank shall submit monthly written statements to the
     Cash Manager, Funding and, upon request, the Security Trustee setting out
     the amounts standing to the credit of the Funding (Current Issuer) GIC
     Account at the close of business on the London Business Day immediately
     preceding the statement date within three London Business Days of the
     statement date.

5.   ACKNOWLEDGEMENT BY THE ACCOUNT BANK

5.1  RESTRICTION ON RIGHTS: Notwithstanding anything to the contrary in the
     Mandate:

     (a)  the Account Bank hereby waives any right it has or may hereafter
          acquire to combine, consolidate or merge the Funding (Current Issuer)
          GIC Account with any other account of the Cash Manager, Funding, the
          Security Trustee or any other person or with any liabilities of the
          Cash Manager, Funding, the Security Trustee or any other person;

     (b)  the Account Bank hereby agrees that it may not exercise any lien or,
          to the extent permitted by law, any set-off or transfer any sum
          standing to the credit of or to be credited to the Funding (Current
          Issuer) GIC Account in or towards satisfaction of

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<PAGE>

          any liabilities to it of the Cash Manager, Funding, the Security
          Trustee or any other person;

     (c)  each of the parties hereto hereby agrees that it shall not institute
          against Funding any winding-up, administration, insolvency or similar
          proceedings in any jurisdiction for so long as any sum is outstanding
          under any Intercompany Loan Agreement of any Issuer or for two years
          plus one day since the last day on which any such sum was outstanding
          provided that the Security Trustee may prove or lodge a claim in the
          event of a liquidation initiated by any other person;

     (d)  each of the parties hereto hereby agrees that only the Security
          Trustee may enforce the security created in favour of the Security
          Trustee under the Funding Deed of Charge in accordance with the
          provisions thereof;

     (e)  each of the parties hereto hereby agrees that notwithstanding any
          other provision of this Agreement or any other Current Issuer
          Transaction Document, no sum due or owing to any party to this
          Agreement from or by Funding under this Agreement shall be payable by
          Funding except to the extent that Funding has sufficient funds
          available or (following enforcement of the Funding Security) the
          Security Trustee has realised sufficient funds from the Funding
          Security to pay such sum subject to and in accordance with the
          relevant Funding Priority of Payments and provided that all
          liabilities of Funding required to be paid in priority thereto or pari
          passu therewith pursuant to such Funding Priority of Payments have
          been paid, discharged and/or otherwise provided for in full; and

     (f)  each of the parties hereto hereby agrees that it shall not take any
          steps for the purpose of recovering any amount payable by Funding or
          enforcing any rights arising out of this Agreement against Funding
          otherwise than in accordance with the Funding Deed of Charge;

     (g)  the Account Bank hereby agrees that it will notify the Cash Manager,
          Funding and the Security Trustee if compliance with any instruction
          would cause the Funding (Current Issuer) GIC Account to have a
          negative balance, such notification to be given on the same London
          Business Day it determines that compliance with such instruction would
          cause the Funding (Current Issuer) GIC Account to have a negative
          balance; and

     (h)  the Account Bank hereby acknowledges that Funding has, pursuant to the
          Funding Deed of Charge, inter alia, assigned by way of security all
          its rights, title, interest and benefit, present and future, in and
          to, all sums from time to time standing to the credit of the Funding
          (Current Issuer) GIC Account and all of its rights under this
          Agreement to the Security Trustee.

     The provisions of Clause 6 of the Funding Deed of Charge shall prevail in
     the event that and to the extent that they conflict with the provisions of
     this Clause 5.1.

5.2  NOTICE OF ASSIGNMENT AND ACKNOWLEDGEMENT: By its execution of the Funding
     Deed of

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<PAGE>

     Charge, the Account Bank acknowledges and consents to the assignments,
     charges and Security Interests (including the Jersey Security Interests)
     made or granted by Funding under Clause 3 (Funding Security) of such
     Funding Deed of Charge.

