Document:

EXHIBIT 4.4

                             Dated 28 January 2004

                          GRANITE MORTGAGES 03-3 PLC

                               as Current Issuer

                             THE BANK OF NEW YORK

                                as Note Trustee

                                    - and -

                                    OTHERS

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

                             ISSUER DEED OF CHARGE

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

                          SIDLEY AUSTIN BROWN & WOOD
                             1 THREADNEEDLE STREET
                                LONDON EC2R 8AW
                            TELEPHONE 020 7360 3600
                            FACSIMILE 020 7626 7937

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                                                    CONTENTS

<S>      <C>                                                                                                 <C>
1.       Interpretation.......................................................................................2

2.       Covenant to Pay and to Perform.......................................................................3

3.       Current Issuer Security..............................................................................4

4.       Release of Current Issuer Charged Property...........................................................9

5.       Declaration of Trust................................................................................10

6.       Restrictions on Exercise of Certain Rights..........................................................10

7.       Enforcement.........................................................................................14

8.       Upon Enforcement....................................................................................16

9.       Receiver............................................................................................19

10.      Further Assurance and Power of Attorney.............................................................23

11.      Crystallisation.....................................................................................24

12.      Provisions relating to the Security.................................................................25

13.      Protection of Third Parties.........................................................................27

14.      Set-Off.............................................................................................27

15.      Representations and Covenants.......................................................................28

16.      Note Trustee Provisions.............................................................................32

17.      Modification and Waiver.............................................................................33

18.      Miscellaneous Provisions............................................................................35

19.      Rights cumulative...................................................................................35

20.      Assignment..........................................................................................36

21.      Non Petition Covenant; Corporate Obligations........................................................36

22.      Notices.............................................................................................36

23.      Third Party Rights..................................................................................38

24.      Execution in Counterparts; Severability.............................................................38

25.      Governing Law and Jurisdiction; Appropriate Forum...................................................38

SCHEDULE 1...................................................................................................42

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SCHEDULE 2...................................................................................................45

SCHEDULE 3...................................................................................................50

EXECUTION PAGE...............................................................................................39

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THIS DEED OF CHARGE is made on 28 January 2004

BETWEEN:

(1)    GRANITE MORTGAGES 03-3 PLC (registered number 4959572) a public limited
       company incorporated under the laws of England and Wales whose
       registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX
       as Current Issuer;

(2)    THE BANK OF NEW YORK, a New York banking corporation whose London
       branch address is at 48th Floor, One Canada Square, London E14 5AL,
       United Kingdom, in its capacity as Note Trustee;

(3)    CITIBANK, N.A., acting through its office at 5 Carmelite Street, London
       EC4Y 0PA, in its capacity as Principal Paying Agent;

(4)    CITIBANK, N.A., acting through its office at 5 Carmelite Street, London
       EC4Y 0PA, in its capacity as Agent Bank;

(5)    CITIBANK, N.A., acting through its office at 5 Carmelite Street, London
       EC4Y 0PA, in its capacity as Registrar;

(6)    CITIBANK, N.A., acting through its office at 5 Carmelite Street, London
       EC4Y 0PA, in its capacity as Transfer Agent;

(7)    CITIBANK, N.A., acting through its office at 5 Carmelite Street, London
       EC4Y 0PA, in its capacity as Account Bank;

(8)    CITIBANK, N.A., acting through its office at 111 Wall Street, 14th
       Floor, Zone 3, New York, N.Y. 10043, U.S.A., in its capacity as US
       Paying Agent;

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

(10)   NORTHERN ROCK PLC (registered number 03273685) a public limited company
       incorporated under the laws of England and Wales whose registered
       office is at Northern Rock House, Gosforth, Newcastle upon Tyne NE3
       4PL, in its capacity as Basis Rate Swap Provider;

(11)   SWISS RE FINANCIAL PRODUCTS CORPORATION acting through its office at 55
       East 52nd Street, 39th Floor, New York, New York 10055, USA, in its
       capacity as Dollar Currency Swap Provider in respect of the Series 1
       Notes;

(12)   BANQUE AIG acting through its London branch at 5th Floor, One Curzon
       Street, London W1J 5RT in its capacity as Dollar Currency Swap Provider
       in respect of the Series 2 Class A1 Notes;

(13)   CITIBANK, N.A. acting through its London branch at Citigroup Centre,
       Canada Square, Canary Wharf, London E14 5LB, in its capacity as Euro
       Currency Swap Provider;

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(14)   LAW DEBENTURE CORPORATE SERVICES LIMITED (registered number 3388362) a
       private limited company incorporated under the laws of England and
       Wales whose registered office is at Fifth Floor, 100 Wood Street,
       London EC2V 7EX as the Corporate Services Provider.

WHEREAS:

(A)    This Deed secures and will secure, inter alia, the Current Issuer
       Secured Obligations.

(B)    The Current Issuer will on the date of this Current Issuer Deed of
       Charge issue the Current Issuer Notes pursuant to the Current Issuer
       Trust Deed.

(C)    The Paying Agents, the Agent Bank, the Registrar and the Transfer Agent
       have agreed to provide certain agency services on behalf of the Current
       Issuer for the benefit of the Noteholders on the terms set out in the
       Current Issuer Paying Agent and Agent Bank Agreement.

(D)    The Current Issuer Cash Manager has agreed to act as cash manager and
       to provide certain administration and cash management services to the
       Current Issuer on the terms set out in the Current Issuer Cash
       Management Agreement.

(E)    The Account Bank has agreed to provide certain bank account services to
       the Current Issuer on the terms set out in the Current Issuer Bank
       Account Agreement.

(F)    The Dollar Currency Swap Provider has agreed to enter into
       dollar/sterling currency swaps with the Current Issuer in relation to
       Dollar Notes on the terms set out in the Current Issuer Dollar Currency
       Swap Agreements.

(G)    The Euro Currency Swap Provider has agreed to enter into euro/sterling
       currency swaps with the Current Issuer in relation to the Euro Notes on
       the terms set out in the Current Issuer Euro Currency Swap Agreements.

(H)    The Basis Rate Swap Provider has agreed to enter into an interest rate
       swap with the Current Issuer on the terms set out in the Current Issuer
       Basis Rate Swap Agreement.

(I)    The Corporate Services Provider has agreed to act as corporate services
       provider to, inter alios, the Current Issuer on the terms set out in
       the Current Issuer Corporate Services Agreement.

(J)    This Current Issuer Deed of Charge is supplemental to the Current
       Issuer Trust Deed of even date herewith and made between the Current
       Issuer and the Note Trustee relating to the issuance of the Current
       Issuer Notes.

NOW THIS DEED WITNESSES AS FOLLOWS:

1.     Interpretation

1.1    Definitions: The provisions of:

       (a)  the Master Definitions Schedule as amended and restated by (and
            appearing as Appendix 1 to) the Master Definitions Schedule
            Seventh Amendment Deed

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            made on 26 January 2004 between, among others, the Seller, Funding
            and the Mortgages Trustee, and

       (b)  the Issuer Master Definitions Schedule signed for the purposes of
            identification by Sidley Austin Brown & Wood and Allen & Overy on
            28 January 2004,

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

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

1.2    Construction: In this Current Issuer Deed of Charge, except where the
       context otherwise requires:

       (a)  the terms of the Current Issuer Trust Deed and of any agreement in
            existence at the date hereof between the parties hereto are
            incorporated in this Current Issuer Deed of Charge but (unless
            otherwise expressly provided for herein) only to the extent
            required to ensure that any proposed disposition of the Current
            Issuer Charged Property contained in this Current Issuer Deed of
            Charge is a valid disposition in accordance with Section 2(1) of
            the Law of Property (Miscellaneous Provisions) Act 1989;

       (b)  a reference in this Current Issuer Deed of Charge to any property,
            assets, undertakings or rights includes, unless the context
            otherwise requires, present and future property, assets,
            undertakings or rights; and

       (c)  "this Current Issuer Deed of Charge" means this Current Issuer
            Deed of Charge and all the Schedules hereto (as from time to time
            modified and/or supplemented in accordance with the provisions set
            out herein) and each other document or deed entered into pursuant
            hereto (as from time to time modified/and or supplemented as
            aforesaid) and expressed to be supplemental hereto.

2.     Covenant to Pay and to Perform

       Subject to the provisions of the Current Issuer Transaction Documents
       (including, in the case of the Current Issuer Notes, to Clause 2
       (Covenant to Repay etc.) of the Current Issuer Trust Deed), the Current
       Issuer covenants with and undertakes to the Note Trustee for itself and
       as trustee for the Current Issuer Secured Creditors that it will:

       (a)  duly and punctually pay and discharge all monies and liabilities
            whatsoever which now are or at any time hereafter may (whether
            before or after demand) become due and payable by the Current
            Issuer to the Note Trustee (whether for its own account or as
            trustee for the Current Issuer Secured Creditors) or to any of the
            other Current Issuer Secured Creditors, whether actually or
            contingently, under this Current Issuer Deed of Charge and/or any
            of the other

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            Current Issuer Transaction Documents (including without limitation
            the Current Issuer Notes); and

       (b)  observe, perform and satisfy all its other obligations and
            liabilities under this Current Issuer Deed of Charge and/or any of
            the other Current Issuer Transaction Documents (including without
            limitation the Current Issuer Notes),

       PROVIDED THAT every payment in respect of any Current Issuer
       Transaction Document made to the relevant Current Issuer Secured
       Creditor in the manner provided in such Current Issuer Transaction
       Document shall operate in satisfaction pro tanto of the relative
       covenant and undertaking by the Current Issuer in this Clause 2
       (Covenant to Pay and Perform).

3.     Current Issuer Security

3.1    Funding Charged Property:

       (a)  The Current Issuer, by way of first fixed security for the payment
            or discharge of the Current Issuer Secured Obligations, subject to
            Clause 4 (Release of Current Issuer Charged Property), hereby
            assigns to the Note Trustee, save to the extent that any of the
            Current Issuer's rights and claims in respect thereof derive from
            property which is situated in Jersey at any relevant time, all of
            its right, title, benefit and interest and all claims, present and
            future, in and to, the security and all property, assets and
            rights and claims held on trust by the Security Trustee for the
            payment or discharge of the relevant Funding Secured Obligations
            pursuant to the Funding Deed of Charge including all rights to
            receive payment of any amount which may become payable to the
            Current Issuer thereunder and all rights to serve notices and/or
            make demands thereunder and/or to take such steps as are required
            to cause payments to become due and payable thereunder and all
            rights of action in respect of any breach thereof and all rights
            to receive damages or obtain relief in respect thereof and the
            proceeds of any of the foregoing, TO HOLD the same unto the Note
            Trustee absolutely; and

       (b)  To the intent that the Note Trustee shall have a security interest
            in accordance with the Security Interests (Jersey) Law 1983 (the
            "Jersey Security Law") (and as secured party for the purposes of
            such law) for payment or discharge of the Current Issuer Secured
            Obligations, subject to Clause 4 (Release of Current Issuer
            Charged Property), the Current Issuer (as debtor for the purposes
            of the Jersey Security Law) hereby assigns to the extent that the
            same may be situate in Jersey at any relevant time to the Note
            Trustee all of its right, title, benefit and interest and all
            claims, present and future, in and to, the security and all
            property, assets and rights and claims held on trust by the
            Security Trustee for the payment or discharge of the relevant
            Funding Secured Obligations pursuant to the Funding Deed of Charge
            including all rights to receive payment of any amount which may
            become payable to the Current Issuer thereunder and all rights to
            serve notices and/or make demands thereunder and/or to take such
            steps as are required to cause payments to become due and payable
            thereunder and all rights of action in respect of any breach
            thereof and all rights to receive damages or obtain relief in
            respect thereof and the

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            proceeds of any of the foregoing, TO HOLD the same unto the Note
            Trustee absolutely.

3.2    Contractual rights:

       (a)  The Current Issuer, by way of first fixed security for the payment
            or discharge of the Current Issuer Secured Obligations, subject to
            Clause 4 (Release of Current Issuer Charged Property), hereby
            assigns to the Note Trustee, save to the extent that any of the
            Current Issuer's rights and claims in respect thereof derive from
            property which is situated in Jersey at any relevant time, all of
            its right, title, benefit and interest, present and future, in, to
            and under:

            (i)    the Current Issuer Intercompany Loan Agreement;

            (ii)   (to the extent not assigned pursuant to Clause 3.1(a)) the
                   Funding Deed of Charge (including, for the avoidance of
                   doubt, the Current Issuer Deed of Accession);

            (iii)  the Current Issuer Swap Agreements;

            (iv)   the Current Issuer Bank Account Agreement;

            (v)    the Current Issuer Cash Management Agreement;

            (vi)   the Current Issuer Paying Agent and Agent Bank Agreement;

            (vii)  the Current Issuer Trust Deed;

            (viii) the Current Issuer Notes;

            (ix)   the Current Issuer Underwriting Agreement;

            (x)    the Current Issuer Subscription Agreement;

            (xi)   the Current Issuer Post-Enforcement Call Option Agreement;

            (xii)  the Current Issuer Corporate Services Agreement;

            (xiii) any Swap Collateral Ancillary Document; and

            (xiv)  each other Current Issuer Transaction Document (other than
                   this Current Issuer Deed of Charge) entered into or to be
                   entered into by the Current Issuer pursuant to or in
                   connection with any of the documents set out in paragraphs
                   (i) through (xii) above (including any agreement entered
                   into by the Current Issuer as a replacement of any of the
                   above agreements upon the termination of such agreement),

            including, without limitation, all rights to receive payment of
            any amounts which may become payable to the Current Issuer
            thereunder and all payments received by the Current Issuer
            thereunder including, without limitation, all rights to serve
            notices and/or make demands thereunder and/or to take such steps
            as are required to cause payments to become due and payable
            thereunder

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            and all rights of action in respect of any breach thereof and all
            rights to receive damages or obtain relief in respect thereof and
            the proceeds of any of the foregoing, TO HOLD the same unto the
            Note Trustee absolutely.

       (b)  To the intent that the Note Trustee shall have a security interest
            in accordance with the Jersey Security Law (and as secured party
            for the purposes of such law) for payment or discharge of the
            Current Issuer Secured Obligations, subject to Clause 4 (Release
            of Current Issuer Charged Property), the Current Issuer (as debtor
            for the purposes of the Jersey Security Law) hereby assigns to the
            extent that the same may be situate in Jersey at any relevant time
            to the Note Trustee all of its right, title, benefit and interest,
            present and future, in, to and under:

            (i)    the Current Issuer Intercompany Loan Agreement;

            (ii)   (to the extent not assigned pursuant to Clause 3.1(a)) the
                   Funding Deed of Charge (including, for the avoidance of
                   doubt, the Current Issuer Deed of Accession);

            (iii)  the Current Issuer Swap Agreements;

            (iv)   the Current Issuer Bank Account Agreement;

            (v)    the Current Issuer Cash Management Agreement;

            (vi)   the Current Issuer Paying Agent and Agent Bank Agreement;

            (vii)  the Current Issuer Trust Deed;

            (viii) the Current Issuer Notes;

            (ix)   the Current Issuer Underwriting Agreement;

            (x)    the Current Issuer Subscription Agreement;

            (xi)   the Current Issuer Post-Enforcement Call Option Agreement;

            (xii)  the Current Issuer Corporate Services Agreement;

            (xiii) any Swap Collateral Ancillary Document; and

            (xiv)  each other Current Issuer Transaction Document (other than
                   this Current Issuer Deed of Charge) entered into or to be
                   entered into by the Current Issuer pursuant to or in
                   connection with any of the documents set out in paragraphs
                   (i) through (xii) above (including any agreement entered
                   into by the Current Issuer as a replacement of any of the
                   above agreements upon the termination of such agreement),

            including, without limitation, all rights to receive payment of
            any amounts which may become payable to the Current Issuer
            thereunder and all payments received by the Current Issuer
            thereunder including, without limitation, all rights to serve
            notices and/or make demands thereunder and/or to take such

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            steps as are required to cause payments to become due and payable
            thereunder and all rights of action in respect of any breach
            thereof and all rights to receive damages or obtain relief in
            respect thereof and the proceeds of any of the foregoing, TO HOLD
            the same unto the Note Trustee absolutely.

3.3    Accounts: The Current Issuer, by way of first fixed security for the
       payment or discharge of the Current Issuer Secured Obligations, subject
       to Clause 4 (Release of Current Issuer Charged Property), hereby
       assigns in favour of the Note Trustee all of its rights, title, benefit
       and interest, present and future, in and to:

       (a)  the Current Issuer Transaction Accounts;

       (b)  any Swap Collateral Accounts; and

       (c)  each other account (if any) in which the Current Issuer may at any
            time have or acquire any right, title, benefit or interest,

       and all monies or securities now or at any time hereafter standing to
       the credit thereof and the debts represented by them together with all
       rights and claims relating or attached thereto including, without
       limitation, the right to interest or other income or distributions and
       the proceeds of any of the foregoing, TO HOLD the same unto the Note
       Trustee absolutely.

3.4    Authorised Investments and Swap Collateral: The Current Issuer, by way
       of first fixed charge for the payment or discharge of the Current
       Issuer Secured Obligations, subject to Clause 4 (Release of Current
       Issuer Charged Property), hereby charges in favour of the Note Trustee
       all of its right, title, benefit and interest, present and future in,
       to and under:

       (a)  any Authorised Investment purchased using monies standing to the
            credit of any Current Issuer Bank Account; and

       (b)  any Swap Collateral in the form of securities,

       for the time being owned by it and all rights in respect of or
       ancillary to such Authorised Investments and such Swap Collateral,
       including the right to income and distributions and the proceeds of any
       of the foregoing, TO HOLD the same unto the Note Trustee absolutely.

3.5    Floating Charge: The Current Issuer, by way of first floating charge
       for the payment or discharge of the Current Issuer Secured Obligations,
       subject to Clause 4 (Release of Current Issuer Charged Property),
       hereby charges in favour of the Note Trustee the whole of its
       undertaking and all its property, assets and rights, whatsoever and
       wheresoever, both present and future, including without limitation its
       uncalled capital, other than any property or assets for the time being
       the subject of a fixed charge or effectively assigned pursuant to any
       of the foregoing provisions of this Clause 3 (Current Issuer Security).

3.6    Title Guarantee: Each of the dispositions of, assignments of and
       charges over property effected in or pursuant to this Clause 3 (Current
       Issuer Security) is made with full title guarantee.

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3.7    Further Acquired Items: For the avoidance of doubt, it is hereby
       confirmed that the Security Interests (including the Jersey Security
       Interests) created under or pursuant to Clauses 3.1 (Funding Charged
       Property) to Clause 3.4 (Authorised Investments and Swap Collateral)
       (inclusive) are intended to be specific and fixed assignments, or
       specific and fixed charges over (as the case may be) the property and
       assets to which they relate, both present and future, including
       property and assets which are acquired after the date hereof.

3.8    No Transfer of Obligations: Notwithstanding anything else in this
       Current Issuer Deed of Charge, it is hereby agreed that dispositions of
       property effected in or pursuant to this Clause 3 (Current Issuer
       Security) do not transfer obligations, and nothing herein shall be
       construed as a transfer of obligations to, the Note Trustee.

3.9    Notice and Acknowledgement:

       (a)  The execution of this Current Issuer Deed of Charge by any Current
            Issuer Secured Creditor shall constitute express notice to such
            Current Issuer Secured Creditor of the assignments, charges and
            Security Interests (including the Jersey Security Interests) made
            by the Current Issuer pursuant to this Clause 3 (Current Issuer
            Security).

       (b)  By its execution of this Current Issuer Deed of Charge each
            Current Issuer Secured Creditor acknowledges and consents to the
            assignments, charges and Security Interests (including the Jersey
            Security Interests) made or granted by the Current Issuer under
            this Clause 3 (Current Issuer Security) and also acknowledges that
            as at the date hereof it has not received from any other person
            notice of any assignment or charge of any property the subject of
            such Security Interests.

       (c)  Notwithstanding the assignments, charges and Security Interests
            granted under or pursuant to this Clause 3 (Current Issuer
            Security) and subject as provided otherwise in this Current Issuer
            Deed of Charge, each of the parties hereto acknowledges that:

            (i)    each Current Issuer Secured Creditor and each other party
                   to any Current Issuer Transaction Document may continue to
                   make all payments becoming due to the Current Issuer under
                   any Current Issuer Transaction Document in the manner
                   envisaged by such Current Issuer Transaction Document until
                   the receipt of written notice from the Note Trustee or any
                   Receiver requiring payments to be made otherwise; and

            (ii)   until the Current Issuer Security becomes enforceable in
                   accordance with Clause 7.2 (Enforceable), the Current
                   Issuer shall be entitled to exercise its rights, powers and
                   discretions and perform its obligations in relation to the
                   Current Issuer Charged Property and under the Current
                   Issuer Transaction Documents in accordance with the
                   provisions of the Current Issuer Transaction Documents.

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3.10   Note Trustee's Discretion in relation to Current Issuer Charged
       Property:

       Without prejudice to any other rights of the Note Trustee after the
       security created under this Current Issuer Deed of Charge has become
       enforceable and subject to the terms of the Current Issuer Transaction
       Documents, the Note Trustee may from time to time at any time after any
       part or parts of the Current Issuer Security becomes enforceable:

       (a)  enter into, make, execute, sign, deliver and do all such
            contracts, agreements, deeds, receipts, payments, assignments,
            transfers, conveyances, assurances and things and bring,
            prosecute, enforce, defend and abandon all such actions, suits and
            proceedings in relation to the Current Issuer Charged Property as
            it may think expedient;

       (b)  exercise or refrain from exercising, in such manner as in its
            absolute discretion the Note Trustee shall think fit, all or any
            of the rights, powers, authorities, discretions or remedies of the
            Current Issuer under or in relation to the Current Issuer Charged
            Property or incidental to the ownership thereof and, in particular
            but without limiting the generality of the foregoing, exercise all
            rights to vote or to give any consent or notification or make any
            declaration in relation to such Current Issuer Charged Property.
            For the avoidance of doubt, the Note Trustee shall not be required
            to have regard to the interests of the Current Issuer in the
            exercise or non-exercise of any such rights, powers, authorities,
            discretions and remedies or to comply with any direction given by
            the Current Issuer in relation thereto; and

       (c)  demand, sue for and take any advice or institute any proceedings
            to recover or obtain payment of any amounts which may then be due
            and payable to the Current Issuer but which remains unpaid under
            or in respect of the Current Issuer Charged Property or any part
            thereof either in its own name or in the name of the Current
            Issuer.

4.     Release of Current Issuer Charged Property

4.1    Release, Reassignment or Discharge: Upon the irrevocable and
       unconditional payment in full or discharge (or any combination of the
       foregoing) of all the Current Issuer Secured Obligations and upon the
       Note Trustee being satisfied that the Current Issuer is under no
       further actual or contingent obligation under this Current Issuer Deed
       of Charge or any other Current Issuer Transaction Document, the Note
       Trustee shall, at the request and cost of the Current Issuer, release,
       reassign and/or discharge from the Security Interests (including the
       Jersey Security Interests) all of the Current Issuer Charged Property
       to, or to the order of, the Current Issuer; provided that where any
       such release, re-assignment or discharge is made in whole or in part on
       the faith of any payment, security or other disposition which is
       avoided or which must be repaid on bankruptcy, liquidation or
       otherwise, the security constituted by this Current Issuer Deed of
       Charge and the liability of the Current Issuer hereunder shall continue
       as if there had been no such release, re-assignment or discharge.

4.2    Disposal of Authorised Investments and Swap Collateral: On the making
       at any time by the Current Issuer Cash Manager on behalf of the Current
       Issuer of a disposal of any Authorised Investment or Swap Collateral in
       the form of securities charged

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       pursuant to Clause 3.4 (Authorised Investments and Swap Collateral),
       the Note Trustee shall, if so requested by and at the sole cost and
       expense of the Current Issuer, but without the Note Trustee being
       responsible for any loss, costs, claims or liabilities whatsoever
       occasioned by so acting upon such request, release, reassign or
       discharge from the Security Interests constituted by or pursuant to
       this Current Issuer Deed of Charge the relevant Authorised Investments
       or Swap Collateral, provided that in the case of a disposal of an
       Authorised Investment, the proceeds of such disposal are paid by the
       Current Issuer into the Current Issuer Bank Accounts from which the
       monies to make such Authorised Investment were originally drawn and,
       that in the case of Swap Collateral, the proceeds of such disposal are
       paid by the Current Issuer into the relevant Swap Collateral Cash
       Account or Current Issuer Bank Account (as appropriate in accordance
       with the Cash Management Agreement) subject to and in accordance with
       the provisions of this Current Issuer Deed of Charge and the Current
       Issuer Transaction Documents.

4.3    Withdrawals from Current Issuer Bank Accounts and Swap Collateral
       Accounts: Subject to and in accordance with this Current Issuer Deed of
       Charge and the other Current Issuer Transaction Documents, the Current
       Issuer Cash Manager, on behalf of the Current Issuer and the Note
       Trustee, is permitted pursuant to Clause 6 (Restrictions on Exercise of
       Certain Rights) from time to time to withdraw amounts from the Current
       Issuer Bank Accounts in order to apply such amounts in accordance with
       the relevant Current Issuer Priority of Payments and from time to time
       to withdraw amounts or securities from the Swap Collateral Accounts in
       order to apply such amounts or securities in accordance with the
       Current Issuer Cash Management Agreement. Any amount or securities so
       withdrawn shall be released from the Security Interests (including the
       Jersey Security Interests) created under this Current Issuer Deed of
       Charge provided that any amount withdrawn from the Current Issuer Bank
       Accounts is applied in accordance with and subject to the relevant
       Current Issuer Priority of Payments.

5.     Declaration of Trust

       Each of the Current Issuer Secured Creditors declares the Note Trustee
       as trustee of, and the Note Trustee hereby declares that it holds on
       trust for the Current Issuer Secured Creditors, upon and subject to the
       terms and conditions of this Current Issuer Deed of Charge, all of the
       covenants, undertakings and representations made to the Note Trustee
       under this Current Issuer Deed of Charge and any other Current Issuer
       Transaction Document and all of the charges, assignments, security and
       Security Interests made or given to the Note Trustee or to be made or
       given to it for the purpose of securing the Current Issuer Secured
       Obligations under or pursuant to this Current Issuer Deed of Charge or
       any other Current Issuer Transaction Document.

6.     Restrictions on Exercise of Certain Rights

6.1    Payments to Current Issuer Bank Accounts and Swap Collateral Accounts:
       At all times prior to the release, re-assignment and/or discharge of
       the Current Issuer Security pursuant to Clause 4 (Release of the
       Current Issuer Charged Property), the Current Issuer shall save as
       otherwise provided in the Current Issuer Transaction Documents or
       unless the Note Trustee otherwise agrees in writing (and then only on
       such terms and in such manner as the Note Trustee may require) procure
       that:

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       (a)  the Current Issuer Bank Accounts shall from time to time be
            credited with all amounts (excluding Swap Collateral Excluded
            Amounts) received by the Current Issuer under or in respect of the
            Current Issuer Transaction Documents, including without limitation
            the following payments:

            (i)    amounts received by the Current Issuer from or on behalf of
                   Funding pursuant to the provisions of the Current Issuer
                   Intercompany Loan Agreement;

            (ii)   interest received on the Current Issuer Bank Accounts;

            (iii)  amounts received by the Current Issuer from the Basis Rate
                   Swap Provider under the Current Issuer Basis Rate Swap
                   Agreement and any Swap Collateral Available Revenue Amounts
                   and Swap Collateral Available Principal Amounts;

            (iv)   amounts received by the Current Issuer from the Dollar
                   Currency Swap Provider under the Current Issuer Dollar
                   Currency Swap Agreements and any Swap Collateral Available
                   Revenue Amounts and Swap Collateral Available Principal
                   Amounts;

            (v)    amounts received by the Current Issuer from the Euro
                   Currency Swap Provider under the Current Issuer Euro
                   Currency Swap Agreements and any Swap Collateral Available
                   Revenue Amounts and Swap Collateral Available Principal
                   Amounts;

            (vi)   income received by the Current Issuer in respect of the
                   proceeds of any Authorised Investments;

            (vii)  amounts received by the Current Issuer from the Security
                   Trustee or a Receiver following the service of an
                   Intercompany Loan Enforcement Notice;

            (viii) such other payments received by the Current Issuer as are,
                   or ought in accordance with this Current Issuer Deed of
                   Charge to be, comprised in the Current Issuer Charged
                   Property; and

       (b)  any Swap Collateral Accounts shall from time to time be credited
            with any Swap Collateral Excluded Amounts received by the Current
            Issuer pursuant to the relevant Current Issuer Swap Agreement.

6.2    No withdrawal from Current Issuer Bank Accounts and Swap Collateral
       Accounts: At all times during the subsistence of the Current Issuer
       Security, the Current Issuer shall not be entitled to withdraw or
       transfer from any Current Issuer Bank Account or Swap Collateral
       Account any monies or securities standing to the credit thereof or
       direct any payment to be made therefrom to any person save to the
       extent expressly permitted under this Current Issuer Deed of Charge
       without the Note Trustee's prior written consent.

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6.3    Permitted Withdrawals from Current Issuer Bank Accounts and Swap
       Collateral Accounts; Authorised Investments:

       (a)  The Current Issuer covenants with the Note Trustee that the
            amounts standing to the credit of the Current Issuer Bank Accounts
            and any Swap Collateral standing to the credit of a Swap
            Collateral Account may only be withdrawn in accordance with this
            Clause 6.3 or otherwise with the Note Trustee's prior written
            consent.

       (b)  On any day during an Interest Period prior to the security
            becoming enforceable pursuant to Clause 7.2 (Enforceable), the
            Current Issuer and the Note Trustee hereby authorise the Current
            Issuer Cash Manager to withdraw such monies from the Current
            Issuer Transaction Accounts as are to be applied on such date to
            meet any amounts then due and payable by the Current Issuer to
            third parties in accordance with item (C) of the Current Issuer
            Pre-Enforcement Revenue Priority of Payments provided that such
            monies are applied in making such payments on behalf of the
            Current Issuer. For the purpose of this paragraph (b), the
            remaining provisions of this Clause 6.3, Clause 6.4 (Current
            Issuer Pre-Enforcement Revenue Priority of Payments) and Clause
            6.5 (Current Issuer Pre-Enforcement Principal Priority of
            Payments), the Current Issuer Cash Manager shall be entitled to
            assume that the Current Issuer Security is not enforceable
            pursuant to Clause 7.2 (Enforceable) unless it has received notice
            from the Current Issuer or the Note Trustee or is otherwise aware
            that the Current Issuer Security has become so enforceable and
            shall not be liable to the Note Trustee, the Current Issuer or any
            other Current Issuer Secured Creditor for making payments based on
            this assumption.

       (c)  The Note Trustee hereby authorises the Current Issuer Cash
            Manager, prior to the security becoming enforceable pursuant to
            Clause 7.2 (Enforceable), to make withdrawals from:

            (i)    the relevant Current Issuer Bank Account for the purposes
                   of acquiring Authorised Investments provided that all
                   amounts received in respect of the Authorised Investments
                   (including earnings thereon) shall be deposited into the
                   relevant Current Issuer Bank Account from which they were
                   originally drawn; and

            (ii)   the relevant Swap Collateral Account for the purpose of (1)
                   transferring or paying Swap Collateral to a Current Issuer
                   Swap Provider pursuant to the terms of the relevant Current
                   Issuer Swap Agreement; or (2) transferring Swap Collateral
                   Available Revenue Amounts and/or Swap Collateral Available
                   Principal Amounts to the relevant Current Issuer
                   Transaction Account.

6.4    Current Issuer Pre-Enforcement Revenue Priority of Payments: On each
       Payment Date or Interest Payment Date, prior to the Current Issuer
       Security becoming enforceable pursuant to Clause 7.2 (Enforceable), the
       Note Trustee hereby authorises the Current Issuer or the Current Issuer
       Cash Manager in its place to withdraw Current Issuer Available Revenue
       Receipts standing to the credit of the Current Issuer Transaction
       Accounts and to apply such monies in accordance with the provisions and
       the order of priority of the Current Issuer Pre-Enforcement Revenue
       Priority of

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<PAGE>

       Payments (as the same may be amended or varied from time to time) as
       set out in Schedule 2 (Cash Management and Maintenance of Ledgers) to
       the Current Issuer Cash Management Agreement.

6.5    Current Issuer Pre-Enforcement Principal Priority of Payments: On each
       Payment Date prior to the Current Issuer Security becoming enforceable
       pursuant to Clause 7.2 (Enforceable), the Note Trustee hereby
       authorises the Current Issuer or the Current Issuer Cash Manager in its
       place to withdraw Current Issuer Available Principal Receipts standing
       to the credit of the Current Issuer Transaction Accounts and to apply
       such monies in accordance with the order of priority of the Current
       Issuer Pre-Enforcement Principal Priority of Payments (as the same may
       be amended or varied from time to time) as set out in Schedule 2 (Cash
       Management and Maintenance of Ledgers) to the Current Issuer Cash
       Management Agreement.

6.6    No Enforcement by Current Issuer Secured Creditors: Each of the Current
       Issuer Secured Creditors (other than the Note Trustee acting on behalf
       of the Noteholders and any Receiver) hereby agrees with the Current
       Issuer and the Note Trustee that:

       (a)  only the Note Trustee may enforce the security created in favour
            of the Note Trustee by this Current Issuer Deed of Charge in
            accordance with the provisions hereof;

       (b)  notwithstanding any other provision of this Current Issuer Deed of
            Charge or any other Current Issuer Transaction Document no sum due
            or owing to any Current Issuer Secured Creditor or to the Note
            Trustee (whether for itself or on behalf of the Current Issuer
            Secured Creditors) from or by the Current Issuer under this
            Current Issuer Deed of Charge or any other Current Issuer
            Transaction Document shall be payable by the Current Issuer except
            to the extent that the Current Issuer or (following enforcement of
            the Current Issuer Security) the Note Trustee has sufficient funds
            available to it (and, in the case of the Note Trustee, as a result
            of the realisation of that security) to pay such sum subject to
            and in accordance with the relevant Current Issuer Priority of
            Payments and provided that all liabilities of the Current Issuer
            required to be paid in priority thereto or pari passu therewith
            pursuant to such Current Issuer Priority of Payments have been
            paid, discharged and/or otherwise provided for in full PROVIDED
            THAT this paragraph (b) shall not apply to and shall not limit the
            obligations of the Current Issuer to the Noteholders under the
            Current Issuer Notes and this Current Issuer Deed of Charge; and

       (c)  it shall not take any steps for the purpose of recovering any of
            the Current Issuer Secured Obligations (including, without
            limitation, by exercising any rights of set-off) or enforcing any
            rights arising out of the Current Issuer Transaction Documents
            against the Current Issuer and it shall not take any steps or
            legal proceedings for the winding-up, dissolution or
            reorganisation of, or the institution of insolvency proceedings
            against, the Current Issuer or for the appointment of a receiver,
            administrator, administrative receiver, liquidator or similar
            officer of the Current Issuer in respect of any or all of its
            revenues and assets,

                                      13

<PAGE>

PROVIDED THAT

            (i)    in the case of any Noteholder, this provision shall be
                   subject to Clause 7.2 (Only Note Trustee to Enforce) of the
                   Current Issuer Trust Deed; and

            (ii)   in the case of any other Current Issuer Secured Creditor
                   and subject to there being no Current Issuer Note then
                   outstanding, if the Note Trustee having become bound to do
                   so subject to and in accordance with the terms of this
                   Current Issuer Deed of Charge and the Current Issuer
                   Transaction Documents, fails to take any steps or
                   proceedings to enforce the security created hereunder
                   within 30 days of becoming so bound and such failure is
                   continuing, each such other Current Issuer Secured Creditor
                   shall be entitled to take such steps and proceedings to
                   enforce its rights arising out of the relevant Current
                   Issuer Transaction Document as it shall deem necessary
                   other than the presentation of a petition for the winding
                   up, dissolution or reorganisation of, or the institution of
                   insolvency proceedings against, the Current Issuer or the
                   appointment of an administrator or liquidator of the
                   Current Issuer.

6.7    Acknowledgement of Note Trustee: The Note Trustee hereby acknowledges
       and agrees that save with respect to the obligations of the Current
       Issuer to the Noteholders under the Current Issuer Notes and this
       Current Issuer Deed of Charge which are not limited under paragraph (b)
       of Clause 6.6 (No Enforcement by Current Issuer Secured Creditors) or
       under this Clause 6.7 (Acknowledgement of Note Trustee) and
       notwithstanding any other provision of this Current Issuer Deed of
       Charge or any other Current Issuer Transaction Document, no sum due or
       owing to any Current Issuer Secured Creditor or to the Note Trustee
       (whether for itself or on behalf of the Current Issuer Secured
       Creditors) from or by the Current Issuer under this Current Issuer Deed
       of Charge or any other Current Issuer Transaction Document shall be
       payable by the Current Issuer except to the extent that the Current
       Issuer has sufficient funds available or (following enforcement of the
       Current Issuer Security) the Note Trustee has realised sufficient funds
       from the Current Issuer Security to pay such sum subject to and in
       accordance with the relevant Current Issuer Priority of Payments and
       provided that all liabilities of the Current Issuer required to be paid
       in priority thereto or pari passu therewith pursuant to such Current
       Issuer Priority of Payments have been paid, discharged and/or otherwise
       provided for in full.

7.     Enforcement

7.1    Notification: The Note Trustee shall, if practicable, give prior
       notification to the Seller, Funding, the Cash Manager and the Current
       Issuer Cash Manager of the Note Trustee's intention to enforce the
       security created by this Current Issuer Deed of Charge. However, the
       failure of the Note Trustee to provide such notification shall not in
       any way prejudice the ability of the Note Trustee to enforce the
       security created by this Current Issuer Deed of Charge.

7.2    Enforceable:

       (a)  Without prejudice to the provisions of Clause 9 (Receiver) the
            security created under this Current Issuer Deed of Charge shall
            become immediately

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<PAGE>

            enforceable and the power of sale and other powers conferred by
            Section 101 of the 1925 Act, as varied or amended by this Current
            Issuer Deed of Charge, shall be exercisable by the Note Trustee:

            (i)    at any time when any Current Issuer Note remains
                   outstanding, in accordance with and subject to, Clause 9
                   (Enforcement) and Clause 10 (Proceedings, Action and
                   Indemnification) of the Current Issuer Trust Deed which
                   shall, as necessary, be incorporated in and apply, mutatis
                   mutandis, to this Current Issuer Deed of Charge (and for
                   that purpose references therein to "this Trust Deed" or
                   "these presents" shall be construed as references to this
                   Current Issuer Deed of Charge); or

            (ii)   if there are no Current Issuer Notes outstanding, following
                   a default in payment of any other Current Issuer Secured
                   Obligations on its due date or within any applicable grace
                   period following such due date stated in the relevant
                   Current Issuer Transaction Document but subject always to
                   any limited recourse provisions stated therein and to
                   Clause 6.6 (No Enforcement by Current Issuer Secured
                   Creditors) hereof; or

            (iii)  upon the service on Funding by the Security Trustee of an
                   Intercompany Loan Enforcement Notice.

