Document:

EXHIBIT 4.11

                             DATED ___ NOVEMBER, 2002

                          HOLMES FINANCING (NO. 6) PLC
                                 as Sixth Issuer

                                       and

                                  PECOH LIMITED
                     as Post-Enforcement Call Option Holder

                                       and

                              THE BANK OF NEW YORK
                        as Sixth Issuer Security Trustee

              -----------------------------------------------------
              SIXTH ISSUER POST - ENFORCEMENT CALL OPTION AGREEMENT
              -----------------------------------------------------

                              [ALLEN & OVERY LOGO]
                                     London

<PAGE>

THIS AGREEMENT is made as a DEED on ___ November, 2002

BETWEEN

(1)     HOLMES FINANCING (NO. 6) PLC (registered number 4359738), a public
        limited company incorporated under the laws of England and Wales whose
        registered office is at Abbey National House, 2 Triton Square, Regents
        Place, London NW1 3AN (the "SIXTH ISSUER");

(2)     PECOH LIMITED (registered number 3982397), a private limited company
        incorporated under the laws of England and Wales whose registered office
        is at Abbey National House, 2 Triton Square, Regents Place, London NW1
        3AN (the "POST-ENFORCEMENT CALL OPTION HOLDER"); and

(3)     THE BANK OF NEW YORK acting through its office at One Canada Square,
        London E14 5AL (in its capacity as the "SIXTH ISSUER SECURITY TRUSTEE",
        which expression shall include such persons and all other persons for
        the time being acting as security trustee or security trustees under the
        Sixth Issuer Deed of Charge).

IT IS HEREBY AGREED AS FOLLOWS:

1.      INTERPRETATION

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

2.      OPTION

2.1     In the event that the Sixth Issuer Security is enforced and, after
        payment of all other claims ranking in priority to the Class B Sixth
        Issuer Notes or the Class C Sixth Issuer Notes (as the case may be)
        under the Sixth 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 Class B Sixth Issuer
        Notes or the Class C Sixth Issuer Notes (as the case may be) and all
        other claims ranking pari passu therewith, then the Class B Sixth Issuer
        Noteholders or the Class C Sixth Issuer Noteholders (as the case may be)
        shall, upon the Sixth Issuer Security having been enforced and realised
        to the maximum possible extent as certified by the Sixth Issuer Security
        Trustee, be forthwith entitled to their respective shares of such
        remaining proceeds (as determined in accordance with the provisions of
        the Sixth Issuer Deed of Charge) and the date upon which payment to each
        Class B Sixth Issuer

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                                       2

        Noteholder or Class C Sixth Issuer Noteholder (as the case may be) is
        made shall be called the "OPTION EXERCISE DATE".

2.2     The Sixth Issuer Security Trustee hereby grants, and the Sixth Issuer
        hereby acknowledges, an option (the "OPTION"), under which the Sixth
        Issuer Security 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 Sixth Issuer Security
        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 Sixth Issuer Notes (as defined below) outstanding as at the
        Option Exercise Date, together with accrued interest thereon ("RELEVANT
        SIXTH ISSUER NOTES" being for the purposes of this Deed, all the Class B
        Sixth Issuer Notes and all the Class C Sixth Issuer Notes).

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 Sixth Issuer
        Security Trustee and the Sixth Issuer Noteholders in accordance with
        CONDITION 14.

3.      CONSIDERATION

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

4.      ACKNOWLEDGEMENT BY SIXTH ISSUER SECURITY TRUSTEE

        The Sixth Issuer Security Trustee acknowledges that the Class B Sixth
        Issuer Notes and the Class C Sixth Issuer Notes are to be issued subject
        to the Option and the Sixth Issuer Security 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 Sixth
        Issuer Security Trustee to the Sixth Issuer Noteholders or any other
        person. In accordance with the Conditions, each of the relevant Sixth
        Issuer Noteholders, by subscribing for or purchasing the Class B Sixth
        Issuer Notes or the Class C Sixth Issuer Notes (as the case may be),
        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.

5.      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 Sixth Issuer to: Holmes Financing (No. 6)
                PLC, c/o Abbey National House, 2 Triton Square, Regents Place,
                London NW1 3AN[ (facsimile number (44) 20 7612 4442) for the
                attention of the Company Secretary with a copy to Abbey National
                plc, c/o Abbey House (AAM126), 201 Grafton Gate East, Milton
                Keynes

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                                       3

                MK9 1AN (facsimile number (44) 1908 343 019) for the attention
                of Securitisation Team, Business Relationship Management___;

        (b)     in the case of the Post-Enforcement Call Option Holder to: PECOH
                Limited, c/o Abbey National House, 2 Triton Square, Regents
                Place, London NW1 3AN (facsimile number (44) 20 7612 4442) for
                the attention of the Company Secretary with a copy to Abbey
                National plc, c/o Abbey House (AAM 126), 201 Grafton Gate East,
                Milton Keynes MK9 1AN (facsimile number (44) 1908 343 019) for
                the attention of Securitisation Team, Business Relationship
                Management; and

        (c)     in the case of the Sixth Issuer Security Trustee to: The Bank of
                New York, One Canada Square, London E14 5AL (facsimile number
                ___) for the attention of [The Manager, Trust Administration],

        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 5.

6.      GOVERNING LAW

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

IN WITNESS whereof the parties hereto have executed this agreement as a Deed on
the day and year first before written.

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

Director

Director/Secretary

EXECUTED as a DEED by:              )
PECOH LIMITED acting by             )
two directors/                      )
a director and secretary            )

Director

Director/Secretary

EXECUTED as a DEED by               )
THE BANK OF NEW YORK,               )

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                                       4

                                    )
acting by its attorney              )
in the presence of:                 )

Witness:

Name:

Address:Exhibit 10.1.2

                            DATED ___ November, 2002

                          HOLMES FINANCING (NO. 6) PLC

                                       and

                               ABBEY NATIONAL PLC

                                       and

                                       ___

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

                    SIXTH ISSUER LIQUIDITY FACILITY AGREEMENT

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

                                 ALLEN & OVERY
                                     London
                                  ICM:579877.3

<PAGE>

                                    CONTENTS

CLAUSE                                                                      PAGE

1.   Definitions and Interpretation............................................1
2.   The Sixth Issuer Liquidity Facility.......................................3
3.   Purpose...................................................................4
4.   Conditions Precedent......................................................5
5.   Drawdown..................................................................5
6.   Repayment.................................................................7
7.   Cancellation..............................................................8
8.   Interest.................................................................10
9.   Payments.................................................................11
10.  Taxes....................................................................12
11.  Market Disruption........................................................13
12.  Increased Costs..........................................................14
13.  Illegality...............................................................15
14.  Representations and Warranties...........................................15
15.  Undertakings.............................................................18
16.  Default..................................................................19
17.  Fees.....................................................................20
18.  Enforcement and Subordination............................................21
19.  Expenses.................................................................22
20.  Stamp Duties.............................................................23
21.  Indemnities..............................................................23
22.  Evidence and Calculations................................................24
23.  Amendments and Waivers...................................................24
24.  Changes to the Parties...................................................25
25.  Disclosure of Information................................................27
26.  Set-Off..................................................................27
27.  Severability.............................................................28
28.  Counterparts.............................................................28
29.  Notices..................................................................28
30.  Third Party Rights.......................................................29
31.  Governing Law............................................................29
32.  Submission to Jurisdiction...............................................29

SCHEDULES

1.   Conditions Precedent Documents...........................................30
2.   Calculation of the MLA Cost..............................................31
3.   Form of Liquidity Facility Request.......................................33
4.   Form of Novation Certificate.............................................34

SIGNATORIES...................................................................36

<PAGE>

THIS AGREEMENT is dated ___ November, 2002

BETWEEN:

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

(2)   ___, as the liquidity facility provider (the "SIXTH ISSUER LIQUIDITY
      FACILITY PROVIDER" which expression shall include such person and all
      other persons for the time being acting as the liquidity facility provider
      to the Sixth Issuer under this Agreement);

(3)   ABBEY NATIONAL PLC, a public limited company incorporated under the laws
      of England and Wales whose registered office is at Abbey National House, 2
      Triton Square, Regents Place, London NW1 3AN in its capacity as cash
      manager (the "SIXTH ISSUER CASH MANAGER" which expression shall include
      such person and all other persons for the time being acting as the cash
      manager or cash managers to the Sixth Issuer under the Sixth Issuer Cash
      Management Agreement); and

(4)   THE BANK OF NEW YORK whose principal office is at One Canada Square,
      London E14 5AL as security trustee (the "SIXTH ISSUER SECURITY TRUSTEE"
      which expression shall include such person and all other persons acting as
      the security trustee or security trustees for the time being under the
      Sixth Issuer Deed of Charge).

WHEREAS:

(A)   The Sixth Issuer will, on or about the date of this Agreement, issue the
      Sixth Issuer Notes.

(B)   This Agreement has been entered into to assist the Sixth Issuer in certain
      circumstances in meeting certain of its payment liabilities under the
      Sixth Issuer Notes when due.

(C)   Upon the terms and subject to the conditions set out in this Agreement,
      the Sixth Issuer Liquidity Facility Provider has agreed to make a Sixth
      Issuer Liquidity Facility and a Sixth Issuer Liquidity Stand-by Facility
      available to the Sixth Issuer on and subject to the terms set out in this
      Agreement.

IT IS AGREED as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1   DEFINITIONS

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

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                                       2

      set out in CLAUSE 2 of the Amended and Restated Master Definitions and
      Construction Schedule and CLAUSE 2 of the Sixth Issuer Master Definitions
      and Construction Schedule. In the event of a conflict between the Amended
      and Restated Master Definitions and Construction Schedule and the Sixth
      Issuer Master Definitions and Construction Schedule, the Sixth Issuer
      Master Definitions and Construction Schedule shall prevail.

1.2   CONSTRUCTION

(a)   In this Agreement, unless the contrary intention appears, a reference to:

      (i)   "ASSETS" includes present and future properties, revenues and rights
            of every description;

            an "AUTHORISATION" includes an authorisation, consent, approval,
            resolution, licence, exemption, filing or registration;

            a "MONTH" is a reference to a period starting on one day in a
            calendar month and ending on the numerically corresponding day in
            the next calendar month, except that:

            (A)   if there is no numerically corresponding day in the month in
                  which that period ends, that period shall end on the last
                  Business Day in that calendar month; or

            (B)   if a Sixth Issuer Liquidity Facility Interest Period commences
                  on the last Business Day of a calendar month, that Sixth
                  Issuer Liquidity Facility Interest Period shall end on the
                  last Business Day in the calendar month in which it is to end;
                  and

            a "REGULATION" includes any regulation, rule, official directive,
            request or guideline (whether or not having the force of law) of any
            governmental, inter-governmental or supranational body, agency,
            department or regulatory, self-regulatory or other authority or
            organisation.

(b)   Unless the contrary intention appears, a term used in any other Sixth
      Issuer Liquidity Document or in any notice given under or in connection
      with any Sixth Issuer Liquidity Document has the same meaning in that
      Sixth Issuer Liquidity Document or notice as in this Agreement.

(c)   The Sixth Issuer Security Trustee has agreed to become a party to this
      Agreement only for the purpose of taking the benefit of CLAUSES 5.1(B)
      (Sixth Issuer Liquidity Facility Drawings), 5.2(A), (B) and (D) (Stand-by
      Drawings), 6(B) and (C) (Repayment), 14.1 (Representations and warranties
      by the Sixth Issuer), 18 (Enforcement and Subordination), 24 (Changes to
      the Parties) and 29 (Notices) and for agreeing amendments to this
      Agreement pursuant to CLAUSE 23 (Amendments and Waivers) and for the
      better preservation and enforcement of its rights under the Sixth Issuer
      Deed of Charge and (without prejudice to the terms of the Sixth Issuer
      Deed of Charge), other than as specified above, the Sixth Issuer Security
      Trustee shall assume no obligations or liabilities whatsoever to the Sixth
      Issuer Liquidity Facility Provider or the Sixth Issuer by virtue of the
      provisions of this Agreement.

