Document:

EXHIBIT 4.1

                     GRACECHURCH RECEIVABLES TRUSTEE LIMITED

                             As Receivables Trustee

                                       AND

                                BARCLAYS BANK PLC

  As Trust Cash Manager, Transferor Beneficiary and Excess Interest Beneficiary

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

                       DECLARATION OF TRUST AND TRUST CASH
                              MANAGEMENT AGREEMENT

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

                                CLIFFORD CHANCE

<PAGE>

<TABLE>

                                                             CONTENTS
<CAPTION>

CLAUSE                                                                                                                PAGE
------                                                                                                                ----
<S>     <C>                                                                                                             <C>
PART 1 ..................................................................................................................3

1.      Definitions......................................................................................................3
        1.1      Definitions.............................................................................................3
        1.2      Other Definitional Provisions...........................................................................3

PART 2 ..................................................................................................................5

2.      Declaration Of Trust.............................................................................................5
        2.1      Declaration Of Trust....................................................................................5
        2.2      Application Of Trust Property...........................................................................5

3.      Rights Of Beneficiaries..........................................................................................6
        3.1      Undivided Interest And Other Interests In Trust Property................................................6
        3.2      Rights Of Beneficiaries.................................................................................6
        3.3      Allocation Of Investor Cash Available For Acquisition To Transferor Interest............................7
        3.4      Non-Petition Undertaking Of Beneficiaries...............................................................8
        3.5      The Trust Certificates..................................................................................8
        3.6      The Trust Certificate Register..........................................................................8
        3.7      Disposals Of Beneficial Entitlement.....................................................................9

4.      Additional Beneficiaries And Tender Of Trust Certificates.......................................................11
        4.1      Acquisitions And Additional Beneficiaries..............................................................11
        4.2      Exchange Of Certificates...............................................................................11
        4.3      Supplements............................................................................................13
        4.4      Allocation Of Amounts Paid Pursuant To An Acquisition..................................................16
        4.5      Accession Of Additional Transferor As Transferor Beneficiary...........................................16

5.      Allocation And Application Of Collections.......................................................................18
        5.1      Establishment Of Trust Accounts........................................................................18
        5.2      Collections And Allocations............................................................................21
        5.3      Adjustments............................................................................................26

6.      Pay Out Events..................................................................................................30
        6.1      Trust Pay Out Events...................................................................................30
        6.2      Series Pay Out Events..................................................................................31
        6.3      Additional Rights Upon The Occurrence Of Certain Events................................................31

PART 3 .................................................................................................................34

7.      The Receivables Trustee.........................................................................................34
        7.1      Duties Of The Receivables Trustee......................................................................34
        7.2      Certain Matters Affecting The Receivables Trustee......................................................35
        7.3      Receivables Trustee Not Liable For Validity Or Sufficiency.............................................37
        7.4      Resignation Or Removal Of The Receivables Trustee......................................................37
        7.5      Successor Receivables Trustee..........................................................................38
        7.6      Appointment Of Co-Receivables Trustee Or Separate Receivables Trustee..................................38
        7.7      Tax Returns............................................................................................40

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

CLAUSE                                                                                                                PAGE
------                                                                                                                ----
<S>     <C>                                                                                                             <C>
        7.8      Receivables Trustee May Enforce Claims Without Beneficiaries...........................................40
        7.9      Suits For Enforcement..................................................................................40
        7.10     Consideration Of The Interests Of The Beneficiaries....................................................41
        7.11     Rights Of Investor Beneficiaries To Direct The Receivables Trustee.....................................41
        7.12     Representations And Warranties Of The Receivables Trustee..............................................41
        7.13     Covenants By The Receivables Trustee...................................................................42
        7.14     Supplement To Trustee Act 1925.........................................................................43
        7.15     Fees, Costs And Expenses Of The Receivables Trustee....................................................43
        7.16     Trustee Fee............................................................................................44
        7.17     Limitation.............................................................................................44
        7.18     Disclosure Of Information..............................................................................44

8.      Termination Of The Receivables Trust And Perpetuity.............................................................45
        8.1      Termination Of The Receivables Trust...................................................................45
        8.2      Termination Rights Of Transferor Beneficiaries.........................................................45
        8.3      Perpetuity Period......................................................................................45

PART 4 .................................................................................................................46

9.      Trust Cash Management Functions.................................................................................46
        9.1      Acceptance Of Appointment And Other Matters Relating To The Trust Cash Manager.........................46
        9.2      Trust Cash Management Fees.............................................................................48
        9.3      Representations And Warranties Of The Trust Cash Manager And Co-Trust Cash Managers....................49
        9.4      Compliance With Requirements Of Law....................................................................50
        9.5      Reports And Records For The Receivables Trustee........................................................50
        9.6      Annual Trust Cash Manager's Report.....................................................................53
        9.7      Notices To Barclays Bank Plc...........................................................................53

10.     Other Matters Relating To The Trust Cash Manager And Any Co-Trust Cash Manager..................................54
        10.1     Liability Of The Trust Cash Manager And Any Co-Trust Cash Manager......................................54
        10.2     Merger Or Consolidation Of, Or Assumption Of The Obligations Of, The Trust Cash Manager
                   Or Any Co-Trust Cash Manager.........................................................................54
        10.3     Limitation On Liability Of The Trust Cash Manager, Any Co-Trust Cash Manager And Others................54
        10.4     Trust Cash Manager And Co-Trust Cash Manager Indemnification Of The Receivables Trust And The
                   Receivables Trustee..................................................................................55
        10.5     The Trust Cash Manager And Any Co-Trust Cash Manager Not To Resign.....................................56
        10.6     Delegation Of Duties...................................................................................56

11.     Trust Cash Manager Defaults.....................................................................................57
        11.1     Trust Cash Manager Defaults............................................................................57
        11.2     Effect Of Termination Notice...........................................................................58
        11.3     Receivables Trustee To Act; Appointment Of Successor...................................................59
        11.4     Notification Of Trust Cash Manager Default.............................................................61
        11.5     Waiver Of Past Defaults................................................................................61

PART 5 .................................................................................................................62

12.     Miscellaneous Provisions........................................................................................62
        12.1     Acknowledgement Regarding Payments.....................................................................62
        12.2     Additional Transferor Payments.........................................................................62
        12.3     Amendment..............................................................................................62
        12.4     Governing Law And Jurisdiction.........................................................................63

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

CLAUSE                                                                                                                PAGE
------                                                                                                                ----
<S>     <C>                                                                                                             <C>
        12.5     Notices................................................................................................64
        12.6     Severability Of Provisions.............................................................................65
        12.7     Assignment.............................................................................................65
        12.8     Further Assurances.....................................................................................65
        12.9     No Waiver; Cumulative Remedies.........................................................................65
        12.10    Counterparts...........................................................................................65
        12.11    Third Party Beneficiaries..............................................................................65
        12.12    Actions By Beneficiaries...............................................................................66
        12.13    Voting By Investor Beneficiaries.......................................................................66
        12.14    Merger And Integration.................................................................................66
        12.15    Headings...............................................................................................66

Schedule 1       GENERAL PRINCIPLES RELATING TO CALCULATIONS AND APPLICATIONS...........................................67

Schedule 2       FORM OF DEFAULTED ACCOUNTS INSTRUCTION NOTICE..........................................................72

EXHIBIT A...............................................................................................................73

EXHIBIT B...............................................................................................................76

EXHIBIT C...............................................................................................................79

</TABLE>

<PAGE>

            DECLARATION OF TRUST AND TRUST CASH MANAGEMENT AGREEMENT

            (AS AMENDED AND RESTATED PURSUANT TO A DEED OF AMENDMENT
                     AND RESTATEMENT DATED 23 NOVEMBER 1999)

BETWEEN:

(1)   GRACECHURCH RECEIVABLES TRUSTEE LIMITED, a company incorporated in Jersey
      having its registered office at Normandy House, Grenville Street, St.
      Helier, Jersey JE2 4UF, Channel Islands (the "RECEIVABLES TRUSTEE");

(2)   BARCLAYS BANK PLC, an institution authorised under the Banking Act 1987,
      acting through its business unit "Barclaycard", having its principal place
      of business at 1234 Pavillion Drive, Northampton NN4 7SG (in its
      capacities as "TRUST CASH MANAGER", "TRANSFEROR BENEFICIARY" and "EXCESS
      INTEREST BENEFICIARY" of the Receivables Trust).

WHEREAS:

(A)   The Transferor is the legal owner of the Receivables (which terms and
      certain other capitalised terms used in these recitals bear the meaning
      given to them in Article I below).

(B)   Pursuant to the terms and subject to the conditions of the RSA the
      Transferor and any nominated subsidiary thereof which accedes to the RSA
      as an Additional Transferor may from time to time offer to sell by way of
      assignment (without notice to Obligors except following a Notification
      Event, which assignment shall, pending the giving of such notice, take
      effect in equity only) all Receivables arising on Designated Accounts
      (being Receivables and Designated Accounts in existence on the date of
      such offer and Receivables and Designated Accounts arising thereafter) to
      the Receivables Trustee.

(C)   On 1 November 1999 the Receivables Trustee entered into a declaration of
      trust on the terms set out therein.

(D)   The Receivables Trustee, as of the date hereof, has entered into a deed of
      amendment and restatement pursuant to which the terms of the foregoing
      declaration of trust have been amended, supplemented and restated as
      provided in this Deed.

(E)   The Receivables Trust is established primarily for the purpose of enabling
      the Receivables Trustee to: (i) provide financial investments (in debts)
      to existing and prospective Beneficiaries by granting beneficial interests
      to them under the Receivables Trust (and issuing Trust Certificates to
      them to evidence the same); and (ii) receive amounts paid by Obligors in
      respect of Receivables and transfer such amounts as appropriate and pay
      such amounts to the Beneficiaries in the proportions that they have agreed
      (as set out herein and in any related Supplement) and the Receivables
      Trustee has entered into a declaration of trust on the terms set out
      herein in order to place itself in a position to grant such interests and
      effect such receipts, transfers and payments.

(F)   Under the terms of this Deed and any related Supplement, each Beneficiary
      will acquire an interest under the Receivables Trust by making payments to
      the Receivables Trustee, upon the terms and subject to the conditions
      hereof, and of any related Supplement.

<PAGE>

(G)   The Trust Cash Manager has agreed, upon the terms and subject to the
      conditions hereof, to act as Trust Cash Manager in connection with the
      Receivables from time to time assigned to the Receivables Trustee.

NOW IT IS HEREBY AGREED as follows:

<PAGE>

                                     PART 1

                                 INTERPRETATION

1.    DEFINITIONS

1.1   DEFINITIONS

Whenever used in this Deed, the words and phrases defined in the Master
Definitions Schedule dated 23 November 1999 and signed by the parties hereto
shall, unless otherwise defined herein or the context requires otherwise, bear
the same meanings herein (including the recitals hereto).

1.2   OTHER DEFINITIONAL PROVISIONS

(a)   All terms defined in this Deed or any Supplement shall have the defined
      meanings when used in any certificate or other document made or delivered
      pursuant hereto unless otherwise defined therein.

(b)   As used herein and in any certificate or other document made or delivered
      pursuant hereto or thereto, accounting terms not defined in Clause 1.1,
      and accounting terms partially defined in Clause 1.1 to the extent not
      defined, shall have the respective meanings given to them under generally
      accepted accounting principles in the United Kingdom. To the extent that
      the definitions of accounting terms herein are inconsistent with the
      meanings of such terms under generally accepted accounting principles in
      the United Kingdom, the definitions contained herein shall prevail.

(c)   The agreements, representations and warranties of Barclays Bank PLC in
      this Deed and any Supplement in each of its capacities as Transferor,
      Transferor Beneficiary, Excess Interest Beneficiary and Trust Cash Manager
      shall be deemed to be the agreements, representations and warranties of
      Barclays Bank PLC solely in each such capacity for so long as Barclays
      Bank PLC acts in each such capacity under this Deed.

(d)   The words "hereof", "herein" and "hereunder" and words of similar import
      when used in this Deed shall refer to this Deed and any Supplement as a
      whole and not to any particular provision of this Deed or any Supplement;
      and Clause, paragraph, Schedule and Exhibit references contained in this
      Deed or any Supplement are references to clauses, paragraphs, schedules
      and exhibits of this Deed or any Supplement unless otherwise specified.

(e)   A time of day (including opening or closing of business) shall be
      construed as a reference to London time unless specified otherwise.

(f)

      (i)   Save where the context otherwise requires, all sums payable by any
            party to any other party pursuant hereto are inclusive of any VAT
            which is chargeable on the supply or supplies for which such sums
            (or any part thereof) are the whole or part of the consideration for
            VAT purposes and section 89 of the Value Added Tax Act 1994 shall
            not apply to affect the amount of such sums.

      (ii)  Any reference herein to any fee, cost, disbursement, expense or
            liability incurred by any party and in respect of which such party
            is to be reimbursed (or indemnified) by any other person or the
            amount of which is to be taken into

<PAGE>

            account in any calculation or computation shall, save where the
            context otherwise requires, include a reference to such part of such
            cost or expense as represents VAT.

(g)   All references herein to any provision of any statute shall be construed
      so as to include any statutory modification or re-enactment thereof or any
      statutory instrument, order or regulation made thereunder or under such
      modification or re-enactment.

(h)   Save where the contrary is indicated, any reference in this Deed or any
      Supplement to this Deed or any other agreement or document shall be
      construed as a reference to this Deed or any Supplement or, as the case
      may be, such other agreement or document as the same may have been, or may
      from time to time be, amended, varied, novated or supplemented.

(i)   In this Deed a "subsidiary" of a company or corporation shall be construed
      as a reference to any company or corporation:

      (i)   which is controlled, directly or indirectly, by the first-mentioned
            company or corporation;

      (ii)  more than half the issued share capital of which is beneficially
            owned, directly or indirectly, by the first-mentioned company or
            corporation; or

      (iii) which is a subsidiary of another subsidiary of the first-mentioned
            company or corporation

      and, for these purposes, a company or corporation shall be treated as
      being controlled by another if that other company or corporation is able
      to direct its affairs and/or to control the composition of its board of
      directors or equivalent body.

(j)   In this Deed:

      (i)   references, in relation to any person, to where it "belongs" for VAT
            purposes are references to where it belongs for the purposes of
            section 9 of the Value Added Tax Act 1994 in relation to both
            services to be supplied by and services to be supplied to such
            person in connection with the transactions contemplated by the
            Relevant Documents; and

      (ii)  references in the context of VAT to "member states of the European
            Union" and "the European Union" shall be construed as references to
            "member States" and "the territory of the Community" as such terms
            are used in the Value Added Tax Act 1994 and legislation
            supplemental thereto.

<PAGE>

                                     PART 2

                   DECLARATION OF TRUST AND OPERATION OF TRUST

2.    DECLARATION OF TRUST

2.1   DECLARATION OF TRUST

The Receivables Trustee hereby declares that it shall hold all Trust Property
absolutely upon the trusts herein contained (and for the purposes referred to in
this Clause 2.1) for the Transferor Beneficiary and the Excess Interest
Beneficiary as the initial Beneficiaries and for each nominated subsidiary of
the Transferor Beneficiary and the Excess Interest Beneficiary which accedes
from time to time to the RSA as an Additional Transferor and for each other
person that becomes a Beneficiary pursuant to Clause 4 and shall hold the Trust
Property for the purpose of receiving amounts arising therefrom and transferring
and distributing such amounts in accordance with the provisions hereof as such
provisions may be amended, supplemented or varied from time to time in the
manner provided herein. The Beneficiaries acknowledge that any other duties of
the Receivables Trustee as set out herein and in any of the Relevant Documents
shall be incidental and ancillary to the foregoing and to the granting of
interests by the Receivables Trustee to the Beneficiaries in the manner provided
in Clause 4. Such trusts shall hereinafter be referred to as the "RECEIVABLES
TRUST".

2.2   APPLICATION OF TRUST PROPERTY

The Receivables Trustee shall apply Trust Property in the manner and order of
priority set out in Clause 5 and shall perform calculations and allocations in a
manner consistent with the principles set out in the First Schedule, as such
principles may be amended, supplemented or varied from time to time in the
manner provided herein.

<PAGE>

3.    RIGHTS OF BENEFICIARIES

3.1   UNDIVIDED INTEREST AND OTHER INTERESTS IN TRUST PROPERTY

Each Investor Beneficiary and each Transferor Beneficiary shall be, inter alia,
beneficially entitled to an Undivided Interest in the Eligible Receivables Pool
and related Principal Collections and Finance Charge Collections in a proportion
calculated in the manner set out herein. Each Transferor Beneficiary shall also
be beneficially entitled to its pro rata share of the entire Ineligible
Receivables Pool and related Ineligible Collections. Each Beneficiary will be
also entitled to Trust Property specified as being the beneficial entitlement of
such Beneficiary.

3.2   RIGHTS OF BENEFICIARIES

Each Beneficiary of the Receivables Trust will belong to one of the categories
of Beneficiaries set out below for the purposes of this Deed. The calculation of
its beneficial entitlement to Trust Property, unless otherwise specified herein,
shall be specified in any related Supplement. The categories of Beneficiaries
are as follows:

(a)   INVESTOR BENEFICIARY

      The beneficial entitlement of each Investor Beneficiary to Trust Property
      shall be specified in the related Supplement and shall be expressed to
      constitute or form part of a Series.

(b)   ENHANCEMENT PROVIDER

      If the related Supplement specifies that an Enhancement Provider is to be
      a Beneficiary of the Receivables Trust, the beneficial entitlement of such
      Enhancement Provider to Trust Property shall be specified in the related
      Supplement and shall be expressed to constitute or form part of a Series.

(c)   EXCESS INTEREST BENEFICIARY

      The beneficial entitlement of each Excess Interest Beneficiary to Trust
      Property at any time shall be to its pro rata share of the Finance Charge
      Collections and Acquired Interchange in respect of any Monthly Period
      allocable to any Applicable Series after Finance Charge Collections and
      Acquired Interchange have been allocated to each other Beneficiary forming
      part of such Series or group of Series, if applicable, and have been
      utilised by making payments to the Enhancement Provider (if the
      Enhancement Provider is not a Beneficiary) on the related Transfer Date
      ("EXCESS FINANCE CHARGE AMOUNTS").

(d)   TRANSFEROR BENEFICIARY

      The beneficial entitlement of each Transferor Beneficiary to Trust
      Property at any time shall be as follows:-

      (i)   the beneficial entitlement of the Transferor Beneficiary to
            Principal Receivables which are Eligible Receivables (which shall
            include Principal Collections in respect of such Receivables which
            represent Trust Property) shall be equal to its pro rata share of
            the Transferor Percentage of Principal Receivables which are
            Eligible Receivables from time to time assigned or purported to be
            assigned to the Receivables Trust (which shall include Principal
            Collections in respect of such Receivables which represent Trust
            Property) PROVIDED, HOWEVER, that the

<PAGE>

            Transferor Percentage shall be calculated for such purpose on the
            basis that the Investor Percentage of each Series is calculated as
            the Floating Investor Percentage of such Series;

      (ii)  the beneficial entitlement of each Transferor Beneficiary to Finance
            Charge Collections shall be equal to its pro rata share of the
            Transferor Percentage of Finance Charge Receivables from time to
            time assigned or purported to be assigned to the Receivables Trust;

      (iii) each Transferor Beneficiary shall be beneficially entitled to its
            pro rata share of all Ineligible Receivables forming part of the
            Ineligible Receivables Pool from time to time; and

      (iv)  each Transferor Beneficiary shall be beneficially entitled to its
            pro rata share of all monies held in the Trust Accounts which
            represent investment earnings accrued on Permitted Investments made
            using monies deposited in such Trust Accounts, unless otherwise
            provided with respect to Additional Trust Accounts in any related
            Supplement

        PROVIDED, HOWEVER, without prejudice to the preceding paragraphs, that
        the beneficial entitlement of each Transferor Beneficiary to any other
        Trust Property at any time shall be equal to the proportion that its pro
        rata share of the Transferor Interest bears to the amount of Principal
        Receivables which are Eligible Receivables from time to time assigned or
        purported to be assigned to the Receivables Trust.

Notwithstanding the beneficial entitlement to Trust Property referred to in (a)
to (d) above, (A) except as provided in (B) below, each Beneficiary shall be
beneficially entitled to all monies held in any Trust Account from time to time
which are expressly segregated by or on behalf of the Receivables Trustee
(whether by way of separate Trust Account or ledger entry or otherwise) as
allocated to such Beneficiary; (B) the Beneficiaries constituting each Series
shall together be beneficially entitled in the manner and in the proportions
specified in the related Supplement to all monies held in any Trust Account from
time to time which are expressly segregated by or on behalf of the Receivables
Trustee (whether by way of separate Trust Account or ledger entry or otherwise)
as allocated to such Series; and (C) Finance Charge Receivables shall not be
allocated to each Beneficiary but the Beneficiaries shall be beneficially
entitled jointly to such Receivables PROVIDED, HOWEVER that the beneficial
entitlement of each Beneficiary to Finance Charge Collections shall be specified
in this Deed or in any related Supplement hereto.

3.3   ALLOCATION OF INVESTOR CASH AVAILABLE FOR ACQUISITION TO TRANSFEROR
      INTEREST

Following the calculation of amounts of Principal Collections available for
allocation to each Beneficiary, amounts held in the Trust Accounts calculated as
representing Investor Cash Available for Acquisition which are not to be
utilised on that day in funding the purchase of Eligible Receivables shall be
allocated to the Transferor Interest in order to increase the proportion of the
beneficial interest of such Investor Beneficiaries in the Eligible Receivables
Pool and to decrease the proportion of the beneficial interest of each
Transferor Beneficiary in the Eligible Receivables Pool pro tanto.

<PAGE>

3.4      NON-PETITION UNDERTAKING OF BENEFICIARIES

(a)   It is a condition of the Receivables Trust (which by the execution of a
      Supplement or an Accession Notice by a Beneficiary, such Beneficiary
      consents and confirms) that each Beneficiary of the Receivables Trust
      undertakes to the Receivables Trustee for the benefit of itself and as
      trustee for each other Beneficiary that:

      (i)   it will not take any corporate action or other steps or legal
            proceedings for the winding up, dissolution or re-organisation or
            for the appointment of a receiver, administrator, administrative
            receiver, trustee, liquidator, sequestrator or similar officer of
            any Investor Beneficiary (unless specified otherwise in relation to
            such Investor Beneficiary), the Receivables Trustee or any successor
            trustee or the Receivables Trust or of any or all of the revenues
            and assets of any of them nor participate in any ex parte
            proceedings nor seek to enforce any judgment against any of such
            persons;

      (ii)  the obligations of the Receivables Trustee under this Deed at any
            time are limited to the lesser, at such time, of (a) the nominal
            amount thereof (the "NOMINAL AMOUNT") and (b) an amount (the
            "AVAILABLE AMOUNT") equivalent to the value of the Trust Property at
            such time. No Beneficiary shall have a right to have recourse to, or
            make demand or initiate proceedings against the Receivables Trustee
            at any time whilst the nominal amount exceeds the available amount.
            The Receivables Trustee shall incur no liability and be under no
            additional duty to any person solely as a result of any inability on
            its part to make payments or to perform other obligations under this
            Deed, which inability results from the operation of the foregoing
            provisions of this Clause 3.4(a)(ii); and

      (iii) it shall have no recourse, in respect of any obligation, covenant or
            agreement of the Receivables Trustee, against any shareholder,
            officer, agent or director of the Receivables Trustee.

3.5   THE TRUST CERTIFICATES

The beneficial entitlement of each Transferor Beneficiary and each Investor
Beneficiary in the Receivables Trust shall be evidenced by a certificate (each a
"TRUST CERTIFICATE") substantially in the form set out in Exhibit A in the case
of each Transferor Beneficiary and substantially in the form set out in the
relevant Supplement in the case of each Investor Beneficiary.

3.6   THE TRUST CERTIFICATE REGISTER

(a)   The Receivables Trustee shall cause to be kept and maintained at the
      registered office or other agency of the Receivables Trustee maintained
      outside of the United Kingdom a register (the "TRUST CERTIFICATE
      REGISTER") which shall (i) record the identity of the Beneficiaries of the
      Receivables Trust from time to time, their Classes, their respective
      addresses in England, the applicable Acquisition Date, in respect of
      Investor Beneficiaries, their Investor Interests and the related Series to
      which they belong, and any other relevant information in respect thereof
      and (ii) register transfers and exchanges of the beneficial entitlements
      of such Beneficiaries under the Receivables Trust.

(b)   The entries in the Trust Certificate Register shall be conclusive evidence
      in the absence of manifest error, and the Beneficiaries, the Receivables
      Trustee and the Trust Cash

<PAGE>

      Manager and any Co-Trust Cash Manager shall be entitled to treat each
      person whose identity is recorded in the Trust Certificate Register as the
      owner of the related Investor Interest, notwithstanding notice to the
      contrary or anything to the contrary contained herein.

(c)   The Trust Certificate Register shall be available for inspection by any
      Transferor Beneficiary, any Investor Beneficiary or any third party on
      their respective behalves at any reasonable time upon reasonable prior
      notice to the Receivables Trustee. No transfer or assignment of an
      Investor Interest otherwise permitted hereunder shall be effective unless
      and until it has been duly recorded in the Trust Certificate Register as
      provided in this Clause 3.6.

3.7   DISPOSALS OF BENEFICIAL ENTITLEMENT

(a)   The beneficial entitlement of any Beneficiary in the Receivables Trust
      shall not be transferred, assigned, exchanged or otherwise conveyed or
      disposed of (a "DISPOSAL") or subjected to any Encumbrance except in
      accordance with this Clause 3.7 (unless specified otherwise in any
      Supplement):

      (i)   any Transferor Beneficiary or any Excess Interest Beneficiary, may
            make a Disposal of its pro rata share of the Transferor Interest or
            Excess Interest (respectively) pursuant to a transfer of the whole
            or substantially the whole of its properties and assets to any
            person as provided in Clause 18.2.3 of the RSA PROVIDED, HOWEVER
            that such person shall also expressly assume the duties and
            obligations of the Transferor, Additional Transferor, Transferor
            Beneficiary and Excess Interest Beneficiary (as applicable) under
            the Relevant Documents and shall be the relevant person in respect
            of which the occurrence of any Insolvency Event shall be determined;

      (ii)  any Transferor Beneficiary or any Excess Interest Beneficiary, may
            make a Disposal of, or create or grant any Encumbrance over, the
            whole or any part of its pro rata share of the Transferor Interest
            or Excess Interest (respectively) with the prior written consent of
            Investor Beneficiaries representing in aggregate more than 50% of
            the Aggregate Investor Interest (which consent may be given or
            withheld without regard to reasonableness), PROVIDED, HOWEVER that
            no such Disposal or Encumbrance will be permitted unless each of the
            Rating Agencies confirms that such Disposal or Encumbrance will not
            result in a downgrade or withdrawal of its then current rating of
            any outstanding Related Debt;

      (iii) any Beneficiary (other than any Transferor Beneficiary or any Excess
            Interest Beneficiary) may make a Disposal of the whole or any part
            of their beneficial entitlement or create or grant any Encumbrance
            in respect of such beneficial entitlement with the prior written
            consent of each Transferor Beneficiary (which consent may be given
            or withheld without regard to reasonableness) PROVIDED, HOWEVER that
            such Disposal, if made by an Investor Beneficiary, shall be to a
            company which is associated with each Transferor (within the meaning
            of section 42 of the Finance Act 1930), and Provided further that no
            such Disposal or Encumbrance will be permitted unless the
            Receivables Trustee shall have received prior written confirmation
            from the person to which such Disposal is to

<PAGE>

            be made or Encumbrance to be granted or created in its favour that
            such person complies with the matter referred to in Clause
            4.2(c)(vi).

It is a condition of the Receivables Trust (to which by the execution of a
Supplement or an Accession Notice by a Beneficiary, such Beneficiary consents
and confirms) that each Beneficiary of the Receivables Trust undertakes to the
Receivables Trustee for the benefit of itself and as trustee for each other
Beneficiary that it will not make any Disposal or create or grant any
Encumbrance in respect of its beneficial entitlement in the Receivables Trust
except in accordance with this Clause 3.7 and acknowledges that any attempt to
do so shall be void.

<PAGE>

4.    ADDITIONAL BENEFICIARIES AND TENDER OF TRUST CERTIFICATES

4.1   ACQUISITIONS AND ADDITIONAL BENEFICIARIES

Each person that is specified as part of a Series that makes a payment to the
Receivables Trustee as a contribution to Trust Property pursuant to a Supplement
shall, subject to the Receivables Trustee receiving the prior written consent of
all existing Beneficiaries, and subject to the issue of a duly executed and
authenticated Trust Certificate and the provisions of this Clause 4, become a
Beneficiary of the Receivables Trust upon such payment being made (an
"ACQUISITION").

(a)   In order for any Acquisition to be effective, the Receivables Trustee
      shall issue to each Transferor Beneficiary for execution and re-delivery
      to the Receivables Trustee for authentication under Clause 4.2(c) one or
      more Investor Certificates evidencing, in aggregate, the principal amount
      of the beneficial entitlement to Trust Property of such Additional
      Beneficiaries following such Acquisition as set out in the related
      Supplement.

(b)   Each of such Investor Certificates shall be substantially in the form set
      out in the related Supplement for an Investor Beneficiary of the relevant
      Class and shall bear upon its face the name of the Investor Beneficiary,
      the Class of Investor Beneficiary to which such Investor Beneficiary
      belongs (if specified by the Transferor Beneficiary in an Acquisition
      Notice pursuant to Clause 4.2(b) below) and the Series to which such
      Investor Beneficiary belongs.

(c)   Except as specified in any Supplement, each Investor Beneficiary shall
      rank pari passu and be equally and rateably entitled as provided herein to
      the benefits hereof (except that unless specified in the related
      Supplement, the Enhancement provided for any Series shall not be available
      for any other Series) without preference, priority or distinction on
      account of time or times of authentication and delivery, all in accordance
      with the terms of this Deed and any related Supplement.

4.2   EXCHANGE OF CERTIFICATES

(a)   An Acquisition may only be permitted by the Receivables Trustee in
      accordance with directions given pursuant to Clause 4.2(a)(i) or (ii) and
      in any event with the prior written consent of each Transferor Beneficiary
      (such consent to be set out in the related Supplement and to be evidenced
      by the execution of the relevant Investor Certificate by each Transferor
      Beneficiary as set out in this Clause 4.2) and each existing Investor
      Beneficiary:

      (i)   each Transferor Beneficiary may direct the Receivables Trustee that
            an Acquisition shall be made and in exchange for tendering the
            Transferor Certificate to the Receivables Trustee receive (1) one or
            more Investor Certificates as specified in the relevant Acquisition
            Notice for execution and re-delivery to the Receivables Trustee; and
            (2) a reissued Transferor Certificate (any such Acquisition, a
            "TRANSFEROR ACQUISITION"); and

      (ii)  in addition, to the extent permitted in any Supplement relating to
            an Investor Beneficiary, such Investor Beneficiary may, in
            accordance with the terms and conditions of the relevant Supplement,
            together with each Transferor Beneficiary, direct the Receivables
            Trustee that an Acquisition shall be made

<PAGE>

            and in exchange for tendering the relevant Investor Certificates and
            the Transferor Certificate to the Receivables Trustee receive (1)
            one or more Investor Certificates as specified in the relevant
            Acquisition Notice for execution and re-delivery to the Receivables
            Trustee; and (2) a reissued Transferor Certificate (any such
            Acquisition, an "INVESTOR ACQUISITION").