       (b)  For the purposes of the Jersey Security Interests, upon the
            occurrence of any of the events specified in Clause 7.2 (a) (i),
            (ii) or (iii) (which shall constitute events of default for the
            purposes of the Jersey Security Interests in accordance with the
            Jersey Security Law) the Note Trustee shall have the right to give
            notice (the "Current Issuer Jersey Enforcement Notice") to the
            Current Issuer in accordance with the Jersey Security Law and the
            power of sale of the Current Issuer Jersey Secured Property shall
            become exercisable without the order of the Jersey court in
            accordance with the Jersey Security Law so that the Jersey
            Security Interests shall be enforceable in accordance with the
            provisions of the Jersey Security Law.

7.3   Power of Sale:

       (a)  Notwithstanding any other provision of this Current Issuer Deed of
            Charge, the Current Issuer Secured Obligations shall be deemed to
            have become due and payable for the purposes of Section 101 of the
            1925 Act and Article 8 of the Jersey Security Law and (to the
            extent applicable) the statutory power of sale and of appointing a
            receiver and other powers which are conferred on mortgagees under
            the 1925 Act as varied or extended by this Current Issuer Deed of
            Charge shall be deemed to arise immediately after execution of
            this Current Issuer Deed of Charge.

       (b)  Section 103 of the 1925 Act shall not apply to this Current Issuer
            Deed of Charge and forthwith after the security has become
            enforceable in accordance with Clause 7.2 (Enforceable) the
            statutory power of sale, as extended by this Current Issuer Deed
            of Charge, and all other powers shall become immediately
            exercisable without notice to the Current Issuer and the
            provisions of the 1925 Act regulating the power of sale shall, so
            far as they

                                      15

<PAGE>

       relate to the Current Issuer Charged Property, be varied and extended
       accordingly.

7.4    Law of Property Act 1925: Subject, in the case of the Current Issuer
       Jersey Secured Property, to the provisions of the Jersey Security Law,
       the provisions of the 1925 Act relating to the power of sale and the
       other powers conferred by Section 101(1) and (2) are hereby extended in
       relation to the Current Issuer as if such extensions were contained in
       the 1925 Act such that at any time after the security constituted by
       this Current Issuer Deed of Charge has become enforceable in accordance
       with Clause 7.2 (Enforceable) above, the Note Trustee may in its
       absolute discretion:

       (a)  make demand in the name of the Current Issuer Secured Creditors or
            in its own right for any monies and liabilities in respect of the
            Current Issuer Charged Property;

       (b)  enforce any rights it may have in respect of the whole or any part
            of the Current Issuer Charged Property in such manner and upon
            such terms as the Note Trustee shall think fit;

       (c)  take possession of, get in and collect the Current Issuer Charged
            Property and perfect interests comprised therein;

       (d)  (subject to any restrictions under or in respect of the relevant
            Current Issuer Charged Property) sell, transfer, convey, dispose
            of, vary or otherwise deal with, and also grant any option to
            purchase, and effect exchanges of, the whole or any part of
            Current Issuer Charged Property or any interest therein in such
            manner, for such consideration (if any) and generally upon such
            terms (including by deferred payment or payment by instalments) as
            it may think fit and/or to concur in any of the foregoing (and
            nothing shall preclude any such disposal being made to a Current
            Issuer Secured Creditor);

       (e)  carry out any transaction, scheme or arrangement which the Note
            Trustee may, in its absolute discretion, consider appropriate with
            a view to or in connection with the sale of the Current Issuer
            Charged Property;

       (f)  do all or any of the things or exercise all or any of the powers,
            authorities and discretions conferred expressly or by implication
            on any Receiver under Clause 9.6 (Powers of the Receiver) or
            otherwise under this Current Issuer Deed of Charge; and/or

       (g)  exercise all or any of the powers conferred on mortgagees by the
            1925 Act as varied or extended by this Current Issuer Deed of
            Charge and any other rights and remedies that may be conferred by
            statute or common law or in equity on mortgagees or receivers.

8.     Upon Enforcement

8.1    Service of a Current Issuer Note Enforcement Notice: Without prejudice
       to the effectiveness of any service of a Current Issuer Note
       Enforcement Notice, the Note Trustee shall as soon as is practicable
       notify each of the following parties of the

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<PAGE>

       enforcement of the Current Issuer Security (whether by service of a
       copy of any Current Issuer Note Enforcement Notice or otherwise):

       (a)  the Seller;

       (b)  Funding;

       (c)  the Account Bank, the Cash Manager and the Current Issuer Cash
            Manager;

       (d)  the Paying Agents and the other Agents under the Current Issuer
            Paying Agent and Agent Bank Agreement;

       (e)  the Current Issuer Swap Providers;

       (f)  the Corporate Services Provider; and

       (g)  each other Current Issuer Secured Creditor.

8.2    Crystallisation: From and including the date when the Note Trustee
       serves a Current Issuer Note Enforcement Notice (which has not been
       withdrawn) on the Current Issuer:

       (a)  notwithstanding any provision hereof or of any other Current
            Issuer Transaction Document no amount may be withdrawn from the
            Current Issuer Bank Accounts except with the prior written consent
            of the Note Trustee; and

       (b)  if not already crystallised, any charge created by this Current
            Issuer Deed of Charge which is a floating charge shall
            crystallise, provided that the floating charge created by this
            Current Issuer Deed of Charge shall not be crystallised solely as
            a result of obtaining a moratorium (or anything done with a view
            to obtaining a moratorium) under the Insolvency Act 2000 except
            with leave of the court.

8.3    Current Issuer Post-Enforcement Priority of Payments: At any time after
       the security created by this Current Issuer Deed of Charge has become
       enforceable in accordance with Clause 7.2 (Enforceable) and provided
       that the relevant Current Issuer Note Event of Default has not been
       waived in accordance with the provisions of this Current Issuer Deed of
       Charge, Current Issuer Available Revenue Receipts, Current Issuer
       Available Principal Receipts and all other monies (excluding Swap
       Collateral Excluded Amounts) paid to or received or recovered by or on
       behalf of the Current Issuer or the Note Trustee or any Receiver
       appointed on its behalf, including all proceeds following any sale,
       realisation or enforcement of the security created under this Current
       Issuer Deed of Charge and all amounts (excluding Swap Collateral
       Excluded Amounts) not previously distributed and/or standing to the
       credit of any Current Issuer Bank Account and Swap Collateral Account
       shall (if not already received by the Note Trustee) be paid to and held
       by the Note Trustee on trust to apply the same (save to the extent
       otherwise required by applicable law) in accordance with the order of
       priority of the Current Issuer Post-Enforcement Priority of Payments
       (as the same may be amended or varied from time to time) as set out on
       the date hereof in Schedule 2 (Current Issuer Post-Enforcement Priority
       of Payments) to this Current Issuer Deed of Charge.

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<PAGE>

8.4    Certification of Amounts:

       (a)  The Note Trustee shall be entitled to rely on (and to accept as
            conclusive evidence save in the case of manifest error) a
            certificate from each Current Issuer Secured Creditor as to the
            amounts owed to such Current Issuer Secured Creditor under the
            Current Issuer Transaction Documents. The Note Trustee shall not
            take into account for the purpose of the application of moneys in
            accordance with the Current Issuer Post-Enforcement Priority of
            Payments any amounts of which it has not been notified by the
            intended recipient on or prior to the date in question.

       (b)  Each Current Issuer Secured Creditor will, at all times, promptly
            provide the Note Trustee and/or any Receiver on request with a
            certificate setting out detailed information as to the amount of
            the Current Issuer Secured Obligations to which such Current
            Issuer Secured Creditor is entitled and such other information as
            the Note Trustee and/or any Receiver may require to enable or
            facilitate the Note Trustee and/or any Receiver to perform its
            functions hereunder or under any of the Current Issuer Transaction
            Documents, such certificate to be in a form required by the Note
            Trustee and/or any Receiver. In determining the respective
            entitlements of the Current Issuer Secured Creditors hereunder,
            such certificates shall be binding on all of the Current Issuer
            Secured Creditors.

8.5    Retention Account: If the Note Trustee enforces the security created
       under this Current Issuer Deed of Charge at a time when either no
       amounts or not all amounts owing in respect of the Current Issuer
       Secured Obligations have become due and payable or any of the Current
       Issuer Secured Obligations are at such time contingent or future, the
       Note Trustee or a Receiver may, for so long as no such amounts or not
       all such amounts have become due and payable or any of the Current
       Issuer Secured Obligations are at such time contingent or future, pay
       any monies referred to in Clause 8.3 (Current Issuer Post-Enforcement
       Priority of Payments), as the case may be, into, and retain such monies
       in, an interest-bearing account (a "retention account") to be held by
       it as security and applied by it in accordance with Clause 8.3 (Current
       Issuer Post-Enforcement Priority of Payments) as and when any of the
       amounts referred to therein become due and payable.

8.6    Note Trustee Rights upon Enforcement: In addition to any other rights
       expressly provided herein, for the period commencing upon the service
       of a Current Issuer Note Enforcement Notice and terminating upon the
       notification to the Current Issuer Secured Creditors by the Note
       Trustee that all Current Issuer Secured Obligations have been satisfied
       in full:

       (a)  (provided such Current Issuer Secured Creditor has received a copy
            of, or other notice of the service on the Current Issuer of, any
            such Current Issuer Note Enforcement Notice) each Current Issuer
            Secured Creditor agrees that it will pay to the Note Trustee or
            the Receiver, as the case may be, all monies received or recovered
            by such Current Issuer Secured Creditor (whether by way of set-off
            or otherwise) in order that such amounts may be applied by the
            Note Trustee in accordance with Clause 8.3 (Current Issuer
            Post-Enforcement Priority of Payments);

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<PAGE>

       (b)  save as otherwise expressly provided in this Current Issuer Deed
            of Charge or as required by the Note Trustee, all payments under
            or arising from this Current Issuer Deed of Charge and all amounts
            payable to the Current Issuer by any party to this Current Issuer
            Deed of Charge under any Current Issuer Transaction Document shall
            be paid to the Note Trustee or to its order;

       (c)  save as otherwise expressly provided in this Current Issuer Deed
            of Charge, all rights or remedies provided for by this Current
            Issuer Deed of Charge or available at law or in equity to the
            Current Issuer Secured Creditors are exercisable by the Note
            Trustee;

       (d)  save as otherwise expressly provided in this Current Issuer Deed
            of Charge, all rights to compel performance of the Current Issuer
            Transaction Documents are exercisable by the Note Trustee; and

       (e)  all payments in respect of the Current Issuer Secured Obligations
            shall operate in satisfaction pro tanto of the Current Issuer's
            covenants to the relevant Current Issuer Secured Creditors.

9.     Receiver

9.1    Appointment: At any time after the security constituted hereunder
       becomes enforceable, and whether or not the Note Trustee has taken
       possession of the Current Issuer Charged Property, the Note Trustee may
       appoint, by writing or by deed, such person or persons (including an
       officer or officers of the Note Trustee) as the Note Trustee thinks fit
       to be a receiver, a receiver and manager or an administrative receiver
       of the Current Issuer Charged Property or any part thereof (each a
       "Receiver") and, in the case of an appointment of more than one person,
       to act together or independently of the other or others.

9.2    Removal and Replacement: Except as otherwise required by statute, the
       Note Trustee may by writing or by deed remove a Receiver and appoint
       another in its place or to act with a Receiver and the Note Trustee may
       apply to the court for an order removing an administrative receiver.

9.3    Extension of Appointment: The exclusion of any part of the Current
       Issuer Charged Property from the appointment of the Receiver shall not
       preclude the Note Trustee from subsequently extending its appointment
       (or that of the Receiver replacing it) to that part of the Current
       Issuer Charged Property or appointing another Receiver over any other
       part of the Current Issuer Charged Property.

9.4    Agent of Current Issuer: The Receiver shall, so far as the law permits,
       be the agent of the Current Issuer and the Current Issuer alone shall
       be responsible for the Receiver's contracts, engagements, acts,
       omissions, misconduct, negligence or default and for liabilities
       incurred by it; and in no circumstances whatsoever shall the Note
       Trustee or any Current Issuer Secured Creditor be in any way
       responsible for or incur any liability in connection with its
       contracts, engagements, acts, omissions, misconduct, negligence or
       default, and if a liquidator of the Current Issuer shall be appointed,
       the Receiver shall act as principal and not as agent for the Note
       Trustee. Notwithstanding the generality of the foregoing, such Receiver
       shall in the exercise of its powers, authorities and discretions
       conform to the regulations or directions (if any)

                                      19

<PAGE>

       from time to time made and given by the Note Trustee.

9.5    Remuneration: Subject as provided otherwise by applicable law, the
       remuneration of the Receiver shall be fixed by the Note Trustee and may
       be or include a commission calculated by reference to the gross amount
       of all monies received or otherwise. Such remuneration and such
       commission (if any) shall be payable hereunder by the Current Issuer
       alone subject always to Clause 8.3 (Current Issuer Post-Enforcement
       Priority of Payments) and the amount of such remuneration shall form
       part of the Current Issuer Secured Obligations and shall accordingly be
       secured on the Current Issuer Charged Property under the security
       created by this Current Issuer Deed of Charge.

9.6    Powers of the Receiver: Subject, in the case of the Current Issuer
       Jersey Secured Property, to the provisions of the Jersey Security Law,
       the Receiver of the Current Issuer, in addition to any powers conferred
       on an administrative receiver, receiver, manager or receiver and
       manager by statute or common law, shall have the power to:

       (a)  take possession of, get in and collect the Current Issuer Charged
            Property;

       (b)  (subject to any restrictions under or in respect of relevant
            Current Issuer Charged Property) sell, transfer, convey, license,
            release or otherwise dispose of vary or deal with, and also grant
            any option to purchase, and effect exchanges of, the whole or any
            part of the Current Issuer Charged Property or any interest
            therein and grant or accept surrenders, disclaimers and variations
            in relation to or otherwise affecting the Current Issuer Charged
            Property in each case in such manner, for such consideration (if
            any) and generally upon such terms (including by deferred payment
            of payment by instalments) as it may think fit and/or concur in
            any of the foregoing (and nothing shall preclude any such disposal
            being made to a Current Issuer Secured Creditor);

       (c)  carry out any transaction, scheme or arrangement which it may, in
            its absolute discretion, consider appropriate with a view to or in
            connection with the sale of the Current Issuer Charged Property;

       (d)  insure the Current Issuer Charged Property against such risks and
            for such amounts as it may consider prudent and obtain bonds and
            performance guarantees;

       (e)  otherwise protect, maintain or improve, the Current Issuer Charged
            Property or any part thereof in any manner and for any purpose
            whatsoever as it shall think fit;

       (f)  transfer all or any of the Current Issuer Charged Property and/or
            any of the liabilities to any other company or body corporate,
            whether or not formed or acquired for the purpose (and whether or
            not a subsidiary or associated company of the Note Trustee or any
            other party to the Current Issuer Transaction Documents) and to
            form a subsidiary or subsidiaries of the Current Issuer;

       (g)  carry on and manage or concur in managing or appoint a manager of,
            the whole or any part of the business of the Current Issuer in
            such manner as it shall in its absolute discretion think fit
            including the power to enter into any

                                      20

<PAGE>

            contract and to perform, repudiate, rescind or vary any contract
            to which the Current Issuer is a party;

       (h)  sell or concur in selling the whole or any part of the Current
            Issuer's business whether as a going concern or otherwise;

       (i)  appoint, dismiss, engage or vary the terms of employment of any
            employees, managers, agents or advisers of the Current Issuer upon
            such terms as to remuneration and otherwise for such periods as it
            may in its absolute discretion think fit;

       (j)  in connection with the exercise or proposed exercise of any of its
            powers or in order to obtain payment of its remuneration or
            reimbursement of its expenses (in each case, whether or not
            already due), borrow or raise money from any person, without
            security or on the security of the Current Issuer Charged Property
            (either in priority to the security constituted by this Current
            Issuer Deed of Charge or otherwise) and generally in such manner
            and on such terms as it may think fit;

       (k)  bring, defend, submit to arbitration, negotiate, compromise,
            enforce, abandon and settle actions, suits, claims and proceedings
            concerning or affecting the Current Issuer Charged Property or the
            security created under this Current Issuer Deed of Charge;

       (l)  exercise any powers, discretions, voting, conversion or other
            rights or entitlements in relation to any of the Current Issuer
            Charged Property or incidental to the ownership of or rights in or
            to any of the Current Issuer Charged Property and to complete or
            effect any transaction entered into by the Current Issuer or
            disclaim, abandon or modify all or any of the outstanding
            contracts or arrangements of the Current Issuer relating to or
            affecting the Current Issuer Charged Property;

       (m)  generally carry out, or cause to be carried out any transaction or
            scheme or arrangement whatsoever, whether similar or not to any of
            the foregoing, in relation to the Current Issuer Charged Property
            which it may consider expedient as effectual as if it were solely
            and absolutely entitled to the Current Issuer Charged Property;

       (n)  in connection with the exercise of any of its powers, execute or
            do, or cause or authorise to be executed or done, on behalf of or
            in the name of the Current Issuer or otherwise, as it may think
            fit, all documents, acts or things which it may consider
            appropriate;

       (o)  redeem, discharge or compromise any security whether or not having
            priority to the security created hereunder;

       (p)  enter into covenants, guarantees, commitments, indemnities and
            other obligations or liabilities as it shall think fit;

       (q)  pay and discharge out of the profits and income of the Current
            Issuer Charged Property and the monies to be made by it carrying
            on any such business as

                                      21

<PAGE>

            aforesaid the expenses in and about the carrying on and management
            of such business or in the exercise of any of the powers conferred
            by Clause 9 (Receivers) or otherwise in respect of the Current
            Issuer Charged Property and all outgoings which it shall think fit
            to pay and to apply the residue of the said profits, income or
            monies in the manner provided by Clause 8.3 (Current Issuer
            Post-Enforcement Priority of Payments); and

       (r)  exercise any other powers, rights and/or remedies that may be
            available at law or in equity including the powers referred to in
            Section 1 of the Insolvency Act 1986.

9.7    Security: The Note Trustee may from time to time and at any time
       require any such Receiver to give security for the due performance of
       its duties and may fix the nature and amount of the security to be so
       given but the Note Trustee shall not be bound in any such case to
       require any such security.

9.8    Application by Receiver: Save so far as otherwise directed by the Note
       Trustee, all monies from time to time received by such Receiver shall
       be paid over to the Note Trustee to be held by it on the trusts
       declared under this Current Issuer Deed of Charge and to be distributed
       in accordance with Clause 8.3 (Current Issuer Post-Enforcement Priority
       of Payments).

9.9    Payment to Receiver: The Note Trustee may pay over to such Receiver any
       monies constituting part of the Current Issuer Charged Property for the
       same to be applied for the purposes of this Current Issuer Deed of
       Charge by such Receiver and the Note Trustee may from time to time
       determine what funds the Receiver shall be at liberty to keep in hand
       with a view to the performance of its duties as such Receiver.

9.10   No Restrictions: None of the restrictions imposed by the 1925 Act in
       relation to the appointment of receivers or the giving of notice or
       otherwise shall apply in relation to the Receiver.

9.11   Administration:

       (a)  Upon presentation of an application or a petition to a court of
            competent jurisdiction for an administration order or a notice of
            intention to appoint an administrator or the filing of documents
            with the court for the appointment of an administrator in relation
            to the Current Issuer or other order having substantially the same
            effect to be made on application by a creditor or creditors of the
            Current Issuer, the Note Trustee shall, subject to it being
            indemnified to its satisfaction, as soon as practicable appoint a
            Receiver in accordance with this Current Issuer Deed of Charge
            (who shall, to the extent permitted by law, be an "administrative
            receiver" under Section 29 (2) of the Insolvency Act 1986) of the
            whole of the Current Issuer Charged Property and, in the case of
            any application to the court or petition the Note Trustee shall
            instruct the Receiver to attend at the hearing of the application
            or petition and take such steps as are necessary to prevent the
            appointment of an administrator. The Current Issuer Secured
            Creditors shall co-operate and do all acts and enter into such
            further documents, deeds or agreements as the Note Trustee may
            deem necessary or desirable to ensure that an administration order
            is not made and that an administrative receiver is appointed.

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<PAGE>

       (b)  Paragraph 14 of Schedule B1 to the Insolvency Act 1986 applies to
            the floating charge created hereunder.

10.    Further Assurance and Power of Attorney

10.1   Further Assurance: The Current Issuer covenants with and undertakes to
       the Note Trustee from time to time (notwithstanding that the security
       may not have become enforceable and the Note Trustee may not have
       served any Current Issuer Note Enforcement Notice) upon demand:

       (a)  to execute, at the Current Issuer's cost, any document or do any
            act or thing which the Note Trustee or any Receiver may specify
            (including executing such Security Interests over its rights in
            and over the Current Issuer Charged Property and any other assets
            of the Current Issuer in such form as the Note Trustee and/or any
            Receiver may require) with a view to:

            (i)    registering, perfecting, protecting or improving any charge
                   or security or Security Interest (including any Jersey
                   Security Interest) created or intended to be created by or
                   pursuant to this Current Issuer Deed of Charge (including
                   any act or document which may be required or desirable
                   under the laws of any jurisdiction in which any property or
                   assets may be located in order to confer on the Note
                   Trustee security over such property and assets equivalent
                   or similar to the security intended to be conferred by or
                   pursuant to this Current Issuer Deed of Charge) and in such
                   form as the Note Trustee or the Receiver may specify;
                   and/or

            (ii)   facilitating the realisation of or enforcement of rights
                   of, all or any part of the Current Issuer Charged Property
                   (including any Current Issuer Jersey Secured Property) or
                   the exercise, or proposed exercise, of any of the powers,
                   duties or discretions vested or intended to be vested in
                   the Note Trustee or such Receiver by or pursuant to this
                   Current Issuer Deed of Charge or doing any act or thing
                   deemed necessary by the Note Trustee or the Receiver;

       (b)  to give or join in giving or procure the giving of any notices to
            any persons and obtain or procure that there is obtained any
            necessary acknowledgements in relation to such notices, all in
            such form, as the Note Trustee or the Receiver may require at the
            cost of the Current Issuer,

       and for the purpose of this Clause 10.1 (Further Assurance) a
       certificate in writing signed by the Note Trustee to the effect that
       any particular assurance or thing is required by it shall be conclusive
       evidence of that fact provided that the Current Issuer shall not be
       obliged to execute any such documentation or take any other action or
       steps to the extent that it would breach a restriction in any agreement
       to which it is a party or conflict with any applicable law.

10.2   Execution of Power of Attorney: Immediately upon execution of this
       Current Issuer Deed of Charge, the Current Issuer shall execute and
       deliver to the Note Trustee the power of attorney in or substantially
       in the form set out in Schedule 1 (Form of Security Power of Attorney).

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<PAGE>

10.3   Current Issuer Charged Property on Trust: To the extent permitted to do
       so under the Current Issuer Transaction Documents, for the purpose of
       giving effect to this Current Issuer Deed of Charge, the Current Issuer
       hereby declares that, after service of a Current Issuer Note
       Enforcement Notice, it will hold all the Current Issuer Charged
       Property (subject to the right of redemption) upon trust to convey,
       assign or otherwise deal with such Current Issuer Charged Property in
       such manner and to such person as the Note Trustee shall direct
       pursuant to this Current Issuer Deed of Charge, and declares that it
       shall be lawful for the Note Trustee to appoint a new trustee or
       trustees of the Current Issuer Charged Property in place of the Current
       Issuer.

11.    Crystallisation

11.1   Notice: In addition and without prejudice to any other event resulting
       in a crystallisation of the floating charge created by this Current
       Issuer Deed of Charge or any other right the Note Trustee may have, the
       Note Trustee may, by notice in writing to the Current Issuer, declare
       that the floating charge hereby created shall be converted into first
       specific fixed charges over such of the undertaking, property and
       assets of the Current Issuer as the Note Trustee may specify in such
       notice at any time if:

       (a)  a Current Issuer Note Event of Default or a Current Issuer
            Potential Note Event of Default has occurred; or

       (b)  the Note Trustee believes that the Current Issuer Charged Property
            or any part thereof is in danger of being seized or sold under any
            form of distress, execution or diligence levied or is otherwise in
            jeopardy; or

       (c)  the Note Trustee considers that it is desirable in order to
            protect the priority of the security created by this Current
            Issuer Deed of Charge,

       provided that the floating charge created by this Current Issuer Deed
       of Charge may not be converted into a fixed charge or charges solely as
       a result of the obtaining of a moratorium (or anything done with a view
       to obtaining a moratorium) under the Insolvency Act 2000 without the
       leave of the court.

11.2   Automatic Crystallisation: In addition and without prejudice to any
       other event resulting in a crystallisation of the floating charge
       contained herein and without prejudice to any rule of law which may
       have a similar effect, the floating charge created under this Current
       Issuer Deed of Charge shall automatically and without notice be
       converted with immediate effect into a fixed charge as regards:

       (a)  all property, assets or undertaking of the Current Issuer subject
            to the floating charge, upon:

            (i)    the presentation of a petition for the compulsory
                   winding-up of the Current Issuer;

            (ii)   the convening of a meeting for the passing of a resolution
                   for the voluntary winding-up of the Current Issuer;

            (iii)  the presentation of a petition for or the making of an
                   application for an administration order or the filing of
                   documents with the court for the

                                      24

<PAGE>

                   appointment of an administrator or the service of a notice
                   of intention to appoint an administrator in relation to the
                   Current Issuer;

            (iv)   the presentation or making of an application for a warrant
                   of execution, writ of fieri facias, garnishee order or
                   charging order in respect of any of the assets of the
                   Current Issuer subject to the floating charge;

            (v)    the occurrence of a Current Issuer Note Event of Default;
                   and/or

       (b)  any property, assets or undertaking of the Current Issuer, which
            become subject to an Encumbrance in favour of any person other
            than the Note Trustee or which is/are the subject of a sale,
            transfer or other disposition, in either case, contrary to the
            covenants and undertakings contained in the Current Issuer
            Transaction Documents, immediately prior to such Encumbrance
            arising or such sale, transfer or other disposition being made,

       provided that the floating charge created by this Current Issuer Deed
       of Charge may not be converted into a fixed charge or charges solely as
       a result of the obtaining of a moratorium (or anything done with a view
       to obtaining a moratorium) under the Insolvency Act 2000 without the
       leave of the court.

12.    Provisions relating to the Security

12.1   Continuing Security: The security created under or pursuant to this
       Current Issuer Deed of Charge shall be:

       (a)  in addition to and independent of and shall not operate so as to
            prejudice or affect or merge in any other security, right of
            recourse or other right whatsoever which may be held by any of the
            Current Issuer Secured Creditors or the Note Trustee on their
            behalf in respect of the whole or any part of the Current Issuer
            Secured Obligations and shall not be affected by any release,
            reassignment or discharge of such other security; and

       (b)  a continuing security for the Current Issuer Secured Obligations
            and shall remain in force as continuing security for the Current
            Issuer Secured Creditors and shall not be considered as satisfied
            or discharged by any intermediate payment or settlement of the
            whole or any part of the Current Issuer Secured Obligations or the
            existence at any time of a credit balance on any current or other
            account or any other matter or thing whatsoever.

12.2   Consolidation: Section 93 of the 1925 Act shall not apply in relation
       to any of the charges contained in this Current Issuer Deed of Charge.

12.3   Ruling Off: If the Note Trustee receives notice of any Encumbrance
       affecting the whole or any part of the Current Issuer Charged Property
       or any security granted hereunder in contravention of the provisions
       hereof:

       (a)  the Note Trustee may open a new account in the name of the Current
            Issuer and, if it does not, it shall nevertheless be deemed to
            have done so at the time it received such notice; and

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<PAGE>

       (b)  all payments made by the Current Issuer to the Note Trustee after
            the Note Trustee receives such notice shall be credited or deemed
            to have been credited to the new account, and in no circumstances
            whatsoever shall operate to reduce the Current Issuer Secured
            Obligations as at the time the Note Trustee received such notice.

12.4   Avoidance of Payments: Any settlement, discharge or release between (a)
       the Current Issuer and (b) the Note Trustee or any Receiver (the
       "Relevant Person(s)") shall be conditional upon no security or payment
       granted or made to the Relevant Person(s) by the Current Issuer or any
       other person being avoided or reduced by virtue of any provisions or
       enactments relating to bankruptcy, insolvency or liquidation for the
       time being in force and, in the event of such security or payment being
       so avoided or reduced, the Relevant Person(s) shall be entitled to
       recover the value or amount of such security or payment from the
       Current Issuer and from the security subsequently as if such
       settlement, discharge or release had not occurred.

12.5   Retention of Charges: If the Note Trustee shall have reasonable grounds
       for believing that the Current Issuer may be insolvent or deemed to be
       insolvent pursuant to the provisions of the Insolvency Act 1986 (and
       production of a solvency certificate of a duly authorised officer of
       the Current Issuer shall be prima facie evidence of the solvency of the
       Current Issuer) as at the date of any payment made by the Current
       Issuer to the Note Trustee and that as a result, such payment may be
       capable of being avoided or clawed back, the Note Trustee shall be at
       liberty to retain the charges contained in or created pursuant to this
       Current Issuer Deed of Charge until the expiry of a period of one month
       plus such statutory period within which any assurance, security,
       guarantee or payment can be avoided or invalidated after the payment
       and discharge in full of all Current Issuer Secured Obligations
       notwithstanding any release, settlement, discharge or arrangement which
       may be given or made by the Note Trustee on, or as a consequence of,
       such payment or discharge of liability provided that, if at any time
       within such period, a petition shall be presented to a competent court
       for an order for the winding up or the making of an administration
       order in respect of the Current Issuer, or if the Current Issuer shall
       commence to be wound up or to go into administration or any analogous
       proceedings shall be commenced by or against the Current Issuer, as the
       case may be, the Note Trustee shall be at liberty to continue to retain
       such security for such further period as the Note Trustee may determine
       and such security shall be deemed to continue to have been held as
       security for the payment and discharge to the Note Trustee of all
       Current Issuer Secured Obligations.

12.6   Possession: Entry into possession of the Current Issuer Charged
       Property or any part thereof shall not render the Note Trustee or any
       Receiver of the Current Issuer liable to account as mortgagee or
       creditor in possession for anything except actual receipts. If and
       whenever the Note Trustee or the Receiver enters into possession of the
       Current Issuer Charged Property, it shall be entitled at any time to go
       out of such possession.

12.7   Change of Name, etc.: This Deed shall remain valid and enforceable
       notwithstanding any change in the name, composition or constitution of
       the Note Trustee or the Current Issuer or any amalgamation, merger or
       consolidation by the Note Trustee or the Current Issuer, with any other
       corporation (whether, in the case of the Current Issuer, permitted
       under the Current Issuer Transaction Documents or not).

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<PAGE>

13.    Protection of Third Parties

13.1   No Enquiry: No purchaser from, or other person dealing with, the Note
       Trustee or a Receiver shall be concerned to enquire whether any of the
       powers exercised or purported to be exercised under this Current Issuer
       Deed of Charge has arisen or become exercisable, whether the Current
       Issuer Secured Obligations remain outstanding or have become payable,
       whether the Note Trustee or the Receiver is authorised to act or as to
       the propriety or validity of the exercise or purported exercise of any
       power; and the title and the position of such a purchaser or other
       person shall not be impeachable by reference to any of those matters
       and all the protection to purchasers contained in Sections 104 and 107
       of the 1925 Act shall apply to any person purchasing from or dealing
       with the Note Trustee or any such Receiver.

13.2   Receipts to Current Parties: Upon any sale, calling in, collection,
       enforcement or other realisation of the Current Issuer Charged Property
       in accordance with the terms hereof and upon any other dealing or
       transaction under or pursuant to this Current Issuer Deed of Charge,
       the receipt of the Note Trustee or any Receiver shall be an absolute
       and a conclusive discharge to a purchaser or other person dealing with
       the Note Trustee or such Receiver and shall relieve it of any
       obligation to see to the application of any monies paid to or by the
       direction of the Note Trustee or such Receiver.

14.    Set-Off

       The Note Trustee may at any time after the security created under this
       Current Issuer Deed of Charge has become enforceable in accordance with
       Clause 7.2 (Enforceable) without notice and notwithstanding any
       settlement of account or other matter whatsoever combine or consolidate
       all or any existing accounts of the Current Issuer whether in its own
       name or jointly with others and held by it or any Current Issuer
       Secured Creditor and may set-off or transfer all or any part of any
       credit balance or any sum standing to the credit of any such account
       (whether or not the same is due to the Current Issuer from the Note
       Trustee or relevant Current Issuer Secured Creditor and whether or not
       the credit balance and the account in debit or the Current Issuer
       Secured Obligations are expressed in the same currency in which case
       the Note Trustee is hereby authorised to effect any necessary
       conversions at its prevailing rates of exchange) in or towards
       satisfaction of any of the Current Issuer Secured Obligations (and on
       or at any time after the security created under this Current Issuer
       Deed of Charge has become enforceable in accordance with Clause 7.2
       (Enforceable) the Security Trustee may make such application
       notwithstanding any specified maturity of any deposits), but subject
       always to the Current Issuer Priority of Payments, and may in its
       absolute discretion estimate the amount of any liability of the Current
       Issuer which is contingent or unascertained and thereafter set-off such
       estimated amount and no amount shall be payable by the Note Trustee to
       the Current Issuer unless and until all the Current Issuer Secured
       Obligations have been ascertained and fully repaid or discharged.

                                      27

<PAGE>

15.    Representations and Covenants

15.1   Representations and Warranties:

       (a)  The Current Issuer hereby represents to the Note Trustee that it
            is, as of the date hereof, the beneficial owner of all of the
            Current Issuer Charged Property free and clear of all liens,
            claims, charges or Encumbrances except those specifically created
            by this Current Issuer Deed of Charge and undertakes that it will
            retain all rights associated with ownership of the Current Issuer
            Charged Property free and clear of all liens, claims, charges,
            Encumbrances except those specifically created by this Current
            Issuer Deed of Charge or any other Current Issuer Transaction
            Document.

       (b)  The Current Issuer represents that it has taken all necessary
            steps to enable it to create the Security Interests in respect of
            the Current Issuer Charged Property in accordance with this
            Current Issuer Deed of Charge and has taken no action or steps
            which will or may prejudice its right, title and interest in, to
            and under the Current Issuer Charged Property.

15.2   Negative Covenants: The Current Issuer hereby undertakes that, for so
       long as any Current Issuer Secured Obligation remains outstanding, the
       Current Issuer shall not, save to the extent contemplated or provided
       in the Current Issuer Transaction Documents or unless it has obtained
       the prior written consent of the Note Trustee:

       (a)  open or maintain any bank account or deposit account with any bank
            or any other financial institution other than the Current Issuer
            Bank Accounts or close the Current Issuer Bank Accounts;

       (b)  either in a single transaction or in a series of transactions,
            whether related or not and whether voluntarily or involuntarily,
            sell, transfer, lease or otherwise dispose of or grant any option
            over all or any part of its property, assets or undertaking or any
            interest, estate, right, title or benefit therein or agree or
            purport to do any of the foregoing;

       (c)  create or permit to subsist any Security Interest (unless arising
            by operation of law) over or in respect of any of its property,
            assets (including any uncalled capital) or undertaking, present or
            future;

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

       (e)  pay any dividend or make any other distribution to its shareholder
            or issue any further shares;

       (f)  consolidate or merge with any other person or convey or transfer
            its properties or assets substantially as an entirety to any other
            person;

       (g)  consent to any amendment to, or variation of or agree to waive or
            authorise any breach of any provision of any of the Current Issuer
            Transaction Documents or permit any person whose obligations form
            part of the Current Issuer Charged Property to be released from
            its respective obligations;

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<PAGE>

       (h)  offer to surrender to any company any amounts which are available
            for surrender by way of group relief within Chapter IV of Part X
            of the Income and Corporation Taxes Act 1988 except for full
            payment at the current applicable rate of corporation tax applied
            to the surrendered amount and payable at the date when corporation
            tax is due to be paid by the claimant or would be due in the
            absence of the surrender;

       (i)  do any act or thing the effect of which would be to make the
            Current Issuer resident in any jurisdiction other than the United
            Kingdom;

       (j)  permit any person other than the Current Issuer and the Note
            Trustee to have any equitable interest in any of its property,
            assets or undertakings or any interest, estate, right, title or
            benefit therein;

       (k)  purchase or otherwise acquire any Note or Notes (including the
            Current Issuer Notes); or

       (l)  engage in any activities in the United States (directly or through
            agents), nor 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 tax principles.