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                                       3

2.    THE SIXTH ISSUER LIQUIDITY FACILITY

2.1   FACILITIES

      Subject to the terms of this Agreement, the Sixth Issuer Liquidity
      Facility Provider grants to the Sixth Issuer, the following facilities:

      (a)   a committed revolving sterling advances facility; and

      (b)   a committed sterling Sixth Issuer Liquidity Stand-by Facility.

2.2   FACILITY LIMITS

      The aggregate principal amount of the Sixth Issuer Liquidity Facility Loan
      shall not at any time exceed the Sixth Issuer Liquidity Facility
      Commitment at that time. The Sixth Issuer Liquidity Facility Provider is
      not obliged to lend more than the Sixth Issuer Liquidity Facility
      Commitment.

2.3   EXTENSION

(a)   Save as otherwise provided in this Agreement, the Sixth Issuer (or the
      Sixth Issuer Security Trustee or the Sixth Issuer Cash Manager on its
      behalf) may by not more than 60 days and not later than 30 days before the
      end of the Sixth Issuer Liquidity Facility Commitment Period deliver to
      the Sixth Issuer Liquidity Facility Provider an irrevocable request that
      the Sixth Issuer Liquidity Facility Commitment Period should be extended
      (an "EXTENSION REQUEST") to a date that is not more than 364 days from the
      last day of the then current Sixth Issuer Liquidity Facility Commitment
      Period.

(b)   The Sixth Issuer Liquidity Facility Provider shall promptly send the Sixth
      Issuer Security Trustee a copy of any Extension Request received by it.

(c)   If the Sixth Issuer Liquidity Facility Provider wishes to accept an
      Extension Request then the Sixth Issuer Liquidity Facility Provider shall,
      not more than 15 days after receipt of the Extension Request, deliver to
      the Sixth Issuer (with a copy to the Sixth Issuer Security Trustee) an
      irrevocable notice (a "NOTICE OF EXTENSION") that the Sixth Issuer
      Liquidity Facility Provider has consented to the Extension Request.

(d)   The Sixth Issuer Liquidity Facility Provider is not obliged to agree to
      extend the Sixth Issuer Liquidity Facility Commitment Period and in no
      event may it be extended beyond the Repayment Date.

2.4   CHANGE OF CURRENCY

(a)   If more than one currency or currency unit are at the same time recognised
      by the central bank of any country as the lawful currency of that country,
      then:

      (i)   any reference in the Sixth Issuer Liquidity Documents to, and any
            obligations arising under the Sixth Issuer Liquidity Documents in,
            the currency of that country shall be translated into, or paid in,
            the currency or currency unit of that country designated by the
            Sixth Issuer Liquidity Facility Provider; and

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                                        4

      (ii)  any translation from one currency or currency unit to another shall
            be at the official rate of exchange recognised by the central bank
            for the conversion of that currency or currency unit into the other,
            rounded up or down by the Sixth Issuer Liquidity Facility Provider
            acting reasonably.

(b)   If a change in any currency of a country occurs, this Agreement will be
      amended to the extent the Sixth Issuer Liquidity Facility Provider
      specifies to be necessary to reflect the change in currency and to put it
      in the same position, so far as possible, that it would have been in if no
      change in currency had occurred.

3.    PURPOSE

(a)   The Sixth Issuer (or the Sixth Issuer Cash Manager on behalf of the Sixth
      Issuer) shall apply each Sixth Issuer Liquidity Facility Drawing to meet
      any Sixth Issuer Liquidity Shortfall arising out of the Sixth Issuer's
      obligations:

      (i)   to pay item (a) and items (c) to (g) (inclusive) of the Sixth Issuer
            Pre-Enforcement Revenue Priority of Payments, including interest
            payable on the Sixth Issuer Notes PROVIDED THAT:

            (A)   Sixth Issuer Liquidity Facility Drawings may not be made under
                  the Sixth Issuer Liquidity Facility to pay interest as
                  specified in item (f) of the Sixth Issuer Pre-Enforcement
                  Priority of Payments (being payment of interest on the Class B
                  Sixth Issuer Notes) if, at the date of the relevant Sixth
                  Issuer Liquidity Facility Drawing, the debit balance on the AA
                  Principal Deficiency Sub-Ledger is in an amount equal to or in
                  excess of 50 per cent of the Principal Amount Outstanding of
                  the Class B Sixth Issuer Notes); and

            (B)   Sixth Issuer Liquidity Facility Drawings may not be made under
                  the Sixth Issuer Liquidity Facility to pay interest as
                  specified in item (g) of the Sixth Issuer Pre-Enforcement
                  Priority of Payments (being payment of interest on the Class C
                  Sixth Issuer Notes) if, at the date of the relevant Sixth
                  Issuer Liquidity Facility Drawing, the debit balance on the
                  BBB Principal Deficiency Sub-Ledger is in an amount equal to
                  or in excess of 50 per cent of the Principal Amount
                  Outstanding of the Class C Sixth Issuer Notes); and/or

      (ii)  subject to first paying or providing for the amounts specified in
            PARAGRAPH (I) above and subject also to PARAGRAPHS (A) and (B)
            below, to repay principal amounts owing in respect of the Series 1
            Class A Sixth Issuer Notes, the Series 2 Class A Sixth Issuer Notes,
            the Series 3 Class A Sixth Issuer Notes and the Series 4 Class A
            Sixth Issuer Notes on their Scheduled Redemption Dates or, to the
            extent that the Series 1 Class A Sixth Issuer Notes, the Series 2
            Class A Sixth Issuer Notes, the Series 3 Class A Sixth Issuer Notes
            and the Series 4 Class A Sixth Issuer Notes are not repaid in full
            on their Scheduled Redemption Dates, on each Interest Payment Date
            thereafter until such series of the Series 1 Class A Sixth Issuer
            Notes, the Series 2 Class A Sixth Issuer Notes, the Series 3 Class A
            Sixth Issuer Notes and the Series 4 Class A Sixth Issuer Notes are
            redeemed in full, provided that:

            (A)   following the occurrence of a Non-Asset Trigger Event, this
                  Sixth Issuer Liquidity Facility will be available only to
                  repay principal amounts due and payable in respect of the
                  Series 1 Class A Sixth Issuer Notes, the Series 2 Class A
                  Sixth Issuer Notes, the Series 3 Class A Sixth Issuer Notes
                  and the

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                  Series 4 Class A Sixth Issuer Notes on their respective Final
                  Maturity Dates; and

            (B)   following the occurrence of an Asset Trigger Event, this Sixth
                  Issuer Liquidity Facility will cease to be available to repay
                  principal amounts due and payable in respect of the Series 1
                  Class A Sixth Issuer Notes, the Series 2 Class A Sixth Issuer
                  Notes, the Series 3 Class A Sixth Issuer Notes or the Series 4
                  Class A Sixth Issuer Notes.

(b)   The Sixth Issuer (or the Sixth Issuer Cash Manager on behalf of the Sixth
      Issuer) shall apply each Sixth Issuer Liquidity Facility Stand-by Drawing
      for the purposes set out in CLAUSE 5.2 (Stand-by Drawings).

(c)   Without affecting the obligations of the Sixth Issuer in any way, the
      Sixth Issuer Liquidity Facility Provider is not bound to monitor or verify
      the application of any Sixth Issuer Liquidity Facility Loan.

4.    CONDITIONS PRECEDENT

4.1   DOCUMENTARY CONDITIONS PRECEDENT

      The obligations of the Sixth Issuer Liquidity Facility Provider to the
      Sixth Issuer under this Agreement are subject to the conditions precedent
      that:

      (a)   the Sixth Issuer Notes have been issued on the Sixth Issuer Closing
            Date; and

      (b)   the Sixth Issuer Liquidity Facility Provider has notified the Sixth
            Issuer that it has received all of the documents set out in SCHEDULE
            1, and that each is in form and substance satisfactory to it.

4.2   FURTHER CONDITIONS PRECEDENT

      The obligation of the Sixth Issuer Liquidity Facility Provider to make a
      Sixth Issuer Liquidity Facility Loan is subject to the further conditions
      precedent that on both the date of the Sixth Issuer Liquidity Facility
      Request and the Sixth Issuer Liquidity Facility Drawdown Date for that
      Sixth Issuer Liquidity Facility Loan no Sixth Issuer Liquidity Facility
      Event of Default is outstanding or would result from the making of the
      Sixth Issuer Liquidity Facility Loan.

5.    DRAWDOWN

5.1   SIXTH ISSUER LIQUIDITY FACILITY DRAWINGS

(a)   If, on the Sixth Issuer Note Determination Date immediately preceding a
      relevant Interest Payment Date, the Sixth Issuer (or the Sixth Issuer
      Security Trustee or the Sixth Issuer Cash Manager on behalf of the Sixth
      Issuer) determines that, on the relevant Interest Payment Date, a Sixth
      Issuer Liquidity Shortfall will arise, the Sixth Issuer (or the Sixth
      Issuer Security Trustee or the Sixth Issuer Cash Manager on behalf of the
      Sixth Issuer) may, on the Business Day immediately preceding that Interest
      Payment Date and subject to the terms of this Agreement, make a Sixth
      Issuer Liquidity Facility Drawing for all or any of the purposes set out
      in CLAUSE 3 (Purpose) (as appropriate) and, subject to the limits set out
      in CLAUSE 2.2 (Facility limits), in an amount equal to the Sixth Issuer
      Liquidity Shortfall.

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                                       6

(b)   The Sixth Issuer (or the Sixth Issuer Security Trustee or the Sixth Issuer
      Cash Manager on behalf of the Sixth Issuer) shall give the Sixth Issuer
      Liquidity Facility Provider a Sixth Issuer Liquidity Facility Request for
      each Sixth Issuer Liquidity Facility Drawing, such notice to be given by
      facsimile in accordance with CLAUSE 29 (Notices) of this Agreement to be
      received by the Sixth Issuer Liquidity Facility Provider not later than
      10:00 a.m. on the Business Day immediately preceding the proposed Sixth
      Issuer Liquidity Facility Drawdown Date.

(c)   No Sixth Issuer Liquidity Facility Drawing may be made or requested to be
      made after the end of the Sixth Issuer Liquidity Facility Commitment
      Period.

5.2   STAND-BY DRAWINGS

(a)   The Sixth Issuer Liquidity Provider shall, upon becoming aware of a
      Relevant Event, promptly notify the Sixth Issuer, the Sixth Issuer
      Security Trustee and the Sixth Issuer Cash Manager.

(b)   If a Relevant Event occurs then the Sixth Issuer (or the Sixth Issuer
      Security Trustee or the Sixth Issuer Cash Manager on behalf of the Sixth
      Issuer) may, subject to the terms of this Agreement, and after serving a
      Sixth Issuer Liquidity Facility Request on the Sixth Issuer Liquidity
      Facility Provider, make a Sixth Issuer Liquidity Facility Stand-by Drawing
      equal to the undrawn portion of the Sixth Issuer Liquidity Facility
      Commitment at that time provided that such Sixth Issuer Liquidity Facility
      Stand-by Drawing shall be used only in accordance with PARAGRAPH (E)
      below. No Sixth Issuer Liquidity Facility Stand-by Drawing may be made or
      requested to be made after the end of the Sixth Issuer Liquidity Facility
      Commitment Period.