(b)   Each Transferor Beneficiary (in the case of a Transferor Acquisition) or
      each Transferor Beneficiary and the relevant Investor Beneficiaries (in
      the case of an Investor Acquisition) may direct the Receivables Trustee
      that an Acquisition shall be made by notifying the Receivables Trustee in
      writing (an "ACQUISITION NOTICE"), in the case of the initial Acquisition
      on the Initial Closing Date and, in the case of subsequent Acquisitions,
      at least three Business Days in advance of the date upon which the
      Acquisition is to occur (an "ACQUISITION DATE"). Any Acquisition Notice
      shall state the following:

      (i)   the names, categories and designations (and Class thereof, if
            applicable) of the Additional Beneficiaries who are to be parties to
            such Acquisition (a "SERIES");

      (ii)  the Initial Investor Interest of each Additional Beneficiary (or the
            method for calculating such Initial Investor Interest) PROVIDED,
            HOWEVER, that the aggregate principal amount of the Initial Investor
            Interests of all Additional Beneficiaries in the relevant Series may
            not be greater than, in the case of a Transferor Acquisition, the
            excess of the principal amount at the beginning of the day on the
            Acquisition Date of the Transferor Interest over the Minimum
            Transferor Interest or, in the case of an Investor Acquisition, the
            aggregate amount on the Acquisition Date of (A) the principal amount
            of the Investor Interest so exchanged and (B) the excess of the
            principal amount of the Transferor Interest after such Acquisition
            over the Minimum Transferor Interest; and

      (iii) the Enhancement Provider, if any, with respect to such Series, and
            whether such Enhancement Provider is to be a Beneficiary of the
            Receivables Trust.

(c)   On any Acquisition Date, the Acquisition will only be effective upon the
      Receivables Trustee authenticating and delivering the appropriate Investor
      Certificates to the Additional Beneficiaries and the Receivables Trustee
      shall not authenticate and deliver such Investor Certificates unless it
      has received the following:

      (i)   a Supplement satisfying the criteria set out in Clause 4.3 executed
            by each of the parties thereto (including all Transferor
            Beneficiaries, and the Receivables Trustee) and specifying the
            Principal Terms of the beneficial entitlement of the Series to Trust
            Property and the supplements, amendments and variations to this Deed
            as a consequence thereof;

      (ii)  the applicable Enhancement, if any;

      (iii) the agreement, if any, pursuant to which the Enhancement Provider
            agrees to provide its Enhancement, if any;

      (iv)  a Solvency Certificate from the Transferor and each Additional
            Transferor;

<PAGE>

      (v)   written confirmation from each relevant Rating Agency that the
            Acquisition will not result in such Rating Agency reducing or
            withdrawing its then current rating on any outstanding Related Debt;

      (vi)  written confirmation from each Additional Beneficiary and
            Enhancement Provider, if any, that either (A) the usual place of
            abode of such Additional Beneficiary and Enhancement Provider is
            within the United Kingdom or (B) such Additional Beneficiary and
            Enhancement Provider is a bank as defined for the purposes of
            Section 349(3)(a) of the Income and Corporation Taxes Act 1988, and,
            in each case, such Additional Beneficiary and Enhancement Provider
            will be within the charge to United Kingdom corporation tax as
            respects all amounts regarded as interest for United Kingdom Tax
            purposes received by it under the transactions contemplated by the
            relevant Acquisition;

      (vii) the existing Transferor Certificate and any applicable Investor
            Certificate as the case may be; and

     (viii) an Officer's Certificate provided by the Transferor certifying
            either (A) that (i) each class of Related Debt issued in connection
            with the Acquisition shall be rated in one of the three highest
            rating categories by at least one rating agency recognised in the
            United Kingdom, (ii) each Investor Beneficiary other than any
            Enhancement Provider shall have associated with it a class of
            Related Debt, and (iii) the Enhancement relating to the Series shall
            be provided by any combination of subordination (except
            subordination by way of a Collateral Interest), a letter of credit,
            a cash collateral loan (other than a cash collateral loan providing
            for payment from amounts due with respect to any Enhancement
            Invested Amount), a surety bond, an insurance policy, or a spread or
            reserve account funded from Excess Finance Charge Amounts, with any
            surplus being payable by the person beneficially entitled thereto to
            each Excess Interest Beneficiary pro rata to their respective
            entitlements, to the extent not utilised as Enhancement, but through
            no other means, or (B) it has determined that, based on consultation
            with counsel, the Acquisition is in the best interests of each
            Transferor Beneficiary and its Affiliates.

Upon satisfaction of the above, the Receivables Trustee shall cancel the
existing Transferor Certificate and/or any applicable Investor Certificates, as
the case may be, issue to each applicable Investor Beneficiary (or as it may
direct) an appropriate Investor Certificate and issue to the Transferor
Beneficiary and, following its execution of an Accession Notice, any further
Transferor Beneficiary (or, in each case, as it may direct) a new Transferor
Certificate, in each case dated the Acquisition Date.

4.3   SUPPLEMENTS

(a)   A Supplement shall be executed in order to effect each Acquisition which
      shall:

      (i)   be executed (if each of them so chooses) by each Transferor
            Beneficiary, the Receivables Trustee and each Additional
            Beneficiary;

      (ii)  set out (if each of them so chooses) the consent of each Transferor
            Beneficiary and each existing Investor Beneficiary to such
            Acquisition;

<PAGE>

      (iii) constitute, after the issuance of the relevant Investor
            Certificates, a supplement by the Receivables Trustee to this Deed
            which shall thereafter be read and construed as supplemented,
            amended and varied by such Supplement;

      (iv)  specify the name and category of each Additional Beneficiary (and
            Class thereof, if applicable) and, if there is more than one
            Additional Beneficiary, the rights and priorities of each Additional
            Beneficiary vis-a-vis the other Additional Beneficiaries
            constituting the new Series;

      (v)   set out the principal terms of such Series (all such terms the
            "PRINCIPAL TERMS") which may include, without limitation, the
            following:

            (A)   the Initial Investor Interests (or the method for calculating
                  such Initial Investor Interest) of such Series;

            (B)   the Initial Investor Interest (or the method for calculating
                  such Initial Investor Interest) of each Additional
                  Beneficiary;

            (C)   the method of determining any Adjusted Investor Interest, if
                  applicable;

            (D)   the nature and amount of any Related Debt issued or to be
                  issued by any such Additional Beneficiary in connection with
                  such Acquisition;

            (E)   the Closing Date;

            (F)   each Rating Agency rating the Related Debt referred to in (D)
                  above;

            (G)   the rights of each Transferor Beneficiary that have been
                  transferred to the Series pursuant to such Acquisition
                  (including any rights to allocations of Finance Charge
                  Collections and Principal Collections);

            (H)   the method of calculating Finance Charge Amounts to which such
                  Series will be entitled and the method by which such amounts
                  will be allocated between the Additional Beneficiaries within
                  such Series and the date or dates on which they will be paid
                  or, for the purpose of making calculations, accrue to such
                  Series and to each Additional Beneficiary within such Series
                  and, if applicable, with respect to other Series and the
                  method by which the Finance Charge Amounts of such other
                  Series shall be allocated to such Additional Beneficiaries
                  within such other Series;

            (I)   the method of calculating Principal Amounts to which such
                  Series will be beneficially entitled and the method by which
                  such amounts will be allocated between the Additional
                  Beneficiaries within such Series and the date or dates on
                  which they are expected to be paid to such Series and each
                  Additional Beneficiary within such Series and, if applicable,
                  with respect to other Series and the method by which the
                  Investor Interests of such Additional Beneficiaries within
                  such other Series shall amortize or accrete if applicable;

<PAGE>

            (J)   the method of allocating Receivables in Defaulted Accounts for
                  such Series and each Additional Beneficiary within such Series
                  and the method for allocating Collections between such Series;

            (K)   any other Collections with respect to Receivables or other
                  amounts available to be paid with respect to such Series and
                  the method by which such Collections will be allocated between
                  the Additional Beneficiaries within such Series;

            (L)   the names of any accounts to be used by such Series and the
                  terms governing the operation of any such accounts and use of
                  moneys therein;

            (M)   the Series Trust Cash Management Fee Percentage;

            (N)   the Minimum Transferor Interest and the Series Termination
                  Date;

            (O)   the terms of any Enhancement with respect to such Series, and
                  the Enhancement Provider, if applicable;

            (P)   the terms governing any deposit into any account provided for
                  such Series;

            (Q)   whether Acquired Interchange or other fees will be included in
                  the funds available to be paid with respect to such Series;

            (R)   the priority of such Series with respect to any other Series;

            (S)   which Group, if any, such Series will be part of;

            (T)   the Minimum Aggregate Principal Receivables;

            (U)   whether such Series will or may be a Companion Series and the
                  Series with which it will be paired, if applicable (subject to
                  the Receivables Trustee having received any legal opinions or
                  other conditions precedent which it may require in order to
                  establish that the addition of such Companion Series or terms
                  thereof will not prejudice the Tax treatment of the
                  Receivables Trust or any of the Beneficiaries); and

            (V)   any other relevant terms of such Series (including whether or
                  not the beneficial entitlement of the Series will be pledged
                  as collateral for an issuance of any other securities,
                  including commercial paper); and

      (vi)  contain undertakings from each Additional Beneficiary in accordance
            with Clause 3.4 and a confirmation from each Additional Beneficiary
            in accordance with Clause 4.2(c)(vi) and Clause 4.3(c) and any other
            undertaking and confirmation as reasonably requested by the
            Transferor Beneficiaries.

(b)   Subject to receipt of an Acquisition Notice from each Transferor
      Beneficiary and, in the case of an Investor Acquisition, the relevant
      Investor Beneficiaries, pursuant to Clause 4.2(b), the Receivables Trustee
      shall arrange for a Supplement to be executed in accordance with Clause
      4.3(a).

<PAGE>

(c)   By its execution of a Supplement each Beneficiary consents and confirms
      that the Receivables Trust may be amended from time to time in accordance
      with the terms of this Deed and any such additional Supplement, PROVIDED
      HOWEVER that:

      (i)   notice of all proposed supplements, variations and amendments to or
            of the Receivables Trust shall be given to all Beneficiaries at
            least three Business Days before any such supplement, amendment or
            variation is due to take effect stating the date on which the same
            is due to take effect (the "EFFECTIVE DATE") and no such Supplement,
            variation or amendment shall have effect if any Beneficiary gives
            notice to the Receivables Trustee objecting thereto before the
            effective date; and

      (ii)  no material supplement, amendment or variation to or of the
            Receivables Trust shall be effective unless and until the
            Receivables Trustee has obtained the written consent of all persons
            which are Beneficiaries at the time of such supplement, amendment or
            variation.

4.4   ALLOCATION OF AMOUNTS PAID PURSUANT TO AN ACQUISITION

The amount paid by a Series (and any Enhancement in respect of such Series)
pursuant to an Acquisition as a contribution to Trust Property shall be
allocated to Beneficiaries of the Receivables Trust in the manner and in the
amounts as set out in the relevant Supplement.

4.5   ACCESSION OF ADDITIONAL TRANSFEROR AS TRANSFEROR BENEFICIARY

(a)   Each person which becomes an Additional Transferor pursuant to Clause 2.7
      of the RSA shall, subject to compliance with this Clause 4.5 and subject
      to the prior written consent of all existing Beneficiaries, and on terms
      approved by such existing Beneficiaries in writing, become a Transferor
      Beneficiary of the Receivables Trust.

(b)   In order for any accession of an Additional Transferor to be effective the
      Receivables Trustee shall issue to the Additional Transferor, for
      execution and re-delivery to the Receivables Trustee for authentication
      under clause 4.5(d) below, a Transferor Certificate substantially in the
      form attached as Exhibit A to this Deed.

(c)   Except as may be specified herein in respect of the Transferor Beneficiary
      or, in respect of any other Transferor Beneficiary, in the relevant
      Accession Notice, each Transferor Beneficiary shall rank pari passu with
      each other Transferor Beneficiary and be equally and rateably entitled as
      provided herein to the benefits hereof without preference, priority or
      distinction on account of time or times of authentication and delivery,
      all in accordance with the terms of this Deed and any relevant Accession
      Notice.

(d)   No accession of an Additional Transferor shall be effective unless and
      until the Receivables Trustee has authenticated and delivered a Transferor
      Certificate to such additional Transferor Beneficiary evidencing the share
      of the Transferor Interest which is held by such Transferor Beneficiary,
      Provided that the Receivables Trustee shall not so authenticate and
      deliver unless it has received such documents as it shall have required
      pursuant to Clause 2.7 of the RSA.

(e)   Upon receipt of the documents referred to in Clause 4.5(d), the
      Receivables Trustee shall cancel the existing Transferor Certificate and
      issue to the Transferor Beneficiary (or as it may direct) an appropriate
      new Transferor Certificate dated the date of the Accession Notice.

<PAGE>

5.    ALLOCATION AND APPLICATION OF COLLECTIONS

5.1   ESTABLISHMENT OF TRUST ACCOUNTS

(a)   TRUSTEE COLLECTION ACCOUNT

      (i)   The Receivables Trustee has opened a bank account in its name for
            the benefit of the Beneficiaries of the Receivables Trust, at the
            Operating Bank (the "TRUSTEE COLLECTION ACCOUNT") bearing a
            designation clearly indicating that the funds deposited therein are
            held on trust for the benefit of the Beneficiaries of the
            Receivables Trust.

      (ii)  The Receivables Trustee, as trustee of the Receivables Trust, shall
            possess all legal right, title and interest in all funds on deposit
            from time to time in the Trustee Collection Account and in all
            proceeds thereof.

      (iii) The Receivables Trustee shall establish two ledgers relating to the
            Trustee Collection Account entitled (1) "PRINCIPAL COLLECTIONS
            LEDGER" and (2) "FINANCE CHARGE COLLECTIONS LEDGER" and shall from
            time to time promptly upon their identification, allocate amounts
            identified as representing Principal Collections to the Principal
            Collections Ledger and amounts identified as representing Finance
            Charge Collections to the Finance Charge Collections Ledger.

      (iv)  The Receivables Trustee at all times shall maintain accurate records
            reflecting each transaction in the Trustee Collection Account and
            each debit or credit recorded in any ledger relating thereto
            (including, without limitation, the Principal Collections Ledger and
            Finance Charge Collections Ledger).

(b)   TRUSTEE ACQUISITION ACCOUNT

      (i)   The Receivables Trustee has opened a bank account in its name for
            the benefit of the Beneficiaries of the Receivables Trust, at the
            Operating Bank (the "TRUSTEE ACQUISITION ACCOUNT") bearing a
            designation clearly indicating that the funds deposited therein are
            held on trust for the benefit of the Beneficiaries of the
            Receivables Trust.

      (ii)  The Receivables Trustee, as trustee of the Receivables Trust, shall
            possess all legal right, title and interest in all funds on deposit
            from time to time in the Trustee Acquisition Account and in all
            proceeds thereof.

      (iii) The Receivables Trustee at all times shall maintain accurate records
            reflecting each transaction in the Trustee Acquisition Account and
            all debits and credits recorded in any ledger relating thereto.

(c)   ADDITIONAL TRUST ACCOUNTS

      (i)   The Receivables Trustee may from time to time open Additional Trust
            Accounts in its name for the benefit of the Beneficiaries of the
            Receivables Trust at the Operating Bank or at any other Qualified
            Institution as specified in

<PAGE>

            any Supplement which shall bear a designation clearly indicating
            that the funds deposited therein are held on a separate trust for
            the benefit of the Beneficiaries of the Receivables Trust.

      (ii)  The Receivables Trustee, as trustee of the Receivables Trust, shall
            possess all legal right, title and interest in all funds on deposit
            from time to time in such Additional Trust Accounts and in all
            proceeds thereof.

      (iii) The Receivables Trustee at all times shall maintain accurate records
            reflecting each transaction in any Additional Trust Account and all
            debits and credits recorded in any ledger relating thereto.

(d)   REPLACEMENT OF OPERATING BANK

      If at any time the existing Operating Bank ceases to be a Qualified
      Institution the Trust Cash Manager or, if applicable, any Co-Trust Cash
      Manager shall notify the Receivables Trustee and the Receivables Trustee
      shall within 10 Business Days of being notified establish (or direct the
      Trust Cash Manager or Co-Trust Cash Manager to establish) new Trust
      Accounts meeting the conditions specified with respect to each such Trust
      Account with a Qualified Institution which shall become the new Operating
      Bank, and shall transfer any cash or any investments to such new Trust
      Accounts. If the Receivables Trustee shall fail to establish the new Trust
      Accounts as required by this Clause 5.1(d) the Trust Cash Manager or any
      Co-Trust Cash Manager shall be authorised to establish the Trust Accounts
      itself.

(e)   POWER OF INVESTMENT

      (i)   The Receivables Trustee shall deposit all monies received by it in
            respect of Trust Property in the Trust Accounts in accordance with
            the provisions of this Clause 5 in a manner consistent with the
            principles set out in the First Schedule and shall invest funds on
            deposit in such Trust Accounts allocable to any Series in accordance
            with Clause 5.1(f).

      (ii)  The power of investment of the Receivables Trustee shall be limited
            to the power set out in Clause 5.1(e)(i) and the Trustee Investments
            Act 1961 shall not apply to the Receivables Trustee.

      (iii) The Receivables Trustee acknowledges that subject to the obligations
            of the Receivables Trustee to allocate or distribute funds in
            accordance with this Deed and any Supplement, the Trust Cash Manager
            and any Co-Trust Cash Manager may give the Receivables Trustee
            advice consistent with the terms of this Deed and any Supplement
            with regard to undertaking the investments referred to in Clause
            5.1(e)(i) in accordance with the provisions of this Deed.

(f)   ADMINISTRATION OF THE TRUST ACCOUNTS

Funds on deposit in the Trust Accounts relating to any Series which are not to
be utilised on any Business Day in providing consideration for new Receivables
shall be invested in accordance with the following provisions of this Clause
5.1(f).

<PAGE>

      (i)   Unless specified otherwise in any Supplement, the administration and
            investment of such funds shall be undertaken on the advice of the
            Trust Cash Manager or any Co-Trust Cash Manager and shall be in the
            name of and for and on behalf of the Receivables Trustee as trustee
            of the Receivables Trust. All normal costs incurred by making and
            changing investments will be paid out of investment interest and
            earnings. The funds will be invested in Permitted Investments only.

      (ii)  Permitted Investments purchased or otherwise acquired for and on
            behalf of the Receivables Trustee shall be denominated in the same
            currency as the funds utilised and shall be on terms such that, if
            they are funds which represent Investor Cash Available for
            Acquisition, they would be available on the next Business Day or,
            otherwise, (A) they would be available on or prior to the Transfer
            Date related to the Monthly Period in which such funds were
            processed for collection or such other date as may be specified in
            the related Supplement and that (B) the amounts invested will be
            re-credited to the relevant Trust Account together with any
            investment earnings thereon.

      (iii) If any Permitted Investments are made for and on behalf of the
            Receivables Trustee in accordance with the provisions of this Deed
            or any Supplement, the deposit receipt, contract, confirmation or
            equivalent document or evidence that the transaction has occurred
            will be retained by or on behalf of the Receivables Trustee.

Except as provided in any Supplement, with respect to Trust Accounts specified
in such Supplement, for the purposes of determining the availability of funds or
the balances in the Trust Accounts for any reason, all investment earnings on
such funds shall be deemed not to be available or to be on deposit and the
beneficial entitlement to such investment earnings will belong to the Transferor
Beneficiary in accordance with Clause 3.2(d)(iv).

(g)   ACKNOWLEDGEMENT OF THE BENEFICIARIES

The Beneficiaries acknowledge that:

      (i)   it is not intended that the Receivables Trustee should have any
            discretion with respect to the investment of funds as referred to in
            Clause 5.1(e) and (f) or that the duties of the Receivables Trustee
            should include any form of fund management;

      (ii)  accordingly the provisions of Clause 5.1(e) and (f) (and all related
            provisions of the Relevant Documents) have been drawn so as to
            specify to the maximum extent practicable the manner in which the
            Trust Cash Manager is to advise the Receivables Trustee from time to
            time to invest the funds referred to in Clause 5.1(e) and (f);

      (iii) subject to and in accordance with Clause 7.1(g), the duties of the
            Receivables Trustee with regard to the making of any such
            investments will be fully discharged by the Receivables Trustee's
            acting on the advice of the Trust Cash Manager or, if applicable,
            any Co-Trust Cash Manager in relation thereto; and

<PAGE>

      (iv)  the investment of any funds by the Receivables Trustee in accordance
            with Clause 5.1(e) and (f) shall be wholly incidental and ancillary
            to the functions of the Receivables Trustee as described in Clause
            2.1.

5.2   COLLECTIONS AND ALLOCATIONS

(a)   BARCLAYCARD OPERATING ACCOUNT

      (i)   The Receivables Trustee shall direct the Transferor and each
            Additional Transferor that Collections held by the Transferor or, as
            the case may be, such Additional Transferor on trust in the
            Barclaycard Operating Account or Additional Transferor Operating
            Account for the benefit of the Receivables Trustee shall be
            transferred to the Trustee Collection Account as promptly as
            possible after the Date of Processing of such Collections but in no
            event later than the second Business Day following such Date of
            Processing. The date of any such transfer shall be referred to
            hereafter as the "RELEVANT DATE".

      (ii)  Notwithstanding sub-paragraph (i) above, if the Transferor or any
            Additional Transferor or any of their respective subsidiaries or
            Affiliates is Trust Cash Manager or Co-Trust Cash Manager, the
            Receivables Trustee shall seek to ensure that such monies held on
            trust in the Barclaycard Operating Account or the relevant
            Additional Transferor Operating Account that are identified as
            representing Ineligible Collections, shall not be transferred to the
            Trustee Collection Account but, shall be transferred to each
            Transferor Beneficiary to the extent of its pro rata share or as
            such Transferor Beneficiary may direct whereupon such monies shall
            cease to be Trust Property and shall be owned by the Transferor
            Beneficiary absolutely.

(b)   APPLICATION OF MONIES IN THE TRUSTEE COLLECTION ACCOUNT

      On the Relevant Date the Receivables Trustee shall, based on the Daily
      Report maintained by the Trust Cash Manager or, if applicable, any
      Co-Trust Cash Manager pursuant to Clause 9.5(a) with respect to the
      related Date of Processing, promptly following the transfer of monies from
      the Barclaycard Operating Account as referred to in Clause 5.2(a) on such
      Relevant Date, identify amounts, if any, included in such transfer
      representing the following:

      --    Incorrect Payments;

      --    Principal Collections;

      --    Finance Charge Collections; and

      --    Ineligible Collections (not distributed to the Transferor
            Beneficiaries pursuant to Clause 5.2(a)(ii) above),

      and apply such amounts on the Relevant Date in accordance with this Clause
      5. In particular, the Receivables Trustee shall instruct the Operating
      Bank to make the following transfers which shall have been calculated in a
      manner consistent with the principles set out in the First Schedule as
      modified by any Supplement:

<PAGE>

      (i)   the amount of any Incorrect Payments notified to the Receivables
            Trustee which have not previously been allocated as Collections
            representing Trust Property to the Barclaycard Operating Account or,
            if applicable, the relevant Additional Transferor Operating Account,
            whereupon such monies shall cease to be Trust Property and shall be
            owned by each Transferor Beneficiary absolutely to the extent of its
            pro rata share;

      (ii)  the amount of Ineligible Collections notified to the Receivables
            Trustee which have not previously been allocated as Principal
            Collections to the Barclaycard Proceeds Account or, if applicable,
            the relevant Additional Transferor Proceeds Account, whereupon such
            monies shall cease to be Trust Property and shall be owned by each
            Transferor Beneficiary absolutely to the extent of its pro rata
            share;

      (iii) the aggregate amount of Investor Cash Available for Acquisition
            which is utilised as determined pursuant to the related Supplement
            from the Trustee Collection Account to the Trustee Acquisition
            Account (and a corresponding adjustment shall be made to the
            Principal Collections Ledger);

      (iv)  the Transferor Cash Available for Acquisition from the Trustee
            Collection Account to the Trustee Acquisition Account (and a
            corresponding adjustment shall be made to the Principal Collections
            Ledger);

      (v)   the aggregate amount of Principal Collections allocated to the
            Investor Interests of any Series minus the Investor Cash Available
            for Acquisition of such Series (as referred to in (iii) above) to
            such account or accounts specified in or pursuant to the related
            Supplement for such Series;

      (vi)  the Transferor Finance Charge Amount and, on each Transfer Date, the
            Transferor Acquired Interchange Amount from the Trustee Collection
            Account to the Barclaycard Proceeds Account or, if applicable, the
            relevant Additional Transferor Proceeds Account or as each
            Transferor Beneficiary may direct (and a corresponding adjustment
            shall be made to the Finance Charge Collections Ledger) whereupon
            such monies shall cease to be Trust Property and shall be owned by
            the Transferor Beneficiaries absolutely to the extent of their pro
            rata shares; and

      (vii) on each Transfer Date or other date specified in a related
            Supplement with respect to a Series each Finance Charge Amount and
            all Acquired Interchange allocable to such Series from the Trustee
            Collection Account to such account or accounts as may be specified
            in or pursuant to such related Supplement for such Series (and a
            corresponding adjustment shall be made to the Finance Charge
            Collections Ledger).

      Amounts remaining in the Trustee Collection Account after the application
      of monies referred to above and in any Supplement shall either remain
      deposited in the Trustee Collection Account until such time as they are
      utilised on succeeding Business Days in accordance with this Deed and any
      Supplement or are invested in Permitted Investments in accordance with
      Clause 5.1(f).

<PAGE>

(c)   APPLICATION OF MONIES IN THE TRUSTEE ACQUISITION ACCOUNT

      On the Relevant Date the Receivables Trustee shall, promptly following the
      transfers of monies from the Trustee Collection Account as referred to in
      Clause 5.2(b) apply such amounts transferred to the Trustee Acquisition
      Account in accordance with this Clause 5. In particular the Receivables
      Trustee shall instruct the Operating Bank to make the following transfers
      from the Trustee Acquisition Account which have been calculated in a
      manner consistent with the principles set out in the First Schedule as
      modified by any Supplement:

      (i)   the amount of Purchase Price required to fund acceptance of an Offer
            (pursuant to the terms and subject to the conditions of the RSA) to
            the Barclaycard Proceeds Account or the Additional Transferor
            Proceeds Account whereupon such monies shall cease to be Trust
            Property and shall be owned by the Transferor or, as the case may
            be, the Additional Transferor absolutely PROVIDED HOWEVER, that no
            amount of Investor Cash Available for Acquisition shall be used to
            fund that portion of the Purchase Price which is notified by the
            Transferor or, as the case may be, the Additional Transferor to be
            in respect of Ineligible Receivables;

      (ii)  the amount required to meet the obligation of the Receivables
            Trustee to make payments in respect of Future Receivables in
            accordance with Clause 5.1 of the RSA (and pursuant to the terms and
            subject to the conditions of the RSA) to the Barclaycard Proceeds
            Account or the relevant Additional Transferor Proceeds Account
            whereupon such monies shall cease to be Trust Property and shall be
            owned by the Transferor or, as the case may be, the Additional
            Transferor absolutely, PROVIDED HOWEVER, that no amount of Investor
            Cash Available for Acquisition shall be used to fund that portion of
            the Purchase Price which is notified by the Transferor or, as the
            case may be, the Additional Transferor to be in respect of
            Ineligible Receivables;

      (iii) on behalf of any Series in accordance with the related Supplement,
            the amount of Investor Cash Available for Acquisition required to be
            applied to the Transferor Interest in order to increase the
            proportion of the beneficial interest of the Investor Beneficiaries
            of such Series in the Eligible Receivables Pool, to the Barclaycard
            Proceeds Account and any Additional Transferor Proceeds Account(s)
            pro rata to each Transferor Beneficiary's entitlement to such monies
            whereupon such monies shall cease to be Trust Property and shall be
            owned by each Transferor Beneficiary absolutely to the extent of its
            pro rata share; and

      (iv)  the amount of non-utilised Transferor Cash Available for Acquisition
            to the Barclaycard Proceeds Account and the relevant Additional
            Transferor Proceeds Account(s) pro rata to each Transferor
            Beneficiary's entitlement to such monies whereupon such monies shall
            cease to be Trust Property and shall be owned by each Transferor
            Beneficiary to the extent of its pro rata share absolutely.

<PAGE>

(d)   APPLICATION OF MONIES IN ADDITIONAL TRUST ACCOUNTS

      Amounts deposited in Additional Trust Accounts shall be applied in
      accordance with the provisions of any related Supplement and Clause
      5.1(f).

(e)   ANNUAL FEES

      Notwithstanding any provision of the RSA which provides that Receivables
      representing Annual Fees assigned to the Receivables Trustee ("ANNUAL FEE
      RECEIVABLES") constitute Finance Charge Receivables or Principal
      Receivables for the purpose of calculating the Purchase Price of
      Receivables assigned to the Receivables Trustee, the Receivables Trustee
      shall, if so directed by each Transferor Beneficiary by prior notice in
      writing to the Trust Cash Manager or, if applicable, any Co-Trust Cash
      Manager, the Receivables Trustee and the Rating Agencies, treat such
      Annual Fee Receivables (and Collections in respect thereof) for the
      purposes of this Deed and any Supplement in such manner as specified in a
      certificate to the Receivables Trustee, PROVIDED, HOWEVER, that (i) any
      such certificate shall have effect only in relation to Receivables which
      are acquired by the Receivables Trustee (whether as Existing Receivables
      or as Future Receivables) after the time when such certificate is issued;
      and (ii) in the absence of such certificate, such Annual Fee Receivables
      shall be treated as Finance Charge Receivables and Collections in respect
      thereof shall be treated as Finance Charge Collections, PROVIDED FURTHER,
      HOWEVER, that any designation by any Transferor Beneficiary of Annual Fee
      Receivables as Principal Receivables shall not be of any effect unless
      such Transferor Beneficiary certifies in such certificate that it has
      received an Opinion of Counsel that the treatment specified for Annual
      Fees and Collections in respect thereof will not have any material adverse
      effect on the treatment of the Receivables Trust and the Beneficiaries for
      Tax purposes in the United Kingdom.

(f)   ALLOCATIONS FOR THE TRANSFEROR BENEFICIARIES

      (i)   Unless and until the Receivables Trust is terminated in accordance
            with Clause 6.3 or Clause 8.1, and unless otherwise stated in any
            Supplement, the Receivables Trustee (acting on the advice received
            from the Trust Cash Manager or, if applicable, any Co-Trust Cash
            Manager) shall, prior to the close of business on the Relevant Date
            on which amounts are deposited in the Trustee Collection Account,
            allocate to the Transferor Beneficiaries the following amounts as
            set out below:

            (A)   by credit to the Trustee Collection Account (to be recorded in
                  the Principal Collections Ledger) an amount of Principal
                  Collections equal to the product of (1) the Transferor
                  Percentage on the Date of Processing of such Principal
                  Collections and (2) the aggregate amount of Principal
                  Collections processed on such Date of Processing, PROVIDED,
                  HOWEVER, that the amount to be so credited for the Transferor
                  Beneficiaries pursuant to this Clause 5.2(f)(i)(A) with
                  respect to any Relevant Date shall be allocated to the
                  Transferor Beneficiaries but shall be transferred to the
                  Transferor Beneficiaries only to the extent that the
                  Transferor Interest on such Relevant Date is greater than zero
                  (after giving effect to the inclusion in the Receivables Trust
                  of all Receivables created on or prior to such Relevant Date
                  and the application of payments referred to in Clause

<PAGE>

                  5.2(c)). Failing this, such amount shall be allocated to the
                  Transferor Beneficiary and shall be considered as "UNAVAILABLE
                  INVESTOR PRINCIPAL COLLECTIONS" and credited to the Trustee
                  Collection Account (to be recorded in the Principal
                  Collections Ledger and identified for the benefit of the
                  Transferor Beneficiary as Unavailable Principal Collections);

            (B)   if on such Relevant Date there are additional amounts
                  allocable to the Transferor Beneficiaries pursuant to any
                  Supplement as a result of the Investor Interests of the
                  relevant Series on such Relevant Date being less than the
                  amount of Principal Collections allocable to such Series,
                  deposit such amounts in the Trustee Acquisition Account;

            (C)   if on such Relevant Date the Transferor Interest minus the
                  amount calculated pursuant to paragraphs (A) and (B) is
                  greater than zero, deposit in the Trustee Acquisition Account
                  an amount of Unavailable Principal Collections to the extent
                  of such Transferor Interest (unless specified otherwise in any
                  Supplement);

            (D)   subject to Clause 5.2(e), by credit to the Trustee Collection
                  Account (to be recorded in the Finance Charge Collections
                  Ledger) an amount equal to the product of (1) the Transferor
                  Percentage on the Date of Processing of such Finance Charge
                  Collections and (2) the aggregate amount of Finance Charge
                  Collections processed on such Date of Processing (the
                  "TRANSFEROR FINANCE CHARGE AMOUNT");

            (E)   subject to Clause 5.2(a)(ii), the aggregate amount of
                  Ineligible Collections processed on such Date of Processing
                  which were deposited in the Trustee Collections Account on
                  such Relevant Date; and

            (F)   on each Transfer Date the aggregate amount of Acquired
                  Interchange deposited by the Transferor and each Additional
                  Transferor in the Trustee Collection Account less the
                  aggregate amount of such Acquired Interchange allocated to any
                  Applicable Series (the "TRANSFEROR ACQUIRED INTERCHANGE
                  AMOUNT").