15.3   Positive covenants: The Current Issuer covenants and undertakes with
       the Note Trustee for the benefit of the Current Issuer Secured
       Creditors that it shall:

       (a)  Registration of Security: file or procure the filing with the
            Registrar of Companies pursuant to Chapter I of Part XII of the
            Companies Act 1985 of duly completed Forms 395 together with an
            executed original of this Current Issuer Deed of Charge and the
            required fee within 21 days after the date of this Current Issuer
            Deed of Charge;

       (b)  Notice of Assignment: on the date hereof join with the Note
            Trustee in giving notice of the assignments and the security
            created under or pursuant to this Current Issuer Deed of Charge to
            Funding, the Security Trustee and each other party to any Current
            Issuer Transaction Document not being a party to this Current
            Issuer Deed of Charge and for the purposes of the Jersey Security
            Interests to any person from whom the Current Issuer would have
            been entitled to claim the collateral (but for the Jersey Security
            Interests) and on any date hereafter (to the extent only that such
            notice and acknowledgement is not given under or pursuant to this
            Current Issuer Deed of Charge) join with the Note Trustee in
            giving notice of the assignments and the security created under
            this Current Issuer Deed of Charge to any party to a Current
            Issuer Transaction Document entered into by the Current Issuer
            after the date hereof and, for the purposes of the Jersey Security
            Interests, to any person from whom the Current Issuer would have
            been entitled to claim the collateral (but for the Jersey Security
            Interests), in each case in the form (or substantially in the
            form) set out in Schedule 3 (Form of Notice of Assignment);

       (c)  Accounts for Stock Exchange: cause to be prepared and certified by
            the Auditors of the Current Issuer in respect of each Financial
            Year, accounts in

                                      29

<PAGE>

            such form as will comply with relevant legal and accounting
            requirements for the time being and all requirements for the time
            being of any stock exchange on which the Current Issuer Notes are
            listed;

       (d)  Books and Records: at all times keep or procure the keeping of
            such books of account and records as may be necessary to comply
            with all applicable laws and so as to enable accounts of the
            Current Issuer to be prepared and allow the Note Trustee and any
            person or persons appointed by the Note Trustee free access to
            such books of account and records at all reasonable times during
            normal business hours upon reasonable notice in writing, provided
            that such inspection shall only be for the purposes of carrying
            out its duties under this Current Issuer Deed of Charge and any
            information so obtained shall only be used and passed on to any
            other person for the purpose of the Note Trustee carrying out its
            duties under this Current Issuer Deed of Charge;

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

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

       (g)  Further Assurances: so far as permitted by applicable law, at all
            times execute all such further documents and do all such further
            acts and things as may be necessary at any time or times in the
            opinion of the Note Trustee to give effect to this Current Issuer
            Deed of Charge and the other Current Issuer Transaction Documents;

       (h)  Compliance with Current Issuer Transaction Documents: observe and
            comply with its obligations and use its reasonable endeavours to
            procure that each other party to any of the Current Issuer
            Transaction Documents complies with and performs all its
            respective obligations under each Current Issuer

                                      30

<PAGE>

            Transaction Document and not make any amendment or modification to
            such agreement or agree to waive or authorise any breach thereof
            without the prior written approval of the Note Trustee and notify
            the Note Trustee forthwith upon becoming aware of any breach by
            any such other party to any Current Issuer Transaction Document;

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

       (j)  Taxes: duly and promptly pay and discharge all Taxes imposed upon
            it or its assets unless such Taxes are, in the opinion of the Note
            Trustee, being contested in good faith by the Current Issuer;

       (k)  Basis Rate Swap Agreement: in the event of termination of the
            Current Issuer Basis Rate Swap Agreement, notify the Note Trustee
            and the Rating Agencies and use its best efforts to enter into a
            replacement basis rate swap agreement upon terms acceptable to the
            Rating Agencies and the Note Trustee with a basis rate swap
            provider whom the Rating Agencies have previously confirmed in
            writing to the Current Issuer and the Note Trustee will not cause
            the then-current ratings of the Current Issuer Notes to be
            downgraded, withdrawn or qualified; and

       (l)  Currency Swap Agreements:

            (i)    Dollar Currency Swap Agreements: in the event of
                   termination of any Transaction (as defined in the Current
                   Issuer Dollar Currency Swap Agreements) under any Current
                   Issuer Dollar Currency Swap Agreement, notify the Note
                   Trustee and the Rating Agencies and use its best efforts to
                   enter into a replacement of that Transaction in respect of
                   the Dollar Notes (or, as applicable, the relevant class of
                   the Dollar Notes) upon terms acceptable to the Rating
                   Agencies and the Note Trustee with a dollar currency swap
                   provider whom the Rating Agencies have previously confirmed
                   in writing to the Current Issuer and the Note Trustee will
                   not cause the then-current ratings of the Current Issuer
                   Notes to be downgraded, withdrawn or qualified;

            (ii)   Euro Currency Swap Agreements: in the event of termination
                   of any Transaction (as defined in the Current Issuer Euro
                   Currency Swap Agreements) under any Current Issuer Euro
                   Currency Swap Agreement, notify the Note Trustee and the
                   Rating Agencies and use its best efforts to enter into a
                   replacement of that Transaction in respect of the Euro
                   Notes (or, as applicable, the relevant class of the Euro
                   Notes) upon terms acceptable to the Rating Agencies and the
                   Note Trustee with a euro currency swap provider whom the
                   Rating Agencies have previously confirmed in writing to the
                   Current Issuer and the

                                      31

<PAGE>

                   Note Trustee will not cause the then-current ratings of the
                   Current Issuer Notes to be downgraded, withdrawn or
                   qualified;

       (m)  Bank Accounts: in the event of termination of the Current Issuer
            Bank Account Agreement, subject to and in accordance with the
            provisions of the Current Issuer Bank Account Agreement use its
            reasonable endeavours to enter into a replacement bank account
            agreement;

       (n)  Cash Management Agreement: in the event of termination of the
            Current Issuer Cash Management Agreement, subject to and in
            accordance with the provisions of the Current Issuer Cash
            Management Agreement, use its reasonable endeavours to enter into
            a replacement cash management agreement.

       In addition to the foregoing, the Current Issuer hereby covenants with
       each of the Current Issuer Swap Providers, that it shall not make any
       amendment or modification to, or exercise any waiver in respect of, the
       Current Issuer Cash Management Agreement which would be adversely
       prejudicial to the interests of any Current Issuer Swap Provider,
       without the prior written consent of the affected Current Issuer Swap
       Provider save that to the extent required, such consent shall not be
       unreasonably withheld or delayed.

16.    Note Trustee Provisions

16.1   Supplement to Trustee Acts: It is hereby agreed that Clause 10
       (Supplement to Trustee Acts) of the Current Issuer Trust Deed shall be
       incorporated in and shall apply, mutatis mutandis, to this Current
       Issuer Deed of Charge (and for that purpose references therein to
       "these presents" or to "this Deed" shall be construed as references to
       this Current Issuer Deed of Charge) provided that for the purposes of
       Clause 10.3(q) of the Current Issuer Trust Deed at any time after the
       redemption in full of the Current Issuer Notes, the Note Trustee shall
       have regard to the interests of the Current Issuer Secured Creditor
       which ranks next highest under the Current Issuer Post-Enforcement
       Priority of Payment.

16.2   Appointment, Removal and Retirement: It is hereby agreed that Clause 14
       (Appointment, Removal and Retirement of Note Trustee) of the Current
       Issuer Trust Deed shall be incorporated in and shall apply, mutatis
       mutandis, to this Current Issuer Deed of Charge (and for that purpose
       references therein to "these presents" or to "this Deed" shall be
       construed as references to this Current Issuer Deed of Charge) provided
       that for the purposes of this Current Issuer Deed of Charge it shall be
       an additional requirement that the Note Trustee under this Current
       Issuer Deed of Charge shall be the same person or persons as the Note
       Trustee under the Current Issuer Trust Deed.

16.3   Remuneration and Indemnification of Note Trustee: It is hereby agreed
       that Clause 9 (Remuneration and Indemnification of Note Trustee) of the
       Current Issuer Trust Deed shall be incorporated in and shall apply,
       mutatis mutandis, to this Current Issuer Deed of Charge (and for that
       purpose references therein to "these presents" or to "this Deed" shall
       be construed as references to this Current Issuer Deed of Charge).

16.4   Meetings of Noteholders: It is hereby agreed that Schedule 4
       (Provisions for

                                      32

<PAGE>

       Meetings of Noteholders) of the Current Issuer Trust Deed shall be
       incorporated in and shall apply, mutatis mutandis, to this Current
       Issuer Deed of Charge.

16.5   Investment of Moneys: It is hereby agreed that Clause 8.3 (Authorised
       Investments) of the Current Issuer Trust Deed shall be incorporated in
       and shall apply, mutatis mutandis, to this Current Issuer Deed of
       Charge.

16.6   Acknowledgement: Each of the parties to this Current Issuer Deed of
       Charge hereby acknowledges that it is bound by the provisions of the
       Current Issuer Trust Deed which are incorporated by reference into this
       Current Issuer Deed of Charge and confirms that it has received a copy
       of the Current Issuer Trust Deed.

16.7   Jersey Law Waivers:

       (a)  Any right which at any time the Current Issuer has under the
            existing or future laws of Jersey whether by virtue of the droit
            de discussion or otherwise to require that recourse be had to the
            assets of any other person before any claim is enforced against
            the Current Issuer in respect of the obligations hereby assumed by
            the Current Issuer is hereby abandoned and waived.

       (b)  The Current Issuer undertakes that if at any time any person
            indemnified sues the Current Issuer in respect of any such
            obligations and the person in respect of whose obligations the
            indemnity is given is not sued also, the Current Issuer shall not
            claim that such person be made a party to the proceedings and the
            Current Issuer agrees to be bound by this indemnity whether or not
            it is made a party to legal proceedings for the recovery of the
            amount due or owing to the person indemnified, as aforesaid, by
            the person in respect of whose obligations the indemnity is given
            and whether the formalities required by any law of Jersey whether
            existing or future in regard to the rights or obligations of
            securities shall or shall not have been observed.

       (c)  Any right which the Current Issuer may have under the existing or
            future laws of Jersey whether by virtue of the droit de division
            or otherwise to require that any liability under the indemnity
            referred to in (b) above be divided or apportioned with any other
            person or reduced in any manner whatsoever is hereby abandoned and
            waived.

17.    Modification and Waiver

17.1   Modification: The Note Trustee may without the consent or sanction of
       the Noteholders or any other Current Issuer Secured Creditor at any
       time and from time to time concur with the Current Issuer in making any
       modification (except a Basic Terms Modification (as defined in
       paragraph 1 of Schedule 4 (Provisions for Meetings of Noteholders) to
       the Current Issuer Trust Deed) (i) to this Current Issuer Deed of
       Charge, the Current Issuer Notes, the Current Issuer Trust Deed or to
       any of the other Transaction Documents which in the opinion of the Note
       Trustee it may be proper to make PROVIDED THAT the Note Trustee is of
       the opinion that such modification will not be materially prejudicial
       to the interests of the Noteholders or (ii) to this Current Issuer Deed
       of Charge, the Current Issuer Notes, the Current Issuer Trust Deed or
       any of the other Transaction Documents if in the opinion of the Note
       Trustee such modification is of a formal, minor or technical nature or
       to correct a

                                      33

<PAGE>

       manifest error or proven error. For the purposes of this Clause 17.1
       (Modification), a proposed modification will not materially harm the
       interest of any Noteholder solely as a result of any New Issuer
       executing a Deed of Accession pursuant to Clause 3.12 (New Intercompany
       Loans) of the Funding Deed of Charge or Clause 2.2 (New Intercompany
       Loan Agreement) of the Intercompany Loan Terms and Conditions. Any such
       modification may be made on such terms and subject to such conditions
       (if any) as the Note Trustee may determine, shall be binding upon the
       Current Issuer and the Current Issuer Secured Creditors and, unless the
       Note Trustee agrees otherwise, shall be notified by the Current Issuer
       to the Noteholders in accordance with the Conditions and to the other
       Current Issuer Secured Creditors as soon as practicable thereafter. So
       long as any of the Current Issuer Notes are rated by the Rating
       Agencies, the Current Issuer shall notify the Rating Agencies in
       writing as soon as reasonably practicable thereafter of any
       modification to the provisions of this Current Issuer Deed of Charge,
       the Current Issuer Notes, the Current Issuer Trust Deed or any of the
       other Current Issuer Transaction Documents.

17.2   Waiver: Subject as expressly provided otherwise in the Current Issuer
       Notes or in any other Transaction Document, the Note Trustee may from
       time to time and at any time without the consent or sanction of the
       Noteholders or any other Current Issuer Secured Creditor and without
       prejudice to its rights in respect of any subsequent breach, but only
       if and in so far as in its opinion the interests of the Noteholders
       shall not be materially prejudiced thereby waive or authorise any
       breach or proposed breach by the Current Issuer or any other party
       thereto of any of the covenants or provisions contained in this Current
       Issuer Deed of Charge or in any of the other Transaction Documents or
       determine that any Current Issuer Note Event of Default shall not be
       treated as such for the purposes of this Current Issuer Deed of Charge,
       the Current Issuer Notes and the Current Issuer Trust Deed PROVIDED
       ALWAYS THAT the Note Trustee shall not exercise any powers conferred on
       it by this Clause 17.2 (Waiver) in contravention of any express
       direction given by Extraordinary Resolution or by a request in writing
       of the relevant Noteholders in accordance with the Conditions (but so
       that no such direction or request shall affect any waiver,
       authorisation or determination previously given or made). Any such
       waiver, authorisation or determination:

       (a)  may be given or made on such terms and subject to such conditions
            (if any) as the Note Trustee may determine;

       (b)  shall be binding on the Noteholders and the other Current Issuer
            Secured Creditors, if, but only if, the Note Trustee shall so
            require; and

       (c)  shall be notified by the Current Issuer to the Noteholders in
            accordance with the Conditions and to the other Current Issuer
            Secured Creditors as soon as practicable thereafter.

       The provisions of this Clause 17.2 (Waiver) shall be in lieu of Section
       316(a)(1)(B) of the Trust Indenture Act and Section 316(a)(1)(B) of the
       Trust Indenture Act is hereby expressly excluded from this Current
       Issuer Deed of Charge, the Current Issuer Notes and the Current Issuer
       Trust Deed as permitted by the Trust Indenture Act.

                                      34

<PAGE>

18.    Miscellaneous Provisions

18.1   Evidence of Indebtedness: In any action, proceedings or claim relating
       to this Current Issuer Deed of Charge or the charges contained in this
       Current Issuer Deed of Charge, a statement as to any amount due to any
       Current Issuer Secured Creditor or of the Current Issuer Secured
       Obligations or any part thereof or a statement of any amounts which
       have been notified to the Note Trustee as being amounts due to any
       Current Issuer Secured Creditor which is certified as being correct by
       an officer of the Note Trustee or an officer of the relevant Current
       Issuer Secured Creditor shall, save in the case of manifest error, be
       conclusive evidence that such amount is in fact due and payable.

18.2   Liability: All the liabilities and obligations of the Current Issuer
       under or by virtue of this Current Issuer Deed of Charge shall not be
       impaired by:

       (a)  any failure of this Current Issuer Deed of Charge to be legal,
            valid, binding and enforceable as regards the Current Issuer
            whether as a result of a lack of corporate powers or of directors'
            authority, defective execution or for any other reason whatsoever;

       (b)  any giving of time, forbearance, indulgence or waiver as regards
            the Current Issuer;

       (c)  a discharge or release of the Current Issuer; or

       (d)  any other matter or event whatsoever whether similar to the
            foregoing or not which might have the effect of impairing all or
            any of its liabilities or obligations except proper and valid
            payment or discharge of all Current Issuer Secured Obligations and
            amounts whatsoever which this Current Issuer Deed of Charge
            provides are to be paid by the Current Issuer or an absolute
            discharge or release of the Current Issuer signed by the Current
            Issuer Secured Creditors and the Note Trustee.

18.3   Current Issuer Secured Creditors: Each Current Issuer Secured Creditor
       shall be bound by the provisions of this Current Issuer Deed of Charge
       as if it contained covenants by each Current Issuer Secured Creditor in
       favour of the Note Trustee and every other Current Issuer Secured
       Creditor to observe and be bound by all the provisions of this Current
       Issuer Deed of Charge expressed to apply to the Current Issuer Secured
       Creditors.

19.    Rights cumulative

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

                                      35

<PAGE>

20.    Assignment

       None of the Current Issuer Secured Creditors may assign, encumber or
       transfer all or any part of its rights or benefits and/or transfer its
       obligations under this Current Issuer Deed of Charge without the prior
       written consent of the Note Trustee.

21.    Non Petition Covenant; Corporate Obligations

21.1   Non Petition: Each of the parties hereto hereby agrees that it shall
       not institute against the Current Issuer any winding-up,
       administration, insolvency or similar proceedings for so long as any
       sum is outstanding under Current Issuer Notes or for two years plus one
       day since the last day on which any such sum was outstanding provided
       that the Note Trustee may prove or lodge a claim in the event of a
       liquidation initiated by any other person.

21.2   Corporate Obligations: To the extent permitted by law, no recourse
       under any obligation, covenant, or agreement of any person contained in
       this Current Issuer Deed of Charge shall be had against any
       shareholder, officer or director of such person as such, by the
       enforcement of any assessment or by any legal proceeding, by virtue of
       any statute or otherwise; it being expressly agreed and understood that
       this Agreement is a corporate obligation of each person expressed to be
       a party hereto and no personal liability shall attach to or be incurred
       by the shareholders, officers, agents or directors of such person as
       such, or any of them, under or by reason of any of the obligations,
       covenants or agreements of such person contained in this Current Issuer
       Deed of Charge, or implied therefrom, and that any and all personal
       liability for breaches by such person of any of such obligations,
       covenants or agreements, either under any applicable law or by statute
       or constitution, of every such shareholder, officer, agent or director
       is hereby expressly waived by each person expressed to be a party
       hereto as a condition of and consideration for the execution of this
       Current Issuer Deed of Charge.

22.    Notices

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

       (a)  in the case of the Current Issuer, to Granite Mortgages 03-3 plc,
            Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile number
            020 7606 0643) for the attention of the Company Secretary with a
            copy to Northern Rock plc, Northern Rock House, Gosforth,
            Newcastle upon Tyne NE3 4PL (facsimile number 0191 213 2203) for
            the attention of the Group Secretary;

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

                                      36

<PAGE>

       (c)  in the case of the Principal Paying Agent, the Agent Bank, the
            Registrar, the Transfer Agent or the Account Bank, to Citibank,
            N.A., 5 Carmelite Street, London, EC4Y 0PA;

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

       (e)  in the case of the U.S. Paying Agent, to Citibank, N.A., 111 Wall
            Street, 14th Floor, Zone 3, New York, N.Y. 10043, U.S.A.
            (facsimile number 212 657 3862) for the attention of Global Agency
            and Trust;

       (f)  in the case of the Basis Rate Swap Provider, to Northern Rock plc,
            Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL
            (facsimile number 0191 213 2203) for the attention of the Group
            Secretary;

       (g)  in the case of the Dollar Currency Swap Provider in respect of the
            Series 1 Notes, to Swiss Re Financial Products Corporation, 55
            East 52nd Street, 39th Floor, New York, New York, 10055 (facsimile
            number +1 (212) 317 5335) for the attention of Head of Operations;

       (h)  in the case of the Dollar Currency Swap Provider in respect of the
            Series 2 Class A1 Notes, to Banque AIG, 5th Floor, One Curzon
            Street, London W1J 5RT (facsimile number +44 20 7659 7200) for the
            attention of the Legal Counsel with a copy to AIG Financial
            Product Corp., 50 Danbury Road, Wilton, CT 06897-4444, U.S.A.
            (facsimile number + 1 203 222 4780) for the attention of the Chief
            Financial Officer (with a copy to the General Counsel);

       (i)  in the case of the Euro Currency Swap Provider, to Citibank, N.A.,
            Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB
            (facsimile number +44 20 7508 9115 for the attention of Head of
            Sales/Trading Legal Dept.;

       (j)  in the case of the Corporate Services Provider, to Law Debenture
            Corporate Services Limited, Fifth Floor, 100 Wood Street, London
            EC2V 7EX (facsimile number 020 7606 0643) for the attention of the
            Company Secretary;

       (k)  in the case of Moody's, to Moody's Investor Services, 1st Floor, 2
            Minster Court, Mincing Lane, London EC3R 7XB (facsimile number 020
            7772 5400) for the attention of Head of Monitoring Group,
            Structured Finance;

       (l)  in the case of S&P, to Standard & Poor's, Garden House, 18
            Finsbury Circus, London EC2M 7BP (facsimile number 020 7826 3598)
            for the attention of the Structured Finance Surveillance Group;
            and

       (m)  in the case of Fitch, to Fitch Ratings Limited, Eldon House, 2
            Eldon Street, London EC2M 7UA (facsimile number: 020 7417 6262)
            for the attention of European Structured Finance,

       or to such other address or facsimile number or for the attention of
       such other person or entity as may from time to time be notified by any
       party to the others by fifteen

                                      37

<PAGE>

       days prior written notice in accordance with the provisions of this
       Clause 22 (Notices).

23.    Third Party Rights

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

24.    Execution in Counterparts; Severability

24.1   Counterparts: This Deed may be executed in any number of counterparts
       (manually or by facsimile) and by different parties hereto in separate
       counterparts, each of which when so executed shall be deemed to be an
       original and all of which when taken together shall constitute one and
       the same instrument.

24.2   Severability: Where any provision in or obligation under this Current
       Issuer Deed of Charge shall be invalid, illegal or unenforceable in any
       jurisdiction, the validity, legality and enforceability of the
       remaining provisions or obligations under this Current Issuer Deed of
       Charge, or of such provision or obligation in any other jurisdiction,
       shall not be affected or impaired thereby.

25.    Governing Law and Jurisdiction; Appropriate Forum

25.1   Governing Law: This Deed is governed by, and shall be construed in
       accordance with, English law, save that those parts of this Current
       Issuer Deed of Charge concerned with the creation, subsistence or
       enforcement of the Jersey Security Interests shall be governed by, and
       shall be construed in accordance with Jersey law.

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

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

IN WITNESS of which this Current Issuer Deed of Charge has been executed by
the parties hereto as a deed which has been delivered on the date first
appearing on page one.

                                      38

<PAGE>

<TABLE>
<CAPTION>
                                               EXECUTION PAGE

<S>                                                        <C>
The Current Issuer

Executed by
GRANITE MORTGAGES 03-3 PLC
as its deed as follows:                                    By: ____________________________________________
Signed for and on its behalf by one of its directors and            for and on behalf of LDC Securitisation
by another of its directors/its secretary                           Director No. 1 Limited - Director

                                                           Name:    Clive Rakestrow
                                                                 ------------------------------------------

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

                                                           Name:    Ian Bowden
                                                                 ------------------------------------------

The Note Trustee

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

                                                           Name:
                                                                 ------------------------------------------

The Principal Paying Agent, the Agent Bank, the
Registrar, the Transfer Agent, and the Account
Bank

Executed by
CITIBANK, N.A.
as follows:                                                By: ____________________________________________
Signed for and on its behalf by one of its duly                     Duly Authorised Attorney/Signatory
authorised attorneys/signatories

                                                           Name:
                                                                 ------------------------------------------

                                                    39

<PAGE>

The US Paying Agent

Executed by
CITIBANK, N.A.
as follows:                                                By: ____________________________________________
Signed for and on its behalf by one of its duly                     Duty Authorised Attorney/Signatory
authorised attorneys/signatories

                                                           Name:
                                                                 ------------------------------------------

The Current Issuer Cash Manager and the Basis Rate Swap Provider

Executed by
NORTHERN ROCK PLC
as its deed as follows:                                    By: ____________________________________________
Signed for and on its behalf by one of its duly                     Duly Authorised Attorney/Signatory
authorised attorneys/signatories

                                                           Name:
                                                                 ------------------------------------------

Signature:
          ----------------------------------
          Witness

Full Name:
          ----------------------------------
Occupation:
           ---------------------------------
Address:   Solicitor
           ---------------------------------
           c/o Sidley Austin Brown & Wood
           ---------------------------------
           1 Threadneedle Street
           ---------------------------------
           London EC2R 8AW
           ---------------------------------

The Corporate Service Provider

Executed by
LAW DEBENTURE CORPORATE SERVICES LIMITED
as its deed as follows:                                    By: ____________________________________________
Signed for and on its behalf by one of its directors and            Director
by another of its directors/its secretary
                                                           Name:
                                                                 ------------------------------------------

                                                           By:
                                                                 ------------------------------------------
                                                                    Director/Secretary

                                                           Name:
                                                                 ------------------------------------------

                                                    40

<PAGE>

The Dollar Currency Swap Provider in respect of the
Series 1 Notes

Executed by
SWISS RE FINANCIAL PRODUCTS CORPORATION                    By: ____________________________________________
as its deed as follows:                                             Duly Authorised Signatory
Signed for and on its behalf by one of its duly
authorised signatories
                                                           Name:
                                                                -------------------------------------------

The Dollar Currency Swap Provider in respect of the
Series 2 Class A1 Notes

Executed by
BANQUE AIG                                                 By: ____________________________________________
as its deed as follows:                                             Duly Authorised Signatory
Signed for and on its behalf by two of its duly
authorised signatories
                                                           Name:
                                                                -------------------------------------------

                                                           By:
                                                                -------------------------------------------
                                                                    Duly Authorised Signatory

                                                           Name:
                                                                -------------------------------------------

The Euro Currency Swap Provider

Executed by
CITIBANK, N.A.                                             By: ____________________________________________
as its deed as follows:                                             Duly Authorised Signatory
Signed for and on its behalf by one of its duly
authorised signatories
                                                           Name:
                                                                -------------------------------------------

                                                    41
</TABLE>

<PAGE>

                                  SCHEDULE 1

                      FORM OF SECURITY POWER OF ATTORNEY

THIS POWER OF ATTORNEY is made on [o] by Granite Mortgages 03-3 plc
(registered number 4959572) a private limited liability company incorporated
under the laws of England and Wales whose registered office is at Fifth Floor,
100 Wood Street, London EC2V 7EX (the "Principal").

WHEREAS

(1)    By virtue of a Deed (as amended, varied, supplemented or novated from
       time to time the "Current Issuer Deed of Charge") dated [o] between
       Granite Mortgages 03-3 plc, The Bank of New York as Note Trustee and
       others, provision was made for the execution by the Principal of this
       Power of Attorney.

(2)    Words and phrases in this Power of Attorney shall (save where expressed
       to the contrary) have the same meanings respectively as the words and
       phrases in the Current Issuer Deed of Charge.

NOW THIS POWER OF ATTORNEY WITNESSETH

1.     The Principal hereby irrevocably (within the meaning of Section 4 of
       the Powers of Attorney Act 1971) and by way of security for the payment
       and performance of the Current Issuer Secured Obligations and the
       covenants, conditions, obligations and undertakings on the part of the
       Principal contained in the Current Issuer Deed of Charge and the other
       Current Issuer Transaction Documents to which the Principal is a party
       from time to time appoints The Bank of New York and any other person or
       persons for the time being the Note Trustee or Note Trustees of and
       under the Current Issuer Deed of Charge (the "Attorney") and each and
       every person to whom the Note Trustee shall from time to time have
       delegated the exercise of the power of attorney conferred by this Power
       of Attorney (each a "Delegate") and any receiver including any
       administrative receiver and any manager (the "Receiver") and/or
       administrator (the "Administrator") appointed from time to time by the
       Attorney or on its behalf its true and lawful attorney for and in the
       Principal's name or otherwise jointly and severally to sign, seal,
       execute, deliver, perfect and do any assurance, act, matter or thing
       which the Attorney, Delegate, Receiver or Administrator considers in
       each case to be necessary for the protection or preservation of the
       Attorney's and the Current Issuer Secured Creditors' interests and
       rights (as described in the Current Issuer Deed of Charge) in and to
       the Current Issuer Charged Property or which ought to be done by the
       Principal under the covenants, undertakings and provisions contained in
       the Current Issuer Deed of Charge and the other Current Issuer
       Transaction Documents to which the Principal is a party from time to
       time and generally to in its name and on its behalf to exercise all or
       any of the powers, authorities or discretions conferred by or pursuant
       to the Current Issuer Deed of Charge on the Note Trustee and/or any
       Receiver whether on or at any time after the security has become
       enforceable in accordance with Clause 7.2 (Enforceable) of the Current
       Issuer Deed of Charge or in any other circumstances where the Attorney
       has become entitled to take any of the

                                      42

<PAGE>

       steps referred to in the Current Issuer Deed of Charge including
       (without limitation) any or all of the following:

       (a)  to do every act or thing which the Attorney, Delegate, Receiver or
            Administrator may deem to be necessary, proper or expedient for
            getting in any of the Current Issuer Charged Property and/or fully
            and effectively vesting, transferring or assigning the Current
            Issuer Charged Property or any part thereof and/or the Principal's
            estate, right, title, benefit and/or interest therein or thereto
            in or to the Attorney and its successors in title or other person
            or persons entitled to the benefit thereof or for carrying into
            effect any other dealing with the Current Issuer Charged Property
            whatsoever permitted under the Current Issuer Deed of Charge in
            the same manner and as fully and effectively as the Principal
            could have done;

       (b)  the power by writing under its hand by an officer of the Attorney
            (including every Receiver appointed under the Current Issuer Deed
            of Charge) from time to time to appoint a substitute attorney
            (each a "Substitute") who shall have power to act on behalf of the
            Principal as if that Substitute shall have been originally
            appointed Attorney by this Power of Attorney and/or to revoke any
            such appointment at any time without assigning any reason
            therefor.

2.     In favour of the Attorney, any Delegate, any Receiver and/or
       Administrator and/or Substitute, or a person dealing with any of them
       and the successors and assigns of such a person, all acts properly done
       and documents executed or signed by the Attorney, a Delegate, a
       Receiver, an Administrator or a Substitute in the purported exercise of
       any power conferred by this Power of Attorney shall for all purposes be
       valid and binding on the Principal and its successors and assigns.

3.     The Principal irrevocably and unconditionally undertakes to indemnify
       the Attorney and each Delegate, Receiver and/or Administrator and/or
       Substitute appointed from time to time by the Attorney and their
       respective estates (each an "Indemnified Party") against all actions,
       proceedings, claims, costs, expenses and liabilities of every
       description arising from the exercise, or the purported exercise, of
       any of the powers conferred by this Power of Attorney, save where the
       same arises as the result of the fraud, negligence or wilful default of
       the relevant Indemnified Party or its officers or employees.

4.     The provisions of Clause 3 (Current Issuer Security) of the Current
       Issuer Deed of Charge shall continue in force after the revocation or
       termination, howsoever arising, of this Power of Attorney.

5.     The laws of England and Wales shall apply to this Power of Attorney and
       the interpretation thereof and to all acts of the Attorney and each
       Delegate, Receiver and/or Administrator and/or Substitute carried out
       or purported to be carried out under the terms hereof except that in
       relation to any action taken by the Attorney, each Delegate, Receiver
       and/or Administrator/and or Substitute in respect of the Jersey
       Security Interests or the Current Issuer Jersey Secured Property, the
       laws of Jersey shall apply.

6.     The Principal hereby agrees at all times hereafter to ratify and
       confirm whatsoever the said Attorney or its attorney or attorneys or
       any Delegate, Receiver or Administrator

                                      44

<PAGE>

       or Substitute shall properly and lawfully do or cause to be done in and
       concerning the Current Issuer Charged Property.

IN WITNESS whereof this Power of Attorney has been executed as a deed by the
Principal the day and year first before written.

EXECUTED AS A DEED by                   )

GRANITE MORTGAGES 03-3 PLC              )

acting by:                              )

Director

Name:

Title:

Director/Secretary

Name:

Title:

                                      44

<PAGE>

                                  SCHEDULE 2

             CURRENT ISSUER POST-ENFORCEMENT PRIORITY OF PAYMENTS

Following enforcement of the Current Issuer Security, on each Payment Date the
Note Trustee (or the Current Issuer Cash Manager on its behalf) will apply
amounts received or recovered as follows:

     (A)  first, to pay amounts due to the Note Trustee (and any Receiver
          appointed by the Note Trustee) together with interest and (if
          necessary) VAT on those amounts and to provide for any amounts then
          due or to become due and payable to the Note Trustee and the
          Receiver under the provisions of the Current Issuer Trust Deed, the
          Current Issuer Deed of Charge and any other Transaction Document;

     (B)  second, to pay, in no order of priority among them but in proportion
          to the respective amounts due, the Agent Bank, the Paying Agents,
          the Transfer Agent and the Registrar, together with interest and (if
          necessary) VAT on those amounts and to provide for any costs,
          charges, liabilities and expenses then due or to become due and
          payable to them under the provisions of the Current Issuer Paying
          Agent and Agent Bank Agreement;

     (C)  third, in no order of priority among them but in proportion to the
          respective amounts due, towards payment of amounts (together with
          (if necessary) VAT on those amounts) due and payable to the Current
          Issuer Cash Manager under the Current Issuer Cash Management
          Agreement and to the Corporate Services Provider under the Current
          Issuer Corporate Services Agreement and to the Account Bank under
          the Current Issuer Bank Account Agreement;

     (D)  fourth, in no order of priority among them but in proportion to the
          respective amounts due, to pay:

          (i)    amounts (including such part of any termination payment) due
                 to the Basis Rate Swap Provider (except for any termination
                 payment or any part thereof due and payable to the Basis Rate
                 Swap Provider as a result of a Basis Rate Swap Provider
                 Default by that Basis Rate Swap Provider save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Basis Rate
                 Swap and applied in accordance with this order of priority of
                 payments);

          (ii)   amounts (including such part of any termination payment) due
                 to the Series 1 Class A1 Dollar Currency Swap Provider under
                 the Series 1 Class A1 Dollar Currency Swap (except for any
                 termination payment or any part thereof due and payable to
                 that Swap Provider as a result of a Dollar Currency Swap
                 Provider Default by that Swap Provider save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a

                                      45

<PAGE>

                 Downgrade Termination Event in respect of the Series 1 Class
                 A1 Dollar Currency Swap and applied in accordance with this
                 order of priority of payments) and from amounts received from
                 the Series 1 Class A1 Dollar Currency Swap Provider to pay
                 interest due or overdue and to repay principal on the Series
                 1 Class A1 Notes until the Series 1 Class A1 Notes have been
                 repaid in full;

          (iii)  amounts (including such part of any termination payment) due
                 to the Series 1 Class A2 Dollar Currency Swap Provider under
                 the Series 1 Class A2 Dollar Currency Swap (except for any
                 termination payment or any part thereof due and payable to
                 that Swap Provider as a result of a Dollar Currency Swap
                 Provider Default by that Swap Provider save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Series 1
                 Class A2 Dollar Currency Swap and applied in accordance with
                 this order of priority of payments) and from amounts received
                 from the Series 1 Class A2 Dollar Currency Swap Provider to
                 pay interest due or overdue and to repay principal on the
                 Series 1 Class A2 Notes until the Series 1 Class A2 Notes
                 have been repaid in full; and

            (iv) amounts (including such part of any termination payment) due
                 to the Series 2 Class A1 Dollar Currency Swap Provider under
                 the Series 2 Class A1 Dollar Currency Swap (except for any
                 termination payment or any part thereof due and payable to
                 that Swap Provider as a result of a Dollar Currency Swap
                 Provider Default by that Swap Provider save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Series 2
                 Class A1 Dollar Currency Swap and applied in accordance with
                 this order of priority of payments) and from amounts received
                 from the Series 2 Class A1 Dollar Currency Swap Provider to
                 pay interest due or overdue and to repay principal on the
                 Series 2 Class A1 Notes until the Series 2 Class A1 Notes
                 have been repaid in full;

            (v)  amounts (including such part of any termination payment) due
                 to the Series 2 Class A2 Euro Currency Swap Provider under
                 the Series 2 Class A2 Euro Currency Swap (except for any
                 termination payment or any part thereof due and payable to
                 that Swap Provider as a result of a Euro Currency Swap
                 Provider Default by that Swap Provider save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Series 2
                 Class A2 Euro Currency Swap and applied in accordance with
                 this order of priority of payments) and from amounts received
                 from the Series 2 Class A2 Euro Currency Swap Provider to pay
                 interest due or overdue and to repay principal on the Series
                 2 Class A2 Notes until the Series 2 Class A2 Notes have been
                 repaid in full; and

            (vi) interest due or overdue and to repay principal of the Series
                 3 Class A Notes until the Series 3 Class A Notes have been
                 repaid in full;

                                      46

<PAGE>

     (E)  fifth, in no order of priority among them but in proportion to the
          respective amounts due, to pay:

          (i)    amounts (including such part of any termination payment) due
                 to the Series 1 Class B Dollar Currency Swap Provider under
                 the Series 1 Class B Dollar Currency Swap (except for any
                 termination payment due or any part thereof and payable to
                 that Swap Provider as a result of a Dollar Currency Swap
                 Provider Default by that Swap Provider save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Series 1
                 Class B Dollar Currency Swap and applied in accordance with
                 this order of priority of payments) and from amounts received
                 from the Series 1 Class B Dollar Currency Swap Provider to
                 pay interest due or overdue and to repay principal on the
                 Series 1 Class B Notes until the Series 1 Class B Notes have
                 been repaid in full;

          (ii)   amounts (including such part of any termination payment) due
                 to the Series 2 Class B Euro Currency Swap Provider under the
                 Series 2 Class B Euro Currency Swap (except for any
                 termination payment or any part thereof due and payable to
                 that Swap Provider as a result of a Euro Currency Swap
                 Provider Default by that Swap Provider save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Series 2
                 Class B Euro Currency Swap and applied in accordance with
                 this order of priority of payments) and from amounts received
                 from the Series 2 Class B Euro Currency Swap Provider to pay
                 interest due or overdue and to repay principal on the Series
                 2 Class B Notes until the Series 2 Class B Notes have been
                 repaid in full; and

          (iii)  interest due or overdue and to repay principal of the Series
                 3 Class B Notes until the Series 3 Class B Notes have been
                 repaid in full;

     (F)  sixth, in no order of priority among them but in proportion to the
          respective amounts due, to pay:

          (i)    amounts (including such part of any termination payment) due
                 to the Series 1 Class M Dollar Currency Swap Provider under
                 the Series 1 Class M Dollar Currency Swap (except for any
                 termination payment or any part thereof due and payable to
                 that Swap Provider as a result of a Dollar Currency Swap
                 Provider Default by that Swap Provider, save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Series 1
                 Class M Dollar Currency Swap and applied in accordance with
                 this order of priority of payment) and from amounts received
                 from the Series 1 Class M Dollar Currency Swap Provider to
                 pay interest due or overdue and to repay principal on the
                 Series 1 Class M Notes until the Series 1 Class M Notes have
                 been repaid in full;

                                      47

<PAGE>

          (ii)   amounts (including such part of any termination payment) due
                 to the Series 2 Class M Euro Currency Swap Provider under the
                 Series 2 Class M Euro Currency Swap (except for any
                 termination payment or any part thereof due and payable to
                 that Swap Provider as a result of a Euro Currency Swap
                 Provider default by that Swap Provider, save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Series 2
                 Class M Euro Currency Swap and applied in accordance with
                 this order of priority of payments) and from amounts received
                 from the Series 2 Class M Euro Currency Swap Provider to pay
                 interest due or overdue and to repay principal of the Series
                 2 Class M Notes until the Series 2 Class M Notes have been
                 repaid in full; and

          (iii)  interest due or overdue and to repay principal of the Series
                 3 Class M Notes until the Series 3 Class M Notes have been
                 repaid in full;

     (G)  seventh, in no order of priority among them but in proportion to the
          respective amounts due, to pay:

          (i)    amounts (including such part of any termination payment) due
                 to the Series 1 Class C Dollar Currency Swap Provider under
                 the Series 1 Class C Dollar Currency Swap (except for any
                 termination payment or any part thereof due and payable to
                 that Swap Provider as a result of a Dollar Currency Swap
                 Provider Default by that Swap Provider save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Series 1
                 Class C Dollar Currency Swap and applied in accordance with
                 this order of priority of payments) and from amounts received
                 from the Series 1 Class C Dollar Currency Swap Provider to
                 pay interest due or overdue and to repay principal on the
                 Series 1 Class C Notes until the Series 1 Class C Notes have
                 been repaid in full;

          (ii)   amounts (including such part of any termination payment) due
                 to the Series 2 Class C Euro Currency Swap Provider under the
                 Series 2 Class C Euro Currency Swap (except for any
                 termination payment or any part thereof due and payable to
                 that Swap Provider as a result of a Euro Currency Swap
                 Provider Default by that Swap Provider save to the extent
                 such termination payment may be satisfied by any Swap
                 Replacement Payment received by the Current Issuer following
                 a Downgrade Termination Event in respect of the Series 2
                 Class C Euro Currency Swap and applied in accordance with
                 this order of priority of payments) and from amounts received
                 from the Series 2 Class C Euro Currency Swap Provider to pay
                 interest due or overdue and to repay principal on the Series
                 2 Class C Notes until the Series 2 Class C Notes have been
                 repaid in full; and

          (iii)  to pay interest due or overdue and to repay principal on the
                 Series 3 Class C Notes until the Series 3 Class C Notes have
                 been repaid in full;

                                      48

<PAGE>

     (H)  eighth, on the Payment Date falling in December of each year, to pay
          to the Current Issuer Account Bank an amount equal to the amount of
          any debit balance in any Current Issuer Transaction Account incurred
          as a result of the operation of the rounding convention set forth in
          Condition 4(D) of the Current Issuer Notes and outstanding as at
          such Payment Date; and

     (I)  eighth, in no order of priority among them but in proportion to the
          respective amounts due, to pay any termination payment to:

          (i)    the Basis Rate Swap Provider following a Basis Rate Swap
                 Provider Default by the Basis Rate Swap Provider;

          (ii)   the Dollar Currency Swap Provider following a Dollar Currency
                 Swap Provider Default by the Dollar Currency Swap Provider;

          (iii)  the Euro Currency Swap Provider following a Euro Currency
                 Swap Provider Default by the Euro Currency Swap Provider; and

     (J)  last, to pay any amount remaining following the application of
          principal and revenue set forth in paragraphs (A) through (I) above,
          to the Current Issuer.