(c)   Upon making a Sixth Issuer Liquidity Facility Stand-by Drawing, the Sixth
      Issuer (or the Sixth Issuer Security Trustee or the Sixth Issuer Cash
      Manager on behalf of the Sixth Issuer) shall forthwith pay the Sixth
      Issuer Liquidity Facility Stand-by Drawing into the Sixth Issuer Liquidity
      Facility Stand-by Account, which shall be an account with the Sixth Issuer
      Liquidity Facility Provider if the Relevant Event leading to the making of
      the Sixth Issuer Liquidity Facility Stand-by Drawing is of the type
      described in PARAGRAPH (B) of the definition of Relevant Event, and,
      otherwise with the Sixth Issuer Sterling Account Bank, or, if the Sixth
      Issuer Sterling Account Bank ceases to have the Requisite Ratings, shall
      be an account with a bank which has the Requisite Ratings.

(d)   Interest earned on the Sixth Issuer Liquidity Facility Stand-by Account
      shall, subject to the Sixth Issuer Deed of Charge, be for the account of
      the Sixth Issuer who shall be entitled to withdraw and retain all interest
      earned on the Sixth Issuer Liquidity Facility Stand-by Account at any
      time.

(e)   Amounts from time to time standing to the credit of the Sixth Issuer
      Liquidity Facility Stand-by Account shall belong to the Sixth Issuer and
      the Sixth Issuer Liquidity Facility Provider shall not have any
      proprietary interest or Security Interest in such amounts save as arises
      under the Sixth Issuer Deed of Charge. Other than as referred to in
      PARAGRAPH (D) above, the Sixth Issuer (or the Sixth Issuer Security
      Trustee or the Sixth Issuer Cash Manager on behalf of the Sixth Issuer)
      shall only make withdrawals from the Sixth Issuer Liquidity Facility
      Stand-by Account:

      (i)   in such circumstances and in such amount as it would otherwise have
            been able to make a Sixth Issuer Liquidity Facility Drawing pursuant
            to CLAUSE 5.1 (Sixth Issuer Liquidity Facility Drawings), which
            withdrawal shall be deemed to be a Sixth Issuer

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                                       7

            Liquidity Facility Drawing made under CLAUSE 5.1 (Sixth Issuer
            Liquidity Facility Drawings);

      (ii)  in order to make a repayment of a Sixth Issuer Liquidity Facility
            Stand-by Drawing in accordance with CLAUSE 6 (Repayment); or

      (iii) in order to invest sums standing to the credit of the Sixth Issuer
            Liquidity Facility Stand-by Account in Authorised Investments,

      but not otherwise, and the amounts of the Sixth Issuer Liquidity Facility
      Stand-by Drawing shall be reduced by the amount of such deemed Sixth
      Issuer Liquidity Facility Drawings or, as the case may be, repayment.

5.3   PAYMENT OF PROCEEDS

      Subject to the terms of this Agreement, the Sixth Issuer Liquidity
      Facility Provider shall make each Sixth Issuer Liquidity Facility Loan
      available for the Sixth Issuer by noon or, if LIBOR is determined
      otherwise than in accordance with paragraph (a) of its definition, by 2
      p.m. on the relevant Sixth Issuer Liquidity Facility Drawdown Date.

6.    REPAYMENT

(a)   Subject as provided below and subject to CLAUSE 18 (Enforcement and
      Subordination) and CLAUSE 21.2 (Other indemnities) on the earlier of:

      (i)   the immediately succeeding Interest Payment Date; and

      (ii)  the Repayment Date,

      the Sixth Issuer shall repay the outstanding balance of the Sixth Issuer
      Liquidity Facility Drawing, if any, as at the opening of business on such
      date. Other than on the Repayment Date and subject to the terms of this
      Agreement, the Sixth Issuer may draw a new Sixth Issuer Liquidity Facility
      Drawing or rollover an existing Sixth Issuer Liquidity Facility Drawing
      for the purpose of this PARAGRAPH (A) during the Sixth Issuer Liquidity
      Facility Commitment Period or if there has been an Extension Request
      accepted pursuant to CLAUSE 2.3 or a Stand-by Drawing pursuant to CLAUSE
      5.2 after the Sixth Issuer Liquidity Facility Commitment Period. Sixth
      Issuer Liquidity Facility Drawings repaid under PARAGRAPH (I) above may be
      redrawn in accordance with and subject to the terms of this Agreement.

(b)   While a Sixth Issuer Liquidity Facility Stand-by Drawing is outstanding,
      any amount that has been withdrawn from the Sixth Issuer Liquidity
      Facility Stand-by Account shall be repaid by crediting such amount to the
      Sixth Issuer Liquidity Facility Stand-by Account as if it were a Sixth
      Issuer Liquidity Facility Drawing repayable in accordance with PARAGRAPH
      (A) above and the Sixth Issuer Liquidity Facility Stand-by Account shall
      be increased by the amount of the Sixth Issuer Liquidity Facility Drawing
      repaid. For the avoidance of doubt, any repayment pursuant to this
      PARAGRAPH (B) shall not be applied to reduce the amount of the Sixth
      Issuer Liquidity Facility Stand-by Drawing.

(c)   The Sixth Issuer Liquidity Facility Stand-by Drawing shall, subject to
      CLAUSE 18 (Enforcement and Subordination), be repayable to the Sixth
      Issuer Liquidity Facility Provider, together with accrued interest
      pursuant to CLAUSE 8 (Interest), on the earlier of:

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                                       8

      (i)   (A)   if the Relevant Event resulting in the making of the Sixth
                  Issuer Liquidity Facility Stand-by Drawing was of the type
                  described in PARAGRAPH (A) of the definition of Relevant
                  Event:

                  (a)   the Sixth Issuer cancelling the Sixth Issuer Liquidity
                        Facility Commitment in full (in accordance with CLAUSE
                        7.2(B) (Voluntary cancellation)) or the Sixth Issuer
                        Liquidity Facility Provider entering into a Novation
                        Certificate with a Qualifying Bank having the Requisite
                        Ratings; or

                  (b)   the day which is two Business Days after the date on
                        which the Sixth Issuer Liquidity Facility Provider has
                        given notice to the Sixth Issuer that it again has the
                        Requisite Ratings; or

            (B)   if the Relevant Event resulting in the making of the Sixth
                  Issuer Liquidity Facility Stand-by Drawing was of the type
                  described in PARAGRAPH (B) of the definition of Relevant
                  Event, the Sixth Issuer entering into a replacement liquidity
                  facility on terms acceptable to the Sixth Issuer Security
                  Trustee and the Rating Agencies;

      (ii)  the Repayment Date; and

      (iii) the Sixth Issuer electing to repay the Sixth Issuer Liquidity
            Facility Stand-by Drawing as a result of the Sixth Issuer not having
            available to it sufficient funds to pay interest and other amounts
            due and payable in respect of the Sixth Issuer Liquidity Facility
            Stand-by Drawing.

7.    CANCELLATION

7.1   AUTOMATIC CANCELLATION OF THE SIXTH ISSUER LIQUIDITY FACILITY COMMITMENT

      The Sixth Issuer Liquidity Facility Commitment shall be automatically
      cancelled at close of business on the last day of the Sixth Issuer
      Liquidity Facility Commitment Period.

7.2   VOLUNTARY CANCELLATION

(a)   The Sixth Issuer may with the prior written consent of the Sixth Issuer
      Security Trustee and provided that:

      (i)   the Rating Agencies have confirmed that such cancellation will have
            no material adverse effect on the then current ratings of any of the
            Sixth Issuer Notes; or

      (ii)  if the ratings of any of the Sixth Issuer Notes has previously been
            downgraded that such cancellation will not prevent the restoration
            of such rating,

      without premium or penalty, cancel the undrawn and uncancelled part of the
      Sixth Issuer Liquidity Facility Commitment in whole or in part (but if in
      part, in multiples of not less than (pound)50,000 unless the Sixth Issuer
      Liquidity Facility Commitment is less than (pound)50,000) at any time
      provided that it has given the Sixth Issuer Liquidity Facility Provider
      not less than seven Business Days' prior notice (which notice the Sixth
      Issuer shall copy to the Sixth Issuer Security Trustee, the Sixth Issuer
      Cash Manager and to the Rating Agencies) stating the principal amount to
      be cancelled. During such seven Business Day period the Sixth Issuer

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                                       9

      may not serve a Sixth Issuer Liquidity Facility Request purporting to draw
      all or any part of the amount the subject of such notice of such
      cancellation.

(b)   If a Relevant Event of the type described in (a) of the definition of such
      term occurs, the Sixth Issuer may, without premium or penalty, by notice
      to the Sixth Issuer Liquidity Facility Provider (which notice the Sixth
      Issuer shall copy to the Sixth Issuer Security Trustee and the Sixth
      Issuer Cash Manager):

      (i)   cancel the undrawn and uncancelled part of the Sixth Issuer
            Liquidity Facility, provided that the Sixth Issuer shall first have
            made arrangements for a replacement liquidity provider which is a
            Qualifying Bank and has the Requisite Ratings to enter into an
            agreement on substantially the same terms as this Agreement and
            provided that the Sixth Issuer Liquidity Facility Provider has been
            repaid all amounts outstanding to it under this Agreement in full;
            or

      (ii)  require the Sixth Issuer Liquidity Facility Provider to enter into a
            novation agreement (at the cost of the Sixth Issuer) in a form
            reasonably satisfactory to the Sixth Issuer Liquidity Facility
            Provider, the Sixth Issuer and the Sixth Issuer Security Trustee
            with, or otherwise transfer the Sixth Issuer Liquidity Facility
            Provider's rights and obligations under this Agreement in such
            manner as is required by the Sixth Issuer and the Sixth Issuer
            Security Trustee to, a replacement liquidity facility provider which
            is a Qualifying Bank and has the Requisite Ratings, provided that
            the Sixth Issuer Liquidity Facility Provider has been repaid all
            amounts outstanding to it under this Agreement in full as a result
            of the novation.

(c)   Without prejudice to the Sixth Issuer's rights under PARAGRAPH (B) above,
      if a Relevant Event of the type described in PARAGRAPH (A) of the
      definition of such term occurs, the Sixth Issuer Liquidity Facility
      Provider may make arrangements either:

      (i)   to replace itself with a replacement liquidity facility provider
            which is acceptable to the Sixth Issuer which is a Qualifying Bank
            and has the Requisite Ratings to enter into an agreement on
            substantially the same terms as this Agreement; or

      (ii)  request the Sixth Issuer, the Sixth Issuer Security Trustee and the
            Sixth Issuer Cash Manager to enter into a novation agreement in a
            form reasonably satisfactory to the Sixth Issuer and the Sixth
            Issuer Security Trustee with, or otherwise to transfer the Sixth
            Issuer Liquidity Facility Provider's rights and obligations under
            this Agreement in such manner as is required by the Sixth Issuer and
            the Sixth Issuer Security Trustee to, a replacement liquidity
            facility provider which is a Qualifying Bank and has the Requisite
            Ratings.

(d)   To the extent that there is any conflict between the Sixth Issuer's rights
      under PARAGRAPH (B) above and the Sixth Issuer Liquidity Facility
      Provider's rights under PARAGRAPH (C) above, the views of the Sixth Issuer
      shall prevail with the result that if each of the Sixth Issuer and the
      Sixth Issuer Liquidity Facility Provider had selected a replacement
      liquidity facility provider, or wished to adopt a different approach under
      PARAGRAPH (B) above or PARAGRAPH (C) above, as appropriate, the selection
      and/or the approach to be adopted will be that selected or adopted (as the
      case may be) by the Sixth Issuer.

(e)   The Sixth Issuer may also, without premium or penalty, by notice to the
      Sixth Issuer Liquidity Facility Provider, cancel the whole of the Sixth
      Issuer Liquidity Facility Commitment on the Repayment Date.