      (ii)  Notwithstanding anything in this Deed to the contrary, unless
            otherwise stated in any Supplement, the amount allocated pursuant to
            Clause 5.2(f)(i) above shall be applied as follows:

            (A)   the amount identified in Clause 5.2(f)(i)(A) above which was
                  credited to the Trustee Collection Account (and recorded in
                  the Principal Collections Ledger) for the Transferor
                  Beneficiaries together with the amounts deposited in the
                  Trustee Acquisition Account pursuant to Clause 5.2(f)(i)(B)
                  and 5.2(f)(i)(C) ("TRANSFEROR CASH AVAILABLE FOR ACQUISITION")
                  shall be utilised in funding the Receivables Trustee in making
                  payments to the Transferor and each Additional Transferor in
                  respect of an Offer pursuant to Clause 5.2(c)(i) or in respect
                  of Future Receivables pursuant to Clause 5.2(c)(ii) PROVIDED,
                  HOWEVER, that the amount of Transferor Cash Available for
                  Acquisition not so utilised shall

<PAGE>

                  be applied in accordance with Clause 5.2(c)(iv) and the
                  Transferor Interest reduced accordingly;

            (B)   the Transferor Finance Charge Amount and, on each Transfer
                  Date, the Transferor Acquired Interchange Amount, in
                  accordance with Clause 5.2(b)(vi); and

            (C)   the amount identified in Clause 5.2(f)(i)(E) above, in
                  accordance with Clause 5.2(b)(ii).

            (D)   Each Transferor Beneficiary shall be obliged to fund the
                  Receivables Trustee in respect of payments to be made to the
                  Transferor and each Additional Transferor on any Business Day
                  in excess of the Investor Cash Available for Acquisition to
                  the extent of its pro rata share and the Receivables Trustee
                  will utilise on such Business Day in accordance with the
                  provisions of this Deed the Transferor Cash Available for
                  Acquisition towards such payments to be made to the Transferor
                  and each Additional Transferor as set out in Clause 5.2
                  (f)(ii)(A) above. The Receivables Trustee acknowledges (and
                  the Transferor by its execution of this Deed and each
                  Additional Transferor by its execution of an Accession Notice
                  also acknowledges) that to the extent the Transferor Cash
                  Available for Acquisition is less than the aggregate amount of
                  the payments to the Transferor and each Additional Transferor
                  to be funded by the Transferor Beneficiaries on any Business
                  Day, such shortfall shall be met by a reduction in the
                  aggregate amount payable to the Transferor and each Additional
                  Transferor by the amount of such shortfall (as set out in
                  Clause 13.3 of the RSA) and an increase in the Transferor
                  Interest by the same amount;

            (E)   The Receivables Trustee shall from time to time, acting on the
                  advice of the Trust Cash Manager or any Co-Trust Cash Manager,
                  on each Transfer Date transfer monies credited to Trust
                  Accounts which represent investment earnings accrued on
                  Permitted Investments made using monies deposited in such
                  Trust Accounts and to which the Transferor Beneficiaries are
                  beneficially entitled pursuant to Clause 3.2(d)(iv) (less any
                  amount deducted to meet costs incurred in making and changing
                  investments as provided in Clause 5.1(f)(i)) to each
                  Transferor Beneficiary to the extent of its pro rata share as
                  it may direct, whereupon such monies shall cease to be Trust
                  Property and shall be owned by such Transferor Beneficiary
                  absolutely. After any Unavailable Principal Collections have
                  been allocated to one Beneficiary they shall in no
                  circumstances be reallocated to another Beneficiary.

5.3   ADJUSTMENTS

(a)   RECEIVABLES IN DEFAULTED ACCOUNTS, CREDIT ADJUSTMENTS AND REDUCTIONS IN
      RECEIVABLES

      If at any time prior to the dissolution of the Receivables Trust for any
      reason whatsoever, any Principal Receivable becomes a Receivable in a
      Defaulted Account or a Reduction

<PAGE>

      or a Credit Adjustment is required in relation to any Principal Receivable
      the amount of such Receivable in a Defaulted Account or the subject of a
      Credit Adjustment or a Reduction shall be allocated among the
      Beneficiaries as follows:

      (i)   in the case of a Receivable in a Defaulted Account which was an
            Eligible Receivable prior to such time such Account became a
            Defaulted Account, by allocating such amount between each Transferor
            Beneficiary and each Series in accordance with their beneficial
            entitlement to Trust Property at such time (as calculated in a
            manner consistent with the principles set out in the First Schedule
            (as amended by any Supplement)), reducing the Transferor Interest
            accordingly and treating the resulting Investor Default Amount for
            each Series as provided in the related Supplement;

      (ii)  in the case of a Credit Adjustment or a Reduction by allocating such
            amount to each Transferor Beneficiary to the extent of its pro rata
            share and reducing the Transferor Interest accordingly until such
            time as the Transferor Interest shall be zero, PROVIDED, HOWEVER,
            that if the amount of such Credit Adjustment or Reduction is greater
            than the amount of the Transferor Interest on such date of
            determination then the Receivables Trustee shall seek to enforce its
            remedy against the Transferor and each Additional Transferor under
            Clause 10.3 of the RSA which provides that the Transferor or
            relevant Additional Transferor shall make a payment to the
            Receivables Trustee in accordance with Clause 10.4 of the RSA; and

      (iii) in the case of a Receivable in a Defaulted Account which was an
            Ineligible Receivable prior to such time as such Account became a
            Defaulted Account, by reducing the Transferor Ineligible Interest by
            the amount of such Receivable in a Defaulted Account until such time
            as the Ineligible Receivables Pool reaches zero;

      and the entitlement of the Beneficiaries to Trust Property shall be
      affected accordingly. The Receivables Trustee shall maintain at all times
      accurate records reflecting Receivables in Defaulted Accounts, Credit
      Adjustments or Reductions and the allocation thereof amongst the
      Beneficiaries.

(b)   INCORRECT PAYMENTS

      If from time to time payments of monies are incorrectly paid into the
      Trustee Collection Account ("INCORRECT PAYMENTS"), such monies may
      incorrectly be deemed to be Collections representing Trust Property and
      allocated in a manner consistent with the principles set out in the First
      Schedule (as amended by any Supplement) unless prior to such allocation
      the Receivables Trustee is notified by the Trust Cash Manager or any
      Co-Trust Cash Manager that such monies are Incorrect Payments.
      Notwithstanding the above, promptly following the notification to the
      Receivables Trustee by the Trust Cash Manager or Co-Trust Cash Manager
      that such payments were incorrectly deemed to be Trust Property and have
      been incorrectly allocated, the Receivables Trustee shall:

<PAGE>

      (i)   apply Trust Property in a manner consistent with the principles set
            out in the First Schedule (as amended by any Supplement) to repay
            such Incorrect Payments; and

      (ii)  amend its books of account to record that (A) the Eligible
            Receivables Pool has been increased by the amount of Principal
            Receivables, if any, previously incorrectly deducted and that
            Incorrect Payments incorrectly allocated as Principal Collections
            have been repaid, (B) the Transferor Interest has been increased by
            the same amount of Principal Receivables, if any, which were
            incorrectly added to the Eligible Receivables Pool and (C) following
            any deduction from Finance Charge Collections for such purpose,
            Incorrect Payments incorrectly allocated as Finance Charge
            Collections, if any, have been repaid;

      and the entitlement of the Beneficiaries to Trust Property shall be
      adjusted accordingly.

(c)   ALLOCATED INELIGIBLE COLLECTIONS

      If from time to time payments of monies into the Trustee Collection
      Account representing Ineligible Collections are incorrectly deemed to be
      Principal Collections in respect of Eligible Receivables such monies may
      be allocated as such in accordance with the provisions of the First
      Schedule (as amended by any Supplement) unless prior to such allocation
      the Receivables Trustee is notified by the Trust Cash Manager or any
      Co-Trust Cash Manager that such monies are Ineligible Collections
      ("ALLOCATED INELIGIBLE COLLECTIONS"). Notwithstanding the above, promptly
      following the notification to the Receivables Trustee by the Trust Cash
      Manager or such Co-Trust Cash Manager that Allocated Ineligible
      Collections have been so allocated as Principal Collections in respect of
      Eligible Receivables, the Receivables Trustee shall:

      (i)   apply Trust Property in a manner consistent with the principles set
            out in the First Schedule (as amended by any Supplement) to re-apply
            such Allocated Ineligible Collections correctly; and

      (ii)  amend its books of account to record that (A) the Ineligible
            Receivables Pool has been decreased by the amount of Allocated
            Ineligible Collections previously incorrectly allocated as Principal
            Collections and the Eligible Receivables Pool has been increased by
            the same amount and (B) the Transferor Ineligible Interest has been
            decreased by the same amount so subtracted from the Ineligible
            Receivables Pool and the Transferor Interest has been increased by
            the amount so added to the Eligible Receivables Pool;

      and the entitlement of the Beneficiaries to Trust Property shall be
      adjusted accordingly.

<PAGE>

(d)   INELIGIBLE RECEIVABLES

      If from time to time Ineligible Receivables are assigned to the
      Receivables Trustee as a result of a breach of representation by the
      Transferor or any Additional Transferor pursuant to Clause 17.2 or 17.3 of
      the RSA, payments to the Transferor or such Additional Transferor in
      respect thereof were incorrectly funded by the Beneficiaries on the basis
      that such Receivables were Principal Receivables which are Eligible
      Receivables. Notwithstanding the remedies available to the Receivables
      Trustee pursuant to the RSA, in such circumstances the Receivables Trustee
      shall ensure that such error is corrected by:

      (i)   reducing the Transferor Interest by the amount of such Ineligible
            Receivables until such time as it reaches zero PROVIDED, HOWEVER,
            that if the amount of such Ineligible Receivables exceeds the amount
            of the Transferor Interest on such date of determination then the
            Receivables Trustee shall also require the Transferor or such
            Additional Transferor to make a payment of cash to the Receivables
            Trustee equal to the amount of such excess in order to comply with
            the provisions of Clause 11.1 of the RSA; and

      (ii)  amending its books of account to record that (A) the Eligible
            Receivables Pool has been decreased by the amount of Ineligible
            Receivables previously incorrectly added to the Eligible Receivables
            Pool and, subject to Clause 11.3 of the RSA, the Ineligible
            Receivables Pool has been increased by the same amount, and (B) the
            Transferor Ineligible Interest has been increased by the same amount
            so added to the Ineligible Receivables Pool;

      and the entitlement of the Beneficiaries to Trust Property shall be
      adjusted accordingly.

<PAGE>

6.    PAY OUT EVENTS

6.1   TRUST PAY OUT EVENTS

If any one of the following events (each a "TRUST PAY OUT EVENT") shall occur:

(a)   the Transferor or any Additional Transferor shall consent or take any
      corporate action in relation to the appointment of a receiver,
      administrator, administrative receiver, liquidator, trustee or similar
      officer of it or relating to all or substantially all of its revenues and
      assets;

(b)   proceedings shall be initiated against the Transferor or any Additional
      Transferor under any applicable liquidation, insolvency, composition,
      re-organisation or similar laws for its winding up, dissolution,
      administration or re-organisation and such proceedings are not discharged
      within 60 days or a receiver, administrator, administrative receiver,
      liquidator, trustee or similar officer of it or relating to all or
      substantially all of its revenues and assets is legally and validly
      appointed and such appointment is not discharged within 14 days;

(c)   a duly authorised officer of the Transferor or any Additional Transferor
      shall admit in writing that the Transferor or relevant Additional
      Transferor is unable to pay its debts as they fall due within the meaning
      of Section 123(1) of the Insolvency Act 1986 or the Transferor or any
      Additional Transferor makes a general assignment for the benefit of or a
      composition with its creditors or voluntarily suspends payment of its
      obligations with a view to the general readjustment or rescheduling of its
      indebtedness;

(d)   the Transferor or any Additional Transferor shall become unable for any
      reason to transfer Receivables arising on Designated Accounts to the
      Receivables Trust in the manner contemplated in the RSA;

(e)   the Transferor or any Additional Transferor ceases to be resident for tax
      purposes in the United Kingdom or otherwise ceases to be within the charge
      to United Kingdom corporation tax; or

(f)   either

      (i)   a change in law or its interpretation or administration results in
            the Receivables Trustee becoming liable to make any payment on
            account of tax (other than stamp duty payable in the United Kingdom
            in respect of the transfer of Receivables pursuant to the RSA); or

      (ii)  any tax authority asserts a tax liability against, or takes any
            other action in relation to, the Transferor or any Additional
            Transferor or any of their respective subsidiaries in connection
            with the transactions provided for in the Relevant Documents and as
            a result of any of the foregoing there could be an adverse effect on
            the position of all or any of such companies which is more than
            trivial, Provided that:

            (A)   without prejudice to the generality of this Clause 6.1(f)(ii),
                  it will be established for the purposes hereof that there
                  could be such an adverse

<PAGE>

                  effect which is more than trivial if the Transferor or such
                  Additional Transferor obtains an Opinion of Counsel to that
                  effect; and

            (B)   an event falling within this Clause 6.1(f)(ii) shall be
                  treated as occurring on the date on which the Transferor or
                  relevant Additional Transferor (in either case in its capacity
                  as a Transferor Beneficiary) gives notice in writing thereof
                  to the Receivables Trustee.

then:

      (1)   in the case of a Trust Pay Out Event under paragraph (a), (b) or (c)
            (any such event an "INSOLVENCY EVENT") above, a Series Pay Out Event
            will occur in respect of each Series and each Beneficiary within
            such Series and each Transferor Beneficiary (and the provisions of
            Clause 6.2 and 6.3 will become applicable); or

      (2)   in the case of any other Trust Pay Out Event a Series Pay Out Event
            will occur in respect of each Series and each Beneficiary within
            such Series (and the provisions of Clause 6.2 will become
            applicable),

in each case without any notice or other action on the part of the Receivables
Trustee or any Beneficiary immediately upon the occurrence of such event.

6.2   SERIES PAY OUT EVENTS

Subject to Clause 6.1, Series Pay Out Events with respect to any Series and each
Beneficiary within such Series will be specified in any related Supplement.

6.3   ADDITIONAL RIGHTS UPON THE OCCURRENCE OF CERTAIN EVENTS

(a)   If a Trust Pay Out Event under Clause 6.1(a), (b) or (c) above occurs in
      respect of any Transferor Beneficiary on such day (the "APPOINTMENT DAY"),
      the following effects shall occur:

      (i)   the applicable Transferor Beneficiary shall immediately give notice
            to the Receivables Trustee of the occurrence of such Insolvency
            Event;

      (ii)  subject to (iii) below, Future Receivables coming into existence on
            or following the Appointment Day will not be assigned to the
            Receivables Trustee;

      (iii) Finance Charge Receivables, whenever created, accrued in respect of
            Principal Receivables which have been assigned to the Receivables
            Trustee shall continue to form part of the Trust Property of the
            Receivables Trust and Collections with respect thereto shall
            continue to be allocated and applied in accordance with Clause 5;

      (iv)  the Receivables Trustee shall not be obliged nor entitled to accept
            any further Offers to purchase Receivables from the Transferor or
            any Additional Transferor; and

      (v)   subject to completion of the liquidation, winding-up and dissolution
            procedures described below the Receivables Trust will be dissolved.

<PAGE>

(b)   Within 15 days of the Appointment Day, the Receivables Trustee shall:

      (i)   cause to be published a notice in an Authorised Newspaper that an
            Insolvency Event has occurred, that the Receivables Trustee intends
            to sell, dispose of or otherwise liquidate the Receivables which
            constitute Trust Property in a commercially reasonable manner and
            that subject to completion of such sale, disposal or other
            liquidation, the Receivables Trust will be dissolved; and

      (ii)  send written notice to the Beneficiaries describing the provisions
            of this Clause 6.3 and requesting instructions from such
            Beneficiaries. Unless within 60 days from the day notice pursuant to
            sub-paragraph (i) above is first published, the Receivables Trustee
            shall have received written instructions from Beneficiaries
            representing more than 50 per cent. of the Aggregate Investor
            Interest, each Transferor Beneficiary and each Excess Interest
            Beneficiary (in each case if not subject to an Insolvency Event) and
            any other person specified as so entitled in any Supplement to the
            effect that such Beneficiaries and persons, if any, disapprove of
            the liquidation of the Receivables which constitute Trust Property
            and any other assets and wish to continue with the Receivables
            Trustee accepting Offers and purchasing Receivables pursuant to the
            terms and subject to the conditions of the RSA as before such
            Insolvency Event, the Receivables Trustee shall promptly sell,
            dispose of or otherwise liquidate the Receivables and other assets
            in a commercially reasonable manner and on commercially reasonable
            terms, which shall include the solicitation of competitive bids. The
            Receivables Trustee may obtain a prior determination from any such
            insolvency officer referred to in paragraph (a) of Clause 6.1 that
            the terms and manner of any proposed sale, disposition or
            liquidation are commercially reasonable (which determination the
            Receivables Trustee shall be entitled to regard as conclusive). The
            provisions of Clause 6.1 and Clause 6.3 shall not be deemed to be
            mutually exclusive.

(c)   The proceeds from the sale, disposition or liquidation of the Receivables
      and other assets of the Receivables Trust pursuant to paragraph (b) above
      ("INSOLVENCY PROCEEDS") shall be treated as Collections in respect of the
      Receivables and other assets of the Receivables Trust and shall be
      allocated and applied in accordance with the provisions of Clause 5.
      Insolvency Proceeds shall be allocated to Finance Charge Receivables and
      Principal Receivables in the same proportion such Receivables bore to one
      another on the immediately preceding Determination Date.

(d)   Unless the Receivables Trustee receives written instructions from
      Beneficiaries and other persons as provided in Clause 6.3(b)(ii), on the
      day following the last Transfer Date following the Monthly Period during
      which the proceeds referred to in paragraph (c) above are distributed to
      the Beneficiaries, and subject to the condition that the Aggregate
      Investor Interest shall have been reduced to zero as a result of such
      distributions, the Receivables Trustee shall take any and all necessary
      additional steps to ensure that the Receivables Trust is dissolved. To
      this intent if any Trust Property exists following the distribution of the
      proceeds referred to in the previous sentence, the Receivables Trustee
      shall execute and deliver such instruments of transfer and assignment, in
      each case without recourse to the Receivables Trustee, as shall be
      necessary to vest in each

<PAGE>

      Transferor Beneficiary as residuary beneficiary or, as it may direct, all
      right, title and interest of the Receivables Trustee in such Trust
      Property and the Receivables Trustee shall follow any reasonable direction
      of the Transferor Beneficiaries in that regard. The Receivables Trustee
      shall be entitled to be indemnified from the proceeds referred to above
      and Trust Property allocated to the Transferor Beneficiaries for any
      expenses incurred in connection with the performance of the Receivables
      Trustee of its obligations under this paragraph (d).

(e)   The Receivables Trustee may appoint a sub-agent or agents and such other
      professional advisers as it deems necessary or prudent to assist with its
      responsibilities pursuant to this Clause 6 with respect to competitive
      bids.

<PAGE>

                                     PART 3

                THE RECEIVABLES TRUSTEE AND THE RECEIVABLES TRUST

7.    THE RECEIVABLES TRUSTEE

7.1   DUTIES OF THE RECEIVABLES TRUSTEE

(a)   The Receivables Trustee undertakes to perform such duties and only such
      duties as are specifically set forth in this Deed to the extent required
      or permitted under and in compliance with applicable law and regulations.
      All of the following provisions of this Clause 7.1 are subject and without
      prejudice to Clause 2.1 and shall be construed having regard to Clause
      2.1.

(b)   The duties of the Receivables Trustee shall be to operate the Trust
      Accounts and fund the purchase of Receivables in accordance with the
      provisions of this Deed and any Relevant Document in a manner consistent
      with the principles set out in the First Schedule. The Receivables Trustee
      shall take those reasonable steps available to it to ensure that any
      movements of monies into and out of the Trust Accounts on any Business Day
      shall be for value on the same day.

(c)   The Receivables Trustee shall, if it has actual knowledge of the same, act
      promptly to exercise its rights under any bank mandate relating to a bank
      account in respect of which it is a beneficiary of a trust declared over
      such account to prevent monies representing Trust Property being paid from
      such bank account to a bank account which is not a Trust Account and which
      was overdrawn at the close of business on the preceding Business Day in
      London only (unless the Receivables Trustee shall have received evidence
      satisfactory to it that such overdraft has been satisfied). The
      Receivables Trustee shall cease to exercise such rights at such time as
      the relevant bank account ceases to be overdrawn.

(d)   The Receivables Trustee shall maintain proper books of account in respect
      of its duties as trustee of the Receivables Trust and shall maintain
      records of all assets held by it and all payments made by it in such
      capacity.

(e)   The Receivables Trustee, upon receipt of all resolutions, certificates,
      statements, opinions, reports, documents, orders or other instruments
      furnished to the Receivables Trustee which are specifically required to be
      furnished pursuant to any provision of this Deed or any Relevant Document,
      shall cause them to be examined to determine whether they substantially
      conform to the requirements of this Deed or such Relevant Document.

(f)   The Receivables Trustee shall from time to time, on receipt of a Defaulted
      Accounts Instruction Notice from each Beneficiary, enter into an agreement
      to assign the Receivables in any Defaulted Account which has been notified
      to the Beneficiaries as being a Defaulted Account (as specified in the
      Defaulted Accounts Instruction Notice). The Receivables Trustee shall take
      any action or execute any document or documents which shall be required in
      order to give effect to such assignment.

(g)   The appointment of the Trust Cash Manager pursuant to Clause 9.1(a), and
      any Co-Trust Manager pursuant to Clause 9.1(b) and the implementation of
      advice received from the Trust Cash Manager or any Co-Trust Cash Manager,
      shall (unless and until terminated) be deemed to constitute performance by
      the Receivables Trustee of its fiduciary

<PAGE>

      obligations hereunder or pursuant to any fiduciary duties on trustees
      implied by law in respect of such matters. Without prejudice to the
      foregoing, it is expressly agreed and acknowledged that no delegation by
      the Receivables Trustee will absolve or release the Receivables Trustee
      from its liabilities or obligations hereunder in the event that the Trust
      Cash Manager or any Co-Trust Cash Manager shall default in the performance
      of its obligations as Trust Cash Manager or Co-Trust Cash Manager, as the
      case may be.

(h)   The Receivables Trustee shall not be liable with respect to any action
      taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of any Investor Beneficiary relating to the time,
      method and place of conducting any proceeding for any remedy available to
      the Receivables Trustee, or exercising any trust, discretion or power
      conferred upon the Receivables Trustee in relation to such Investor
      Beneficiary, under this Deed or any Relevant Document.

(i)   The Receivables Trustee shall not be charged with knowledge of any failure
      by the Trust Cash Manager or any Co-Trust Cash Manager referred to in
      Clause 11.1 unless the Receivables Trustee receives written notice of such
      failure from the Trust Cash Manager, any Co-Trust Cash Manager or any
      Investor Beneficiary adversely affected thereby.

(j)   The Receivables Trustee shall not be required to expend or risk its own
      funds or otherwise incur financial liability in the performance of any of
      its duties hereunder, or in the exercise of any of its rights or powers,
      if it believes that the repayment of such funds or adequate indemnity
      against such risk or liability is not assured to it to its reasonable
      satisfaction, and none of the provisions contained in this Deed or any
      Relevant Document shall in any event require the Receivables Trustee to
      perform or procure the performance of, or be responsible for the manner of
      the performance of, any of the obligations of the Trust Cash Manager or
      any Co-Trust Cash Manager under this Deed.

(k)   Except for actions expressly authorised herein or in any Supplement, the
      Receivables Trustee shall take no action to impair the interests of the
      Beneficiaries of the Receivables Trust in any Receivable now existing or
      hereafter created or to impair the value of any Receivable now existing or
      hereafter created.

(l)   Other than as expressly contemplated in this Deed or any Relevant
      Document, the Receivables Trustee shall have no power to deal with Trust
      Property or supplement, amend or vary the Receivables Trust.

(m)   If at any time the Receivables Trustee shall have reasonable grounds to
      believe that advice received from the Trust Cash Manager or any Co-Trust
      Cash Manager is incorrect, it shall promptly notify the Trust Cash Manager
      or such Co-Trust Cash Manager of such matter PROVIDED, HOWEVER, that if
      the Trust Cash Manager or Co-Trust Cash Manager disagrees that such advice
      is incorrect the Receivables Trustee shall promptly act in accordance with
      the advice given by the Trust Cash Manager or Co-Trust Cash Manager and
      shall be entitled so to do.

7.2   CERTAIN MATTERS AFFECTING THE RECEIVABLES TRUSTEE

Except as otherwise provided in Section 7.1:

<PAGE>

(a)   the Receivables Trustee may rely on and shall be protected in acting, or
      in refraining from acting in accordance with, any Offer, the initial
      report, the Daily Report, the Monthly Trust Cash Manager's Report, the
      Annual Trust Cash Manager's Report, the monthly payment instructions and
      notification to the Receivables Trustee, the monthly Investor
      Beneficiaries statement, 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 this Deed or any Relevant Document by the
      proper party or parties;

(b)   the Receivables Trustee may rely on any Opinion of Counsel addressed to
      it, and any such Opinion of Counsel shall be full and complete
      authorisation and protection in respect of any action taken or suffered or
      omitted by it hereunder in good faith and in accordance with such Opinion
      of Counsel;

(c)   the Receivables Trustee shall be entitled to assume, for the purposes of
      exercising any power, trust, authority, duty or discretion under or in
      relation to any Relevant Document that such exercise will not adversely
      affect the interest of the Investor Beneficiaries if each Rating Agency
      has given written confirmation that such Rating Agency would not, as a
      result of such exercise, reduce or withdraw its then current rating of any
      outstanding Related Debt;

(d)   the Receivables Trustee shall be under no obligation to exercise any of
      the rights or powers vested in it by this Deed or the RSA or any agreement
      relating to any Enhancement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or
      direction of an Investor Beneficiary or any Enhancement Provider, pursuant
      to the provisions of this Deed, unless such Investor Beneficiary or
      Enhancement Provider shall have offered to the reasonable satisfaction of
      the Receivables Trustee reasonable security or indemnity against the
      costs, expenses and liabilities which may be incurred therein or thereby;
      nothing contained herein shall, however, relieve the Receivables Trustee
      of the obligations, upon the occurrence of any Trust Cash Manager Default
      (which has not been cured), to exercise such of the rights and powers
      vested in it by this Deed or the RSA and any agreement relating to any
      Enhancement, and to use the same degree of care and skill in its exercise
      as a prudent person would exercise or use under the circumstances in the
      conduct of his own affairs;

(e)   the Receivables Trustee shall not be personally liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorised or within the discretion or rights or powers conferred upon it
      by this Deed or any Relevant Document;

(f)   the Receivables Trustee shall not be bound to make any investigation into
      any facts or matters stated in any Offer, the initial report, the Monthly
      Trust Cash Manager's Report, the Daily Report, the Annual Trust Cash
      Manager's Report, the monthly payment instructions and notification to the
      Receivables Trustee, the monthly Investor Beneficiaries statement, any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing so to do by any Investor Beneficiary which could be
      adversely affected if the Receivables Trustee does not perform such acts;

<PAGE>

(g)   the Receivables Trustee may execute any of the trusts or powers hereunder
      or perform any duties hereunder either directly or by or through agents or
      attorneys or a custodian, and the Receivables Trustee shall not be
      responsible for any misconduct or negligence on the part of any such
      agent, attorney or custodian appointed with all due care by it hereunder;
      and

(h)   the Receivables Trustee shall not be required to make any initial or
      periodic examination of any documents or records related to the
      Receivables or the Designated Accounts for the purpose of establishing the
      presence or absence of defects, the compliance by Barclays Bank PLC or any
      Additional Transferor or Co-Trust Cash Manager with its representations
      and warranties or for any other purpose.

7.3   RECEIVABLES TRUSTEE NOT LIABLE FOR VALIDITY OR SUFFICIENCY

      Except as set forth in Clause 7.12, the Receivables Trustee makes no
      representations as to the validity or sufficiency of this Deed or any
      Relevant Document or of the beneficial entitlement of the Beneficiaries to
      Trust Property as evidenced by the Trust Certificates (other than the
      certificate of authentication on the Trust Certificates) or of any
      Receivable or related document. The Receivables Trustee shall not be
      accountable for the use or application by the Transferor or any Additional
      Transferor of any of its beneficial entitlement to Trust Property or of
      the proceeds of any transfer of its beneficial entitlement, or for the use
      or application of any funds paid to the Transferor or any Additional
      Transferor in respect of the Receivables or deposited in or withdrawn from
      any Trust Account by the Trust Cash Manager or any Co-Trust Cash Manager.

7.4   RESIGNATION OR REMOVAL OF THE RECEIVABLES TRUSTEE

(a)   The Receivables Trustee may at any time resign and be discharged from the
      Receivables Trust hereby created by giving written notice thereof to the
      Transferor Beneficiary. Upon receiving such notice of resignation, each
      Transferor Beneficiary shall be vested jointly with the power to appoint a
      successor trustee and shall promptly appoint such successor trustee as
      detailed in Clause 7.5 by written instrument, in duplicate, one copy of
      which instrument shall be delivered to the resigning Receivables Trustee
      and one copy to the successor trustee. If no successor trustee shall have
      been so appointed and have accepted within 30 days after the giving of
      such notice of resignation, the resigning Receivables Trustee may petition
      any court of competent jurisdiction for the appointment of a successor
      trustee.

(b)   If at any time the Receivables Trustee shall be legally unable to act, or
      shall be adjudged insolvent, or a receiver of the Receivables Trustee or
      of its property shall be appointed, or any public officer shall take
      charge or control of the Receivables Trustee or of its property or affairs
      for the purpose of rehabilitation, conservation or liquidation, then the
      Transferor Beneficiaries may collectively, but shall not be required to,
      remove the Receivables Trustee and promptly appoint a successor trustee by
      written instrument, in duplicate, one copy of which instrument shall be
      delivered to the Receivables Trustee so removed and one copy to the
      successor trustee.