     Following enforcement of the Current Issuer Security, if, on any Payment
     Date, an amount equal to the cash benefit relating to any Tax Credit
     obtained by the Current Issuer is required to be paid to any Current
     Issuer Swap Provider (in accordance with Part 5(o) of the Schedule to the
     relevant Current Issuer Swap Agreement), then the Note Trustee shall make
     such payment on such Payment Date out of amounts received or recovered in
     priority to the payments and provisions to be made on such Payment Date
     in accordance with the Current Issuer Post-Enforcement Priority of
     Payments. The amount of any such cash benefit paid to the relevant
     Current Issuer Swap Provider in accordance with this paragraph shall, to
     avoid double counting, be deducted from the amount to be paid to that
     Current Issuer Swap Provider under the relevant Current Issuer Swap
     Agreement in accordance with the Current Issuer Post-Enforcement Priority
     of Payments on the relevant Payment Date.

                                      49

<PAGE>

                                  SCHEDULE 3

                         FORM OF NOTICE OF ASSIGNMENT

To:      [Addressee(s)]

Granite Mortgages 03-3 plc - Assignment of rights under Current Issuer
Transaction Documents

                                                                           [o]

Dear Sirs,

Terms and expressions used in this letter are as defined in a deed of charge
(the "Current Issuer Deed of Charge") between Granite Mortgages 03-3 plc (the
"Current Issuer"), The Bank of New York (the "Note Trustee") and others dated
[o].

We hereby give notice to each addressee of this letter that by assignment(s)
under or pursuant to the Current Issuer Deed of Charge, the Current Issuer has
assigned absolutely, by way of security for the payment and performance of
certain obligations of the Current Issuer described in the Current Issuer Deed
of Charge (the "Current Issuer Secured Obligations"), to the Note Trustee all
its right, title, benefit and interest under the [Agreement(s)] (the "Current
Issuer Transaction Documents") [including its right, title interest and
benefit in relation to [describe property] and including, without limitation,
all rights to receive payment of any amounts which may become payable to the
Current Issuer thereunder, all payments received by the Current Issuer
thereunder, all rights to serve notices and/or make demands thereunder and/or
to take such steps as are required to cause payments to become due and payable
thereunder and all rights of action in respect of any breach thereof and all
rights to receive damages or obtain relief in respect thereof and the proceeds
of any of the foregoing, (hereinafter called "Relevant Current Issuer
Property").

In relation to any of the Relevant Current Issuer Property which may be
situated in Jersey at any time, we hereby give notice for the purpose of the
Security Interests (Jersey) Law 1983 to each addressee of this letter that
with the intention of creating a security interest in accordance with such law
in such property in favour of the Note Trustee for the payment and performance
of the Current Issuer Secured Obligations, the Current Issuer has assigned all
of its rights, title, benefit and interest, present and future, in, to and
under the Relevant Current Issuer Property to the Note Trustee.

By signing the enclosed copy of this notice you acknowledge and consent to the
assignments and agree that:

     (a)  from the date of this notice you are obliged to and you will pay all
          moneys which are or may become payable to the Current Issuer under
          the aforesaid agreements to or to the order of the Note Trustee; and

     (b)  you have not, at the date of this notice, received notice that any
          third party has or will have any right of interest whatsoever in the
          Relevant Current Issuer Property.

                                      50

<PAGE>

Notwithstanding the assignments made by the Current Issuer and referred to in
this notice, the Note Trustee hereby confirms and you further acknowledge
that:

     (a)  you may continue to make all payments becoming due to the Current
          Issuer in respect of the Relevant Current Issuer Property in the
          manner envisaged by the relevant Current Issuer Transaction
          Document(s); and

     (b)  the Current Issuer shall be entitled to exercise its rights, powers
          and discretions and perform its obligations in relation to the
          Relevant Current Issuer Property and under the Current Issuer
          Transaction Documents in accordance with the provisions of the
          Current Issuer Transaction Documents,

but only until such time as you receive notice from the Note Trustee to the
contrary or to the effect that the security created under the Current Issuer
Deed of Charge has become enforceable, in which event from receipt of such
notice you agree that you will pay all monies becoming due and payable to the
Current Issuer in respect of the Relevant Current Issuer Property in
accordance with any instructions received from the Note Trustee.

This letter is governed by, and shall be construed in accordance with, English
law, except that to the extent of any Relevant Current Issuer Property which
may be situated in Jersey at any time, it is governed by and shall be
construed in accordance with the laws of Jersey.

Please acknowledge receipt of this notice by executing and returning the copy
of this letter attached hereto.

Yours faithfully,

EXECUTED for and on behalf of       )

GRANITE MORTGAGES 03-3 PLC          )

by:                                 )

Authorised Signatory

Name:

Title:

                                      51

<PAGE>

EXECUTED for and on behalf of       )

THE BANK OF NEW YORK                )

by:                                 )

Authorised Signatory

Name:

Title:

We acknowledge receipt of the above notice and the terms of the assignment
created by you in respect of the Relevant Current Issuer Property.

In respect of the [Agreement]:

For and on behalf of                )

[Party to Current Issuer
Transaction Document]               )

by:                                 )

Authorised Signatory

Name:

Title:

                                      52EXHIBIT 4.6
                                                                   -----------

                             Dated 28 January 2004
                             ---------------------

                          GRANITE MORTGAGES 03-3 PLC
                               as Current Issuer

                                      and

                             THE BANK OF NEW YORK
                                as Note Trustee

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

                               ISSUER TRUST DEED

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

                          SIDLEY AUSTIN BROWN & WOOD
                             1 THREADNEEDLE STREET
                                 LONDONEC2R8AW
                            TELEPHONE 020 7360 3600
                            FACSIMILE 020 7626 7937

<PAGE>

                            CROSS-REFERENCE TABLE*

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

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

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

                                       i
<PAGE>

                               Table of Contents
Clause                                                                      Page

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

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

3.    Form, Issue and Deposit of Note Certificates.............................6

4.    Covenant of Compliance...................................................9

5.    Covenants by the Current Issuer..........................................9

6.    Enforcement.............................................................15

7.    Proceedings, Actions and Indemnification................................16

8.    Application of Moneys etc...............................................18

9.    Remuneration and Indemnification of Note Trustee........................19

10.   Supplement to the Trustee Acts..........................................21

11.   Modification and Waiver.................................................32

12.   Entitlement to Treat holder as owner....................................33

13.   Currency Indemnity......................................................33

14.   Appointment, Removal and Retirement of Note Trustee.....................34

15.   Trust Indenture Act Prevails............................................36

16.   Certificates and Opinions...............................................36

17.   Release of Collateral...................................................37

18.   Rights Cumulative.......................................................38

19.   Notices.................................................................38

20.   Third Party Rights......................................................39

21.   Execution in Counterparts; Severability.................................39

22.   Governing Law and Jurisdiction; Appropriate Forum.......................39

SCHEDULE 1 FORMS OF GLOBAL NOTE CERTIFICATES..................................40
SCHEDULE 2 FORMS OF INDIVIDUAL NOTE CERTIFICATES..............................70
SCHEDULE 3 CURRENT ISSUER CONDITIONS OF THE NOTES.............................92
SCHEDULE 4 PROVISIONS FOR MEETINGS OF NOTEHOLDERS............................132

                                      ii
<PAGE>

THIS ISSUER TRUST DEED is made on 28 January 2004

BETWEEN:

(1)   GRANITE MORTGAGES 03-3 PLC (registered number 4959572) a public limited
      company incorporated under the laws of England and Wales whose
      registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX as
      Current Issuer; and

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

WHEREAS:

(A)   By a resolution of a duly authorised Board of Directors of the Current
      Issuer passed on 21 January 2004 the Current Issuer authorised the
      creation and issue of the Current Issuer Notes.

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

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

1.    Definitions

1.1   The provisions of:

      (a)   the Master Definitions Schedule as amended and restated by (and
            appearing as Appendix 1 to) the Master Definitions Schedule
            Seventh Amendment Deed made on 26 January, 2004 between, among
            others, the Seller, Funding and the Mortgages Trustee, and

      (b)   the Issuer Master Definitions Schedule signed for the purposes of
            identification by Sidley Austin Brown & Wood and Allen & Overy on
            28 January, 2004,

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

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

1.2   All references in these presents:

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

                                       1
<PAGE>

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

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

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

      (e)   to taking proceedings against the Current Issuer shall be deemed
            to include references to proving in the winding up of the Current
            Issuer.

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

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

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

1.5   For the purposes of determining whether a direction, request or consent
      has been received from the holders of at least 25 per cent. in Principal
      Amount Outstanding of any class of Notes, the Principal Amount
      Outstanding of any Note denominated in Dollars or Euro shall be
      converted into Sterling at the relevant Dollar Currency Swap Rate or
      Euro Currency Swap Rate, as the case may be.

1.6   "outstanding" means, in relation to the Current Issuer Notes, all the
      Current Issuer Notes other than:

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

      (b)   those in respect of which the date for redemption in accordance
            with the provisions of the Current Issuer Conditions has occurred
            and for which the redemption moneys (including all interest
            accrued thereon to such date for redemption) have been duly paid
            to the Note Trustee or the Principal Paying Agent in the manner
            provided for in the Current Issuer Paying Agent and Agent Bank
            Agreement (and, where appropriate, notice to that effect has been

                                       2
<PAGE>

            given to the relevant class or classes of Noteholders in
            accordance with Condition 14 (Notice to Noteholders)) and remain
            available for payment in accordance with the Current Issuer
            Conditions;

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

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

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

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

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

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

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

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

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

2.    Covenant to Repay etc.

2.1   The Current Issuer Notes: The aggregate principal amount of:

      (a)   the Series 1 Class A1 Notes is limited to US$1,185,000,000;

      (b)   the Series 1 Class A2 Notes is limited to US$1,185,000,000;

      (c)   the Series 1 Class B Notes is limited to US$52,000,000;

      (d)   the Series 1 Class M Notes is limited to US$72,000,000;

                                       3
<PAGE>

      (e)   the Series 1 Class C Notes is limited to US$108,000,000;

      (f)   the Series 2 Class A1 Notes is limited to US$1,185,000,000;

      (g)   the Series 2 Class A2 Notes is limited to (euro)900,000,000

      (h)   the Series 2 Class B Notes is limited to (euro)91,000,000;

      (i)   the Series 2 Class M Notes is limited to (euro)45,000,000;

      (j)   the Series 2 Class C Notes is limited to (euro)60,000,000;

      (k)   the Series 3 Class A Notes is limited to (gbp)600,000,000;

      (l)   the Series 3 Class B Notes is limited to (gbp)23,000,000;

      (m)   the Series 3 Class M Notes is limited to (gbp)10,000,000;

      (n)   the Series 3 Class C Notes is limited to (gbp)20,000,000.

2.2   Covenant to Repay: The Current Issuer covenants with the Note Trustee
      that it will, in accordance with these presents, on the Final Maturity
      Date of the Current Issuer Notes, or on such earlier date as the same or
      any part thereof may become due and repayable thereunder in accordance
      with the Current Issuer Conditions, pay or procure to be paid
      unconditionally to or to the order of the Note Trustee in Sterling, Euro
      or US dollars, as applicable, in London or New York City, as applicable,
      in immediately available funds or same day funds, as applicable, the
      principal amount of the Current Issuer Notes repayable on that date and
      shall in the meantime and until all such payments (both before and after
      any judgment or other order of a court of competent jurisdiction) are
      duly made (subject to the provisions of the Current Issuer Conditions)
      pay or procure to be paid unconditionally to or to the order of the Note
      Trustee as aforesaid interest (which shall accrue from day to day) on
      the Principal Amount Outstanding of the Current Issuer Notes at the
      rates set out in or (as the case may be) calculated from time to time in
      accordance with Condition 4 (Interest) and on the dates on which such
      interest becomes due and payable in accordance with the Current Issuer
      Conditions provided that:

      (a)   every payment of principal or interest in respect of the Current
            Issuer Notes or any of them to or to the account of the Paying
            Agents in the manner provided in the Current Issuer Paying Agent
            and Agent Bank Agreement shall operate in satisfaction pro tanto
            of the relative covenant by the Current Issuer in this Clause
            except to the extent that there is default in the subsequent
            payment thereof to the Noteholders in accordance with the Current
            Issuer Conditions;

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

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<PAGE>

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

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

2.3   Additional Interest: The Current Issuer shall pay Additional Interest in
      accordance with Condition 4(B) (Payment Dates and Interest Periods).

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

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

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

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

                                       5
<PAGE>

                  Certificates and all sums, documents and records held by
                  them in respect of Current Issuer Notes on behalf of the
                  Note Trustee; and/or

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

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

2.6   Interest following Default: The rate of interest payable in respect of
      the Current Issuer Notes if they become immediately repayable pursuant
      to a notice given to the Note Trustee pursuant to the Current Issuer
      Conditions shall be calculated at three monthly intervals, the first of
      which shall commence on the expiry of the Interest Period (as defined in
      the Current Issuer Conditions) during which the Current Issuer Notes
      become so repayable, in accordance with the Current Issuer Conditions
      (with consequential amendments as necessary) except that the rates of
      interest need not be published.

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

3.    Form, Issue and Deposit of Note Certificates

3.1   Global Note Certificates:

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

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

      (c)   The Global Note Certificates shall be issued by the Current Issuer
            and (1) in the case of the Dollar Notes, the Dollar Global Note
            Certificates will be registered in the name of Cede & Co. as
            nominee for DTC, and be deposited with, the DTC Custodian and (2)
            in the case of the Euro Notes and the Sterling

                                       6
<PAGE>

            Notes, the Euro Global Note Certificates and the Sterling Global
            Note Certificates will be registered in the name of Citivic
            Nominees Limited as nominee for, and will be deposited with, the
            Common Depositary.

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

3.2   Form of Global Note Certificates: The Global Note Certificates shall be
      printed or typewritten and shall be in the form or substantially in the
      respective forms set out in Schedule 1 (Forms of Global Note
      Certificates) and may be a facsimile which the Current Issuer shall
      deposit with the DTC Custodian or the Common Depositary, as the case may
      be. Each Global Note Certificate shall represent such of the outstanding
      Current Issuer Notes of the relevant class as shall be specified therein
      and shall be endorsed with the relevant Current Issuer Conditions and
      each shall provide that it shall represent the aggregate Principal
      Amount Outstanding of the relevant class of Current Issuer Notes from
      time to time endorsed on the relevant Global Note Certificate and that
      the aggregate Principal Amount Outstanding of the Current Issuer Notes
      represented thereby may from time to time be reduced or increased, as
      appropriate, to reflect exchanges, redemptions, purchases and transfers
      of interests therein in accordance with the terms of these presents and
      the Current Issuer Paying Agent and Agent Bank Agreement. Any notation
      on the Register to reflect the amount of any increase or decrease in the
      Principal Amount Outstanding of the Current Issuer Notes represented by
      a Global Note Certificate shall be made by or on behalf of the Registrar
      in accordance with such Global Note Certificate and the Current Issuer
      Paying Agent and Agent Bank Agreement. The Global Note Certificates
      shall be issued only in registered form without coupons or talons and
      signed manually or in facsimile by a person duly authorised by the
      Current Issuer on behalf of the Current Issuer and the Current Issuer
      shall procure that the Global Note Certificates shall be authenticated
      by or on behalf of the Registrar on the Closing Date. The Global Note
      Certificates so executed and authenticated shall be binding and valid
      obligations of the Current Issuer, notwithstanding that such duly
      authorised person no longer holds that office at the time the Registrar
      authenticates the relevant Global Note Certificate. Title to the Current
      Issuer Notes shall only pass by and upon the registration in the
      Register in respect thereof in accordance with the provisions of the
      Current Issuer Paying Agent and Agent Bank Agreement.

3.3   Individual Note Certificates: The Current Issuer shall issue Individual
      Note Certificates only if one or more of the following applies while the
      Current Issuer Notes are represented by Global Note Certificates. At any
      time after the 40th day following the later of the Closing Date and the
      date of the issue of such Global Note Certificates:

      (a)   (i) (in the case of the Dollar Global Note Certificates) DTC has
            notified the Current Issuer that it is at any time unwilling or
            unable to continue as, or has ceased to be, a clearing agency
            registered under the Exchange Act, and a successor to DTC
            registered as a clearing agency under the Exchange Act is not able
            to be appointed by the Current Issuer within 90 days of such
            notification; or (ii) (in the case of the Euro Global Note
            Certificates and the Sterling Global Note Certificates) both
            Euroclear and Clearstream,

                                       7
<PAGE>

            Luxembourg are closed for business for a continuous period of 14
            days (other than by reason of holiday, statutory or otherwise) or
            announce an intention permanently to cease business and do so
            cease to do business and no alternative clearing system
            satisfactory to the Note Trustee is available; or

      (b)   as a result of any amendment to, or change in, the laws or
            regulations of the United Kingdom (or of any political
            sub-division thereof) or of any authority therein or thereof
            having power to tax or in the interpretation or administration by
            a revenue authority or a court or administration of such laws or
            regulations which becomes effective on or after the Closing Date,
            the Current Issuer or any Paying Agent is or will be required to
            make any deduction or withholding from any payment in respect of
            the Current Issuer Notes which would not be required were the
            Current Issuer Notes represented by Individual Note Certificates.

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

      If Individual Note Certificates are issued, the beneficial interests
      represented by the Reg S Global Note Certificate representing each class
      shall be exchanged by the Current Issuer for Reg S Individual Note
      Certificates of that class and the beneficial interests represented by
      the US Global Note Certificate representing each class shall be
      exchanged by the Current Issuer for US Individual Note Certificates of
      that class.

3.4   Form of Individual Note Certificates: The Individual Note Certificates
      shall be printed or typewritten in accordance with all applicable legal
      and stock exchange requirements and be in the form or substantially in
      the relevant form set out in Schedule 2 (Forms of Individual Note
      Certificates). Individual Note Certificates will be in the
      denominations, and transferable in units, of (i) US$1,000 and US$10,000
      (in the case of the Dollar Notes) (ii) (gbp)1,000 or (gbp)10,000 (in the
      case of the Sterling Notes) (iii) (euro)50,000 (in the case of the Euro
      Notes) each, shall be serially numbered and shall be endorsed with the
      relevant Current Issuer Conditions and a form of transfer in the form or
      substantially in the relevant form also set out in Schedule 2 (Forms of
      Individual Note Certificates). Title to the Individual Note Certificates
      shall only pass by and upon the registration in the Register in respect
      thereof in accordance with the provisions of the Current Issuer Paying
      Agent and Agent Bank Agreement. The Individual Note Certificates shall
      be issued only in registered form and signed manually or in facsimile by
      a person duly authorised by or on behalf of the Current Issuer and the
      Current Issuer shall procure that the Individual Note Certificates shall
      be authenticated by or on behalf of the Registrar. Each Individual Note
      Certificate so executed and authenticated shall be a binding and valid
      obligation of the Current Issuer notwithstanding that such duly
      authorised person no longer holds that office at the time the Registrar
      authenticates the relevant Individual Note Certificate.

3.5   Indemnity: If the Current Issuer is obliged to issue or procure the
      issue of any Individual Note Certificate pursuant to Clause 3.3
      (Individual Note Certificates) but fails to do so within 30 days of the
      occurrence of the relevant event described in Clause 3.3 (Individual
      Note Certificates), then the Current Issuer shall indemnify the Note
      Trustee and the relevant Noteholders and keep them indemnified against
      any

                                       8
<PAGE>

      loss or damage incurred by any of them if the amount received by the
      Note Trustee or the relevant Noteholders in respect of the Current
      Issuer Notes is less than the amount that would have been received had
      Individual Note Certificates been issued in accordance with Clause 3.4
      (Form of Individual Note Certificates). If and for so long as the
      Current Issuer discharges its obligations under this indemnity, the
      breach by the Current Issuer of the provisions of Clause 3.4 (Form of
      Individual Note Certificates) shall be deemed to be cured ab initio.

4.    Covenant of Compliance

4.1   Covenant: The Current Issuer covenants with the Note Trustee that it
      will comply with and perform and observe all the provisions of these
      presents, the Current Issuer Notes (including the Current Issuer
      Conditions), the Current Issuer Deed of Charge, the Current Issuer
      Paying Agent and Agent Bank Agreement, and the documents executed
      pursuant thereto and the other Current Issuer Transaction Documents. The
      Current Issuer Conditions shall be binding on the Current Issuer, the
      Noteholders, the Note Trustee and all persons claiming through or under
      any of them. The Current Issuer Notes are subject to the provisions of
      these presents, all of which shall be binding on the Current Issuer, the
      Noteholders, the Note Trustee and all persons claiming through or under
      any of them.

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

5.    Covenants by the Current Issuer

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

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

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

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

      (d)   Information: so far as permitted by applicable law, give or
            procure to be given to the Note Trustee such opinions,
            certificates, information and evidence as it

                                      9
<PAGE>

            shall require and in such form as it shall require, including
            without limitation the procurement by the Current Issuer of all
            such certificates called for by the Note Trustee pursuant to these
            presents or the purpose of the discharge or exercise of the
            duties, trusts, powers, authorities and discretions vested in it
            under these presents or by operation of law;

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

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

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

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

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

                                      10
<PAGE>

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

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

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

      (m)   Change of Agents, etc.: subject to the Current Issuer Paying Agent
            and Agent Bank Agreement, give notice to the Noteholders in
            accordance with the Current Issuer Conditions of any appointment,
            resignation or removal of any Agent Bank, Reference Bank, Paying
            Agent, Transfer Agent or Registrar (other than the appointment of
            the initial Agent Bank, Reference Banks, Paying Agents, Transfer
            Agent and Registrar) after, except in the case of resignation,
            having obtained the prior written approval of the Note Trustee
            (not to be unreasonably withheld or delayed) thereto or any change
            of the Specified Office of any Agent Bank, Paying Agent, Transfer
            Agent or Registrar provided always that so long as any of the
            Current Issuer Notes remains outstanding, in the case of the
            termination of the appointment of the Agent Bank, the Transfer
            Agent or the Registrar, or so long as any of the Current Issuer
            Notes remains liable to prescription, in the case of the
            termination of the appointment of the Principal Paying Agent, no
            such termination shall take effect until a new Agent Bank, the
            Transfer Agent, Registrar or Principal Paying Agent (as the case
            may be) has been appointed on terms previously approved in writing
            by the Note Trustee;

                                      11
<PAGE>

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

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

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

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

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

      (s)   Exercise of Redemption Rights: subject to paragraph (t) below, in
            the event that any notice of prepayment of the Current Issuer
            Intercompany Loan is given under Clause 8 (Prepayment) of the
            Intercompany Loan Terms and

                                      12
<PAGE>

            Conditions, the Current Issuer shall exercise its right to redeem
            the Current Issuer Notes on the same Payment Date under Condition
            5(D) (Optional Redemption in Full) or, as applicable, Condition
            5(E) (Optional Redemption for Tax and other Reasons);

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

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

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

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

      (x)   Tax Deduction: take reasonable steps to ensure that it does not
            engage in any course of conduct that would lead to a deduction,
            for United Kingdom corporation tax purposes, in respect of accrued
            interest or discount on the Current Issuer Notes by the Current
            Issuer being denied, postponed or restricted (whether such denial,
            postponement or restriction results from the application of
            paragraph 2 or 13 of Schedule 9 of the Finance Act 1996 or
            otherwise);

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

                                      13
<PAGE>

            treatment of the Current Issuer Notes as indebtedness for United
            States federal income tax purposes;

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

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

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

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

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

      (ee)  Information Regarding Noteholders: pursuant to Section 312(a) of
            the Trust Indenture Act, furnish or cause to be furnished to the
            Note Trustee on 31st March and 30th September of each year,
            commencing 31st March 2004, and at such other times as the Note
            Trustee may request in writing, all information in the possession
            or control of the Current Issuer or of any of its Paying Agents as
            to the names and addresses of the Noteholders, and requiring the
            Note Trustee to preserve, in as current a form as is reasonably
            practicable, all such information so furnished to it;

                                      14
<PAGE>

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

      (gg)  Protection of Security: promptly after the execution and delivery
            of these presents and each supplement hereto, pursuant to Section
            314(b) of the Trust Indenture Act furnish to the Note Trustee an
            Opinion of Counsel stating that in the opinion of such counsel,
            appropriate steps have been taken to protect the security
            interests of the Note Trustee in the Current Issuer Charged
            Property under the Current Issuer Deed of Charge and reciting the
            details of such action, or stating that in the opinion of such
            counsel no such action is necessary; and the Current Issuer shall
            furnish annually to the Note Trustee, not more than three (3)
            months after the anniversary of the signing of this Deed,
            commencing with calendar year 2004, an Opinion of Counsel stating
            either that, in the opinion of such counsel, (i) such action has
            been taken as is necessary for the proper protection of the
            security interests of the Note Trustee in the Current Issuer
            Charged Property under the Current Issuer Deed of Charge and
            reciting the details of such action or (ii) no such action is
            necessary for any of such purposes;

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

      (ii)  Current Issuer Notes: in order to enable the Note Trustee to
            ascertain the number and amount of Current Issuer Notes for the
            time being outstanding for any of the purposes referred to in the
            proviso to the definition of "outstanding" contained in Clause
            1.6, deliver to the Note Trustee forthwith upon being so requested
            in writing by the Note Trustee a certificate in writing signed by
            two Authorised Signatories of the Current Issuer setting out the
            total number and the principal amount of the Current Issuer Notes,
            if any, which:

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

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

6.    Enforcement

6.1   Proceedings: At any time after the occurrence of a Note Event of
      Default, the Note Trustee may, at its discretion and without notice (and
      in compliance with Section 317(a) of the Trust Indenture Act), recover
      judgment in its own name and as trustee of an express trust against the
      Current Issuer for the whole amount of principal and

                                      15
<PAGE>

      interest remaining unpaid; institute such proceedings and/or take other
      action against or in relation to the Current Issuer or any other person
      as it may think fit to enforce the obligations of the Current Issuer
      under these presents, the Current Issuer Notes and/or any of the other
      Current Issuer Transaction Documents but it shall not be bound to take
      such action save as provided in Clause 7 (Proceedings, Actions and
      Indemnification).

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

6.3   Evidence of Default: Unless the contrary be proved, proof that as
      regards any specified Current Issuer Note the Current Issuer has made
      default in paying any amount due in respect of such Current Issuer Note
      shall be sufficient evidence that the Current Issuer has made the like
      default as regards all other Current Issuer Notes in respect of which
      the corresponding amount is then due and payable in accordance with the
      Current Issuer Conditions and for the purposes of this Clause 6.3
      (Evidence of Default) an amount shall be a corresponding amount
      notwithstanding that it is due in respect of a Current Issuer Note of a
      different denomination from that in respect of the above specified
      Current Issuer Note. The Note Trustee may file such proofs of claim and
      other papers or documents as may be necessary or advisable in order to
      have the claims of the Note Trustee and the Noteholders allowed in any
      judicial proceedings relative to the Current Issuer, its creditors or
      its property.

7.    Proceedings, Actions and Indemnification

7.1   The Note Trustee shall not be bound to take any proceedings mentioned in
      Clause 6.1 (Proceedings) or any other action in relation to these
      presents, the Current Issuer Notes or any documents executed pursuant
      thereto or any of the other Current Issuer Transaction Documents to
      which the Note Trustee is a party unless:

      (a)   it shall have been so directed by an Extraordinary Resolution of
            the Senior Noteholders or the Mezzanine Noteholders or the Class M
            Noteholders or the Junior Noteholders as appropriate; or

      (b)   it shall have been so requested in writing by the holders of at
            least one quarter of the aggregate Principal Amount Outstanding of
            the Senior Notes or by the holders of at least one quarter of the
            aggregate Principal Amount Outstanding of the Mezzanine Notes or
            by the holders of at least one quarter of the aggregate Principal
            Amount Outstanding of the Class M Notes or by the holders of at
            least one quarter of the aggregate Principal Amount Outstanding of
            the Junior Notes; and

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

                                      16
<PAGE>

      provided that:

            (i)   the Note Trustee shall not be held liable for the
                  consequence of taking any such action and may take such
                  action without having regard to the effect of such action on
                  individual Noteholders or any other Current Issuer Secured
                  Creditor; and

            (ii)  save to the extent provided otherwise under the Current
                  Issuer Conditions, the Note Trustee shall not and shall not
                  be obliged to act at the direction or request of the
                  Mezzanine Noteholders as aforesaid unless at such time no
                  Senior Notes are then outstanding; and

            (iii) save to the extent provided otherwise under the Current
                  Issuer Conditions, the Note Trustee shall not and shall not
                  be obliged to act at the direction or request of the Class M
                  Noteholders as aforesaid unless at such time no Senior Notes
                  and no Mezzanine Notes are then outstanding; and

            (iv)  save to the extent provided otherwise under the Current
                  Issuer Conditions, the Note Trustee shall not and shall not
                  be obliged to act at the direction or request of the Junior
                  Noteholders as aforesaid unless at such time there are no
                  Senior Notes, no Mezzanine Notes and no Class M Notes then
                  outstanding.

7.2   Only Note Trustee to Enforce: Only the Note Trustee may enforce the
      provisions of these presents, the Current Issuer Conditions or the
      Current Issuer Notes. No Noteholder or other Current Issuer Secured
      Creditor shall be entitled to proceed directly against the Current
      Issuer or any other party to any of the Transaction Documents unless the
      Note Trustee having become bound as aforesaid to institute proceedings
      has failed to do so within 30 days of becoming so bound and such failure
      is continuing; provided that save to the extent provided in the Current
      Issuer Conditions, no Junior Noteholder and no Mezzanine Noteholder
      shall be entitled to take proceedings for the winding up or
      administration of the Current Issuer unless there are no outstanding
      Current Issuer Notes of a class with higher priority, or if Current
      Issuer Notes of a class with higher priority are outstanding, there is
      consent of Noteholders of not less than 25 per cent. of the aggregate
      principal amount of the Current Issuer Notes outstanding of the class or
      classes of Current Issuer Notes with higher priority. Notwithstanding
      the foregoing and notwithstanding any other provision of these presents,
      consistent with Section 316 of the Trust Indenture Act, the right of
      each Noteholder to receive principal and/or interest on its Current
      Issuer Notes on or after the due date for payment of such principal or
      interest in accordance with the Current Issuer Conditions or to
      institute suit for the enforcement of the payment of that principal
      and/or interest may not be impaired or affected without the consent of
      the such Noteholder. Notwithstanding anything herein to the contrary any
      action to be taken under Section 316(a) of the Trust Indenture Act shall
      comply with Section 316(c) of the Trust Indenture Act and the record
      date for the purpose of Section 316(c) shall be such date as the Current
      Issuer shall notify to the relevant Noteholders in accordance with the
      Current Issuer Conditions.

                                      17
<PAGE>

8.    Application of Moneys etc.

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

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

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

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

8.5   Production of Note Certificates: Upon any payment under Clause 8.4
      (Payment to Noteholders) of principal or interest, the Note Certificate
      representing the relevant Current Issuer Note in respect of which such
      payment is made shall, if the Note Trustee so requires, be produced to
      the Note Trustee or the Paying Agent by or through whom such payment is
      made and the Note Trustee shall, in the case of part payment, require
      the Registrar to make a notation in the Register of the amount and date
      of payment thereon or, in the case of payment in full, shall cause such
      Note Certificate to be surrendered or shall cancel or procure the same
      to be cancelled and shall certify or procure the certification of such
      cancellation, in each case subject to and in accordance with the Current
      Issuer Paying Agent and Agent Bank Agreement.

                                      18
<PAGE>

9.    Remuneration and Indemnification of Note Trustee

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

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

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

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

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

      such matters shall be determined by an investment bank (acting as an
      expert and not as an arbitrator) selected by the Note Trustee and
      approved by the Current Issuer or, failing such approval, nominated (on
      the application of the Note Trustee) by the President for the time being
      of The Law Society of England and Wales (the expenses involved in such
      nomination and the fees of such investment bank being payable by the
      Current Issuer) and the determination of any such investment bank shall
      be final and binding upon the Note Trustee and the Current Issuer.

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

      (a)   the negotiation, preparation and execution of, the exercise of its
            powers and discretions and the performance of its duties under
            these presents and any

                                      19
<PAGE>

            other Current Issuer Transaction Documents including, but not
            limited to legal and travelling expenses; and

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

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

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

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

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

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

      (d)   any action in any jurisdiction taken by or on behalf of the Note
            Trustee. If the Note Trustee (or any Noteholder or Current Issuer
            Secured Creditor) where permitted under these presents so to do)
            shall take any proceedings against the Current Issuer in any other
            jurisdiction and if for the purpose of any such proceedings these
            presents or any Note Certificates are taken into any such
            jurisdiction and any stamp duties or other duties or taxes become
            payable thereon in any such jurisdiction, the Current Issuer will
            pay (or reimburse the person making payment of) such stamp duties
            or other duties or taxes (including penalties).

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

9.8   Interest: Subject as provided in Clause 9.9 (Payment), all sums payable
      by the Current Issuer under this Clause 9 (Remuneration and
      Indemnification of Note Trustee) shall be payable on demand or, in the
      case of any remuneration payable under Clause 9.1 (Normal Remuneration)
      on the due date specified therein and shall

                                      20
<PAGE>

      carry interest at the rate per annum, which is one per cent. per annum
      above the base rate from time to time of the National Westminster Bank
      Plc from the date on which they were paid, charged or incurred by the
      Note Trustee or, in the case of remuneration, the due date for payment
      thereof, to the date of actual payment, and in all other cases shall (if
      not paid on the date specified in such demand or, if later, within three
      days after such demand and, in either case, the Note Trustee so
      requires) carry interest at such rate from the date specified in such
      demand.

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

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

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

10.   Supplement to the Trustee Acts

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

10.2  Reliance on Information:

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

                                      21
<PAGE>

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

10.3  Powers and Duties:

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

      (b)   Save as required for the purposes of the Trust Indenture Act, the
            Note Trustee shall not be responsible for the execution, legality,
            effectiveness, adequacy, genuineness, validity or enforceability
            or admissibility in evidence of any Current Issuer Transaction
            Document or any other document entered into in connection
            therewith or any security thereby constituted or purported to be
            constituted thereby nor shall it be responsible or liable to any
            person because of any invalidity of any provision of such
            documents or the unenforceability thereof, whether arising from
            statute, law or decision of any court.

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

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

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<PAGE>

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

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

      (g)   The Note Trustee shall be under no obligation to monitor or
            supervise and shall not have any duty to make any investigation in
            respect of or in any way be liable whatsoever for the performance
            or observance by the Current Issuer or any other person of the
            provisions of these presents or any other Current Issuer
            Transaction Document and shall be entitled to assume that each
            person is properly performing and complying with its obligations.

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

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

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

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

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

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<PAGE>

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

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

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

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

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

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

                                      24
<PAGE>

                  any Noteholder be entitled to claim, from the Current
                  Issuer, the Note Trustee or any other person any
                  indemnification or payment in respect of any tax consequence
                  of any such exercise upon individual Noteholders;

            (ii)  except where expressly provided otherwise in these presents
                  or any other Current Issuer Transaction Document, the Note
                  Trustee shall solely have regard to the interests of the
                  Noteholders provided that (a) if in the opinion of the Note
                  Trustee there is a conflict between the interests of the
                  Senior Noteholders, on the one hand and the interests of the
                  Mezzanine Noteholders, the Class M Noteholders and/or the
                  Junior Noteholders on the other hand, the Note Trustee shall
                  have regard only to the interests of the Senior Noteholders
                  or (b) if in the opinion of the Note Trustee there is a
                  conflict between the interests of the Mezzanine Noteholders
                  on the one hand and the interests of the Class M Noteholders
                  and/or Junior Noteholders on the other hand, the Note
                  Trustee shall have regard only to the interests of the
                  Mezzanine Noteholders or (c) if in the opinion of the Note
                  Trustee there is a conflict between the interests of the
                  Class M Noteholders on the one hand and the interests of the
                  Junior Noteholders on the other hand, the Note Trustee shall
                  have regard only to the interests of the Class M
                  Noteholders; but so that this proviso shall not apply in the
                  case of powers, authorities or discretions in relation to
                  which it is expressly stated that they may be exercised by
                  the Note Trustee only if in its opinion the interests of all
                  the Noteholders would not be materially prejudiced thereby;
                  and

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

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

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

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

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<PAGE>

      (u)   Any trustee of these presents being a lawyer, accountant, broker
            or other person engaged in any profession or business shall be
            entitled to charge and be paid all usual professional and other
            charges for business transacted and acts done by him or his firm
            in connection with the trusts of this Deed and the Current Issuer
            Transaction Documents and also his charges in addition to
            disbursements for all other work and business done and all time
            spent by him or his firm in connection with matters arising in
            connection with this Deed and the Current Issuer Transaction
            Documents, including matters which might or should have been
            attended to in person by a trustee not being a banker, lawyer,
            broker or other professional person.

