Document:

EXHIBIT 4.2
                                                               Execution Version

                            Dated 23 September, 2002

                                NORTHERN ROCK PLC
                    as Seller, Cash Manager and a Beneficiary

                         GRANITE FINANCE FUNDING LIMITED
                          as Funding and a Beneficiary

                                     - and -

                        GRANITE FINANCE TRUSTEES LIMITED
                              as Mortgages Trustee

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

                                 FOURTH AMENDED
                              MORTGAGES TRUST DEED

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

                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                               REF:30507-13/556632

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                                    CONTENTS

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CLAUSE                                                                                                  PAGE NO.
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1.       Definitions and Construction................................................................       1

2.       Creation of Mortgages Trust.................................................................       1

3.       Conditions Precedent........................................................................       2

4.       Consideration...............................................................................       3

5.       Increasing the Seller Share of the Trust Property...........................................       5

6.       Increasing the Funding Share of the Trust Property..........................................       6

7.       Initial Funding Share and Initial Seller Share..............................................       8

8.       Adjustment of Funding Share Percentage and Seller Share Percentage..........................       8

9.       Minimum Seller Share........................................................................      17

10.      Distribution of Revenue Receipts............................................................      18

11.      Distribution of Principal Receipts..........................................................      20

12.      Allocation of Losses........................................................................      23

13.      Overpayments................................................................................      23

14.      Arrears.....................................................................................      23

15.      Ledgers.....................................................................................      24

16.      Fees and Expenses of the Mortgages Trustee..................................................      24

17.      Directions from Beneficiaries...............................................................      25

18.      Early Termination of the Mortgages Trust....................................................      26

19.      Audit of Mortgage Loans constituting the Trust Property.....................................      26

20.      Transfers...................................................................................      26

21.      Representations and Covenants...............................................................      27

22.      Power to Delegate...........................................................................      28

23.      Powers of Investment........................................................................      28

24.      Other Provisions regarding the Mortgages Trustee............................................      28

25.      No retirement of Mortgages Trustee..........................................................      29

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<S>                                                                                                        <C>
26.      Termination.................................................................................      30

27.      Further Assurances..........................................................................      30

28.      No Partnership or Agency....................................................................      30

29.      Calculations................................................................................      30

30.      Confidentiality.............................................................................      30

31.      Perpetuity Period...........................................................................      31

32.      Non Petition Covenant; Limited Recourse.....................................................      31

33.      Amendments and Waiver.......................................................................      32

34.      Notices.....................................................................................      33

35.      Third Party Rights..........................................................................      34

36.      Execution in Counterparts; Severability.....................................................      34

37.      Governing Law and Submission to Jurisdiction................................................      34

SCHEDULE 1 REPRESENTATIONS AND WARRANTIES............................................................      36

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THIS FOURTH AMENDED MORTGAGES TRUST DEED DATED 23 SEPTEMBER 2002 FURTHER AMENDS
AND RESTATES THE MORTGAGES TRUST DEED DATED 26 MARCH 2001 BETWEEN:

(1)      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 Seller, and in its capacity as Cash
         Manager and in its capacity as a Beneficiary;

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

(3)      GRANITE FINANCE TRUSTEES LIMITED (registered number 79309) a private
         limited company incorporated under the laws of Jersey whose registered
         office is at 22 Grenville Street, St. Helier, Jersey JE4 8PX, Channel
         Islands in its capacity as Mortgages Trustee.

WHEREAS:

(A)      The Mortgages Trustee wishes to declare the following trusts in respect
         of the Trust Property (being on the date of this Deed, the sum of
         (pound)100 which monies have been received by, are presently held by
         the Mortgages Trustee or to its order).

(B)      The Mortgages Trustee (acting as principal and not as agent of any
         party) has agreed to hold the Trust Property as bare trustee for the
         Beneficiaries upon, with and subject to the trusts, powers and
         provisions of this Deed. The Mortgages Trustee will receive amounts
         arising from the Trust Property and will distribute such amounts for
         the benefit of the Beneficiaries of the Mortgages Trust. It will
         delegate certain tasks in relation to the Mortgages Trust to the
         Administrator and the Cash Manager.

(C)      The Seller carries on the business of, inter alia, originating
         residential first mortgage loans to individual Borrowers in England and
         Wales and of managing and administering such mortgage loans. The Seller
         intends to assign from time to time portfolios of such mortgage loans
         to the Mortgages Trustee pursuant to the Mortgage Sale Agreement
         entered into on or about 26 March 2001, which mortgage loans shall be
         held by the Mortgages Trustee as bare trustee for the Beneficiaries
         upon, with and subject to the trusts, powers and provisions of this
         Deed.

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NOW THIS DEED WITNESSES:

1.       DEFINITIONS AND CONSTRUCTION

1.1.     The provisions of the Master Definitions Schedule as amended and
         restated by (and appearing in Appendix 1 to) the Master Definitions
         Schedule Third Amendment Deed made on 23 September 2002 between,
         amongst others, the Seller, Funding and the Mortgages Trustee (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.

2.       CREATION OF MORTGAGES TRUST

2.1      INITIAL TRUST PROPERTY: The Mortgages Trustee hereby declares itself as
         trustee of the Trust Property, being, upon execution of this Deed, the
         sum of (pound)100 (one hundred pounds) (the "INITIAL TRUST PROPERTY")
         which sum shall be held on trust by the Mortgages Trustee absolutely as
         to both capital and income for the benefit, as tenants in common, of
         the Seller as to the Initial Seller Share Percentage and Funding as to
         the Initial Funding Share Percentage. The Initial Trust Property shall
         be held by the Mortgages Trustee on the Mortgages Trust upon due
         execution of this Deed by all parties to it.

2.2      CLOSING TRUST PROPERTY: Pursuant to the provisions of the Mortgage Sale
         Agreement, the Seller intends to assign the Initial Mortgage Portfolio
         to the Mortgages Trustee on the Initial Closing Date, which Initial
         Mortgage Portfolio including all related rights and benefits shall form
         part of the Trust Property (the "CLOSING TRUST PROPERTY").

2.3      NEW TRUST PROPERTY: From time to time and pursuant to the Mortgage Sale
         Agreement, the Seller intends to assign New Mortgage Portfolios to the
         Mortgages Trustee, which New Mortgage Portfolios including all related
         rights and benefits shall form part of the Trust Property (the "NEW
         TRUST PROPERTY").

2.4      OTHER TRUST PROPERTY:

         (a)    In accordance with this Deed, from time to time Funding and the
                Seller shall, subject to and in accordance with Clause 4
                (Consideration), Clause 5 (Increasing the Seller Share of the
                Trust Property) and/or Clause 6 (Increasing the Funding Share of
                the Trust Property) provide consideration to the Mortgages
                Trustee in the form of Contributions to be applied by the
                Mortgages Trustee as set out in this Deed. Any Contribution so
                provided to the Mortgages Trustee shall, on receipt by the
                Mortgages Trustee and until it has been applied by the Mortgages
                Trustee in accordance with the terms of this Deed, form part of
                the Trust Property.

         (b)    Any Re-draws made under a Flexible Mortgage Loan which is
                included in the Trust Property will form part of the Trust
                Property.

         (c)    Amounts on deposit (and interest earned on such amounts) from
                time to time in the Mortgages Trustee Bank Accounts will form
                part of the Trust Property.

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         (d)    (If the Seller subsequently decides to retain any Mortgage Loan
                which is the subject of a Further Advance within the Trust
                Property and/or to assign the Further Advance to the Mortgages
                Trustee in accordance with the Mortgage Sale Agreement) any
                Further Advance made in respect of a Mortgage Loan in the Trust
                Property will also form part of the Trust Property.

         (e)    Any Permitted Replacement Mortgage Loan and its Related Security
                (including the rights under any related MIG Policy and other
                insurance policies arranged by the Seller, but excluding any
                Early Repayment Charges which are re-assigned to the Seller)
                relating to a Permitted Product Switch effected in relation to a
                Mortgage Loan which forms part of the Trust Property will also
                form part of the Trust Property.

         (f)    The proceeds of sale of any Mortgage Loan and its Related
                Security forming part of the Trust Property pursuant to the
                Mortgage Sale Agreement or other proceeds of sale of any Trust
                Property will form part of the Trust Property.

2.5      RE-ASSIGNMENT OF EARLY REPAYMENT CHARGES: Subject to and in accordance
         with the Mortgage Sale Agreement, the Mortgages Trustee will agree to
         re-assign to the Seller the benefit of any Early Repayment Charges in
         respect of any Mortgage Loan included in the Initial Mortgage Portfolio
         or any New Mortgage Portfolio which the Seller assigns to the Mortgages
         Trustee. Upon any such re-assignment to the Seller, the benefit of such
         Early Repayment Charges will no longer form part of the Trust Property.

3.       CONDITIONS PRECEDENT

3.1      TRUST PROPERTY: Subject to this Clause 3 (Conditions Precedent), the
         Mortgages Trustee shall hold the Trust Property as to both capital and
         income on trust absolutely for Funding (as to the Funding Share) and
         for the Seller (as to the Seller Share) as tenants in common upon, with
         and subject to all the trusts, powers and provisions of this Deed (such
         that each Beneficiary shall have an undivided beneficial interest in
         the Trust Property). As used herein, "TRUST PROPERTY" means the Initial
         Trust Property, the Closing Trust Property, any New Trust Property,
         (but excludes any Early Repayment Charges which have been re-assigned
         to the Seller and any Mortgage Loans which have been repurchased by the
         Seller pursuant to the Mortgage Sale Agreement) and all other Trust
         Property referred to under Clause 2 (Creation of Mortgages Trust) less
         (a) any actual Losses in relation to Mortgage Loans and any actual
         redemptions occurring in respect of the Mortgage Loans as described in
         Clause 8.5 (Adjustments to Trust Property) and (b) distributions of
         principal made from time to time to the Beneficiaries.

3.2      CLOSING TRUST PROPERTY: The Closing Trust Property shall be held by the
         Mortgages Trustee on the Mortgages Trust subject to satisfaction of the
         following conditions precedent:

         (a)    the due execution and delivery of the Mortgage Sale Agreement by
                all parties to it;

         (b)    the due execution and delivery of this Deed by all parties to
                it;

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         (c)    the satisfaction or waiver in accordance with the terms of the
                Mortgage Sale Agreement of the conditions to the sale and
                assignment of the Initial Mortgage Portfolio as set out in
                Clause 2 (Sale and Purchase of Initial Mortgage Portfolio) and
                Clause 3 (Initial Closing Date) of the Mortgage Sale Agreement;

         (d)    the payment by Funding to the Mortgages Trustee of Funding's
                Initial Contribution for the Initial Funding Share Percentage in
                accordance with Clause 4 (Consideration); and

         (e)    the payment by the Mortgages Trustee to the Seller of the
                Initial Purchase Price for the sale and assignment to the
                Mortgages Trustee of the Initial Mortgage Portfolio.

3.3      NEW TRUST PROPERTY: Any New Trust Property shall be held by the
         Mortgages Trustee on the Mortgages Trust subject to the satisfaction or
         waiver in accordance with the terms of the Mortgage Sale Agreement of
         the conditions referred to in Clause 4 (Sale and Purchase of New
         Mortgage Loan Portfolios) of the Mortgage Sale Agreement for the
         transfer of New Mortgage Loan Portfolios to the Mortgages Trustee.

4.       CONSIDERATION

4.1      CONSIDERATION PROVIDED BY SELLER: The Seller in its capacity as a
         Beneficiary shall provide consideration to the Mortgages Trustee for
         the Seller Share in the Trust Property:

         (a)    on the Initial Closing Date, by assigning to the Mortgages
                Trustee the Initial Mortgage Portfolio upon payment by the
                Mortgages Trustee to the Seller of the Initial Purchase Price
                for the Initial Mortgage Portfolio in accordance with the terms
                of the Mortgage Sale Agreement;

         (b)    on each date after the Initial Closing Date on which (i) New
                Mortgage Loans are acquired by the Mortgages Trustee from the
                Seller in accordance with the Mortgage Sale Agreement and (ii)
                the consideration provided to the Seller for that sale is or
                includes the covenant of the Mortgages Trustee to hold the Trust
                Property on trust for Funding (as to the Funding Share) and the
                Seller (as to the Seller Share) in accordance with the terms of
                this Deed, by the sale on such date by the Seller of such New
                Mortgage Loans either for the payment by the Mortgages Trustee
                of the Initial Purchase Price paid on such date or (if no
                Initial Purchase Price is paid) without payment on such date;
                and

         (c)    on each date on which the Seller increases the Seller Share of
                the Trust Property in accordance with Clause 5 (Increasing the
                Seller Share of the Trust Property) below, the Seller will pay
                the consideration to the Mortgages Trustee specified in that
                Clause.