(c)   The Beneficiaries may at any time by unanimous vote resolve to remove the
      Receivables Trustee as trustee of the Receivables Trust and shall do so by
      giving written notice thereof to the Receivables Trustee. Upon such notice
      of removal being given each

<PAGE>

      Transferor Beneficiary shall be vested jointly with the power to appoint a
      successor trustee and shall promptly appoint such successor trustee as
      detailed in Clause 7.5 by written instrument, in duplicate, one copy of
      which instrument shall be delivered to the Receivables Trustee being
      removed and one copy to the successor trustee.

(d)   Any resignation or removal of the Receivables Trustee and appointment of a
      successor trustee pursuant to any of the provisions of this Clause 7.4
      shall not become effective until:

      (i)   acceptance of appointment by the successor trustee as provided in
            Clause 7.5 hereof and any liability of the Receivables Trustee
            arising hereunder shall survive such appointment of a successor
            trustee; and

      (ii)  confirmation has been received from each Rating Agency that the
            appointment of the successor trustee will not result in such Rating
            Agency reducing or withdrawing its then current rating on any
            outstanding Related Debt.

7.5   SUCCESSOR RECEIVABLES TRUSTEE

(a)   Any successor trustee appointed as provided in Clause 7.4 hereof shall,
      unless each Transferor Beneficiary requires otherwise, be a person
      belonging outside the member states of the European Union for VAT purposes
      and shall execute, acknowledge and deliver to each Transferor Beneficiary
      and to its predecessor Receivables Trustee an instrument accepting such
      appointment hereunder and transferring the Trust Property to such
      successor trustee, and thereupon the resignation or removal of the
      predecessor Receivables Trustee shall become effective and such successor
      trustee, without any further act, deed or conveyance, shall become fully
      vested with the Trust Property and all the rights, powers, duties and
      obligations of its predecessor hereunder, with the like effect as if
      originally named as Receivables Trustee herein. The predecessor
      Receivables Trustee shall deliver to the successor trustee all documents
      and statements held by it hereunder, and each Transferor Beneficiary and
      the predecessor Receivables Trustee shall execute and deliver such
      instruments and do such other things as may reasonably be required for
      fully and certainly vesting and confirming in the successor trustee all
      Trust Property and such rights, powers, duties and obligations.

(b)   Upon acceptance of appointment by a successor trustee as provided in this
      Clause 7.5, such successor trustee shall mail notice of such succession
      hereunder to all Beneficiaries.

7.6   APPOINTMENT OF CO-RECEIVABLES TRUSTEE OR SEPARATE RECEIVABLES TRUSTEE

(a)   Notwithstanding any other provisions of this Deed, at any time, for the
      purpose of meeting any legal requirements of any jurisdiction in which any
      part of the Trust Property may at the time be located, the Receivables
      Trustee shall have the power and may execute and deliver all instruments
      to appoint one or more persons to act as a co-trustee or co-trustees, or
      separate trustee or separate trustees, of all or any part of the
      Receivables Trust, and to vest in such person or persons, in such capacity
      and for the benefit of the Beneficiaries, such title to the Receivables
      Trust or any Trust Property or any part thereof, and, subject to the other
      provisions of this Clause 7.6, such powers, duties, obligations, rights
      and trusts as the Receivables Trustee may consider necessary or desirable.
      No notice to Beneficiaries of the appointment of any co-trustee or
      separate trustee shall be required under Clause 7.5 hereof. The
      Receivables Trustee shall be

<PAGE>

      required to obtain the prior written consent of the Transferor
      Beneficiaries before making any appointment pursuant to this Clause 7.6(a)
      and no such appointment shall be valid unless such consent has been
      obtained PROVIDED, HOWEVER that the Transferor Beneficiaries shall be
      entitled to withhold their consent only if it is not established to their
      reasonable satisfaction that (so far as is consistent with the legal
      requirements referred to in this Clause 7.6(a)) the relevant co-trustee or
      co-trustees or separate trustee or separate trustees will belong outside
      the member states of the European Union or (if the foregoing is not
      consistent with the said legal requirements) within the member states of
      the European Union but outside the United Kingdom for the purposes of the
      Value Added Tax Act 1994.

(b)   Each separate trustee and co-trustee shall, to the extent permitted by
      law, be appointed and act subject to the following provisions and
      conditions:

      (i)   all rights, powers, duties and obligations conferred or imposed upon
            the Receivables Trustee shall be conferred or imposed upon and
            exercised or performed by the Receivables Trustee and such separate
            trustee or co-trustee jointly (it being understood that such
            separate trustee or co-trustee is not authorised to act separately
            without the Receivables Trustee joining in such act), except to the
            extent that under any laws of any jurisdiction in which any
            particular act or acts are to be performed (whether as Receivables
            Trustee hereunder or as successor to the Trust Cash Manager or any
            Co-Trust Cash Manager hereunder), the Receivables Trustee shall be
            incompetent or unqualified to perform such act or acts, in which
            events such rights, powers, duties and obligations (including the
            holding of title to the Receivables Trust or any Trust Property or
            any portion thereof in any such jurisdiction) shall be exercised and
            performed singly by such separate trustee or co-trustee, but solely
            at the direction of the Receivables Trustee;

      (ii)  no trustee hereunder shall be personally liable by reason of any act
            or omission of any other trustee hereunder; and

      (iii) the Receivables Trustee may at any time accept the resignation of or
            remove any separate trustee or co-trustee.

(c)   Any notice, request or other writing given to the Receivables Trustee
      shall be deemed to have been given to each of the then separate trustees
      and co-trustees, as effectively as if given to each of them. Every
      instrument appointing any separate trustee or co-trustee shall refer to
      this Deed and the conditions of this Clause 7. Each separate trustee and
      co-trustee, upon its acceptance of the trusts conferred, shall be vested
      with the estates or property specified in its instrument of appointment,
      either jointly with the Receivables Trustee or separately, as may be
      provided therein, subject to all the provisions of this Deed, specifically
      including every provision of this Deed relating to the conduct of,
      affecting the liability of, or affording protection to, the Receivables
      Trustee. Every such instrument shall be filed with the Receivables Trustee
      and a copy thereof given to the Trust Cash Manager and any Co-Trust Cash
      Manager.

(d)   Any separate trustee or co-trustee may at any time constitute the
      Receivables Trustee as its agent or attorney-in-fact with full power and
      authority, to the extent not prohibited by

<PAGE>

      law, to do any lawful act under or in respect to this Deed or any Relevant
      Document on its behalf and in its name. If any separate trustee or
      co-trustee shall die, become incapable of acting, resign or be removed,
      all of its estates, properties, rights, remedies and trusts shall vest in
      and be exercised by the Receivables Trustee, to the extent permitted by
      law, without the appointment of a new or successor trustee.

7.7   TAX RETURNS

In the event that the Receivables Trustee shall be required to file tax returns,
the Receivables Trustee, as soon as practicable after it is made aware of such
requirement, shall prepare or cause to be prepared any tax returns required to
be filed by the Receivables Trust and, to the extent possible, shall file such
returns at least five days before such returns are due to be filed. The
Receivables Trustee is hereby authorised to sign any such return on behalf of
the Receivables Trust. The Receivables Trustee will instruct the Trust Cash
Manager or, if applicable, any Co-Trust Cash Manager to prepare or cause to be
prepared all tax information required by law to be distributed to Beneficiaries
and to deliver such information to the Receivables Trustee at least five
Business Days prior to the date it is required by law to be distributed to
Beneficiaries. The Receivables Trustee will instruct the Trust Cash Manager or,
if applicable, any Co-Trust Cash Manager, upon request, to furnish the
Receivables Trustee with all such information known to the Trust Cash Manager or
Co-Trust Cash Manager as may be reasonably required in connection with the
preparation of all tax returns of the Receivables Trust. In no event shall the
Receivables Trustee, the Trust Cash Manager or any Co-Trust Cash Manager be
liable for any liabilities, costs or expenses of the Receivables Trust, the
Investor Beneficiaries or any other person arising under any tax law (or any
interest or penalty with respect thereto or arising from a failure to comply
therewith).

7.8   RECEIVABLES TRUSTEE MAY ENFORCE CLAIMS WITHOUT BENEFICIARIES

To the extent permitted by law, all rights of action and claims under this Deed
or any Relevant Document or with respect to any Beneficiary (including any
Enhancement Provider) and any related Supplement may be prosecuted and enforced
by the Receivables Trustee without the joining of any Beneficiary (including any
Enhancement Provider) in any proceeding relating thereto, and any such
proceeding instituted by the Receivables Trustee shall be brought in its own
name as trustee. Any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the
Receivables Trustee, its agents and legal advisers, constitute Trust Property
and be for the rateable benefit of any Beneficiaries in respect of which such
judgment has been obtained.

7.9   SUITS FOR ENFORCEMENT

If a Trust Cash Manager Default shall occur and be continuing, the Receivables
Trustee shall, if it is so directed by Investor Beneficiaries representing in
aggregate more than 50% of the Aggregate Investor Interest, subject to the
provisions of Clause 7.1, proceed to protect and enforce its rights and the
rights of any Investor Beneficiaries under this Deed or any Relevant Document by
a suit, action or proceeding in equity or at law or otherwise, whether for the
specific performance of any covenant or agreement contained in this Deed or any
Relevant Document or in aid of the execution of any power granted in this Deed
or for the enforcement of any other legal, equitable or other remedy as the
Receivables Trustee, being advised by counsel, shall deem most effective to
protect and enforce any of the rights of the Receivables Trustee or any Investor
Beneficiary.

<PAGE>

7.10  CONSIDERATION OF THE INTERESTS OF THE BENEFICIARIES

(a)   The Receivables Trustee shall, as regards all the powers, trusts,
      authorities, duties and discretions vested in it under this Deed or other
      Relevant Documents, except where expressly provided otherwise, have regard
      to the interests of the Investor Beneficiaries, the Transferor
      Beneficiaries, the Enhancement Providers and the Excess Interest
      Beneficiaries.

(b)   Where, in the opinion of the Receivables Trustee, there is a conflict
      between the interests of certain Beneficiaries and the interests of any of
      the other Beneficiaries, the Receivables Trustee shall, notwithstanding
      anything to the contrary contained in this Deed or other Relevant
      Documents, have regard first to the interests of the Investor
      Beneficiaries, then to the Transferor Beneficiaries, then to the interests
      of the Enhancement Providers and then to the interests of the Excess
      Interest Beneficiaries and, subject to any other claims it may otherwise
      have against the Receivables Trustee including, without limitation,
      pursuant to Clauses 7.12 and 7.13, no Transferor Beneficiary, Enhancement
      Provider or Excess Interest Beneficiary shall have a claim against the
      Receivables Trustee for so doing.

(c)   Notwithstanding (a) and (b) above, where the Receivables Trustee is
      required under this Deed or other Relevant Documents to have regard to the
      interests of each of the Investor Beneficiaries (as among themselves) and
      where, in the opinion of the Receivables Trustee, there is a conflict
      between the interests of the Investor Beneficiaries (as between
      themselves), the Receivables Trustee shall be entitled to act in
      accordance with directions received from such Investor Beneficiaries
      pursuant to Clause 7.11 and no Investor Beneficiaries shall have any claim
      against the Receivables Trustee for so doing.

7.11  RIGHTS OF INVESTOR BENEFICIARIES TO DIRECT THE RECEIVABLES TRUSTEE

Investor Beneficiaries representing in aggregate more than 50% of the Aggregate
Investor Interest (or, with respect to any remedy, trust or power that does not
relate to all Series, 50% of the Aggregate Investor Interest represented by such
Series to which such remedy, trust or power relates) shall have the right to
direct the Receivables Trustee in the exercise of any discretion, trust or power
conferred on the Receivables Trustee and also the time, method and place of
conducting any proceeding for any remedy available to the Receivables Trustee,
PROVIDED, HOWEVER, that subject to Clause 7.1, the Receivables Trustee shall
have the right to decline to follow any such direction if the Receivables
Trustee being advised by counsel determines that the action so directed may not
lawfully be taken, or if the Receivables Trustee in good faith shall determine
that the proceedings so directed would be illegal or involve it in personal
liability or be unduly prejudicial to the rights of Series not parties to such
direction; and provided further that nothing in this Deed shall impair the right
of the Receivables Trustee to take any action deemed proper by the Receivables
Trustee and which is not inconsistent with such direction of such Series.

7.12  REPRESENTATIONS AND WARRANTIES OF THE RECEIVABLES TRUSTEE

The Receivables Trustee represents and warrants on the date hereof and on each
Acquisition Date that:

(i)   the Receivables Trustee has full power, authority and right to execute,
      deliver and perform this Deed and each Relevant Document, and has taken
      all necessary action to

<PAGE>

      authorise the execution, delivery and performance by it of this Deed and
      each Relevant Document; and

(ii)  each of this Deed and each Relevant Document has been duly executed and
      delivered by the Receivables Trustee.

7.13  COVENANTS BY THE RECEIVABLES TRUSTEE

(a)   Save as provided for or as contemplated in this Deed and the Receivables
      Trust constituted hereby, the Receivables Trustee hereby covenants in
      favour of the Beneficiaries in its capacity as Receivables Trustee and
      also in its capacity as purchaser of the Receivables pursuant to the RSA
      that it shall not, without the prior written consent of each of the
      Beneficiaries:

      (i)   carry on any business other than as trustee of the Receivables Trust
            and in respect of that business shall not engage in any activity or
            do anything whatsoever except:

            (A)   hold, and exercise its rights in respect of, the Trust
                  Property and perform its obligations in respect of the Trust
                  Property;

            (B)   preserve and/or exercise and/or enforce any of its rights and
                  perform and observe its obligations under the Relevant
                  Documents;

            (C)   pay dividends or make other distributions to the extent
                  required by applicable law;

            (D)   use, invest or dispose of any of its property or assets in the
                  manner provided in or contemplated by the Relevant Documents;
                  and

            (E)   perform any and all acts incidental to or otherwise necessary
                  in connection with (A), (B), (C) or (D) above;

      (ii)  incur any indebtedness whatsoever (other than as expressly
            contemplated herein or any Supplement) or give any guarantee or
            indemnity in respect of any indebtedness;

      (iii) create any Encumbrance whatsoever over any of its assets, or use,
            invest, sell or otherwise dispose of any part of its assets
            (including any uncalled capital) or undertaking, present or future,
            other than as expressly contemplated by this Deed and any Relevant
            Document;

      (iv)  consolidate or merge with any other person or convey or transfer its
            properties or assets to any person;

      (v)   permit the validity or effectiveness of the Receivables Trust to be
            supplemented, amended, varied, terminated, postponed or discharged
            (other than as expressly contemplated herein or in any Supplement);
            and

      (vi)  have an interest in any bank account other than a Trust Account and
            the bank account in Jersey referred to in Clause 7.13(b)(ii).

<PAGE>

(b)   the Receivables Trustee hereby covenants in favour of the Beneficiaries
      that it shall:

      (i)   maintain all necessary licences, authorisations and covenants and do
            all other such things necessary to ensure its continued corporate
            existence and carry out its obligations under the Relevant Documents
            to which it is party;

      (ii)  unless agreed otherwise by each Transferor Beneficiary in writing,
            open and maintain a bank account in Jersey in its own name for the
            purpose of receiving and making payments to be made otherwise than
            in its capacity as Receivables Trustee (including making payments of
            Trust Cash Management Fee to the Trust Cash Manager or any Co-Trust
            Cash Manager); and

      (iii) ensure that all instructions given by or on behalf of the
            Receivables Trustee for:

            (1)   the transfer of moneys into;

            (2)   the allocation of moneys held in;

            (3)   the transfer of moneys between; or (as the case may be)

            (4)   the distribution of moneys out of

            the Trust Accounts are given in Jersey and that no such transfers,
            allocations or distributions are made without such instructions
            first having been given in Jersey with respect to the transfer,
            allocation or distribution in question.

(c)   Save as otherwise provided or as otherwise contemplated in this Deed
      (including the proviso to Clause 7.11) the Receivables Trustee hereby
      covenants in favour of the Beneficiaries that it will not exercise any
      discretion (whether to consent or request or otherwise) vested in it
      pursuant to the terms of this Deed or the RSA unless it is so directed in
      accordance with Clause 7.11.

7.14  SUPPLEMENT TO TRUSTEE ACT 1925

The rights, powers, duties and obligations conferred or imposed upon the
Receivables Trustee by this Deed shall, unless otherwise specified herein or in
any Supplement, be supplemental to any rights, powers, duties and obligations
conferred or imposed upon the Receivables Trustee under the law generally and in
particular the Trustee Act 1925.

7.15  FEES, COSTS AND EXPENSES OF THE RECEIVABLES TRUSTEE

(a)   As full compensation for its duties and activities as Receivables Trustee
      and as reimbursement for any costs and expenses incurred by it in
      connection therewith (including, without limitation, amounts in respect of
      stamp duty (if applicable) but excluding amounts in respect of Trust Cash
      Management Fee) the Receivables Trustee shall be entitled to be
      indemnified by the Beneficiaries for such costs and expenses with respect
      to each Monthly Period, provided that recourse under such indemnity shall
      be limited solely to the extent of Trust Property allocated to the
      Beneficiaries, as provided in this Deed and any Supplement, on the related
      Transfer Date (each such fee and reimbursement of costs and expenses, a
      "TRUSTEE PAYMENT AMOUNT" and the aggregate of such fees and reimbursement
      of such costs and expenses payable on a Transfer Date,

<PAGE>

      together with the amount of any Trustee Fee payable on such date in
      accordance with Clause 7.16, shall be the "AGGREGATE TRUSTEE PAYMENT
      AMOUNT").

(b)   The share of the Aggregate Trustee Payment Amount allocable to and borne
      by the Investor Beneficiaries of a particular Series with respect to any
      Monthly Period (the "INVESTOR TRUSTEE PAYMENT") will be determined in
      accordance with the relevant Supplement.

7.16  TRUSTEE FEE

In consideration of the undertaking and performance by the Receivables Trustee
of its fiduciary duties hereunder the Beneficiaries shall pay to the Receivables
Trustee a fee of (pound)5,000 per annum (the "TRUSTEE FEE"). The said fee shall
be payable in 12 equal instalments on each Transfer Date commencing with the
first Transfer Date and, for the purposes of the Relevant Documents, the amount
so payable on any Transfer Date shall be included in the Aggregate Trustee
Payment amount for the Transfer Date in question.

7.17  LIMITATION

It is acknowledged that: --

      (a)   the Receivables Trustee shall have no power and no duty to carry out
            (or procure the carrying out of) any of the functions which the
            Servicer agrees to carry out under the Beneficiaries Servicing
            Agreement; and

      (b)   the Trust Cash Manager and, by its execution of the relevant
            Accession Notice, any Co-Trust Cash Manager agrees to perform its
            functions hereunder solely in order to enable the Receivables
            Trustee to perform its functions hereunder and, for so long as the
            Receivables Trust continues, neither the Trust Cash Manager nor any
            Co-Trust Cash Manager shall be obliged or entitled to act on behalf
            of or on the instructions of the Beneficiaries.

7.18  DISCLOSURE OF INFORMATION

(a)   The Receivables Trustee and, by its execution of a Supplement, each
      Investor Beneficiary agrees not to disclose to any person any information
      which it receives pursuant to or in connection with any Relevant Document
      ("RELEVANT INFORMATION") except and only to the extent permitted by
      applicable law:

      (i)   if required in connection with the performance of its duties under
            such Relevant Document;

      (ii)  if required in order to enforce the rights of any Beneficiary;

      (iii) with the consent of the Transferor and each Additional Transferor,
            in connection with any security interest any Investor Beneficiary
            has created or is proposing to create over its beneficial interest
            in the Receivables Trust in connection with an issue of Related
            Debt; or

      (iv)  pursuant to any Requirement of Law.

(b)   The Receivables Trustee and, by its execution of a Supplement, each
      Investor Beneficiary agrees to take such measures as shall be reasonably
      requested by the Transferor or any Additional Transferor, to protect and
      maintain the security and

<PAGE>

      confidentiality of all Relevant Information and, in connection therewith,
      shall allow the Transferor and any Additional Transferor to inspect its
      security and confidentiality arrangements from time to time during normal
      business hours and upon reasonable notice being given.

(c)   If the Receivables Trustee or any Investor Beneficiary is required by any
      Requirement of Law to disclose any Relevant Information, the Receivables
      Trustee or such Investor Beneficiary shall provide the Transferor and each
      Additional Transferor with prompt written notice, unless such notice is
      prohibited by law, of any such request or requirement. The Receivables
      Trustee or relevant Investor Beneficiary shall make reasonable efforts to
      provide the Transferor and each Additional Transferor with written notice
      no later than five days prior to any such disclosure unless compliance
      with this requirement would or might breach any law.

8.    TERMINATION OF THE RECEIVABLES TRUST AND PERPETUITY

8.1   TERMINATION OF THE RECEIVABLES TRUST

If the Receivables Trust has not otherwise been dissolved pursuant to Clause 6.3
hereof, on any Business Day on which (i) the Aggregate Investor Interest is
reduced to zero, (ii) there are no Finance Charge Collections or other Trust
Property allocated to any Beneficiaries other than any Transferor Beneficiary or
any Excess Interest Beneficiary and (iii) there is no commitment on the part of
any Beneficiary to make contributions to meet payments in respect of the
assignment of Receivables to the Receivables Trust, then the Transferor
Beneficiaries may jointly by written notice to the Receivables Trustee direct
that the Receivables Trust be dissolved.

8.2   TERMINATION RIGHTS OF TRANSFEROR BENEFICIARIES

(a)   Following the delivery of a notice of dissolution in the circumstances
      contemplated in Clause 8.1 and the surrender of the Transferor
      Certificate, the Receivables Trustee shall execute and deliver such
      instruments of transfer and re-assignment, in each case without recourse,
      as shall be reasonably requested by each Transferor Beneficiary at the
      expense of such Transferor Beneficiary, to the extent of its pro rata
      share, to vest in such Transferor Beneficiary or as it may direct to the
      extent of such Transferor Beneficiary's pro rata share all right, title
      and interest of the Receivables Trustee in the Trust Property including
      Receivables in existence or arising on Designated Accounts, all moneys due
      or to become due with respect to such Receivables (including all accrued
      interest theretofore posted as Finance Charge Receivables) and all
      proceeds of such Receivables and Insurance Proceeds relating to such
      Receivables and Acquired Interchange (if any) allocable to the Receivables
      Trust pursuant to any Supplement.

(b)   Following the conveyance of the Trust Property to each Transferor
      Beneficiary or as such Transferor Beneficiary may direct pursuant to this
      Clause 8.2, the Receivables Trust shall be dissolved.

8.3   PERPETUITY PERIOD

      The perpetuity period for the purposes of this Deed is the period of 80
      years from the date hereof.

<PAGE>

                                     PART 4

     APPOINTMENT AND DUTIES OF TRUST CASH MANAGER AND CO-TRUST CASH MANAGERS

9.    TRUST CASH MANAGEMENT FUNCTIONS

9.1   ACCEPTANCE OF APPOINTMENT AND OTHER MATTERS RELATING TO THE TRUST CASH
      MANAGER

(a)   The Receivables Trustee hereby appoints Barclays Bank PLC and Barclays
      Bank PLC agrees to act as the Trust Cash Manager for the Receivables
      Trustee under this Deed. By its execution of a Supplement each Investor
      Beneficiary consents to Barclays Bank PLC acting as Trust Cash Manager.

(b)   Any Additional Transferor may, if the relevant Accession Notice so
      specifies, be appointed by the Receivables Trustee to carry out Trust Cash
      Management under this Deed (a "CO-TRUST CASH MANAGER") (and by its
      execution of a Supplement each Investor Beneficiary consents to the
      appointments of Co-Trust Cash Managers being made in accordance with this
      Clause 9.1(b)). If any Accession Notice in respect of an Additional
      Transferor does not specify that such Additional Transferor is to be
      appointed a Co-Trust Cash Manager then the Trust Cash Manager shall be
      deemed to be appointed by the Receivables Trustee as cash manager in
      respect of all cash management functions set out in this Deed as the same
      apply to such Additional Transferor.

(c)   The Trust Cash Manager shall make the calculations referred to in Clause
      2.2 and Clause 5 of this Deed (and any Co-Trust Cash Manager shall make
      those of such calculations and perform such functions which it is
      authorised to make and perform pursuant to the terms of its appointment)
      for the purpose of enabling the Receivables Trustee to make the
      allocations referred to herein and shall give such advice as may be
      necessary to enable the Receivables Trustee to effect all transfers which
      are to be made, in relation to such calculations and allocations, in
      accordance with this Deed. The Trust Cash Manager and any Co-Trust Cash
      Manager shall further undertake any other Trust Cash Management or related
      functions necessary or desirable to enable the Receivables Trustee to
      exercise the rights and perform the duties and obligations of the
      Receivables Trustee under this Deed. In carrying out its duties and
      obligations under this Deed the Trust Cash Manager and any Co-Trust Cash
      Manager shall follow such instructions in regard to the exercise of its
      power and authority as the Receivables Trustee may from time to time
      direct. Provided that nothing herein shall be taken to constitute the
      Trust Cash Manager or any Co-Trust Cash Manager as an agent of the
      Receivables Trustee

      Without limiting the generality of the foregoing, and subject to Clause
      11.1, the Trust Cash Manager and (to the extent authorised by the relevant
      Accession Notice) any Co-Trust Cash Manager is hereby obliged, authorised
      and empowered:

      (i)   to advise the Receivables Trustee to direct the Transferor to make
            transfers from the Barclaycard Operating Account as set forth in
            Clause 5.2(a)(i) of this Deed;

      (ii)  (unless such power and authority is revoked by the Receivables
            Trustee on account of the occurrence of a Trust Cash Manager Default
            pursuant to Clause 11.1) to advise the Receivables Trustee to
            transfer moneys between the Trust

<PAGE>

            Accounts, and make withdrawals and payments from the Trust Accounts,
            in accordance with this Deed and any Supplement; and

      (iii) (unless such power and authority is revoked by the Receivables
            Trustee on account of the occurrence of a Trust Cash Manager Default
            pursuant to Clause 11.1), to advise the Receivables Trustee in
            writing, as set forth in this Deed;

      The Receivables Trustee agrees that it shall promptly act in accordance
      with advice given by the Trust Cash Manager or any Co-Trust Cash Manager
      to transfer moneys between the Trust Accounts and withdraw and pay funds
      from any Trust Account and to take any action required under any
      Enhancement at such time as required under this Deed and any Supplement.
      The Receivables Trustee shall execute at the Trust Cash Manager's or any
      Co-Trust Cash Manager's written request such documents prepared by the
      Transferor and acceptable to the Receivables Trustee as may be reasonably
      necessary or appropriate to enable the Trust Cash Manager or Co-Trust Cash
      Manager to carry out its Trust Cash Management duties hereunder.

(d)   Without prejudice to the provisions of Clause 6.1(d), in the event that
      the Transferor is unable for any reason duly to assign Receivables arising
      on a Designated Account to the Receivables Trustee in accordance with the
      provisions of the RSA then, in any such event:

      (i)   the Trust Cash Manager and/or, if applicable, any Co-Trust Cash
            Manager shall advise the Receivables Trustee to apply, after the
            date of the purported assignment, all Principal Collections in
            respect of Receivables and all amounts which would have constituted
            Principal Collections which would have been assigned to the
            Receivables Trustee but for the Transferor's (or as the case may be,
            any Additional Transferor's) inability duly to assign such
            Receivables, in accordance with the provisions of the Relevant
            Documents as though such amounts are Principal Collections;

      (ii)  the Trust Cash Manager and/or, if applicable, any Co-Trust Cash
            Manager shall advise the Receivables Trustee to apply such amounts
            as Principal Collections on Receivables assigned to the Receivables
            Trustee in accordance with Clause 5; and

      (iii) for only so long as all Principal Collections and all amounts which
            would have constituted Principal Collections are applied in
            accordance with paragraphs (i) and (ii) above, Principal Collections
            and all amounts which would have constituted Principal Collections
            but for the Transferor's (or as the case may be, any Additional
            Transferor's) inability duly to assign Receivables to the
            Receivables Trustee that are charged-off in accordance with this
            Deed and the Card Guidelines, shall continue to be applied in
            accordance with Clause 5 and all Principal Receivables which would
            have been assigned to the Receivables Trustee but for the
            Transferor's (or as the case may be, any Additional Transferor's)
            inability duly to assign Receivables to the Receivables Trustee
            shall be deemed to be Principal Receivables for the purpose of
            calculating the applicable Investor Percentage thereunder.

<PAGE>

      If the Receivables Trustee is unable pursuant to any Requirement of Law to
      allocate payments on the Designated Accounts as described above in
      accordance with the instructions of the Trust Cash Manager or any Co-Trust
      Cash Manager, as applicable, the Trust Cash Manager or Co-Trust Cash
      Manager shall, if such Requirement of Law thereafter ceases to prevent
      such allocation, advise the Receivables Trustee to allocate payments on
      each Designated Account with respect to the principal balance of such
      Designated Account first to the oldest principal balance of such
      Designated Account and to apply such payments as Collections in accordance
      with Clause 5.

      The parties hereto agree that Finance Charge Receivables (whenever
      created) accrued in respect of Principal Receivables which have been
      conveyed to the Receivables Trustee as trustee of the Receivables Trust,
      or which would have been conveyed to the Receivables Trustee as trustee of
      the Receivables Trust but for the above described inability duly to assign
      such Receivables, shall continue to be a part of the Trust Property
      notwithstanding any cessation of the assignment of additional Principal
      Receivables to the Receivables Trustee and Collections with respect
      thereto shall continue to be allocated and paid in accordance with
      Clause 5.

9.2   TRUST CASH MANAGEMENT FEES

(a)   As full compensation for its duties hereunder and as reimbursement for any
      expense (but not including any part thereof which represents VAT in
      respect of which it is entitled to repayment or credit from HM Customs &
      Excise) incurred by it in connection therewith, the Trust Cash Manager and
      any Co-Trust Cash Manager shall be entitled to receive from the
      Receivables Trustee (solely to the extent of payments received from the
      Beneficiaries utilising Trust Property allocated with respect thereto as
      provided in this Deed and in any Supplement) a trust cash management fee
      (the "TRUST CASH MANAGEMENT FEE") with respect to each Monthly Period,
      payable monthly on the related Transfer Date, in an amount equal to the
      aggregate of the Investor Trust Cash Management Fees and the Transferor
      Trust Cash Management Fee. The aggregate of the Investor Trust Cash
      Management Fees for any Monthly Period shall be an amount equal to
      one-twelfth of the product of (i) the weighted average of the Series Trust
      Cash Management Fee Percentages with respect to each Applicable Series
      (based upon the Series Trust Cash Management Fee Percentage for each
      Series and the Investor Interests (or such other amount as specified in
      the related Supplement) of such Series, in each case as of the last day of
      such Monthly Period (or as otherwise provided in the related Supplement)
      and (ii) the average daily aggregate Outstanding Face Amount of Principal
      Receivables during such Monthly Period. Any amount payable under this
      Clause 9.2(a) shall be inclusive of VAT thereon, if applicable, and the
      application of section 89 of the Value Added Tax Act 1994 shall be
      excluded in relation thereto. Any Co-Trust Cash Manager shall be entitled
      to such portion of the Trust Cash Management Fee as shall be specified in
      the relevant Accession Notice pursuant to which such Co-Trust Cash Manager
      is appointed.

(b)   The share of the Trust Cash Management Fee payable by the Receivables
      Trustee to the Trust Cash Manager and any Co-Trust Cash Manager which is
      to be met by the Receivables Trustee from payments made by the Investor
      Beneficiaries of a particular Series to the Receivables Trustee with
      respect to each Monthly Period (the "INVESTOR

<PAGE>

      TRUST CASH MANAGEMENT FEE" with respect to such Series) will each
      determined in accordance with the relevant Supplement.