<PAGE>

                                       10

7.3   ADDITIONAL RIGHT OF PREPAYMENT AND CANCELLATION

      If:

      (a)   the Sixth Issuer is required to pay to the Sixth Issuer Liquidity
            Facility Provider any additional amounts under CLAUSE 10 (Taxes); or

      (b)   the Sixth Issuer is required to pay to the Sixth Issuer Liquidity
            Facility Provider any amount under CLAUSE 12 (Increased costs),

      then, without prejudice to the obligations of the Sixth Issuer under those
      Clauses, the Sixth Issuer may, whilst the circumstances continue, give a
      notice of prepayment and cancellation to the Sixth Issuer Liquidity
      Facility Provider with a copy to the Sixth Issuer Security Trustee. On the
      date falling five Business Days after the date of giving of the notice:

            (i)   the Sixth Issuer shall prepay the Sixth Issuer Liquidity
                  Facility Loans; and

            (ii)  the Sixth Issuer Liquidity Facility Commitment shall be
                  cancelled.

7.4   MISCELLANEOUS PROVISIONS

(a)   Any notice of prepayment and/or cancellation under this Agreement is
      irrevocable.

(b)   All prepayments under this Agreement shall be made together with accrued
      interest on the amount prepaid and, subject to CLAUSE 21 (Indemnities),
      without premium or penalty.

(c)   No prepayment or cancellation is permitted except in accordance with the
      express terms of this Agreement.

(d)   No amount of the Sixth Issuer Liquidity Facility Commitment cancelled
      under this Agreement may subsequently be reinstated except with the
      consent of the Sixth Issuer Liquidity Facility Provider, the Sixth Issuer
      and the Sixth Issuer Security Trustee.

8.    INTEREST

8.1   INTEREST RATE

      The rate of interest on each Sixth Issuer Liquidity Facility Loan for each
      Sixth Issuer Liquidity Facility Interest Period is (subject to CLAUSE 18
      (Enforcement and Subordination)) the rate per annum determined by the
      Sixth Issuer Liquidity Facility Provider to be the aggregate of the
      applicable:

      (a)   Sixth Issuer Liquidity Facility Margin;

      (b)   LIBOR; and

      (c)   Additional Percentage.

<PAGE>

                                       11

8.2   DUE DATES

      Except as otherwise provided in this Agreement (including, without
      limitation, CLAUSE 6), accrued interest on each Sixth Issuer Liquidity
      Facility Loan is payable by the Sixth Issuer on each Interest Payment
      Date.

8.3   DEFAULT INTEREST

(a)   If the Sixth Issuer fails to pay any amount payable by it under this
      Agreement, it shall forthwith on demand by the Sixth Issuer Liquidity
      Facility Provider pay interest on the overdue amount from the due date up
      to the date of actual payment, as well after as before judgment, at a rate
      (the "DEFAULT RATE") determined by the Sixth Issuer Liquidity Facility
      Provider to be one per cent. per annum above the higher of the rate on the
      overdue amount under CLAUSE 8.1 (Interest rate) immediately before the due
      date (if of principal).

(b)   The Default Rate will be determined on each Business Day.

(c)   Default interest will be compounded at the end of each Sixth Issuer
      Liquidity Facility Interest Period.

(d)   This CLAUSE 8.3 shall not apply to amounts deferred as a result of the
      operation of CLAUSE 18 (Enforcement and Subordination).

8.4   NOTIFICATION OF RATES OF INTEREST

      The Sixth Issuer Liquidity Facility Provider shall promptly notify each
      relevant Party of the determination of a rate of interest under this
      Agreement.

9.    PAYMENTS

9.1   PLACE

      All payments by the Sixth Issuer under this Agreement shall be made to the
      Sixth Issuer Liquidity Facility Provider's account at ___, Sort Code: ___;
      Account Number: ___ or to its account at such office or bank as it may
      notify to the Sixth Issuer for this purpose.

9.2   FUNDS

      Payments under this Agreement to the Sixth Issuer Liquidity Facility
      Provider shall be made for value on the due date at such times and in such
      funds as the Sixth Issuer Liquidity Facility Provider may specify to the
      Party concerned as being customary at the time for the settlement of
      transactions in Sterling.

9.3   CURRENCY

(a)   Amounts payable in respect of costs, expenses, taxes and the like are
      payable in the currency in which they are incurred.

(b)   Any other amount payable under this Agreement is, except as otherwise
      provided in this Agreement, payable in Sterling.

<PAGE>

                                       12

9.4   SET-OFF AND COUNTERCLAIM

      All payments made by the Sixth Issuer under this Agreement shall be made
      without set-off or counterclaim.

9.5   NON-BUSINESS DAYS

(a)   If a payment under this Agreement is due on a day which is not a Business
      Day, the due date for that payment shall instead be the next Business Day
      in the same calendar month (if there is one) or the preceding Business Day
      (if there is not).

(b)   During any extension of the due date for payment of any principal under
      this Agreement interest is payable on the principal at the rate payable on
      the original due date.

10.   TAXES

10.1  GROSS-UP

      Subject to CLAUSE 18 (Enforcement and Subordination) and CLAUSE 10.3
      (Qualifying Bank), all payments by the Sixth Issuer under the Sixth Issuer
      Liquidity Documents shall be made without any deduction and free and clear
      of and without deduction for or on account of any Taxes, except to the
      extent that the Sixth Issuer is required by law to make payment subject to
      any Taxes. If any Tax or amounts in respect of Tax is required by law to
      be deducted, or any other deductions are required by law to be deducted,
      from any amounts payable or paid by the Sixth Issuer under the Sixth
      Issuer Liquidity Documents, the Sixth Issuer shall pay such additional
      amounts as may be necessary to ensure that the Sixth Issuer Liquidity
      Facility Provider receives a net amount equal to the full amount which it
      would have received had payment not been made subject to Tax.

10.2  TAX RECEIPTS

      Subject to CLAUSE 18 (Enforcement and Subordination), all Taxes required
      by law to be deducted or withheld by the Sixth Issuer from any amounts
      paid or payable under the Sixth Issuer Liquidity Documents shall be paid
      by the Sixth Issuer when due and the Sixth Issuer shall, within 15 days of
      the payment being made, deliver to the Sixth Issuer Liquidity Facility
      Provider evidence satisfactory to the Sixth Issuer Liquidity Facility
      Provider (including all relevant Tax receipts) that the payment has been
      duly remitted to the appropriate authority.

10.3  QUALIFYING BANK

      If, 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, the Sixth Issuer
      Liquidity Facility Provider ceases to be a Qualifying Bank, the Sixth
      Issuer shall not be liable to pay to that Sixth Issuer Liquidity Facility
      Provider under CLAUSE 10.1 (Gross-up) any amount in respect of Taxes
      levied or imposed by the United Kingdom or any taxing authority of or in
      the United Kingdom in excess of the amount it would have been obliged to
      pay if the Sixth Issuer Liquidity Facility Provider had not ceased to be a
      Qualifying Bank.

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                                       13

10.4  REFUND OF TAX CREDITS

      If the Sixth Issuer makes a payment under CLAUSE 10.1 (Gross-up) (a "TAX
      PAYMENT") in respect of a payment to the Sixth Issuer Liquidity Facility
      Provider under this Agreement and the Sixth Issuer Liquidity Facility
      Provider determines in its discretion (acting reasonably and in good
      faith) that it has obtained a refund of Tax or obtained and used a credit
      against Tax on its overall net income (a "TAX CREDIT") which the Sixth
      Issuer Liquidity Facility Provider is able to identify as attributable to
      that Tax Payment, then the Sixth Issuer Liquidity Facility Provider shall
      reimburse the Sixth Issuer such amount as the Sixth Issuer Liquidity
      Facility Provider determines (acting reasonably and in good faith) to be
      such proportion of that Tax Credit as will leave the Sixth Issuer
      Liquidity Facility Provider (after that reimbursement) in no better or
      worse position than it would have been in if no Tax Payment had been
      required. The Sixth Issuer Liquidity Facility Provider shall not be
      obliged to disclose any information regarding its tax affairs and
      computations.

11.   MARKET DISRUPTION

(a)   If LIBOR is to be determined in accordance with PARAGRAPH (B) of its
      definition and a Reference Bank does not supply an offered rate by 1.00
      p.m. on a Sixth Issuer Liquidity Facility Drawdown Date, the applicable
      LIBOR shall, subject to PARAGRAPH (B) below, be determined on the basis of
      the quotations of the remaining Reference Bank(s).

(b)   If, in relation to any Sixth Issuer Liquidity Facility Loan or proposed
      Sixth Issuer Liquidity Facility Loan:

      (i)   LIBOR is to be determined in accordance with PARAGRAPH (B) of its
            definition and no, or only one, Reference Bank supplies a rate for
            the purposes of determining the applicable LIBOR or the Sixth Issuer
            Liquidity Facility Provider otherwise determines that adequate and
            fair means do not exist for ascertaining the applicable LIBOR; or

      (ii)  in the Sixth Issuer Liquidity Facility Provider's opinion:

            (A)   matching deposits may not be available to it in the London
                  interbank market in the ordinary course of business to fund
                  that Sixth Issuer Liquidity Facility Loan for the relevant
                  Sixth Issuer Liquidity Facility Interest Period; or

            (B)   the cost to it of matching deposits in the London interbank
                  market would be in excess of the relevant LIBOR,

            the Sixth Issuer Liquidity Facility Provider shall promptly notify
            the Sixth Issuer of the fact and that this CLAUSE 11 is in
            operation.

(c)   After any notification under PARAGRAPH (B) above, the Sixth Issuer
      Liquidity Facility Loan shall bear interest at the rate per annum equal to
      the sum of the applicable Sixth Issuer Liquidity Facility Margin, the
      Additional Percentage and the cost to the Sixth Issuer Liquidity Facility
      Provider (expressed as a rate per annum) of funding the Sixth Issuer
      Liquidity Facility Loan by whatever means it reasonably determines to be
      appropriate.

<PAGE>

                                       14

12.   INCREASED COSTS

12.1  INCREASED COSTS

(a)   Subject to CLAUSE 12.2 (Exceptions) and CLAUSE 18 (Enforcement and
      Subordination), the Sixth Issuer shall forthwith on demand by the Sixth
      Issuer Liquidity Facility Provider pay the Sixth Issuer Liquidity Facility
      Provider the amount of any increased cost incurred by it as a result of:

      (i)   the introduction of, or any change in, or any change in the
            interpretation by any court or official authority or application of,
            any law or regulation;

      (ii)  compliance with any regulation made after the date of this
            Agreement, or

      (iii) the imposition, modification or application of any reserve, special
            deposit, cash ratio, liquidity and capital adequacy requirements
            (including without limitation those arising from any change to, or
            change in the interpretation of, the 1988 Capital Accord as a result
            of the implementation of any proposals made by the Basle Committee
            on Banking Regulation and Supervisory Practice for Reform of the
            1988 Capital Accord, published in June 1999 as revised or amended,
            including any further proposals of the Basel Committee) or other
            requirements against assets held by or deposits in or for the
            account of, or loans by, any relevant office of the Sixth Issuer
            Liquidity Facility Provider or any of its Affiliates by any
            competent authority after the date of this Agreement,

      including any law or regulation relating to taxation, change in currency
      of a country or reserve asset, special deposit, cash ratio, liquidity or
      capital adequacy requirements or any other form of banking or monetary
      control.

(b)   In this Agreement "INCREASED COST" means:

      (i)   an additional cost incurred by a Sixth Issuer Liquidity Facility
            Provider as a result of it having entered into, or performing,
            maintaining or funding its obligations under, the Sixth Issuer
            Liquidity Documents; or

      (ii)  that portion of an additional cost incurred by a Sixth Issuer
            Liquidity Facility Provider in making, funding or maintaining all or
            any advances comprised in a class of advances formed by or including
            the Sixth Issuer Liquidity Facility Loans made or to be made under
            the Sixth Issuer Liquidity Documents as is attributable to it
            making, funding or maintaining those participations; or

      (iii) a reduction in any amount payable to a Sixth Issuer Liquidity
            Facility Provider or the effective return to a Sixth Issuer
            Liquidity Facility Provider under this Agreement or (to the extent
            it is attributable to this Agreement) on its capital, including any
            reduction in the effective return from the Sixth Issuer Liquidity
            Facility Margin or the commitment fee payable under CLAUSE 17 of
            this Agreement; or

      (iv)  the amount of any payment made by the Sixth Issuer Liquidity
            Facility Provider, or the amount of interest or other return
            foregone by the Sixth Issuer Liquidity Facility Provider, calculated
            by reference to any amount received or receivable by the Sixth
            Issuer Liquidity Facility Provider from any other Party under this
            Agreement.