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4.2      CONSIDERATION PROVIDED BY FUNDING: Funding in its capacity as a
         Beneficiary shall provide consideration to the Mortgages Trustee for
         the Funding Share in the Trust Property:

         (a)    on the Initial Closing Date, by paying to the Mortgages Trustee
                the Initial Contribution in respect of the Closing Trust
                Property which shall be equal to (and from which the Mortgages
                Trustee shall or shall procure that the Cash Manager on its
                behalf shall pay) the Initial Purchase Price in respect of the
                Initial Mortgage Portfolio payable by the Mortgages Trustee to
                the Seller pursuant to the Mortgage Sale Agreement on such date;

         (b)    on each Distribution Date, by paying to the Mortgages Trustee a
                Deferred Contribution equal to the amount (if any) of Mortgages
                Trustee Available Revenue Receipts to which Funding is entitled
                on such date in accordance with paragraph (d) of Clause 10.2
                (Distribution of Mortgages Trustee Available Revenue Receipts)
                (the "RELEVANT DISTRIBUTION") which shall be equal to (and from
                which the Mortgages Trustee shall or shall procure that the Cash
                Manager on its behalf shall pay) such amount of Deferred
                Purchase Price as is payable by the Mortgages Trustee to the
                Seller pursuant to the Mortgage Sale Agreement on such date. The
                parties to this Deed agree that on any Distribution Date the
                Relevant Distribution which would otherwise have been payable by
                the Mortgages Trustee to Funding and the Deferred Contribution
                payable by Funding to the Mortgages Trustee shall be set off
                against each other such that as between the Mortgages Trustee
                and Funding no amount shall be payable in respect of such
                Relevant Distribution or such Deferred Contribution on such date
                and the Cash Manager on behalf of the Mortgages Trustee shall
                pay to the Seller (in satisfaction of the Mortgages Trustee's
                obligation to pay Deferred Purchase Price to the Seller under
                the Mortgage Sale Agreement) those funds which, were it not for
                such set-off, would have been payable to Funding as the Relevant
                Distribution;

         (c)    subject to Clause 6 (Increasing the Funding Share of the Trust
                Property) below, on each date after the Initial Closing Date on
                which (i) Funding has given notice of its intention to increase
                the Funding Share of the Trust Property on such date (ii) an
                amount of Initial Purchase Price is payable in respect of New
                Mortgage Loans which are assigned by the Seller to the Mortgages
                Trustee on such date and (iii) Funding receives the net proceeds
                of a New Intercompany Loan from a New Issuer, by paying to the
                Mortgages Trustee an Initial Contribution in respect of such New
                Trust Property which shall be equal to (and from which the
                Mortgages Trustee shall or shall procure that the Cash Manager
                on its behalf shall pay) the Initial Purchase Price in respect
                of such New Mortgage Loans payable by the Mortgages Trustee to
                the Seller pursuant to the Mortgage Sale Agreement on such date;

         (d)    subject to Clause 6 (Increasing the Funding Share of the Trust
                Property) below, on each other date after the Initial Closing
                Date on which (i) Funding has given notice of its intention to
                increase the Funding Share of the Trust Property on such date
                and (ii) Funding receives the net proceeds of a New Intercompany
                Loan from a New Issuer, by paying to the Mortgages Trustee a
                Further Contribution in respect of the Funding

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                Share of the Trust Property which shall be equal to (and from
                which the Mortgages Trustee shall or shall procure that the Cash
                Manager on its behalf shall pay) the Special Distribution
                payable to the Seller in accordance with Clause 6.3 (Special
                Distribution); and

         (e)    following the Final Repayment Date of the latest maturing
                Intercompany Loan made by any Issuer to Funding and provided
                that there are no further claims outstanding under any
                Intercompany Loan or on such earlier date provided that all
                Intercompany Loans have either been repaid in full or there are
                no further claims outstanding under any Intercompany Loan,
                Funding will make a final payment of Deferred Contribution to
                the Mortgages Trustee (the "FINAL DEFERRED CONTRIBUTION") in an
                amount equal to the aggregate amount standing to the credit of
                the Funding Bank Accounts (including any account established for
                the purposes of the Issuer Reserve Fund and/or the Issuer
                Liquidity Reserve Fund of any Issuer) after making any payments
                ranking in priority thereto, subject to and in accordance with
                the relevant Funding Priority of Payments. The Final Deferred
                Contribution shall be in an amount equal to (and from that Final
                Deferred Contribution the Mortgages Trustee shall or shall
                procure that the Cash Manager shall on its behalf pay) the final
                amount of Deferred Purchase Price payable by the Mortgages
                Trustee to the Seller pursuant to and in accordance with the
                Mortgage Sale Agreement.

4.3      APPLICATION BY MORTGAGES TRUSTEE:

         (a)    If the Mortgages Trustee receives any Initial Contribution,
                Deferred Contribution or the Final Deferred Contribution from
                Funding, the parties hereto direct the Mortgages Trustee to, and
                the Mortgages Trustee covenants that it shall, or shall procure
                that the Cash Manager on its behalf shall, pay such funds to the
                Seller in satisfaction of the Mortgages Trustee's obligation to
                make payment of the Initial Purchase Price or, as the case may
                be, Deferred Purchase Price in respect of the Initial Mortgage
                Portfolio or any New Mortgage Loans which are assigned to the
                Mortgages Trustee by the Seller pursuant to the Mortgage Sale
                Agreement.

         (b)    If the Mortgages Trustee receives a Further Contribution from
                any Beneficiary, the parties hereto direct the Mortgages Trustee
                to, and the Mortgages Trustee covenants that it shall, or shall
                procure that the Cash Manager on its behalf shall, distribute
                such funds to a Beneficiary or the Beneficiaries as required at
                the time and in the manner and otherwise in accordance with the
                terms of this Deed.

5.       INCREASING AND DECREASING THE SELLER SHARE OF THE TRUST PROPERTY

5.1      RE-DRAWS UNDER FLEXIBLE MORTGAGE LOANS:

         (a)    If, in respect of any Flexible Mortgage Loan which is in the
                Trust Property, the relevant Borrower requests a Cash Re-draw
                and the Administrator (on behalf of the Mortgages Trustee)
                grants such request pursuant to and in accordance with the terms
                of the Administration Agreement, the Seller as Beneficiary shall
                fund that Cash Re-draw in the Mortgages Trust by making payment
                to the Borrower, in accordance with the terms and conditions of
                the relevant Mortgage Loan, of the Cash Re-draw Amount. Upon
                payment by the Seller to the relevant Borrower of the Cash
                Re-

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                draw Amount, the aggregate Current Balance of the Mortgage
                Loans constituting the Trust Property and the amount of the
                Seller Share of the Trust Property shall be increased by an
                amount equal to the Cash Re-draw Amount.

         (b)    If, in respect of any Flexible Mortgage Loan which is in the
                Trust Property, the relevant Borrower requests a Non-Cash
                Re-draw and the Administrator grants such request or the
                Administrator otherwise permits the relevant Borrower to take a
                Non-Cash Re-draw pursuant to and in accordance with the terms of
                the Administration Agreement, the Seller as Beneficiary shall
                fund such Non-Cash Re-draw in the Mortgages Trust by making
                payment to the Mortgages Trustee of a Further Contribution in an
                amount equal to the Unpaid Interest Amount in respect of such
                Non-Cash Re-draw. Upon payment by the Seller to the Mortgages
                Trustee of such Further Contribution, the aggregate Current
                Balance of the Mortgage Loans constituting the Trust Property
                and the Seller Share of the Trust Property shall be increased by
                an amount equal to the amount of the Further Contribution so
                made to the Mortgages Trustee. The parties agree that any such
                Further Contribution received by the Mortgages Trustee from the
                Seller will be treated as Revenue Receipts and will be
                distributed to the Beneficiaries on the immediately succeeding
                Distribution Date in accordance with Clause 10 (Distribution of
                Revenue Receipts) below.

5.2      FURTHER ADVANCES: If at a future date the Seller elects not to
         repurchase any Mortgage Loan which becomes the subject of a Further
         Advance from the Mortgages Trustee, the Seller will be solely
         responsible for funding any such Further Advance and, subject to the
         provisions of this Deed, upon the making of such Further Advance by the
         Seller, the aggregate Current Balance of the Mortgage Loans
         constituting the Trust Property and the Seller Share of the Trust
         Property shall be increased by an amount equal to the amount of the
         Further Advance paid to the relevant Borrower.

5.3      TOGETHER CONNECTIONS MORTGAGE LOANS: If, in respect of any Together
         Connections Mortgage Loan which is in the Trust Property, there has
         been a reduction in the outstanding balance of such Mortgage Loan from
         the relevant Borrower being allocated a portion of the Together
         Connections Mortgage Benefit under such Mortgage Loan, the aggregate
         Current Balance of the Mortgage Loans constituting the Trust Property
         and the amount of the Seller Share of the Trust Property shall be
         decreased by an amount equal to the portion of the Together Connections
         Benefit allocated to such Mortgage Loan.

6.       INCREASING THE FUNDING SHARE OF THE TRUST PROPERTY

6.1      CONDITIONS PRECEDENT: Subject as provided below, on not more than 60
         nor less than 30 days' written notice Funding may increase the Funding
         Share (as defined in Clause 7.1 (Initial Funding Share) below) of the
         Trust Property on the date specified in that notice, subject to
         satisfaction of the following conditions precedent:

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         (a)    no Event of Default under the Transaction Documents shall have
                occurred which is continuing at the relevant date;

         (b)    no Intercompany Loan Enforcement Notice has been served in
                respect of any Intercompany Loan;

         (c)    the Rating Agencies have confirmed in writing to the Mortgages
                Trustee, the Security Trustee and each Issuer that the proposed
                increase in the Funding Share of the Trust Property would not
                adversely affect the then-current ratings by the Rating Agencies
                (or any of them) of the Notes issued by any Issuer;

         (d)    the New Notes have been issued by the New Issuer, the
                subscription proceeds received on behalf of such New Issuer and
                advanced by such Issuer to Funding pursuant to an Intercompany
                Loan Agreement (which proceeds Funding will pay to the Mortgages
                Trustee to increase the Funding Share of the Trust Property on
                the relevant date in accordance with Clause 6.2 (Completion));

         (e)    if necessary, each Issuer, including any New Issuer (if any) has
                entered into appropriate hedging arrangements;

         (f)    as of the last day of the immediately preceding Trust
                Calculation Period the aggregate Current Balance of Mortgage
                Loans in the Trust Property which were at such time in arrears
                for at least 3 months is less than 4 per cent. of the aggregate
                Current Balance of all Mortgage Loans in the Trust Property at
                such time unless the Rating Agencies have confirmed that the
                then-current ratings of the Notes will not be adversely
                affected;

         (g)    as of the last day of the immediately preceding Trust
                Calculation Period the weighted average LTV ratio of Mortgage
                Loans in the Trust Property (after application of the LTV Test)
                on such date does not exceed the LTV ratio (based on the LTV
                Test) of Mortgage Loans in the Trust Property on the Initial
                Closing Date plus 0.25 per cent.;

         (h)    each Issuer Reserve Fund is fully funded on the relevant date up
                to the relevant Issuer Reserve Required Amount; and

         (i)    as at the most recent Payment Date no deficiency was recorded on
                the Issuer Principal Deficiency Ledger of any Issuer,

         provided always that Funding shall not be entitled to increase the
         Funding Share after the Payment Date falling in January 2008 if the
         option to redeem the First Issuer Notes on the Payment Date in January
         2008 pursuant Condition 5 of the First Issuer Notes is not exercised.

6.2      COMPLETION: Subject to satisfaction of the conditions precedent set out
         in Clause 6.1 (Conditions precedent) above, Funding shall pay to the
         Mortgages Trustee the consideration for such increase in the Funding
         Share in accordance with Clause 4 (Consideration).

6.3      SPECIAL DISTRIBUTION: The parties hereto agree that Principal Receipts
         received by the

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         Mortgages Trustee from Funding in payment of a Further Contribution in
         accordance with Clause 4 (Consideration) on any date on which Funding
         increases the Funding Share of the Trust Property shall be allocable
         and payable by the Mortgage Trustee to the Seller (in its capacity as a
         Beneficiary of the Mortgages Trust) as a Special Distribution on such
         date whether or not such date is a Distribution Date. Any such Special
         Distribution shall reduce the Seller Share of the Trust Property by the
         amount of the Special Distribution.

7.       INITIAL FUNDING SHARE AND INITIAL SELLER SHARE

7.1      INITIAL FUNDING SHARE: The "INITIAL FUNDING SHARE" of the Trust
         Property shall be (pound)86.61 aT THE date of this Deed and
         (pound)1,500,000,000 at the Initial Closing Date and the "INITIAL
         FUNDING SHARE PERCENTAGE" shall be the Initial Funding Share expressed
         as a percentage of the Trust Property at such date, that is to say,
         86.61 per cent. References herein to the "FUNDING SHARE" shall mean,
         prior to the first Distribution Date, the Initial Funding Share and
         thereafter shall mean the Current Funding Share (as defined below).

7.2      INITIAL SELLER SHARE: The "Initial Seller Share" of the Trust Property
         shall be the sum which remains of the Trust Property after deduction of
         the Initial Funding Share. The Initial Seller Share of the Trust
         Property will be (pound)13.39 at the date of this Deed and
         (pound)232,000,000 at tHE Initial Closing Date and the "INITIAL SELLER
         SHARE PERCENTAGE" shall be equal to 100 per cent. minus the Initial
         Funding Share Percentage, that is to say, 13.39 per cent. The amount of
         the Initial Seller Share and the Initial Seller Share Percentage on the
         Initial Closing will be determined immediately after the Initial
         Closing Date. References herein to the "SELLER SHARE" shall mean, prior
         to the first Distribution Date, the Initial Seller Share and thereafter
         shall mean the Current Seller Share (as defined below).

7.3      ROUNDING OF PERCENTAGE SHARES: Except for the Initial Closing Date on
         which the Funding Share Percentage and the Seller Share Percentage
         shall be calculated to two decimal places, and unless otherwise agreed
         by the Beneficiaries, the Current Funding Share Percentage and the
         Current Seller Share Percentage shall be calculated to five decimal
         places.