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

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

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

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

                                      26
<PAGE>

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

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

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

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

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

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

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

                                      27
<PAGE>

            Register later found to be forged or not authentic and can assume
            for all purposes in relation hereto that any entry on the Register
            is correct.

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

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

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

      (jj)  If required by Section 313(a) of the Trust Indenture Act, within
            60 days after 31st December of any year and commencing 31 December
            2004, the Note Trustee shall deliver to each Noteholder a brief
            report dated as of such 31st December that complies with Section
            313(a) of the Trust Indenture Act. The Note Trustee also shall
            comply with Sections 313(b), 313(c) and 313(d) of the Trust
            Indenture Act. Reports delivered pursuant to this paragraph (jj)
            shall be sent as provided in Clause 19 (Notices).

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

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<PAGE>

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

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

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

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

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

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

      (rr)  Without prejudice to the provisions of any Current Issuer
            Transaction Documents relating to insurance, the Note Trustee
            shall not be under any obligation to insure any of the Current
            Issuer Charged Property or the Funding Charged Property or any
            deeds or documents of title or other evidence in respect of the
            Current Issuer Charged Property or the Funding Charged Property or
            to require any other person to maintain any such insurance or
            monitor the adequacy of any such insurance and shall not be
            responsible for any liability which may be suffered by any person
            as a result of the lack of or inadequacy of any such insurance.

      (ss)  The Note Trustee shall have no liability whatsoever for any loss,
            cost, damages or expenses directly or indirectly suffered or
            incurred by a person as a result of the delivery by the Note
            Trustee to the Current Issuer or to any other party to the Current
            Issuer Transaction Documents of a certificate as to material
            prejudice pursuant to the Current Issuer Conditions or any Current

                                      29
<PAGE>

            Issuer Transaction Documents on the basis of an opinion formed by
            it in good faith.

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

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

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

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

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

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

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

                                      30
<PAGE>

      faith.

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

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

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

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

10.12 Note Trustee Liable for Negligence etc.: Notwithstanding any other
      provision of these presents, in compliance with Section 315(d) of the
      Trust Indenture Act, none of the provisions of these presents shall, in
      any case in which the Note Trustee has failed to show the degree of care
      and diligence required of it as trustee under these presents

                                      31
<PAGE>

      (including any requirement under the Trust Indenture Act), having regard
      to the provisions of these presents conferring on the Note Trustee any
      powers, authorities or discretions, relieve the Note Trustee from or
      indemnify the Note Trustee against any liabilities which by virtue of
      any rule of law (including any provision of the Trust Indenture Act)
      would otherwise attach to it in respect of any negligence, default,
      breach of duty or breach of trust of which it may be guilty in relation
      to its duties under these presents.

11.   Modification and Waiver

11.1  Modification: The Note Trustee may without the consent or sanction of
      relevant class or classes of the Noteholders at any time and from time
      to time concur with the Current Issuer in making any modification
      (except a Basic Terms Modification (as defined in Schedule 4 (Provisions
      for Meetings of Noteholders) hereto)) (i) to these presents, the Current
      Issuer Notes or any of the other Current Issuer Transaction Documents,
      provided that the Note Trustee is of the opinion that such modification
      will not be materially prejudicial to the interests of the relevant
      class or classes of Noteholders; or (ii) to these presents, the Current
      Issuer Notes or any of the other Current Issuer Transaction Documents,
      if in the opinion of the Note Trustee such modification is of a formal,
      minor or technical nature or to correct a manifest error or proven
      error; or (iii) to any of the Current Issuer Transaction Documents which
      it may be necessary to make or which are required by the Rating Agencies
      in respect of any New Issuer or any other person who has executed an
      Accession Undertaking pursuant to Clause 3.11 (New Intercompany Loans)
      of the Funding Deed of Charge or Clause 2.2 (New Intercompany Loan
      Agreement) of the Intercompany Loan Terms and Conditions. Any such
      modification may be made on such terms and subject to such conditions
      (if any) as the Note Trustee may determine, shall be binding upon the
      Noteholders and, unless the Note Trustee agrees otherwise, shall be
      notified by the Current Issuer to the Noteholders and the Rating
      Agencies in accordance with the Current Issuer Conditions as soon as
      practicable thereafter. So long as any of the Current Issuer Notes are
      rated by the Rating Agencies, the Current Issuer shall notify the Rating
      Agencies in writing as soon as reasonably practicable thereafter of any
      modification to the provisions of these presents, the Current Issuer
      Notes or any of the other Current Issuer Transaction Documents. The Note
      Trustee may also agree, without the consent of the Noteholders, to a
      change of the laws governing the Current Issuer Notes and/or the Current
      Issuer Transaction Documents provided that such change would not, in the
      opinion of the Note Trustee, be materially prejudicial to the interests
      of the Noteholders.

11.2  Waiver: Subject as expressly provided otherwise in the Current Issuer
      Notes or in any other Current Issuer Transaction Document, the Note
      Trustee may from time to time and at any time without the consent or
      sanction of the relevant class or classes of Noteholders and without
      prejudice to its rights in respect of any subsequent breach, but only if
      and in so far as in its opinion the interests of the relevant class or
      classes of Noteholders shall not be materially prejudiced thereby, waive
      or authorise any breach or proposed breach by the Current Issuer or any
      other party thereto of any of the covenants or provisions contained in
      these presents or in any of the other Current Issuer Transaction
      Documents or determine that any Note Event of Default shall not be
      treated as such for the purposes of these presents and the Current
      Issuer Notes provided always that the Note Trustee shall not exercise
      any powers conferred on it

                                      32
<PAGE>

      by this Clause in contravention of any express direction given by an
      Extraordinary Resolution, or of a request in writing made by the holders
      of not less than 25 per cent. in aggregate principal amount of the
      relevant class of Current Issuer Notes then outstanding, in accordance
      with the Current Issuer Conditions (but so that no such direction or
      request shall affect any waiver, authorisation or determination
      previously given or made). Any such waiver, authorisation or
      determination may be given or made on such terms and subject to such
      conditions (if any) as the Note Trustee may determine, shall be binding
      on the Noteholders and, if, but only if, the Note Trustee shall so
      require, shall be notified by the Current Issuer to the Noteholders in
      accordance with the Current Issuer Conditions as soon as practicable
      thereafter. The provisions of this Clause 11.2 (Waivers) shall be in
      lieu of Section 316(a)(1)(B) of the Trust Indenture Act and Section
      316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded
      from these presents and the Current Issuer Notes, as permitted by the
      Trust Indenture Act.

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

12.   Entitlement to Treat holder as owner

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

13.   Currency Indemnity

13.1  Currency and Indemnity: The sole currency of account and payment (the
      "Contractual Currency") for all sums payable by the Current Issuer under
      or in connection with these presents, the Current Issuer Notes and the
      other Current Issuer Secured Obligations including damages is (a) in
      relation to any class of Current Issuer Notes, the currency in which
      such class of Current Issuer Notes is denominated and (b) in relation to
      Clauses 9.1 (Normal Remuneration), 9.2 (Extra Remuneration), 9.3
      (Failure to Agree), 9.4 (Expenses), 9.5 (Indemnity), 9.7 (VAT) and 9.8
      (Interest), pounds sterling. An amount received or recovered in a
      currency other than the

                                      33
<PAGE>

      Contractual Currency (whether as a result of, or of the enforcement of,
      a judgment or order of a court of any jurisdiction, in the winding-up or
      dissolution of the Current Issuer or otherwise), by the Note Trustee or
      any Noteholder or other Current Issuer Secured Creditors in respect of
      any sum expressed to be due to it from the Current Issuer will only
      discharge the Current Issuer to the extent of the Contractual Currency
      amount which the recipient is able to purchase with the amount so
      received or recovered in that other currency on the date of that receipt
      or recovery (or, if it is not practicable to make that purchase on that
      date, on the first date on which it is practicable to do so). If the
      Contractual Currency amount is less than the Contractual Currency amount
      expressed to be due to the recipient under these presents or the Current
      Issuer Notes, or the other Current Issuer Transaction Documents the
      Current Issuer will indemnify the recipient against any loss sustained
      by it as a result. In any event, the Current Issuer will indemnify the
      recipient against the cost of making any such purchase.

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

14.   Appointment, Removal and Retirement of Note Trustee

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

14.2  Eligibility and Disqualification: This Deed shall always have a Note
      Trustee which shall be eligible to act as Note Trustee under Trust
      Indenture Act Sections 310(a)(1) and 310(a)(2). The Note Trustee shall
      have a combined capital and surplus of at least $50,000,000 as set forth
      in its most recent published annual report of condition. If the Note
      Trustee has or shall acquire any "conflicting interest" within the
      meaning of Trust Indenture Act Section 310(b), the Note Trustee and the
      Current Issuer shall comply with the provisions of Trust Indenture Act
      Section 310(b); provided, however,

                                      34
<PAGE>

      that there shall be excluded from the operation of Trust Indenture Act
      Section 310(b)(1) any deed or deeds under which other securities or
      certificates of interest or participation in other securities of the
      Current Issuer are outstanding if the requirements for such exclusion
      set forth in Trust Indenture Act Section 310(b)(1) are met. If at any
      time the Note Trustee shall cease to be eligible in accordance with the
      provisions of this Clause 14.2 (Eligibility and Disqualification), the
      Note Trustee shall resign promptly in the manner and with the effect
      specified in Clause 14.5 (Retirement or Removal of Note Trustee).

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

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

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

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

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

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

14.5  Retirement or Removal of Note Trustee: Subject as provided in Clause
      14.6 (Retirement or Removal not Effective), any Note Trustee for the
      time being of this Deed may retire at any time upon giving not less than
      three months' prior notice in

                                      35
<PAGE>

      writing to the Current Issuer without assigning any reason therefor and
      without being responsible for any costs resulting from such retirement.
      The Noteholders may by Extraordinary Resolution of each class of
      Noteholders remove any trustee or trustees for the time being of these
      presents

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

15.   Trust Indenture Act Prevails

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

16.   Certificates and Opinions

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

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

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

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

                                      36
<PAGE>

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

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

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

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

17.   Release of Collateral

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

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

17.3  No Impairment: Whenever any property is to be released from the security
      constituted by the Current Issuer Deed of Charge, the Current Issuer
      shall also furnish to the Note Trustee an Officer's Certificate
      certifying or stating the opinion of each

                                      37
<PAGE>

      person signing such certificate that in the opinion of such person the
      proposed release will not impair the security under the Current Issuer
      Deed of Charge in contravention of the provisions hereof.

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

18.   Rights Cumulative

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

19.   Notices

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

      (a)   in the case of the Current Issuer, to Granite Mortgages 03-3 plc
            c/o Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile
            number 020 7606 0643) for the attention of The Company Secretary
            with a copy to Northern Rock plc, Northern Rock House, Gosforth,
            Newcastle upon Tyne NE3 4PL (facsimile number 0191 213 2203) for
            the attention of the Group Secretary;

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

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

19.2  Communications by Noteholders with other Noteholders: Noteholders may
      communicate pursuant to Trust Indenture Act Section 312(b) with other
      Noteholders

                                      38
<PAGE>

      with respect to their rights under these presents or the Current Issuer
      Notes. The Current Issuer and the Note Trustee shall have the protection
      of Trust Indenture Act Section 312(c).

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

20.   Third Party Rights

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

21.   Execution in Counterparts; Severability

21.1  Counterparts: This Trust Deed may be executed in any number of
      counterparts (manually or by facsimile) and by different parties hereto
      in separate counterparts, each of which when so executed shall be deemed
      to be an original and all of which when taken together shall constitute
      one and the same instrument.

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

22.   Governing Law and Jurisdiction; Appropriate Forum

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

22.2  Jurisdiction: Each of the parties hereto agrees for the benefit of the
      Note Trustee and the Noteholders that the courts of England shall have
      jurisdiction to hear and determine any suit, action or proceeding, and
      to settle any disputes, which may arise out of or in connection with
      these presents and, for such purposes, irrevocably submits to the
      jurisdiction of such courts.

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

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

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<PAGE>

                                  SCHEDULE 1
                       FORMS OF GLOBAL NOTE CERTIFICATES

                          GRANITE MORTGAGES 03-3 PLC
  (Incorporated with limited liability in England and Wales with registered
                               number 4959572)

                  SERIES 1 CLASS [o] GLOBAL NOTE CERTIFICATE

                                 representing
             US$[o] Series 1 Class [o] Floating Rate Notes due [o]

1.    Introduction

      This Series 1 Class [o] Global Note Certificate is issued in respect of
      the US$[o] Series 1 Class [o] Floating Rate Notes due [o] (the "Notes")
      of Granite Mortgages 03-3 plc (the "Current Issuer"), and is limited to
      the aggregate principal amount of

                                [o] US Dollars
                                   (US$[o])

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated [o] 2004 (as amended or supplemented from time to time,
      the "Current Issuer Trust Deed") between the Current Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated [o] 2004 (as amended or supplemented from
      time to time, the "Current Issuer Paying Agent and Agent Bank
      Agreement") between the Current Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Current Issuer Conditions (or to any particular
      numbered Condition) shall be to the Current Issuer Conditions (or that
      particular one of them) attached hereto.

3.    Registered Holder

      This is to certify that:

                                  CEDE & CO.

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

                                [o] US Dollars

                                   (US$[o])

                                      40
<PAGE>

      in aggregate principal amount of the Notes.

4.    Promise to pay

      Subject only as provided in this Global Note Certificate and the Current
      Issuer Conditions, the Current Issuer, for value received, promises to
      pay to the Holder the principal amount of this Global Note Certificate
      (being at the date hereof [o] US Dollars (US$[o])) on the Payment Date
      falling in [o] (or on such earlier date as the said principal amount may
      become repayable in accordance with the Current Issuer Conditions or the
      Current Issuer Trust Deed) and to pay interest on the principal amount
      from time to time (as noted in the records of the custodian for DTC of
      this Global Note Certificate) in arrear on each Interest Payment Date at
      the rates determined in accordance with the Current Issuer Conditions
      together with such premium and other amounts (if any) as may be payable,
      all subject to and in accordance with the Current Issuer Conditions and
      the provisions of the Current Issuer Trust Deed.

5.    Exchange for Individual Note Certificates

      This Global Note Certificate will be exchangeable (in whole but not in
      part and free of charge to the holder) for duly authenticated and
      completed individual note certificates ("Individual Note Certificates")
      in substantially the form (subject to completion) set out in Schedule 2
      to the Current Issuer Trust Deed only if (i) The Depository Trust
      Company ("DTC") has notified the Current Issuer that it is at any time
      unwilling or unable to continue as, or ceases to be, a clearing agency
      under the United States Securities Exchange Act of 1934, as amended (the
      "Exchange Act"), and a successor to DTC registered as a clearing agency
      under the Exchange Act is not appointed by the Current Issuer within 90
      days of such notification, or (ii) as a result of any amendment to, or
      change in, the laws or regulations of the United Kingdom (or of any
      political subdivision thereof), or of any authority therein or thereof
      having power to tax, or in the interpretation or administration by a
      revenue authority or a court or administration of such laws or
      regulations which becomes effective on or after the Closing Date, the
      Current Issuer or any Paying Agent is or will be required to make any
      deduction or withholding from any payment in respect of the Notes which
      would not be required were the relevant Notes Individual Note
      Certificates. Such exchange shall be effected in accordance with
      paragraph 6 (Delivery of Individual Note Certificates) below.

6.    Delivery of Individual Note Certificates

      Whenever this Global Note Certificate is to be exchanged for Individual
      Note Certificates, such Individual Note Certificates shall be issued in
      an aggregate principal amount equal to the principal amount of this
      Global Note Certificate within five business days of the delivery, by or
      on behalf of the Holder and/or DTC, to the Registrar of such information
      as is required to complete and deliver such Individual Note Certificates
      (including, without limitation, the names and addresses of the persons
      in whose names the Individual Note Certificates are to be registered and
      the principal amount of each such person's holding) against the
      surrender of this Global Note Certificate at the Specified Office (as
      defined in the Current Issuer Conditions) of the Registrar. Such
      exchange shall be effected in accordance with the provisions of the
      Current Issuer Paying Agent and Agent Bank Agreement and the regulations

                                      41
<PAGE>

      concerning the transfer and registration of Notes scheduled thereto and,
      in particular, shall be effected without charge to any Holder or the
      Note Trustee, but against such indemnity as the Registrar may require in
      respect of any tax or other duty of whatsoever nature which may be
      levied or imposed in connection with such exchange. In this paragraph,
      "business day" means a day on which commercial banks are open for
      business in the city in which the Registrar has its Specified Office.

7.    Payments

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

8.    Conditions apply

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

9.    Tax Treatment

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

10.   Notices

      Notwithstanding Condition 14 (Notice to Noteholders), so long as this
      Global Note Certificate is held on behalf of DTC or any other clearing
      system (an "Alternative Clearing System") notices to Holders of Notes
      represented by this Global Note Certificate may be given by delivery of
      the relevant notice to DTC or (as the case may be) such Alternative
      Clearing System.

11.   Determination of Entitlement

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

12.   Authentication

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

13.   Definitions

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

                                      42
<PAGE>

14.   Rights of Third Parties

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

15.   Governing law

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

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

                                      43
<PAGE>

GRANITE MORTGAGES 03-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

                                      44
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Global Note Certificate, hereby transfers to...................
...............................................................................
of............................................................................
...............................................................................
...............................................................................
......................... US$ ..................................... in
principal amount of the US$[amount] Series 1 Class [o] Floating Rate Notes due
[maturity] (the "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer")
and irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

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

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

Notes

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

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

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

(c)   Any transfer of Notes shall be in an amount equal to US$1,000 or an
      integral multiple of U.S.$1,000 in excess thereof.

                                      45
<PAGE>

[Attached to the Global Note Certificate:]

      [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                      46
<PAGE>

                          GRANITE MORTGAGES 03-3 PLC

  (Incorporated with limited liability in England and Wales with registered
                               number 4959572)

                   SERIES 2 CLASS A1 GLOBAL NOTE CERTIFICATE

                                 representing
             US$[o] Series 2 Class A1 Floating Rate Notes due [o]

1.    Introduction

      This Series 1 Class A1 Global Note Certificate is issued in respect of
      the US$[o] Series 2 Class A1 Floating Rate Notes due [o] (the "Notes")
      of Granite Mortgages 03-3 plc (the "Current Issuer"), and is limited to
      the aggregate principal amount of

                                [o] US Dollars
                                   (US$[o])

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated [o] 2004 (as amended or supplemented from time to time,
      the "Current Issuer Trust Deed") between the Current Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated [o] 2004 (as amended or supplemented from
      time to time, the "Current Issuer Paying Agent and Agent Bank
      Agreement") between the Current Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Current Issuer Conditions (or to any particular
      numbered Condition) shall be to the Current Issuer Conditions (or that
      particular one of them) attached hereto.

3.    Registered Holder

      This is to certify that:

                                  CEDE & CO.

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

                                [o] US Dollars

                                   (US$[o])

      in aggregate principal amount of the Notes.

                                      47
<PAGE>

4.    Promise to pay

      Subject only as provided in this Global Note Certificate and the Current
      Issuer Conditions, the Current Issuer, for value received, promises to
      pay to the Holder the principal amount of this Global Note Certificate
      (being at the date hereof [o] US Dollars (US$[o])) on the Payment Date
      falling in [o] (or on such earlier date as the said principal amount may
      become repayable in accordance with the Current Issuer Conditions or the
      Current Issuer Trust Deed) and to pay interest on the principal amount
      from time to time (as noted in the records of the custodian for DTC of
      this Global Note Certificate) in arrear on each Interest Payment Date at
      the rates determined in accordance with the Current Issuer Conditions
      together with such premium and other amounts (if any) as may be payable,
      all subject to and in accordance with the Current Issuer Conditions and
      the provisions of the Current Issuer Trust Deed.

5.    Exchange for Individual Note Certificates

      This Global Note Certificate will be exchangeable (in whole but not in
      part and free of charge to the holder) for duly authenticated and
      completed individual note certificates ("Individual Note Certificates")
      in substantially the form (subject to completion) set out in Schedule 2
      to the Current Issuer Trust Deed only if (i) The Depository Trust
      Company ("DTC") has notified the Current Issuer that it is at any time
      unwilling or unable to continue as, or ceases to be, a clearing agency
      under the United States Securities Exchange Act of 1934, as amended (the
      "Exchange Act"), and a successor to DTC registered as a clearing agency
      under the Exchange Act is not appointed by the Current Issuer within 90
      days of such notification, or (ii) as a result of any amendment to, or
      change in, the laws or regulations of the United Kingdom (or of any
      political subdivision thereof), or of any authority therein or thereof
      having power to tax, or in the interpretation or administration by a
      revenue authority or a court or administration of such laws or
      regulations which becomes effective on or after the Closing Date, the
      Current Issuer or any Paying Agent is or will be required to make any
      deduction or withholding from any payment in respect of the Notes which
      would not be required were the relevant Notes Individual Note
      Certificates. Such exchange shall be effected in accordance with
      paragraph 6 (Delivery of Individual Note Certificates) below.

6.    Delivery of Individual Note Certificates

      Whenever this Global Note Certificate is to be exchanged for Individual
      Note Certificates, such Individual Note Certificates shall be issued in
      an aggregate principal amount equal to the principal amount of this
      Global Note Certificate within five business days of the delivery, by or
      on behalf of the Holder and/or DTC, to the Registrar of such information
      as is required to complete and deliver such Individual Note Certificates
      (including, without limitation, the names and addresses of the persons
      in whose names the Individual Note Certificates are to be registered and
      the principal amount of each such person's holding) against the
      surrender of this Global Note Certificate at the Specified Office (as
      defined in the Current Issuer Conditions) of the Registrar. Such
      exchange shall be effected in accordance with the provisions of the
      Current Issuer Paying Agent and Agent Bank Agreement and the regulations
      concerning the transfer and registration of Notes scheduled thereto and,
      in particular, shall be effected without charge to any Holder or the
      Note Trustee, but against such

                                      48
<PAGE>

      indemnity as the Registrar may require in respect of any tax or other
      duty of whatsoever nature which may be levied or imposed in connection
      with such exchange. In this paragraph, "business day" means a day on
      which commercial banks are open for business in the city in which the
      Registrar has its Specified Office.

7.    Payments

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

8.    Conditions apply

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

9.    Tax Treatment

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

10.   Notices

      Notwithstanding Condition 14 (Notice to Noteholders), so long as this
      Global Note Certificate is held on behalf of DTC or any other clearing
      system (an "Alternative Clearing System") notices to Holders of Notes
      represented by this Global Note Certificate may be given by delivery of
      the relevant notice to DTC or (as the case may be) such Alternative
      Clearing System.

11.   Determination of Entitlement

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

12.   Authentication

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

13.   Definitions

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

14.   Rights of Third Parties

                                      49
<PAGE>

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

15.   Governing law

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

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

                                      50
<PAGE>

GRANITE MORTGAGES 03-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

                                      51
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Global Note Certificate, hereby transfers to...................
...............................................................................
of............................................................................
...............................................................................
...............................................................................
......................... US$ ..................................... in
principal amount of the US$[amount] Series 2 Class A1 Floating Rate Notes due
[maturity] (the "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer")
and irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

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

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

Notes

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

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

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

(c)   Any transfer of Notes shall be in an amount equal to US$1,000 or an
      integral multiple of U.S.$1,000 in excess thereof.

                                      52
<PAGE>

[Attached to the Global Note Certificate:]

      [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                      53
<PAGE>

                        FORM OF GLOBAL NOTE CERTIFICATE

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

                                      54
<PAGE>

                          GRANITE MORTGAGES 03-3 PLC
  (Incorporated with limited liability in England and Wales with registered
                               number 4959572)

                  SERIES 2 CLASS [o] GLOBAL NOTE CERTIFICATE

                                 representing
           (euro)[o] Series 2 Class [o] Floating Rate Notes due [o]

1.    Introduction

      This Series 2 Class [o] Global Note Certificate is issued in respect of
      the (euro)[o] Series 2 Class [o] Floating Rate Notes due [o] (the
      "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"), and is
      limited to the aggregate principal amount of

                                   [o] Euro
                                   (euro[o])

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated [o] 2004 (as amended or supplemented from time to time,
      the "Current Issuer Trust Deed") between the Current Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated [o] 2004 (as amended or supplemented from
      time to time, the "Current Issuer Paying Agent and Agent Bank
      Agreement") between the Current Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Current Issuer Conditions (or to any particular
      numbered Condition) shall be to the Current Issuer Conditions (or that
      particular one of them) attached hereto.

3.    Registered Holder

      This is to certify that:

                             CITIVIC NOMINEES LTD.

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

                                   [o] Euro

                                   (euro[o])

      in aggregate principal amount of the Notes.

                                      55
<PAGE>

4.    Promise to pay

      Subject only as provided in this Global Note Certificate and the Current
      Issuer Conditions, the Current Issuer, for value received, promises to
      pay to the Holder the principal amount of this Global Note Certificate
      (being at the date hereof [o] Euro (euro[o])) on the Payment Date
      falling in [o] (or on such earlier date as the said principal amount may
      become repayable in accordance with the Current Issuer Conditions or the
      Current Issuer Trust Deed) and to pay interest on the principal amount
      from time to time (as noted in the records of the common depositary for
      Euroclear and Clearstream, Luxembourg of this Global Note Certificate)
      in arrear on each Interest Payment Date at the rates determined in
      accordance with the Current Issuer Conditions together with such premium
      and other amounts (if any) as may be payable, all subject to and in
      accordance with the Current Issuer Conditions and the provisions of the
      Current Issuer Trust Deed.

5.    Exchange for Individual Note Certificates

      This Global Note Certificate will be exchangeable (in whole but not in
      part and free of charge to the holder) for duly authenticated and
      completed individual note certificates ("Individual Note Certificates")
      in substantially the form (subject to completion) set out in Schedule 2
      to the Current Issuer Trust Deed only if (i) both Euroclear and
      Clearstream, Luxembourg are closed for a continuous period of 14 days
      (other than by reason of a holiday, statutory or otherwise) or announce
      an intention to permanently cease business and do so cease to do
      business and no alternative clearing system satisfactory to the Note
      Trustee is available or (ii) as a result of any amendment to, or change
      in, the laws or regulations of the United Kingdom (or of any political
      subdivision thereof), or of any authority therein or thereof having
      power to tax, or in the interpretation or administration by a revenue
      authority or a court or administration of such laws or regulations which
      becomes effective on or after the Closing Date, the Current Issuer or
      any Paying Agent is or will be required to make any deduction or
      withholding from any payment in respect of the Notes which would not be
      required were the relevant Notes Individual Note Certificates. Such
      exchange shall be effected in accordance with paragraph 6 (Delivery of
      Individual Note Certificates) below.

6.    Delivery of Individual Note Certificates

      Whenever this Global Note Certificate is to be exchanged for Individual
      Note Certificates, such Individual Note Certificates shall be issued in
      an aggregate principal amount equal to the principal amount of this
      Global Note Certificate within five business days of the delivery, by or
      on behalf of the Holder, Euroclear and/or Clearstream, Luxembourg, to
      the Registrar of such information as is required to complete and deliver
      such Individual Note Certificates (including, without limitation, the
      names and addresses of the persons in whose names the Individual Note
      Certificates are to be registered and the principal amount of each such
      person's holding) against the surrender of this Global Note Certificate
      at the Specified Office (as defined in the Current Issuer Conditions) of
      the Registrar. Such exchange shall be effected in accordance with the
      provisions of the Current Issuer Paying Agent and Agent Bank Agreement
      and the regulations concerning the transfer and registration of Notes
      scheduled thereto and, in particular, shall be effected without charge
      to any Holder or the Note Trustee, but against such indemnity as the
      Registrar may require in

                                      56
<PAGE>

      respect of any tax or other duty of whatsoever nature which may be
      levied or imposed in connection with such exchange. In this paragraph,
      "business day" means a day on which commercial banks are open for
      business in the city in which the Registrar has its Specified Office.

7.    Payments

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

8.    Conditions apply

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

9.    Notices

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

10.   Determination of Entitlement

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

11.   Authentication

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

12.   Definitions

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

13.   Rights of Third Parties

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

                                      57
<PAGE>

14.   Governing law

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

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

                                      58
<PAGE>

GRANITE MORTGAGES 03-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

                                      59
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Global Note Certificate, hereby transfers to...................
...............................................................................
of............................................................................
...............................................................................
...............................................................................
......................... (euro) ..................................... in
principal amount of the (euro)[amount] Series 2 Class [o] Floating Rate Notes
due [maturity] (the "Notes") of Granite Mortgages 03-3 plc (the "Current
Issuer") and irrevocably requests and authorises Citibank, N.A., in its
capacity as Registrar in relation to the Notes (or any successor to Citibank,
N.A., in its capacity as such) to effect the relevant transfer by means of
appropriate entries in the Register kept by it.

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

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

Notes

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

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

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

(c)   Any transfer of Notes shall be in an amount equal to (euro)500,000 or an
      integral multiple of (euro)500,000 in excess thereof.

                                      60
<PAGE>

[Attached to the Global Note Certificate:]

      [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                      61
<PAGE>

                        FORM OF GLOBAL NOTE CERTIFICATE

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

                                      62
<PAGE>

                          GRANITE MORTGAGES 03-3 PLC
  (Incorporated with limited liability in England and Wales with registered
                               number 4959572)

                  SERIES 3 CLASS [o] GLOBAL NOTE CERTIFICATE

                                 representing
           (gbp) [o] Series 3 Class [o] Floating Rate Notes due [o]

1.    Introduction

      This Series 3 Class [o] Global Note Certificate is issued in respect of
      the (gbp) [o] Series 3 Class [o] Floating Rate Notes due [o] (the
      "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"), and is
      limited to the aggregate principal amount of

                              [o] Pounds Sterling
                                   (gbp[o])

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated [o] 2004 (as amended or supplemented from time to time,
      the "Current Issuer Trust Deed") between the Current Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated [o] 2004 (as amended or supplemented from
      time to time, the "Current Issuer Paying Agent and Agent Bank
      Agreement") between the Current Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Current Issuer Conditions (or to any particular
      numbered Condition) shall be to the Current Issuer Conditions (or that
      particular one of them) attached hereto.

3.    Registered Holder

      This is to certify that:

                             CITIVIC NOMINEES LTD.

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

                              [o] Pounds Sterling

                                   (gbp[o])

      in aggregate principal amount of the Notes.

                                      63
<PAGE>

4.    Promise to pay

      Subject only as provided in this Global Note Certificate and the Current
      Issuer Conditions, the Current Issuer, for value received, promises to
      pay to the Holder the principal amount of this Global Note Certificate
      (being at the date hereof [o] Pounds Sterling (gbp[o]) on the Payment
      Date falling in [o] (or on such earlier date as the said principal
      amount may become repayable in accordance with the Current Issuer
      Conditions or the Current Issuer Trust Deed) and to pay interest on the
      principal amount from time to time (as noted in the records of the
      common depositary for Euroclear and Clearstream, Luxembourg of this
      Global Note Certificate) in arrear on each Interest Payment Date at the
      rates determined in accordance with the Current Issuer Conditions
      together with such premium and other amounts (if any) as may be payable,
      all subject to and in accordance with the Current Issuer Conditions and
      the provisions of the Current Issuer Trust Deed.

5.    Exchange for Individual Note Certificates

      This Global Note Certificate will be exchangeable (in whole but not in
      part and free of charge to the holder) for duly authenticated and
      completed individual note certificates ("Individual Note Certificates")
      in substantially the form (subject to completion) set out in Schedule 2
      to the Current Issuer Trust Deed only if (i) both Euroclear and
      Clearstream, Luxembourg are closed for a continuous period of 14 days
      (other than by reason of a holiday, statutory or otherwise) or announce
      an intention to permanently cease business and do so cease to do
      business and no alternative clearing system satisfactory to the Note
      Trustee is available or (ii) as a result of any amendment to, or change
      in, the laws or regulations of the United Kingdom (or of any political
      subdivision thereof), or of any authority therein or thereof having
      power to tax, or in the interpretation or administration by a revenue
      authority or a court or administration of such laws or regulations which
      becomes effective on or after the Closing Date, the Current Issuer or
      any Paying Agent is or will be required to make any deduction or
      withholding from any payment in respect of the Notes which would not be
      required were the relevant Notes Individual Note Certificates. Such
      exchange shall be effected in accordance with paragraph 6 (Delivery of
      Individual Note Certificates) below.

6.    Delivery of Individual Note Certificates

      Whenever this Global Note Certificate is to be exchanged for Individual
      Note Certificates, such Individual Note Certificates shall be issued in
      an aggregate principal amount equal to the principal amount of this
      Global Note Certificate within five business days of the delivery, by or
      on behalf of the Holder, Euroclear and/or Clearstream, Luxembourg, to
      the Registrar of such information as is required to complete and deliver
      such Individual Note Certificates (including, without limitation, the
      names and addresses of the persons in whose names the Individual Note
      Certificates are to be registered and the principal amount of each such
      person's holding) against the surrender of this Global Note Certificate
      at the Specified Office (as defined in the Current Issuer Conditions) of
      the Registrar. Such exchange shall be effected in accordance with the
      provisions of the Current Issuer Paying Agent and Agent Bank Agreement
      and the regulations concerning the transfer and registration of Notes
      scheduled thereto and, in particular, shall be effected without charge
      to any Holder or the Note Trustee, but against such indemnity as the
      Registrar may require in

                                      64
<PAGE>

      respect of any tax or other duty of whatsoever nature which may be
      levied or imposed in connection with such exchange. In this paragraph,
      "business day" means a day on which commercial banks are open for
      business in the city in which the Registrar has its Specified Office.

7.    Payments

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

8.    Conditions apply

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

9.    Notices

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

10.   Determination of Entitlement

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

11.   Authentication

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

12.   Definitions

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

13.   Rights of Third Parties

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

                                      65
<PAGE>

14.   Governing law

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

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

                                      66
<PAGE>

GRANITE MORTGAGES 03-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

                                      67
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Global Note Certificate, hereby transfers to...................
...............................................................................
of............................................................................
...............................................................................
...............................................................................
......................... (gbp) ..................................... in
principal amount of the(gbp)[amount] Series 3 Class [o] Floating Rate Notes
due [maturity] (the "Notes") of Granite Mortgages 03-3 plc (the "Current
Issuer") and irrevocably requests and authorises Citibank, N.A., in its
capacity as Registrar in relation to the Notes (or any successor to Citibank,
N.A., in its capacity as such) to effect the relevant transfer by means of
appropriate entries in the Register kept by it.

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

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

Notes

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

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

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

(c)   Any transfer of Notes shall be in an amount equal to (gbp)1,000 or an
      integral multiple of (gbp)1,000 in excess thereof.

                                      68
<PAGE>

[Attached to the Global Note Certificate:]

      [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                      69
<PAGE>

                                  SCHEDULE 2
                     FORMS OF INDIVIDUAL NOTE CERTIFICATES

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

                          GRANITE MORTGAGES 03-3 PLC
  (Incorporated with limited liability in England and Wales with registered
                               number 4959572)

                SERIES 1 CLASS [o] INDIVIDUAL NOTE CERTIFICATE

                                 representing
             US$[o] Series 1 Class [o] Floating Rate Notes due [o]

1.    Introduction

      This Series 1 Class [o] Individual Note Certificate is issued in respect
      of the US$[o] Series 1 Class [o] Floating Rate Notes due [o] (the
      "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"), limited
      to the aggregate principal amount of

                                [o] US Dollars
                                   (US$[o])

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated [o] 2004 (as amended or supplemented from time to time,
      the "Current Issuer Trust Deed") between the Current Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated [o] 2004 (as amended or supplemented from
      time to time, the "Current Issuer Paying Agent and Agent Bank
      Agreement") between the Current Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Current Issuer Conditions (or to any particular
      numbered Condition) shall be to the Current Issuer Conditions (or that
      particular one of them) attached hereto.

3.    Registered Holder

      This is to certify that

                                 [Noteholder]

      is the person registered in the register maintained by the Registrar in
      relation to the Notes (the "Register") as the duly registered holder
      (the "Holder") of Notes represented from time to time by this Individual
      Note Certificate in the aggregate principal amount of:

                                      70
<PAGE>

                                    US$[o]

                         US Dollars [amount in words]

      in aggregate principal amount of the Notes.

4.    Promise to pay

      Subject only as provided in this Individual Note Certificate and the
      Current Issuer Conditions, the Current Issuer, for value received,
      promises to pay to the Holder the principal amount of this Individual
      Note Certificate (being at the date hereof [o] US Dollars (US$[o])) on
      the Payment Date falling in [o] (or on such earlier date as the said
      principal amount may become repayable in accordance with the Current
      Issuer Conditions or the Current Issuer Trust Deed) and to pay interest
      on the principal amount from time to time of this Individual Note
      Certificate in arrear on each Interest Payment Date at the rates
      determined in accordance with the Current Issuer Conditions together
      with such premium and other amounts (if any) as may be payable, all
      subject to and in accordance with the Current Issuer Conditions and the
      provisions of the Current Issuer Trust Deed.

5.    Payments

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

6.    Conditions apply

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

7.    Determination of Entitlement

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

8.    Authentication

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

                                      71
<PAGE>

9.    Tax Treatment

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

10.   Definitions

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

11.   Rights of Third Parties

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

12.   Governing law

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

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

GRANITE MORTGAGES 03-3 PLC

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

ISSUED in London, England on [o].

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

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

                                      72
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Individual Note Certificate, hereby transfers to...............
...............................................................................
of............................................................................
...............................................................................
...............................................................................
......................... US$ ..................................... in
principal amount of the US$[amount] Series 1 Class [o] Floating Rate Notes due
[maturity] (the "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer")
and irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

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

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

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

Notes

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

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

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

(c)   Any transfer of Notes shall be in an amount equal to US$1,000 or an
      integral multiple of U.S.$1,000 in excess thereof.