5.3  MONTHLY STATEMENT: Unless and until directed otherwise by the Security
     Trustee, the Account Bank shall provide each of the Cash Manager, Funding
     and the Security Trustee with a statement in respect of the Funding
     (Current Issuer) GIC Account automatically on a monthly basis (in
     accordance with Clause 4.3 (Statements)) and also as soon as reasonably
     practicable after receipt of a request for a statement (other than with
     respect to the Security Trustee, to which such statements will be provided
     upon request). The Account Bank is hereby authorised by Funding to provide
     statements in respect of the Funding (Current Issuer) GIC Account to the
     Cash Manager and the Security Trustee.

6.   CERTIFICATION, INDEMNITY AND ENFORCEMENT NOTICE

6.1  ACCOUNT BANK TO COMPLY WITH CASH MANAGER'S INSTRUCTIONS: Unless otherwise
     directed pursuant to Clause 6.3 (Consequences of an Intercompany Loan
     Enforcement Notice), in making any transfer or payment from the Funding
     (Current Issuer) GIC Account in accordance with this Agreement, the Account
     Bank shall be entitled to act as directed by the Cash Manager pursuant to
     Clauses 2.1 (Instructions from the Cash Manager), 2.2 (Timing of Payment)
     and 3 (Payments) and to rely as to the amount of any such transfer or
     payment on the Cash Manager's instructions in accordance with the Mandate,
     and the Account Bank shall have no liability to the Cash Manager, Funding,
     or the Security Trustee except in the case of its wilful default or
     negligence.

6.2  FUNDING'S INDEMNITY: Subject to the priority of payments in the Funding
     Deed of Charge, Funding shall indemnify the Account Bank, against any loss,
     cost, damage, charge or expense incurred by the Account Bank in complying
     with any instruction delivered pursuant to and in accordance with this
     Agreement, save that this indemnity shall not extend to:

     (a)  the charges of the Account Bank (if any) for the operation of the
          Funding (Current Issuer) GIC Account other than as provided in this
          Agreement; and

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

6.3  CONSEQUENCES OF AN INTERCOMPANY LOAN ENFORCEMENT NOTICE: The Account Bank
     acknowledges that, if it receives notice in writing from the Security
     Trustee to the effect that (a) the Security Trustee has served an
     Intercompany Loan Enforcement Notice or (b) that the appointment of
     Northern Rock plc as Cash Manager under the Cash Management Agreement has
     been terminated (but without prejudice to Clause 6.1 (Account Bank to
     Comply with Cash Manager's Instructions) above) all right, authority and
     power of Funding and the Cash Manager in respect of the Funding (Current
     Issuer) GIC Account shall be terminated and be of no further effect and the
     Account Bank agrees that it shall, upon receipt of such notice from the
     Security Trustee, comply with the directions of the Security Trustee or any
     successor cash manager appointed by the Security Trustee (subject to such
     successor cash manager having entered into an agreement with the Account
     Bank on substantially the same terms as

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<PAGE>

     this Agreement) in relation to the operation of the Funding (Current
     Issuer) GIC Account.

7.   CHANGE OF SECURITY TRUSTEE OR ACCOUNT BANK

7.1  CHANGE OF SECURITY TRUSTEE: In the event that there is any change in the
     identity of the Security Trustee or an additional Security Trustee is
     appointed in accordance with the Funding Deed of Charge, the existing
     Security Trustee or the retiring Security Trustee, the Cash Manager,
     Funding and the Account Bank shall execute such documents and take such
     actions of the new Security Trustee and the retiring Security Trustee or,
     as the case may be, the existing Security Trustee shall agree are
     reasonably necessary for the purpose of vesting in such new Security
     Trustee the rights, benefits and obligations of the Security Trustee under
     this Agreement and releasing the retiring Security Trustee from its future
     obligations hereunder. It is acknowledged that a trust corporation may be
     appointed as sole trustee and in the event that there are one or more
     Security Trustees, at least one of such Security Trustees shall be a trust
     corporation.