8.       ADJUSTMENT OF FUNDING SHARE PERCENTAGE AND SELLER SHARE PERCENTAGE

8.1      EFFECTIVE PERIODS:

         (a)    Subject to Clause 8.1(b) below, the Cash Manager will (on behalf
                of the Mortgages Trustee and the Beneficiaries) recalculate the
                Funding Share, the Funding Share Percentage, the Seller Share
                and the Seller Share Percentage in respect of each Trust
                Calculation Period on the Distribution Date occurring in such
                Trust Calculation Period, based on the aggregate Current Balance
                of the Mortgage Loans constituting the Trust Property (as
                adjusted from time to time) on the last day of the Trust
                Calculation Period immediately preceding such Distribution Date.

         (b)    Notwithstanding Clause 8.1(a) above, if during any Trust
                Calculation Period the Seller assigns New Mortgage Loans to the
                Mortgages Trustee, the recalculation of the Funding Share, the
                Funding Share Percentage, the Seller Share and the Seller Share

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                Percentage made by the Cash Manager on the Distribution Date
                occurring in such Trust Calculation Period will be effective
                only in respect of the period beginning on (and including) the
                first day of such Trust Calculation Period and ending on (but
                excluding) the first Assignment Date to occur during such Trust
                Calculation Period (such period in respect of such Distribution
                Date, an "INTERIM CALCULATION PERIOD"), based on the aggregate
                Current Balance of the Mortgage Loans constituting the Trust
                Property (as adjusted from time to time) on the last day of the
                Trust Calculation Period immediately preceding such Distribution
                Date.

         (c)    In addition to the foregoing, if during any Trust Calculation
                Period the Seller assigns New Mortgage Loans to the Mortgages
                Trustee, the Cash Manager will (on behalf of the Mortgages
                Trustee and the Beneficiaries) recalculate the Funding Share,
                the Funding Share Percentage, the Seller Share and the Seller
                Share Percentage on such Assignment Date in respect of the
                period beginning on (and including) such Assignment Date and
                ending on the last day of such Trust Calculation Period (and
                including such last day of such Trust Calculation Period) (each
                such period in respect of each Assignment Date, an "INTERIM
                CALCULATION PERIOD"), based on the aggregate Current Balance of
                the Mortgage Loans constituting the Trust Property (as adjusted
                from time to time) on such Assignment Date (after taking account
                of the assignment of New Mortgage Loans on such date).

The parties acknowledge and agree that the Mortgage Sale Agreement provides that
(a) the Seller may not assign New Mortgage Loans to the Mortgages Trustee during
any Trust Calculation Period prior to the Distribution Date in such Trust
Calculation Period, and (b) the Seller may only make one assignment of New
Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period.

8.2      CURRENT FUNDING SHARE PERCENTAGE:

         (a)    On each Distribution Date (the "RELEVANT DISTRIBUTION DATE"), or
                at such time as the Mortgages Trust terminates, the "CURRENT
                FUNDING SHARE PERCENTAGE" will be calculated by the Cash Manager
                in respect of the then-current Trust Calculation Period or
                related Interim Calculation Period, as applicable, for the
                purpose of calculating the distributions to be made from the
                Trust Property on the immediately succeeding Distribution Date,
                and such Current Funding Share Percentage will be an amount,
                expressed as a percentage (calculated to an accuracy of five
                decimal places (rounded upwards)), equal to:

                              A - B - C + D + E + F
                              ---------------------  X  100
                                        G

         where,

         A     =      the Current Funding Share as calculated (a) on the
                      Distribution Date immediately preceding such Relevant
                      Distribution Date, or (b) in the case of the first
                      Distribution Date, the Initial Funding Share as at the
                      Initial Closing Date;

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<PAGE>

         B     =      the amount of any Principal Receipts distributed to
                      Funding on such Relevant Distribution Date in accordance
                      with the provisions described in Clause 11 (Distribution
                      of Principal Receipts) below;

         C     =      the amount of any Losses sustained on the Mortgage Loans
                      during the Trust Calculation Period immediately preceding
                      such Relevant Distribution Date and the amount of any
                      reductions occurring in respect of the Mortgage Loans as
                      described in paragraphs (a) through (e) of Clause 8.5
                      (Adjustments to Trust Property) (inclusive) below which
                      have been allocated to Funding in the Trust Calculation
                      Period ending on the Relevant Distribution Date (based on
                      (a) the Funding Share Percentage thereof calculated on the
                      Distribution Date immediately preceding such Relevant
                      Distribution Date (provided that the Seller had not
                      assigned New Mortgage Loans to the Mortgages Trustee in
                      the Trust Calculation Period immediately preceding such
                      Relevant Distribution Date), or (b) to the extent that the
                      Seller had assigned New Mortgage Loans to the Mortgages
                      Trustee during the Trust Calculation Period immediately
                      preceding such Relevant Distribution Date, the Weighted
                      Average Funding Share Percentage (as defined below)
                      thereof calculated on such Relevant Distribution Date
                      prior to the distribution to be made on such Relevant
                      Distribution Date, or (c) in the case of the first
                      Distribution Date, the Initial Funding Share Percentage);

         D     =      an amount equal to any Initial Contribution paid by
                      Funding to the Mortgages Trustee during the Trust
                      Calculation Period immediately preceding such Relevant
                      Distribution Date in relation to the Funding Share of any
                      New Trust Property assigned to the Mortgages Trustee
                      during such Trust Calculation Period (which amount the
                      Mortgages Trustee is required pursuant to Clause 4.3
                      (Application by Mortgages Trustee) to pay to the Seller in
                      satisfaction of the Mortgages Trustee's obligation to pay
                      to the Seller the Initial Purchase Price in respect of New
                      Mortgage Loans assigned to the Mortgages Trustee during
                      such period);

         E     =      an amount equal to any Further Contribution paid by
                      Funding to the Mortgages Trustee during the Trust
                      Calculation Period immediately preceding such Relevant
                      Distribution Date to increase the Funding Share of the
                      Trust Property (which amount the Mortgages Trustee is
                      required pursuant to Clause 6.3 (Special Distribution) to
                      pay to the Seller as a Beneficiary, thereby reducing the
                      amount of the Seller Share);

         F     =      an amount equal to any Capitalised Arrears which have been
                      allocated to Funding during the Trust Calculation Period
                      immediately preceding such Relevant Distribution Date
                      (based on the Funding Share Percentage thereof calculated
                      on the Distribution Date immediately preceding such
                      Relevant Distribution Date or, in the case of the first
                      Distribution Date, the Initial Funding Share Percentage);

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<PAGE>

         G     =      the aggregate Current Balance of all the Mortgage Loans in
                      the Trust Property as at the last day of the Trust
                      Calculation Period immediately preceding such Relevant
                      Distribution Date, after making the distributions,
                      allocations and additions referred to in (B), (C), (D),
                      (E) and (F) above and after taking account of (i) the
                      assignment, if any, of New Mortgage Loans during the Trust
                      Calculation Period immediately preceding such Relevant
                      Distribution Date, (ii) any distribution of Principal
                      Receipts to the Seller (including the payment of any
                      Special Distribution to the Seller) and to Funding, (iii)
                      the amount of any Losses allocated to the Seller and to
                      Funding, (iv) the adjustments referred to in paragraphs
                      (a) through (e) of Clause 8.5 (Adjustments to Trust
                      Property) (inclusive) below; (v) the amount of any other
                      additions to or removals from the Trust Property during
                      such Trust Calculation Period, including without
                      limitation, any additions to the Trust Property resulting
                      from Cash Re-draws and Non-Cash Redraws by Borrowers under
                      Flexible Mortgage Loans which are in the Trust Property or
                      (if the Seller subsequently elects not to repurchase
                      Mortgage Loans which are the subject of Further Advances
                      from the Mortgages Trustee) Further Advances assigned by
                      the Seller; and (vi) any reduction in the outstanding
                      principal balances of Together Connections Mortgage Loans
                      resulting from Borrowers being allocated a portion of the
                      related Together Connections Benefit under such Mortgage
                      Loans.

         (b)    If during any Trust Calculation Period the Seller assigns New
                Mortgage Loans to the Mortgages Trustee, the Cash Manager will
                recalculate the Current Funding Share Percentage on each such
                Assignment Date (the "RELEVANT ASSIGNMENT DATE") in respect of
                the related Interim Calculation Period, for the sole purpose of
                calculating the distributions to be made from the Trust Property
                on the immediately succeeding Distribution Date, and such
                Current Funding Share Percentage will be an amount, expressed as
                a percentage (calculated to an accuracy of five decimal places
                (rounded upwards)), equal to:

                                         A + D
                                         -----  X 100
                                           G

         where,

         A     =      the Current Funding Share as calculated on the
                      Distribution Date immediately preceding such Relevant
                      Assignment Date;

         D     =      an amount equal to any Initial Contribution paid by
                      Funding to the Mortgages Trustee on such Relevant
                      Assignment Date in relation to the Funding Share of any
                      New Mortgage Loans assigned to the Mortgages Trustee on
                      such Relevant Assignment Date (which amount the Mortgages
                      Trustee is required pursuant to Clause 4.3 (Application by
                      Mortgages Trustee) to pay to the Seller in satisfaction of
                      the Mortgages Trustee's obligation to pay to the Seller
                      the Initial Purchase Price in

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<PAGE>

                      respect of New Mortgage Loans assigned to the Mortgages
                      Trustee on such Relevant Assignment Date); and

         G     =      the sum of (a) the aggregate Current Balance of all the
                      Mortgage Loans in the Trust Property as at the
                      Distribution Date immediately preceding such Relevant
                      Assignment Date, and (b) the aggregate Current Balance of
                      the New Mortgage Loans assigned to the Mortgages Trustee
                      on such Relevant Assignment Date.

8.3      WEIGHTED AVERAGE FUNDING SHARE PERCENTAGE: On any Distribution Date in
         respect to which the Seller had assigned New Mortgage Loans to the
         Mortgages Trustee during the Trust Calculation Period immediately
         preceding such Distribution Date, the Cash Manager (on behalf of the
         Beneficiaries) will calculate (for the sole purpose of making the
         distributions to be made on such Distribution Date) the weighted
         average of the Current Funding Share Percentages that were calculated
         previously in respect of each Interim Calculation Period occurring in
         such immediately preceding Trust Calculation Period based on the amount
         of Revenue Receipts and Principal Receipts received and Losses
         sustained during each such Interim Calculation Period. The "WEIGHTED
         AVERAGE FUNDING SHARE PERCENTAGE" for any such Distribution Date will
         be equal to:

         (a)    in respect of the distribution of Revenue Receipts to be made on
                such Distribution Date, the sum, in respect of all Interim
                Calculation Periods during the Trust Calculation Period
                immediately preceding such Distribution Date, of (i) for each
                Interim Calculation Period during such Trust Calculation Period,
                the product of (1) the related Current Funding Share Percentage
                for such Interim Calculation Period, and (2) the amount of all
                Revenue Receipts received by the Mortgages Trustee during such
                Interim Calculation Period, divided by (ii) the aggregate of all
                Revenue Receipts received by the Mortgages Trustee during the
                Trust Calculation Period immediately preceding such Distribution
                Date;

         (b)    in respect of the distribution of Principal Receipts to be made
                on such Distribution Date, the sum, in respect of all Interim
                Calculation Periods during the Trust Calculation Period
                immediately preceding such Distribution Date, of (i) for each
                Interim Calculation Period during such Trust Calculation Period,
                the product of (1) the related Current Funding Share Percentage
                for such Interim Calculation Period, and (2) the amount of all
                Principal Receipts received by the Mortgages Trustee during such
                Interim Calculation Period, divided by (ii) the aggregate of all
                Principal Receipts received by the Mortgages Trustee during the
                Trust Calculation Period immediately preceding such Distribution
                Date; and

         (c)    in respect of the allocation of Losses to be made on such
                Distribution Date, the sum, in respect of all Interim
                Calculation Periods during the Trust Calculation Period
                immediately preceding such Distribution Date, of (i) for each
                Interim Calculation Period during such Trust Calculation Period,
                the product of (1) the related Current Funding Share Percentage
                for such Interim Calculation Period, and (2) the amount of all
                Losses sustained on the Mortgage Loans during such Interim
                Calculation Period,

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<PAGE>

                divided by (ii) the aggregate of all Losses sustained on the
                Mortgage Loans during the Trust Calculation Period immediately
                preceding such Distribution Date.

8.4      CURRENT FUNDING SHARE:

         (a)    On each Distribution Date, the "CURRENT FUNDING SHARE" will be
                calculated by the Cash Manager in respect of the then-current
                Trust Calculation Period or the related Interim Calculation
                Period, as applicable, and will be an amount equal to:

                              A - B - C + D + E + F

                where "A", "B", "C", "D" "E" and "F" have the meanings specified
                in Clause 8.2(a) above.

         (b)    On each Assignment Date, the Current Funding Share will be
                calculated by the Cash Manager in respect of the related Interim
                Calculation Period and will be an amount equal to:

                                      A + D

                where "A" and "D" have the meanings specified in Clause 8.2(b)
                above.