                                      73
<PAGE>

[Attached to the Individual Note Certificate:]

      [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                      74
<PAGE>

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

                          GRANITE MORTGAGES 03-3 PLC
  (Incorporated with limited liability in England and Wales with registered
                               number 4959572)

                 SERIES 2 CLASS A1 INDIVIDUAL NOTE CERTIFICATE

                                 representing
             US$[o] Series 2 Class A1 Floating Rate Notes due [o]

1.    Introduction

      This Series 2 Class A1 Individual Note Certificate is issued in respect
      of the US$[o] Series 2 Class A1 Floating Rate Notes due [o] (the
      "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"), limited
      to the aggregate principal amount of

                                [o] US Dollars
                                   (US$[o])

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated [o] 2004 (as amended or supplemented from time to time,
      the "Current Issuer Trust Deed") between the Current Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated [o] 2004 (as amended or supplemented from
      time to time, the "Current Issuer Paying Agent and Agent Bank
      Agreement") between the Current Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Current Issuer Conditions (or to any particular
      numbered Condition) shall be to the Current Issuer Conditions (or that
      particular one of them) attached hereto.

3.    Registered Holder

      This is to certify that

                                 [Noteholder]

      is the person registered in the register maintained by the Registrar in
      relation to the Notes (the "Register") as the duly registered holder
      (the "Holder") of Notes represented from time to time by this Individual
      Note Certificate in the aggregate principal amount of:

                                    US$[o]

                                      75
<PAGE>

                         US Dollars [amount in words]

      in aggregate principal amount of the Notes.

4.    Promise to pay

      Subject only as provided in this Individual Note Certificate and the
      Current Issuer Conditions, the Current Issuer, for value received,
      promises to pay to the Holder the principal amount of this Individual
      Note Certificate (being at the date hereof [o] US Dollars (US$[o])) on
      the Payment Date falling in [o] (or on such earlier date as the said
      principal amount may become repayable in accordance with the Current
      Issuer Conditions or the Current Issuer Trust Deed) and to pay interest
      on the principal amount from time to time of this Individual Note
      Certificate in arrear on each Interest Payment Date at the rates
      determined in accordance with the Current Issuer Conditions together
      with such premium and other amounts (if any) as may be payable, all
      subject to and in accordance with the Current Issuer Conditions and the
      provisions of the Current Issuer Trust Deed.

5.    Payments

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

6.    Conditions apply

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

7.    Determination of Entitlement

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

8.    Authentication

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

9.    Tax Treatment

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

                                      76
<PAGE>

10.   Definitions

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

11.   Rights of Third Parties

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

12.   Governing law

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

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

GRANITE MORTGAGES 03-3 PLC

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

ISSUED in London, England on [o].

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

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

                                      77
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Individual Note Certificate, hereby transfers to...............
...............................................................................
of............................................................................
...............................................................................
...............................................................................
......................... US$ ..................................... in
principal amount of the US$[amount] Series 2 Class A1 Floating Rate Notes due
[maturity] (the "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer")
and irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

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

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

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

Notes

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

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

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

(c)   Any transfer of Notes shall be in an amount equal to US$1,000 or an
      integral multiple of U.S.$1,000 in excess thereof.

                                      78
<PAGE>

[Attached to the Individual Note Certificate:]

      [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                      79
<PAGE>

                      FORM OF INDIVIDUAL NOTE CERTIFICATE

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

                                      80
<PAGE>

                          GRANITE MORTGAGES 03-3 PLC
   (Incorporated with limited liability in England and Wales with registered
                                number 4959572)

                SERIES 2 CLASS [o] INDIVIDUAL NOTE CERTIFICATE

                                 representing
           (euro)[o] Series 2 Class [o] Floating Rate Notes Due [o]

1.    Introduction

      This Series 2 Class [o] Individual Note Certificate is issued in respect
      of the (euro)[o] Series 2 Class [o] Floating Rate Notes due [o] (the
      "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"), limited
      to the aggregate principal amount of

                                   [o] Euro
                                   (euro[o])

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated [o] 2004 (as amended or supplemented from time to time,
      the "Current Issuer Trust Deed") between the Current Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated [o] 2004 (as amended or supplemented from
      time to time, the "Current Issuer Paying Agent and Agent Bank
      Agreement") between the Current Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Current Issuer Conditions (or to any particular
      numbered Condition) shall be to the Current Issuer Conditions (or that
      particular one of them) attached hereto.

3.    Registered Holder

      This is to certify that

                                 [Noteholder]

      is the person registered in the register maintained by the Registrar in
      relation to the Notes (the "Register") as the duly registered holder
      (the "Holder") of Notes represented from time to time by this Individual
      Note Certificate in the aggregate principal amount of:

                                      81
<PAGE>

                                   (euro)[o]

                             Euro[amount in words]

      in aggregate principal amount of the Notes.

4.    Promise to pay

      Subject only as provided in this Individual Note Certificate and the
      Current Issuer Conditions, the Current Issuer, for value received,
      promises to pay to the Holder the principal amount of this Individual
      Note Certificate (being at the date hereof [o] Euro (euro[o]) on the
      Payment Date falling in [o] (or on such earlier date as the said
      principal amount may become repayable in accordance with the Current
      Issuer Conditions or the Current Issuer Trust Deed) and to pay interest
      on the principal amount from time to time of this Individual Note
      Certificate in arrear on each Interest Payment Date at the rates
      determined in accordance with the Current Issuer Conditions together
      with such premium and other amounts (if any) as may be payable, all
      subject to and in accordance with the Current Issuer Conditions and the
      provisions of the Current Issuer Trust Deed.

5.    Payments

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

6.    Conditions apply

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

7.    Determination of Entitlement

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

8.    Authentication

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

9.    Definitions

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

                                      82
<PAGE>

10.   Rights of Third Parties

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

11.   Governing law

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

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

GRANITE MORTGAGES 03-3 PLC

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

ISSUED in London, England on [o].

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

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

                                      83
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Individual Note Certificate, hereby transfers to...............
...............................................................................
of............................................................................
...............................................................................
...............................................................................
......................... (euro) ..................................... in
principal amount of the (euro)[amount] Series 2 Class [o] Floating Rate Notes
due [maturity] (the "Notes") of Granite Mortgages 03-3 plc (the "Current
Issuer") and irrevocably requests and authorises Citibank, N.A., in its
capacity as Registrar in relation to the Notes (or any successor to Citibank,
N.A., in its capacity as such) to effect the relevant transfer by means of
appropriate entries in the Register kept by it.

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

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

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

Notes

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

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

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

(c)   Any transfer of Notes shall be in an amount equal to (euro)500,000 or an
      integral multiple of (euro)500,000 in excess thereof.

                                      84
<PAGE>

[Attached to the Individual Note Certificate:]

      [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                      85
<PAGE>

                      FORM OF INDIVIDUAL NOTE CERTIFICATE

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

                                      86
<PAGE>

                          GRANITE MORTGAGES 03-3 PLC
  (Incorporated with limited liability in England and Wales with registered
                               number 4959572)

                SERIES 3 CLASS [o] INDIVIDUAL NOTE CERTIFICATE

                                 representing
           (gbp) [o] Series 3 Class [o] Floating Rate Notes Due [o]

1.    Introduction

      This Series 3 Class [o] Individual Note Certificate is issued in respect
      of the (gbp) [o] Series 3 Class [o] Floating Rate Notes due [o] (the
      "Notes") of Granite Mortgages 03-3 plc (the "Current Issuer"), limited
      to the aggregate principal amount of

                              [o] Pounds Sterling
                                   (gbp[o])

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated [o] 2004 (as amended or supplemented from time to time,
      the "Current Issuer Trust Deed") between the Current Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated [o] 2004 (as amended or supplemented from
      time to time, the "Current Issuer Paying Agent and Agent Bank
      Agreement") between the Current Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Current Issuer Conditions (or to any particular
      numbered Condition) shall be to the Current Issuer Conditions (or that
      particular one of them) attached hereto.

3.    Registered Holder

      This is to certify that

                                 [Noteholder]

      is the person registered in the register maintained by the Registrar in
      relation to the Notes (the "Register") as the duly registered holder
      (the "Holder") of Notes represented from time to time by this Individual
      Note Certificate in the aggregate principal amount of:

                                   (gbp) [o]

                                      87
<PAGE>

                       Pounds Sterling [amount in words]

      in aggregate principal amount of the Notes.

4.    Promise to pay

      Subject only as provided in this Individual Note Certificate and the
      Current Issuer Conditions, the Current Issuer, for value received,
      promises to pay to the Holder the principal amount of this Individual
      Note Certificate (being at the date hereof [o] Pounds Sterling (gbp[o])
      on the Payment Date falling in [o] (or on such earlier date as the said
      principal amount may become repayable in accordance with the Current
      Issuer Conditions or the Current Issuer Trust Deed) and to pay interest
      on the principal amount from time to time of this Individual Note
      Certificate in arrear on each Interest Payment Date at the rates
      determined in accordance with the Current Issuer Conditions together
      with such premium and other amounts (if any) as may be payable, all
      subject to and in accordance with the Current Issuer Conditions and the
      provisions of the Current Issuer Trust Deed.

5.    Payments

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

6.    Conditions apply

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

7.    Determination of Entitlement

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

8.    Authentication

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

9.    Definitions

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

                                      88
<PAGE>

10.   Rights of Third Parties

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

11.   Governing law

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

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

GRANITE MORTGAGES 03-3 PLC

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

ISSUED in London, England on [o].

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

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

                                      89
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Individual Note Certificate, hereby transfers to...............
...............................................................................
of............................................................................
...............................................................................
...............................................................................
......................... (gbp) ..................................... in
principal amount of the(gbp)[amount] Series 3 Class [o] Floating Rate Notes
due [maturity] (the "Notes") of Granite Mortgages 03-3 plc (the "Current
Issuer") and irrevocably requests and authorises Citibank, N.A., in its
capacity as Registrar in relation to the Notes (or any successor to Citibank,
N.A., in its capacity as such) to effect the relevant transfer by means of
appropriate entries in the Register kept by it.

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

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

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

Notes

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

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

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

(c)   Any transfer of Notes shall be in an amount equal to (gbp)1,000 or an
      integral multiple of (gbp)1,000 in excess thereof.

                                      90
<PAGE>

[Attached to the Individual Note Certificate:]

      [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                      91
<PAGE>

                                  SCHEDULE 3
                    CURRENT ISSUER CONDITIONS OF THE NOTES

      The following are the Terms and Conditions (the "Conditions", and any
reference to a "Condition" shall be construed accordingly) of the Notes in the
form (subject to amendment) in which they will be set out in the Current
Issuer Trust Deed. Investors should note that the issuer is referred to in the
Conditions as the "Current Issuer" and references to those documents to which
the issuer is a party are generally preceded with the words "Current Issuer".
A glossary of definitions appears in Condition 17 of these Conditions.

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

      The statements in these Conditions include summaries of, and are subject
to, the detailed provisions of the Current Issuer Trust Deed, the Current
Issuer Deed of Charge and the Current Issuer Paying Agent and Agent Bank
Agreement. The Notes are also the subject of the Current Issuer Dollar
Currency Swap Agreements, the Current Issuer Euro Currency Swap Agreements and
the Current Issuer Basis Rate Swap Agreement.

      Copies of the Current Issuer Trust Deed, the Current Issuer Deed of
Charge, the Current Issuer Master Definitions Schedule dated on or about the
Closing Date, the Current Issuer Paying Agent and Agent Bank Agreement and
each of the other Transaction Documents are available for inspection at the
head office for the time being of (i) the Principal Paying Agent, being at the
date hereof 5 Carmelite Street, London EC4Y 0PA and (ii) the US Paying Agent,
being at the date hereof 14th Floor Zone 3, 111 WaIl Street, New York, New
York 10043. The Noteholders are entitled to the benefit of, are bound by, and
are deemed to have notice of, all the provisions of, and definitions contained
or incorporated in, the Current Issuer Trust Deed, the Current Issuer Deed of
Charge, the Current Issuer Intercompany Loan Agreement, the Funding Deed of
Charge, the Current Issuer Cash Management Agreement, the Current Issuer
Paying Agent and Agent Bank Agreement, the Current Issuer Basis Rate Swap
Agreement, the Current Issuer Dollar Currency Swap Agreements and the Current
Issuer Euro Currency Swap Agreements.

      The issue of the Notes will be authorised by a resolution of the Board
of Directors of the Current Issuer passed on or about 19 September 2003.

1.    Form, Denomination, Register, Title and Transfers
(A)   Form and Denomination
      The Dollar Notes will initially be offered and sold pursuant to a
registration statement filed with the United States Securities and Exchange
Commission. The Series 2 Notes and the Series 3 Notes will initially be
offered and sold outside the United States to non-US persons pursuant to Reg
S.

      Each class of the Dollar Notes will be in fully registered global form
in denominations of $10,000 and $1,000. The Dollar Notes will be issued in an
aggregate principal amount equal to the Principal Amount Outstanding from time
to time of the Dollar Notes. Each class of the Euro Notes will be in fully
registered global form in denominations of (euro)50,000. The Euro Notes will
be issued in an aggregate principal amount equal to the Principal Amount
Outstanding from time to time of the Euro Notes. Each class of the Sterling
Notes will be in fully registered global form in denominations of
(pound)10,000 and (pound)1,000. The Sterling Notes will be issued in an
aggregate principal amount equal to the Principal Amount Outstanding from time
to time of the Sterling Notes. The Dollar Notes will be initially represented
by a US Global Note Certificate. The Series 2 Notes and the Series 3 Notes
will be initially represented by a Reg S Global Note Certificate.

                                      92
<PAGE>

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

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

(C)   Title
      The Holder of each Note shall (except as otherwise required by law) be
treated by the Current Issuer, the Note Trustee, the Agent Bank and any Agent
as the absolute owner of such Note for all purposes (whether or not it is
overdue and regardless of any notice of ownership, trust or any other interest
therein, any writing on the Note Certificate relating thereto (other than the
endorsed form of transfer) or any notice of any previous loss or theft of such
Note Certificate) and no person shall be liable for so treating such Holder.

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

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

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

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

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

                                      93
<PAGE>

2.    Status, Priority and Security
(A)   Status
      The Class A Notes, the Class B Notes, the Class M Notes and the Class C
Notes are direct, secured and unconditional obligations of the Current Issuer
and are all secured by the same security. Payments on each class of Notes will
be made equally amongst all Notes of that class.

(B)   Priority
(i)   Interest
      Among the Series 1 Notes, payments of interest on the Series 1 Class A
Notes will be made ahead of payments of interest on the Series 1 Class B
Notes, the Series 1 Class M Notes and the Series 1 Class C Notes, payments of
interest on the Series 1 Class B Notes will be made ahead of payments of
interest on the Series 1 Class M Notes and the Series 1 Class C Notes and
payments of interest on the Series 1 Class M Notes will be made ahead of
payments of interest on the Series 1 Class C Notes.

      Among the Series 2 Notes, payments of interest on the Series 2 Class A
Notes will be made ahead of payments of interest on the Series 2 Class B
Notes, the Series 2 Class M Notes and the Series 2 Class C Notes, payments of
interest on the Series 2 Class B Notes will be made ahead of payments of
interest on the Series 2 Class M Notes and the Series 2 Class C Notes and
payments of interest on the Series 2 Class M Notes will be made ahead of
payments of interest on the Series 2 Class C Notes.

      Among the Series 3 Notes, payments of interest on the Series 3 Class A
Notes will be made ahead of payments of interest on the Series 3 Class B
Notes, the Series 3 Class M Notes and the Series 3 Class C Notes, payments of
interest on the Series 3 Class B Notes will be made ahead of payments of
interest on the Series 3 Class M Notes and the Series 3 Class C Notes and
payments of interest on the Series 3 Class M Notes will be made ahead of
payments of interest on the Series 3 Class C Notes.

      As among the Series 1 Notes, the Series 2 Notes and the Series 3 Notes:

      o     payments of interest on the Series 1 Class A1 Notes, the Series 1
            Class A2 Notes, the Series 1 Class A3 Notes, the Series 2 Class A
            Notes and the Series 3 Class A Notes will be made in no order of
            priority among them but in proportion to the respective amounts
            due on the Class A Notes. These payments of interest on the Class
            A Notes will be made ahead of payments of interest on each Series
            of Class B Notes, each Series of Class M Notes and each Series of
            Class C Notes;

      o     payments of interest on the Series 1 Class B Notes, the Series 2
            Class B Notes and the Series 3 Class B Notes will be made in no
            order of priority among them but in proportion to the respective
            amounts due on the Class B Notes. These payments of interest on
            the Class B Notes will be made ahead of payments of interest on
            each Series of Class M Notes and each Series of Class C Notes;

      o     payments of interest on the Series 1 Class M Notes, the Series 2
            Class M Notes and the Series 3 Class M Notes will be made in no
            order of priority among them but in proportion to the respective
            amounts due on the Class M Notes. These payments of interest on
            the Class M Notes will be made ahead of payments of interest on
            each Series of the Class C Notes; and

      o     payments of interest on the Series 1 Class C Notes, the Series 2
            Class C Notes and the Series 3 Class C Notes will be made in no
            order of priority among them but in proportion to the respective
            amounts due on the Class C Notes.

                                      94
<PAGE>

(ii)  Principal
      Subject to there being no Trigger Event and no enforcement of the
Funding Security and/or the Current Issuer Security, no Class of Notes will be
repaid an amount of principal which is greater than the Controlled
Amortisation Amount in respect of that Class of Notes for the relevant Payment
Date and, subject also to the satisfaction of certain conditions (described
below) in relation to the repayment of principal of the Class B Notes, the
Class M Notes and the Class C Notes at any time when any Class A Notes are
outstanding, payments of principal will be made in accordance with the
following priority.

      Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class A1 Notes will be made ahead of repayment of principal in
respect of the Controlled Amortisation Amount on the Series 1 Class A2 Notes,
the Series 1 Class A3 Notes, the Series 2 Class A Notes and the Series 3 Class
A Notes.

      Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class A2 Notes will be made ahead of repayment of principal in
respect of the Controlled Amortisation Amount on the Series 1 Class A3 Notes,
the Series 2 Class A Notes and the Series 3 Class A Notes.

      Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class A3 Notes, the Series 2 Class A Notes and the Series 3
Class A Notes will be made in no order of priority between them but in
proportion to the respective Controlled Amortisation Amounts due on the Series
1 Class A3 Notes, the Series 2 Class A Notes and the Series 3 Class A Notes.

      Repayment of principal in respect of the Controlled Amortisation Amount
of the Series 1 Class A3 Notes, the Series 2 Class A Notes and the Series 3
Class A Notes will be made ahead of repayment of principal in respect of the
Controlled Amortisation Amount on the Class B Notes.

      Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class B Notes, Series 2 Class B Notes and the Series 3 Class B
Notes will be made in no order of priority among them but in proportion to the
respective Controlled Amortisation Amounts due on the Class B Notes. However,
repayment of principal in respect of the Controlled Amortisation Amount on the
Class B Notes will be made ahead of repayment of principal in respect of the
Controlled Amortisation Amount on the Class M Notes.

      Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class M Notes, the Series 2 Class M Notes and the Series 3
Class M Notes will be made in no order of priority among them but in
proportion to the respective Controlled Amortisation Amounts due on the Class
M Notes. However, repayment of principal in respect of the Controlled
Amortisation Amount on the Class M Notes will be made ahead of repayment of
principal in respect of the Controlled Amortisation Amount on the Class C
Notes.

      Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class C Notes, the Series 2 Class C Notes and the Series 3
Class C Notes will be made in no order of priority among them but in
proportion to the respective Controlled Amortisation Amounts due on the Class
C Notes.

      The above priority of payments will change and the Current Issuer will
make repayments of principal in accordance with and subject to the Current
Issuer Priority of Payments as set out in the Current Issuer Cash Management
Agreement or, as the case may be, the Current Issuer Deed of Charge (1)
following the occurrence of a Trigger Event and/or, (2) following the
enforcement of the Funding Security and/or the enforcement of the Current
Issuer Security.

      If any Class A Notes are outstanding and the Issuer Arrears Test, the
Issuer Reserve Requirement and the Subordinated Principal Test (as specified
in the Current Issuer Cash

                                      95
<PAGE>

Management Agreement) are not satisfied on the relevant Payment Date, no
amount of principal will be payable in respect of the Class B Notes, the Class
M Notes or the Class C Notes.

      Notwithstanding the foregoing priorities, the Controlled Amortisation
Amount payable in respect of each Class of Notes is determined by a schedule
that indicates the target balance for that Class of Notes on the relevant
Payment Date and not all Classes of Notes are scheduled to receive payments of
principal on each Payment Date, with some lower ranking Classes of Notes being
repaid principal before higher ranking Classes of Notes. The Controlled
Amortisation Amount payable on some Classes of Notes will also be zero.

(C)   Conflict between the classes of Notes
      Each of the Current Issuer Trust Deed and the Current Issuer Deed of
Charge contains provisions requiring the Note Trustee to have regard to the
interests of the Class A Noteholders, the Class B Noteholders, the Class M
Noteholders and the Class C Noteholders equally as regards all powers, trusts,
authorities, duties and discretions of the Note Trustee (except where
expressly provided otherwise), but requiring the Note Trustee to have regard
(a) (for so long as there are any Class A Notes outstanding (as that term is
defined in the Current Issuer Trust Deed)) only to the interests of the Class
A Noteholders if, in the Note Trustee's opinion, there is or may be a conflict
between the interests of the Class A Noteholders and the interests of the
Class B Noteholders and/or the interests of the Class M Noteholders and/or the
interests of the Class C Noteholders, (b) subject to (a) above, (for so long
as there are any Class B Notes outstanding) only to the interests of the Class
B Noteholders if, in the Note Trustee's opinion, there is or may be a conflict
between the interests of the Class B Noteholders and the interest of the Class
M Noteholders and/or the interests of the Class C Noteholders, and (c) subject
to (a) and (b) above, (for so long as there are any Class M Notes outstanding)
only to the interests of the Class M Noteholders if, in the Note Trustee's
opinion, there is or may be a conflict between the interests of the Class M
Noteholders and the interests of the Class C Noteholders. Except where
expressly provided otherwise, so long as any of the Notes remains outstanding,
the Note Trustee is not required to have regard to the interests of any
persons (other than the class or classes of Noteholders described above)
entitled to the benefit of the Current Issuer Security.

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

      Similarly, the Current Issuer Trust Deed contains provisions limiting
the powers of the Class M Noteholders and the Class C Noteholders, inter alia,
to request or direct the Note Trustee to take any action or to pass an
effective Extraordinary Resolution according to the effect thereof on the
interests of the Class B Noteholders. Except in certain circumstances
described above and in Condition 1 1 , the Current Issuer Trust Deed contains
no such limitation on the powers of the Class B Noteholders, the exercise of
which will be binding on the Class M Noteholders and the Class C Noteholders,
respectively, irrespective of the effect thereof on their interests.

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

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

      The Noteholders will share in the benefit of the security created by the
Current Issuer Deed of Charge, upon and subject to the terms thereof.

(D)   Security
      As security for, inter alia, the payment of all monies payable in
respect of the Notes, the Current Issuer has entered into the Current Issuer
Deed of Charge creating the Current Issuer Security in favour of the Note
Trustee for itself and on trust for the Current Issuer Secured Creditors
including, inter alia, the following:

      (i)   an assignment by way of first fixed security of the Current
            Issuer's rights and claims in respect of all security and other
            rights held on trust by the Security Trustee pursuant to the
            Funding Deed of Charge, save to the extent that any of the Current
            Issuer's rights and claims derive from property that is situated
            in Jersey, which will be assigned to the Note Trustee for the
            purpose of creating a Security Interest in accordance with Jersey
            law;

      (ii)  an assignment by way of first fixed security of the Current
            Issuer's rights, title, interest and benefit in and to the
            Transaction Documents to which the Current Issuer is a party,
            including:

            (a)   the Current Issuer Intercompany Loan Agreement;

            (b)   a deed of accession to the Funding Deed of Charge;

            (c)   the Current Issuer Basis Rate Swap Agreement;

            (d)   any Current Issuer Dollar Currency Swap Agreement in
                  relation to the Dollar Notes;

            (e)   any Current Issuer Euro Currency Swap Agreement in relation
                  to the Euro Notes;

            (f)   the Current Issuer Paying Agent and Agent Bank Agreement;

            (g)   the Current Issuer Underwriting Agreement and the Current
                  Issuer Subscription Agreement;

            (h)   the Current Issuer Corporate Services Agreement;

            (i)   the Current Issuer Bank Account Agreement;

            (j)   the Current Issuer Cash Management Agreement;

            (k)   the Current Issuer Trust Deed;

            (l)   any Swap Collateral Ancillary Document; and

            (m)   such other documents as are expressed to be subject to the
                  charges under the Current Issuer Deed of Charge, in each
                  case, save to the extent that such rights, title, interest
                  and benefit derive from property that

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                  is situated in Jersey. To the extent that the same are
                  derived from property situated in Jersey, the Current Issuer
                  will assign such rights, title, interest and benefit to the
                  Note Trustee for the purpose of creating a Security Interest
                  in those rights, title, interest and benefit in accordance
                  with Jersey law;

            (iii) an assignment by way of first fixed security over the
                  Current Issuer's rights, title, interest and benefit, in and
                  to the Current Issuer Transaction Accounts, any Swap
                  Collateral Account and each other account (if any) of the
                  Current Issuer and all amounts or securities standing to the
                  credit of those accounts (including all interest or other
                  income or distributions earned on such amounts or
                  securities);

            (iv)  a first fixed charge (which may take effect as a floating
                  charge) over the Current Issuer's rights, title, interest
                  and benefit in and to all Authorised Investments made by or
                  on behalf of the Current Issuer, including all monies and
                  income payable thereunder; and

            (v)   a first ranking floating charge over the whole of the assets
                  and undertaking of the Current Issuer which are not
                  otherwise effectively subject to any fixed charge or
                  assignment by way of security as described in (i), (ii),
                  (iii) or (iv) above, all as more particularly set out in the
                  Current Issuer Deed of Charge.

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

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

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

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

(D)   Bank Accounts
      have an interest in any bank account, other than a Current Issuer Bank
Account or a Swap Collateral Account;

(E)   Restrictions on Activities
      carry on any business other than as described in the prospectus dated 19
September 2003 relating to the issue of the Dollar Notes and the related
activities described therein or as contemplated in the Transaction Documents
relating to the issue of the Notes and the making of the Current Issuer
Intercompany Loan;

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

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

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

(I)   Employees or premises
      have any employees or premises or subsidiaries;

(J)   Dividends and Distributions
      pay any dividend or make any other distribution to its shareholders or
issue any further shares or alter any rights attaching to its shares as at the
date of the Current Issuer Deed of Charge;

(K)   Purchase Notes
      purchase or otherwise acquire any Note or Notes; or

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

4.    Interest
(A)   Period of Accrual
         Each Note bears interest on its Principal Amount Outstanding from
(and including) the Closing Date. Each Note (or, in the case of redemption in
part only of a Note, that part only of such Note) shall cease to bear interest
from its due date for redemption unless, upon due presentation, payment of the
relevant amount of principal or any part thereof is improperly withheld or
refused. In such event, interest will continue to accrue on such unpaid amount
(before as well as after any judgment) at the rate applicable to such Note up
to (but excluding) the date on which, on presentation of such Note, payment in
full of the relevant amount of principal is made, or (if earlier) the seventh
day after notice is duly given by the Principal Paying Agent or the US Paying
Agent, as the case may be, to the Holder thereof (either in accordance with
Condition 14 or individually) that upon presentation thereof being duly made,
such payment will be made, provided that upon presentation thereof being duly
made, payment is in fact made.

      Whenever it is necessary to compute an amount of interest in respect of
the Notes for any period (including any Interest Period), such interest shall
be calculated:

      (i)   in respect of the Dollar Notes and the Euro Notes on the basis of
            actual days elapsed in a 360-day year; and

      (ii)  in respect of the Series 3 Notes, on the basis of actual days
            elapsed in a 365- day year (or, in the case of an Interest Period
            ending in a leap year, a 366-day year).

(B)   Payment Dates and Interest Periods
      Interest on the Notes is payable quarterly in arrears on the 20th day of
January, April, July and October in each year (or, if such day is not a
Business Day, the next succeeding Business Day) (each a "Payment Date"), the
first Payment Date being the Payment Date occurring in January 2004 in respect
of the Interest Period commencing on the Closing Date.

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      The order of payments of interest to be made on the classes of Notes
will be prioritised so that interest payments due and payable on the Class C
Notes will be subordinated to interest payments due and payable on the Class M
Notes, the Class B Notes and the Class A Notes, interest payments due and
payable on the Class M Notes will be subordinated to interest payments due and
payable on the Class B Notes and the Class A Notes and interest payments due
and payable on the Class B Notes will be subordinated to interest payments due
and payable on the Class A Notes, in each case in accordance with the relevant
Current Issuer Priority of Payments.

      To the extent that the funds available to the Current Issuer, subject to
and in accordance with the relevant Current Issuer Priority of Payments, to
pay interest on the Class B Notes, the Class M Notes or the Class C Notes on a
Payment Date (in each case, after discharging the Current Issuer's liabilities
of a higher priority) are insufficient to pay the full amount of such
interest, payment of the shortfall attributable to the Class B Notes, the
Class M Notes or the Class C Notes, as the case may be (in each case,
"Deferred Interest"), which will be borne by each Class B Note, Class M Note
or Class C Note, as the case may be, in proportion to the amount of interest
due, subject to this Condition 4(B), on a Class B Note, Class M Note or Class
C Note, as the case may be, on such Payment Date, will not then fall due but
will instead be deferred until the first Payment Date thereafter on which
sufficient funds are available (after allowing for the Current Issuer's
liabilities of a higher priority and subject to and in accordance with the
relevant Current Issuer Priority of Payments) to fund the payment of such
Deferred Interest to the extent of such available funds.

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

      Amounts of Deferred Interest and Additional Interest shall not be
deferred beyond the Final Maturity Date of the Class B Notes, the Class M
Notes or the Class C Notes, as the case may be, when such amounts will become
due and payable.

      It is possible that all or any part of any interest due on the Class B
Notes, the Class M Notes or the Class C Notes, as the case may be, may never
be paid if there are insufficient funds available (subject to and in
accordance with the relevant Current Issuer Priority of Payments) to fund the
payment of such interest after paying amounts of a higher priority.

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

(C)   Rates of Interest
      In relation to each Class of Notes the rate of interest payable in
respect of such Class (each a "Rate of Interest" and together the "Rates of
Interest") and the relevant Interest Amount in respect of such Class shall be
determined on the basis of the provisions set out below:

      (a)   On each Interest Determination Date in relation to such Class, the
            Agent Bank will determine the Relevant Screen Rate in respect of
            such Class as at or about the Quotation Time for such Class.

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            If the Relevant Screen Rate is unavailable, the Agent Bank will
            request the principal London office of each of the Reference Banks
            to provide the Agent Bank with its offered quotation to leading
            banks for the relevant Quotation Deposits for the relevant
            Quotation Period in the relevant Quotation Market as at or about
            the relevant Quotation Time on such Interest Determination Date.

            The Rate of Interest for such Class for the Interest Period
            relating to such Class shall be the aggregate of (a) the Relevant
            Margin in respect of such Class and (b) the Relevant Screen Rate
            in respect of such Class or, if the Relevant Screen Rate is
            unavailable, the arithmetic mean (or, in the case of the initial
            Interest Determination Date relating to such Class, the linear
            interpolation of the arithmetic mean) of such offered quotations
            by the Reference Banks (rounded upwards, if necessary, to five
            decimal places).

      (b)   If on any Interest Determination Date in relation to such Class,
            the Relevant Screen Rate in respect of such Class is unavailable
            and only two or three of the Reference Banks provide offered
            quotations, the Rates of Interest for such Class for the relevant
            Interest Period shall be determined in accordance with the
            provisions of sub-paragraph (a) above on the basis of the offered
            quotations of those Reference Banks providing such quotations.

            If, on any such Interest Determination Date, only one or none of
            the Reference Banks provides the Agent Bank with such an offered
            quotation, the Agent Bank shall forthwith consult with the Note
            Trustee for the purposes of agreeing two banks (or, where one only
            of the Reference Banks provided such a quotation, one additional
            bank) to provide such a quotation or quotations to the Agent Bank
            (which bank or banks are in the opinion of the Note Trustee
            suitable for such purpose) and the Rates of Interest for the
            Interest Period in question shall be determined, as aforesaid, on
            the basis of the offered quotations of such banks as so agreed
            (or, as the case may be, the offered quotations of such bank as so
            agreed and the relevant Reference Bank).

            If no such bank or banks is or are so agreed or such bank or banks
            as so agreed does or do not provide such a quotation or
            quotations, then the Rates of Interest for the relevant Interest
            Period shall be the Rates of Interest in relation to such Class in
            effect for the immediately preceding Interest Period to which
            sub-paragraph (a) above shall have applied but taking account of
            any change in the Relevant Margin in relation to such Class.

      There will be no minimum or maximum Rate of Interest.

(D)   Determination of Rates of Interest and Calculation of Interest Amounts
      (i)   The Agent Bank shall, as soon as practicable after the Quotation
            Time on each Interest Determination Date, determine and notify the
            Current Issuer, the Current Issuer Cash Manager, the Note Trustee
            and the Paying Agents of (i) the Rates of Interest applicable to
            each Class of Notes for the relevant Interest Period, (ii) the
            Interest Amount payable in respect of each class of Notes for the
            relevant Interest Period and (iii) the Note Interest Amount
            payable in respect of each Note for the relevant Interest Period.

      (ii)  The amount of interest in respect of each class of Notes in
            respect of an Interest Period (in each case, the "Interest
            Amount") shall be determined by applying the relevant Rate of
            Interest to the aggregate Principal Amount Outstanding of the
            relevant class of Notes, multiplying the sum by the applicable day
            count fraction described in Condition 4(A) and rounding the
            resultant figure to the nearest cent, amounts equal to or above
            half a cent being rounded upwards and amounts below half a cent
            being rounded downwards (in the case of Dollar Notes and the

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            Euro Notes) and the nearest penny, amounts equal to or above half
            a penny being rounded upwards and amounts below half a penny being
            rounded downwards (in the case of the Sterling Notes).

            The amount of interest in respect of each Note in respect of an
            Interest Period (in each case, the "Note Interest Amount") shall
            be the proportion of the relevant Interest Amount in relation to
            the relevant class of Notes on such date equal to the proportion
            that the Principal Amount Outstanding of the relevant Note bears
            to the aggregate Principal Amount Outstanding of the relevant
            class of Notes rounding the resulting figure to the nearest cent,
            amounts equal to or above half a cent being rounded upwards and
            amounts below half a cent being rounded downwards (in respect of
            the Dollar Notes and the Euro Notes) and the nearest penny,
            amounts equal to or above half a penny being rounded upwards and
            amounts below half a penny being rounded downwards (in respect of
            the Sterling Notes).

(E)   Publication of Rates of Interest, Interest Amounts and other Notices
      As soon as possible, the Agent Bank will cause the Rate of Interest and
the Interest Amount applicable to each class of Notes for each Interest Period
and the Payment Date falling at the end of such Interest Period to be notified
to the Current Issuer, the Current Issuer Cash Manager, the Note Trustee, the
Paying Agents, the Registrar and to each stock exchange, competent listing
authority and/or quotation system (if any) on or by which the Notes are then
listed, quoted and/or traded and will cause notice thereof to be given to the
relevant class of Noteholders in accordance with Condition 14. The Interest
Amounts and Payment Dates so notified may subsequently be amended (or
appropriate alternative arrangements made by way of adjustment) without notice
in the event of any extension or shortening of the relevant Interest Period.

(F)   Determination and/or Calculation by Note Trustee
      If the Agent Bank does not at any time for any reason determine the Rate
of Interest and/or calculate the Interest Amount for any class of Notes in
accordance with the foregoing paragraphs, the Note Trustee shall (i) determine
the Rate of Interest at such rate as (having such regard as it shall think fit
to the procedure described above) it shall in its sole discretion deem fair
and reasonable in all the circumstances and/or (as the case may be) and (ii)
calculate the Interest Amount for such class of Notes in the manner specified
in paragraph (D) above, and any such determination and/or calculation shall be
deemed to have been made by the Agent Bank.

(G)   Notifications to be Final
      All notifications, opinions, determinations, certificates, calculations,
quotations and decisions given, expressed, made or obtained for the purposes
of this Condition 4, whether by the Reference Banks (or any of them), any
other bank or the Agent Bank (in the absence of wilful default, bad faith or
manifest error) shall be binding on the Current Issuer, the Current Issuer
Cash Manager, the Reference Banks, such other bank, the Agent Bank, the Note
Trustee and all Noteholders and (in such absence as aforesaid) no liability to
the Noteholders shall attach to the Current Issuer, the Reference Banks, such
other bank, the Agent Bank, the Note Trustee or the Current Issuer Cash
Manager in connection with the exercise or non-exercise by them or any of them
of their powers, duties and discretions hereunder.

(H)   Reference Banks and Agent Bank
      The Agent Bank shall ensure that, so long as any of the Notes remains
outstanding, there shall at all times be four Reference Banks with offices in
London and an Agent Bank. In the event of any Reference Bank being unable or
unwilling to continue to act as a Reference Bank, the Current Issuer shall,
with the approval of the Note Trustee, appoint a successor Reference Bank to
act as such in its place. In the event of the then Agent Bank being unwilling
to act as the Agent Bank, or resigning pursuant to the Current Issuer Paying
Agent and Agent Bank Agreement, the Current Issuer shall, with the approval of
the Note Trustee, appoint a successor Agent Bank. If the Current Issuer shall
fail to appoint a successor Reference Bank or successor

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Agent Bank (as the case may be), the Agent Bank shall appoint such other bank
as may be previously approved in writing by the Note Trustee to act as the
Reference Bank or Agent Bank (as the case may be). The resignation of the
Agent Bank will not take effect until a successor approved by the Note Trustee
has been appointed.

5.    Redemption, Purchase and Cancellation
(A)   Final Redemption
      Unless previously redeemed in full as provided in this Condition 5, the
Current Issuer shall redeem each class of Notes at their then Principal Amount
Outstanding together with all accrued interest on the Final Maturity Date in
respect of such class of Notes.

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

(B)   Mandatory Redemption of the Notes in Part
      On each Payment Date, other than a Payment Date on which the Notes are
to be redeemed under Conditions 5(A), (D), (E) or (F), the Current Issuer
shall repay principal in respect of the Notes in accordance with and subject
to the relevant Current Issuer Priority of Payments applicable to the Current
Issuer on such Payment Date and then only to the extent of Current Issuer
Available Principal Receipts on such Payment Date in the manner described in
and subject to the Current Issuer Cash Management Agreement and/or, as
applicable, the Current Issuer Deed of Charge.