<PAGE>

                                       15

12.2  EXCEPTIONS

      CLAUSE 12.1 (Increased costs) does not apply to any increased cost:

      (a)   compensated for by the payment of the Additional Percentage; or

      (b)   compensated for by the operation of CLAUSE 10 (Taxes) or which would
            have been so compensated but for the operation of CLAUSE 10.3; or

      (c)   attributable to any change in the rate of, or change in the basis of
            calculating, tax on the overall net income of the Sixth Issuer
            Liquidity Facility Provider (or the overall net income of a division
            or branch of the Sixth Issuer Liquidity Facility Provider) imposed
            in the jurisdiction in which its principal office (or the facility
            office of the division or branch) is situated.

13.   ILLEGALITY

      If it is or becomes unlawful in any jurisdiction for the Sixth Issuer
      Liquidity Facility Provider to give effect to any of its obligations as
      contemplated by this Agreement or to fund or maintain any Sixth Issuer
      Liquidity Facility Loan, then:

      (a)   the Sixth Issuer Liquidity Facility Provider may notify the Sixth
            Issuer accordingly; and

      (b)   (i)   subject to CLAUSE 18 (Enforcement and Subordination), the
                  Sixth Issuer shall forthwith prepay the Sixth Issuer Liquidity
                  Facility Loans together with all interest and all other
                  amounts payable by it to the Sixth Issuer Liquidity Facility
                  Provider under this Agreement; and

            (ii)  the Sixth Issuer Liquidity Facility Commitment shall be
                  cancelled.

14.   REPRESENTATIONS AND WARRANTIES

14.1  REPRESENTATIONS AND WARRANTIES BY THE SIXTH ISSUER

      The Sixth Issuer makes the representations and warranties set out in this
      CLAUSE 14.1 to the Sixth Issuer Liquidity Facility Provider and the Sixth
      Issuer Security Trustee:

(a)   Status

      (i)   It is a limited liability company, duly incorporated and validly
            existing under the laws of England and Wales; and

      (ii)  it has the power to own its assets and carry on its business as it
            is being conducted.

(b)   Powers and authority

      It has the power to enter into and perform, and has taken all necessary
      action to authorise the entry into, performance and delivery of, the Sixth
      Issuer Liquidity Documents to which it is or will be a party and the
      transactions contemplated by those Sixth Issuer Liquidity Documents.

<PAGE>

                                       16

(c)   Legal validity

      Each Sixth Issuer Liquidity Document to which it is or will be a party
      constitutes, or when executed in accordance with its terms will
      constitute, its legal, valid and binding obligation enforceable in
      accordance with its terms.

(d)   Non-conflict

      The entry into and performance by it of, and the transactions contemplated
      by, the Sixth Issuer Liquidity Documents do not and will not:

      (i)   conflict with any law or regulation or judicial or official order;
            or

      (ii)  conflict with its constitutional documents; or

      (iii) conflict with any document which is binding upon it or any of its
            assets.

(e)   No default

      No Sixth Issuer Liquidity Facility Event of Default is outstanding or
      might result from the making of any Sixth Issuer Liquidity Facility Loan.

(f)   Authorisations

      All authorisations required or desirable in connection with the entry
      into, performance, validity and enforceability of, and the transactions
      contemplated by, the Sixth Issuer Liquidity Documents have been obtained
      or effected (as appropriate) and are in full force and effect.

(g)   Litigation

      No litigation, arbitration or administrative proceedings involving the
      Sixth Issuer are current or, to its knowledge, pending or threatened,
      which might, if adversely determined, have a material adverse effect on
      the business or financial condition of the Sixth Issuer or the ability of
      the Sixth Issuer to perform its obligations under this Agreement.

(h)   Security Interests

      None of the assets of the Sixth Issuer is affected by any Security
      Interest, and the Sixth Issuer is not a party to, nor is it or any of its
      assets bound by, any order, agreement or instrument under which the Sixth
      Issuer is, or in certain events may be, required to create, assume or
      permit to arise any Security Interest, other than the Security Interests
      created by the Sixth Issuer Deed of Charge.

(i)   Sixth Issuer Deed of Charge

      The Sixth Issuer Deed of Charge creates, or will create when the Sixth
      Issuer Liquidity Facility Stand-by Account is opened, a first priority
      Security Interest of the type described in the Sixth Issuer Deed of Charge
      over the Sixth Issuer Liquidity Facility Stand-by Deposit in favour of the
      Sixth Issuer Security Trustee.

<PAGE>

                                       17

      A breach by the Sixth Issuer of any representation or warranty contained
      in this CLAUSE 14.1 or otherwise in this Agreement shall entitle the Sixth
      Issuer Liquidity Facility Provider to terminate this Agreement or declare
      the Sixth Issuer Liquidity Facility Drawing or the Sixth Issuer Liquidity
      Facility Stand-by Drawing or any other amounts payable under this
      Agreement due and payable or to prevent any utilisation of the Sixth
      Issuer Liquidity Facility or the Sixth Issuer Liquidity Standby-by
      Facility or any Sixth Issuer Liquidity Facility Loan being made. In this
      event, the Sixth Issuer Liquidity Facility Provider hereby agrees and
      acknowledges to the Sixth Issuer Security Trustee and the Sixth Issuer
      that it is bound by the terms of the Sixth Issuer Deed of Charge and,
      confirms and agrees that no sum, whether in respect of principal, interest
      or other obligations under this Agreement, shall be payable by the Sixth
      Issuer to the Sixth Issuer Liquidity Provider except in accordance with
      the provisions of the Sixth Issuer Deed of Charge. The Sixth Issuer
      Liquidity Facility Provider further acknowledges to the Sixth Issuer
      Security Trustee that only the Sixth Issuer Security Trustee may enforce
      the Sixth Issuer Security created in favour of the Sixth Issuer Security
      Trustee by or pursuant to the Sixth Issuer Deed of Charge and that the
      Sixth Issuer Facility Provider shall not take any steps for the purposes
      of recovering any debts whatsoever owing to it by the Sixth Issuer save as
      provided for in accordance with the terms of the Sixth Issuer Deed of
      Charge.

14.2  REPRESENTATIONS AND WARRANTIES BY THE SIXTH ISSUER LIQUIDITY FACILITY
      PROVIDER

      The Sixth Issuer Liquidity Facility Provider makes the representations and
      warranties set out in this CLAUSE 14.2 to the Sixth Issuer and the Sixth
      Issuer Security Trustee.

(a)   Status

      It is duly incorporated with limited liability under the laws of the
      jurisdiction of its incorporation and is an authorised institution under
      the Financial Services and Markets Act 2000.

(b)   Tax status

      It is a Qualifying Bank.

(c)   Powers and authorisations

      The documents which contain or establish its constitution include
      provisions which give power, and all necessary corporate authority has
      been obtained and action taken, for it to sign and deliver, and perform
      the transactions contemplated in this Agreement and the agreements entered
      into in connection herewith and this Agreement and the agreements entered
      into in connection herewith constitute its valid, legal and binding
      obligations.

(d)   Rating

      It has the Requisite Ratings (and will notify both the Sixth Issuer and
      the Sixth Issuer Security Trustee of the occurrence of any downgrading by
      the Rating Agencies of any of its rated debt obligations to a level below
      the Requisite Ratings).

<PAGE>

                                       18

14.3  TIMES FOR MAKING REPRESENTATIONS AND WARRANTIES

      The representations and warranties set out in this CLAUSE 14
      (Representations and warranties):

      (a)   are made on the date of this Agreement;

      (b)   are deemed to be repeated by the Sixth Issuer on the date of each
            Sixth Issuer Liquidity Facility Request, each Sixth Issuer Liquidity
            Facility Drawdown Date and each Interest Payment Date with reference
            to the facts and circumstances then existing; and

      (c)   are deemed to be repeated by the Sixth Issuer Liquidity Facility
            Provider on each Sixth Issuer Liquidity Facility Drawdown Date
            unless the Sixth Issuer Liquidity Facility Provider has provided
            written notice to the Sixth Issuer prior to such date that it will
            be unable to make a representation and warranty on such date.

15.   UNDERTAKINGS

15.1  DURATION

      The undertakings in this CLAUSE 15 remain in force from the date of this
      Agreement for so long as any amount is or may be outstanding under this
      Agreement or any Sixth Issuer Liquidity Facility Commitment is in force.

15.2  FINANCIAL INFORMATION

      The Sixth Issuer shall supply to the Sixth Issuer Liquidity Facility
      Provider and the Sixth Issuer Security Trustee:

      (a)   as soon as the same are available (and in any before the latest date
            for publication in accordance with the Companies Act 1985, as
            amended) its audited accounts for that financial year, which shall
            be prepared in accordance with generally accepted accounting
            principles; and

      (b)   promptly such other information as the Sixth Issuer Security Trustee
            may reasonably request.

15.3  INFORMATION - MISCELLANEOUS

      The Sixth Issuer shall supply to the Sixth Issuer Liquidity Facility
      Provider promptly, such further information in its possession or control
      regarding its financial condition and operations as it supplies to the
      Sixth Issuer Security Trustee, if the Sixth Issuer Liquidity Facility
      Provider so requests.

15.4  NOTIFICATION OF DEFAULT

      The Sixth Issuer shall notify the Sixth Issuer Liquidity Facility Provider
      of any Sixth Issuer Liquidity Facility Event of Default (and the steps, if
      any, being taken to remedy it) promptly upon its occurrence.

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                                       19

15.5  AUTHORISATIONS

      The Sixth Issuer shall promptly:

      (a)   obtain, maintain and comply with the terms of; and

      (b)   supply certified copies to the Sixth Issuer Liquidity Facility
            Provider of,

      any authorisation required under any law or regulation to enable it to
      perform its obligations under, or for the validity or enforceability of,
      any Sixth Issuer Liquidity Document.

15.6  UNITED STATES ACTIVITIES

      The Sixth Issuer will not engage in any activities in the United States
      (directly or through agents), will not derive any income from United
      States sources as determined under United States income tax principles,
      and will not hold any property if doing so would cause it to be engaged or
      deemed to be engaged in a trade or business within the United States as
      determined under United States income tax principles.

15.7  QUALIFYING BANK

      The Sixth Issuer Liquidity Facility Provider shall promptly inform the
      Sixth Issuer, the Sixth Issuer Cash Manager and the Sixth Issuer Security
      Trustee if it ceases to be, or if it reasonably believes that it will
      cease to be, a Qualifying Bank.

15.8  COVENANTS

      The Sixth Issuer undertakes to the Sixth Issuer Liquidity Facility
      Provider that it will not breach any of its obligations under Condition 3
      of the Sixth Issuer Notes.

16.   DEFAULT

16.1  SIXTH ISSUER LIQUIDITY FACILITY EVENT OF DEFAULT

      Each of the events set out in CLAUSES 16.2 (Non-Payment) to 16.5
      (Unlawfulness) (inclusive) is a Sixth Issuer Liquidity Facility Event of
      Default (whether or not caused by any reason whatsoever outside the
      control of the Sixth Issuer or any other person).

16.2  NON-PAYMENT

(a)   Subject to PARAGRAPH (B) below, the Sixth Issuer does not pay within 3
      Business Days of the due date any amount payable by it under the Sixth
      Issuer Liquidity Documents at the place at and in the currency in which it
      is expressed to be payable.