8.5      ADJUSTMENTS TO TRUST PROPERTY: If any of the following events has
         occurred during a Trust Calculation Period, then (subject to the Cash
         Manager receiving notice or otherwise being aware of the occurrence of
         the event) for the purposes of the calculation in "G" of Clauses 8.2(a)
         or 8.2(b) above, the aggregate Current Balance of the Mortgage Loans
         constituting the Trust Property shall be reduced or, as the case may
         be, deemed to be reduced:

         (a)    any Borrower exercises a right of set-off in relation to any
                Mortgage Loan in the Trust Property so that the amount of
                principal and/or interest owing under such Mortgage Loan is
                reduced but no corresponding payment is received by the
                Mortgages Trustee, in which event the aggregate Current Balance
                of the Mortgage Loans constituting the Trust Property shall be
                reduced by an amount equal to the amount so set-off by such
                Borrower; and/or

         (b)    a Mortgage Loan or (as applicable) its Related Security (i) is
                in breach of the Loan Warranties in the Mortgage Sale Agreement
                as at the Initial Closing Date or, as the case may be, the
                relevant Assignment Date or (ii) is the subject of a Product
                Switch or a Further Advance in respect of which the Seller has
                elected to repurchase the relevant Mortgage Loan, and the Seller
                fails to repurchase the relevant Mortgage Loan or Mortgage Loans
                under the relevant Mortgage Account and their Related Security
                as required by the terms of the Mortgage Sale Agreement; in
                which event the aggregate Current Balance of the Mortgage Loans
                constituting the Trust Property shall be deemed to be reduced
                for the purposes of the calculation in "G" above by an amount
                equal to the Current Balance of the relevant Mortgage Loan or
                Mortgage Loans under the relevant Mortgage Account (together
                with Arrears of Interest and Accrued Interest) which the Seller
                has failed to repurchase; and/or

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<PAGE>

         (c)    the Security Trustee is notified that a Flexible Mortgage Loan
                or part thereof has been determined by a court judgment on the
                point or as a result of a determination by a relevant regulatory
                authority (whether or not in relation to an analogous flexible
                mortgage loan product of another UK mortgage lender):

                (i)   to be unenforceable; and/or

                (ii)  not to fall within the first ranking charge by way of
                      legal mortgage over the relevant Mortgaged Property,

                and, in either case, such Flexible Mortgage Loan is not
                otherwise subject to the repurchase obligation under the
                Mortgage Sale Agreement, in which event, the aggregate Current
                Balance of the Mortgage Loans constituting the Trust Property
                shall be deemed to be reduced for the purposes of the
                calculation in "G" above by an amount equal to that portion of
                the Current Balance of the Flexible Mortgage Loan which is so
                determined to be unenforceable or not to fall within the first
                ranking charge by way of legal mortgage over the relevant
                Mortgaged Property; and/or

         (d)    the Seller would be required to repurchase a Mortgage Loan and
                its Related Security in accordance with the terms of the
                Mortgage Sale Agreement, but such Mortgage Loan and its Related
                Security are not capable of being repurchased; in which event
                the aggregate Current Balance of the Mortgage Loans constituting
                the Trust Property shall be deemed to be reduced for the
                purposes of the calculation in "G" above by an amount equal to
                the Current Balance of the relevant Mortgage Loan (together with
                Arrears of Interest and Accrued Interest) which is not capable
                of being repurchased; and/or

         (e)    the Seller breaches any other material warranty under the
                Mortgage Sale Agreement and/or (for so long as it is the
                Administrator) the Administration Agreement, in which event the
                aggregate Current Balance of Mortgage Loans constituting the
                Trust Property shall be deemed for the purposes of the
                calculation in "G" above to be reduced by an amount equivalent
                to all losses, costs, liabilities, claims, expenses and damages
                incurred by the Beneficiaries as a result of such breach.

         The reductions and deemed reductions set out in paragraphs (a), (b),
         (c), (d) and (e) of this Clause and any resulting loss shall, subject
         to Clause 9.1 (Initial Minimum Seller Share), be allocated on the
         relevant Distribution Date or Assignment Date (as applicable) first to
         the Seller Share of the Trust Property (or for the purposes of
         calculating the Seller Share of the Trust Property as the case may be)
         until the Seller Share is zero and thereafter shall be allocated to the
         Funding Share of the Trust Property. If at, or any time after the
         Initial Closing Date the Mortgages Trustee holds, or there is held to
         its order, or it receives, or there is received to its order, any
         property, interest, right or benefit relating to the whole or that
         portion of any Mortgage Loan and its Related Security which is or has
         been subject to any matter described in paragraphs (a) though (e) above
         and in respect of which the Seller Share of the Trust Property has been
         reduced or deemed reduced such property interest right or benefit will
         constitute a Revenue Receipt and the Mortgages Trustee will remit,
         assign or

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<PAGE>

         transfer the same to Funding (but only if and to the extent that the
         related reductions or deemed reductions were applied against the
         Funding Share of the Trust Property) and thereafter to the Seller, as
         the case may require, and until it does so or to the extent that the
         Mortgage Trustee is unable to effect such remittance, assignment or
         transfer, the Mortgages Trustee will hold such property, interest,
         right or benefit and/or the proceeds thereof upon trust absolutely for
         Funding and/or the Seller (separate from the Mortgages Trust), as the
         case may require.

8.6      CURRENT SELLER SHARE PERCENTAGE:

         (a)    On each Distribution Date, the "CURRENT SELLER SHARE PERCENTAGE"
                will be calculated by the Cash Manager in respect of the
                then-current Trust Calculation Period or the related Interim
                Calculation Period, as applicable, and the distributions to be
                made from the Trust Property on the immediately succeeding
                Distribution Date, and will be an amount equal to:

                     100% - Current Funding Share Percentage

                where the Current Funding Share Percentage is calculated on
                such Distribution Date in accordance with Clause 8.2(a) above.

         (b)    On each Assignment Date, the Cash Manager will recalculate the
                Current Seller Share Percentage in respect of the related
                Interim Calculation Period and the distributions to be made from
                the Trust Property on the immediately succeeding Distribution
                Date and will be an amount equal to:

                     100% - Current Funding Share Percentage

                where the Current Funding Share Percentage is as calculated on
                such Assignment Date in accordance with Clause 8.2(b) above.

8.7      WEIGHTED AVERAGE SELLER SHARE PERCENTAGE: On any Distribution Date in
         respect of which the Seller had assigned New Mortgage Loans to the
         Mortgages Trustee during the Trust Calculation Period immediately
         preceding such Distribution Date, the Cash Manager will calculate (for
         the sole purpose of making the distributions to be made on such
         Distribution Date) the weighted average of the Seller Share Percentages
         that were calculated previously in respect of the Revenue Receipts and
         Principal Receipts received, and Losses sustained, during each Interim
         Calculation Period occurring in such immediately preceding Trust
         Calculation Period and will be an amount equal to:

         (a)    in respect of the distribution of Revenue Receipts to be made on
                such Distribution Date:

                     100% - Weighted Average Funding Share Percentage

                where such  Weighted  Average  Funding  Share  Percentage  is as
                calculated in Clause 8.3(a) above;

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<PAGE>

         (b)    in respect of the distribution of Principal Receipts to be made
                on such Distribution Date:

                     100% - Weighted Average Funding Share Percentage

                where such  Weighted  Average  Funding  Share  Percentage  is as
                calculated in Clause 8.3(b) above; and

         (c)    in respect of the allocation of Losses to be made on such
                Distribution Date:

                     100% - Weighted Average Funding Share Percentage

                where such Weighted Average Funding Share Percentage is as
                calculated in Clause 8.3(c) above.

8.8      CURRENT SELLER SHARE:

         (a)    On each Distribution Date, the "CURRENT SELLER SHARE" will be
                calculated by the Cash Manager in respect of the then-current
                Trust Calculation Period or the related Interim Calculation
                Period, as applicable, and will be an amount equal to:

    The aggregate amount of the Trust Property as at the Relevant Distribution
    Date - Current Funding Share

                where "Current Funding Share" has the meaning given in Clause
                8.4(a) above.

         (b)    On each Assignment Date, the Current Seller Share will be
                calculated by the Cash Manager in respect of the related Interim
                Calculation Period and will be an amount equal to:

     The aggregate amount of the Trust Property as at the Relevant Assignment
     Date - Current Funding Share

                where "Current Funding Share" has the meaning given in Clause
                8.4(b) above.

8.9      FUNDING  SHARE/SELLER  SHARE:  Neither the  Funding  Share nor the
         Seller  Share may be reduced  below zero.  At all times the Funding
         Share  Percentage  and the Seller Share  Percentage  shall be equal to
         100 per cent. of the Trust Property.

8.10     ADJUSTMENTS ON DISTRIBUTION DATES: In calculating and making the
         distributions to be made on each Distribution Date, the Mortgages
         Trustee will be obliged to and will procure that the Cash Manager will
         take account of and make adjustments to such calculations and
         distributions in order that:

         (a)    any increase in the Funding Share as a result of the payment by
                Funding to the Mortgages Trustee of any Contribution (excluding
                any Deferred Contribution) during the Trust Calculation Period
                immediately preceding such Distribution Date (or during any
                Interim Calculation Period during such Trust Calculation Period)
                has taken effect or is deemed to have taken effect as an
                increase in the Funding Share of the Trust

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<PAGE>

                Property from the date on which such Contribution was paid to
                the Mortgages Trustee in accordance with the terms of this Deed;
                and

         (b)    any decrease in the Seller Share as a result of the payment to
                the Seller by the Mortgages Trustee of any Special Distribution
                has taken effect or is deemed to have taken effect as a decrease
                in the Seller Share of the Trust Property from the date on which
                such Special Distribution was paid to the Seller in accordance
                with the terms of this Deed.

9.       MINIMUM SELLER SHARE

9.1      INITIAL MINIMUM SELLER SHARE: The Seller Share of the Trust Property
         includes an amount equal to the Minimum Seller Share. Unless and until
         the Funding Share of the Trust Property is in an amount equal to zero,
         or following the occurrence of an Asset Trigger Event, the Seller will
         not be entitled to receive Principal Receipts which would reduce the
         Seller Share of the Trust Property to an amount less than the Minimum
         Seller Share and the Seller consents and directs the Mortgages Trustee
         accordingly.

9.2      FLUCTUATION OF MINIMUM SELLER SHARE ON EACH DISTRIBUTION DATE:

         At the Initial Closing Date, the Minimum Seller Share will be
         (pound)50,000,000. The amount of the MiNIMUM Seller Share will be
         recalculated on each Distribution Date in accordance with the following
         formula:

                              W + X + Y + Z

                  where:

          W    =      100% of the average cleared credit balance of all
                      applicable deposit accounts linked to Together Connections
                      Mortgage Loans in respect of each month or any part of any
                      such month.

          X    =      2.0% of the aggregate Current Balance of all Mortgage
                      Loans comprised in the Trust Property as at the last day
                      of the immediately preceding Trust Calculation Period;

          Y    =      the product of: (p x q) x r where:

               p      =      8%;

               q      =      the "Flexible Cash Re-Draw Capacity", being an
                             amount equal to the difference between (i) the
                             maximum amount of Cash Re-draws that Borrowers may
                             draw under Flexible Mortgage Loans included in the
                             Trust Property (whether or not drawn) as at the
                             last day of the immediately preceding Trust
                             Calculation Period and (ii) the aggregate Current
                             Balance of Cash Re-draws which form part of the
                             Trust

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<PAGE>

                             Property as at the last day of the immediately
                             preceding Trust Calculation Period; and

               r      =      3; and

          Z    =      the aggregate Current Balance of Re-Draws in the Trust
                      Property as at the last day of the immediately preceding
                      Trust Calculation Period.

9.3      RECALCULATION OF MINIMUM SELLER SHARE FOLLOWING OCCURRENCE OF
         EXCEPTIONAL EVENTS: The calculation of the Minimum Seller Share in
         accordance with Clause 9.2 (Fluctuation of Minimum Seller Share on each
         Distribution Date) above will be recalculated by the Cash Manager with
         the agreement of the parties hereto subject to the approval of the
         Rating Agencies if the Seller merges or otherwise combines its business
         with another bank or other financial institution so as to increase the
         risks associated with Borrowers holding deposits in Northern Rock
         accounts.

10.      DISTRIBUTION OF REVENUE RECEIPTS

10.1     DISTRIBUTION OF THIRD PARTY AMOUNTS: Pursuant to the Cash Management
         Agreement, the Cash Manager (at the direction of the Mortgages Trustee
         acting on behalf of the Beneficiaries at their direction and with their
         consent which is hereby given) will deduct, as and when identified,
         Third Party Amounts from the Revenue Receipts standing to the credit of
         the Mortgages Trustee GIC Account or other Mortgages Trustee Bank
         Account, and pay over the same to the proper recipients thereof. The
         Mortgages Trustee and the Beneficiaries hereby consent to such
         deductions.