(C)   Note Principal Payments, Principal Amount Outstanding and Pool Factor
      The principal amount redeemable (the "Note Principal Payment") in
respect of each Note of a particular class of Notes on any Payment Date under
paragraph (B) above shall be a proportion of the amount required as at that
Payment Date to be applied in redemption of the relevant class of Notes on
such date equal to the proportion that the Principal Amount Outstanding of the
relevant Note bears to the aggregate Principal Amount Outstanding of the
relevant class of Notes rounded down to the nearest cent in respect of the
Dollar Notes and the Euro Notes, and rounded down to the nearest penny in
respect of the Sterling Notes; provided always that no such Note Principal
Payment may exceed the Principal Amount Outstanding of the relevant Note.

      On each Note Determination Date the Current Issuer shall determine (or
cause the Current Issuer Cash Manager to determine) (i) the amount of any Note
Principal Payment payable in respect of each Note of the relevant series and
class on the immediately following Payment Date, (ii) the Principal Amount
Outstanding of each such Note which shall be $1,000 or, as the case may be,
$10,000 (in the case of each Dollar Note), (euro)50,000 (in the case of each
Euro Note) and (pound)1,000 or, as the case may be, (pound)10,000 (in the case
of each Sterling Note) less (in each case) the aggregate amount of all Note
Principal Payments in respect of such Notes that have been paid since the
Closing Date and on or prior to that Note Determination Date (the "Principal
Amount Outstanding") and (iii) the fraction expressed as a decimal to the
fifth decimal point (the "Pool Factor"), of which the numerator is the
Principal Amount Outstanding of that Note (as referred to in (ii) above) and
the denominator is $1,000 or, as the case may be, $1 0,000 (in the case of
each Dollar Note), (euro)50,000 (in the case of each Euro Note) and
(pound)1,000 or, as the case may be, (pound)10,000 (in the case of each
Sterling Note). Each determination by or on behalf of the Current Issuer of
any Note Principal Payment of a Note, the Principal Amount Outstanding of a
Note and the Pool Factor shall in each case (in the absence of wilful default,
bad faith or manifest error) be final and binding on all persons.

      With respect to the Notes of each class, the Current Issuer will cause
each determination of the Note Principal Payment, the Principal Amount
Outstanding and the Pool Factor to be notified forthwith, and in any event not
later than 1.00 p.m. (London time) on the Business Day immediately succeeding
the Note Determination Date, to the Note Trustee, the Paying Agents, the
Registrar, the Agent Bank and (for so long as the Notes are listed on one or
more stock

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exchanges) the relevant stock exchanges, and will cause notice of each
determination of the Note Principal Payment, the Principal Amount Outstanding
and the Pool Factor to be given to Noteholders in accordance with Condition 14
by no later than the Business Day after the relevant Payment Date.

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

(D)   Optional Redemption in Full
      Subject to the provisos below, upon giving not more than 60 nor less
than 30 days' prior notice to the Note Trustee and the Noteholders in
accordance with Condition 14, the Current Issuer may redeem all (but not some
only) of the Notes at their aggregate Principal Amount Outstanding together
with any accrued and unpaid interest in respect thereof on the following
dates:

      (i)   the Payment Date falling in January 2009 and on any Payment Date
            thereafter. This gives the Current Issuer the option to redeem the
            Notes on or after the January 2009 step-up date for interest; or

      (ii)  any Payment Date on which the aggregate Principal Amount
            Outstanding of the Notes is less than 10 per cent. of the
            aggregate Principal Amount Outstanding of the Notes as at the
            Closing Date,

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

(E)   Optional Redemption for Tax and other Reasons
      If the Current Issuer at any time satisfies the Note Trustee immediately
prior to the giving of the notice referred to below that on the next Payment
Date either (i) the Current Issuer would be required to deduct or withhold
from any payment of principal or interest or any other amount under any of the
Notes any amount for or on account of any present or future taxes, duties,
assessments or governmental charges of whatever nature or (ii) Funding would
be required to deduct or withhold from amounts due under the Current Issuer
Intercompany Loan any amount on account of any present or future taxes,
duties, assessments or governmental charges of whatever nature and (iii) such
obligation of the Current Issuer or Funding (as the case may be) cannot be
avoided by the Current Issuer or Funding (as the case may be) taking
reasonable measures available to it, then the Current Issuer shall use its
reasonable endeavours to arrange the substitution of a company incorporated in
another jurisdiction approved by the Note Trustee as principal debtor under
the Class A Notes, the Class B Notes, the Class M Notes and the Class C Notes
and/or as lender under the Current Issuer Intercompany Loan Agreement, as the
case may be, upon the Note Trustee being satisfied that (1) such substitution
will not be materially prejudicial to the Noteholders, (2) that the position
of the Current Issuer Secured Creditors will not thereby be adversely
affected, and (3) that such substitution would not require registration of

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any new security under United States securities laws or would materially
increase the disclosure requirements under United States law or the costs of
issuance. Only if the Current Issuer is unable to arrange a substitution will
the Current Issuer be entitled to redeem the Notes as described in this
Condition 5(E).

      Subject to the proviso below, if the Current Issuer is unable to arrange
a substitution as described above and, as a result, one or more of the events
described in (i) or (ii) above (as the case may be) is continuing, then the
Current Issuer may, having given not more than 60 nor less than 30 days'
notice to the Note Trustee and the Noteholders in accordance with Condition
14, redeem all (but not some only) of the Notes on the immediately succeeding
Payment Date at their aggregate Principal Amount Outstanding together with any
accrued and unpaid interest in respect thereof provided that (in either case),
prior to giving any such notice, the Current Issuer shall have provided to the
Note Trustee (A) a certificate signed by two directors of the Current Issuer
stating the circumstances referred to in (i) or (ii) and (iii) above prevail
and setting out details of such circumstances and (B) an opinion in form and
substance satisfactory to the Note Trustee of independent legal advisors of
recognised standing to the effect that the Current Issuer has or will become
obliged to pay such additional amounts as a result of such change or
amendment. The Note Trustee shall be entitled to accept such certificate and
opinion as sufficient evidence of the satisfaction of the circumstance set out
in (i) or (ii) and (iii) above, in which event they shall be conclusive and
binding on the Noteholders. The Current Issuer may only redeem the Notes as
aforesaid if the Note Trustee is satisfied in accordance with the Transaction
Documents that the Current Issuer will have the funds, not subject to the
interest of any other person, required to redeem the Notes as aforesaid and
any amounts required under the Current Issuer Pre-Enforcement Revenue Priority
of Payments currently set out in the Current Issuer Cash Management Agreement
to be paid in priority to or pari passu with the Notes outstanding in
accordance with the terms and conditions thereof.

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

(F)   Optional Redemption for Implementation of New Basel Capital Accord
      If the New Basel Capital Accord, as described in the consultative
document, the "New Basel Capital Accord" published in January 2001 by the
Basel Committee on Banking Supervision, has been implemented in the United
Kingdom, whether by rule of law, recommendation or best practice or by any
other regulation, then on the Payment Date falling in July 2008 and any
Payment Date thereafter, the Current Issuer may, by giving not more than 60
nor less than 30 days' (or such shorter period as may be required under any
relevant law) prior notice to the Note Trustee and the Noteholders in
accordance with Condition 14, redeem all (but not some only) of the Notes at
their aggregate Principal Amount Outstanding together with any accrued and
unpaid interest in respect thereof on the next following Payment Date,
provided that a Note Enforcement Notice has not been served. The Current
Issuer may only redeem the Notes as aforesaid if the Note Trustee is satisfied
in accordance with the Transaction Documents that the Current Issuer will have
the funds, not subject to the interest of any other person, required to redeem
the Notes as aforesaid and any amounts required under the Current Issuer
Pre-Enforcement Revenue Priority of Payments currently set out in the Current
Issuer Cash Management Agreement to be paid in priority to or pari passu with
the Notes outstanding in accordance with the terms and conditions thereof.

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6.    Payments
(A)   Payment of Interest and Principal
      Payments of principal shall be made by US Dollar cheque, in the case of
the Dollar Notes, Euro cheque, in the case of the Euro Notes or Sterling
cheque, in the case of the Sterling Notes, drawn on, or upon application by a
Holder of the relevant Note to the Specified Office of the Principal Paying
Agent not later than the fifteenth day before the due date for any such
payment, or by transfer to a US Dollar account maintained by the payee with a
bank in New York City or (as the case may be) to a Sterling account maintained
by the payee with a bank in London or (as the case may be) to a Euro account
maintained by the payee with a bank as specified by the payee, and (in the
case of final redemption) upon surrender (or, in the case of part payment
only, endorsement) of the relevant Note Certificates at the Specified Office
of any Paying Agent.

      Payments of interest shall be made by US Dollar cheque, in the case of
the Dollar Notes, Euro cheque, in the case of the Euro Notes or Sterling
cheque, in the case of the Sterling Notes, drawn on, or upon application by a
Holder of the relevant Note to the Specified Office of the Principal Paying
Agent not later than the fifteenth day before the due date for any such
payment, or by transfer to a US Dollar account maintained by the payee with a
bank in New York City or (as the case may be) to a Sterling account maintained
by the payee with a bank in London or (as the case may be) to a Euro account
maintained by the payee with a bank as directed by the payee, and (in the case
of interest payable on redemption) upon surrender (or, in the case of part
payment only, endorsement) of the relevant Note Certificates at the Specified
Office of any Paying Agent.

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

(C)   Payment of Interest following a failure to pay Principal
      If payment of principal is improperly withheld or refused on or in
respect of any Note or part thereof, the interest which continues to accrue in
respect of such Note in accordance with Condition 4(A) will be paid in
accordance with this Condition 6.

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

(E)   No payment on non-Business Day
      Where payment is to be made by transfer to a US Dollar account, Sterling
account or Euro account, payment instructions (for value the due date or, if
the due date is not a Payment Business Day, for value the next succeeding
Business Day) will be initiated and, where payment is to be made by US Dollar
cheque, Sterling cheque or Euro cheque, the cheque will be mailed (i) (in the
case of payments of principal and interest payable on redemption) on the later
of the due date for payment and the day on which the relevant Note is
surrendered (or, in the case of part payment only, endorsed) at the Specified
Office of a Paying Agent and (ii) (in the case of payments of interest payable
other than on redemption) on the due date for payment. A Holder of a Note
shall not be entitled to any interest or other payment in respect of any delay
in payment

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resulting from (A) the due date for a payment not being a Payment Business Day
or (B) a cheque mailed in accordance with this Condition 6(E) arriving after
the due date for payment or being lost in the mail.

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

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

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

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

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

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

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5.    Events of Default
(A)   Class A Noteholders:
      The Note Trustee in its absolute discretion may give notice to the
Current Issuer and the Security Trustee of a Current Issuer Note Event of
Default (as defined below) in respect of the Class A Notes (a "Class A Note
Enforcement Notice"), and shall give such notice if it is indemnified to its
satisfaction and (1) if so requested in writing by the Holders of not less
than 25 per cent. in aggregate Principal Amount Outstanding of the Class A
Notes or (2) if so directed by or pursuant to an Extraordinary Resolution
passed at a meeting of the Class A Noteholders, declaring (in writing) the
Notes to be due and repayable (and they shall forthwith become due and
repayable) at any time after the happening of any of the following events
which is continuing or unwaived:

      (i)   default being made for a period of seven Business Days in the
            payment of any amount of principal of any Class A Note when and as
            the same ought to be paid in accordance with these Conditions or
            default being made for a period of fifteen Business Days in the
            payment of any amount of interest on any Class A Note when and as
            the same ought to be paid in accordance with these Conditions; or

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

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

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

      (v)   proceedings being otherwise initiated against the Current Issuer
            under any applicable liquidation, insolvency, composition,
            reorganisation or other similar laws (including, but not limited
            to, presentation of a petition for administration or the filing of
            documents with the court for an administration) and (except in the
            case of presentation of a petition for an administration order)
            such proceedings are not, in the opinion of the Note Trustee,
            being disputed in good faith with a reasonable prospect of
            success, a formal notice is given of intention to appoint an
            administrator in relation to the Current Issuer or an
            administration order being granted or an administrative receiver
            or other receiver, liquidator or other similar official being
            appointed in relation to the Current Issuer or in relation to the
            whole or any substantial part of the undertaking or assets of the
            Current Issuer, or an encumbrancer taking possession of the whole
            or any

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            substantial part of the undertaking or assets of the Current
            Issuer, or a distress, execution, diligence or other process being
            levied or enforced upon or sued out against the whole or any
            substantial part of the undertaking or assets of the Current
            Issuer and such possession or process (as the case may be) not
            being discharged or not otherwise ceasing to apply within 30 days,
            or the Current Issuer initiating or consenting to judicial
            proceedings relating to itself under applicable liquidation,
            insolvency, composition, reorganisation or other similar laws or
            making a conveyance or assignment for the benefit of its creditors
            generally or a composition or similar arrangement with the
            creditors or takes steps with a view to obtaining a moratorium in
            respect of its indebtedness, including without limitation, the
            filing of documents with the court; or

      (vi)  if an Intercompany Loan Enforcement Notice is served under any
            Intercompany Loan Agreement while any of the Class A Notes is
            outstanding.

(B)   Class B Noteholders
      This Condition 9(B) shall have no effect if, and for as long as, any
Class A Notes are outstanding. Subject thereto, for so long as any Class B
Notes are outstanding, the Note Trustee in its absolute discretion may give
notice to the Current Issuer and the Security Trustee of a Current Issuer Note
Event of Default (as defined below) in respect of the Class B Notes (a "Class
B Note Enforcement Notice"), and shall give such notice if it is indemnified
to its satisfaction and (1) if so requested in writing by the Holders of not
less than 25 per cent. in aggregate Principal Amount Outstanding of the Class
B Notes or (2) if so directed by or pursuant to an Extraordinary Resolution
passed at a meeting of the Class B Noteholders, declaring (in writing) the
Notes to be due and repayable (and they shall forthwith become due and
repayable) at any time after the happening of any of the following events:

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

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

(C)   Class M Noteholders
      This Condition 9(C) shall have no effect if, and for as long as, any
Class A Notes or any Class B Notes are outstanding. Subject thereto, for so
long as any Class M Notes are outstanding, the Note Trustee in its absolute
discretion may give notice to the Current Issuer and the Security Trustee of a
Current Issuer Note Event of Default (as defined below) in respect of the
Class M Notes (a "Class M Note Enforcement Notice"), and shall give such
notice if it is indemnified to its satisfaction and (1) if so requested in
writing by the Holders of not less than 25 per cent. in aggregate Principal
Amount Outstanding of the Class M Notes or (2) if so directed by or pursuant
to an Extraordinary Resolution passed at a meeting of the Class M Noteholders,
declaring (in writing) the Notes to be due and repayable (and they shall
forthwith become due and repayable) at any time after the happening of any of
the following events:

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

      (ii)  the occurrence of any of the events in Condition 9(A)(ii), (iii),
            (iv), (v) or (vi) above provided that the references in Condition
            9(A)(ii) and Condition 9(A)(iv) to Class A

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            Notes and Class A Noteholders shall be read as references to Class
            M Notes and Class M Noteholders, respectively.

(D)   Class C Noteholders
      This Condition 9(D) shall have no effect if, and for as long as, any
Class A Notes, any Class B Notes or any Class M Notes are outstanding. Subject
thereto, for so long as any Class C Notes are outstanding, the Note Trustee in
its absolute discretion may give notice to the Current Issuer and the Security
Trustee of a Current Issuer Note Event of Default (as defined below) in
respect of the Class C Notes (a "Class C Note Enforcement Notice"), and shall
give such notice if it is indemnified to its satisfaction and (1) if so
requested in writing by the Holders of not less than 25 per cent. in aggregate
Principal Amount Outstanding of the Class C Notes or (2) if so directed by or
pursuant to an Extraordinary Resolution passed at a meeting of the Class C
Noteholders, declaring (in writing) the Notes to be due and repayable (and
they shall forthwith become due and repayable) at any time after the happening
of any of the following events:

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

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

(E)   Following Service of a Note Enforcement Notice
      For the avoidance of doubt, upon any Note Enforcement Notice being given
by the Note Trustee in accordance with Condition 9(A), (B), (C) or (D) above,
all classes of the Notes then outstanding shall immediately become due and
repayable, without further action or formality at their Principal Amount
Outstanding together with any accrued and unpaid interest in respect thereof
as provided in the Current Issuer Trust Deed.

6.    Enforcement of Notes
      The Note Trustee may, at its discretion and without notice at any time
and from time to time, take such steps and institute such proceedings against
the Current Issuer or any other person as it may think fit to enforce the
provisions of the Notes, the Current Issuer Trust Deed (including these
Conditions), the Current Issuer Deed of Charge or any of the other Transaction
Documents. The Note Trustee may, at its discretion and without notice, at any
time after the Current Issuer Security has become enforceable, take such steps
as it may think fit to enforce the Current Issuer Security. The Note Trustee
shall not be bound to take any such proceedings or steps unless:

      (i)   (subject in all cases to restrictions contained in the Current
            Issuer Trust Deed or, as the case may be, the Current Issuer Deed
            of Charge to protect the interests of any higher ranking class of
            Noteholders) it shall have been so directed by an Extraordinary
            Resolution (as described in Condition 9) of the Class A
            Noteholders, the Class B Noteholders, the Class M Noteholders or
            the Class C Noteholders or so requested in writing by the Holders
            of at least 25 per cent. in Principal Amount Outstanding of the
            Class A Notes, Class B Notes, Class M Notes or Class C Notes; and

      (ii)  it shall have been indemnified to its satisfaction.

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

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      No Noteholder may institute any proceedings against the Current Issuer
to enforce its rights under or in respect of the Notes or the Current Issuer
Trust Deed unless (1) the Note Trustee has become bound to institute
proceedings and has failed to do so within 30 days of becoming so bound and
(2) such failure is continuing; provided that, no Class B Noteholder, Class M
Noteholder or Class C Noteholder will be entitled to commence proceedings for
the winding up or administration of the Current Issuer unless there are no
outstanding Notes of a class with higher priority, or if Notes of a class with
higher priority are outstanding, there is consent of Noteholders of not less
than 25 per cent. of the aggregate principal amount of the Notes outstanding
(as defined in the Current Issuer Trust Deed) of the class or classes of Notes
with higher priority. Notwithstanding the foregoing and notwithstanding any
other provision of the Current Issuer Trust Deed, the right of any Noteholder
to receive payment of principal and interest on its Notes on or after the due
date for such principal or interest, or to institute suit for the enforcement
of payment of that principal or interest, may not be impaired or affected
without the consent of that Noteholder.

      In the event that (a) the Current Issuer Security is enforced and after
payment of all other claims ranking in priority to the Notes under the Current
Issuer Deed of Charge, the remaining proceeds of such enforcement are
insufficient to pay in full all principal and interest and other amounts
whatsoever due in respect of the Notes and all other claims ranking pari passu
therewith or (b) within 20 days following the Final Maturity Date of the
latest maturing Note, the Note Trustee certifies that there is no further
amount outstanding under the related Current Issuer Intercompany Loan, then
all interests in the Global Note Certificate will be automatically exchanged
for equivalent interests in an equivalent amount of Notes in an equivalent
Principal Amount Outstanding in Individual Note Certificates and such Global
Note Certificate will be cancelled on the date of such exchange. The
Noteholders are required and the Note Trustee is required on their behalf at
the request of the Post Enforcement Call Option Holder, to transfer or (as the
case may be) procure transfer of all (but not some only) of the Notes to the
Post Enforcement Call Option Holder pursuant to the option granted to it by
the Note Trustee (as agent for the Noteholders) pursuant to the Current Issuer
Post Enforcement Call Option Agreement. The Noteholders will not be paid for
that transfer. Immediately upon such transfer, no such former Noteholder shall
have any further interest in the Notes. Each of the Noteholders acknowledges
that the Note Trustee has the authority and the power to bind the Noteholders
in accordance with the terms and conditions set out in the Current Issuer Post
Enforcement Call Option Agreement and each Noteholder, by subscribing for or
purchasing Notes, agrees to be so bound.

11.   Meetings of Noteholders, Modifications and Waiver
(A)   Meetings of Noteholders
      The Current Issuer Trust Deed contains provisions for convening meetings
of each class of Noteholders to consider any matter affecting their interests,
including the sanctioning by Extraordinary Resolution of a modification of any
provision of these Conditions or the provisions of any of the Transaction
Documents.

(1)   Class A Notes

      The Current Issuer Trust Deed provides that:

      (i)   a single meeting of the Holders of all series of Class A Notes may
            be held whether or not there is a conflict of interest between the
            Holders of such series of the Class A Notes;

      (ii)  there shall be no provision for a meeting of the Holders of one
            series only of the Class A Notes; and

      (iii) as the Class A Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Class A Note denominated
            in Dollars or Euro shall be

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            converted into Sterling at the relevant Current Issuer Dollar
            Currency Swap Rate or Current Issuer Euro Currency Swap Rate,
            respectively.

(2)   Class B Notes

      The Current Issuer Trust Deed provides that:

      (i)   a single meeting of the Holders of all series of Class B Notes may
            be held whether or not there is a conflict of interest between the
            Holders of such series of the Class B Notes;

      (ii)  there shall be no provision for a meeting of the Holders of one
            series only of the Class B Notes; and

      (iii) as the Class B Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Class B Note denominated
            in Dollars or Euro shall be converted into Sterling at the
            relevant Current Issuer Dollar Currency Swap Rate or Current
            Issuer Euro Currency Swap Rate, respectively.

(3)   Class M Notes

      The Current Issuer Trust Deed provides that:

      (i)   a single meeting of the Holders of all series of Class M Notes may
            be held whether or not there is a conflict of interest between the
            Holders of such series of the Class M Notes;

      (ii)  there shall be no provision for a meeting of the Holders of one
            series only of the Class M Notes; and

      (iii) as the Class M Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Class M Note denominated
            in Dollars or Euro shall be converted into Sterling at the
            relevant Current Issuer Dollar Currency Swap Rate or Current
            Issuer Euro Currency Swap Rate, respectively.

(4)   The Class C Notes

      The Current Issuer Trust Deed provides that:

      (i)   a single meeting of the Holders of all series of Class C Notes may
            be held whether or not there is a conflict of interest between the
            Holders of such series of the Class C Notes;

      (ii)  there shall be no provision for a meeting of the Holders of one
            series only of the Class C Notes; and

      (iii) as the Class C Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Class C Note denominated
            in Dollars or Euro shall be converted into Sterling at the
            relevant Current Issuer Dollar Currency Swap Rate or Current
            Issuer Euro Currency Swap Rate, respectively.

      Subject as provided in the following paragraph, the quorum at any
meeting of the Noteholders of any class convened to consider an Extraordinary
Resolution will be two or more persons holding or representing more than half
of the aggregate Principal Amount Outstanding of the Notes of that class or,
at any adjourned meeting, two or more persons being or representing
Noteholders of that class, whatever the aggregate Principal Amount Outstanding
of the Notes so held or represented.

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      The quorum at any meeting of the Noteholders of any class for passing an
Extraordinary Resolution which includes the sanctioning of a modification
which would have the effect of altering the amount, rate or timing of payments
on the Notes, the currency of payment of the Notes, or altering the priority
of payments or altering the quorum or majority required in relation to this
exception (a "Basic Terms Modification"), shall be two or more persons holding
or representing not less than three quarters or, at any adjourned and
reconvened meeting, not less than one quarter of the aggregate Principal
Amount Outstanding of the Notes of such class.

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

(B)   Limitations on Class B Noteholders
      Subject as provided below in relation to an Extraordinary Resolution
concerning a Basic Terms Modification, no Extraordinary Resolution of the
Class B Noteholders shall take effect for any purpose while any Class A Notes
remain outstanding unless it shall have been sanctioned by an Extraordinary
Resolution of the Class A Noteholders or the Note Trustee is of the opinion
that it would not be materially prejudicial to the interests of the Class A
Noteholders.

(C)   Limitations on Class M Noteholders
      Subject as provided below in relation to an Extraordinary Resolution
concerning a Basic Terms Modification, no Extraordinary Resolution of the
Class M Noteholders shall take effect for any purpose while any Class A Notes
or any Class B Notes remain outstanding unless it shall have been sanctioned
by an Extraordinary Resolution of the Class A Noteholders and an Extraordinary
Resolution of the Class B Noteholders, or the Note Trustee is of the opinion
that it would not be materially prejudicial to the interests of the Class A
Noteholders and the Class B Noteholders.

(D)   Limitations on Class C Noteholders
      Subject as provided below in relation to an Extraordinary Resolution
concerning a Basic Terms Modification, no Extraordinary Resolution of the
Class C Noteholders shall take effect for any purpose while any Class A Notes,
any Class B Notes or any Class M Notes remain outstanding unless it shall have
been sanctioned by an Extraordinary Resolution of the Class A Noteholders, an
Extraordinary Resolution of the Class B Noteholders and an Extraordinary
Resolution of the Class M Noteholders, or the Note Trustee is of the opinion
that it would not be materially prejudicial to the interests of the Class A
Noteholders, the Class B Noteholders and the Class M Noteholders.

(E)   Basic Terms Modifications
      (i)   An Extraordinary Resolution of the Class A Noteholders concerning
            a Basic Terms Modification will not be effective unless it shall
            have been sanctioned by an Extraordinary Resolution of the Class B
            Noteholders, an Extraordinary Resolution of the Class M
            Noteholders and an Extraordinary Resolution of the Class C
            Noteholders.

      (ii)  An Extraordinary Resolution of the Class B Noteholders concerning
            a Basic Terms Modification will not be effective unless it shall
            have been sanctioned by an Extraordinary Resolution of the Class A
            Noteholders, an Extraordinary Resolution of the Class M
            Noteholders and an Extraordinary Resolution of the Class C
            Noteholders.

      (iii) An Extraordinary Resolution of the Class M Noteholders concerning
            a Basic Terms Modification will not be effective unless it is also
            sanctioned by an Extraordinary Resolution of the Class A
            Noteholders, an Extraordinary Resolution of the Class B
            Noteholders and an Extraordinary Resolution of the Class C
            Noteholders.

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      (iv)  An Extraordinary Resolution of the Class C Noteholders concerning
            a Basic Terms Modification will not be effective unless it is also
            sanctioned by an Extraordinary Resolution of the Class A
            Noteholders, an Extraordinary Resolution of the Class B
            Noteholders and an Extraordinary Resolution of the Class M
            Noteholders.

(F)   Modifications and Determinations by Note Trustee
      The Note Trustee may agree, without the consent of the relevant class of
Noteholders, (i) to any modification (other than a Basic Terms Modification)
of, or to the waiver or authorisation of any breach or proposed breach of, the
Conditions of a particular class or classes or any of the Transaction
Documents which is not, in the opinion of the Note Trustee, materially
prejudicial to the interests of the relevant class or classes of the
Noteholders or (ii) to any modification of these Conditions or any of the
Transaction Documents which, in the opinion of the Note Trustee, is of a
formal, minor or technical nature or is to correct a manifest error.

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

      The Note Trustee may agree, without the consent of the Holders of the
Sterling Notes on or after the Specified Date (as defined below), to such
modifications to the Sterling Notes and the Current Issuer Trust Deed in
respect of redenomination of such Notes in euro and associated
reconventioning, renominalisation and related matters in respect of such Notes
as may be proposed by the Current Issuer (and confirmed by an independent
financial institution approved by the Note Trustee to be in conformity with
then applicable market conventions) and to provide for redemption at the euro
equivalent of the sterling principal amount of the Sterling Notes. For these
purposes, "Specified Date" means the date on which the United Kingdom
participates in the third stage of European economic and monetary union
pursuant to the Treaty establishing the European Community, as amended by the
Treaty on European Union, or otherwise participates in European economic and
monetary union in a manner with an effect similar to such third stage.

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

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

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

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

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

      Furthermore, the Note Trustee will be relieved of liability for making
searches or other inquiries in relation to the assets comprising the Current
Issuer Security. The Note Trustee does not have any responsibility in relation
to the legality and the enforceability of the trust arrangements and the
related Current Issuer Security. The Note Trustee will not be obliged to take
any action which might result in its incurring personal liabilities. The Note
Trustee is not obliged to monitor or investigate the performance of any other
person under the Current Issuer related documents or the documents relating to
the Current Issuer Intercompany Loan and the Mortgages Trust and is entitled
to assume, until it has actual knowledge to the contrary, that all such
persons are properly performing their duties, unless it receives express
notice to the contrary.

      The Note Trustee will not be responsible for any deficiency which may
arise because it is liable to tax in respect of the proceeds of any Current
Issuer Security.

      Similar provisions in respect of the indemnification of the Security
Trustee are set out in the Transaction Documents.

9.   Replacement of Notes
      If Individual Note Certificates are lost, stolen, mutilated, defaced or
destroyed, the Noteholder can replace them at the Specified Office of any
Paying Agent. The Noteholder will be required both to pay the expenses of
producing a replacement and to comply with the Current Issuer's, the
Registrar's and the Paying Agent's reasonable requests for evidence and
indemnity. The Noteholder must surrender any defaced or mutilated Note
Certificates before replacements will be issued.

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

10.   Notice to Noteholders
(A)   Publication of Notice
      Notices to Noteholders will be sent to them by first class mail (or its
equivalent) or (if posted to a non-UK address) by airmail at the respective
addresses on the Register. Any such notice shall have been deemed to have been
given on the fourth day after the date of mailing. In addition, any notice
shall be validly given if published on the date of such mailing in The
Financial Times and, for so long as amounts are outstanding on the Dollar
Notes, in a daily newspaper of general circulation in New York (which is
expected to be The New York Times) or, if such publication is not practicable,
in a leading English language daily newspaper having general circulation in
the United States; provided that if, at any time, the Current Issuer procures
that the information concerned in such notice shall appear on a page of the
Reuters screen, or any other medium for electronic display of data as may be
previously approved in writing by the Note Trustee and notified to Noteholders
(in each case a "Relevant Screen"), publication in the

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newspapers set out above or such other newspaper or newspapers shall not be
required with respect to such information, provided however, that in the case
that any Notes are listed on the Official List of the UK Listing Authority and
admitted to trading by the London Stock Exchange, notices of Noteholder
Meetings shall continue to be published as set forth above. Any such notice
shall be deemed to have been given on the date of such publication or, if
published more than once or on different dates, on the first date on which
publication shall have been made in the newspaper or newspapers in which (or
on the Relevant Screen on which) publication is required.

(B)   Note Trustee's Discretion to Select Alternative Method
      The Note Trustee shall be at liberty to sanction some other method of
giving notice to the Noteholders or any class or category of them if, in its
opinion, such other method is reasonable having regard to market practice then
prevailing and to the requirements of the stock exchanges on which the Notes
are then listed and provided that notice of such other method is given to the
Noteholders in such manner as the Note Trustee shall require.

11.   Governing Law and Jurisdiction
      The Transaction Documents (other than the Current Issuer Underwriting
Agreement) and the Notes are governed by English law, except for those
provisions in which security is taken over property situated in Jersey, to
which Jersey law shall apply. The courts of England are to have non-exclusive
jurisdiction to settle any disputes which may arise out of or in connection
with the Notes and the Transaction Documents (other than the Current Issuer
Underwriting Agreement). The Current Issuer and the other parties to the
Transaction Documents (other than the Current Issuer Underwriting Agreement)
irrevocably submit to the non-exclusive jurisdiction of the courts of England.

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

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

      "Additional Interest" has the meaning indicated in Condition 4(B);

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

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

      "Asset Trigger Event" means the event that occurs when there is a
positive balance on the Class A Principal Deficiency Sub-Ledger in respect of
any Issuer;

      "Authorised Holding" means, in respect of the US Global Note
Certificates, $1,000 and integral multiples in excess thereof, and in respect
of the Reg S Global Note Certificates, (euro)50,000 and integral multiples in
excess thereof (in respect of the Euro Notes) and (pound)1,000 and integral
multiples in excess thereof (in respect of the Sterling Notes);

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

      "Basic Terms Modification" has the meaning indicated in Condition 11
(A);

      "Business Day" means a day which is a New York Business Day, a London
Business Day and a TARGET Business Day;

      "Cash Management Agreement" means the cash management agreement dated
the Initial Closing Date, among the Cash Manager, the Mortgages Trustee,
Funding and the Security Trustee, as described further in "Cash management for
the mortgages trustee and Funding" in the Prospectus;

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

      "Class" or "class" means, in relation to the Notes or the Noteholders, a
class of any of the Series 1 Notes, the Series 2 Notes or the Series 3 Notes,
as the context requires;

      "Class A Note Enforcement Notice" has the meaning indicated in Condition
9(A);

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

      "Class A Notes" means the Series 1 Class A1 Notes, the Series 1 Class A2
Notes, the Series 1 Class A3 Notes, the Series 2 Class A Notes and the Series
3 Class A Notes;

      "Class B Note Enforcement Notice" has the meaning indicated in Condition
9(B);

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

      "Class B Notes" means the Series 1 Class B Notes, the Series 2 Class B
Notes and the Series 3 Class B Notes;

      "Class C Note Enforcement Notice" has the meaning indicated in Condition
9(D);

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

      "Class C Notes" means the Series 1 Class C Notes, the Series 2 Class C
Notes and the Series 3 Class C Notes;

      "Class M Note Enforcement Notice" has the meaning indicated in Condition
9(C);

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

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      "Class M Notes" means the Series 1 Class M Notes, the Series 2 Class M
Notes and the Series 3 Class M Notes;

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

      "Closing Date" means on or about 24 September 2003;

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

      "Controlled Amortisation Amount" means on any Payment Date before the
occurrence of a Trigger Event for any Note or class of Notes issued by the
Current Issuer which is a Controlled Amortisation Note or class of such Notes,
the maximum aggregate principal amount which may be repaid by the Current
Issuer to the relevant Noteholder or Noteholders of such class on that Payment
Date in accordance with the Conditions and the Current Issuer Cash Management
Agreement;

         "Controlled Amortisation Note" means any Note where, before the
occurrence of a Trigger Event or the enforcement of the Current Issuer
Security, the conditions of such Note impose a limit on the amount of
principal which may be repaid by the Current Issuer to the relevant Noteholder
for that Note on any Payment Date. All of the Notes issued by the Current
Issuer are Controlled Amortisation Notes;

      "Current Issuer" means Granite Mortgages 03-3 plc;

      "Current Issuer Account Bank" means Citibank, N.A., situated at 5
Carmelite Street, London EC4Y 0PA. Citibank, N.A. or such other person for the
time being acting as account bank to the Current Issuer under the Current
Issuer Bank Account Agreement;

      "Current Issuer Available Principal Receipts" means:

         (a)      prior to enforcement of the Current Issuer Security, for the
                  Current Issuer in respect of any Payment Date an amount
                  calculated by the Current Issuer Cash Manager on the
                  Distribution Date immediately preceding such Payment Date
                  equal to the sum of:

                  (i)      all principal amounts repaid by Funding to the
                           Current Issuer under the Current Issuer
                           Intercompany Loan during the period from (but
                           excluding) the immediately preceding Payment Date
                           to (and including) that Payment Date; and

                  (ii)     all Current Issuer Available Revenue Receipts which
                           are to be used on that Payment Date to credit the
                           Current Issuer Principal Deficiency Ledger for any
                           class of Notes issued by the Current Issuer;

         less

                  (iii)    the aggregate of all principal amounts (if any)
                           repaid by Funding to the Current Issuer under the
                           Current Issuer Intercompany Loan on the relevant
                           Payment Date which are to be applied on the
                           relevant Payment Date to pay items (A) through (E),
                           (G), (I) and/or (K) of the Current Issuer
                           Pre-Enforcement Revenue Priority of Payments; and

         (b)      following enforcement of the Current Issuer Security, for
                  the Current Issuer in respect of any Payment Date the sum
                  calculated by or on behalf of the Note Trustee on the
                  Distribution Date immediately preceding such Payment Date as
                  the amount to be repaid by Funding to the Current Issuer
                  under the Current Issuer Intercompany Loan during the
                  relevant Interest Period and/or the sum

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               otherwise recovered by the Note Trustee (or the receiver
               appointed on its behalf) representing the Principal Amount
               Outstanding of the Notes;

     "Current Issuer Available Revenue Receipts" means for the Current Issuer
in respect of any Payment Date an amount calculated by the Current Issuer Cash
Manager on the Distribution Date immediately preceding such Payment Date equal
to the sum of:

     (a)  interest, fees and any other amount (excluding principal) paid by
          Funding on the relevant Payment Date in respect of the Current
          Issuer Intercompany Loan;

     (b)  amounts received by the Current Issuer under or in accordance with
          the Current Issuer Basis Rate Swap Agreement (excluding Swap
          Collateral Excluded Amounts) and any early termination amounts
          (other than such early termination amounts applied or to be applied
          by the Current Issuer in the purchase of one or more replacement
          hedge transactions) received by the Current Issuer under the Current
          Issuer Swap Agreements;

     (c)  interest payable on the Current Issuer Bank Accounts and any income
          from Authorised Investments made with funds standing to the credit
          of the Current Issuer Bank Accounts in each case which has been or
          will be received on or before the relevant Payment Date; and

     (d)  (only to the extent required after the Current Issuer Cash Manager
          has made the relevant calculations set out in the Current Issuer
          Cash Management Agreement) the aggregate of all principal amounts
          (if any) repaid by Funding to the Current Issuer under the Current
          Issuer Intercompany Loan on the relevant Payment Date which are to
          be applied on the relevant Payment Date to pay items (A) through
          (E), (G), (I) and/or (K) of the Current Issuer Pre-Enforcement
          Revenue Priority of Payments;

     "Current Issuer Bank Accounts" means the Current Issuer Transaction
Accounts and also includes any additional or replacement bank account opened
in the name of the Current Issuer from time to time with the prior written
consent of the Note Trustee and the Rating Agencies;

     "Current Issuer Bank Account Agreement" means the bank account agreement
entered into on or about the Closing Date between the Current Issuer, the
Current Issuer Cash Manager, the Current Issuer Account Bank and the Note
Trustee;

     "Current Issuer Basis Rate Swap Agreement" means the ISDA master
agreement, schedule thereto and confirmation thereunder entered into on or
about the Closing Date and any credit support annex entered into at any time
between the Current Issuer, the Current Issuer Basis Rate Swap Provider and
the Note Trustee, and includes any additional and/or replacement Current
Issuer Basis Rate Swap Agreement entered into by the Current Issuer from time
to time in connection with the Notes;

     "Current Issuer Basis Rate Swap Provider" means Northern Rock plc or such
other basis rate swap provider appointed from time to time in accordance with
the terms of the Transaction Documents;