7.2  CHANGE OF ACCOUNT BANK: If there is any change in the identity of the
     Account Bank, the Cash Manager, Funding and the Security Trustee shall
     execute such documents and take such actions as the new Account Bank and
     the outgoing Account Bank and the Security Trustee may require for the
     purpose of vesting in the new Account Bank the rights and obligations of
     the outgoing Account Bank and releasing the outgoing Account Bank from its
     future obligations under this Agreement.

8.   TERMINATION

8.1  TERMINATION EVENTS: THE CASH MANAGER OR FUNDING:

          (i)  may (with the prior written consent of the Security Trustee)
               terminate this Agreement in the event that the matters specified
               in paragraphs (a) or (f) below occur; and

          (ii) shall (with the prior written consent of the Security Trustee)
               terminate this Agreement in the event that any of the matters
               specified in paragraphs (b) to (e) (inclusive) below occur,

     in each case by serving a written notice of termination on the Account Bank
     in any of the following circumstances:

     (a)  if a deduction or withholding for or on account of any Tax is imposed,
          or it appears likely that such a deduction or withholding will be
          imposed, in respect of the interest payable on the Funding (Current
          Issuer) GIC Account; or

     (b)  if the short-term, unguaranteed and unsubordinated debt obligations of
          the Account Bank falls below a rating of A-1+ by S&P, P-1 by Moody's
          or F1+ by Fitch, respectively; or

     (c)  if the Account Bank, other than for the purposes of such amalgamation

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<PAGE>

          or reconstruction as is referred to in paragraph (d) below, ceases or,
          through an authorised action of the board of directors of the Account
          Bank, threatens to cease to carry on all or substantially all of its
          business or the Account Bank is deemed unable to pay its debts as and
          when they fall due within the meaning of Section 123(1) and 123(2) of
          the Insolvency Act 1986 (as that Section may be amended) or ceases to
          be an authorised institution under the Financial Services and Markets
          Act 2000; or

     (d)  if an order is made or an effective resolution is passed for the
          winding-up of the Account Bank except a winding-up for the purposes of
          or pursuant to an amalgamation or reconstruction the terms of which
          have previously been approved by the Security Trustee in writing (such
          approval not to be unreasonably withheld or delayed); or

     (e)  if proceedings are initiated against the Account Bank under any
          applicable liquidation, insolvency, bankruptcy, composition,
          reorganisation (other than a reorganisation where the Account Bank is
          solvent) or other similar laws (including, but not limited to,
          presentation of a petition for an administration order) and (except in
          the case of presentation of petition for an administration order) such
          proceedings are not, in the reasonable opinion of the Security Trustee
          as applicable, being disputed in good faith with a reasonable prospect
          of success or an administration order is granted or an administrative
          receiver or other receiver, liquidator, trustee in sequestration or
          other similar official is appointed in relation to the Account Bank or
          in relation to the whole or any substantial part of the undertaking or
          assets of the Account Bank, or an encumbrancer takes possession of the
          whole or any substantial part of the undertaking or assets of the
          Account Bank, or a distress, execution or diligence or other process
          is levied or enforced upon or sued out against the whole or any
          substantial part of the undertaking or assets of the Account Bank and
          such possession or process (as the case may be) is not discharged or
          otherwise ceases to apply within 30 days of its commencement, or the
          Account Bank initiates or consents to judicial proceedings relating to
          itself under applicable liquidation, insolvency, bankruptcy,
          composition, reorganisation or other similar laws or makes a
          conveyance or assignment or assignation for the benefit of its
          creditors generally; or

     (f)  if the Account Bank fails to perform any of its obligations under this
          Agreement and such failure remains unremedied for three London
          Business Days after the Cash Manager, Funding or the Security Trustee
          has given notice of such failure.