10.2     DISTRIBUTION OF MORTGAGES TRUSTEE AVAILABLE REVENUE RECEIPTS: Subject
         as provided in Clause 8.8 (Adjustments on Distribution Dates), on each
         Distribution Date the Cash Manager (at the direction of the Mortgages
         Trustee acting on behalf of the Beneficiaries at their direction and
         with their consent which is hereby given) will distribute Mortgages
         Trustee Available Revenue Receipts as follows:

         (a)    firstly, in no order of priority between them but in or towards
                satisfaction pro rata according to the respective amounts due
                of:

                (i)   any fees, costs, charges, liabilities and expenses then
                      due or to become due to the Mortgages Trustee under the
                      provisions of this Deed together with (if applicable) VAT
                      thereon (to the extent not already included) as provided
                      herein; and

                (ii)  any amounts due and payable by the Mortgages Trustee to
                      third parties in respect of the Mortgages Trust but only
                      if incurred without breach by the Mortgages Trustee of the
                      documents to which it is a party and payment has not been
                      provided for elsewhere;

         (b)    secondly, in no order of priority between them but in or towards
                satisfaction pro rata according to the respective amounts due
                of:

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<PAGE>

                (i)   any remuneration then due and payable to the Administrator
                      and any costs, charges, liabilities and expenses then due
                      or to become due to the Administrator under the provisions
                      of the Administration Agreement prior to the immediately
                      succeeding Distribution Date, in each case together with
                      (if applicable) VAT thereon (to the extent not already
                      included) as provided therein; and

                (ii)  any remuneration then due and payable to the Cash Manager
                      and any costs, charges, liabilities and expenses then due
                      or to become due to the Cash Manager under the provisions
                      of the Cash Management Agreement prior to the immediately
                      succeeding Distribution Date, in each case together with
                      (if applicable) VAT thereon (to the extent not already
                      included) as provided therein;

         (c)    thirdly, in no order of priority between them but in proportion
                to the respective amounts due, and subject to the proviso below,
                to allocate and pay Mortgages Trustee Available Revenue Receipts
                to:

                (i)   (subject as provided in Clause 8.8 (Adjustments on
                      Distribution Dates)) the Seller in an amount determined by
                      multiplying the total amount of the remaining Mortgages
                      Trustee Available Revenue Receipts by the Current Seller
                      Share Percentage of the Trust Property, as determined on
                      the immediately preceding Distribution Date or, in the
                      case of the first Distribution Date, the Initial Seller
                      Share Percentage; and

                (ii)  (subject as provided in Clause 8.8 (Adjustments on
                      Distribution Dates)) Funding in an amount equal to the
                      lesser of:

                      (A)   an amount determined by multiplying the total amount
                            of the remaining Mortgages Trustee Available Revenue
                            Receipts by the Current Funding Share Percentage of
                            the Trust Property, as determined on the immediately
                            preceding Distribution Date or, in the case of the
                            first Distribution Date, the Initial Funding Share
                            Percentage); and,

                      (B)   the aggregate of the amounts to be applied on the
                            immediately succeeding Payment Date under the
                            relevant Funding Pre-Enforcement Revenue Priority of
                            Payments or the Funding Post-Enforcement Priority of
                            Payments (but excluding any principal amount due
                            under any Intercompany Loan and any amount due under
                            Item (P) of the Funding Pre-Enforcement Revenue
                            Priority of Payments and/or Item (F) of the Funding
                            Post-Enforcement Priority of Payments), less (in
                            each case only to the extent that such amounts of
                            interest or other income would not otherwise be
                            payable under any Intercompany Loan made by any
                            Issuer or, as applicable, any Notes issued by any
                            Issuer, on the immediately succeeding Payment Date)

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<PAGE>

                            the sum of (i) interest or other income (including,
                            for the avoidance of doubt, amounts standing to the
                            credit of any Issuer Reserve Fund or Issuer
                            Liquidity Reserve Fund after the Intercompany Loan
                            relating to that Issuer has been fully repaid)
                            credited or to be credited to each Funding Bank
                            Account on the immediately succeeding Payment Date
                            (ii) all other income (not derived from the
                            distribution of Revenue Receipts under this Deed)
                            which will constitute Funding Available Revenue
                            Receipts and/or Issuer Available Revenue Receipts on
                            the immediately succeeding Payment Date; and

         (d)    finally, to allocate to Funding but pay at the direction of
                Funding to the Seller an amount equal to YY - ZZ, where "YY" is
                the amount of the Mortgages Trustee Available Revenue Receipts
                and "ZZ" is the amount of such Mortgages Trustee Available
                Revenue Receipts applied and/or allocated under items (a) to (c)
                above, such amount to be in satisfaction of amounts of Deferred
                Purchase Price due to the Seller under the terms of the Mortgage
                Sale Agreement;

PROVIDED THAT if an Assignment Date has occurred during the Trust Calculation
Period immediately preceding such Distribution Date, then the Cash Manager will
use (i) the Weighted Average Seller Share Percentage (instead of the Current
Seller Share Percentage) as calculated pursuant to Clause 8.7(a) above in
determining the amount of Mortgages Trustee Available Revenue Receipts to
distribute to the Seller pursuant to Clause 10.2(c)(i) above, and (ii) the
Weighted Average Funding Share Percentage (instead of the Current Funding Share
Percentage) as calculated pursuant to Clause 8.3(a) above in determining the
amount of Mortgages Trustee Available Revenue Receipts to distribute to Funding
pursuant to Clause 10.2(c)(ii)(A) above.

11.      DISTRIBUTION OF PRINCIPAL RECEIPTS

11.1     DISTRIBUTION OF PRINCIPAL RECEIPTS PRIOR TO THE OCCURRENCE OF A TRIGGER
         EVENT: Subject as provided in Clause 8.8 (Adjustments on Distribution
         Dates), prior to the occurrence of a Trigger Event (and whether or not
         there has been an enforcement of the Funding Security or any Issuer
         Security), on each Distribution Date, the Cash Manager (at the
         direction of the Mortgages Trustee acting on behalf of the
         Beneficiaries at their direction and with their consent which is hereby
         given) shall, subject to the provisos below, allocate and distribute
         Principal Receipts as follows:

         (a)    to the Seller an amount in respect of any Special Distribution
                (if any) which is then allocable and payable to the Seller under
                Clause 6.3 (Special Distribution) above;

         (b)    to Funding an amount in respect of each Issuer which is equal to
                the lesser of:

                (i)   the principal amount due on the Intercompany Loan of such
                      Issuer equal to the Controlled Amortisation Amount due, if
                      any, on the Payment Date immediately succeeding such
                      Distribution Date; and

                (ii)  an amount equal to:

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Mortgages Trustee Principal Receipts  X  Current Funding Share Percentage  X

  Outstanding Principal Balances on such Issuer's Intercompany Loan
 -------------------------------------------------------------------
  Aggregate Outstanding Principal Balance on all Intercompany Loans

         (c)    to Funding an amount in respect of each Issuer towards any
                principal amount remaining due and payable (following the
                payment to Funding set forth in (b) above) on the immediately
                succeeding Payment Date under any Intercompany Loan; and

         (d)    all remaining Principal Receipts to the Seller (as Beneficiary),

PROVIDED THAT in relation to (a) through (d) above the following rules (the
"RULES FOR THE APPLICATION OF MORTGAGES TRUSTEE PRINCIPAL RECEIPTS") shall
apply:

(1)      If the Notes of any Issuer have become immediately due and payable as a
         result of the service of a Note Enforcement Notice or if the
         Intercompany Loan of any Issuer (and the other Intercompany Loans of
         any other Issuers) have become immediately due and payable as a result
         of the service of an Intercompany Loan Enforcement Notice, or otherwise
         upon the occurrence of any Trigger Event, principal payments in respect
         of the Intercompany Loan of that Issuer may be made in excess of any
         Controlled Amortisation Amount and paragraph (b)(i) above shall no
         longer apply in relation to that Issuer and, except following a
         Non-Asset Trigger Event, the amount of Principal Receipts to be
         distributed to Funding in respect of that Issuer on that Distribution
         Date may not exceed the amount determined under paragraph (b)(ii)
         above.

(2)      If the Notes of any Issuer have become immediately due and payable as a
         result of the service of a Note Enforcement Notice or if the
         Intercompany Loan of any Issuer (and the other Intercompany Loans of
         any other Issuers) have become immediately due and payable as a result
         of the service of an Intercompany Loan Enforcement Notice, then for the
         purpose of calculating the amount in respect of that Issuer under
         paragraph (b)(ii) above, that amount may be reduced to the extent of
         any remaining amounts standing to the credit of the Issuer Reserve
         Ledger and/or the Issuer Liquidity Reserve Ledger (if any) for that
         Issuer which are to be utilised on the immediately succeeding Payment
         Date to repay principal on that Issuer's Intercompany Loan, but only to
         the extent that those amounts would not otherwise be payable on that
         Intercompany Loan on that Payment Date.

(3)      The amount of Principal Receipts payable to Funding in respect of each
         Issuer on a Distribution Date will be reduced in proportion to the
         aggregate of the Issuer Available Revenue Receipts of that Issuer which
         are to be applied on the immediately succeeding Payment Date in
         reduction of deficiencies recorded on the Issuer Principal Deficiency
         Ledger of that Issuer, but only to the extent that the Issuer Available
         Revenue Receipts which are to be so applied on that Payment Date would
         not otherwise be payable as principal on the relevant Notes on that
         Payment Date.

(4)      For the purpose of determining the Principal Receipts to be distributed
         to Funding in respect of the amount due on the Intercompany Loan of any
         Issuer under (b) and (c) above, the Outstanding Principal Balance of
         that Intercompany Loan shall be deemed to be reduced by the amount of:

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         (a)    any deficiency recorded on the Issuer Principal Deficiency
                Ledger of that Issuer as at that Distribution Date, but only to
                the extent that such deficiency has arisen under a result of (i)
                Losses on the Mortgage Loans allocated by Funding to that Issuer
                and/or (ii) the application of Funding Available Principal
                Receipts to fund the Issuer Liquidity Reserve Fund of that
                Issuer but not as a result of any other principal deficiency of
                that Issuer; and

         (b)    the Outstanding Principal Balance as at such Distribution Date
                of any Special Repayment Notes issued by that Issuer.

(5)      Funding will not be entitled to receive and the Cash Manager shall
         procure that Funding does not receive any amount of Principal Receipts
         from the Mortgages Trustee on a Distribution Date which is not required
         by Funding to repay principal falling due on any Intercompany Loan on
         the immediately succeeding Payment Date in order to fund payments of
         principal falling due on any Notes issued by any Issuer on that Payment
         date.

(6)      The Mortgages Trustee will not distribute any Overpayment (other than a
         Capital Payment) in respect of any Non-Flexible Mortgage Loan until the
         first Distribution Date following December 31 of the year in which such
         Overpayment is received; provided that if a Borrower has made an
         Underpayment of principal in respect of such Non-Flexible Mortgage Loan
         following the Overpayment then the Mortgages Trustee will distribute
         principal in an amount up to the amount of such Underpayment (but not
         exceeding the amount of the Overpayment previously made) on the
         immediately succeeding Distribution Date.

(7)      If an Assignment Date has occurred during the Trust Calculation Period
         immediately preceding a Distribution Date, then the Cash Manager shall
         use the Weighted Average Funding Share Percentage (instead of the
         Current Funding Share Percentage) as calculated pursuant to Clause
         8.3(b) above in determining the amount of Mortgages Trustee Principal
         Receipts to be distributed to Funding in respect of each Issuer
         pursuant to Clause 11.1(b)(ii) above.

11.2     DISTRIBUTION OF PRINCIPAL RECEIPTS FOLLOWING THE OCCURRENCE OF AN ASSET
         TRIGGER EVENT: After the occurrence of an Asset Trigger Event, the Cash
         Manager (at the direction of the Mortgages Trustee acting on behalf of
         the Beneficiaries at their direction and with their consent which is
         hereby given) shall, on each Distribution Date, allocate and distribute
         all Principal Receipts between Funding and the Seller, in no order of
         priority between them and pro rata according to the Funding Share
         Percentage of the Trust Property and the Seller Share Percentage of the
         Trust Property, respectively, until the Funding Share of the Trust
         Property is zero (and, for the avoidance of doubt, such payments may
         reduce the Seller Share to an amount less than the Minimum Seller
         Share), PROVIDED THAT if an Assignment Date has occurred in the Trust
         Calculation Period immediately preceding any such Distribution Date,
         the Cash Manager will apply all Principal Receipts between Funding and
         the Seller pro rata according to the Weighted Average Funding Share
         Percentage (as calculated pursuant to Clause 8.3(b) above) and Weighted
         Average Seller Share Percentage (as calculated pursuant to Clause
         8.7(b) above) for such Distribution Date until the Funding Share of the
         Trust Property is zero.

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<PAGE>

11.3     DISTRIBUTION OF PRINCIPAL RECEIPTS FOLLOWING THE OCCURRENCE OF A
         NON-ASSET TRIGGER EVENT: After the occurrence of a Non-Asset Trigger
         Event and until the occurrence of an Asset Trigger Event, the Cash
         Manager (at the direction of the Mortgages Trustee acting on behalf of
         the Beneficiaries at their direction and with their consent which is
         hereby given) shall, on each Distribution Date, apply all Principal
         Receipts to Funding until the Funding Share of the Trust Property has
         been reduced to zero and shall thereafter, on each Distribution Date,
         apply all Principal Receipts to the Seller.

12.      ALLOCATION OF LOSSES

         Subject as provided otherwise herein (including Clause 8.4 (Adjustments
         to Trust Property) of this Deed), all Losses sustained on the Mortgage
         Loans during a Trust Calculation Period shall be applied in reducing
         pro rata both the Funding Share and the Seller Share of the Trust
         Property on the Distribution Date immediately succeeding such Trust
         Calculation Period by multiplying the Losses sustained in such relevant
         Trust Calculation Period by the Current Funding Share Percentage (as
         calculated on the Distribution Date immediately preceding such Trust
         Calculation Period), until the Funding Share of the Trust Property is
         zero, PROVIDED THAT, if during the Trust Calculation Period immediately
         preceding a Distribution Date the Seller had assigned New Mortgage
         Loans to the Mortgages Trustee, such Losses shall be multiplied by the
         Weighted Average Funding Share Percentage (as calculated on such
         Distribution Date pursuant to Clause 8.3(c) above) rather than the
         Current Funding Share Percentage. The remainder of such Losses shall be
         allocated to the Seller.