(b)   The Sixth Issuer Liquidity Facility Provider agrees that the non-payment
      of any Sixth Issuer Liquidity Subordinated Amounts shall only constitute a
      Sixth Issuer Liquidity Facility Event of Default under PARAGRAPH (A) above
      in circumstances where the Sixth Issuer has the requisite funds to pay
      such amounts in accordance with the Sixth Issuer Cash Management Agreement
      or, as applicable, the Sixth Issuer Deed of Charge on the relevant due
      date and any such Sixth Issuer Liquidity Subordinated Amounts are not then
      paid.

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                                       20

16.3  INSOLVENCY PROCEEDINGS

      An order is made or an effective resolution is passed for the winding-up
      or administration of the Sixth Issuer (other than a winding-up for the
      purposes of merger, amalgamation or reconstruction the terms of which
      shall either have been previously approved by the Sixth Issuer Security
      Trustee in writing or by an extraordinary resolution of the holders of the
      Sixth Issuer Notes).

16.4  SIXTH ISSUER NOTE ENFORCEMENT NOTICE

      A Sixth Issuer Note Enforcement Notice is served or the Sixth Issuer
      Security Trustee having become bound to serve a Sixth Issuer Note
      Enforcement Notice fails to do so within 30 days of becoming so bound.

16.5  UNLAWFULNESS

      It is or becomes unlawful for the Sixth Issuer to perform any of its
      obligations under the Sixth Issuer Liquidity Documents.

16.6  ACCELERATION

      On and at any time after the occurrence of a Sixth Issuer Liquidity
      Facility Event of Default and subject to CLAUSE 18 (Enforcement and
      Subordination) the Sixth Issuer Liquidity Facility Provider may by notice
      to the Sixth Issuer:

      (a)   cancel the Sixth Issuer Liquidity Facility Commitment; and/or

      (b)   demand that all or part of the Sixth Issuer Liquidity Facility
            Loans, together with accrued interest, and all other amounts accrued
            under this Agreement be immediately due and payable, whereupon they
            shall become immediately due and payable; and/or

      (c)   demand that all or part of the Sixth Issuer Liquidity Facility Loans
            be payable on demand, whereupon they shall immediately become
            payable on demand.

17.   FEES

17.1  COMMITMENT FEE

(a)   The Sixth Issuer shall (subject to CLAUSE 18 (Enforcement and
      Subordination) pay to the Sixth Issuer Liquidity Facility Provider a
      commitment fee computed at the rate of:

      (i)   nought point ___ per cent. (0.__%) per annum up to and excluding the
            Interest Payment Date in [April 2008]; and

      (ii)  nought point ___ per cent. (0.__%) per annum on and from the
            Interest Payment Date in [April 2008],

      in each case on the undrawn, uncancelled amount of the Sixth Issuer
      Liquidity Facility Commitment during the period from the date of this
      Agreement up to and including the last day of the Sixth Issuer Liquidity
      Facility Commitment Period.

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                                       21

(b)   Subject to CLAUSE 18 (Enforcement and Subordination), the accrued
      commitment fee is payable quarterly in arrear on each Interest Payment
      Date. The accrued commitment fee is also payable to the Sixth Issuer
      Liquidity Facility Provider on the cancelled amount of the Sixth Issuer
      Liquidity Facility Commitment at the time the cancellation takes effect.

17.2  VAT

      Any fee referred to in this CLAUSE 17 (Fees) is exclusive of any amount in
      respect of value added tax or any other tax which might be chargeable in
      connection with that fee. If any value added tax or other tax is so
      chargeable, it shall be paid by the Sixth Issuer at the same time as it
      pays the relevant fee (against production of a valid tax invoice).

18.   ENFORCEMENT AND SUBORDINATION

(a)   The Sixth Issuer Liquidity Facility Provider acknowledges to the Sixth
      Issuer Security Trustee that it is bound by the terms of the Sixth Issuer
      Deed of Charge and, in particular, confirms that no sum, whether in
      respect of principal or interest or otherwise relating to any Sixth Issuer
      Liquidity Facility Loan, shall be paid by the Sixth Issuer except in
      accordance with the provisions of the Sixth Issuer Cash Management
      Agreement and the Sixth Issuer Deed of Charge unless and until all sums
      required by the Sixth Issuer Cash Management Agreement or the Sixth Issuer
      Deed of Charge, as the case may be, to be paid or provided for in priority
      thereto have been paid or discharged in full.

(b)   The Sixth Issuer Liquidity Facility Provider further agrees that only the
      Sixth Issuer Security Trustee may enforce the security created in favour
      of, inter alia, the Sixth Issuer Liquidity Facility Provider and the Sixth
      Issuer Security Trustee by the Sixth Issuer Deed of Charge and that the
      Sixth Issuer Liquidity Facility Provider shall not take any steps for the
      purpose of:

      (i)   recovering any debts whatsoever owing to it by the Sixth Issuer save
            as provided for in accordance with the terms of the Sixth Issuer
            Deed of Charge (including, without limitation, by exercising any
            right of set-off); or

      (ii)  enforcing any rights arising out of this Agreement against the Sixth
            Issuer; or

      (iii) procuring the winding-up, administration or liquidation of the Sixth
            Issuer in respect of any of its liabilities whatsoever,

      unless the Sixth Issuer Security Trustee, having become bound to serve a
      Sixth Issuer Note Enforcement Notice, fails to do so within 30 days of
      becoming so bound and that failure is continuing (in which case the Sixth
      Issuer Liquidity Facility Provider shall be entitled to take any such
      steps and proceedings as it shall deem necessary other than the
      presentation of a petition for the winding-up of, or for an administration
      order in respect of, the Sixth Issuer) provided that the Sixth Issuer
      Liquidity Facility Provider shall not be entitled to take any steps or
      proceedings pursuant to this Agreement which would contravene CLAUSES 5 to
      9 of the Sixth Issuer Deed of Charge.

(c)   Subject to PARAGRAPH (B) above, the Sixth Issuer Liquidity Facility
      Provider agrees to defer taking any action or proceedings against the
      Sixth Issuer to recover any amounts payable by the Sixth Issuer to the
      Sixth Issuer Liquidity Facility Provider under this Agreement except to
      the extent expressly permitted by the provisions of the Sixth Issuer Deed
      of Charge unless and until (then only to the extent that) the Sixth Issuer
      has assets sufficient to meet such claim in full having taken into account
      all other liabilities (actual, contingent or prospective) of the

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                                       22

      Sixth Issuer which under the Sixth Issuer Deed of Charge rank pari passu
      with or in priority to its liabilities to the Sixth Issuer Liquidity
      Facility Provider under this Agreement, provided however that nothing in
      this PARAGRAPH (C) shall prevent the Sixth Issuer Liquidity Facility
      Provider from proving for the full amount owed to it by the Sixth Issuer
      under this Agreement in the liquidation of the Sixth Issuer.

(d)   Without prejudice to the other provisions of this CLAUSE 18, the Sixth
      Issuer Liquidity Facility Provider covenants with the Sixth Issuer
      Security Trustee that if, whether in the liquidation of the Sixth Issuer
      or otherwise (and notwithstanding the provisions of this CLAUSE 18), any
      payment (whether of principal, interest or otherwise) is received by it in
      respect of a Sixth Issuer Liquidity Facility Loan other than in accordance
      with CLAUSES 3 and 6 of the Sixth Issuer Cash Management Agreement and
      CLAUSES 7 and 8 of the Sixth Issuer Deed of Charge the amount so paid
      shall be received and held by the Sixth Issuer Liquidity Facility Provider
      upon trust for the Sixth Issuer Security Trustee and shall be paid over to
      the Sixth Issuer Security Trustee forthwith upon receipt provided however
      that this PARAGRAPH (D) shall have effect only to the extent that it does
      not constitute or create and is not deemed to constitute or create any
      mortgage, charge or other Security Interest of any kind.

19.   EXPENSES

19.1  INITIAL AND SPECIAL COSTS

      Subject to CLAUSE 18 (Enforcement and Subordination), the Sixth Issuer
      shall forthwith on demand pay the Sixth Issuer Liquidity Facility Provider
      the amount of all costs and expenses (including reasonable legal fees)
      incurred by it in connection with:

      (a)   the negotiation, preparation, printing and execution of:

            (i)   this Agreement and any other documents referred to in this
                  Agreement; and

            (ii)  any other Sixth Issuer Liquidity Document (other than a
                  Novation Certificate) executed after the date of this
                  Agreement;

      (b)   any amendment, waiver, consent or suspension of rights (or any
            proposal for any of the foregoing) requested by or on behalf of the
            Sixth Issuer or, in the case of CLAUSE 2.4 (Change of currency), the
            Sixth Issuer Liquidity Facility Provider and relating to a Sixth
            Issuer Liquidity Document or a document referred to in any Sixth
            Issuer Liquidity Document; and

      (c)   any other matter, not of an ordinary administrative nature, arising
            out of or in connection with a Sixth Issuer Liquidity Document.

19.2  ENFORCEMENT COSTS

      Subject to CLAUSE 18 (Enforcement and Subordination), the Sixth Issuer
      shall forthwith on demand pay to the Sixth Issuer Liquidity Facility
      Provider the amount of all costs and expenses (including legal fees)
      incurred by it:

      (a)   in connection with the enforcement of, or the preservation of any
            rights under, any Sixth Issuer Liquidity Document; or

      (b)   in investigating any possible Sixth Issuer Liquidity Facility Event
            of Default.

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                                       23

20.   STAMP DUTIES

      Subject to CLAUSE 18 (Enforcement and Subordination), the Sixth Issuer
      shall pay and forthwith on demand indemnify the Sixth Issuer Liquidity
      Facility Provider against any liability it incurs in respect of any stamp,
      registration and similar documentary tax which is or becomes payable in
      connection with the entry into, performance or enforcement of any Sixth
      Issuer Liquidity Document.

21.   INDEMNITIES

21.1  CURRENCY INDEMNITY

(a)   Subject to CLAUSE 18 (Enforcement and Subordination), if the Sixth Issuer
      Liquidity Facility Provider receives an amount in respect of the Sixth
      Issuer's liability under the Sixth Issuer Liquidity Documents or if that
      liability is converted into a claim, proof, judgment or order in a
      currency other than the currency (the "CONTRACTUAL CURRENCY") in which the
      amount is expressed to be payable under the relevant Sixth Issuer
      Liquidity Document:

      (i)   the Sixth Issuer shall indemnify the Sixth Issuer Liquidity Facility
            Provider as an independent obligation against any loss or liability
            arising out of or as a result of the conversion;

      (ii)  if the amount received by the Sixth Issuer Liquidity Facility
            Provider, when converted into the contractual currency at a market
            rate in the usual course of its business, is less than the amount
            owed in the contractual currency, the Sixth Issuer shall forthwith
            on demand pay to the Sixth Issuer Liquidity Facility Provider an
            amount in the contractual currency equal to the deficit; and

      (iii) the Sixth Issuer shall forthwith on demand pay to the Sixth Issuer
            Liquidity Facility Provider on demand any exchange costs and Taxes
            payable in connection with any such conversion.

(b)   The Sixth Issuer waives any right it may have in any jurisdiction to pay
      any amount under the Sixth Issuer Liquidity Documents in a currency other
      than that in which it is expressed to be payable.

21.2  OTHER INDEMNITIES

      Subject to CLAUSE 18 (Enforcement and Subordination), the Sixth Issuer
      shall forthwith on demand indemnify the Sixth Issuer Liquidity Facility
      Provider against any loss or liability which that Sixth Issuer Liquidity
      Facility Provider incurs as a consequence of:

      (a)   the operation of CLAUSE 16.6 (Acceleration) or if the loss or
            liability is caused by the Sixth Issuer making a payment other than
            in accordance with CLAUSE 9 (Payments);

      (b)   any payment of principal or an overdue amount being received from
            any source otherwise than on its Interest Payment Date and, for the
            purposes of this PARAGRAPH (B), the Interest Payment Date of an
            overdue amount is the last day of each Sixth Issuer Liquidity
            Facility Interest Period;

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                                       24

      (c)   (other than by reason of negligence or default by the Sixth Issuer
            Liquidity Facility Provider) a Sixth Issuer Liquidity Facility Loan
            not being made after the Sixth Issuer has delivered a Sixth Issuer
            Liquidity Facility Request for that Sixth Issuer Liquidity Facility
            Loan; or

      (d)   any reasonable costs, including legal fees, which the Sixth Issuer
            Liquidity Facility Provider, sustain or incurs as a consequence of
            any default by the Sixth Issuer in the performance of its
            obligations under this Agreement.