(c)   The portion of the Trust Cash Management Fee (the "TRANSFEROR TRUST CASH
      MANAGEMENT FEE") with respect to any Monthly Period not to be met by the
      Receivables Trustee from payments made by the Investor Beneficiaries of a
      particular Series pursuant to any related Supplement shall be paid to the
      Receivables Trustee by each Transferor Beneficiary to the extent of its
      pro rata share from the Transferor Finance Charge Amount and Transferor
      Acquired Interchange Amount or other Trust Property allocable to such
      Transferor Beneficiary on the related Transfer Date. In no event shall the
      Investor Beneficiaries of any Series be liable to the Trust Cash Manager
      or any Co-Trust Cash Manager for the share of the Trust Cash Management
      Fee with respect to any Monthly Period to be met by the Receivables
      Trustee from payments to be made by any Transferor Beneficiary from Trust
      Property allocated to such Transferor Beneficiary PROVIDED, HOWEVER, that
      the amount of Transferor Trust Cash Management Fee to be paid to the
      Receivables Trustee by the Transferor Beneficiaries in any Monthly Period
      shall not exceed the aggregate amount of the Transferor Finance Charge
      Amount and Transferor Acquired Interchange Amount for such Monthly Period.

(d)   It is a condition of the Receivables Trust (which by the execution of a
      supplement by a Beneficiary, such Beneficiary consents and confirms) that
      each Beneficiary of the Receivables Trust undertakes to the Receivables
      Trustee for the benefit of itself and as trustee for each other
      Beneficiary that it will pay to the Receivables Trustee the share of the
      Trust Cash Management Fee payable by the Receivables Trustee to the Trust
      Cash Manager and any Co-Trust Cash Manager pursuant to Clause 9.2(a) which
      is to be met by the Receivables Trustee from payments to be made by such
      Beneficiary to the Receivables Trustee as calculated and specified in such
      Supplement.

9.3   REPRESENTATIONS AND WARRANTIES OF THE TRUST CASH MANAGER AND CO-TRUST CASH
      MANAGERS

(i) Barclays Bank PLC, as initial Trust Cash Manager hereby makes, (ii) any
Co-Trust Cash Manager, by its appointment pursuant to the relevant Accession
Notice, shall be deemed to make, and (iii) any Successor Trust Cash Manager by
its appointment hereunder shall make, (in the case of (ii) and (iii) with
appropriate modifications to Clause 9.3(a) to reflect the Co-Trust Cash
Manager's or Successor Trust Cash Manager's organisation), the following
representations and warranties on which the Receivables Trustee has relied in
appointing Barclays Bank PLC as the initial Trust Cash Manager and, whenever
appropriate, any Co-Trust Cash Manager or Successor Trust Cash Manager.

(a)   ORGANISATION It is a corporation duly incorporated under the laws of
      England with full corporate power, authority and legal right to own its
      assets and conduct its business as such assets are presently owned and its
      business as presently conducted and with power to enter into the Relevant
      Documents and to exercise its rights and perform its obligations
      thereunder and all corporate and other action required to authorise its
      execution of each Relevant Document and its performance of its obligations
      thereunder has been duly taken.

<PAGE>

(b)   DUE AUTHORIZATION All acts, conditions and things required to be done,
      fulfilled and performed in order (i) to enable it lawfully to enter into,
      exercise its rights under and perform and comply with the obligations
      expressed to be assumed by it in each Relevant Document, (ii) to ensure
      that the obligations expressed to be assumed by it in each Relevant
      Document are legal, valid and binding on it and (iii) to make each
      Relevant Document and each such assignment admissible in evidence in
      England have been done, fulfilled and performed save for the payment of
      stamp duty in the United Kingdom in respect of any such assignment under
      any applicable law.

(c)   NO VIOLATION The execution and delivery of each Relevant Document by the
      Trust Cash Manager or Co-Trust Cash Manager, as the case may be, and the
      exercise of its rights and the performance of its obligations thereunder
      will not conflict with or violate any Requirement of Law.

(d)   BINDING OBLIGATION The obligations expressly to be assumed by it in each
      Relevant Document are legal and valid obligations binding on it and
      enforceable against it in accordance with its terms, subject to applicable
      bankruptcy laws, other similar laws affecting creditors' rights, general
      equitable principles and other limitations on enforcement in the
      jurisdiction of the Obligor.

(e)   NO PROCEEDINGS There are no proceedings or investigations pending or, to
      the best of its knowledge threatened against it before any court,
      regulatory body, arbitral tribunal or public or administrative body or
      agency (i) asserting the invalidity of any Relevant Document; (ii) seeking
      to prevent the entering into of any of the transactions contemplated by
      any Relevant Document; (iii) seeking any determination or ruling that, in
      the reasonable opinion of the Trust Cash Manager or Co-Trust Cash Manager,
      as the case may be, would materially and adversely affect the performance
      by it of its obligations under any Relevant Document; or (iv) seeking any
      determination or ruling that would materially and adversely affect the
      validity or enforceability of any Relevant Document.

(f)   NO CONFLICT The execution and delivery of each Relevant Document and the
      exercise by the Trust Cash Manager or Co-Trust Cash Manager, as the case
      may be, of its rights and the performance of its obligations thereunder
      will not conflict with, result in any breach of the material terms and
      provisions of, or constitute (with or without notice or lapse of time or
      both) a default under, any agreement, indenture, contract, mortgage, trust
      deed or other instrument to which it is a party or by which it or any of
      its assets is otherwise bound.

9.4   COMPLIANCE WITH REQUIREMENTS OF LAW

The Trust Cash Manager and any Co-Trust Cash Manager shall maintain any
qualifications or consents required under Requirements of Law for it to carry
out its duties as Trust Cash Manager or Co-Trust Cash Manager under this Deed,
the failure to comply with which would have a Material Adverse Effect on the
interests of the Receivables Trustee, any Investor Beneficiary or any
Enhancement Provider.

9.5   REPORTS AND RECORDS FOR THE RECEIVABLES TRUSTEE

(a)   DAILY REPORTS:

<PAGE>

      On each Business Day, the Trust Cash Manager or, if applicable, any
      Co-Trust Cash Manager, shall prepare and make available, with reasonable
      prior notice, at the office of the Trust Cash Manager or, if applicable,
      the Co-Trust Cash Manager for inspection by the Receivables Trustee or its
      agents during normal business hours, a record (a "DAILY REPORT") with
      respect to the preceding Date of Processing setting out.

      (i)   the aggregate amount of Collections representing Trust Property
            processed by the Trust Cash Manager or, if applicable, Co-Trust Cash
            Manager, on such Date of Processing;

      (ii)  the aggregate amount of Collections representing Trust Property to
            be transferred (or to be distributed pursuant to Clause 5.2(a)(ii))
            with respect to such Date of Processing on a Relevant Date pursuant
            to Clause 5.2(a)(i) from the Barclaycard Operating Account and any
            Additional Transferor Operating Account to the Trustee Collection
            Account;

      (iii) the aggregate amount of such Collections referred to in paragraph
            (ii) which will be allocated pursuant to Clause 5.2(b), (A) to the
            Trustee Collection Account (to be recorded in the Principal
            Collections Ledger), (B) to repay Incorrect Payments in respect of
            Finance Charge Receivables, (C) to the Trustee Collection Account
            (to be recorded in the Finance Charge Collections Ledger) and (D) as
            Ineligible Collections;

      (iv)  the aggregate amount to be transferred from the Trustee Collection
            Account to the Trustee Acquisition Account with respect to such Date
            of Processing on a Relevant Date pursuant to Clause 5.2(b)(iii) and
            5.2(b)(iv) (and the corresponding adjustment made to the Principal
            Collections Ledger);

      (v)   the aggregate amount to be transferred from the Trustee Acquisition
            Account to the Barclaycard Proceeds Account and any Additional
            Transferor Proceeds Account with respect to such Date of Processing
            on a Relevant Date by way of Purchase Price for Receivables pursuant
            to Clause 5.2(c)(i) and 5.2(c)(ii);

      (vi)  the aggregate amount to be transferred from the Trustee Acquisition
            Account to the Barclaycard Proceeds Account and any Additional
            Transferor Proceeds Account with respect to such Date of Processing
            on a Relevant Date in respect of Investor Cash Available for
            Acquisition required to be applied to the Transferor Interest in the
            Eligible Receivables Pool pursuant to Clause 5.2(c)(iii); and

      (vii) after taking into account (i) to (vi) above, (aa) the aggregate
            amount of the Eligible Receivables Pool; (bb) the Aggregate Investor
            Interest; (cc) the Transferor Interest and (dd) the aggregate amount
            of the Ineligible Receivables Pool, in each case at the close of
            business on such Date of Processing.

(b)   MONTHLY TRUST CASH MANAGER'S REPORT

      Unless otherwise stated in the related Supplement with respect to any
      Series, on or before each Transfer Date the Trust Cash Manager or, if
      applicable, any Co-Trust Cash Manager, shall forward to the Receivables
      Trustee, any Enhancement Provider and each

<PAGE>

      Rating Agency, a report (a "MONTHLY TRUST CASH MANAGER'S REPORT") of a
      Authorised Officer setting out with respect to the preceding Monthly
      Period:

      (i)   the aggregate amount of Collections representing Trust Property
            processed;

      (ii)  the aggregate amount of the applicable Investor Percentage of
            Collections of Principal Receivables processed by the Trust Cash
            Manager or, if applicable, any Co-Trust Cash Manager, pursuant to
            Clause 5 with respect to each Applicable Series;

      (iii) the aggregate amount of the applicable Investor Percentage of
            Collections of Finance Charge Receivables processed by the Trust
            Cash Manager or, if applicable, any Co-Trust Cash Manager, pursuant
            to Clause 5 with respect to each Applicable Series;

      (iv)  the aggregate amount of Principal Receivables which are Eligible
            Receivables and Finance Charge Receivables processed as of the end
            of the last day of the preceding Monthly Period;

      (v)   the balance on deposit in each of the Trust Accounts with respect to
            Collections representing Trust Property processed by the Trust Cash
            Manager or, if applicable, any Co-Trust Cash Manager;

      (vi)  the aggregate amount, if any, of withdrawals, drawings or payments
            under any Enhancement, if any, for each Series required to be made
            in the manner provided in the related Supplement;

      (vii) the sum of all amounts allocated to the Investor Beneficiaries of
            each Series (or for a Series with more than one Class of Investor
            Beneficiaries, each such Class) on such Transfer Date to be utilised
            to meet their obligations to pay principal and interest with regard
            to Related Debt on the immediately succeeding Distribution Date or
            on a later Distribution Date (as specified in a related Supplement);

     (viii) the sum of all amounts paid and payable to each Transferor
            Beneficiary;

      (ix)  the sum of all amounts payable to the Trust Cash Manager or any
            Co-Trust Cash Manager by way of Investor Trust Cash Management Fee;

      (x)   the sum of all amounts paid or payable to each Excess Interest
            Beneficiary; and

      (xi)  such other matters are set out in Exhibit B.

The Monthly Trust Cash Manager's Report shall be substantially in the form of
Exhibit B to this Deed, with such changes as the Trust Cash Manager or, if
applicable, Co-Trust Cash Manager, may reasonably determine to be necessary or
desirable or as it may agree from time to time with the Rating Agencies;
PROVIDED, HOWEVER, that no such changes shall serve to exclude information
required by the Deed or any Supplement.

<PAGE>

9.6   ANNUAL TRUST CASH MANAGER'S REPORT

On or before 28 February of each calendar year following the execution of this
Deed, the Trust Cash Manager, or if applicable any Co-Trust Cash Manager, will
deliver to the Receivables Trustee, any Enhancement Provider and each Rating
Agency, an Annual Trust Cash Manager's Report substantially in the form of
Exhibit C stating that (a) a review of the activities of the Trust Cash Manager
and, if applicable, any Co-Trust Cash Manager during the twelve-month period
ending 31 December of such year, or for the initial period, from the Initial
Closing Date until 31 December 1999 and of its performance under the Deed was
made under the supervision of the officer signing such report and (b) to the
best of such officer's knowledge, based on such review, the Trust Cash Manager
and any Co-Trust Cash Manager has fully performed all its obligations under this
Deed throughout such period, or, if there has been a default in the performance
of any such obligation, specifying each such default known to such officer and
the nature and status thereof. A copy of such report may be obtained by any
Investor Beneficiary by request in writing to the Receivables Trustee pursuant
to Clause 12.5(b)(ii).

9.7   NOTICES TO BARCLAYS BANK PLC

In the event that Barclays Bank PLC and, if applicable, any Additional
Transferor appointed as a Co-Trust Cash Manager are no longer respectively
acting as Trust Cash Manager and Co-Trust Cash Manager, any Successor Trust Cash
Manager appointed pursuant to Clause 11.3 shall deliver or make available to the
Transferor each certificate and report required to be prepared, forwarded or
delivered thereafter pursuant to Clauses 9.5 and 9.6.

<PAGE>

10.   OTHER MATTERS RELATING TO THE TRUST CASH MANAGER AND ANY CO-TRUST CASH
      MANAGER

10.1  LIABILITY OF THE TRUST CASH MANAGER AND ANY CO-TRUST CASH MANAGER

The Trust Cash Manager and any Co-Trust Cash Manager shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by the Trust Cash Manager or Co-Trust Cash Manager in such capacity
herein.

10.2  MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF, THE TRUST
      CASH MANAGER OR ANY CO-TRUST CASH MANAGER

Neither the Trust Cash Manager nor any Co-Trust Cash Manager shall consolidate
with or merge into any other corporation or convey or transfer its properties
and assets substantially as an entirety to any person, unless:

(a)   the corporation formed by such consolidation or into which the Trust Cash
      Manager or Co-Trust Cash Manager is merged or the person which acquires by
      conveyance or transfer the properties and assets of the Trust Cash Manager
      or Co-Trust Cash Manager substantially as an entirety, shall expressly
      assume, by an agreement supplemental hereto, executed and delivered to the
      Receivables Trustee in a form reasonably satisfactory to the Receivables
      Trustee, the performance of the obligations of the Trust Cash Manager or
      Co-Trust Cash Manager hereunder (to the extent that any right, covenant or
      obligation of the Trust Cash Manager or Co-Trust Cash Manager, as
      applicable hereunder, is inapplicable to the successor entity, such
      successor entity shall be subject to such covenant or obligation, or
      benefit from such right, as would apply, to the extent practicable, to
      such successor entity);

(b)   the Trust Cash Manager or Co-Trust Cash Manager shall have delivered to
      the Receivables Trustee:

      (i)   an Officer's Certificate that such consolidation, merger, conveyance
            or transfer and such supplemental agreement comply with this Clause
            10.2 and that all documentation referred to in (a) above and any
            conditions precedent specified in such documentation relating to
            such transaction have been complied with; and

      (ii)  an Opinion of Counsel that such supplemental agreement is legal,
            valid, binding and enforceable with respect to the Trust Cash
            Manager or Co-Trust Cash Manager;

(c)   the Trust Cash Manager or Co-Trust Cash Manager shall have delivered
      notice to each Rating Agency of such consolidation, merger, conveyance or
      transfer.

10.3  LIMITATION ON LIABILITY OF THE TRUST CASH MANAGER, ANY CO-TRUST CASH
      MANAGER AND OTHERS

(a)   The directors, officers, employees or agents of the Trust Cash Manager or
      any Co-Trust Cash Manager shall not be under any liability to the
      Receivables Trust, the Receivables Trustee, the Investor Beneficiaries,
      any Enhancement Provider or any other person hereunder or pursuant to any
      document delivered hereunder, it being expressly understood that all such
      liability is expressly waived and released as a condition of, and as
      consideration for, the execution of this Deed and any Supplement PROVIDED,
      HOWEVER,

<PAGE>

      that this provision shall not protect the directors, officers, employees
      and agents of the Trust Cash Manager or Co-Trust Cash Manager against any
      liability which would otherwise be imposed by reason of wilful default,
      bad faith or gross negligence in the performance of duties hereunder.

(b)   Except as provided in Clause 10.4 with respect to the Receivables Trust
      and the Receivables Trustee and its agents, neither the Trust Cash Manager
      nor any Co-Trust Cash Manager shall be under any liability to the
      Receivables Trust, the Receivables Trustee and its agents, the Investor
      Beneficiaries, or any other person for any action in its capacity as Trust
      Cash Manager or Co-Trust Cash Manager pursuant to this Deed or any
      Supplement, PROVIDED, HOWEVER, that this provision shall not protect the
      Trust Cash Manager or Co-Trust Cash Manager against any liability which
      would otherwise be imposed by reason of wilful default, bad faith or gross
      negligence in the performance of duties or by reason of its reckless
      disregard of its obligations and duties hereunder or under any Supplement.

(c)   The Trust Cash Manager and any Co-Trust Cash Manager may rely in good
      faith on any document of any kind prima facie properly executed and
      submitted by any person respecting any matters arising hereunder.

10.4  TRUST CASH MANAGER AND CO-TRUST CASH MANAGER INDEMNIFICATION OF THE
      RECEIVABLES TRUST AND THE RECEIVABLES TRUSTEE

The Trust Cash Manager and any Co-Trust Cash Manager shall indemnify and hold
harmless the Receivables Trustee and its agents, for and against any reasonable
loss, liability, expense, damage or injury suffered or sustained by reason of
any fraud, wilful misconduct or grossly negligent acts or omissions of the Trust
Cash Manager or Co-Trust Cash Manager, in its capacity as Trust Cash Manager or
Co-Trust Cash Manager, as the case may be, with respect to activities of the
Receivables Trustee pursuant to this Deed or any Supplement, including, but not
limited to any judgment, award, settlement, reasonable legal fees and other
costs or expenses properly incurred in connection with the defence of any actual
or threatened action, proceeding or claim PROVIDED, HOWEVER, that the Trust Cash
Manager or Co-Trust Cash Manager shall not:

      (i)   indemnify the Receivables Trustee if such acts, omissions or alleged
            acts or omissions constitute or are caused by fraud, negligence, or
            wilful misconduct by the Receivables Trustee or its agents;

      (ii)  indemnify the Receivables Trust or any Investor Beneficiary for any
            liabilities, costs or expenses of the Receivables Trust with respect
            to any action taken by the Receivables Trustee at the request of any
            Investor Beneficiary or any Series to which it belongs;

      (iii) indemnify the Receivables Trust, the Receivables Trustee or, any
            Investor Beneficiary for any losses, claims or damages incurred by
            any of them in their capacity as Beneficiaries of the Receivables
            Trust; and

      (iv)  indemnify the Receivables Trust, the Receivables Trustee or any
            Investor Beneficiary for any liabilities, costs or expenses of the
            Receivables Trust, the Receivables Trustee or the Investor
            Beneficiaries arising under any Tax law (or

<PAGE>

            any interest or penalties with respect thereto or arising from a
            failure to comply therewith) required to be paid by the Receivables
            Trust, the Receivables Trustee or the Investor Beneficiaries in
            connection herewith to any taxing authority.

Any such indemnification shall be payable by the Trust Cash Manager or Co-Trust
Cash Manager itself and not be payable from the Trust Property of the
Receivables Trust. The provision of this indemnity shall run directly to and be
enforceable by an injured party subject to the limitations hereof.

10.5  THE TRUST CASH MANAGER AND ANY CO-TRUST CASH MANAGER NOT TO RESIGN

The Trust Cash Manager shall not resign from the obligations and duties hereby
imposed on it except upon determination that (i) the performance of its duties
hereunder is no longer permissible under any Requirement of Law and (ii) there
is no reasonable action which the Trust Cash Manager could take to make the
performance of its duties hereunder permissible under any Requirement of Law.
Any such determination permitting the resignation of the Trust Cash Manager
shall be evidenced as to sub-paragraph (i) above by an Opinion of Counsel and as
to sub-paragraph (ii) by an Officer's Certificate, each to such effect delivered
to the Investor Beneficiaries (by delivery to the Receivables Trustee). No such
resignation shall become effective until a Successor Trust Cash Manager shall
have assumed the responsibilities and obligations of the Trust Cash Manager in
accordance with Clause 11.3 hereof. Any Co-Trust Cash Manager shall not resign
except either (i) in the circumstances and subject to the requirements set out
above with respect to the Trust Cash Manager or (ii) where the obligations of
such Co-Trust Cash Manager are wholly assumed from the time of such resignation
by the Trust Cash Manager.

10.6  DELEGATION OF DUTIES

In the ordinary course of business, the Trust Cash Manager and any Co-Trust Cash
Manager may at any time delegate any duties hereunder to any person who agrees
to conduct such duties, if applicable in accordance with the Card Guidelines.
Any such delegations shall not relieve the Trust Cash Manager or such Co-Trust
Cash Manager of its liabilities and responsibility with respect to such duties,
and shall not constitute a resignation within the meaning of Clause 10.5 hereof.
If any such delegation is to a party other than Barclays Bank PLC or any
Affiliate thereof notification thereof shall be given to each Rating Agency.

<PAGE>

11.   TRUST CASH MANAGER DEFAULTS

11.1  TRUST CASH MANAGER DEFAULTS

If any one of the following events (a "TRUST CASH MANAGER DEFAULT") shall occur
and be continuing:

(a)   any failure by the Trust Cash Manager or any Co-Trust Cash Manager to give
      advice or notice to the Receivables Trustee pursuant to an agreed schedule
      of collections and allocations or to advise the Receivables Trustee to
      make any required drawing, withdrawal, or payment pursuant to the Relevant
      Documents on or before the date occurring five Business Days after the
      date such payment, transfer, deposit, withdrawal or drawing or such advice
      or notice is required to be made or given, as the case may be, under the
      terms of this Deed or any Relevant Document;

(b)   failure on the part of the Trust Cash Manager or any Co-Trust Cash Manager
      duly to observe or perform in any respect any other covenants or
      agreements of the Trust Cash Manager or Co-Trust Cash Manager set forth in
      this Deed or any Relevant Document which has a Material Adverse Effect on
      the interests of the Investor Beneficiaries of any Applicable Series and
      which continues unremedied for a period of 60 days after the date on which
      written notice of such failure, requiring the same to be remedied, shall
      have been given to the Trust Cash Manager or relevant Co-Trust Cash
      Manager by the Receivables Trustee, or to the Trust Cash Manager or
      relevant Co-Trust Cash Manager and the Receivables Trustee by an Investor
      Beneficiary or Investor Beneficiaries representing in aggregate more than
      one-half of the Investor Interests of any Applicable Series adversely
      affected thereby and continues to have a Material Adverse Effect on the
      interests of an Investor Beneficiary of any Applicable Series for such
      period;

(c)   delegation by the Trust Cash Manager or any Co-Trust Cash Manager of its
      duties under this Deed to any other entity, except as permitted by Clause
      10.6;

(d)   any relevant representation, warranty or certification made by the Trust
      Cash Manager or Co-Trust Cash Manager in this Deed or in any certificate
      delivered pursuant hereto proves to have been incorrect when made, which
      has a Material Adverse Effect on the interests of the Investor
      Beneficiaries of any Applicable Series and continues to be incorrect in
      any material respect for a period of 60 days after the date on which
      written notice of such failure, requiring the same to be remedied, shall
      have been given to the Trust Cash Manager or relevant Co-Trust Cash
      Manager by the Receivables Trustee or to the Trust Cash Manager or
      relevant Co-Trust Cash Manager and the Receivables Trustee by an Investor
      Beneficiary or Investor Beneficiaries representing in aggregate more than
      one-half of the aggregate Investor Interests of any Applicable Series
      adversely affected thereby and continues to have a Material Adverse Effect
      on the interests of an Investor Beneficiary of any Applicable Series
      affected for such period;

(e)   the Trust Cash Manager or any Co-Trust Cash Manager shall consent to or
      take any corporate action relating to the appointment of a receiver,
      administrator, administrative receiver, liquidator, trustee or similar
      officer of it or relating to all or substantially all of its revenues and
      assets or an order of the court is made for its winding-up, dissolution,
      administration or re-organisation (except for a solvent re-organisation)
      and such order shall have remained in force undischarged or unstayed for a
      period of 60 days or a

<PAGE>

      receiver, administrator, administrative receiver, liquidator, trustee or
      similar officer of it or relating to all of its revenues and assets is
      legally and validly appointed; or

(f)   a duly authorised officer of the Trust Cash Manager or any Co-Trust Cash
      Manager shall admit in writing that the Trust Cash Manager or relevant
      Co-Trust Cash Manager is unable to pay its debts as they fall due within
      the meaning of Section 123(1) of the Insolvency Act 1986 or the Trust Cash
      Manager or relevant Co-Trust Cash Manager makes a general assignment for
      the benefit of or a composition with its creditors or voluntarily suspends
      payment of its obligations with a view to the general readjustment or
      rescheduling of its indebtedness;

then so long as such Trust Cash Manager Default shall not have been remedied,
either the Receivables Trustee at the direction of the Investor Beneficiaries or
Investor Beneficiaries representing in aggregate more than 66 2/3% of the
Aggregate Investor Interest, by notice then given in writing to the Trust Cash
Manager and any Co-Trust Cash Managers (and to the Receivables Trustee if given
by the Investor Beneficiaries) (a "TERMINATION NOTICE"), may terminate all of
the rights and obligations of the Trust Cash Manager and any Co-Trust Cash
Managers as Trust Cash Manager and Co-Trust Cash Managers respectively under
this Deed. For the avoidance of doubt, any Termination Notice given in
accordance with this Clause 11.1 shall terminate the appointment of both the
Trust Cash Manager and any Co-Trust Cash Manager regardless of which entity was
the subject of the Trust Cash Manager Default.

Notwithstanding the foregoing, a delay in or failure of performance referred to
in paragraph (a) above for a period of 10 Business Days or under paragraph (b),
(c) or (d) for a period of 60 Business Days, shall not constitute a Trust Cash
Manager Default if such delay or failure could not have been prevented by the
exercise of reasonable diligence by the Trust Cash Manager or relevant Co-Trust
Cash Manager and such delay or failure was caused by an act of God, acts of
declared or undeclared war, public disorder, rebellion, riot or sabotage,
epidemics, landslides, lightning, fire, hurricanes, tornadoes, earthquakes,
nuclear disasters or meltdowns, floods, power cuts or similar causes. The
preceding sentence shall not relieve the Trust Cash Manager or any Co-Trust Cash
Manager from using reasonable efforts to perform its obligations in a timely
manner in accordance with the terms of this Deed and any relevant agreement and
the Trust Cash Manager or relevant Co-Trust Cash Manager shall provide the
Receivables Trustee, any Enhancement Provider, the Transferor and each Investor
Beneficiary with an Officer's Certificate giving prompt notice of such failure
or delay by it, together with a description of the cause of such failure or
delay and its efforts so to perform its obligations.

11.2  EFFECT OF TERMINATION NOTICE

(a)   After receipt by the Trust Cash Manager or relevant Co-Trust Cash Manager
      of a Termination Notice pursuant to Clause 11.1, and on the date that a
      Successor Trust Cash Manager shall have been appointed by the Receivables
      Trustee pursuant to Clause 11.3, all authority and power of the Trust Cash
      Manager and any Co-Trust Cash Managers under this Deed shall pass to and
      be vested in a Successor Trust Cash Manager and, without limitation, the
      Receivables Trustee is hereby appointed, authorised and empowered (upon
      the failure of the Trust Cash Manager or any Co-Trust Cash Manager to
      cooperate in a timely manner) in order to secure the performance of the
      Trust Cash Manager or relevant Co-Trust Cash Manager in so doing to
      execute and deliver, on behalf of the Trust Cash Manager or relevant
      Co-Trust Cash Manager, as its attorney, all

<PAGE>

      documents, records and other instruments upon the failure of the Trust
      Cash Manager or relevant Co-Trust Cash Manager to execute or deliver such
      documents, records or instruments, and to do and accomplish all other acts
      or things necessary or appropriate to effect the purposes of such transfer
      of such Trust Cash Manager or Co-Trust Cash Manager's rights and
      obligations;

(b)   The Trust Cash Manager and any Co-Trust Cash Manager agrees to use all
      reasonable efforts and cooperate with the Receivables Trustee and such
      Successor Trust Cash Manager in effecting the termination of the
      responsibilities and rights of the Trust Cash Manager and any Co-Trust
      Cash Manager to conduct Trust Cash Management hereunder including, without
      limitation, the transfer to such Successor Trust Cash Manager of all
      authority of the Trust Cash Manager or Co-Trust Cash Manager to carry out
      Trust Cash Management functions in relation to the Receivables as provided
      for under this Deed.

(c)   The Trust Cash Manager and any Co-Trust Cash Manager shall promptly
      transfer its electronic records or electronic copies thereof relating to
      the Receivables to the Successor Trust Cash Manager in such electronic
      form as the Successor Trust Cash Manager may reasonably request and shall
      promptly transfer to the Successor Trust Cash Manager all other records,
      correspondence and documents necessary for the Successor Trust Cash
      Manager to carry out Trust Cash Management in relation to the Receivables
      in the manner and at such times as the Successor Trust Cash Manager shall
      reasonably request.

(d)   To the extent that compliance with this Clause 11.2 shall require the
      Trust Cash Manager or any Co-Trust Cash Manager to disclose to the
      Successor Trust Cash Manager information of any kind which the Trust Cash
      Manager or Co-Trust Cash Manager reasonably deems to be confidential, the
      Successor Trust Cash Manager shall be required to enter into such
      customary licensing and confidentiality agreements as the Trust Cash
      Manager or Co-Trust Cash Manager shall reasonably deem necessary to
      protect its interests.

(e)   The Trust Cash Manager and any Co-Trust Cash Manager shall, on the date of
      any transfer of its Trust Cash Management functions under this Deed,
      transfer all of its rights and obligations under any Enhancement with
      respect to any Beneficiaries to the Successor Trust Cash Manager.

(f)   Upon the termination of the appointment of the Trust Cash Manager and any
      Co-Trust Cash Manager pursuant to this Clause 11.2, any amounts in respect
      of Collections of Receivables constituting Trust Property and any other
      Trust Property in the possession of the Trust Cash Manager or Co-Trust
      Cash Manager (or coming into the possession of the Trust Cash Manager or
      Co-Trust Cash Manager at any time thereafter) shall be held on trust by
      the Trust Cash Manager or Co-Trust Cash Manager, as applicable, for and to
      the order of the Receivables Trustee.

11.3  RECEIVABLES TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR

(a)   On and after the receipt by the Trust Cash Manager and any Co-Trust Cash
      Manager of a Termination Notice pursuant to Clause 11.1, the Trust Cash
      Manager and any Co-Trust Cash Manager shall continue to perform their
      respective Trust Cash Management functions under this Deed until the date
      specified in the Termination Notice or

<PAGE>

      otherwise specified by the Receivables Trustee in writing or, if no such
      date is specified in such Termination Notice, or otherwise specified by
      the Receivables Trustee, until a date mutually agreed upon by the Trust
      Cash Manager, any Co-Trust Cash Manager and Receivables Trustee. The
      Receivables Trustee shall notify each Rating Agency of such removal of the
      Trust Cash Manager and any Co-Trust Cash Managers. The Receivables Trustee
      shall, as promptly as possible after the giving of a Termination Notice,
      appoint a successor Trust Cash Manager (the "SUCCESSOR TRUST CASH
      MANAGER") which shall at the time of its appointment as Successor Trust
      Cash Manager be an Eligible Trust Cash Manager, and such Successor Trust
      Cash Manager shall accept its appointment by a written assumption in a
      form acceptable to the Receivables Trustee.

(b)   Upon its appointment, the Successor Trust Cash Manager shall be the
      successor in all respects to the Trust Cash Manager and any Co-Trust Cash
      Managers with respect to Trust Cash Management functions under this Deed
      and shall be subject to all the responsibilities, duties and liabilities
      relating thereto placed on the Trust Cash Manager or any Co-Trust Cash
      Manager by the terms and provisions hereof or any relevant Accession
      Notice, and all references in this Deed to the Trust Cash Manager and any
      Co-Trust Cash Manager shall be deemed to refer to the Successor Trust Cash
      Manager. Any Successor Trust Cash Manager, by its acceptance of its
      appointment, will automatically agree to be bound by the terms and
      provisions of each agreement relating to Enhancement.