13.      OVERPAYMENTS

13.1     NON-FLEXIBLE MORTGAGE LOANS: The Mortgages Trustee shall not distribute
         to the Beneficiaries any Overpayment in respect of any Non-Flexible
         Mortgage Loan which does not constitute a Capital Payment until the
         first Distribution Date following 31st December of the year in which
         such Overpayment is received, save to the extent that any such
         Overpayment by a Borrower is applied in reduction of an Underpayment by
         such Borrower in respect of such Mortgage Loan prior to such date. Any
         such Overpayment shall be retained in the Mortgages Trustee GIC Account
         and the Cash Manager will maintain a separate ledger to record its
         receipt and subsequent payment from time to time. Where any such
         Overpayment has been made in error the Cash Manager and/or the
         Administrator will be authorised to refund the amount of such
         Overpayment to the relevant Borrower at any time prior to 31st December
         of the year in which such Overpayment was made.

13.2     FLEXIBLE MORTGAGE LOANS: Overpayments in respect of any Flexible
         Mortgage Loan (including the amount of any Together Connections Benefit
         applied to the related Together Connections Mortgage Loans) will not be
         retained in the Mortgages Trustee GIC Account but will be distributed
         to the Beneficiaries on the immediately succeeding Distribution Date as
         Principal Receipts.

14.      ARREARS

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         The aggregate Current Balance of the Mortgage Loans in the Mortgages
         Trust will be increased at any time by the amount in which the Mortgage
         Loans that have been assigned to the Mortgages Trust are in arrears and
         those arrears have been capitalised. Such increase shall be allocated
         to the Beneficiaries at any time in proportion to their respective
         percentage shares in the Trust Property as determined in respect of the
         Trust Calculation Period or Interim Calculation Period, as the case may
         be, in which the arrears occur.

15.      LEDGERS

         The Mortgages Trustee shall maintain, or shall procure that the Cash
         Manager shall maintain, the following Mortgages Trustee Ledgers:

         (a)    the Principal Ledger, which shall record all receipts of
                Principal Receipts and distribution of the same to Funding and
                the Seller;

         (b)    the Revenue Ledger, which shall record all receipts of Revenue
                Receipts and distribution of the same in accordance with this
                Deed;

         (c)    the Losses Ledger, which shall record Losses in relation to the
                Mortgage Loans;

         (d)    the Funding Share/Seller Share Ledger which shall record the
                Funding Share, the Seller Share of the Trust Property, the
                Funding Share Percentage and the Seller Share Percentage;

         (e)    the Overpayments Ledger; which shall be divided into sub ledgers
                to record (i) Overpayments on Non-Flexible Mortgage Loans
                received into and paid out of the Mortgages Trustee GIC Account
                from time to time and (ii) Overpayments on Flexible Mortgage
                Loans;

         (f)    the Non-Flexible Underpayments Ledger; which shall record
                Underpayments on Non-Flexible Mortgage Loans from time to time;

         (g)    the Re-Draw Ledger, which shall be divided into sub ledgers to
                record (i) Cash Re-Draws made in respect of Flexible Mortgage
                Loans and (ii) Non-Cash Re-Draws made in respect of Flexible
                Mortgage Loans; and

         (h)    the Contributions Ledger, which will be divided into sub ledgers
                to record (i) the making by Funding of Contributions to the
                Mortgages Trust, (ii) the making by the Seller of Contributions
                to the Mortgages Trust and the application of such Contributions
                by the Mortgages Trustee in payment to the Seller of (a) amounts
                of Initial Purchase Price for the sale of any New Mortgage
                Portfolio which is acquired by the Mortgages Trustee from the
                Seller under the provisions of the Mortgage Sale Agreement or
                (b) amounts of Deferred Purchase Price in accordance with the
                Mortgage Sale Agreement or (c) any Special Distribution in
                accordance with the Mortgages Trust Deed.

16.      FEES AND EXPENSES OF THE MORTGAGES TRUSTEE

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<PAGE>

16.1     REMUNERATION: The Mortgages Trustee shall be entitled to charge and be
         remunerated for the work undertaken by it as trustee of the trusts
         created by this Deed. The remuneration shall be on such terms (if any)
         as the Mortgages Trustee may from time to time agree with the
         Beneficiaries in writing.

16.2     EXPENSES AND LIABILITIES: Each Beneficiary shall indemnify the
         Mortgages Trustee from time to time with such regularity as is
         reasonably agreed between the parties, in respect of the Funding Share
         and the Seller Share, respectively, of the documentable costs, expenses
         and/or liabilities directly and properly incurred by the Mortgages
         Trustee in performing its obligations hereunder or otherwise in acting
         as trustee in accordance with the terms of this Deed and the other
         Transaction Documents to which the Mortgages Trustee is a party
         inclusive (if applicable) of any amounts in respect of Irrecoverable
         VAT incurred in respect of such costs and expenses.

17.      DIRECTIONS FROM BENEFICIARIES

17.1     ADMINISTRATION  AGREEMENT AND CASH  MANAGEMENT  AGREEMENT:  On the
         Initial  Closing Date the Mortgages Trustee shall enter into the
         Administration Agreement and the Cash Management Agreement.

17.2     DIRECTIONS FROM BENEFICIARIES: Subject to Clause 17.3 (No Breach)
         below, the Mortgages Trustee covenants with the Beneficiaries that the
         Mortgages Trustee shall take all necessary steps and do everything
         which both Funding and the Seller (acting together) may reasonably
         request or direct it to do in order to give effect to the terms of this
         Deed or the other Transaction Documents to which the Mortgages Trustee
         is a party; provided that at any time after the Funding Share has been
         reduced to zero the Mortgages Trustee shall not be required to act at
         the direction of both Funding and the Seller (acting together) and
         shall instead act in accordance with any direction given solely by the
         Seller.

17.3     NO BREACH: Each of Funding and the Seller covenant with each other and
         with the Mortgage Trustee that neither shall direct or request the
         Mortgages Trustee to do any act or thing which breaches the terms of,
         or is otherwise expressly dealt with (such that the Mortgages Trustee
         has no discretion) under any of the Transaction Documents.

17.4     NO REQUIREMENT TO ACT: The Mortgages Trustee will not be bound and
         shall have no power to take any proceedings, actions or steps under or
         in connection with any of this Deed or the other Transaction Documents
         to which it is a party unless:

         (a)    it shall have been directed to do so by the Beneficiaries or it
                is required to do so under any express provision of this Deed or
                the other Transaction Documents (but subject to Clause 17.2
                (Directions from Beneficiaries) in respect of conflict of
                directions); and

         (b)    it shall have been indemnified to its satisfaction against all
                liabilities, proceedings, claims and demands to which it may be
                or become liable and all costs, charges and expenses which may
                be incurred by it in connection therewith and the terms of such

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<PAGE>

                indemnity may include the provision of a fighting fund,
                non-recourse loan or other similar arrangement.

17.5     COVENANT OF THE MORTGAGES TRUSTEE: Subject to Clause 17.2 (Directions
         from Beneficiaries) the Mortgages Trustee covenants with each of the
         Seller and Funding to exercise all of its rights arising under or in
         respect of the Trust Property (including without limitation any rights
         of enforcement) for the benefit of and on behalf of the Beneficiaries.

18.      EARLY TERMINATION OF THE MORTGAGES TRUST

         Prior to its termination in accordance with Clause 26 (Termination),
         provided that all amounts due from Funding to the Funding Secured
         Creditors have been repaid in full, the Mortgages Trust constituted by
         this Deed may be terminated at the option of the Seller, following a
         request in writing by the Seller to the Mortgages Trustee (which shall
         be copied to Funding and the Cash Manager) at any time on or after the
         date on which all of the Intercompany Loans have been repaid in full or
         there is no further claim under any Intercompany Loan and/or the
         Funding Share of the Trust Property is reduced to zero or such other
         date as may be agreed in writing between the Mortgages Trustee, Funding
         and the Seller.

19.      AUDIT OF MORTGAGE LOANS CONSTITUTING THE TRUST PROPERTY

         If the long term, unsecured, unguaranteed and unsubordinated debt
         obligations of the Seller fall below A3 by Moody's then, if required by
         Moody's, the Beneficiaries shall appoint a firm of independent auditors
         (approved by the Rating Agencies) to determine whether the Mortgage
         Loans and their Related Security (or any part of them) constituting the
         Trust Property complied with the representations and warranties set out
         in Schedule 1 (Representations and Warranties) of the Mortgage Sale
         Agreement as at the date such Mortgage Loans were assigned to the
         Mortgages Trustee. The costs of such independent auditors shall be
         borne by the Beneficiaries pro rata according to their respective
         current percentage shares in the Trust Property.

20.      TRANSFERS

20.1     FUNDING SHALL NOT ASSIGN: Subject to the right of Funding to assign by
         way of security its right, title, benefit and interest in the Trust
         Property and/or under this Deed to the Security Trustee under the
         Funding Deed of Charge and subject to the right of the Security Trustee
         or a Receiver to sell the Funding Share of the Trust Property and/or
         such right and interest under this Deed following the service of an
         Intercompany Loan Enforcement Notice (which right is hereby conferred),
         Funding covenants with the Seller that it shall not, and shall not
         purport to, sell, assign, transfer, convey, charge, declare a trust
         over, create any beneficial interest in, or otherwise dispose of the
         Funding Share in the Trust Property, or any of Funding's rights, title,
         interest or benefit in any of the Mortgage Portfolio or the Trust
         Property.

20.2     SELLER SHALL NOT ASSIGN: The Seller covenants with Funding that it
         shall not, and shall not purport to, sell, assign, transfer, convey,
         charge, declare a trust over, create any beneficial interest in, or
         otherwise dispose of the Seller Share in the Trust Property or any of
         the Seller's

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<PAGE>

         rights, title, interest or benefit in the Trust Property, other than
         pursuant to the Transaction Documents.

21.      REPRESENTATIONS AND COVENANTS

21.1     REPRESENTATIONS: On the date hereof, each of the parties to this Deed
         makes the representations and warranties set out in Schedule 1
         (Representation and Warranties) to this Deed to each of the other
         parties hereto.

21.2     COVENANTS OF THE MORTGAGES TRUSTEE: Save with the prior written consent
         of or at the direction of the Beneficiaries or as provided in or
         envisaged by this Deed and/or the other Transaction Documents, the
         Mortgages Trustee shall not, so long as it is acting as Mortgages
         Trustee hereunder:

         (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) or (to the extent that it is
                within the control of the Mortgages Trustee) upon the whole or
                any part of the Trust Property;

         (b)    Disposal: transfer, sell, lend, part with or otherwise dispose
                of, or deal with, or grant any option or present or future right
                to acquire any of its assets or undertakings or (to the extent
                that it is within the control of the Mortgages Trustee) the
                Trust Property or any interest, estate, right, title or benefit
                therein or thereto or agree or attempt or purport to do so;

         (c)    Equitable Interest: knowingly permit any person other than the
                Beneficiaries to have any equitable interest in any of its
                assets or undertakings or (to the extent that it is within the
                control of the Mortgages Trustee) the Trust Property or any
                interest, estate, right, title or benefit therein;

         (d)    Bank Accounts: have an interest in any bank account, other than
                as set out in the Transaction Documents.

         (e)    Restrictions on Activities: carry on any business other than as
                described in this Deed and the Transaction Documents;

         (f)    Borrowings: incur any indebtedness in respect of borrowed money
                whatsoever or give any guarantee or indemnity in respect of any
                such indebtedness;

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

         (h)    Premises or Employees: have any premises or employees or
                subsidiaries; or

         (i)    Further shares: issue any further shares;

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         (j)    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 or deemed to be engaged in a trade or business
                within the United States as determined under United States tax
                principles.

22.      POWER TO DELEGATE

22.1     POWER TO DELEGATE: Subject to Clause 22.2 (No further appointments),
         the Mortgages Trustee may (notwithstanding any rule of law or equity to
         the contrary) delegate (revocably or irrevocably and for a limited or
         unlimited period of time) the performance of all or any of its
         obligations and the exercise of all or any of its powers under this
         Deed or imposed or conferred on it by law or otherwise to any person or
         body of persons fluctuating in number selected by it and any such
         delegation may be by power of attorney or in such other manner as the
         Mortgages Trustee may think fit and may be made upon such terms and
         conditions (including the power to sub-delegate) as the Mortgages
         Trustee may think fit.

22.2     NO FURTHER APPOINTMENTS: Notwithstanding the provisions of Clause 22.1
         (Power to delegate), the Mortgages Trustee shall not appoint any agent,
         attorney or other delegate having power to act in respect of the Trust
         Property unless it is directed in writing to do so by the
         Beneficiaries. The appointment of any agent, attorney or other delegate
         hereunder above shall terminate immediately upon the occurrence of a
         Trigger Event.

23.      POWERS OF INVESTMENT

         The Mortgages Trustee may invest, and may appoint the Cash Manager to
         invest on its behalf, any amounts standing to the credit of the
         Mortgages Trustee Transaction Account in Authorised Investments. Save
         as expressly provided in this Deed, the Mortgages Trustee Guaranteed
         Investment Contract and the Bank Account Agreement, the Mortgages
         Trustee shall have no further or other powers of investment with
         respect to the Trust Property and (to the extent permitted by
         applicable law) the Trustee Act 2000 shall not nor shall any other
         provision relating to trustee powers of investment implied by statute
         or general law shall apply to the Mortgages Trust.