      The Sixth Issuer's liability in each case includes any loss of margin or
      other loss or expense on account of funds borrowed, contracted for or
      utilised to fund any amount payable under any Sixth Issuer Liquidity
      Document, any amount repaid or prepaid or any Sixth Issuer Liquidity
      Facility Loan.

22.   EVIDENCE AND CALCULATIONS

22.1  ACCOUNTS

      Accounts maintained by the Sixth Issuer Liquidity Facility Provider in
      connection with this Agreement are prima facie evidence of the matters to
      which they relate.

22.2  CERTIFICATES AND DETERMINATIONS

      Any certification or determination by the Sixth Issuer Liquidity Facility
      Provider of a rate or amount under this Agreement is, in the absence of
      manifest error, conclusive evidence of the matters to which it relates.

22.3  CALCULATIONS

      Interest (including any applicable Additional Percentage) and the fee
      payable under CLAUSE 17.1 (Commitment fee) accrue from day to day and are
      calculated on the basis of the actual number of days elapsed and a year of
      365 days or, if market practice dictates, 360 days.

23.   AMENDMENTS AND WAIVERS

23.1  PROCEDURE

      Any term of the Sixth Issuer Liquidity Documents may be amended or waived
      with the agreement of the Sixth Issuer, the Sixth Issuer Security Trustee
      and the Sixth Issuer Liquidity Facility Provider.

23.2  WAIVERS AND REMEDIES CUMULATIVE

      The rights of the Sixth Issuer Liquidity Facility Provider under the Sixth
      Issuer Liquidity Documents:

      (a)   may be exercised as often as necessary;

      (b)   are cumulative and not exclusive of its rights under the general
            law; and

      (c)   may be waived only in writing and specifically.

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                                       25

      Delay in exercising or non-exercise of any such right is not a waiver of
      that right.

24.   CHANGES TO THE PARTIES

24.1  TRANSFERS BY THE SIXTH ISSUER

      The Sixth Issuer may not assign, transfer, novate or dispose of any of, or
      any interest in, the Sixth Issuer Liquidity Facility Commitment and/or
      rights and/or obligations under this Agreement except that the Sixth
      Issuer may assign its rights under this Agreement to the Sixth Issuer
      Security Trustee pursuant to the Sixth Issuer Deed of Charge.

24.2  TRANSFER BY THE SIXTH ISSUER SECURITY TRUSTEE

      The Sixth Issuer Security Trustee may assign its rights under this
      Agreement to any successor security trustee under the Sixth Issuer Deed of
      Charge.

24.3  TRANSFERS BY THE SIXTH ISSUER CASH MANAGER

      The Sixth Issuer Cash Manager may assign its rights under this Agreement
      to any successor Sixth Issuer Cash Manager under the Sixth Issuer Cash
      Management Agreement.

24.4  TRANSFERS BY THE SIXTH ISSUER LIQUIDITY FACILITY PROVIDER

(a)   The Sixth Issuer Liquidity Facility Provider (the "EXISTING SIXTH ISSUER
      LIQUIDITY FACILITY PROVIDER") may, subject to PARAGRAPH (B) below, at any
      time assign, transfer or novate any of its rights and/or obligations under
      this Agreement to another Qualifying Bank with the Requisite Ratings (the
      "NEW SIXTH ISSUER LIQUIDITY FACILITY PROVIDER") provided that the current
      ratings of the Sixth Issuer Notes are not adversely affected thereby.

(b)   The prior consent of the Sixth Issuer and the Sixth Issuer Security
      Trustee is required for any such assignment, transfer or novation, unless
      a Sixth Issuer Liquidity Facility Event of Default is outstanding in which
      case no consent is required from the Sixth Issuer. However, the prior
      consent of the Sixth Issuer and the Sixth Issuer Security Trustee must not
      be unreasonably withheld or delayed and will be deemed to have been given
      if, within 14 days of receipt by the Sixth Issuer or the Sixth Issuer
      Security Trustee (as applicable) of an application for consent, it has not
      been expressly refused.

(c)   A transfer of obligations will be effective only if either:

      (i)   the obligations are novated in accordance with CLAUSE 24.5
            (Procedure for novations); or

      (ii)  the New Sixth Issuer Liquidity Facility Provider confirms to the
            Sixth Issuer Security Trustee and the Sixth Issuer that it
            undertakes to be bound by the terms of this Agreement (including,
            without limitation, the representations and warranties) to be made
            by it in accordance with CLAUSE 14.2 (Representations and warranties
            by the Sixth Issuer Liquidity Facility Provider) and the Sixth
            Issuer Deed of Charge. On the transfer becoming effective in this
            manner the Existing Sixth Issuer Liquidity Facility Provider shall
            be relieved of its obligations under this Agreement to the extent
            that they are transferred to the New Sixth Issuer Liquidity Facility
            Provider.

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                                       26

      (d)   Nothing in this Agreement restricts the ability of the Sixth Issuer
            Liquidity Facility Provider to sub-contract an obligation if the
            Sixth Issuer Liquidity Facility Provider remains primarily liable
            under this Agreement for that obligation.

      (e)   The Existing Sixth Issuer Liquidity Facility Provider is not
            responsible to a New Sixth Issuer Liquidity Facility Provider for:

            (i)   the execution, genuineness, validity, enforceability or
                  sufficiency of any Sixth Issuer Liquidity Document or any
                  other document;

            (ii)  the collectability of amounts payable under any Sixth Issuer
                  Liquidity Document; or

            (iii) the accuracy of any statements (whether written or oral) made
                  in or in connection with any Sixth Issuer Liquidity Document.

      (f)   The New Sixth Issuer Liquidity Facility Provider confirms to the
            Existing Sixth Issuer Liquidity Facility Provider and the other
            Finance Parties that it:

            (i)   has made its own independent investigation and assessment of
                  the financial condition and affairs of each of the Sixth
                  Issuer and its related entities in connection with its
                  participation in this Agreement and has not relied exclusively
                  on any information provided to it by the Existing Sixth Issuer
                  Liquidity Facility Provider in connection with any Sixth
                  Issuer Liquidity Document; and

            (ii)  will continue to make its own independent appraisal of the
                  creditworthiness of each of the Sixth Issuer and its related
                  entities while any amount is or may be outstanding under this
                  Agreement or any Sixth Issuer Liquidity Facility Commitment is
                  in force.

      (g)   Nothing in any Sixth Issuer Liquidity Document obliges the Existing
            Sixth Issuer Liquidity Facility Provider to:

            (i)   accept a re-transfer from a New Sixth Issuer Liquidity
                  Facility Provider of the Sixth Issuer Liquidity Facility
                  Commitment and/or rights and/or obligations assigned,
                  transferred or novated under this Clause; or

            (ii)  support any losses incurred by the New Sixth Issuer Liquidity
                  Facility Provider by reason of the non-performance by the
                  Sixth Issuer of its obligations under this Agreement or
                  otherwise.

      (h)   Any reference in this Agreement to the Sixth Issuer Liquidity
            Facility Provider includes a New Sixth Issuer Liquidity Facility
            Provider.

24.5  PROCEDURE FOR NOVATIONS

(a)   A novation is effected if:

      (i)   the Existing Sixth Issuer Liquidity Facility Provider and the New
            Sixth Issuer Liquidity Facility Provider deliver to the Sixth Issuer
            Security Trustee a duly completed certificate (a "NOVATION
            CERTIFICATE"), substantially in the form of SCHEDULE 4; and

      (ii)  the Sixth Issuer Security Trustee executes it.

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                                       27

(b)   To the extent that they are expressed to be the subject of the novation in
      the Novation Certificate:

      (i)   the Existing Sixth Issuer Liquidity Facility Provider and the other
            Parties (the "EXISTING PARTIES") will be released from their
            obligations to each other (the "DISCHARGED OBLIGATIONS");

      (ii)  the New Sixth Issuer Liquidity Facility Provider and the Existing
            Parties will assume obligations towards each other which differ from
            the Discharged Obligations only insofar as they are owed to or
            assumed by the New Sixth Issuer Liquidity Facility Provider instead
            of the Existing Sixth Issuer Liquidity Facility Provider;

      (iii) the rights of the Existing Sixth Issuer Liquidity Facility Provider
            against the Existing Parties and vice versa (the "DISCHARGED
            RIGHTS") will be cancelled; and

      (iv)  the New Sixth Issuer Liquidity Facility Provider and the Existing
            Parties will acquire rights against each other which differ from the
            Discharged Rights only insofar as they are exercisable by or against
            the New Sixth Issuer Liquidity Facility Provider instead of the
            Existing Sixth Issuer Liquidity Facility Provider,

      all on the date of execution of the Novation Certificate by the Sixth
      Issuer Security Trustee or, if later, the date specified in the Novation
      Certificate.

25.   DISCLOSURE OF INFORMATION

      The Sixth Issuer Liquidity Facility Provider may disclose to any person
      with whom it is proposing to enter, or has entered into, any kind of
      transfer, participation or other agreement in relation to this Agreement:

      (a)   a copy of any Sixth Issuer Liquidity Document; and

      (b)   any information which the Sixth Issuer Liquidity Facility Provider
            has acquired under or in connection with any Sixth Issuer Liquidity
            Document,

      if that person undertakes to the Sixth Issuer and the Sixth Issuer
      Security Trustee to keep the information confidential.

26.   SET-OFF

(a)   The Sixth Issuer Liquidity Facility Provider undertakes with the Sixth
      Issuer and the Sixth Issuer Security Trustee not to exercise or claim any
      right of set-off or combination or consolidation of accounts in respect of
      any account of the Sixth Issuer with the Sixth Issuer Liquidity Facility
      Provider and/or interest accruing on amounts in any such account or any
      part of such account in or towards, or conditionally upon satisfaction of
      any liabilities to the Sixth Issuer Liquidity Facility Provider of the
      Sixth Issuer or itself in any other capacity whatsoever or any other
      person.

(b)   In the event that the Sixth Issuer Liquidity Facility Provider (in breach
      of its undertaking in PARAGRAPH (A) above) exercises any right of set-off
      or combination or consolidation of accounts, the Sixth Issuer Liquidity
      Facility Provider shall pay to the Sixth Issuer such additional amount so
      that the net amount received by the Sixth Issuer will equal the full

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                                       28

      amount which would have been received by it if the Sixth Issuer Liquidity
      Facility Provider had not exercised or claimed such right of set-off or
      combination or consolidation of accounts.

27.   SEVERABILITY

      If a provision of any Sixth Issuer Liquidity Document is or becomes
      illegal, invalid or unenforceable in any jurisdiction, that shall not
      affect:

      (a)   the legality, validity or enforceability in that jurisdiction of any
            other provision of the Sixth Issuer Liquidity Documents; or

      (b)   the legality, validity or enforceability in other jurisdictions of
            that or any other provision of the Sixth Issuer Liquidity Documents.

28.   COUNTERPARTS

      This Agreement may be executed, manually or by facsimile, in any number of
      counterparts, and this has the same effect as if the signatures on the
      counterparts were on a single copy of this Agreement.