8.2  TERMINATION OPTION: Funding may, upon a breach by the Account Bank of its
     obligations under this Agreement, the Funding (Current Issuer) Guaranteed
     Investment Contract or the Funding Deed of Charge, by giving one month's
     prior written notice to the Account Bank (with a copy to the Security
     Trustee), terminate the appointment of the Account Bank, provided that:

     (a)  such termination shall not be effective until a replacement financial
          institution or institutions (with a short-term, unguaranteed and
          unsubordinated debt obligation rating of at least A-1+ (in the case of
          S&P), P-1 (in the case of Moody's) and F1+ (in

                                       7

<PAGE>

          the case of Fitch)) shall have entered into an agreement in form and
          substance similar to this Agreement and into an agreement in form and
          substance similar to the Funding (Current Issuer) Guaranteed
          Investment Contract; and

     (b)  such termination would not adversely affect the then current ratings
          of the Current Issuer Notes.

     The Cash Manager and Funding shall use reasonable endeavours to agree such
     terms with such a replacement financial institution or institutions within
     30 days of the date of the notice. In the event of such termination the
     Account Bank shall assist the other parties hereto to effect an orderly
     transition of the banking arrangements documented hereby Funding shall
     reimburse the Account Bank for its reasonable costs and any amounts in
     respect of Irrecoverable VAT thereon (including reasonable costs and
     expenses) incurred during the period of, and until completion of, such
     transition.

8.3  NOTIFICATION OF TERMINATION EVENT: Each of Funding, the Cash Manager and
     the Account Bank undertakes and agrees to notify the Security Trustee of
     any event which would or could entitle the Security Trustee to serve a
     notice of termination pursuant to Clause 8.4 (Termination by the Security
     Trustee) promptly upon becoming aware thereof.

8.4  TERMINATION BY SECURITY TRUSTEE: In addition, prior to the service of an
     Intercompany Loan Enforcement Notice, the Security Trustee may terminate
     this Agreement and close the Funding (Current Issuer) GIC Account by
     serving a notice of termination if any of the events specified in Clause
     8.1(a) to (f) (inclusive) (Termination Events) of this Agreement occurs in
     relation to the Account Bank. Following the service of an Intercompany Loan
     Enforcement Notice, the Security Trustee may serve a notice of termination
     at any time.

8.5  AUTOMATIC TERMINATION: This Agreement shall automatically terminate (if not
     terminated earlier pursuant to this Clause 8) on the date falling 90 days
     after the termination of the Funding Deed of Charge.

8.6  TERMINATION BY ACCOUNT BANK: The Account Bank may terminate this Agreement
     and cease to operate the Funding (Current Issuer) GIC Account at any time:

     (a)  on giving not less than six months prior written notice thereof ending
          on any London Business Day which does not fall on either a Payment
          Date or less than 10 London Business Days before a Payment Date to
          each of the other parties hereto without assigning any reason
          therefor; and

     (b)  on giving not less than three months' prior written notice thereof
          ending on any London Business Day which does not fall on either a
          Payment Date or less than 10 London Business Days before a Payment
          Date to each of the other parties hereto, if the Account Bank shall
          have demanded payment of its due charges or any interest and the same
          shall have remained unpaid for a period of two months, provided that
          if the relevant amounts have been paid on or before the date six weeks
          after the date of delivery of such notice then the notice shall have
          no effect,

                                       8

<PAGE>

          provided that such termination shall not take effect:

               (i)  until a replacement financial institution or institutions
                    (with a short-term, unguaranteed and unsubordinated debt
                    obligation rating of at least A-1+ (in the case of S&P), P-1
                    (in the case of Moody's) and F1+ (in the case of Fitch))
                    shall have entered into an agreement in form and substance
                    similar to this Agreement; and

               (ii) if the then current ratings of the Current Issuer Notes
                    would be adversely affected thereby.

     In the event of such termination and cessation, the Account Bank shall
     assist the other parties hereto to effect an orderly transition of the
     banking arrangements documented hereby.

9.   FURTHER ASSURANCE

     The parties hereto agree that they will co-operate fully to do all such
     further acts and things and execute any further documents as may be
     necessary or reasonably desirable to give full effect to the arrangements
     contemplated by this Agreement.