24.      OTHER PROVISIONS REGARDING THE MORTGAGES TRUSTEE

24.1     NO ACTION TO IMPAIR TRUST PROPERTY: Except for actions expressly
         authorised by this Deed, the Mortgages Trustee shall take no action
         reasonably likely to impair the interests of the Beneficiaries in any
         Trust Property now existing or hereafter created or to impair the value
         of any Mortgage Loan or its Related Security subject to the Mortgages
         Trust.

24.2     LITIGATION: The Mortgages Trustee must not prosecute or defend any
         legal or other proceedings anywhere in the world (at the cost of the
         Trust Property) unless it obtains legal or other advice that it is in
         the interests of the Beneficiaries to do so.

24.3     NO IMPLIED DUTIES: The duties and obligations of the Mortgages Trustee
         under the Mortgages Trust shall be determined solely by the express
         provisions of this Deed (but

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         without prejudice to the duties and obligations of the Mortgages
         Trustee under any of the other Transaction Documents). The Mortgages
         Trustee shall not be liable under this Deed except for the performance
         of such duties and obligations as shall be specifically set forth in
         this Deed. No implied covenants or obligations shall be read into this
         Deed against the Mortgages Trustee, and the permissible right of the
         Mortgages Trustee to do things set out in this Deed shall not be
         construed as a duty.

24.4     NO LIABILITY: Neither the Mortgages Trustee, Funding (in its capacity
         as a Beneficiary hereunder) nor the Seller (in its capacity as a
         Beneficiary hereunder) shall be liable to each other, in the absence of
         wilful default, gross negligence or breach of the terms of this Deed,
         in respect of any loss or damage which arises out of the exercise or
         attempted or purported exercise or failure to exercise any of their
         respective powers.

24.5     RELIANCE ON CERTIFICATES: The Mortgages Trustee may rely on and shall
         be protected in acting on, or in refraining from acting in accordance
         with, any resolution, officer's certificate, certificate of auditors or
         any other certificate, statement, instrument, opinion, report, notice,
         request, consent, order, appraisal, bond or other paper or document
         believed by it to be genuine and to have been signed or presented to it
         pursuant to the Transaction Documents by the proper party or parties.

24.6     RELIANCE ON THIRD PARTIES: The Mortgages Trustee may, in relation to
         these presents, act on the opinion or advice of or a certificate or any
         information obtained from any lawyer, banker, valuer, broker,
         accountant, financial adviser, securities dealer, merchant bank,
         computer consultant or other expert in the United Kingdom or elsewhere
         and shall not, provided that it shall not have acted fraudulently or in
         breach of any of the provisions of the Transaction Documents, be
         responsible for any loss occasioned by so acting. Any such opinion,
         advice, certificate or information may be sent or obtained by letter,
         telemessage, telex, cable or facsimile device and the Mortgages Trustee
         shall not be liable for acting 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 shall not be manifest.

24.7     MIG POLICIES: The Mortgages Trustee is not required to maintain any MIG
         Policy with the the then-current insurer and may contract for mortgage
         indemnity guarantee protection from any insurer then providing MIG
         insurance policies, subject to prior agreement with the Rating Agencies
         and confirmation that the then-current ratings by the Rating Agencies
         (or any of them) of the Notes issued by any Issuer would not be
         adversely affected.

25.      NO RETIREMENT OF MORTGAGES TRUSTEE

25.1     NO RETIREMENT: The Mortgages Trustee shall not, and shall not purport
         to, retire as the trustee of the Mortgages Trust or appoint any
         additional trustee of the Mortgages Trust and shall have no power to
         retire or appoint any additional trustee under the Trustee Act 1925 or
         otherwise.

25.2     NO  REPLACEMENT:  Neither the Seller nor Funding  shall at any time
         remove or purport to

                                       29

<PAGE>

         remove and/or replace the Mortgages Trustee as the trustee of the
         Mortgages Trust.

25.3     NO TERMINATION: Prior to the payment by Funding of all amounts owing
         under the Intercompany Loan Agreements and under the Transaction
         Documents, neither the Seller nor Funding shall at any time, except in
         accordance with the provisions of Clause 18 (Early Termination of the
         Mortgages Trust) and Clause 26 (Termination), terminate or purport to
         terminate the Mortgages Trust and, in particular, but without prejudice
         to the generality of the foregoing, the Seller and Funding shall not in
         reliance on their absolute beneficial interests in the Trust Property
         call for the transfer to them or vesting in them of the legal estate in
         all or any part of the Trust Property.

26.      TERMINATION

         Subject to Clause 18 (Early Termination of the Mortgages Trust), the
         Mortgages Trust hereby constituted shall terminate upon the date upon
         which the Trust Property is zero.

27.      FURTHER ASSURANCES

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

28.      NO PARTNERSHIP OR AGENCY

         Nothing in this Deed shall be taken to constitute or create a
         partnership between any of the parties to this Deed or to make or
         appoint the Seller the agent of Funding (or vice versa).

29.      CALCULATIONS

         In the absence of manifest error, any determination or calculation by
         or on behalf of the Mortgages Trustee in connection with the provisions
         of this Deed shall be deemed to be conclusive.

30.      CONFIDENTIALITY

30.1     GENERAL OBLIGATION OF CONFIDENTIALITY: Unless otherwise required by
         applicable law, and subject to Clause 30.2 (Exceptions) below, each of
         the parties agrees to maintain the confidentiality of this Deed in its
         communications with third parties and otherwise. None of the parties
         shall disclose to any person any information relating to the business,
         finances or other matters of a confidential nature of or relating to
         any other party to this Deed or any of the Transaction Documents which
         it may have obtained as a result of having entered into this Deed or
         otherwise.

30.2     EXCEPTIONS: The provisions of Clause 30.1 (General Obligation of
         Confidentiality) above shall not apply:

                                       30

<PAGE>

         (a)    to the disclosure of any information to any person who is a
                party to any of the Transaction Documents as expressly permitted
                by the Transaction Documents;

         (b)    to the disclosure of any information which is or becomes public
                knowledge otherwise than as a result of the wrongful conduct of
                the recipient;

         (c)    to the extent that the recipient is required to disclose the
                same pursuant to any law or order of any court or pursuant to
                any direction or requirement (whether or not having the force of
                law) of any central bank or any governmental or other regulatory
                or Taxation authority;

         (d)    to the disclosure of any information to professional advisers
                who receive the same under a duty of confidentiality;

         (e)    to the disclosure of any information with the consent of the
                parties hereto;

         (f)    to the disclosure to the Rating Agencies or any of them of such
                information as may be requested by any of them for the purposes
                of setting or reviewing the rating assigned to the Notes (or any
                of them), provided that no information which would disclose the
                identity of a Borrower shall be disclosed to the Rating Agencies
                or any of them;

         (g)    to the disclosure of any information disclosed to a prospective
                assignee of Funding (provided that it is disclosed on the basis
                that the recipient will hold it confidential); or

         (h)    to any disclosure for the purposes of collecting in or enforcing
                the Trust Property or any of it.

31.      PERPETUITY PERIOD

         The perpetuity period for the purposes of this Mortgages Trust Deed
         shall be the period of 80 years commencing on the date hereof.

32.      NON PETITION COVENANT; LIMITED RECOURSE

32.1     NON PETITION COVENANT: Each of the parties hereto hereby agrees that it
         shall not institute against either Funding or the Mortgages Trustee any
         winding-up, administration, insolvency or similar proceedings so long
         as any sum is outstanding under any Intercompany Loan Agreement of any
         Issuer or for two years plus one day since the last day on which any
         such sum was outstanding.

32.2     LIMITED RECOURSE:  Each of the parties hereto agrees that:

         (a)    in relation to the Mortgages Trustee, any amount payable by the
                Mortgages Trustee to any other party to this Deed under this
                Deed not being an amount payable out of the Trust Property in
                accordance with the terms of this Deed shall only be payable to
                the

                                       31

<PAGE>

                extent that on that date the Mortgages Trustee has sufficient
                funds to pay such amount out of fees paid to it under this Deed;
                and

         (b)    in relation to Funding:

                (i)   only the Security Trustee may enforce the security created
                      in favour of the Security Trustee under the Funding Deed
                      of Charge in accordance with the provisions thereof;

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

                (iii) it shall not take any steps for the purpose of recovering
                      any amount payable by Funding or enforcing any rights
                      arising out of this Deed against Funding otherwise than in
                      accordance with the Funding Deed of Charge.

32.3     CORPORATE OBLIGATIONS: To the extent permitted by law, no recourse
         under any obligation, covenant, or agreement of any person contained in
         this Deed 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 Deed 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 Deed, 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 Deed.

33.      AMENDMENTS AND WAIVER

33.1     ENTIRE AGREEMENT: This Deed sets out the entire agreement and
         understanding between the parties with respect to the subject matter of
         this Deed superseding all prior oral or written understandings other
         than the other Transaction Documents.

33.2     AMENDMENTS AND WAIVER: No amendment or waiver of any provision of this
         Deed nor consent to any departure by any of the parties therefrom shall
         in any event be effective unless

                                       32

<PAGE>

         the same shall be in writing and signed by each of the parties hereto.
         In the case of a waiver or consent, such waiver or consent shall be
         effective only in the specific instance and as against the party or
         parties giving it for the specific purpose for which it is given.

33.3     RIGHTS CUMULATIVE: The respective rights of each of the parties to this
         Deed are cumulative and may be exercised as often as they consider
         appropriate. No failure on the part of any party 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 Deed are cumulative and not exclusive
         of any remedies provided by law.

34.      NOTICES

         Any notices or other communication or document to be given or delivered
         pursuant to this Deed 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 Seller, 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 Mortgages Trustee, to Granite Finance
                Trustees Limited, 22 Grenville Street, St. Helier, Jersey JE4
                8PX, Channel Islands (facsimile number 01534-609333) for the
                attention of the Company Secretary (with a copy to the Seller in
                accordance with (a) above);

         (c)    in the case of Funding, to Granite Finance Funding Limited, 4th
                Floor, 35 New Bridge Street, Blackfriars, London EC4V 6BW
                (facsimile number 020 7332 6199) for the attention of the
                Company Secretary (with a copy to the Seller in accordance with
                (a) above);

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

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

         (f)    in the case of Moody's, to Moody's, 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 (with a copy to the Seller in accordance with (a)
                above);

                                       33

<PAGE>

         (g)    in the case of Standard & Poor's, to Standard & Poor's, Garden
                House, 18 Finsbury Circus, London EC2M 7NJ (facsimile number 020
                7826 3598) for the attention of Structured Finance Surveillance
                Group (with a copy to the Seller in accordance with (a) above),

         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 34.

35.      THIRD PARTY RIGHTS

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

36.      EXECUTION IN COUNTERPARTS; SEVERABILITY

36.1     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.

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

37.      GOVERNING LAW AND SUBMISSION TO JURISDICTION

37.1     GOVERNING LAW:  This Deed is governed by, and shall be construed in
         accordance with, English law.

37.2     SUBMISSION TO 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 Deed and, for such
         purposes, irrevocably submits to the jurisdiction of such courts.

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

37.4     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.

                                       34

<PAGE>

                                   SCHEDULE 1

                         REPRESENTATIONS AND WARRANTIES

1.       STATUS: It is duly incorporated and registered under the laws of the
         jurisdiction in which it is incorporated, capable of being sued in its
         own right and not subject to any immunity from any proceedings, and it
         has the power to own its property and assets and to carry on its
         business as it is being conducted.

2.       POWERS AND AUTHORITY: It has the power to enter into, perform and
         deliver, and has taken all necessary corporate and other action to
         authorise the execution, delivery and performance by it of each of the
         Transaction Documents to which it is or will be a party, and each such
         Transaction Document has been duly executed and delivered by it.

3.       LEGAL VALIDITY: Each Transaction Document to which it is or will be a
         party constitutes or when executed in accordance with its terms will
         constitute its legal, valid and binding obligation.

4.       NON-CONFLICT: The execution by it of each of the Transaction Documents
         to which it is a party and the exercise by it of its rights and the
         performance of its obligations under such Transaction Documents will
         not:

         (a)    conflict with any document which is binding upon it or any of
                its assets;

         (b)    conflict with its constitutional documents; or

         (c)    conflict with any law, regulation or official or judicial order
                of any government, governmental body or court, domestic or
                foreign, having jurisdiction over it.

5.       NO LITIGATION: It is not a party to any material litigation,
         arbitration or administrative proceedings and, to its knowledge, no
         material litigation, arbitration or administrative proceedings are
         pending or threatened against it.

6.       CONSENTS AND LICENCES: All governmental consents, licences and other
         approvals and authorisations required in connection with the entry
         into, performance, validity and enforceability of, and the transactions
         contemplated by, the Transaction Documents have been obtained or
         effected (as appropriate) and are in full force and effect.

                                       35EXHIBIT 4.4
                                                               EXECUTION VERSION

                            DATED 23 SEPTEMBER, 2002

                           GRANITE MORTGAGES 02-2 PLC
                                as Current Issuer

                                     - AND -

                              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
                              REF: 30507-13/546941

<PAGE>

                                    CONTENTS

CLAUSE                                                                  PAGE NO.