(c)   In connection with such appointment and assumption, the Receivables
      Trustee shall be entitled to such compensation, or may make such
      arrangements for the compensation of the Successor Trust Cash Manager out
      of Collections, as it and such Successor Trust Cash Manager shall agree
      PROVIDED, HOWEVER, that no such compensation shall be in excess of the
      Trust Cash Management Fee permitted to the Trust Cash Manager and any
      Co-Trust Cash Managers pursuant to Clause 9.2.

(d)   All authority and power granted to the Successor Trust Cash Manager under
      this Deed shall automatically cease and terminate upon dissolution of the
      Receivables Trust pursuant to Clause 6.3 or Clause 8.1 and shall pass to
      and be vested in Barclays Bank PLC and, without limitation, Barclays Bank
      PLC is hereby appointed, authorised and empowered to execute and deliver,
      on behalf of the Successor Trust Cash Manager, as its attorney, in order
      to secure the performance of the Successor Trust Cash Manager of the
      matters, referred to in the next paragraph, all documents and other
      instruments, and to do and accomplish all other acts or things necessary
      or appropriate to effect the purposes of such transfer of rights in
      relation to the Trust Cash Manager and any Co-Trust Cash Managers.

      The Successor Trust Cash Manager agrees to cooperate with Barclays Bank
      PLC in effecting the termination of the responsibilities and rights of the
      Successor Trust Cash Manager to carry out Trust Cash Management functions
      in relation to the Receivables constituting Trust Property. The Successor
      Trust Cash Manager shall transfer its electronic records relating to the
      Receivables constituting Trust Property to Barclays Bank PLC in such
      electronic form as Barclays Bank PLC may reasonably request and shall
      transfer all other records, correspondence and documents to Barclays Bank
      PLC in the manner and at such times as Barclays Bank PLC shall reasonably
      request. To the

<PAGE>

      extent that compliance with this Clause 11.3 shall require the Successor
      Trust Cash Manager to disclose to Barclays Bank PLC information of any
      kind which the Successor Trust Cash Manager deems to be confidential,
      Barclays Bank PLC shall be required to enter into such customary licensing
      and confidentiality agreements as the Successor Trust Cash Manager shall
      reasonably deem necessary to protect its interest.

11.4  NOTIFICATION OF TRUST CASH MANAGER DEFAULT

Within two Business Days after the Trust Cash Manager or any Co-Trust Cash
Manager becomes aware of any Trust Cash Manager Default, the Trust Cash Manager
or relevant Co-Trust Cash Manager, as the case may be, shall give prompt written
notice thereof to the Receivables Trustee, each Investor Beneficiary, each
Rating Agency and any Enhancement Provider. Upon any termination or appointment
of a Successor Trust Cash Manager pursuant to this Clause 11 the Receivables
Trustee shall give prompt written notice thereof to each Investor Beneficiary at
their respective addresses appearing in the Trust Certificate Register.

11.5  WAIVER OF PAST DEFAULTS

Any Beneficiary which is adversely affected by any default by the Trust Cash
Manager or any Co-Trust Cash Manager or the Transferor or any Additional
Transferor may, with the prior written consent of all the other Beneficiaries,
instruct the Receivables Trustee to waive in writing any default by the Trust
Cash Manager, any Co-Trust Cash Manager, the Transferor or any Additional
Transferor in the performance of its obligations hereunder or in any Relevant
Document and its consequences, except a default which results directly in a
failure by the Receivables Trustee to make any required deposits or
distributions of Finance Charge Collections or Principal Collections relating to
such Series pursuant to Clause 5. Upon any such waiver of a past default, such
default shall be deemed not to have occurred. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereon except to the
extent expressly so waived.

<PAGE>

                                     PART 5

                                  MISCELLANEOUS

12.   MISCELLANEOUS PROVISIONS

12.1  ACKNOWLEDGEMENT REGARDING PAYMENTS

Each of the Receivables Trustee and the Transferor Beneficiary acknowledge and
confirm that Barclays Bank PLC shall apply any amounts due from the Receivables
Trustee to it in its capacity (i) as Transferor of the Receivables; and (ii) as
a Transferor Beneficiary of the Receivables Trust in or towards satisfaction of
any amounts then due to the Receivables Trustee from it in its capacity (i) as
Transferor of the Receivables; and (ii) as a Transferor Beneficiary of the
Receivables Trust, respectively. As a consequence of the foregoing it is
acknowledged and confirmed that as between Barclays Bank PLC as a Transferor
Beneficiary and the Receivables Trustee only net payments will be made to the
relevant parties.

12.2  ADDITIONAL TRANSFEROR PAYMENTS

The provisions of Clause 12.1 shall apply mutatis mutandis as between the
Receivables Trustee and each Additional Transferor in its capacity as Additional
Transferor of the Receivables and as a Transferor Beneficiary.

12.3  AMENDMENT

(a)   This Deed may (i) be amended in writing from time to time by (insofar as
      it relates to any of the provisions of this Deed) the Trust Cash Manager,
      any Co-Trust Cash Manager each Transferor Beneficiary and the Receivables
      Trustee, only with the prior written consent of each person who is a
      Beneficiary at the time of such amendment and (ii) be amended in writing
      from time to time by (insofar as it relates to the provisions of the
      Receivables Trust) the Receivables Trustee at the direction jointly of
      each Transferor Beneficiary and with the prior written consent of each
      person who is a Beneficiary at the time of such amendment:

      (A)   at any time, PROVIDED, HOWEVER, that each Rating Agency shall have
            notified each Transferor Beneficiary, the Trust Cash Manager, any
            Co-Trust Cash Manager and the Receivables Trustee in writing that
            such action will not result in a reduction or withdrawal of the
            rating of any outstanding Related Debt (and in relation to which it
            is a Rating Agency);

      (B)   to provide for additional Enhancement or substitute Enhancement with
            respect to a Series (so long as the amount of such substitute
            Enhancement, unless otherwise provided in any related Supplement, is
            equal to the original Enhancement for such Series); and

      (C)   to change the definition of Eligible Account or Eligible Receivable,
            PROVIDED, HOWEVER that any such change shall have no effect in
            relation to any Receivables which shall have been acquired by the
            Receivables Trustee before such change takes effect and PROVIDED,
            THAT such action shall not, in the reasonable belief of each
            Transferor Beneficiary, as evidenced by an Officer's Certificate,
            have a Material Adverse Effect on the interests of any Investor
            Beneficiary, PROVIDED, FURTHER, however that each Rating Agency
            shall have notified each Transferor Beneficiary, the Trust Cash
            Manager, any Co-Trust

<PAGE>

            Cash Manager and the Receivables Trustee in writing that such action
            will not result in a reduction or withdrawal of the rating of any
            outstanding Related Debt (and in relation to which it is a Rating
            Agency).

(b)   This Deed or any Supplement may also be amended in writing from time to
      time by the Trust Cash Manager, any Co-Trust Cash Manager, each Transferor
      Beneficiary and the Receivables Trustee, in each case with the prior
      written consent of all of the Beneficiaries, for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the
      provisions of this Deed or any Supplement or modifying in any manner the
      rights of any Investor Beneficiary in any Applicable Series. The
      Receivables Trustee may, but shall not be obliged to, enter into any such
      amendment which affects the Receivables Trustee's rights, duties or
      immunities under this Deed or otherwise.

(c)   Promptly after the execution of any such amendment (other than an
      amendment pursuant to paragraph (a)), the Receivables Trustee shall
      furnish notification of the substance of such amendment to each Applicable
      Series adversely affected and to each Rating Agency providing a rating for
      any Related Debt outstanding in respect of such Applicable Series.

(d)   Without prejudice to any of the foregoing requirements for consent the
      manner of obtaining such consents and of evidencing the authorisation of
      the execution thereof by any Investor Beneficiaries shall be as prescribed
      from time to time by the Receivables Trustee.

(e)   Any Supplement executed and delivered pursuant to Clause 4.3, shall not be
      considered an amendment to this Deed for the purpose of Clause 12.3(a) and
      (b).

12.4  GOVERNING LAW AND JURISDICTION

(a)   GOVERNING LAW

        This Deed (and the Receivables Trust constituted hereby) shall be
        governed by, and construed in accordance with the laws of England
        without reference to its conflict of law provisions, and the
        obligations, rights and remedies of the parties hereunder (including the
        immunities and standard of care of the Receivables Trustee in the
        administration of the Receivables Trust hereunder) shall be determined
        in accordance with such laws.

(b)   JURISDICTION

      (i)   Each of the parties hereto irrevocably agrees for the benefit of
            each other party that the courts of England shall have exclusive
            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 submit to the
            exclusive jurisdiction of such courts.

      (ii)  Each of the parties hereto irrevocably waives any objection which it
            might now or hereafter have to the courts of England referred to in
            Clause 12.4(b)(i) being nominated as the forum 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 agrees not to
            claim that any such court is not a convenient or appropriate forum.

<PAGE>

      (iii) Each party hereto (if it is not incorporated in England) irrevocably
            appoints the person specified against its name on the execution
            pages hereof (or, in the case of a successor Receivables Trustee or
            a Successor Trust Cash Manager the document appointing such
            successor Receivables Trustee or Successor Trust Cash Manager, as
            the case may be,) to accept service of any process on its behalf and
            further undertakes to the other parties hereto that it will at all
            times during the continuance of this Deed maintain the appointment
            of some person in England as its agent for the service of process
            and irrevocably agrees that service of any writ, notice or other
            document for the purposes of any suit, action or proceeding in the
            courts of England shall be duly served upon it if delivered or sent
            by registered post to the address of such appointee (or to such
            other address in England as that party may notify to the other
            parties hereto).

12.5  NOTICES

(a)   Unless otherwise stated herein, each communication or notice to be made
      hereunder shall be made in writing and may be made by telex, facsimile or
      letter.

(b)   Any communication, notice or document to be made or delivered by any one
      person to another pursuant to this Deed shall (unless that other person
      has by fifteen days' written notice to the other parties hereto specified
      another address) be made or delivered to that other person at the address
      identified below and shall be deemed to have been made or delivered when
      despatched and confirmation of transmission received by the sending
      machine (in the case of any communication made by facsimile) or (in the
      case of any communication made by telex) when dispatched and the
      appropriate answerback or identification symbol has been received by the
      sender or (in the case of any communications made by letter) when left at
      that address or (as the case may be) ten days after being deposited in the
      post, postage prepaid, in an envelope addressed to it at that address
      PROVIDED, HOWEVER, that each facsimile or telex communication made by one
      party to another shall be made to that other person at the facsimile or
      telex number notified to such party by that other person from time to
      time;

      (i)   in the case of the Transferor Beneficiary, the Excess Interest
            Beneficiary and the Trust Cash Manager, to Barclaycard, Barclays
            Bank PLC, 1234 Pavillion Drive, Northampton NN4 7SG, Attention:
            Timothy Gaffney, facsimile number: (01604) 253 163, with a copy to
            Attention: Group General Counsel, facsimile number: (0171) 699
            4036);

      (ii)  in the case of the Receivables Trustee at an address for service in
            London at c/o Clifford Chance Secretaries Limited, 200 Aldersgate
            Street, London EC1A 4JJ;

      (iii) in the case of any additional Transferor Beneficiary, Excess
            Interest Beneficiary and Co-Trust Cash Manager to the address
            specified in the Accession Notice for such additional Transferor
            Beneficiary, Excess Interest Beneficiary and Co-Trust Cash Manager;

      (iv)  in the case of an Investor Beneficiary in any Series, the address
            specified in the Supplement relating to such Series;

<PAGE>

      (v)   in the case of the Enhancement Provider for a Series, the address,
            if any, specified in the Supplement relating to such Series; and

      (vi)  in the case of the Rating Agency for Related Debt in respect of a
            particular Investor Beneficiary, the address, if any, specified in
            the Supplement relating to such Investor Beneficiary.

12.6  SEVERABILITY OF PROVISIONS

If any one or more of the covenants, agreements, provisions or terms of this
Deed shall for any reason whatsoever be held invalid, then such covenants,
agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Deed and shall in no way
affect the validity or enforceability of the other provisions of this Deed or of
the rights of the Beneficiaries of the Receivables Trust.

12.7  ASSIGNMENT

Notwithstanding anything to the contrary contained herein, except as provided in
Clause 10.2, the rights and benefits of the Trust Cash Manager or any Co-Trust
Cash Manager under this Deed may not be assigned by the Trust Cash Manager or
relevant Co-Trust Cash Manager without the prior consent of Investor
Beneficiaries representing in aggregate 66 2/3% of the Investor Interests of
each Applicable Series.

12.8  FURTHER ASSURANCES

Barclays Bank PLC, any other Transferor Beneficiary, the Trust Cash Manager and
any Co-Trust Cash Manager agree to do and perform, from time to time, any and
all acts and to execute any and all further instruments required or reasonably
requested by the Receivables Trustee more fully to effect the purposes of this
Deed.

12.9  NO WAIVER; CUMULATIVE REMEDIES

No failure to exercise and no delay in exercising, on the part of the
Receivables Trustee, any Enhancement Provider or the Investor Beneficiaries, any
right, remedy, power or privilege hereunder, shall operate as a waiver thereof,
nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law.

12.10 COUNTERPARTS

This Deed may be executed in two or more counterparts (and by different parties
on separate counterparts), each of which shall be an original, but all of which
together shall constitute one and the same instrument.

12.11 THIRD PARTY BENEFICIARIES

(a)   This Deed will inure to the benefit of and be binding upon the parties
      hereto, each additional Transferor Beneficiary, each additional Co-Trust
      Cash Manager, the Investor Beneficiaries and, to the extent provided in
      the related Supplement, to the Enhancement Provider named therein and
      their respective successors and permitted assigns as Beneficiaries of the
      Receivables Trust; and

(b)   Except as otherwise provided in this Clause 12 and Clause 9.1 hereof, no
      other person will have any right or obligation hereunder.

<PAGE>

12.12 ACTIONS BY BENEFICIARIES

Any request, demand, authorisation, direction, notice, consent, waiver or other
act by a Beneficiary shall bind each and every successor of such Beneficiary.

12.13 VOTING BY INVESTOR BENEFICIARIES

Wherever provision is made in this Deed for voting by Investor Beneficiaries,
each Investor Beneficiary (including any Investor Beneficiary who acts in such
capacity in respect of more than one Series) shall be entitled to one vote in
respect of each (pound)1 of that Investor Beneficiary's InvEStor Interests but
shall not be obliged to exercise such votes (or any of them) or to cast all of
the votes exercised the same way.

12.14 MERGER AND INTEGRATION

Except as specifically stated otherwise herein, this Deed sets forth the entire
understanding of the parties relating to the subject matter hereof, and all
prior understandings, written or oral, are superseded by this Deed. This Deed
may not be modified, amended, waived or supplemented except as provided herein.

12.15 HEADINGS

The headings are for purposes of reference only and shall not otherwise affect
the meaning or interpretation of any provision hereof.

IN WITNESS WHEREOF, the Receivables Trustee and Barclays Bank PLC (in its
capacities as Trust Cash Manager, Transferor Beneficiary and Excess Interest
Beneficiary) have caused this agreement to be duly executed and delivered by
their duly authorised representatives as a deed on the day and year first above
written.

<PAGE>

                                   SCHEDULE 1

          GENERAL PRINCIPLES RELATING TO CALCULATIONS AND APPLICATIONS

(Note: references in this Schedule to the "Trust Cash Manager" shall be deemed
to include or substitute references to any Co-Trust Cash Manager which has
responsibility (as provided in the relevant Accession Notice) for such matters)

(A)   GENERAL PRINCIPLES OF BENEFICIAL ENTITLEMENT

o     Each Transferor Beneficiary and each Investor Beneficiary will acquire
      Undivided Interests in the Receivables Trust by making a payment, upon the
      terms and subject to the conditions of this Deed (as supplemented, amended
      or varied from time to time), to the Receivables Trustee.

o     Certain Trust Property may be specified as being the beneficial
      entitlement of certain Beneficiaries or certain Series only.

o     Trust Property will be held between an Eligible Receivables Pool and an
      Ineligible Receivables Pool.

o     Each Investor Beneficiary, each Enhancement Provider (if applicable), each
      Excess Interest Beneficiary and each Transferor Beneficiary as
      Beneficiaries of the Receivables Trust are each beneficially entitled to
      share Trust Property and each such Beneficiary will acquire interests in
      the Eligible Receivables Pool.

o     The Transferor Beneficiaries (only) will be beneficially entitled to all
      Receivables forming the Ineligible Receivables Pool and will be solely
      entitled to all Collections in respect of Ineligible Receivables.

(B)   ADJUSTMENTS AND ALLOCATIONS OF COLLECTIONS

o     Unless notified by the Trust Cash Manager as Incorrect Payments the
      Receivables Trustee will regard all monies in the Trustee Collection
      Account as Collections in respect of Receivables assigned to the
      Receivables Trustee.

o     An amount equal to Incorrect Payments previously allocated as Finance
      Charge Collections will be deducted from Collections in respect of Finance
      Charge Receivables prior to allocating Finance Charge Collections for any
      purpose on the Business Day they are notified to the Receivables Trustee.

o     The benefit of Incorrect Payments previously allocated as Principal
      Collections will be returned to the Transferor or, as appropriate, any
      Additional Transferor prior to allocating Principal Collections for any
      purpose on the Business Day they are notified to the Receivables Trustee
      by adjusting the Transferor Interest.

o     The benefit of Allocated Ineligible Collections will be reallocated to the
      Transferor Beneficiaries after returning the benefit of Incorrect Payments
      but prior to allocating Collections representing Trust Property for any
      purpose on the Business Day they are notified to the Receivables Trustee.

<PAGE>

o     Receivables assigned to the Receivables Trustee which were incorrectly
      funded as Eligible Receivables will be reallocated to the Transferor
      Beneficiaries after repaying Incorrect Payments and reallocating Allocated
      Ineligible Collections representing Trust Property for any purpose on the
      Business Day they are notified to the Receivables Trustee.

o     The Eligible Receivables Pool will be increased by the amount of
      adjustments in respect of Incorrect Payments previously allocated as
      Collections and decreased by the amount of Receivables reallocated as
      Ineligible Receivables and the Transferor Interest will be adjusted by the
      amount of such adjustments.

o     Collections representing Trust Property will be allocated as Principal
      Collections, Finance Charge Collections or Ineligible Collections.

o     A Discount Percentage of Principal Collections may be treated as Finance
      Charge Collections for the purposes of Clause 4 of this Deed and this
      Schedule.

o     Each Transferor Beneficiary will be entitled to its pro rata share of a
      portion of Principal Collections and Finance Charge Collections in each
      case calculated by reference to the Transferor Percentage on a pari passu
      basis with Principal Collections or Finance Charge Collections, as the
      case may be, allocated to each Series.

o     Each Series will, unless specified otherwise in the related Supplement, be
      entitled to a portion of Principal Collections and Finance Charge
      Collections in each case calculated by reference to the Investor
      Percentage applicable to such Series on a pari passu basis with Principal
      Collections or Finance Charge Collections as the case may be allocated to
      other Series and each Transferor Beneficiary.

o     Each Series will, if so specified in the related Supplement, be entitled
      to a portion of Acquired Interchange in respect of any Monthly Period. To
      the extent any Acquired Interchange is not allocated to all such Series,
      such Acquired Interchange shall be allocated to the Transferor
      Beneficiaries pro rata to their respective entitlements.

o     Each Excess Interest Beneficiary will be entitled to its pro rata share of
      Finance Charge Collections and Acquired Interchange allocated to each
      Series which are not allocated to any other Beneficiary (whether or not a
      member of such Series) or any Enhancement Provider as specified pursuant
      to the related Supplement.

o     The entitlement of each Investor Beneficiary to Principal Collections and
      Finance Charge Collections and Acquired Interchange allocated to its
      Series shall be specified in the related Supplement.

o     The Transferor Beneficiaries will be solely entitled to Ineligible
      Collections.

o     Finance Charge Collections received during a Monthly Period will be
      indefeasibly allocated to the Beneficiaries of the Receivables Trust by no
      later than the related Transfer Date for such Monthly Period;

o     Any obligation on the part of the Transferor to make a payment in respect
      of an Eligible Receivable to the Receivables Trustee pursuant to Clause 11
      of the RSA may be fulfilled by

<PAGE>

      a reduction of the Transferor Interest and, in addition, where
      appropriate, by an increase in the Transferor Ineligible Interest
      PROVIDED, HOWEVER, that in the event, and to the extent, that the
      Transferor Interest would be reduced below zero, the Transferor shall
      remain obliged to make payment to the Receivables Trustee in accordance
      with the provisions of this Deed and the RSA.

o     A Trust Cash Management Fee will be payable by the Receivables Trustee to
      the Trust Cash Manager and will be met by the Receivables Trustee from
      payments made by the Beneficiaries to the Receivables Trustee utilising
      Trust Property allocated to such Beneficiary on a pari passu basis as more
      particularly specified in each related Supplement.

(C)   ACQUIRING ADDITIONAL ENTITLEMENTS TO TRUST PROPERTY AND PAYMENTS FOR
      RECEIVABLES

o     During each Revolving Period applicable to a Series, as specified in the
      related Supplement, the Receivables Trustee will utilise that portion of
      Principal Collections allocated to such Series that is designated as
      Investor Cash Available for Acquisition pursuant to the terms of the
      related Supplement towards funding payments in respect of Receivables
      which are Eligible Receivables to be made to the Transferor or, as
      appropriate, any Additional Transferor.

o     If insufficient Existing Receivables or Future Receivables which are
      Eligible Receivables are available for any Series to fund (subject to the
      maximum amount provided in the related Supplement) then amounts calculated
      as available to such Series as Investor Cash Available for Acquisition
      shall be allocated to the Transferor Interest or the Investor Interests of
      other Series, if so provided in the related Supplement, in order to
      increase the proportion of the beneficial interest of such Series in the
      Eligible Receivables Pool until such time as such Series is funding the
      Eligible Receivables Pool to the full extent provided in the related
      Supplement.

o     If all Series are unable to fund the amount payable by the Receivables
      Trustee in respect of the total Existing Receivables and Future
      Receivables on any Business Day then the balance together with the total
      Outstanding Face Amount of Ineligible Receivables to be funded on such
      Business Day will, subject to Clause 5.2(f)(ii) and Clause 12.1, be
      provided by the Transferor Beneficiaries as set out in the following
      paragraph.

      Consequently, the amount payable by the Receivables Trustee to the
      Transferor in respect of the total Existing Receivables and Future
      Receivables on any Business Day shall be funded by the Series to the
      extent of the aggregate Investor Cash Available for Acquisition with the
      balance being provided by each Transferor Beneficiary to the extent of its
      pro rata share of the Transferor Cash Available for Acquisition and,
      subject to Clause 5.2(f)(ii) and Clause 12.1 by way of a decrease in the
      amount of the Purchase Price payable in cash and a corresponding increase
      in the Transferor Interest as set out in Clause 13.3 of the RSA.

o     The beneficial interest of each Series in the Eligible Receivables Pool
      shall, unless specified otherwise in a related Supplement, on each
      Business Day:

      (i)   be decreased by the amount of Principal Collections allocated to
            such Series; and

<PAGE>

      (ii)  be increased by the amount of Investor Cash Available for
            Acquisition utilised by the Receivables Trustee in making payments
            in respect of Existing Receivables and Future Receivables and the
            amount of Investor Cash Available for Acquisition allocated to the
            Transferor Interest in order to increase the proportion of the
            beneficial interest of such series.

      PROVIDED, HOWEVER, that (i) and (ii) above shall have no effect on the
      beneficial entitlement of (a) any Beneficiary to monies credited to any
      Trust Account to which it is beneficially entitled or (b) any Series to
      monies credited to any Trust Account to which the Beneficiaries
      constituting such Series are together beneficially entitled.

o     The beneficial interest of each Transferor Beneficiary in the Eligible
      Receivables Pool shall, unless specified otherwise in any Supplement, on
      each Business Day following the making of all adjustments:

      (i)   be decreased by its pro rata share of the amount of Principal
            Collections and Investor Cash Available for Acquisition allocated to
            the Transferor Beneficiary; and

      (ii)  be increased by its pro rata share of the amount of Transferor Cash
            Available for Acquisition used to fund new Receivables and, subject
            to Clause 5.2(f)(ii) and Clause 12.1, also increased by its pro rata
            share of the increase in the Transferor Interest resulting from the
            decrease in the Purchase Price payable by the Receivables Trustee to
            the Transferor or, as appropriate, any Additional Transferor as set
            out in Clause 13.3 of the RSA.

      PROVIDED, HOWEVER, that (i) and (ii) above shall have no effect on the
      beneficial entitlement of such Transferor Beneficiary to its pro rata
      share of monies credited to any Trust Account to which it is beneficially
      entitled.

o     The Investor Interests of each Series and the beneficial interest in the
      UK Receivables Trust of each Additional Beneficiary shall be increased or
      decreased in the manner specified in the related Supplement.

o     The Transferor Interest shall on each Business Day following the making of
      all adjustments:

      (i)   be decreased by the amount of Transferor Cash Available for
            Acquisition not used to fund new Receivables and Investor Cash
            Available for Acquisition transferred to any Transferor Beneficiary
            by credit to the Barclaycard Proceeds Account or, as the case may
            be, any Additional Transferor Proceeds Account; and

      (ii)  be increased by the amount of Purchase Price payable by the
            Receivables Trustee to be funded by such Transferor Beneficiary as
            provided above.

      PROVIDED, HOWEVER, that (i) and (ii) above shall have no effect on the
      beneficial entitlement of any Transferor Beneficiary to its pro rata share
      of monies credited to any Trust Account to which it is beneficially
      entitled.

<PAGE>

(D)   TRANSFER DATE

o     In respect of each Transfer Date and any relevant Series the Receivables
      Trustee shall, unless specified otherwise in a related Supplement, ensure
      that any Enhancement is utilised in accordance with the terms and subject
      to the conditions of any related Supplement.

o     On each Transfer Date or other date specified in a related Supplement with
      respect to each Series the Receivables Trustee shall, unless specified
      otherwise in a related Supplement, transfer amounts allocated to such
      Series which have not been utilised in funding payments to be made by the
      Receivables Trustee in respect of existing Receivables or Future
      Receivables to the relevant Trust Account or bank account or accounts
      specified in respect of such payments in the related Supplement.

(E)   RELIANCE ON PROCEDURES OF TRUST CASH MANAGER

o     The Receivables Trustee shall be entitled to consider due performance of a
      set of procedures for calculations and allocations operated by the Trust
      Cash Manager or any Co-Trust Cash Manager as conclusive evidence that it
      has acted in a manner consistent with the principles set out in this
      Schedule when performing its duties under the Receivables Trust.

<PAGE>

                                   SCHEDULE 2

                  FORM OF DEFAULTED ACCOUNTS INSTRUCTION NOTICE

To:   Receivables Trustee

From: [Beneficiary]

Date:

DEFAULTED ACCOUNTS INSTRUCTION NOTICE

Capitalised terms used in this Notice are defined in the Master Definitions
Schedule dated 23 November 1999 between the Transferor, the Receivables Trustee
and the Investor Beneficiary unless otherwise specified.

We have been notified that certain Designated Accounts have become Defaulted
Accounts during the Monthly Period which commenced on [date]. The balance of
Receivables in such Defaulted Accounts is [(pound)o] (the "DEFAULTED
RECEIVABLES").

We hereby instruct you to enter into an agreement to assign the Defaulted
Receivables for such consideration as may be agreed with the assignee, Provided
that the consideration shall be payable in respect of Monthly Periods and shall
be paid into the Trustee Collection Account on the Transfer Date relating to
each relevant Monthly Period.

If it is not possible to enter into an agreement to assign the Defaulted
Receivables as specified above you shall notify us accordingly and request
further instructions.

------------------------------
[Beneficiary]

<PAGE>

                                    EXHIBIT A

                         FORM OF TRANSFEROR CERTIFICATE

GRACECHURCH RECEIVABLES TRUSTEE LIMITED

(incorporated in Jersey having its registered office at Normandy House,
Grenville Street, St. Helier, Jersey JE2 4UF)

THIS CERTIFICATE SHALL BE AUTHENTICATED AND RETAINED
OUTSIDE THE UNITED KINGDOM

RECEIVABLES TRUST

Transferor Certificate

Evidencing an undivided interest and other interests in the trust constituted by
the Declaration of Trust dated 1 November 1999, amended and restated as a
Declaration of Trust and Trust Cash Management Agreement pursuant to a Deed of
Amendment and Restatement dated 23 November 1999, between Gracechurch
Receivables Trustee Limited, Barclays Bank PLC and Barclaycard Funding PLC (the
"DECLARATION OF TRUST AND TRUST CASH MANAGEMENT AGREEMENT")

            NOT AN INTEREST IN OR OBLIGATION OF BARCLAYS BANK PLC OR
                              ANY AFFILIATE THEREOF

This Certificate certifies that [each of]* Barclays Bank PLC [and [_____]]* is a
Beneficiary of the Receivables Trust and as such is beneficially entitled to
Trust Property in the amount and in the manner set out in the Declaration of
Trust and Trust Cash Management Agreement as supplemented by any Accession
Notice and any Supplement to the Declaration of Trust and Trust Cash Management
Agreement executed from time to time in respect of any additional Series.

Terms defined in the Master Definitions Schedule dated _______________ 1999
shall have the same meaning in this Transferor Certificate.

PLEASE NOTE THE FOLLOWING:

1.    The Transferor Certificate is in registered form and evidences the
      [aggregate]* beneficial entitlement of [each of]* Barclays Bank PLC [and
      [_____]]* in the Receivables Trust.

2.    No transfer of this Transferor Certificate or Disposal of the aggregate
      beneficial entitlement of Barclays Bank PLC [or [_____]]* in the
      Receivables Trust shall be permitted except in accordance with Clauses 3.7
      and 4.2(a) and (ii) of the Trust Cash Management Agreement.

3.    The entries in the Trust Certificate Register shall be conclusive in the
      absence of manifest error and the Trust Cash Manager and the Receivables
      Trustee shall be entitled to treat [each of]* Barclays Bank PLC [and [ ]]
      (as the person[s] in whose name[s] this Transferor Certificate is
      [jointly]* registered) as the owner hereof and the person[s]

<PAGE>

      beneficially entitled to Trust Property as a consequence thereof [to the
      extent of their pro rata share specified below:]

      [The pro rata share of each of Barclays Bank PLC and [o] is as follows:

      Barclays Bank PLC [o]%

      [_____] [o]%]

4.    Unless the Certificate of Authentication hereon has been executed by or on
      behalf of the Receivables Trustee by manual signature, [neither]* Barclays
      Bank PLC [nor [_____]] shall [not]* be registered in the Trust Certificate
      Register as holder of this Transferor Certificate.

IN WITNESS WHEREOF, [each of]* Barclays Bank PLC [and [_____]] has executed this
Transferor Certificate as a deed.

Signed for and on behalf of                 )
BARCLAYS BANK PLC                           )
by its duly authorised attorney             )
     .................................................
in the presence of:                         )

      Name:       .................................................

      Occupation: .................................................

      Address:    .................................................

Date:

[[__________________________]

By:

Name:

Title:

Date: ______________________]*

CERTIFICATE OF AUTHENTICATION

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

* delete or complete as appropriate

<PAGE>

This is the Transferor Certificate referred to in the above mentioned Trust Cash
Management Agreement.