10.  CONFIDENTIALITY

     None of the parties hereto shall during the term of this Agreement or after
     its termination disclose to any person whatsoever (except as provided
     herein or in any of the Transaction Documents to which it is a party or
     with the authority of the other parties hereto or so far as may be
     necessary for the proper performance of its obligations hereunder or unless
     required by any applicable law or any applicable stock exchange requirement
     or any governmental or regulatory authority or ordered to do so by a court
     of competent jurisdiction or by the Inland Revenue or the Commissioners of
     Customs and Excise or the Bank of England or the Financial Services
     Authority) any information relating to the business, finances or other
     matters of a confidential nature of any other party hereto of which it may
     in the course of its duties hereunder have become possessed and each of the
     parties hereto shall use all reasonable endeavours to prevent any such
     disclosure.

11.  COSTS

     Funding agrees to pay, in accordance with the Funding Priority of Payments,
     the reasonable costs and any amounts in respect of Irrecoverable VAT
     thereon (including reasonable legal costs and expenses) of the Account Bank
     in connection with the negotiation of this Agreement and the establishment
     of the Funding (Current Issuer) GIC Account and the negotiation and
     execution of any further documents and the taking of any further action to
     be executed or taken pursuant to Clauses 7 (Change of Security Trustee or
     Account Bank), 8 (Termination) (other than Clauses 8.1(b), 8.1(c), 8.1(d),
     8.1(e) and 8.1(f) (Termination Events), 8.5 (Automatic Termination) and 8.6
     (Termination by Account Bank) and 9 (Further Assurance), except any costs
     incurred by the Account Bank directly arising from the termination by it
     pursuant to Clause 8.6(a) (Termination by Account Bank) of the banking
     arrangements granted under this Agreement.

                                       9

<PAGE>

12.  NOTICES

12.1 Any notices or other communication or document to be given pursuant to this
     Agreement to any of the parties hereto shall be sufficiently served if sent
     by prepaid first class post, by hand or facsimile transmission and shall be
     deemed to be given (in the case of facsimile transmission) when despatched,
     (where delivered by hand) on the day of delivery if delivered before 17.00
     hours (London time) on a London Business Day or on the next London Business
     Day if delivered thereafter or on a day which is not a London Business Day
     or (in the case of first class post) when it would be received in the
     ordinary course of the post and shall be sent:

          (a)  in the case of the Cash Manager to Northern Rock plc, Northern
               Rock House, Gosforth, Newcastle upon Tyne NE3 4PL (facsimile
               number 0191 213 2203) for the attention of the Group Secretary;

          (b)  in the case of Funding, to Granite Finance Funding Limited, 35
               New Bridge Street, 4th Floor, Blackfriars, London EC4V 6BW
               (facsimile number 0207 332 6199) for the attention of the Company
               Secretary;

          (c)  in the case of the Security Trustee, to The Bank of New York,
               whose principal office is at One Canada Square, London E14 5AL
               (facsimile number 0207 964 6061 / 0207 964 6399) for the
               attention of Global Structured Finance (Corporate Trust); and

          (d)  in the case of the Account Bank, to Lloyds TSB Bank plc, 25
               Monument Street, London EC3R 8BQ (facsimile number 0207 623 2338)
               for the attention of Treasury Division (Graham Spary);

     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 12.1.

12.2 Notwithstanding the provisions of Clause 12.1 (Notices), irrevocable
     instructions to the Current Issuer Account Bank to effect payment on any
     date will not be deemed to have been delivered unless and until actual
     receipt of such instructions in legible form by the Current Issuer Account
     Bank.

12.3 The Current Issuer Account Bank covenants and undertakes that, upon receipt
     of any such instructions in an illegible form, it will immediately notify
     the party from whom such instructions were received.

13.  INTEREST

     Interest shall be paid on the Funding (Current Issuer) GIC Account in
     accordance with the terms of the Funding (Current Issuer) Guaranteed
     Investment Contract.