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..........................................................13

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

9.       Receiver.............................................................18

10.      Further Assurance and Power of Attorney..............................22

11.      Crystallisation......................................................23

12.      Provisions relating to the Security..................................24

13.      Protection of Third Parties..........................................25

14.      Set-Off..............................................................26

15.      Representations and Covenants........................................26

16.      Note Trustee Provisions..............................................31

17.      Modification and Waiver..............................................32

18.      Miscellaneous Provisions.............................................33

19.      Rights cumulative....................................................34

20.      Assignment...........................................................35

21.      Non Petition Covenant; Corporate Obligations.........................35

22.      Notices..............................................................35

23.      Third Party Rights...................................................37

24.      Execution in Counterparts; Severability..............................37

25.      Governing Law and Jurisdiction; Appropriate Forum....................37

SCHEDULE 1  FORM OF SECURITY POWER OF ATTORNEY................................38

SCHEDULE 2  CURRENT ISSUER POST-ENFORCEMENT PRIORITY OF PAYMENTS..............41

SCHEDULE 3  FORM OF NOTICE OF ASSIGNMENT......................................45

<PAGE>

THIS DEED OF CHARGE is made on 23 September, 2002

BETWEEN:

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

(2)     THE BANK OF NEW YORK, a New York banking corporation whose London branch
        address is at One Canada Square, 48th Floor, 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)    CDC IXIS CAPITAL MARKETS, a company incorporated in France and
        registered in the Trade and Companies Register under number Paris B 340
        706 407 acting through its branch at Cannon Bridge, 25 Dowgate Hill,
        London EC4R 2GN in its capacity as Dollar Currency Swap Provider;

(12)    CDC IXIS CAPITAL MARKETS, a company incorporated in France and
        registered in the Trade and Companies Register under number Paris B 340
        706 407 acting through its branch at

                                       1
<PAGE>

        Cannon Bridge, 25 Dowgate Hill, London EC4R 2GN in its capacity as Euro
        Currency Swap Provider;

(13)    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.

(I)     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.

(J)     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.

(K)     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

                                       2
<PAGE>

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
                Third Amendment Deed made on 23 September, 2002 between, among
                others, the Seller, Funding and the Mortgages Trustee, and

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

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

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

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

                                       3
<PAGE>

                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 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 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

                                       4
<PAGE>

                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.

3.2     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; and

                (xiii)  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

                                       5
<PAGE>

                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.

        (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; and

                (xiii)  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

                                       6
<PAGE>

                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.

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; and

        (b)     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 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 and the proceeds of any of the foregoing, TO HOLD the
        same unto the Note Trustee absolutely.

3.4     AUTHORISED INVESTMENTS: 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 any Authorised
        Investment purchased using monies standing to the credit of any Current
        Issuer Bank Account for the time being owned by it and all rights in
        respect of or ancillary to such Authorised Investments, including the
        right to income 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.

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) (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

                                       7
<PAGE>

        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.

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

                                       8
<PAGE>

                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: 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 charged pursuant to Clause 3.4
        (Authorised Investments), 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,
        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, subject to and in
        accordance with the provisions of this Current Issuer Deed of Charge and
        the Current Issuer Transaction Documents.

                                       9
<PAGE>

4.3     WITHDRAWALS FROM CURRENT ISSUER BANK 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. Any amount so withdrawn shall be released from the
        Security Interests (including the Jersey Security Interests) created
        under this Current Issuer Deed of Charge provided that such amount 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: 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 the Current Issuer Bank Accounts shall
        from time to time be credited with all amounts received by the Current
        Issuer under or in respect of the Current Issuer Transaction Documents,
        including without limitation the following payments:

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

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

        (c)     amounts received by the Current Issuer from the Basis Rate Swap
                Provider under the Current Issuer Basis Rate Swap Agreement;

        (d)     amounts received by the Current Issuer from the Dollar Currency
                Swap Provider under the Current Issuer Dollar Currency Swap
                Agreements;

        (e)     amounts received by the Current Issuer from the Euro Currency
                Swap Provider under the Current Issuer Euro Currency Swap
                Agreements;

                                       10
<PAGE>

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

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

        (h)     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.

6.2     NO WITHDRAWAL FROM CURRENT ISSUER BANK 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
        any monies 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.

6.3     PERMITTED WITHDRAWALS FROM CURRENT ISSUER BANK 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 may only be withdrawn in accordance with this Clause
                6.3 (Permitted Withdrawals from Current Issuer Bank Accounts;
                Authorised Investments) 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 (Permitted Withdrawals
                from Current Issuer Bank Accounts; Authorised Investments),
                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 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.

                                       11
<PAGE>

6.4     CURRENT ISSUER PRE-ENFORCEMENT REVENUE 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 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 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

                                       12
<PAGE>

                winding-up, dissolution or reorganisation of, or the institution
                of insolvency proceedings against, the Current Issuer or for the
                appointment of a receiver, administrator, liquidator or similar
                officer of the Current Issuer in respect of any or all of its
                revenues and assets,

        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 serve a Current
                        Issuer Note Enforcement Notice and/or, 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

                                       13
<PAGE>

        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 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 6
                        (Enforcement) and Clause 7 (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

                                       14
<PAGE>

                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 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

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<PAGE>

        (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 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.

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 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 not previously distributed
        and/or standing to the credit of any Current Issuer Bank Account shall
        (if not already received by the Note Trustee) be paid to and held by

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<PAGE>

        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.

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

                                       17
<PAGE>

                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);

        (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

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<PAGE>

        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) 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

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<PAGE>

                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 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;

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<PAGE>

        (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 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    PETITION FOR ADMINISTRATION: Upon receipt of notice of a petition to a
        court of competent jurisdiction for an administration order 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 the Note Trustee shall instruct the Receiver to
        attend at the hearing of the 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.

                                       21
<PAGE>

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).

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

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<PAGE>

        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 charges 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 charges 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.

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 the making of an
                        administration order 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;

                                       23
<PAGE>

                (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.

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

        (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

                                       24
<PAGE>

        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 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).

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

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        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.

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.

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<PAGE>

        (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;

        (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;

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<PAGE>

        (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 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

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<PAGE>

                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
                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;

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<PAGE>

        (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 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

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<PAGE>

                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
        the Basis Rate Swap Provider, the Dollar Currency Swap Provider and the
        Euro Currency Swap Provider 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 the Basis Rate Swap Provider, the Dollar Currency Swap
        Provider or the Euro Currency Swap Provider without the prior written
        consent of the Basis Rate Swap Provider, the Dollar Currency Swap
        Provider or the Euro Currency Swap Provider (as the case may be) 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 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.

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<PAGE>

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 this
                indemnity 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 manifest 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

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        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.

18.     MISCELLANEOUS PROVISIONS

18.1    EVIDENCE OF INDEBTEDNESS: In any action, proceedings or claim relating
        to this Current Issuer

                                       33
<PAGE>

        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.

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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 02-2
                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, One
                Canada Square, 48th Floor, London E14 5AL, attention Corporate
                Trust (Global Structured Finance) (facsimile number 020 7964
                6399);

                                       35
<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 to CDC IXIS
                Capital Markets, Cannon Bridge, 25 Dowgate Hill, London EC4R 2GN
                (facsimile number 0207 648 6901) for the attention of Guillaume
                Barrier (Head of Strategic Credit) and Brett Townsend/John
                Powell (Derivative Sales) with a copy to CDC IXIS Capital
                Markets, 56, rue de Lille, 75356 Paris, France (facsimile number
                33 1 4049 1301) for the attention of Emmanuel Baud (Joint Head
                of Derivative Products BO) and Sophie Gallouin (Head of
                Derivative Products BO);

        (h)     in the case of the Euro Currency Swap Provider to CDC IXIS
                Capital Markets, Cannon Bridge, 25 Dowgate Hill, London EC4R 2GN
                (facsimile number 0207 648 6901) for the attention of Guillaume
                Barrier (Head of Strategic Credit) and Brett Townsend/John
                Powell (Derivative Sales) with a copy to CDC IXIS Capital
                Markets, 56, rue de Lille, 75356 Paris, France (facsimile number
                33 1 4049 1301) for the attention of Emmanuel Baud (Joint Head
                of Derivative Products BO) and Sophie Gallouin (Head of
                Derivative Products BO);

        (i)     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;

        (j)     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;

        (k)     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

        (l)     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,

                                       36
<PAGE>

        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 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.

                                       37
<PAGE>

                                   SCHEDULE 1

                       FORM OF SECURITY POWER OF ATTORNEY

THIS POWER OF ATTORNEY is made on [o] September, 2002 by Granite Mortgages 02-2
plc (registered number [o]) 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] September,
        2002 between Granite Mortgages 02-2 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
        steps referred

                                       38
<PAGE>

        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.

                                       39
<PAGE>

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 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 02-2 PLC                                         )
acting by:                                                         )

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

Name:

Title:

---------------------------------
Director/Secretary

Name:

Title:

                                       40
<PAGE>

                                   SCHEDULE 2

              CURRENT ISSUER POST-ENFORCEMENT PRIORITY OF PAYMENTS

Following enforcement of the 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 between 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 between 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 between 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 made to 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
                        made to the Current Issuer following a Downgrade
                        Termination Event in respect of the Series 1 Class A1
                        Dollar Currency Swap and applied in accordance with this

                                       41
<PAGE>

                        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
                        made to 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 A Euro Currency Swap Provider
                        under the Series 2 Class A 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 made to the
                        Current Issuer following a Downgrade Termination Event
                        in respect of the Series 2 Class A Euro Currency Swap
                        and applied in accordance with this order of priority of
                        payments) and from amounts received from the Series 2
                        Class A Euro Currency Swap Provider to pay interest due
                        or overdue and to repay principal on the Series 2 Class
                        A Notes until the Series 2 Class A Notes have been
                        repaid in full; and

                (v)     interest due or overdue and to repay principal on the
                        Series 3 Class A Notes until those notes have been
                        repaid in full;

        (E)     fifth, in no order of priority between 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 made to 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

                                       42
<PAGE>

                        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 made to 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 on the
                        Series 3 Class B Notes until those notes have been
                        repaid in full;

        (F)     sixth, in no order of priority between 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 made to 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 made to 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

                                       43
<PAGE>

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

        (G)     seventh, in no order of priority between 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

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

                                       44
<PAGE>

                                   SCHEDULE 3

                          FORM OF NOTICE OF ASSIGNMENT

To:      [Addressee(s)]

GRANITE MORTGAGES 02-2 PLC - ASSIGNMENT OF RIGHTS UNDER CURRENT ISSUER
TRANSACTION DOCUMENTS

                                                             [o] September, 2002

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 02-2 plc (the
"CURRENT ISSUER"), The Bank of New York (the "NOTE TRUSTEE") and others dated
[o] September, 2002.

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:

        (i)     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

        (ii)    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.

                                       45
<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:

        (b)     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

        (c)     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 02-2 PLC                                         )
by:                                                                )

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

Name:

Title:

                                       46
<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:

                                       47
<PAGE>

                                 EXECUTION PAGE

THE CURRENT ISSUER

EXECUTED AS A DEED by                                              )
GRANITE MORTGAGES 02-2 PLC                                         )
acting by:                                                         )

Name:  CARL FLINN
Title:  ALTERNATE DIRECTOR

Name:
Representing LDC SECURITISATION DIRECTOR NO. 1 LIMITED
Title:  DIRECTOR

THE NOTE TRUSTEE

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

Name: KATE RUSSELL

Title: ASSISTANT VICE PRESIDENT

THE PRINCIPAL PAYING AGENT, THE AGENT BANK,
THE REGISTRAR, THE TRANSFER AGENT AND THE ACCOUNT BANK

EXECUTED AS A DEED for and on behalf of                            )
CITIBANK, N.A.                                                     )
by:                                                                )

Name: DAVID MARES

Title: VICE PRESIDENT

                                       48
<PAGE>

THE US PAYING AGENT

EXECUTED AS A DEED for and on behalf of                            )
CITIBANK, N.A.                                                     )
by:                                                                )

Name: DAVID MARES

Title: VICE PRESIDENT

THE CURRENT ISSUER CASH MANAGER AND THE BASIS RATE SWAP PROVIDER

EXECUTED AS A DEED by                                              )
                                                                   )
                                                                   )
                                                                   )
as attorney for                                                    )
NORTHERN ROCK PLC                                                  )
in the presence of:                                                )

Witness Signature:

Name of Witness:

Occupation:

Address:

THE CORPORATE SERVICE PROVIDER

EXECUTED AS A DEED by                                              )
LAW DEBENTURE CORPORATE                                            )
SERVICES LIMITED                                                   )
acting by:

Name:

Title:

Name:

Title:

                                       49
<PAGE>

THE DOLLAR CURRENCY SWAP PROVIDER

EXECUTED AS A DEED by                                              )
                                                                   )
                                                                   )

as attorney for
CDC IXIS CAPITAL MARKETS
in the presence of :

Witness Signature:

Name of Witness:

Occupation:

Address:  1 Threadneedle Street
          London EC2R 8AW

EXECUTED AS A DEED by                                              )
                                                                   )
                                                                   )

as attorney for
CDC IXIS CAPITAL MARKETS
in the presence of :

Witness Signature:

Name of Witness:

Occupation:

Address:  1 Threadneedle Street
          London EC2R 8AW

                                       50
<PAGE>

THE EURO CURRENCY SWAP PROVIDER

EXECUTED AS A DEED by                                              )
                                                                   )
                                                                   )

CDC IXIS CAPITAL MARKETS in the presence of:

Witness Signature:

Name of Witness:

Occupation:

Address:  1 Threadneedle Street
          London EC2R 8AW

EXECUTED AS A DEED by                                              )
                                                                   )
                                                                   )

CDC IXIS CAPITAL MARKETS in the presence of:

Witness Signature:

Name of Witness:

Occupation:

Address:  1 Threadneedle Street
          London EC2R 8AW

                                       51

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]