[o]

By:
    --------------------------
    Name:
    Title:

Date:

<PAGE>

                                    EXHIBIT B

                   FORM OF MONTHLY TRUST CASH MANAGER'S REPORT

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

                                RECEIVABLES TRUST

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

1.    Capitalised terms used in this Report have their respective meanings set
      forth in the Master Definitions Schedule PROVIDED, HOWEVER, that the
      "PRECEDING MONTHLY PERIOD" shall mean the Monthly Period immediately
      preceding the calendar month in which this Certificate is delivered. This
      Report is delivered pursuant to Clause 9.5(b) of the Declaration of Trust
      and Trust Cash Management Agreement. References herein to certain Clauses
      are references to the respective Clauses of the Declaration of Trust and
      Trust Cash Management Agreement.

2.    Barclays Bank PLC is Trust Cash Manager under the Declaration of Trust and
      Trust Cash Management Agreement. [or substitute reference to Co-Trust Cash
      Manager if applicable]

3.    The undersigned is an Authorised Officer.

4.    The date of this Report is a date on or before a Transfer Date under the
      Declaration of Trust and Trust Cash Management Agreement.

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

5.    The aggregate amount of Collections processed           (pound)__________
      during the preceding Monthly Period in respect of
      Designated Accounts was equal to (excluding
      Acquired Interchange)

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

6.    The Aggregate Investor Percentage of Receivables        (pound)__________
      processed during the preceding Monthly Period in
      respect of Designated Accounts was equal to

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

7.    The amount in paragraph 6 above in respect of           (pound)__________
      Principal Receivables which are Eligible
      Receivables

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

8.    The amount in paragraph 6 above in respect of           (pound)__________
      Finance Charge Receivables

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

<PAGE>

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

9.    The Aggregate Investor Percentage of Principal          (pound)__________
      Collections processed by the Trust Cash
      Manager/Co-Trust Cash Manager during the preceding
      Monthly Period was equal to

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

10.   The Aggregate Investor Percentage of Finance            (pound)__________
      Charge Collections processed by the Trust Cash
      Manager/Co-Trust Cash Manager during the preceding
      Monthly Period was equal to (excluding Annual Fees
      and Acquired Interchange)

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

11.   The aggregate amount of Receivables processed by        (pound)__________
      the Trust Cash Manager/Co-Trust Cash Manager as of
      the end of the last day of the preceding Monthly
      Period

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

12.   Of the balance recorded in the Finance Charge           (pound)__________
      Collections Ledger, the amount attributable to the
      Aggregate Investor Percentage of Finance Charge
      Collections processed by the Trust Cash
      Manager/Co-Trust Cash Manager during the preceding
      Monthly Period

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

13.   Of the balance recorded in the Principal                (pound)__________
      Collections Ledger, the amount attributable to the
      Aggregate Investor Percentage of Principal
      Collections processed by the Trust Cash
      Manager/Co-Trust Cash Manager during the preceding
      Monthly Period

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

14.   Of the balance recorded in the Principal                (pound)__________
      Collections Ledger the aggregate amount calculated
      as Investor Cash Available for Acquisition for
      each Applicable Series during the preceding
      Monthly Period

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

15.   The aggregate amount, if any, of withdrawals,           (pound)__________
      drawings or payments under any Enhancement, if
      any, required to be made with respect to any
      Applicable Series for the preceding Monthly Period

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

<PAGE>

--------------------------------------------------------------------------------
16.   The aggregate amount of the Acquired Interchange        (pound)__________
      to be recorded in the Finance Charge Collections
      Ledger on the Transfer Date of the current month
      is equal to

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

17.   The aggregate amount of all sums to be distributed      (pound)__________
      to the Investor Beneficiaries of each Applicable
      Series on the succeeding Distribution Date to be
      utilised to meet their obligations to pay
      principal with regard to Related Debt

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

18.   The aggregate amount of all sums to be distributed      (pound)__________
      to the Investor Beneficiaries of each Applicable
      Series on the succeeding Distribution Date to be
      utilised to meet their obligations to pay interest
      with regard to Related Debt

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

19.   To the knowledge of the undersigned, there are no Encumbrances on any
      Receivables in the Receivables Trust except as described below:

                         [If applicable, insert "None."]

      IN WITNESS WHEREOF, the undersigned has duly executed this certificate
      this _____ day of _______________________, ________.

BARCLAYS BANK PLC

Trust Cash Manager

By:  ..............................
     Name:
     Title:

[or substitute reference to Co-Trust Cash Manager if applicable]

<PAGE>

                                    EXHIBIT C

                 FORM OF ANNUAL TRUST CASH MANAGER'S CERTIFICATE
                                BARCLAYS BANK PLC

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

                                RECEIVABLES TRUST

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

      [substitute references to Barclays/Trust Cash Manager with appropriate
      references to any Co-Trust Cash Manager if applicable]

The undersigned, a duly authorised representative of Barclays Bank PLC
("BARCLAYS"), as Trust Cash Manager pursuant to the Declaration of Trust and
Trust Cash Management Agreement (as amended and restated on 23 November 1999)
(the "DECLARATION OF TRUST AND TRUST CASH MANAGEMENT AGREEMENT") by and between
Gracechurch Receivables Trustee Limited as trustee (the "RECEIVABLES TRUSTEE")
and Barclays, does hereby certify that:

1.    Barclays is Trust Cash Manager under the Declaration of Trust and Trust
      Cash Management Agreement.

2.    The undersigned is duly authorised to execute and deliver this Certificate
      to the Receivables Trustee.

3.    This Certificate is delivered pursuant to Clause 9.6 of the Declaration of
      Trust and Trust Cash Management Agreement.

4.    A review of the activities of the Trust Cash Manager during [the period
      from the Initial Closing Date until] [the twelve-month period ended o ],
      _____ was conducted under the supervision of the undersigned.

5.    Based on such review, the Trust Cash Manager has, to the best of the
      knowledge of the undersigned, fully performed all its obligations under
      the Declaration of Trust and Trust Cash Management Agreement throughout
      such period and no default in the performance of such obligations has
      occurred or is continuing except as set out in paragraph 6 below.

6.    The following is a description of each default in the performance of the
      Trust Cash Manager's obligations under the provisions of the Declaration
      of Trust and Trust Cash Management Agreement, including any Supplement,
      known to the undersigned to have been made during such period which sets
      out in detail (i) the nature of each such default, (ii) the action taken
      by the Trust Cash Manager, if any, to remedy each such default and (iii)
      the current status of each such default:

                         [If applicable, insert "None."]

IN WITNESS WHEREOF, the undersigned has duly executed this certificate this
_____ day of ___________________, ________.

     ..............................
     Name:
     Title:

<PAGE>

                                                             Schedule to Monthly
                                             Trust Cash Manager's Certificate(1)

                                BARCLAYS BANK PLC

                              AS TRUST CASH MANAGER

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

                                RECEIVABLES TRUST

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

(1)   A separate schedule is to be attached for each Series, with appropriate
      changes and additions to reflect the specifics of the relates Series
      Supplement.

<PAGE>

RECEIVABLES TRUSTEE

Executed as a deed by         )
GRACECHURCH RECEIVABLES       )
TRUSTEE LIMITED               )    PETER S. CROOK
pursuant to a resolution of   )
the Board                     )

                                                                   Process Agent
                                             Clifford Chance Secretaries Limited
                                                           200 Aldersgate Street
                                                                 London EC1A 4JJ

TRUST CASH MANAGER AND TRANSFEROR BENEFICIARY
AND EXCESS INTEREST BENEFICIARY

Signed for and on behalf of          )
BARCLAYS BANK PLC                    )   MARK WINTER
by its duly authorised attorney      )
in the presence of:                  )

GINA HARTNETT

Name:          GINA HARTNETT
Occupation:    TRAINEE SOLICITOR
Address:       200 ALDERSGATE STREET
               LONDON EC1A 4JJBARCLAYCARD FUNDING PLC
                             as Investor Beneficiary

                                       AND

                                BARCLAYS BANK PLC
       as Servicer, Transferor Beneficiary and Excess Interest Beneficiary

               ---------------------------------------------------
                        BENEFICIARIES SERVICING AGREEMENT
               ---------------------------------------------------

                                CLIFFORD CHANCE

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>

CLAUSE                                                                                                PAGE

<S>    <C>                                                                                            <C>
1.     Definitions And Interpretation..................................................................2
       1.1     Definitions.............................................................................2
       1.2     Other Definitional Provisions...........................................................2

2.     Acknowledgement; Appointment Of Servicer And Servicing Of Receivables...........................3
       2.1     Acknowledgement; Acceptance Of Appointment And Other Matters Relating To The Servicer...3
       2.2     Servicing Compensation..................................................................5
       2.3     Representations And Warranties Of The Servicer And Any Co-Servicer......................6
       2.4     Compliance With Requirements Of Law.....................................................7
       2.5     Annual Independent Auditors' Servicing Report...........................................8
       2.6     Notices To Barclays Bank Plc And Any Co-Servicer........................................9

3.     Other Matters Relating To The Servicer And Any Co-Servicer......................................9
       3.1     Liability Of The Servicer And Any Co-Servicer...........................................9
       3.2     Merger Or  Consolidation  Of, Or  Assumption Of The  Obligations  Of, The Servicer Or
               Any Co-Servicer.........................................................................9
       3.3     Limitation On Liability Of The Servicer, Any Co-Servicer And Others....................10
       3.4     Servicer Indemnification Of The Beneficiaries..........................................10
       3.5     The Servicer Or Any Co-Servicer Not To Resign..........................................11
       3.6     Access To Certain Documentation And Information Regarding The Receivables..............11
       3.7     Delegation Of Duties...................................................................11
       3.8     Examination Of Records.................................................................12

4.     Servicer Defaults..............................................................................12
       4.1     Servicer Defaults......................................................................12
       4.2     Effect Of Termination Notice...........................................................13
       4.3     Appointment Of Successor...............................................................14
       4.4     Notification Of Servicer Default.......................................................16
       4.5     Waiver Of Past Defaults................................................................16

5.     Miscellaneous Provisions.......................................................................16
       5.1     Amendment..............................................................................16
       5.2     Protection Of Right, Title And Interest To Trust Property..............................17
       5.3     Governing Law And Jurisdiction.........................................................17
       5.4     Notices................................................................................18
       5.5     Severability Of Provisions.............................................................19
       5.6     Assignment.............................................................................19
       5.7     Further Assurances.....................................................................19
       5.8     No Waiver; Cumulative Remedies.........................................................19
       5.9     Counterparts...........................................................................19
       5.10    Actions By Beneficiaries...............................................................19
       5.11    Voting By Investor Beneficiaries.......................................................20
       5.12    Entire Agreement.......................................................................20
       5.13    Headings...............................................................................20

</TABLE>

<PAGE>

THIS BENEFICIARIES SERVICING AGREEMENT is made the 23 day of November 1999

BETWEEN:

(1)     BARCLAYCARD FUNDING PLC, a company incorporated in England and Wales
        (Registration Number 2530163) having its registered office at 54 Lombard
        Street, London EC3P 3AH (as "INVESTOR BENEFICIARY" in respect of each
        Series or class of Investor Interest within such Series); and

(2)     BARCLAYS BANK PLC, an institution authorised under the Banking Act 1987,
        acting through its business unit "Barclaycard", having its principal
        place of business at 1234 Pavilion Drive, Northampton NN4 7SG (in its
        capacities as "SERVICER", "TRANSFEROR BENEFICIARY" and "EXCESS INTEREST
        BENEFICIARY" of the Receivables Trust).

WHEREAS:

(A)     Following the assignment of the Receivables arising on Designated
        Accounts to the Receivables Trustee, Barclays Bank PLC will continue to
        have its contractual relationship with the Obligors on the terms set out
        in the Card Agreements and accordingly will continue to be a grantor of
        credit in respect of both Existing Receivables and Future Receivables.

(B)     Each Beneficiary will acquire an interest under the Receivables Trust by
        way of making payments to the Receivables Trustee, upon the terms and
        subject to the conditions of the Declaration of Trust and Trust Cash
        Management Agreement and any related Accession Notice and Supplement.

(C)     The Servicer has agreed at the request of the Beneficiaries, upon the
        terms and subject to the conditions hereof, to act as servicer in
        connection with the Receivables which are comprised in the Trust
        Property of the Receivables Trust.

NOW IT IS HEREBY AGREED as follows:

<PAGE>

DEFINITIONS AND INTERPRETATION

1.1     DEFINITIONS

Whenever used in this Agreement, the words and phrases defined in the Master
Definitions Schedule of even date herewith and signed by the parties hereto
shall, unless otherwise defined herein or the context requires otherwise, bear
the same meanings herein (including the recitals hereto).

1.2     OTHER DEFINITIONAL PROVISIONS

(a)     All terms defined in this Agreement shall have the defined meanings when
        used in any certificate or other document made or delivered pursuant
        hereto unless otherwise defined therein.

(b)     As used herein and in any certificate or other document made or
        delivered pursuant hereto or thereto, accounting terms not defined in
        Clause 1.1, and accounting terms partially defined in Clause 1.1 to the
        extent not defined, shall have the respective meanings given to them
        under generally accepted accounting principles in the United Kingdom. To
        the extent that the definitions of accounting terms herein are
        inconsistent with the meanings of such terms under generally accepted
        accounting principles in the United Kingdom, the definitions contained
        herein shall prevail.

(c)     The agreements, representations and warranties of Barclays Bank PLC in
        this Agreement in each of its capacities as Transferor, Transferor
        Beneficiary, Excess Interest Beneficiary and Servicer shall be deemed to
        be the agreements, representations and warranties of Barclays Bank PLC
        solely in each such capacity for so long as Barclays Bank PLC acts in
        each such capacity under this Agreement.

(d)     The words "hereof", "herein" and "hereunder" and words of similar import
        when used in this Agreement shall refer to this Agreement as a whole and
        not to any particular provision of this Agreement; and Article and
        Clause references contained in this Agreement are references to Articles
        and Clauses of this Agreement unless otherwise specified.

(e)     A time of day (including opening or closing of business) shall be
        construed as a reference to London time unless specified otherwise.

(f)

        (i)     Save where the context otherwise requires, all sums payable by
                any party to any other party pursuant hereto are inclusive of
                any VAT which is chargeable on the supply or supplies for which
                such sums (or any part thereof) are the whole or part of the
                consideration for VAT purposes and section 89 of the Value Added
                Tax Act 1994 shall not apply to affect the amount of such sums.

        (ii)    Any reference herein to any fee, cost, disbursement, expense or
                liability incurred by any party and in respect of which such
                party is to be reimbursed (or indemnified) by any other person
                or the amount of which is to be taken into account in any
                calculation or computation shall, save where the context
                otherwise requires, include a reference to such part of such
                cost or expense as represents VAT.

<PAGE>

(g)     All references herein to any provision of any statute shall be construed
        so as to include any statutory modification or re-enactment thereof or
        any statutory instrument, order or regulation made thereunder or under
        such modification or re-enactment.

(h)     Save where the contrary is indicated, any reference in this Agreement or
        any other agreement or document shall be construed as a reference to
        this Agreement or, as the case may be, such other agreement or document
        as the same may have been, or may from time to time be, amended, varied,
        novated or supplemented.

(i)     In this Agreement a "subsidiary" of a company or corporation shall be
        construed as a reference to any company or corporation:

        (i)     which is controlled, directly or indirectly, by the
                first-mentioned company or corporation;

        (ii)    more than half the issued share capital of which is beneficially
                owned, directly or indirectly, by the first-mentioned company or
                corporation; or

        (iii)   which is a subsidiary of another subsidiary of the
                first-mentioned company or corporation,

        and, for these purposes, a company or corporation shall be treated as
        being controlled by another if that other company or corporation is able
        to direct its affairs and/or to control the composition of its board of
        directors or equivalent body.

2.      ACKNOWLEDGEMENT; APPOINTMENT OF SERVICER AND SERVICING OF RECEIVABLES

2.1     ACKNOWLEDGEMENT; ACCEPTANCE OF APPOINTMENT AND OTHER MATTERS RELATING TO
        THE SERVICER

(a)     The parties hereby acknowledge that, following the assignment of the
        Receivables arising on Designated Accounts to the Receivables Trustee
        (as trustee for the Beneficiaries absolutely) (without notice to
        Obligors except following a Notification Event) pursuant to any Offer
        made and accepted in accordance with the Receivables Securitisation
        Agreement, the Servicer shall continue to have its contractual
        relationship with the Obligors on the terms set out in the Credit Card
        Agreements and accordingly shall continue to be a grantor of credit to
        Obligors in respect of both Existing Receivables and Future Receivables.

(b)     The Beneficiaries, in their capacity as absolute owners of the Trust
        Property in undivided shares (and without prejudice to the powers and
        duties of the Receivables Trustee under the Declaration of Trust and
        Trust Cash Management Agreement), hereby appoint Barclays Bank PLC, and
        Barclays Bank PLC agrees to act, as the Servicer for the Beneficiaries
        under this Agreement. By its execution of a Supplement each Investor
        Beneficiary, inter alia, consents to Barclays Bank PLC acting as
        Servicer under this Agreement. By its execution of an Accession Notice
        each Additional Transferor as an additional Transferor Beneficiary,
        inter alia, consents to Barclays Bank PLC acting as Servicer under this
        Agreement.

<PAGE>

(c)     Any Additional Transferor may, if the relevant Accession Notice so
        specifies, be appointed by the Beneficiaries (on the same terms as set
        out in Clause 2.1(b)), to carry out Servicing under this Deed (a
        "CO-SERVICER") and, by its execution of a Supplement, each Investor
        Beneficiary, inter alia, consents to the appointment of Co-Servicers
        being made in accordance with this Clause 2.1(c). If any Accession
        Notice in respect of an Additional Transferor does not specify that such
        Additional Transferor is to be appointed a Co-Servicer then the Servicer
        shall be deemed to be appointed by the Beneficiaries to carry out all
        Servicing as set out in this Deed as such Servicing may apply to such
        Additional Transferor.

(d)     The Servicer and any Co-Servicer shall carry out all servicing,
        administration and management functions in relation to the Receivables
        and (insofar as the interests of the Beneficiaries are affected) the
        Designated Accounts in accordance with the Card Guidelines and its
        customary and usual procedures and in accordance with normal market
        practice (so far as consistent with the Card Guidelines) and shall have
        full power and authority, acting alone or through any party properly
        designated by it hereunder, to do any and all things in connection with
        such servicing, administration and management which it may deem
        necessary or desirable. The Servicer and any Co-Servicer shall follow
        such instructions in regard to the exercise of its power and authority
        as the Beneficiaries, acting unanimously, may from time to time direct.
        Without prejudice to the generality of the foregoing, the Servicer's and
        (to the extent specified in the relevant Accession Notice) any
        Co-Servicer's functions shall include: (i) carrying out valuations of
        Receivables on Designated Accounts for the purpose of determining
        whether any such Receivables should be charged-off in accordance with
        the Card Guidelines; (ii) ensuring that the interests of the
        Beneficiaries are taken into account in making decisions regarding the
        granting of credit to Obligors; (iii) on the Servicer's or Co-Servicer's
        own behalf (for the purpose of enabling it to perform the other
        functions set out in this Clause 2.1) preparing and keeping its own
        records as regards all such matters (including in particular, but
        without limitation, the matters referred to in (i) and (ii) above); (iv)
        monitoring payments by Obligors and notifying Obligors of overdue
        payments; and (v) crediting and debiting Obligors' Accounts as
        appropriate.

(e)     Without limiting the generality of (d) above, and subject to Clause 4.1,
        the Servicer and any Co-Servicer (to the extent authorised in the
        relevant Accession Notice) is hereby obliged, authorised and empowered
        to make any filing, reports, notices, applications, registrations with,
        and to seek any consents or authorisations from any relevant securities
        or other authority as may be necessary or advisable to comply with any
        securities or reporting requirements.

(f)     On or before the Transfer Date for each Monthly Period in which any
        Designated Accounts are Defaulted Accounts, the Servicer, and any
        Co-Servicer (without limiting the generality of (d) above) shall notify
        the Beneficiaries of the balance of Receivables in such Defaulted
        Accounts. No fee will be charged for this.

(g)     Neither the Servicer nor any Co-Servicer shall be obliged to use
        separate servicing procedures, offices, employees or accounts for
        servicing the Receivables from the procedures, offices, employees and
        accounts used by the Servicer or such Co-Servicer in connection with
        servicing other credit card receivables.

<PAGE>

(h)     The Servicer and any Co-Servicer shall maintain insurance coverage
        against losses through wrongdoing of its officers and employees who are
        involved in the servicing of credit card receivables covering such
        actions and in such amounts as the Servicer or Co-Servicer believes to
        be reasonable from time to time.

(i)     The Servicer and any Co-Servicer shall, so far as it is practicable,
        carry out all of its obligations and duties as Servicer or Co-Servicer
        in the United Kingdom.

(j)     The Servicer and, if applicable, any Co-Servicer, shall at all times
        take all practicable steps to:

        (i)     ensure that payments made to the Transferor or, if applicable,
                any Additional Transferor, by Obligors are received into,
                respectively, the Barclaycard Operating Account or Additional
                Transferor Operating Account;

        (ii)    identify any funds in the Barclaycard Operating Account or, if
                applicable, the Additional Transferor Operating Account, which
                are required to be transferred to the Trustee Collection Account
                for the benefit of the Beneficiaries; and

        (iii)   ensure that such funds are so transferred when required.

2.2     SERVICING COMPENSATION

(a)     As full compensation for its servicing activities hereunder (with the
        exception of Clause 2.1(f)) and as reimbursement for any expense
        incurred by it in connection therewith, the Servicer and any Co-Servicer
        shall be entitled to receive from the Beneficiaries (in each case solely
        to the extent of payments made by the Beneficiaries utilising Trust
        Property allocated with respect thereto as provided in this Agreement,
        the Declaration of Trust and Trust Cash Management Agreement and in any
        Supplement and subject to Clause 2.2(d)) a servicing fee (the "SERVICING
        FEE") with respect to each Monthly Period, payable monthly on the
        related Transfer Date, in an amount equal to one-twelfth of the product
        of (i) 0.75 per cent. (or, if Barclays Bank PLC is Servicer, such other
        percentage as shall be agreed between the Beneficiaries PROVIDED THAT
        (a) each Rating Agency has confirmed in writing that such proposed
        percentage will not result in a downgrade or withdrawal of its then
        current rating of any outstanding Related Debt and (b) the Beneficiaries
        have obtained an Opinion of Counsel that such proposed agreement to
        alter the percentage will not prejudice the Tax treatment of the
        Receivables Trust or the Beneficiaries) and (ii) the average daily
        aggregate Outstanding Face Amount of Principal Receivables during such
        Monthly Period. Any amount payable under this Clause 2.2(a) shall be
        inclusive of VAT thereon, if applicable, and the application of section
        89 of the Value Added Tax Act 1994 shall be excluded in relation
        thereto. Any Co-Servicer shall be entitled to such portion of the
        Servicing Fee as shall be specified in the relevant Accession Notice
        pursuant to which such Co-Servicer is appointed.

(b)     The share of the Servicing Fee payable to the Servicer and any
        Co-Servicer which is to be met from payments made by the Investor
        Beneficiaries of a particular Series with respect to each Monthly Period
        (the "INVESTOR SERVICING FEE" with respect to such Series) will be
        determined in accordance with the relevant Supplement.

<PAGE>

(c)     The portion of the Servicing Fee (the "TRANSFEROR SERVICING FEE") with
        respect to any Monthly Period not to be met from payments made by the
        Investor Beneficiaries of a particular Series pursuant to any related
        Supplement shall be paid by each Transferor Beneficiary to the extent of
        its pro rata share from the Transferor Finance Charge Amount and
        Transferor Acquired Interchange Amount or other Trust Property allocable
        to such Transferor Beneficiary on the related Transfer Date. In no event
        shall the Investor Beneficiaries of any Series be liable to the Servicer
        or any Co-Servicer for the share of the Servicing Fee with respect to
        any Monthly Period to be met from payments to be made by any Transferor
        Beneficiary from Trust Property allocated to such Transferor
        Beneficiary, PROVIDED, HOWEVER, that the amount of Transferor Servicing
        Fee to be paid by each Transferor Beneficiary in any Monthly Period
        shall not exceed its pro rata share of the aggregate amount of the
        Transferor Finance Charge Amount and Transferor Acquired Interchange
        Amount for such Monthly Period.

(d)     With respect to any Monthly Period throughout which the Servicer is
        Barclays Bank Plc, any part of the Servicing Fee for such Monthly Period
        which would (apart from this Clause 2.2(d)) be payable by Barclays Bank
        PLC in its capacity as Transferor Beneficiary shall not be payable (and
        an appropriate apportionment shall be made for any Monthly Period where
        Barclays Bank plc is the Servicer for part only of such Monthly Period).

2.3     REPRESENTATIONS AND WARRANTIES OF THE SERVICER AND ANY CO-SERVICER

(i) Barclays Bank PLC, as initial Servicer hereby makes, (ii) any Co-Servicer,
by its appointment pursuant to the relevant Accession Notice, shall be deemed to
make, and (iii) any Successor Servicer by its appointment hereunder shall make,
(in the case of (ii) and (iii) with appropriate modifications to Clause 2.3 to
reflect the Co-Servicer's or Successor Servicer's organisation), the following
representations and warranties on which the Beneficiaries have relied in
appointing Barclays Bank PLC as the initial Servicer and, whenever appropriate,
any Co-Servicer or Successor Servicer.

(a)     ORGANISATION It is a corporation duly incorporated under the laws of
        England with full corporate power, authority and legal right to own its
        assets and conduct its business as such assets are presently owned and
        its business as presently conducted and with power to enter into the
        Relevant Documents to which it is a party and to exercise its rights and
        perform its obligations thereunder and all corporate and other action
        required to authorise its execution of each such Relevant Document and
        its performance of its obligations thereunder has been duly taken.

(b)     DUE AUTHORIZATION All acts, conditions and things required to be done,
        fulfilled and performed in order (i) to enable it lawfully to enter
        into, exercise its rights under and perform and comply with the
        obligations expressed to be assumed by it in each Relevant Document to
        which it is a party, (ii) to ensure that the obligations expressed to be
        assumed by it in each such Relevant Document are legal, valid and
        binding on it and (iii) to make each such Relevant Document and each
        such assignment admissible in evidence in England have been done,
        fulfilled and performed save for the payment of stamp duty in the United
        Kingdom in respect of any such assignment under any applicable law.

<PAGE>

(c)     NO VIOLATION The execution and delivery of each Relevant Document to
        which it is party by the Servicer and, if applicable, any Co-Servicer
        and the exercise of its rights and the performance of its obligations
        thereunder will not conflict with or violate any Requirement of Law.

(d)     BINDING OBLIGATION The obligations expressly to be assumed by it in each
        Relevant Document to which it is party are legal and valid obligations
        binding on it and enforceable against it in accordance with its terms,
        subject to applicable bankruptcy laws, other similar laws affecting
        creditors' rights, general equitable principles and other limitations on
        enforcement in the jurisdiction of an Obligor.

(e)     NO PROCEEDINGS There are no proceedings or investigations pending or, to
        the best of its knowledge threatened against it before any court,
        regulatory body, arbitral tribunal or public or administrative body or
        agency (i) asserting the invalidity of any Relevant Document to which it
        is party; (ii) seeking to prevent the entering into of any of the
        transactions contemplated by any Relevant Document; (iii) seeking any
        determination or ruling that, in the reasonable opinion of the Servicer,
        would materially and adversely affect the performance by it of its
        obligations under any Relevant Document to which it is party; or (iv)
        seeking any determination or ruling that would materially and adversely
        affect the validity or enforceability of any Relevant Document to which
        it is party.

(f)     NO CONFLICT The execution and delivery of each Relevant Document to
        which it is party and the exercise by the Servicer and any Co-Servicer
        of its rights and the performance of its obligations thereunder will not
        conflict with, result in any breach of the material terms and provisions
        of, or constitute (with or without notice or lapse of time or both) a
        default under, any agreement, indenture, contract, mortgage, trust deed
        or other instrument to which it is a party or by which it or any of its
        assets is otherwise bound.

2.4     COMPLIANCE WITH REQUIREMENTS OF LAW

The Servicer and any Co-Servicer shall duly satisfy all obligations on its part
to be fulfilled under or in connection with each Receivable and each Designated
Account, will maintain in effect all qualifications required under Requirements
of Law in order to service properly each Receivable and each Designated Account
and will comply in all material respects with all other Requirements of Law in
connection with servicing each Receivable and each Designated Account the
failure to comply with which would have a Material Adverse Effect on the
interests of any Investor Beneficiary or any Material Adverse Effect on the
interests of any Enhancement Provider.

2.5     ANNUAL INDEPENDENT AUDITORS' SERVICING REPORT

(a)     On or before 28 February of each calendar year following the execution
        of this Agreement the Servicer or, if applicable, any Co-Servicer shall
        cause a firm of internationally recognised independent auditors (who may
        also render other services to the Servicer or Co-Servicer or the
        Transferor) to furnish a report to the Investor Beneficiaries, any
        Enhancement Provider and each Rating Agency to the effect that such firm
        has made a study and evaluation, in accordance with generally accepted
        auditing standards in the United Kingdom, of the Servicer's and any
        Co-Servicer's internal accounting controls relative to the servicing of
        Designated Accounts under this Agreement, and that, on the basis of such
        study and evaluation, such firm is of the

<PAGE>

        opinion (assuming the accuracy of any reports generated by the Servicer
        or the Co-Servicer or the Servicer's and any Co-Servicer's third party
        agents on its behalf relating to (in particular but without limitation)
        the matters referred to in Clause 2.1(d)(iii)) that the system of
        internal accounting controls in effect on the date set forth in such
        report, relating to servicing procedures performed by the Servicer and
        any Co-Servicer, taken as a whole, was sufficient for the prevention and
        detection of errors and irregularities in amounts that would be material
        to the financial statements of the Servicer or Co-Servicer and that such
        servicing was conducted in compliance with the provisions of this
        Agreement during the period covered by such report (which shall be the
        period from 1 January of the preceding calendar year to and including 31
        December of such calendar year, or for the initial period, from the
        Initial Closing Date until 31 December 1999), except for such
        exceptions, errors or irregularities as such firm shall believe to be
        immaterial to the financial statements of the Servicer or Co-Servicer
        and such other exceptions, errors or irregularities as shall be set
        forth in such report.

        Unless otherwise provided with respect to any Series in a related
        Supplement, a further copy of such report may be obtained by any
        Investor Beneficiary by a request in writing to the Servicer or, if
        applicable, any Co-Servicer pursuant to Clause 5.4(b).

(b)     On or before 28 February of each calendar year following the execution
        of this Agreement, the Servicer or, if applicable, any Co-Servicer shall
        cause a firm of internationally recognised independent auditors (who may
        also render other services to the Servicer, any Co-Servicer, the
        Transferor or any Additional Transferor) to furnish a report, prepared
        using generally accepted auditing standards in the United Kingdom to the
        Investor Beneficiaries and each Rating Agency to the effect that they
        have compared the mathematical calculations of each amount set forth in
        the Monthly Trust Cash Manager's Reports forwarded by the Trust Cash
        Manager or a Co-Trust Cash Manager pursuant to Clause 9.5(b) of the
        Declaration of Trust and Trust Cash Management Agreement during the
        period covered by such report (which shall be the period from 1 January
        of the preceding calendar year to and including 31 December of such
        calendar year, or for the initial period, from the Initial Closing Date
        until 31 December 1999) with the Servicer's or, if applicable, any
        Co-Servicer's computer reports which were the source of such amounts and
        that on the basis of such comparison, such firm is of the opinion that
        such amounts are in agreement, except for such exceptions as it believes
        to be immaterial to the financial statements of the Servicer or
        Co-Servicer and such other exceptions as shall be set forth in such
        report. A copy of such report may be obtained by any Investor
        Beneficiary by a request in writing to the Servicer or, if applicable,
        any Co-Servicer pursuant to Clause 5.4(b).