                                       10

<PAGE>

14.  WITHHOLDING

     All payments by the Account Bank under this Agreement shall be made in full
     without any deduction or withholding (whether in respect of set-off,
     counterclaim, duties, Taxes, charges or otherwise whatsoever) unless the
     deduction or withholding is required by law, in which event the Account
     Bank shall:

     (a)  ensure that the deduction or withholding does not exceed the minimum
          amount legally required;

     (b)  pay to the relevant taxation or other authorities within the period
          for payment permitted by applicable law the full amount of the
          deduction or withholding;

     (c)  furnish to Funding or the Security Trustee within the period for
          payment permitted by the relevant law, either:

          (i)  an official receipt of the relevant taxation authorities involved
               in respect of all amounts so deducted or withheld; or

          (ii) if such receipts are not issued by the taxation authorities
               concerned on payment to them of amounts so deducted or withheld,
               a certificate of deduction or equivalent evidence of the relevant
               deduction or withholding; and

          (d)  account to Funding in full by credit to the Funding (Current
               Issuer) GIC Account of an amount equal to the amount of any
               rebate, repayment or reimbursement of any deduction or
               withholding which the Account Bank has made pursuant to this
               Clause 14 and which is subsequently received by the Account Bank.

15.  TAX STATUS

15.1 The Account Bank is a bank for the purposes of section 349 of the Income
     and Corporation Taxes Act 1988, is entering into this Agreement in the
     ordinary course of its business, will pay interest pursuant hereto in the
     ordinary course of such business, will bring into account payments (other
     than deposits) made under this Agreement in computing its income for United
     Kingdom Tax purposes and will not cease to be or to do so otherwise than as
     a result of the introduction of, change in, or change in the
     interpretation, administration or application of, any law or regulation or
     any practice or concession of the United Kingdom Inland Revenue occurring
     after the date of this Agreement.

15.2 The Account Bank will procure that any of its successors or assigns will
     provide the same representation as to its Tax status as is provided by the
     Account Bank in Clause 15.1 above.

16.  ENTIRE AGREEMENT

     This Agreement and the schedules together constitute the entire agreement
     and understanding between the parties in relation to the subject matter
     hereof and cancel and replace any other agreement or understanding in
     relation thereto.

                                       11

<PAGE>

17.  VARIATION AND WAIVER

     No variation, waiver or novation of this Agreement or any provision(s) of
     this Agreement shall be effective unless it is in writing and executed by
     (or by some person duly authorised by) each of the parties. No single or
     partial exercise of, or failure or delay in exercising, any right under
     this Agreement shall constitute a waiver or preclude any other or further
     exercise of that or any other right.

18.  ASSIGNMENT

     Subject as provided in or contemplated by Clauses 5.1(f) (Restriction on
     Rights) and 7.2 (Change of Account Bank) :

     (a)  the Account Bank may not assign or transfer any of its rights or
          obligations hereunder without the prior written consent of Funding and
          the Security Trustee;

     (b)  other than its assignments made under the Funding Deed of Charge,
          Funding may not assign or transfer any of its rights or obligations
          hereunder without the prior written consent of the Account Bank and
          the Security Trustee; and

     (c)  the Account Bank may not act through any other branch other than the
          branch specified on page 1 of this Agreement without the prior written
          consent of Funding and the Security Trustee (such consent not to be
          unreasonably withheld).

19.  THE SECURITY TRUSTEE

     The Security Trustee has agreed to become a party to this Agreement for the
     better preservation and enforcement of its rights under this Agreement but
     shall have no responsibility for any of the obligations of, nor assume any
     liabilities to, the Cash Manager, the Account Bank or Funding hereunder.
     Furthermore, any liberty or power which may be exercised or any
     determination which may be made hereunder by the Security Trustee may be
     exercised or made in the Security Trustee's absolute discretion without any
     obligation to give reasons therefor, but in any event must be exercised or
     made in accordance with the provisions of the Funding Deed of Charge.