29.   NOTICES

29.1  GIVING OF NOTICES

      Any notice, communication or demand made under or in connection with this
      Deed shall be in writing and shall be delivered personally, or by post,
      fax or cable to the addresses given in CLAUSE 29.2 (Address) or at such
      other address as the recipient may have notified to the other party in
      writing. Proof of posting or despatch of any notice or communication shall
      be deemed to be proof of receipt:

      (a)   in the case of a letter, on the third Business Day after posting;
            and

      (b)   in the case of a facsimile on the Business Day of despatch.

29.2  ADDRESSES FOR NOTICES

      The addresses referred to in this CLAUSE 29 (Address) are as follows:

      (a)   in the case of the Sixth Issuer, to Holmes Financing (No. 6) PLC at
            Abbey National House, 2 Triton Square, Regents Place, London NW1 3AN
            (facsimile number (44) 20 7612 4442) for the attention of the
            Company Secretary with a copy to Abbey National plc, c/o Abbey House
            (AAM 126), 201 Grafton Gate East, Milton Keynes MK9 1AN (facsimile
            number (44) 1908 343 019) for the attention of the Securitisation
            Team, Business Relationship Management;

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                                       29

      (b)   in the case of the Sixth Issuer Cash Manager, to Abbey National plc
            at Abbey National House, 2 Triton Square, Regents Place, London NW1
            3AN (facsimile number (44) 20 7612 4442) for the attention of the
            Company Secretary with a copy to Abbey National plc, c/o Abbey House
            (AAM 126), 201 Grafton Gate East, Milton Keynes MK9 1AN (facsimile
            number (44) 1908 343 019) for the attention of the Securitisation
            Team, Business Relationship Management;

      (c)   in the case of the Sixth Issuer Security Trustee, to The Bank of New
            York, One Canada Square, London E14 5AL (facsimile number ___) for
            the attention of the ___; and

      (d)   in the case of the Sixth Issuer Liquidity Facility Provider, to ___
            (facsimile number (44) ___) for the attention of ___,

      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 29.

30.   THIRD PARTY RIGHTS

      The parties to this Agreement do not intend that any term of this
      Agreement should be enforced, by virtue of the Contracts (Rights of Third
      Parties) Act 1999, by any person who is not a party to this Agreement.

31.   GOVERNING LAW

      This Agreement is governed by English law.

32.   SUBMISSION TO JURISDICTION

      Each party to this Agreement hereby irrevocably submits to the
      non-exclusive jurisdiction of the English courts in any action or
      proceeding arising out of or relating to this Agreement, and hereby
      irrevocably agrees that all claims in respect of such action or proceeding
      may be heard and determined by such courts. Each party to this Agreement
      hereby irrevocably waives, to the fullest extent it may possibly do so,
      any defence or claim that the English courts are an inconvenient forum for
      the maintenance or hearing of such action or proceeding.

This Agreement has been entered into on the date stated at the beginning of this
Agreement.

<PAGE>

                                       30

                                   SCHEDULE 1

                         CONDITIONS PRECEDENT DOCUMENTS

1.    A copy of the memorandum and articles of association and certificate of
      incorporation of the Sixth Issuer.

2.    A copy of a resolution of the board of directors of the Sixth Issuer:

      (a)   approving the terms of, and the transactions contemplated by, this
            Agreement and resolving that it execute this Agreement;

      (b)   authorising a specified person or persons to execute this Agreement
            on its behalf; and

      (c)   authorising a specified person or persons, on its behalf, to sign
            and/or despatch all other documents and notices to be signed and/or
            despatched by it under or in connection with this Agreement.

3.    A specimen of the signature of each person authorised by the resolution
      referred to in PARAGRAPH 2 above.

4.    A certificate of an authorised signatory of the Sixth Issuer certifying
      that each copy document specified in this Schedule 1 is correct, complete
      and in full force and effect as at a date no earlier than the date of this
      Agreement.

5.    The Transaction Documents.

6.    Legal opinion of Allen & Overy as to security granted under the Sixth
      Issuer Deed of Charge.

7.    Confirmation from one of the Managers that the Sixth Issuer Notes have
      been issued on the Sixth Issuer Closing Date.

<PAGE>

                                       31

                                   SCHEDULE 2

                    CALCULATION OF THE ADDITIONAL PERCENTAGE

(a)   For the purposes of PARAGRAPH (A) of the definition of Additional
      Percentage, the Additional Percentage for a Sixth Issuer Liquidity
      Facility Loan for its Sixth Issuer Liquidity Facility Interest Period is
      the rate determined by the Sixth Issuer Liquidity Facility Provider
      (rounded upward, if necessary, to four decimal places) calculated in
      accordance with the following formula:

      BY+S(Y-Z)+Fx(0.01)
      ------------------% per annum = Additional Percentage
          100-(B+S)

      where on the day of application of the formula:

      B     is the percentage of the Sixth Issuer Liquidity Facility Provider's
            eligible liabilities (in excess of any stated minimum) which the
            Bank of England requires the Sixth Issuer Liquidity Facility
            Provider to hold on a non-interest-bearing deposit account in
            accordance with its cash ratio requirements;

      Y     is the applicable LIBOR for that Sixth Issuer Liquidity Facility
            Provider;

      S     is the percentage of the Sixth Issuer Liquidity Facility Provider's
            eligible liabilities which the Bank of England requires the Sixth
            Issuer Liquidity Facility Provider to place as a special deposit;

      Z     is the lower of Y and the interest rate per annum paid by the Bank
            of England on special deposits; and

      F     is the amount expressed in pounds per (pound)1 million of the tariff
            base of the Sixth Issuer Liquidity Facility Provider payable under
            the Fees Rules to the Financial Services Authority per annum (but,
            for this purpose, calculated by the Sixth Issuer Liquidity Facility
            Provider on a notional basis as being the average of the fee tariffs
            within fee-block Category A1 (Deposit acceptors) of the Fees Rules
            applicable to the Sixth Issuer Liquidity Facility Provider, applying
            any applicable discount and disregarding any minimum fee payable
            under the Fees Rules).

(b)   For the purposes of this Schedule 2:

      (i)   "ELIGIBLE LIABILITIES" and "SPECIAL DEPOSITS" have the meanings
            given to them at the time of application of the formula by the Bank
            of England;

      (ii)  "TARIFF BASE" has the meaning given to it in the Fees Rules; and

      (iii) "FEES RULES" means the then current rules on periodic fees in the
            Supervision Manual of the FSA Handbook.

(c)   In the application of the formula, B, Y, S and Z are included in the
      formula as figures and not as percentages, e.g. if B = 0.5% and Y = 15%,
      BY is calculated as 0.5 x 15.

<PAGE>

                                       32

(d)   (i)   Each formula is applied on the first day of the relevant Sixth
            Issuer Liquidity Facility Interest Period.

      (ii)  Each rate calculated in accordance with the formula is, if
            necessary, rounded upward to four decimal places.

      (iii) If the formula produces a negative percentage, the percentage shall
            be taken as zero.

(e)   If the Sixth Issuer Liquidity Facility Provider determines that:

      (a)   any change in law or regulation, or

      (b)   any requirement by the Bank of England or the Financial Services
            Authority (or, in any case, any successor authority); or

      (c)   a change in circumstances,

      has rendered, or will render, the formula inappropriate, the Sixth Issuer
      Liquidity Facility Provider shall notify the Sixth Issuer of the manner in
      which the Additional Percentage will subsequently be calculated. The
      manner of calculation so notified by the Sixth Issuer Liquidity Facility
      Provider shall, in the absence of manifest error, be binding on all the
      Parties.

<PAGE>

                                       33

                                   SCHEDULE 3

                 FORM OF SIXTH ISSUER LIQUIDITY FACILITY REQUEST

To:   ___ as Sixth Issuer Liquidity Facility Provider

Copy: The Bank of New York as Sixth Issuer Security Trustee

From:
                                                              Date: [_________]

                          HOLMES FINANCING (NO. 6) PLC
          (POUND)[25,000,000] SIXTH ISSUER LIQUIDITY FACILITY AGREEMENT
                            DATED ___ NOVEMBER, 2002

1.    We wish to borrow a Sixth Issuer Liquidity [Facility Drawing/Facility
      Stand-by Drawing] as follows:

      (a)   Sixth Issuer Liquidity Facility Drawdown Date: [________]

      (b)   [Sixth Issuer Liquidity Facility/Sixth Issuer Liquidity Facility
            Stand-by Facility]*

      (c)   Amount: (pound)[_________]

      (d)   Payment Instructions: [________].**

2.    We confirm that each condition specified in Clause 4.2 (Further conditions
      precedent) is satisfied on the date of this Sixth Issuer Liquidity
      Facility Request.

3.    We confirm that the Sixth Issuer Liquidity Facility Drawing is to be used
      for one of the purposes specified in Clause 3 (Purpose).

By:

HOLMES FINANCING (NO. 6) PLC
Authorised Signatory

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

*  delete as applicable

** This will be the Liquidity Facility Stand-by Account if this is a Liquidity
   Facility Stand-by Drawing.

<PAGE>

                                       34

                                   SCHEDULE 4

                          FORM OF NOVATION CERTIFICATE

To:   ___ as Sixth Issuer Liquidity Facility Provider
      The Bank of New York as Sixth Issuer Security Trustee

From: [THE EXISTING SIXTH ISSUER LIQUIDITY FACILITY PROVIDER] and
      [THE NEW SIXTH ISSUER LIQUIDITY FACILITY PROVIDER] Date: [_________]

                          HOLMES FINANCING (NO. 6) PLC
          (POUND)[25,000,000] SIXTH ISSUER LIQUIDITY FACILITY AGREEMENT
                            DATED ___ NOVEMBER, 2002

We refer to CLAUSE 24.5 (Procedure for novations).

1.    We ___ (the "EXISTING SIXTH ISSUER LIQUIDITY FACILITY PROVIDER") and
      [________] (the "NEW SIXTH ISSUER LIQUIDITY FACILITY PROVIDER") agree to
      the Existing Sixth Issuer Liquidity Facility Provider and the New Sixth
      Issuer Liquidity Facility Provider novating all the Existing Sixth Issuer
      Liquidity Facility Provider's SIXTH ISSUER LIQUIDITY Facility Commitment
      (or part) and/or rights and obligations referred to in the Schedule in
      accordance with CLAUSE 24.5 (Procedure for novations).

2.    The specified date for the purposes of CLAUSE 24.5(B) (Procedure for
      novations) is [date of novation].

3.    The New Sixth Issuer Liquidity Facility Provider makes the representations
      and warranties to be made by it in accordance with CLAUSE 14
      (Representations and warranties) as at [date of novation].

4.    The address for notices of the New Sixth Issuer Liquidity Facility
      Provider for the purposes of CLAUSE 29.2 (Addresses for notices) is set
      out in the Schedule.

5.    This Novation Certificate is governed by English law.

<PAGE>

                                       35

                                  THE SCHEDULE

      SIXTH ISSUER LIQUIDITY FACILITY COMMITMENT AND RIGHTS AND OBLIGATIONS
                                  TO BE NOVATED

                                                      [insert relevant details]

[NEW SIXTH ISSUER LIQUIDITY FACILITY PROVIDER]

[Address for notices]

[Existing Sixth Issuer          [New Sixth Issuer Liquidity    [SIXTH ISSUER
Liquidity Facility Provider]    Facility Provider]             SECURITY TRUSTEE]

By:                             By:                            By:

Date:                           Date:                          Date:

<PAGE>

                                       36

                                   SIGNATORIES

SIXTH ISSUER

SIGNED for and behalf of            )
HOLMES FINANCING (NO. 6) PLC        )

SIXTH ISSUER LIQUIDITY FACILITY PROVIDER

SIGNED for and behalf of            )
___                                 )

SIXTH ISSUER CASH MANAGER

SIGNED for and behalf of            )
ABBEY NATIONAL PLC                  )

SIXTH ISSUER SECURITY TRUSTEE

SIGNED for and behalf of            )
THE BANK OF NEW YORK                )
                                    )

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