2.6     NOTICES TO BARCLAYS BANK PLC AND ANY CO-SERVICER

In the event that Barclays Bank PLC and any Co-Servicer are no longer acting as
Servicer and Co-Servicer respectively, any Successor Servicer appointed pursuant
to Clause 4.3 shall deliver or make available to the Transferor and each
Additional Transferor each certificate and report required to be prepared,
forwarded or delivered thereafter pursuant to Clause 2.5.

<PAGE>

3.      OTHER MATTERS RELATING TO THE SERVICER AND ANY CO-SERVICER

3.1     LIABILITY OF THE SERVICER AND ANY CO-SERVICER

The Servicer and any Co-Servicer shall be liable in accordance herewith only to
the extent of the obligations specifically undertaken by the Servicer or such
Co-Servicer (as such obligations are specified in the relevant Accession Notice)
in such capacity herein.

3.2     MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF, THE
        SERVICER OR ANY CO-SERVICER

Neither the Servicer nor any Co-Servicer shall consolidate with or merge into
any other corporation or convey or transfer its properties and assets
substantially as an entirety to any person, unless:

(a)     the corporation formed by such consolidation or into which the Servicer
        or Co-Servicer is merged or the person which acquires by conveyance or
        transfer the properties and assets of the Servicer or Co-Servicer
        substantially as an entirety, shall expressly assume, by an agreement
        supplemental hereto, executed and delivered to the Beneficiaries, in
        form satisfactory to the Beneficiaries, the performance of the
        obligations of the Servicer or Co-Servicer hereunder (to the extent that
        any right, covenant or obligation of the Servicer or Co-Servicer, as
        applicable hereunder, is inapplicable to the successor entity, such
        successor entity shall be subject to such covenant or obligation, or
        benefit from such right, as would apply, to the extent practicable, to
        such successor entity);

(b)     the Servicer or Co-Servicer shall have delivered to the Beneficiaries:

        (i)     an Officer's Certificate that such consolidation, merger,
                conveyance or transfer and such supplemental agreement complies
                with this Clause 3.2 and that all documentation referred to in
                (a) above and any conditions precedent specified in such
                documentation relating to such transaction have been complied
                with; and

        (ii)    an Opinion of Counsel that such supplemental agreement is legal,
                valid, binding and enforceable with respect to the Servicer or
                Co-Servicer;

(c)     the Servicer or Co-Servicer shall have delivered notice to each Rating
        Agency of such consolidation, merger, conveyance or transfer.

3.3     LIMITATION ON LIABILITY OF THE SERVICER, ANY CO-SERVICER AND OTHERS

(a)     The directors, officers, employees or agents of the Servicer and any
        Co-Servicer shall not be under any liability to the Beneficiaries, any
        Enhancement Provider or any other person hereunder or pursuant to any
        document delivered hereunder, it being expressly understood that all
        such liability is expressly waived and released as a condition of, and
        as consideration for, the execution of this Agreement, PROVIDED,
        HOWEVER, that this provision shall not protect the directors, officers,
        employees and agents of the Servicer or Co-Servicer against any
        liability which would otherwise be imposed by reason of wilful default,
        bad faith or negligence in the performance of duties hereunder.

(b)     Except as provided in Clause 3.4, neither the Servicer nor any
        Co-Servicer shall be under any liability to the Beneficiaries or any
        other person for any action in its capacity as Servicer or Co-Servicer
        pursuant to this Agreement, PROVIDED, HOWEVER, that this

<PAGE>

        provision shall not protect the Servicer or any Co-Servicer against any
        liability which would otherwise be imposed by reason of wilful default,
        bad faith or gross negligence in the performance of duties or by reason
        of its reckless disregard of its obligations and duties hereunder or
        under any Supplement.

(c)     The Servicer and any Co-Servicer may rely in good faith on any document
        of any kind prima facie properly executed and submitted by any person
        respecting any matters arising hereunder.

(d)     The Servicer and any Co-Servicer shall not be under any obligation to
        appear in, prosecute or defend any legal action which is not incidental
        to its duties pursuant to this Agreement which in its reasonable opinion
        may involve it in any expense or liability.

3.4     SERVICER INDEMNIFICATION OF THE BENEFICIARIES

The Servicer and any Co-Servicer shall indemnify and hold harmless the
Beneficiaries from and against any reasonable loss, liability, expense, damage
or injury suffered or sustained by reason of any fraud, wilful misconduct or
negligent acts or omissions of the Servicer or Co-Servicer with respect to
activities of the Beneficiaries pursuant to this Agreement, including, but not
limited to any judgment, award, settlement, reasonable legal fees and other
costs or expenses incurred in connection with the defence of any actual or
threatened action, proceeding or claim, PROVIDED, HOWEVER, that neither the
Servicer nor any Co-Servicer shall:

        (i)     indemnify the Beneficiaries if such acts, omissions or alleged
                acts or omissions constitute or are caused by fraud, negligence,
                or wilful misconduct by the Beneficiaries or their agents;

        (ii)    indemnify any Beneficiary for any liabilities, costs or expenses
                of the Receivables Trust with respect to any action taken by the
                Receivables Trustee at the request of any Beneficiary or any
                Series to which it belongs;

        (iii)   indemnify any Beneficiary as to any losses, claims or damages
                incurred by any of them in their capacity as Beneficiaries of
                the Receivables Trust, including without limitation, losses
                incurred as a result of Receivables in Defaulted Accounts; or

        (iv)    indemnify the Beneficiaries for any liabilities, costs or
                expenses of the Beneficiaries (or their agents) arising under
                any Tax law (or any interest or penalties with respect thereto
                or arising from a failure to comply therewith) required to be
                paid by the Beneficiaries (or their agents) in connection
                herewith to any taxing authority.

Any such indemnification shall be payable by the Servicer or Co-Servicer itself
and not be payable from the Trust Property of the Receivables Trust. The
provision of this indemnity shall run directly to and be enforceable by an
injured party subject to the limitations hereof.

3.5     THE SERVICER OR ANY CO-SERVICER NOT TO RESIGN

The Servicer shall not resign from the obligations and duties hereby imposed on
it except upon determination that (i) the performance of its duties hereunder is
no longer permissible under any Requirement of Law and (ii) there is no
reasonable action which the Servicer could take to make the performance of its
duties hereunder permissible under any Requirement of Law. Any such

<PAGE>

determination permitting the resignation of the Servicer shall be evidenced as
to (i) above by an Opinion of Counsel and as to (ii) above by an Officer's
Certificate, each to such effect delivered to the Beneficiaries. No such
resignation shall become effective until a Successor Servicer shall have assumed
the responsibilities and obligations of the Servicer in accordance with Clause
4.3. Any Co-Servicer shall not resign except either (i) in the circumstances and
subject to the requirements set out above with respect to the Servicer or (ii)
where the obligations of such Co-Servicer are wholly assumed from the time of
such resignation by the Servicer.

3.6     ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING THE
        RECEIVABLES

The Servicer and any Co-Servicer shall provide to the Beneficiaries access to
the documentation regarding the Designated Accounts and the Receivables in such
cases where the Beneficiaries (or any person acting on their behalf) are
required by any Relevant Document (having regard to (inter alia) Clause
2.1(d)(iii)) or applicable statutes or regulations to review such documentation,
such access being afforded without any charge (apart from the Servicing Fee
provided for in Clause 2.2) but only (i) upon reasonable request, (ii) during
normal business hours, (iii) subject to the Servicer's or Co-Servicer's normal
security and confidentiality procedures and (iv) at offices in the United
Kingdom designated by the Servicer or Co-Servicer. Nothing in this Clause 3.6
shall derogate from the obligation of each Transferor Beneficiary, the
Beneficiaries, the Servicer or any Co-Servicer to observe any Requirement of Law
prohibiting disclosure of information regarding the Obligors and the failure of
the Servicer or any Co-Servicer to provide access as provided in this Clause 3.6
as a result of such obligations shall not constitute a breach of this Clause
3.6.

3.7     DELEGATION OF DUTIES

In the ordinary course of business, the Servicer and any Co-Servicer may at any
time delegate any duties hereunder to any person who agrees to conduct such
duties in accordance with the Card Guidelines. Any such delegations shall not
relieve the Servicer or Co-Servicer of its liabilities and responsibility with
respect to such duties, and shall not constitute a resignation within the
meaning of Clause 3.5 hereof. If any such delegation is to a party other than
Barclays Bank PLC or any Affiliate thereof notification thereof shall be given
to each Rating Agency.

3.8     EXAMINATION OF RECORDS

The Servicer or, if applicable, any Co-Servicer shall identify in its systems
those Receivables created in connection with the Designated Accounts which have
been assigned to the Receivables Trustee. The Servicer or Co-Servicer shall,
prior to the sale or transfer to a third party of any receivable held in its
custody, examine its computer or other records to determine that such receivable
is not a Receivable assigned or purported to be assigned to the Receivables
Trustee.

4.      SERVICER DEFAULTS

4.1     SERVICER DEFAULTS

If any one of the following events (a "SERVICER DEFAULT") shall occur and be
continuing:

(a)     failure on the part of the Servicer or any Co-Servicer duly to observe
        or perform in any respect any of the covenants or agreements of the
        Servicer or Co-Servicer set forth in this Agreement or any Relevant
        Document which has a Material Adverse Effect on the interests of the
        Beneficiaries as a whole or of the Investor Beneficiaries of any

<PAGE>

        Applicable Series and which continues unremedied for a period of 60 days
        after the date on which written notice of such failure, requiring the
        same to be remedied, shall have been given to the Servicer or, if
        applicable, any Co-Servicer by Investor Beneficiaries representing in
        aggregate more than one-half of the aggregate Investor Interests of any
        Applicable Series adversely affected thereby (copied to the Receivables
        Trustee) and continues to have a Material Adverse Effect on the
        interests of an Investor Beneficiary of any Applicable Series for such
        period;

(b)     delegation by the Servicer or any Co-Servicer of its duties under this
        Agreement to any other entity, except as permitted by Clause 3.7;

(c)     any relevant representation, warranty or certification made by the
        Servicer or any Co-Servicer in this Agreement or in any certificate
        delivered pursuant hereto proves to have been incorrect when made, which
        has a Material Adverse Effect on the interests of the Investor
        Beneficiaries of any Applicable Series and continues to be incorrect in
        any material respect for a period of 60 days after the date on which
        written notice of such failure, requiring the same to be remedied, shall
        have been given to the Servicer or, if applicable, any Co-Servicer by an
        Investor Beneficiary or Investor Beneficiaries representing in aggregate
        more than one-half of the aggregate Investor Interests of any Applicable
        Series affected thereby (copied to the Receivables Trustee) and
        continues to have a Material Adverse Effect on the interests of an
        Investor Beneficiary of any Applicable Series affected for such period;

(d)     the Servicer or any Co-Servicer shall consent to or take any corporate
        action relating to the appointment of a receiver, administrator,
        administrative receiver, liquidator, trustee or similar officer of it or
        relating to all or substantially all of its revenues and assets or an
        order of the court is made for its winding-up, dissolution,
        administration or reorganisation (except for a solvent re-organisation)
        and such order shall have remained in force undischarged or unstayed for
        a period of 60 days or a receiver, administrator, administrative
        receiver, liquidator, trustee or similar officer of it or relating to
        all of its revenues and assets is legally and validly appointed;

(e)     a duly authorised officer of the Servicer or any Co-Servicer shall admit
        in writing that the Servicer or such Co-Servicer is unable to pay its
        debts as they fall due within the meaning of Section 123(1) of the
        Insolvency Act 1986 or the Servicer or such Co-Servicer makes a general
        assignment for the benefit of or a composition with its creditors or
        voluntarily suspends payment of its obligations with a view to the
        general readjustment or rescheduling of its indebtedness,

then so long as such Servicer Default shall not have been remedied the
Beneficiaries acting together or (as the case may be) the Investor Beneficiaries
representing in aggregate more than 66 2/3% of the Aggregate Investor Interest,
by notice then given in writing to the Servicer or, if applicable, the
Co-Servicer (copied to the Receivables Trustee) (a "TERMINATION NOTICE"), may
terminate all of the rights and obligations of the Servicer and any Co-Servicer
as Servicer and Co-Servicer respectively under this Agreement. For the avoidance
of doubt, any Termination Notice given in accordance with this Clause 4.1 shall
terminate the appointment of both the Servicer and any Co-Servicer regardless of
which entity was the subject of the Servicer Default.

<PAGE>

Notwithstanding the foregoing, a delay in or failure of performance referred to
in Clause 4.1(a), (b) or (c) for a period of 60 Business Days, shall not
constitute a Servicer Default if such delay or failure could not have been
prevented by the exercise of reasonable diligence by the Servicer or
Co-Servicer, as the case may be, and such delay or failure was caused by an act
of God, acts of declared or undeclared war, public disorder, rebellion, riot or
sabotage, epidemics, landslides, lightning, fire, hurricanes, tornadoes,
earthquakes, nuclear disasters or meltdowns, floods, power cuts or similar
causes. The preceding sentence shall not relieve the Servicer or Co-Servicer
from using reasonable efforts to perform its obligations in a timely manner in
accordance with the terms of this Agreement and any relevant agreement and the
Servicer and, if applicable, the Co-Servicer shall provide any Enhancement
Provider, the Transferor, any Additional Transferor and each Beneficiary with an
Officer's Certificate giving prompt notice of such failure or delay by it,
together with a description of the cause of such failure or delay and its
efforts so to perform its obligations.

4.2     EFFECT OF TERMINATION NOTICE

(a)     After receipt by the Servicer or any Co-Servicer of a Termination Notice
        pursuant to Clause 4.1, and on the date that a Successor Servicer shall
        have been appointed by the Beneficiaries pursuant to Clause 4.3, all
        authority and power of the Servicer and any Co-Servicer under this
        Agreement shall pass to and be vested in a Successor Servicer and,
        without limitation, each Beneficiary is hereby appointed, authorised and
        empowered (upon the failure of the Servicer or any Co-Servicer to
        cooperate in a timely manner) in order to secure the performance of the
        Servicer or any Co-Servicer in so doing to execute and deliver, on
        behalf of the Servicer or any Co-Servicer, as its attorney, all
        documents, records and other instruments upon the failure of the
        Servicer or Co-Servicer to execute or deliver such documents, records or
        instruments, and to do and accomplish all other acts or things necessary
        or appropriate to effect the purposes of such transfer of servicing
        rights and obligations;

(b)     The Servicer and, by its execution of the relevant Accession Notice, any
        Co-Servicer agrees to use all reasonable efforts and cooperate with the
        Beneficiaries and such Successor Servicer in effecting the termination
        of the responsibilities and rights of the Servicer and any Co-Servicer
        to conduct servicing hereunder including, without limitation, the
        transfer to such Successor Servicer of all authority of the Servicer and
        any Co-Servicer to service the Receivables provided for under this
        Agreement.

(c)     The Servicer and any Co-Servicer shall promptly transfer its electronic
        records or electronic copies thereof relating to the Receivables to the
        Successor Servicer in such electronic form as the Successor Servicer may
        reasonably request and shall promptly transfer to the Successor Servicer
        all other records, correspondence and documents necessary for the
        continued servicing of the Receivables in the manner and at such times
        as the Successor Servicer shall reasonably request.

(d)     To the extent that compliance with this Clause 4.2 shall require the
        Servicer or any Co-Servicer to disclose to the Successor Servicer
        information of any kind which the Servicer or such Co-Servicer
        reasonably deems to be confidential, the Successor Servicer shall be
        required to enter into such customary licensing and confidentiality
        agreements as the Servicer or Co-Servicer shall deem reasonably
        necessary to protect its interests.

<PAGE>

(e)     The Servicer and any Co-Servicer shall, on the date of any servicing
        transfer, transfer all of its rights and obligations under any
        Enhancement with respect to any Beneficiaries to the Successor Servicer.

(f)     Upon the termination of the appointment of the Servicer and any
        Co-Servicer pursuant to this Clause 4.2, any amounts in respect of
        Collections of Receivables constituting Trust Property and any other
        Trust Property in the possession of the Servicer or Co-Servicer (or
        coming into the possession of the Servicer or Co-Servicer at any time
        thereafter) shall be held on trust by the Servicer or Co-Servicer for
        and to the order of the Beneficiaries.

4.3     APPOINTMENT OF SUCCESSOR

(a)     (i)     On and after the receipt by the Servicer or, if applicable, any
                Co-Servicer of a Termination Notice pursuant to Clause 4.1, the
                Servicer or Co-Servicer shall continue to perform all servicing
                functions under this Agreement until the date specified in the
                Termination Notice or otherwise specified by the Beneficiaries
                in writing or, if no such date is specified in such Termination
                Notice, or otherwise specified by the Beneficiaries, until a
                date mutually agreed upon by the Servicer, any Co-Servicer and
                the Beneficiaries. The Beneficiaries shall notify each Rating
                Agency of such removal of the Servicer and any Co-Servicer. The
                Beneficiaries shall, as promptly as possible after the giving of
                a Termination Notice, appoint a successor servicer (the
                "SUCCESSOR SERVICER") which shall at the time of its appointment
                as Successor Servicer be an Eligible Servicer, and such
                Successor Servicer shall accept its appointment by a written
                assumption in a form acceptable to the Beneficiaries.

        (ii)    The Beneficiaries may obtain bids for the proposed sale of the
                Receivables constituting Trust Property from any potential
                successor servicer. If the Beneficiaries are unable to obtain
                any bids from any potential successor servicer and the Servicer
                or, if applicable, any Co-Servicer delivers an Officer's
                Certificate to the effect that they cannot in good faith cure
                the Servicer Default which gave rise to a Termination Notice,
                then the Beneficiaries shall notify each Enhancement Provider of
                the proposed sale of the Receivables and shall provide each such
                Enhancement Provider an opportunity to bid on purchasing the
                Receivables and shall offer the right of first refusal to
                purchase the Receivables on terms equivalent to the best
                purchase offer as determined by the Beneficiaries, but in no
                event less than an amount equal to the Aggregate Investor
                Interest on the date of such purchase plus all interest accrued
                but unpaid on all Related Debt and Enhancement at the rate
                thereof through the date of such purchase. The proceeds of such
                sale shall be deposited in the Trust Accounts, for distribution
                to the Beneficiaries in accordance with the provisions of this
                Agreement and the applicable Supplement.

(b)     Upon its appointment, the Successor Servicer shall be the successor in
        all respects to the Servicer and any Co-Servicer with respect to
        servicing functions under this Agreement and shall be subject to all the
        responsibilities, duties and liabilities relating thereto placed on the
        Servicer and any Co-Servicer by the terms and provisions hereof, and all
        references in this Agreement to the Servicer and any Co-Servicer shall
        be deemed to refer to the Successor Servicer. Any Successor Servicer, by
        its acceptance of its

<PAGE>

        appointment, will automatically agree to be bound by the terms and
        provisions of each agreement relating to Enhancement.

(c)     In connection with such appointment and assumption, the Beneficiaries
        shall be entitled to such compensation, or may make such arrangements
        for the compensation of the Successor Servicer out of Collections, as it
        and such Successor Servicer shall agree PROVIDED, HOWEVER, that no such
        compensation payable in connection with services provided under this
        Agreement shall be in excess of the Servicing Fee permitted to the
        Servicer and any Co-Servicer pursuant to Clause 2.2.

(d)     All authority and power granted to the Successor Servicer under this
        Agreement shall automatically cease and terminate upon dissolution of
        the Receivables Trust pursuant to Clause 6.3 or Clause 8.1 of the
        Declaration of Trust and Trust Cash Management Agreement and shall pass
        to and be vested in Barclays Bank PLC and, without limitation, Barclays
        Bank PLC is hereby appointed, authorised and empowered to execute and
        deliver, on behalf of the Successor Servicer, as its attorney, in order
        to secure the performance by the Successor Servicer of the matters,
        referred to in the next paragraph, all documents and other instruments,
        and to do and accomplish all other acts or things necessary or
        appropriate to effect the purposes of such transfer of servicing rights.

        The Successor Servicer agrees to cooperate with Barclays Bank PLC in
        effecting the termination of the responsibilities and rights of the
        Successor Servicer to conduct servicing on the Receivables constituting
        Trust Property. The Successor Servicer shall transfer its electronic
        records relating to the Receivables constituting Trust Property to
        Barclays Bank PLC in such electronic form as Barclays Bank PLC may
        reasonably request and shall transfer all other records, correspondence
        and documents to Barclays Bank PLC in the manner and at such times as
        Barclays Bank PLC shall reasonably request. To the extent that
        compliance with this Clause 4.3 shall require the Successor Servicer to
        disclose to Barclays Bank PLC information of any kind which the
        Successor Servicer deems to be confidential, Barclays Bank PLC shall be
        required to enter into such customary licensing and confidentiality
        agreements as the Successor Servicer shall deem necessary to protect its
        interest.

4.4     NOTIFICATION OF SERVICER DEFAULT

Within two Business Days after the Servicer or any Co-Servicer becomes aware of
any Servicer Default, the Servicer or such Co-Servicer shall give prompt written
notice thereof to each Beneficiary, each Rating Agency, the Receivables Trustee
and any Enhancement Provider.

4.5     WAIVER OF PAST DEFAULTS

Any Beneficiary which is adversely affected by any default by the Servicer or
any Co-Servicer, the Transferor or any Additional Transferor may, with the prior
written consent of all the other Beneficiaries, waive in writing any default by
the Servicer, any Co-Servicer, the Transferor or any Additional Transferor in
the performance of its obligations hereunder or in any Relevant Document and its
consequences, except a default in making any required deposits or payments of
interest or principal relating to the relevant Series. Upon any such waiver of a
past default, such default shall be deemed not to have occurred. No such waiver
shall extend to any

<PAGE>

subsequent or other default or impair any right consequent thereon except to the
extent expressly so waived.

5.      MISCELLANEOUS PROVISIONS

5.1     AMENDMENT

(a)     This Agreement may be amended in writing by the Servicer, any
        Co-Servicer and each Transferor Beneficiary, with the prior written
        consent of each person who is a Beneficiary at the time of such
        amendment, PROVIDED HOWEVER that each Rating Agency shall have notified
        each Transferor Beneficiary, the Servicer, any Co-Servicer and the
        Investor Beneficiaries in writing that such amendment will not result in
        a reduction or withdrawal of the rating of any outstanding Related Debt
        (in relation to which it is a Rating Agency).

(b)     Promptly after the execution of any such amendment, the Beneficiaries
        shall furnish notification of the substance of such amendment to each
        Rating Agency providing a rating for any Related Debt outstanding in
        respect of any Applicable Series adversely affected by such amendment.

5.2     PROTECTION OF RIGHT, TITLE AND INTEREST TO TRUST PROPERTY

(a)     The Servicer and, if applicable, any Co-Servicer shall cause this
        Agreement, all amendments hereto and/or the Declaration of Trust and
        Trust Cash Management Agreement and/or the RSA and any other necessary
        documents relating to the right, title and interest to the Trust
        Property of the Beneficiaries and the Receivables Trustee to be promptly
        recorded, registered and filed, and at all times to be kept recorded,
        registered and filed, all in such manner and in such places as may be
        required by law fully to preserve and protect the right, title and
        interest of the Beneficiaries or the Receivables Trustee, as the case
        may be, to all property comprising the Trust Property. The Servicer or,
        if applicable, any Co-Servicer shall deliver to the Beneficiaries
        file-stamped copies of, or filing receipts for, any document recorded,
        registered or filed as provided above, as soon as available following
        such recording, registration or filing. The Transferor and any
        Additional Transferor shall cooperate fully with the Servicer and any
        Co-Servicer in connection with the obligations set forth above and will
        execute any and all documents reasonably required to fulfil the intent
        of this Clause 5.2(a).

(b)     The Servicer and any Co-Servicer will give the Beneficiaries prompt
        written notice of any relocation of any office from which it services
        Receivables assigned or purported to be assigned to the Receivables
        Trustee or keeps records concerning such Receivables or of its principal
        executive office.

5.3     GOVERNING LAW AND JURISDICTION

(a)     GOVERNING LAW

        This Agreement shall be governed by, and construed in accordance with
        the laws of England without reference to its conflict of law provisions,
        and the obligations, rights and remedies of the parties hereunder shall
        be determined in accordance with such laws.

(b)     JURISDICTION

<PAGE>

        (i)     Each of the parties hereto irrevocably agrees for the benefit of
                each other party that the courts of England shall have exclusive
                jurisdiction to hear and determine any suit, action or
                proceeding, and to settle any disputes, which may arise out of
                or in connection with this Agreement, and for such purposes,
                irrevocably submit to the exclusive jurisdiction of such courts.

        (ii)    Each of the parties hereto irrevocably waives any objection
                which it might now or hereafter have to the courts of England
                referred to in Clause 5.3(b)(i) being nominated as the forum to
                hear and determine any suit, action or proceeding, and to settle
                any disputes, which may arise out of or in connection with this
                Agreement and agrees not to claim that any such court is not a
                convenient or appropriate forum.

        (iii)   Any Successor Servicer or Co-Servicer (if it is not incorporated
                in England) shall, in the document appointing such Successor
                Servicer or Accession Notice in relation to such Co-Servicer,
                appoint some person in England to accept service of any process
                on its behalf and shall further undertake to the other parties
                hereto that it will at all times during the continuance of its
                appointment as Successor Servicer or Co-Servicer, as the case
                may be, maintain the appointment of some person in England as
                its agent for the service of process and irrevocably agrees that
                service of any writ, notice or other document for the purposes
                of any suit, action or proceeding in the courts of England shall
                be duly served upon it if delivered or sent by registered post
                to the address of such appointee (or to such other address in
                England as it may notify to the parties hereto).

5.4     NOTICES

(a)     Unless otherwise stated herein, each communication or notice to be made
        hereunder shall be made in writing and may be made by telex, facsimile
        or letter.

(b)     Any communication, notice or document to be made or delivered by any one
        person to another pursuant to this Agreement shall (unless that other
        person has by fifteen days' written notice to the other parties hereto
        specified another address) be made or delivered to that other person at
        the address identified below and shall be deemed to have been made or
        delivered when despatched and confirmation of transmission received by
        the sending machine (in the case of any communication made by facsimile)
        or (in the case of any communication made by telex) when dispatched and
        the appropriate answerback or identification symbol received by the
        sender or (in the case of any communications made by letter) when left
        at that address or (as the case may be) ten days after being deposited
        in the post, postage prepaid, in an envelope addressed to it at that
        address PROVIDED, HOWEVER, that each telefax or telex communication made
        by one party to another shall be made to that other person at the
        facsimile or telex number notified to such party by that other person
        from time to time;

        (i)     in the case of the Transferor Beneficiary, the Excess Interest
                Beneficiary and the Servicer, to Barclaycard, Barclays Bank PLC,
                1234 Pavilion Drive, Northampton NN4 7SG, Attention: Timothy
                Gaffney, facsimile number:

<PAGE>

                (01604) 253 163 (with a copy to Attention: Group General
                Counsel, facsimile number: (0171) 699 4036);

        (ii)    in the case of the Investor Beneficiary, to Barclaycard Funding
                PLC, Attention: Group General Counsel, facsimile number: (0171)
                699 4036 (with a copy to Attention: Timothy Gaffney, facsimile
                number: (01604) 253 163);

        (iii)   in the case of any additional Transferor Beneficiary the address
                specified in the relevant Accession Notice;

        (iv)    in the case of any Co-Servicer the address specified in the
                relevant Accession Notice;

        (v)     in the case of an Investor Beneficiary in any Series, the
                address specified in the Supplement relating to such Series;

        (vi)    in the case of the Enhancement Provider for a Series, the
                address, if any, specified in the Supplement relating to such
                Series;

        (vii)   in the case of the Rating Agency for Related Debt in respect of
                a particular Investor Beneficiary, the address, if any,
                specified in the Supplement relating to such Investor
                Beneficiary.

5.5     SEVERABILITY OF PROVISIONS

If any one or more of the covenants, agreements, provisions or terms of this
Agreement shall for any reason whatsoever be held invalid, then such covenants,
agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way
affect the validity or enforceability of the other provisions of this Agreement
or of the rights of the Beneficiaries of the Receivables Trust.

5.6     ASSIGNMENT

Notwithstanding anything to the contrary contained herein, except as provided in
Clause 3.2, the benefit of this Agreement may not be assigned by the Servicer or
any Co-Servicer without the prior consent of Investor Beneficiaries representing
in aggregate 66 2/3% of the Aggregate Investor Interest of each Applicable
Series.

5.7     FURTHER ASSURANCES

Barclays Bank PLC, the Servicer and, by its execution of the relevant Accession
Notice, any Co-Servicer agree to do and perform, from time to time, any and all
acts and to execute any and all further instruments required or reasonably
requested by the Investor Beneficiaries more fully to effect the purposes of
this Agreement.

5.8     NO WAIVER; CUMULATIVE REMEDIES

No failure to exercise and no delay in exercising, on the part of the Investor
Beneficiaries or any Enhancement Provider, any right, remedy, power or privilege
hereunder, shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

<PAGE>

5.9     COUNTERPARTS

This Agreement may be executed in two or more counterparts (and by different
parties on separate counterparts), each of which shall be an original, but all
of which together shall constitute one and the same instrument.

5.10    ACTIONS BY BENEFICIARIES

(a)     Wherever in this Agreement a provision is made that an action may be
        taken or a notice, demand or instruction given by an Investor
        Beneficiary, such action notice or instruction may be taken or given by
        any person directed by the Investor Beneficiaries, and any such action,
        notice, demand or instruction shall be deemed to be effective, if taken
        or given by such agent (if so appointed and directed) for all purposes
        as if the same had been taken or given by the Investor Beneficiaries.
        For the avoidance of doubt, such person may include the Receivables
        Trustee acting in its capacity as trustee of the Receivables Trust.

(b)     Any request, demand, authorisation, direction, notice, consent, waiver
        or other act by a Beneficiary shall bind each and every successor of
        such Beneficiary.

5.11    VOTING BY INVESTOR BENEFICIARIES

Wherever provision is made in this Agreement for voting by Investor
Beneficiaries, each Investor Beneficiary (including any Investor Beneficiary who
acts in such capacity in respect of more than one Series) shall be entitled to
one vote in respect of each (pound)1 of that Investor Beneficiary's InvEStor
Interest but shall not be obliged to exercise such votes (or any of them) or to
cast all of the votes exercised the same way.

5.12    ENTIRE AGREEMENT

Except as specifically stated otherwise herein, this Agreement sets forth the
entire understanding of the parties relating to the subject matter hereof, and
all prior understandings, written or oral, are superseded by this Agreement.
This Agreement may not be modified, amended, waived or supplemented except as
provided herein.

5.13    HEADINGS

The headings are for purposes of reference only and shall not otherwise affect
the meaning or interpretation of any provision hereof.

<PAGE>

IN WITNESS WHEREOF, the Investor Beneficiary and Barclays Bank PLC (in its
capacities as Servicer, Transferor Beneficiary and Excess Interest Beneficiary)
have caused this agreement to be duly executed and delivered by their duly
authorised representatives on the day and year first above written.

INVESTOR BENEFICIARY

Signed for and on behalf of                  )
BARCLAYCARD FUNDING PLC                      )       D. ROGER FINNEY
by two directors/a director                  )       PETER S. CROOK
and a secretary                              )

SERVICER AND TRANSFEROR BENEFICIARY
AND EXCESS INTEREST BENEFICIARY

Signed for and on behalf of                  )
BARCLAYS BANK PLC                            )
by its duly authorised attorney              )      MARK WINTER
in the presence of:                          )

GINA HARTNETT
Name:        GINA HARTNETT
Occupation:  TRAINEE SOLICITOR
Address:     200 ALDERSGATE STREET
             LONDON EC1A 4JJ

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"}]]