     "Current Issuer Cash Management Agreement" means the cash management
agreement entered into on or about the Closing Date among the Current Issuer
Cash Manager, the Current Issuer and the Note Trustee;

     "Current Issuer Corporate Services Agreement" means the corporate
services agreement entered into on or before the Closing Date between, among
others, the Current Issuer Corporate Services Provider, Holdings, the Post
Enforcement Call Option Holder and the Current

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Issuer, for the provision by the Current Issuer Corporate Services Provider of
certain corporate services;

     "Current Issuer Corporate Services Provider" means Law Debenture
Corporate Services Limited or such other person for the time being acting as
corporate services provider to the Current Issuer under the Current Issuer
Corporate Services Agreement;

     "Current Issuer Deed of Charge" means the deed of charge entered into on
or about the Closing Date between, among others, the Current Issuer and the
Note Trustee, under which the Current Issuer creates the Current Issuer
Security in favour of the Current Issuer Secured Creditors;

     "Current Issuer Dollar Currency Swap Agreements" means the ISDA master
agreements, schedules thereto and confirmations thereunder relating to the
dollar currency swaps entered into on or about the Closing Date and any credit
support annexes or other credit support documents entered into at any time
among the Current Issuer, the Current Issuer Dollar Currency Swap Provider and
the Note Trustee and/or any credit support provider and includes any
additional and/or replacement Current Issuer Dollar Currency Swap Agreement
entered into by the Current Issuer from time to time in connection with the
Dollar Notes;

     "Current Issuer Dollar Currency Swap Provider" means Swiss Re Financial
Products Corporation or, as applicable, such other dollar currency swap
provider appointed from time to time in relation to the Dollar Notes (or any
class of them, as the context shall require), in accordance with the terms of
the Transaction Documents;

     "Current Issuer Dollar Currency Swap Rate" means the rate at which
Dollars are converted to Sterling or, as the case may be, Sterling is
converted to Dollars pursuant to, as applicable, to any Current Issuer Dollar
Currency Swap Agreement, or, if there is no relevant Current Issuer Dollar
Currency Swap Agreement in effect at such time, the "spot" rate at which
Dollars are converted to Sterling or, as the case may be, Sterling is
converted to Dollars, on the foreign exchange markets;

     "Current Issuer Euro Currency Swap Agreements" means the ISDA master
agreements, schedules thereto and confirmations thereunder relating to the
euro currency swaps entered into on or about the Closing Date and any credit
support annexes or other credit support documents entered into at any time
among the Current Issuer, the Current Issuer Euro Currency Swap Provider and
the Note Trustee and/or any credit support provider and includes any
additional and/or replacement Current Issuer Euro Currency Swap Agreement
entered into by the Current Issuer from time to time in connection with the
Euro Notes;

     "Current Issuer Euro Currency Swap Provider" means Citibank, N.A., acting
through its London branch at Citigroup Centre, Canada Square, Canary Wharf,
London E14 5LB or, as applicable, such other euro currency swap provider
appointed from time to time in relation to the Euro Notes (or any class of
them, as the context shall require), in accordance with the terms of the
Transaction Documents;

     "Current Issuer Euro Currency Swap Rate" means the rate at which Euro are
converted to Sterling or, as the case may be, Sterling is converted to Euro
pursuant to, as applicable, to any Current Issuer Euro Currency Swap
Agreement, or, if there is no relevant Current Issuer Euro Currency Swap
Agreement in effect at such time, the "spot" rate at which Euro are converted
to Sterling or, as the case may be, Sterling is converted to Euro, on the
foreign exchange markets;

     "Current Issuer Intercompany Loan" means the loan made by the Current
Issuer to Funding on the Closing Date under the Current Issuer Intercompany
Loan Agreement;

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

     "Current Issuer Master Definitions Schedule" means the master definitions
schedule in connection with the Current Issuer dated on or about the Closing
Date setting out, among other things, definitions which apply to certain
Transaction Documents;

     "Current Issuer Paying Agent and Agent Bank Agreement" means the paying
agent and agent bank agreement entered into on or about the Closing Date
between the Current Issuer, the Principal Paying Agent, the Paying Agents, the
Transfer Agent, the Registrar, the Agent Bank and the Note Trustee;

     "Current Issuer Post Enforcement Call Option Agreement" means the post
enforcement call option agreement entered into on or about the Closing Date
between the Current Issuer the Post Enforcement Call Option Holder and the
Note Trustee;

     "Current Issuer Post-Enforcement Priority of Payments" means the
provisions and the order of priority of payments in which all Current Issuer
Available Revenue Receipts, Current Issuer Available Principal Receipts and
all other monies, income, receipts and recoveries received by or on behalf of
the Current Issuer or the Note Trustee or any receiver of the Current Issuer
and the proceeds of enforcement of the Current Issuer Security are to be
applied following an enforcement of the Current Issuer Security as set out in
a schedule to the Current Issuer Deed of Charge, as the same may be amended,
varied or superseded from time to time in accordance with the terms of the
Current Issuer Deed of Charge;

     "Current Issuer Pre-Enforcement Principal Priority of Payments" means the
provisions and the order of priority of payments in which the Current Issuer
Available Principal Receipts will be applied until enforcement of the Current
Issuer Security as set out in a schedule to the Current Issuer Cash Management
Agreement;

     "Current Issuer Pre-Enforcement Revenue Priority of Payments" means the
provisions and the order of priority of payments in which the Current Issuer
Available Revenue Receipts will be applied until enforcement of the Current
Issuer Security and as set out in a schedule to the Current Issuer Cash
Management Agreement;

     "Current Issuer Priority of Payments" means the relevant Current Issuer
Pre-Enforcement Revenue Priority of Payments, the Current Issuer
Pre-Enforcement Principal Priority of Payments and the Current Issuer
Post-Enforcement Priority of Payments;

     "Current Issuer Reserve Fund" means the reserve fund established in the
name of Funding in respect of the Current Issuer on the Closing Date in an
amount up to (pound)22,300,000;

     "Current Issuer Secured Creditors" means the Note Trustee (and any
receiver appointed under the Current Issuer Deed of Charge), the Swap
Providers, the Current Issuer Corporate Services Provider, the Current Issuer
Account Bank, the Current Issuer Cash Manager, the Paying Agents, the Agent
Bank, the Transfer Agent, the Registrar and the Noteholders;

     "Current Issuer Security" means the security created by the Current
Issuer pursuant to the Current Issuer Deed of Charge;

     "Current Issuer Subscription Agreement" means the subscription agreement
relating to the sale of the Series 2 Notes and the Series 3 Notes, entered
into on or about 19 September 2003, between, among others, the Current Issuer,
Funding, the Mortgages Trustee, Barclays Bank PLC, J.P. Morgan Securities Ltd.
and Lehman Brothers International (Europe);

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<PAGE>

     "Current Issuer Swap Agreements" means the Current Issuer Dollar Currency
Swap Agreements, the Current Issuer Euro Currency Swap Agreements and the
Current Issuer Basis Rate Swap Agreement;

     "Current Issuer Transaction Accounts" means the day to day bank accounts
of the Current Issuer, held with the Current Issuer Account Bank and
comprising the Current Issuer dollar account, the Current Issuer sterling
account and the Current Issuer euro account as at the Closing Date or that may
be opened, with the prior approval of the Note Trustee, after the Closing
Date;

     "Current Issuer Trust Deed" means the trust deed entered into on or about
the Closing Date between the Current Issuer and the Note Trustee, among other
things, constituting the Notes;

     "Current Issuer Underwriting Agreement" means the underwriting agreement
relating to the sale of the Series 1 Notes, entered into on or about 19
September 2003 between, among others, the Current Issuer, Funding, the
Mortgages Trustee, J.P. Morgan Securities Inc. and Lehman Brothers Inc. The
governing law and jurisdiction of the Current Issuer Underwriting Agreement is
the State of New York;

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

     "Deferred Interest" has the meaning indicated in Condition 4(B);

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

     "Dollar Interest Determination Date" means in relation to the Dollar
Notes and any Interest Period for which the applicable Rate of Interest shall
apply, two London Business Days before the first day of such Interest Period;

     "Dollar Notes" means the Series 1 Notes;

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

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

     "Euro Interest Determination Date" for the Euro Notes and any Interest
Period for which the applicable Rate of Interest shall apply means two TARGET
Business Days before the first day of such Interest Period;

     "Euro Notes" means the Series 2 Notes;

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

     "Eurozone" means the region comprised of the member states of the
European Union that adopt the single currency in accordance with the Treaty of
Rome of 25 March 1957, establishing the European Community, as amended from
time to time;

     "Extraordinary Resolution" means (a) a resolution passed at a meeting of
the Noteholders of a particular class duly convened and held in accordance
with the provisions of the Current Issuer Trust Deed by a majority consisting
of not less than three-fourths of the persons

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voting thereat upon a show of hands or if a poll is duly demanded by a
majority consisting of not less than three-fourths of the votes cast on such
poll or (b) a resolution in writing signed by or on behalf of all the
Noteholders of a particular class, which resolution in writing may be
contained in one document or in several documents in like form each signed by
or on behalf of one or more of the Noteholders;

     "Final Maturity Date" means:

     (i)  in respect of the Series 1 Class A1 Notes, the Payment Date falling
          in January 2019

     (ii) in respect of the Series 1 Class A2 Notes, the Payment Date falling
          in January 2024;

     (iii) in respect of the Series 1 Class A3 Notes, the Payment Date falling
          in January 2044;

     (iv) in respect of the Series 1 Class B Notes, the Payment Date falling
          in January 2044;

     (v)  in respect of the Series 1 Class M Notes, the Payment Date falling
          in January 2044;

     (vi) in respect of the Series 1 Class C Notes, the Payment Date falling
          in January 2044;

     (vii) in respect of the Series 2 Class A Notes, the Payment Date falling
          in January 2044;

     (viii) in respect of the Series 2 Class B Notes, the Payment Date falling
          in January 2044;

     (ix) in respect of the Series 2 Class M Notes, the Payment Date falling
          in January 2044;

     (x)  in respect of the Series 2 Class C Notes, the Payment Date falling
          in January 2044;

     (xi) in respect of the Series 3 Class A Notes, the Payment Date falling
          in January 2044;

     (xii) in respect of the Series 3 Class B Notes, the Payment Date falling
           in January 2044;

     (xiii) in respect of the Series 3 Class M Notes, the Payment Date falling
            in January 2044; and

     (xiv) in respect of the Series 3 Class C Notes, the Payment Date falling
           in January 2044;

     "Funding" means Granite Finance Funding Limited;

     "Funding Deed of Charge" means the deed of charge dated the Initial
Closing Date between, among others, Funding, the Security Trustee, the First
Issuer and the Note Trustee and each deed of accession entered into in
connection therewith;

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<PAGE>

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

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

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

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

     "Initial Relevant Screen Rate" means:

     (i)  in respect of the Dollar Notes, the linear interpolation of the
          arithmetic mean of the offered quotations to leading banks for three
          month Dollar deposits and the arithmetic mean of the offered
          quotations to leading banks for four month Dollar deposits (rounded
          upwards, if necessary, to five decimal places), displayed on the
          Dow-Jones Telerate Monitor at Telerate Page No. 3750;

     (ii) in respect of the Euro Notes the linear interpolation of the
          arithmetic mean of the offered quotations to leading banks for three
          month Euro deposits and the arithmetic mean of the offered
          quotations to leading banks for four month Euro deposits (rounded
          upwards, if necessary, to five decimal places), displayed on the
          Dow-Jones Telerate Monitor at Telerate Page No. 248; or

     (iii) in respect of the Sterling Notes the linear interpolation of the
          arithmetic mean of the offered quotations to leading banks for three
          month Sterling deposits and the arithmetic mean of the offered
          quotations to leading banks for four month Sterling deposits
          (rounded upwards, if necessary, to five decimal places), displayed
          on the Dow-Jones Telerate Monitor at Telerate Page No. 3750;

     "Interest Amount" has the meaning indicated in Condition 4(D)(ii);

     "Interest Determination Date" means (a) in respect of each Class of
Dollar Notes, the Dollar Interest Determination Date, (b) in respect of each
Class of Euro Notes, the Euro Interest Determination Date, and (c) in respect
of each Class of Sterling Notes, the Sterling Interest Determination Date;

     "Interest Period" means, in relation to each of the Notes and any Payment
Date, the period from (and including) the immediately preceding Payment Date
for such Note (or in respect of the first Interest Period, the Closing Date)
to (but excluding) the next following (or first) Payment Date for such Note;

     "London Business Day" means a day (other than a Saturday or Sunday or
public holiday) on which banks are generally open for business in London;

     "London Stock Exchange" means the London Stock Exchange plc;

     "Minimum Seller Share" means an amount included in the Seller Share which
is calculated in accordance with the Mortgages Trust Deed and which, as at the
Closing Date, will be approximately (pound)387,200,000;

     "Mortgages Trust" means the trust of the trust property held by the
Mortgages Trustee under the Mortgages Trust Deed;

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     "New York Business Day" means a day (other than a Saturday, Sunday or a
public holiday) on which banks are generally open for business in the City of
New York;

     "Non-Asset Trigger Event" means any of the following events: (a) an
Insolvency Event occurs in relation to the Seller, (b) the role of the Seller
as Administrator under the Administration Agreement is terminated and a new
Administrator is not appointed within 60 days, or (c) on the Distribution Date
immediately succeeding a Seller Share Event Distribution Date, the Current
Seller Share is equal to or less than the Minimum Seller Share (determined
using the amounts of the Current Seller Share and Minimum Seller Share that
would exist after making the distributions of mortgages trustee principal
receipts due on that Distribution Date on the basis that the Cash Manager
assumes that those mortgages trustee principal receipts are distributed in the
manner described under "-- Mortgages trustee allocation and distribution of
mortgages trustee principal receipts prior to the occurrence of a trigger
event" in the prospectus);

     "Note Certificates" means any Global Note Certificates or Individual Note
Certificates;

     "Note Determination Date" means the Distribution Date immediately
preceding each Payment Date;

     "Note Enforcement Notice" means any or all of a Class A Note Enforcement
Notice, a Class B Note Enforcement Notice, a Class M Note Enforcement Notice
and a Class C Note Enforcement Notice;

     "Note Interest Amount" has the meaning indicated in Condition 4(D)(ii);

     "Note Principal Payment" has the meaning indicated in Condition 5(C);

     "Note Trustee" means The Bank of New York and its successors or any
further or other note trustee under the Current Issuer Trust Deed, as trustee
for the Noteholders, and/or the Current Issuer Deed of Charge;

     "Noteholders" means the Holders for the time being of the Notes;

     "Notes" means the Class A Notes, the Class B Notes, the Class M Notes and
the Class C Notes;

     "Paying Agents" means the Principal Paying Agent and the US Paying Agent,
together with any further or other paying agents for the time being appointed
under the Current Issuer Paying Agent and Agent Bank Agreement;

     "Payment Business Day" means a day which is (i) a New York Business Day,
(ii) a London Business Day and (iii) a TARGET Business Day and, in the case of
surrender (or, in the case of part payment only, endorsement) of a Note
Certificate under Condition 6(E), means any day on which banks are open for
business in the place in which such Note Certificate is surrendered (or, as
the case may be, endorsed);

     "Pool Factor" has the meaning indicated in Condition 5(C);

     "Post Enforcement Call Option Holder" means GPCH Limited;

     "Principal Amount Outstanding" has the meaning indicated in Condition
5(C);

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

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     "Quotation Deposits" means (a) in respect of each Class of Dollar Notes,
Dollar deposits of $10,000,000, (b) in respect of each Class of Euro Notes,
Euro deposits of (euro)10,000,000, and (c) in respect of each Class of
Sterling Notes, Sterling deposits of (pound)10,000,000;

     "Quotation Market" means (a) in respect of each Class of Euro Notes, the
Eurozone inter-bank market, and (b) in respect of each other Class of Notes,
the London inter-bank market;

     "Quotation Period" means (a) on the initial Interest Determination Date
relating to a Class of Notes, three months and four months, and (b) on each
other Interest Determination Date relating to such Class, three months;

     "Quotation Time" means (a) in respect of each Class of Euro Notes, 11.00
a.m. Brussels time on the relevant Interest Determination Date relating to
such Class, and (b) in respect of each other Class of Notes, 11.00 a.m. London
time on the relevant Interest Determination Date relating to such Class;

     "Rate of Interest" and "Rates of Interest" have the meanings indicated in
Condition 4(C);

     "Rating Agencies" means Standard & Poor's Rating Services, a division of
The McGraw-Hill Companies Inc., Moody's Investors Service Limited and Fitch
Ratings Ltd.;

     "Reference Banks" means the principal London offices of Citibank, N.A.,
ABN AMRO Bank N.V., Barclays Bank plc and JPMorgan Chase Bank and their
successors and/or such other bank as may be appointed pursuant to Condition
4(H);

     "Reg S" means Regulation S under the United States Securities Act of
1933, as amended;

     "Reg S Global Note Certificates" means the note certificates representing
the Series 2 Notes and the Series 3 Notes while in global form;

     "Register" means the register of Noteholders kept by the Registrar and
which records the identity of each Noteholder and the number of Notes that
each Noteholder owns;

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

     "Relevant Margin" means:

     (i)  in respect of the Series 1 Class A1 Notes, 0.08 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in January 2009 and thereafter 0.16 per cent. per annum;

     (ii) in respect of the Series 1 Class A2 Notes, 0.12 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in January 2009 and thereafter 0.24 per cent. per annum;

     (iii) in respect of the Series 1 Class A3 Notes, 0.20 per cent. per annum
           up to and including the Interest Period ending on the Payment Date
           in January 2009 and thereafter 0.40 per cent. per annum;

     (iv) in respect of the Series 1 Class B Notes, 0.45 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in January 2009 and thereafter 0.90 per cent. per annum;

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<PAGE>

     (v)  in respect of the Series 1 Class M Notes, 0.70 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in January 2009 and thereafter 1.40 per cent. per annum;

     (vi) in respect of the Series 1 Class C Notes, 1 .45 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in January 2009 and thereafter 2.45 per cent. per annum;

     (vii) in respect of the Series 2 Class A Notes, 0.19 per cent. per annum
           up to and including the Interest Period ending on the Payment Date
           in January 2009 and thereafter 0.38 per cent. per annum;

     (viii) in respect of the Series 2 Class B Notes, 0.45 per cent. per annum
            up to and including the Interest Period ending on the Payment Date
            in January 2009 and thereafter 0.90 per cent. per annum;

     (ix) in respect of the Series 2 Class M Notes, 0.70 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in January 2009 and thereafter 1.40 per cent. per annum;

     (x)  in respect of the Series 2 Class C Notes, 1 .45 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in January 2009 and thereafter 2.45 per cent. per annum;

     (xi) in respect of the Series 3 Class A Notes, 0.19 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in January 2009 and thereafter 0.38 per cent. per annum;

     (xii) in respect of the Series 3 Class B Notes, 0.45 per cent. per annum
           up to and including the Interest Period ending on the Payment Date
           in January 2009 and thereafter 0.90 per cent. per annum;

     (xiii) in respect of the Series 3 Class M Notes, 0.70 per cent. per annum
            up to and including the Interest Period ending on the Payment Date
            in January 2009 and thereafter 1.40 per cent. per annum; and

     (xiv) in respect of the Series 3 Class C Notes, 1 .45 per cent. per annum
           up to and including the Interest Period ending on the Payment Date
           in January 2009 and thereafter 2.45 per cent. per annum;

     "Relevant Screen Rate" means:

     (i)  in respect of the first Interest Period, the Initial Relevant Screen
          Rate; and

          (1)  in respect of subsequent Interest Periods in respect of the
               Dollar Notes, the arithmetic mean of the offered quotations to
               leading banks for three month Dollar deposits in the London
               inter-bank market displayed on the Dow- Jones/Telerate Monitor
               at Telerate Page No. 3750;

          (2)  in respect of subsequent Interest Periods in respect of the
               Euro Notes, the arithmetic mean of offered quotations for three
               month Euro deposits in the Eurozone inter-bank market displayed
               on the Dow-Jones/Telerate Monitor at Telerate Page No. 248; and

          (3)  in respect of subsequent Interest Periods in respect of the
               Sterling Notes, the arithmetic mean of offered quotations for
               three month Sterling

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<PAGE>

               deposits in the London inter-bank market displayed on the
               Dow-Jones/Telerate Monitor at Telerate Page No. 3750;

     in each case, displayed on the above-mentioned page of the
Dow-Jones/Telerate Monitor (or such replacement page on that service which
displays the information) or, if that service ceases to display the
information, such other screen service as may be determined by the Current
Issuer (with the approval of the Note Trustee, in its sole discretion)
(rounded upwards, if necessary, to five decimal places);

     "Security Interest" means any mortgage or sub-mortgage, standard
security, charge or sub-charge (whether legal or equitable), encumbrance,
pledge, lien, hypothecation, assignment by way of security or other security
interest or title retention arrangement and any agreement, trust or
arrangement having substantially the same economic or financial effect as any
of the foregoing (other than a lien arising in the ordinary course of business
or by operation of law);

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

     "Seller Share" means the Current Seller Share of the trust property
calculated as set forth in the Mortgages Trust Deed;

     "Seller Share Event" means an event that will occur if, on a Distribution
Date, (i) the result of the calculation of the Current Seller Share on that
Distribution Date would be equal to or less than the Minimum Seller Share for
such Distribution Date (determined using the amounts of the Current Seller
Share and Minimum Seller Share that would exist after making the distributions
of mortgages trustee principal receipts due on that Distribution Date on the
basis that the Cash Manager assumes that those mortgages trustee principal
receipts are distributed in the manner described under "-- Mortgages trustee
allocation and distribution of mortgages trustee principal receipts prior to
the occurrence of a trigger event") in the prospectus, and (ii) a Seller Share
Event has not occurred on the immediately preceding Distribution Date).

     "Seller Share Event Distribution Date" means a Distribution Date on which
a Seller Share Event occurs;

     "Series" or "series" means, in relation to the Notes, the Series 1 Notes,
the Series 2 Notes or the Series 3 Notes, as the context requires;

     "Series 1 Class A Notes" means the Series 1 Class A1 Notes, the Series 1
Class A2 Notes and the Series 1 Class A3 Notes;

     "Series 1 Class A1 Notes" means the $750,000,000 Series 1 Class A1
floating rate notes due January 2019;

     "Series 1 Class A2 Notes" means the $750,000,000 Series 1 Class A2
floating rate notes due January 2024;

     "Series 1 Class A3 Notes" means the $500,000,000 Series 1 Class A3
floating rate notes due January 2044;

     "Series 1 Class B Notes" means the $72,000,000 Series 1 Class B floating
rate notes due January 2044;

     "Series 1 Class C Notes" means the $50,000,000 Series 1 Class C floating
rate notes due January 2044;

     "Series 1 Class M Notes" means the $27,000,000 Series 1 Class M floating
rate notes due January 2044;

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<PAGE>

     "Series 1 Notes" means collectively the Series 1 Class A Notes, the
Series 1 Class B Notes, the Series 1 Class M Notes and the Series 1 Class C
Notes;

     "Series 2 Class A Notes" means the(euro)640,000,000 Series 2 Class A
floating rate notes due January 2044;

     "Series 2 Class B Notes" means the (euro)23,000,000 Series 2 Class B
floating rate notes due January 2044;

     "Series 2 Class C Notes" means the (euro)55,000,000 Series 2 Class C
floating rate notes due January 2044;

     "Series 2 Class M Notes" means the (euro)7,500,000 Series 2 Class M
floating rate notes due January 2044;

     "Series 2 Notes" means collectively the Series 2 Class A Notes, the
Series 2 Class B Notes, the Series 2 Class M Notes and the Series 2 Class C
Notes;

     "Series 3 Class A Notes" means the (pound)340,000,000 Series 3 Class A
floating rate notes due January 2044;

     "Series 3 Class B Notes" means the (pound)28,500,000 Series 3 Class B
floating rate notes due January 2044;

     "Series 3 Class C Notes" means the (pound)7,500,000 Series 3 Class C
floating rate notes due January 2044;

     "Series 3 Class M Notes" means the (pound)11,500,000 Series 3 Class M
floating rate notes due January 2044;

     "Series 3 Notes" means collectively the Series 3 Class A Notes, the
Series 3 Class B Notes, the Series 3 Class M Notes and the Series 3 Class C
Notes;

     "Specified Date" has the meaning indicated in Condition 11(F);

     "Specified Office" means, the context may require, in relation to any of
the Agents, the office specified against the name of such Agent in the Current
Issuer Paying Agent and Agent Bank Agreement or such other specified notice as
may be notified to the Current Issuer and the Note Trustee pursuant to the
Current Issuer Paying Agent and Agency Bank Agreement;

     "Sterling", "Pounds Sterling" or 't" means the lawful currency for the
time being of the United Kingdom of Great Britain and Northern Ireland;

     "Sterling Notes" means the Series 3 Notes;

     "Sterling Interest Determination Date" for the Sterling Notes and any
Interest Period for which the applicable Rate of Interest shall apply means
the first day of such Interest Period;

     "Swap Collateral" means any asset (including, without limitation, cash
and/or securities) paid or transferred to the Current Issuer by a Swap
Provider in accordance with the terms of the relevant Current Issuer Swap
Agreement as collateral to secure the performance of that Swap Provider's
obligations under the relevant Current Issuer Swap Agreement together with any
income or distributions received in respect of such asset and any equivalent
of or replacement of such asset into which such asset is transformed;

     "Swap Collateral Accounts" means the Swap Collateral Cash Account and the
Swap Collateral Securities Account;

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<PAGE>

     "Swap Collateral Ancillary Document" means any document (including,
without limitation, any custodial agreement or bank account agreement but
excluding the Current Issuer Swap Agreements, the Current Issuer Cash
Management Agreement and the Current Issuer Deed of Charge) as may be entered
into by the Current Issuer from time to time in connection with the Swap
Collateral;

     "Swap Collateral Available Principal Amount" means, at any time, the
amount of Swap Collateral which under the terms of the relevant Current Issuer
Swap Agreement may be applied at that time in satisfaction of the relevant
Swap Provider's obligations to the Current Issuer to the extent that such
obligations relate to payments to be made in connection with the Current
Issuer Pre-Enforcement Principal Priority of Payments or Current Issuer
Post-Enforcement Priority of Payments, as the case may be;

     "Swap Collateral Available Revenue Amount" means, at any time, the amount
of Swap Collateral which under the terms of the relevant Current Issuer Swap
Agreement may be applied at that time in satisfaction of the relevant Swap
Provider's obligations to the Current Issuer to the extent that such
obligations relate to payments to be made in connection with the Current
Issuer Pre-Enforcement Revenue Priority of Payments or Current Issuer
Post-Enforcement Priority of Payments, as the case may be;

     "Swap Collateral Cash Account" means an account opened in the name of the
Current Issuer for the purpose of holding Swap Collateral in cash and
maintained in accordance with the terms of the Current Issuer Cash Management
Agreement;

     "Swap Collateral Securities Account" means a securities account opened in
the name of the Current Issuer for the purpose of holding Swap Collateral in
the form of securities and maintained in accordance with the terms of the
Current Issuer Cash Management Agreement;

     "Swap Providers" means each of the Current Issuer Basis Rate Swap
Provider, the Current Issuer Dollar Currency Swap Provider and the Current
Issuer Euro Currency Swap Provider, or any one of them as the context
requires;

     "TARGET Business Day" means a day on which the Trans-European Automated
Real-time Gross settlement Express Transfer (TARGET) System is open;

     "Transaction Documents" means the Current Issuer Corporate Services
Agreement, the Current Issuer Intercompany Loan Agreement, the Funding Deed of
Charge, the Current Issuer Bank Account Agreement, the Current Issuer Deed of
Charge, the Current Issuer Trust Deed, the Current Issuer Paying Agent and
Agent Bank Agreement, the Current Issuer Cash Management Agreement, the
Current Issuer Post-Enforcement Call Option Agreement, the Current Issuer
Dollar Currency Swap Agreement, the Current Issuer Euro Currency Swap
Agreement, the Current Issuer Basis Rate Swap Agreement, any Swap Collateral
Ancillary Document, the Current Issuer Subscription Agreement, the Current
Issuer Underwriting Agreement, the Current Issuer Master Definitions Schedule
the Funding (Granite 03-3) Guaranteed Investment Contract, the Mortgages
Trustee Guaranteed Investment Contract, the Funding Guaranteed Investment
Contract and such other related documents which are referred to in the terms
of the above documents;

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

     "Trigger Event" means an Asset Trigger Event or a Non-Asset Trigger
Event, as the case may be;

     "Trust Determination Date" means the first day (or, if not a London
Business Day, the next succeeding London Business Day) of each calendar month;

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<PAGE>

     "UK Listing Authority" means the United Kingdom Financial Services
Authority in its capacity as competent authority pursuant to Part VI of the
FSMA;

     "US Global Note Certificates" means the note certificates representing
the Series 1 Notes while in global form; and

     "US Paying Agent" means Citibank, N.A., acting in its capacity as US
paying agent through its New York office or such other person for the time
being acting as US paying agent under the Current Issuer Paying Agent and
Agent Bank Agreement.

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<PAGE>

                                  SCHEDULE 4
                    PROVISIONS FOR MEETINGS OF NOTEHOLDERS

1     (A)   Definitions

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

            "Basic Terms Modification" means any of the following matters,
            namely:

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

            (ii)  any alteration in the priority in which payments are made to
                  Noteholders pursuant to any Current Issuer Priority of
                  Payments;

            (iii) any alteration of the currency in which payments under the
                  Current Issuer Notes are to be made;

            (iv)  any alteration of the quorum or majority required to pass an
                  Extraordinary Resolution in respect of any such Basic Terms
                  Modification; and

            (v)   any alteration of this proviso or the proviso to paragraph 6
                  below;

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

            (a)   it is certified that:

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

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

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<PAGE>

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

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

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

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

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

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

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

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

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

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<PAGE>

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

            "Current Issuer Notes" and "Noteholders" shall mean:

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

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

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

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

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

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

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

(B)   Issue of Block Voting Instructions

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

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<PAGE>

(C)   References to Blocking/Release of Current Issuer Notes

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

(D)   Issue of Forms of Proxy

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

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

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

2.    Convening of Meeting

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

3.    Notice

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

                                     135
<PAGE>

4.    Chairman

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

5.    Quorum

      Subject as provided in the Current Issuer Conditions:

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

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

      (c)   at any Meeting the business of which includes the passing of an
            Extraordinary Resolution to sanction a Basic Terms Modification,

      the quorum for passing the requisite Extraordinary Resolution shall be
      two or more persons present holding Current Issuer Notes or being
      Proxies or Representatives and holding or representing in the aggregate
      not less than three quarters in aggregate principal amount of the
      Current Issuer Notes outstanding (as defined in Clause 1.6 of the
      Current Issuer Trust Deed) of the relevant class or classes (or, at any
      adjourned Meeting, two or more persons present holding or representing
      in the aggregate not less than one quarter in aggregate principal amount
      of the Current Issuer Notes outstanding (as defined in Clause 1.6 of the
      Current Issuer Trust Deed) of the relevant class or classes);

                                     136
<PAGE>

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

6.    Adjournment for want of quorum

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

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

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

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

7.    Notice following Adjournment

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

8.    Show of hands

      Every question submitted to a Meeting shall be decided in the first
      instance by a show of hands and in case of equality of votes the
      Chairman shall both on a show of hands and on a poll have a casting vote
      in addition to the vote or votes (if any) to which he may be entitled as
      a Noteholder or as a Proxy or as a Representative.

                                     137
<PAGE>

9.    Chairman's declaration

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

10.   Poll

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

11.   Adjourned Meeting

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

12.   Limitation on Adjournments

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

13.   Participation

      Any Proxy and/or Representative, the Note Trustee and its lawyers and
      financial advisers and any director, officer or employee of a
      corporation being a trustee of the Current Issuer Trust Deed and any
      director or officer of the Current Issuer and its lawyers and financial
      advisers, the Registrar, and any other person authorised so to do by the
      Meeting or the Note Trustee may attend and speak at any Meeting. Save as
      aforesaid, but without prejudice to the definition of "Principal Amount
      Outstanding", no person shall be entitled to attend and speak nor shall
      any person be entitled to vote at any Meeting or join with others in
      requesting the convening of such a Meeting or to exercise the rights
      conferred on the Noteholders by Clause 7 (Proceedings, Actions and
      Indemnification) of the Current Issuer Trust Deed unless he either
      produces a Note Certificate or is a Proxy or a Representative or is the
      holder of an Individual Note Certificate or Individual Note
      Certificates. No person shall be entitled to vote at any Meeting in
      respect of Current Issuer Notes held by, for the benefit of, or on
      behalf of, the Current Issuer or the Borrowers. Nothing herein shall
      prevent any of the Proxies named in any Block Voting Instruction or Form
      of Proxy or any

                                     138
<PAGE>

      Representative from being a director, officer or representative of or
      otherwise connected with the Current Issuer.

14.   Votes

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

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

      (b)   on a poll every such person who is so present shall have one vote
            in respect of each US$1,000 (in the case of the Dollar Notes) or
            (gbp)1,000 (in the case of the Sterling Notes) or (euro)50,000 (in
            the case of the Euro Notes) in Principal Amount Outstanding of the
            Current Issuer Notes in respect of which he is a Proxy or
            Representative or in respect of which he is the holder.

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

15.   Proxies need not be Noteholders

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

16.   Deposit of votes

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

17.   Validity of Votes by Proxies

      Any vote by a Proxy given in accordance with the terms of a Block Voting
      Instruction or Form of Proxy shall be valid notwithstanding the previous
      revocation or amendment of the Block Voting Instruction or the Form of
      Proxy or of any of the Noteholders' instructions pursuant to which it
      was executed provided that no intimation in writing of such revocation
      or amendment shall have been received from the Noteholder by the
      Registrar by the time being 24 hours before the time appointed for
      holding the Meeting or adjourned Meeting at which the Block Voting
      Instruction or Form of Proxy is to be used. Unless revoked, any
      appointment of a Proxy under a Block Voting Instruction or Form of Proxy
      in relation to a Meeting shall remain in

                                     139
<PAGE>

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

18.   Record Date

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

19.   Powers

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

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

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

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

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

                                     140
<PAGE>

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

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

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

      (H)   power to remove any trustee;

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

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

      provided, however, that:

      (i)   no Extraordinary Resolution of the Senior Noteholders or the
            Mezzanine Noteholders or the Class M Noteholders or the Junior
            Noteholders to sanction a Basic Terms Modification shall be
            effective for any purpose unless it shall have been sanctioned by
            an Extraordinary Resolution of (aa) (in the case of an
            Extraordinary Resolution of the Senior Noteholders) the Mezzanine
            Noteholders, the Class M Noteholders and the Junior Noteholders or
            (bb) (in the case of an Extraordinary Resolution of the Mezzanine
            Noteholders) the Senior Noteholders (to the extent that any Senior
            Notes are then outstanding) and the Junior Noteholders, or (cc)
            (in the case of an Extraordinary Resolution of the Class M
            Noteholders) the Senior Noteholders and the Mezzanine Noteholders
            (to the extent that any Senior Notes and/or Mezzanine Notes are
            then outstanding) and the Junior Noteholders or (dd) (in the case
            of an Extraordinary Resolution of the Junior Noteholders) the
            Senior Noteholders, the Class M Noteholders and the Mezzanine
            Noteholders (to the extent that any Senior Notes, Class M Notes
            and/or Mezzanine Notes are then outstanding).

                                     141
<PAGE>

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

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

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

20.   Extraordinary Resolution binds all Noteholders

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

21.   Senior Notes

      Notwithstanding the foregoing, the following additional provisions shall
      apply to Senior Notes:

      (i)   a single Meeting of the holders of all classes of Senior Notes may
            be held whether or not there is a conflict of interest between the
            holders of such classes of the Senior Notes;

      (ii)  there shall be no provision for a Meeting of the holders of one
            class only of the Senior Notes; and

                                     142
<PAGE>

      (iii) as the Senior Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Senior Note denominated in
            Dollars or Euro shall be converted into Sterling at the relevant
            Dollar Currency Swap Rate or Euro Currency Swap Rate, as the case
            may be.

22.   Mezzanine Notes

      Notwithstanding the foregoing, the following additional provisions shall
      apply to Mezzanine Notes:

      (i)   a single Meeting of the holders of all classes of Mezzanine Notes
            may be held whether or not there is a conflict of interest between
            the holders of such classes of the Mezzanine Notes;

      (ii)  there shall be no provision for a Meeting of the holders of one
            class only of the Mezzanine Notes; and

      (iii) as the Mezzanine Notes are not all denominated in the same
            currency, the Principal Amount Outstanding of any Mezzanine Note
            denominated in Dollars or Euro shall be converted into Sterling at
            the relevant Dollar Currency Swap Rate or Euro Currency Swap Rate,
            as the case may be.

23.   Class M Notes

      Notwithstanding the foregoing, the following additional provisions shall
      apply to Class M Notes:

      (i)   a single Meeting of the holders of all classes of the Class M
            Notes may be held whether or not there is a conflict of interest
            between the holders of such classes of the Class M Notes;

      (ii)  there shall be no provision for a Meeting of the holders of one
            class only of the Class M Notes; and

      (iii) as the Class M Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Class M Note denominated
            in US Dollars or Euro shall be converted into Sterling at the
            relevant Dollar Currency Swap Rate or the Euro Currency Swap Rate,
            as the case may be.

24.   Junior Notes

      Notwithstanding the foregoing, the following additional provisions shall
      apply to Junior Notes

      (i)   a single Meeting of the holders of all classes of Junior Notes may
            be held whether or not there is a conflict of interest between the
            holders of such classes of the Junior Notes;

      (ii)  there shall be no provision for a Meeting of the holders of one
            class only of the Junior Notes; and

                                     143
<PAGE>

      (iii) as the Junior Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Junior Note denominated in
            Dollars or Euro shall be converted into Sterling at the relevant
            Dollar Currency Swap Rate or Euro Currency Swap Rate, as the case
            may be.

25.   Minutes

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

26.   Further Regulations

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

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

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

                                     144
<PAGE>

<TABLE>
<CAPTION>

                                EXECUTION PAGE

<S>                                                             <C>
The Current Issuer
Executed by
GRANITE MORTGAGES 03-3 PLC
as its deed as follows:                                          By
Signed for and on its behalf by one of its                                   ------------------------------------------------------
directors and by another of its directors/its                                for and on behalf of LDC
secretary                                                                    Securitisation Director No.1 Limited

                                                                 Name        Clive Rakestrow
                                                                             ------------------------------------------------------

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

                                                                 Name        Ian Bowden
                                                                             ------------------------------------------------------

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

</TABLE>

                                                                145

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