20.  NEW INTERCOMPANY LOAN AGREEMENTS

     If Funding enters into any New Intercompany Loan Agreements after the date
     hereof, then the parties hereto shall execute such documents and take such
     action as may be necessary or required by the Rating Agencies for the
     purpose of including any New Issuer, any New Start-Up Loan Provider or any
     other person who has executed an Accession Undertaking in the Funding
     Transaction Documents.

21.  EXCLUSION OF THIRD PARTY RIGHTS

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

                                       12

<PAGE>

22.  COUNTERPARTS

     This Agreement may be executed in any number of counterparts, each of which
     (when executed) shall be an original. Such counterparts, when taken
     together, shall constitute one and the same document.

23.  GOVERNING LAW AND JURISDICTION; PROCESS AGENTS; APPROPRIATE FORUM

23.1 GOVERNING LAW: THIS AGREEMENT IS GOVERNED BY, AND SHALL BE CONSTRUED IN
     ACCORDANCE WITH, ENGLISH LAW.

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

23.3 PROCESS AGENTS: Funding irrevocably and unconditionally appoints Mourant &
     Co. Capital (SPV) Limited at 4th Floor, 35 New Bridge Street, Blackfriars,
     London EC4V 6BW or otherwise at its registered office for the time being as
     its agent for service of process in England in respect of any proceedings
     in respect of this Agreement and undertakes that in the event of Mourant &
     Co. Capital (SPV) Limited ceasing so to act it will appoint another person
     with a registered office in London as its agent for service of process.

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

IN WITNESS whereof the parties hereto have executed this Agreement the day and
year first before written.

                                       13

<PAGE>

                                   SCHEDULE 1

                                 Form of Mandate

             BANK MANDATE - FUNDING (GRANITE 02-2) GIC ACCOUNT

Resolution of the Board of Directors of GRANITE FINANCE FUNDING LIMITED (the
"COMPANY").

At a meeting of the Board of Directors of the Company held at 35 New Bridge
Street, London EC4V 6BW on or about [o] September 2002:

IT WAS RESOLVED THAT:

1.   The account number 0001933 , Sort Code 30/15/57 , reference `Granite022GI',
     in the name of the Company held with Lloyds TSB Bank plc (the "BANK") at
     its Treasury Division (the "FUNDING (CURRENT ISSUER) GIC ACCOUNT") will be
     used as an account for the benefit of the Company.

2.   The mandate given to the Bank by virtue of this document (the "MANDATE") is
     given on the basis that the Bank complies with the procedure set out in,
     and the terms of, this document.

3.   Prior to receipt of a notice in writing from the security trustee to the
     contrary, in relation to the Funding (Current Issuer) GIC Account, the 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 or instructions given in
     writing or by way of electronic impulses in respect of the Funding (Current
     Issuer) GIC Account to the extent that compliance with the same should not
     result in a debit balance; provided that (and subject to paragraph 7) any
     such cheques, drafts, bills, promissory notes, acceptances, negotiable
     instruments, directions, orders or instructions, and/or endorsements are
     signed by any two people from Schedule 1. The Bank is hereby authorised to
     act on any information given by two Directors or by one Director and the
     Secretary of the Company regarding any changes to Schedule 1. For these
     purposes, a "BUSINESS DAY" is a day (other than a Saturday or Sunday) on
     which banks are generally open for business in London.

4.   This Mandate is given on the basis that the Bank:

     (a)  acknowledges that, pursuant to a Funding Deed of Charge entered into
          between, inter alios, the Company and The Bank of New York (the
          "SECURITY TRUSTEE") on 26 March 2001 (the "FUNDING DEED OF CHARGE"),
          the Company has charged its interest in the Funding (Current Issuer)
          GIC Account to the Security Trustee by way of security;

     (b)  prior to receipt of an Intercompany Loan Enforcement Notice (as
          defined in the Funding Deed of Charge) from the Security Trustee,
          agrees to comply with the directions of the Company (or, pursuant to
          paragraph 8, of Northern Rock plc (the "CASH MANAGER") as its agent)
          in respect of the operation of the Funding (Current Issuer) GIC
          Account and the Bank shall be entitled to rely on any such direction

                                       14

<PAGE>

          purporting to have been given by or on behalf of the Company (or the
          Cash Manager) without enquiry; and

     (c)  upon receipt of an Intercompany Loan Enforcement Notice from the
          Security Trustee:

          (i)  agrees to comply with the directions of the Security Trustee
               expressed to be given by the Security Trustee pursuant to the
               Funding Deed of Charge in respect of the operation of the Funding
               (Current Issuer) GIC Account and the Bank shall be entitled to
               rely on any such direction purporting to have been given on
               behalf of the Security Trustee without enquiry; and

          (ii) agrees that all right, authority and power of the Company in
               respect of the operation of the Funding (Current Issuer) GIC
               Account shall be deemed terminated and of no further effect and
               the Bank agrees that it shall, upon receipt of the Intercompany
               Loan Enforcement Notice from the Security Trustee comply with the
               directions of the Security Trustee or any receiver appointed
               under the Funding Deed of Charge in relation to the operation of
               the Funding (Current Issuer) GIC Account unless otherwise
               required by operation of law or by the order or direction of a
               competent Court or Tribunal.

5.   Unless and until the Bank receives notice in writing from or purporting to
     be from the Security Trustee to the contrary, the Bank is authorised to
     continue to operate the Funding (Current Issuer) GIC Account without regard
     to the security interests pursuant to the Funding Deed of Charge.

6.   At any time prior to the release by the Security Trustee of the Funding
     Deed of Charge, the Mandate given to the Bank by virtue of these
     resolutions shall remain in force, unless and until the Bank has received a
     notice of amendment hereto from the Security Trustee.

7.   These resolutions shall be communicated to the Bank and remain in force
     until an amendment resolution shall be passed by the Board of Directors and
     a copy thereof and of such consent, certified by any two of the Directors
     and/or the Secretary, shall be received by the Bank.

8.   The Company authorises the Cash Manager to instruct the Bank in relation to
     the Funding (Current Issuer) GIC Account and authorises the Bank to act on
     those instructions in the manner set forth in the Funding (Current Issuer)
     Bank Account Agreement.

                          -----------------------
                              Authorised Signatory

                                       15

<PAGE>

       SCHEDULE 1 TO THE BANK MANDATE - FUNDING (GRANITE 02-2) GIC ACCOUNT

The following sets out the signatories for the Funding (Current Issuer) GIC
Account, in accordance with Clause 3 of the Bank Mandate - Funding (Granite
02-2) GIC Account.

Northern Rock plc personnel authorised to sign any cheques, drafts, bills,
promissory notes, acceptances, negotiable instruments, directions, orders or
instructions, and/or endorsements in respect of accounts in the name of Granite
Finance Funding Limited held at Lloyds TSB Bank plc:

NAME                       TITLE               SPECIMEN SIGNATURE
----                       -----               ------------------
                           Treasury Systems
A R Cunningham             Development Manager
                                               ------------------------------
                           Treasury
A Dutton                   Administrator
                                               ------------------------------
                           Deputy Treasury
C J Flinn                  Director
                                               ------------------------------
                           Senior Manager -
                           Treasury
D Paylor Wright            Settlements
                                               ------------------------------
                           Head of Treasury
T D Pickering              Risk
                                               ------------------------------
                           Senior Manager -
D Wheeler                  Treasury Accounting
                                               ------------------------------
                           Assistant Director
D Johnson                  (Securitisation)
                                               ------------------------------
K M Currie                 Treasury Director
                                               ------------------------------

                                       16

<PAGE>

                                 EXECUTION PAGE

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

Name: NIGEL BRADLEY
Title: DIRECTOR

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

Name:
Title:

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

Name: KATE RUSSELL
Title: ASSISTANT VICE PRESIDENT

EXECUTED for and on behalf of                 )
LLOYDS TSB BANK PLC                           )
by:                                           )
                                              )
                                              )

Name: JOHN ROBERTS
Title: DIRECTOR, UK FINANCIAL INSTITUTIONS

                                       17

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