Document:

Prepared by R.R. Donnelley Financial -- Agreement between Pelion & Leffingwell

  
 Exhibit 10.12 
  
 AGREEMENT 
  
 THIS AGREEMENT (this
“Agreement”) is entered into on September 30, 2002 (the “Effective Date”) by and between DEAN LEFFINGWELL, a Colorado resident (the “Consultant”), and PELION SYSTEMS, INC., a Colorado corporation (“Pelion”).
The Consultant and Pelion are referred to together herein as the “Parties.” 
  
 Recitals 

 
 A.    Pelion owes the Consultant $5,000 for consulting services rendered through June 30, 2002 (the
“Deferred Payments”). 
  
 B.    Pelion and the Consultant have agreed that a portion of
the Deferred Payments will be paid to the Consultant on the Effective Date, and immediately after the receipt of such payment, the Consultant will use the proceeds to exercise currently outstanding stock options for 1,059 shares of common stock. The
remainder of the Deferred Payments will be paid to the Consultant on November 1, 2003. 
  
 Agreement 

 
 NOW, THEREFORE, in consideration of the foregoing, the mutual promises herein made, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, it is mutually agreed as follows: 
  
 1.    Payment of Deferred Payments; Exercise of Stock Option.    On the Effective Date, Pelion shall pay the Consultant $1,800. Immediately after receiving such payment, the Consultant
shall use such funds to exercise stock options for 1,059 shares of common stock, at an exercise price of $1.70 per share. 
  
 2.    Termination of Monthly Payments.    The Consultant agrees and acknowledges that beginning on July 1, 2002, he will no longer receive $2,500 per month for providing consulting
services to Pelion. 
  
 3.    Pelion’s Payment of Remainder of Deferred
Payments.    The Consultant agrees that Pelion has until November 1, 2003 to pay $3,200 to the Consultant, which represents the remainder of the Deferred Payments. No interest shall accrue on such amount. 

 
 4.    General.    This Agreement shall be binding upon and shall inure to the
benefit of the parties and their respective successors and assigns. This Agreement shall not be assigned without the prior written consent of the other Parties. For the convenience of the Parties and to facilitate the execution of this Agreement,
any number of counterparts hereof may be executed and each such executed counterpart shall be deemed to be an original instrument. The headings 

 of sections hereunder are for convenience and reference only, and shall not be deemed a part of this Agreement. No delay or failure on the part
of a Party to exercise any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of a Party of any right, power or privilege hereunder. This Agreement sets forth the Parties’ final and entire
agreement with respect to its subject matter and supersedes any and all prior understandings and agreements. This Agreement shall not be modified or amended in any fashion except by an instrument in writing signed by the Parties. All
representations, warranties, covenants and agreements of the Parties contained in this Agreement, or in any instrument, certificate, exhibit or other writing provided for in it, shall survive the execution of this Agreement and the consummation of
the transactions contemplated herein. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado (without regard to principles of conflicts of laws) applicable to contracts made and to be performed within
such state. 
  
 The parties hereto have caused this Agreement to be duly executed as of the Effective Date.

  
 
	  
	 
	  	 	 /s/    DEAN
LEFFINGWELL        
 

	  	 	 Dean Leffingwell
  
 
	  
 PELION SYSTEMS, INC. 
 
	 
	 By:
 	 	 /s/    THOMAS
PLUNKETT        
 

	  	 	 Its: Chief Executive Officer
 

 
  
  
 

 2Prepared by R.R. Donnelley Financial -- Agreement between Pelion & Perry

  
 Exhibit 10.13 
  
 AGREEMENT 
  
 THIS AGREEMENT (this
“Agreement”) is entered into on September 30, 2002 (the “Effective Date”) by and between BOB R. PERRY, a Texas resident (the “Consultant”), and PELION SYSTEMS, INC., a Colorado corporation (“Pelion”). The
Consultant and Pelion are referred to together herein as the “Parties.” 
  
 Recitals 

 
 A.    Pelion owes the Consultant $32,000 for consulting services rendered through June 30, 2002 (the
“Deferred Payments”). 
  
 B.    Pelion and the Consultant have agreed that the Deferred
Payments will be paid to the Consultant on November 1, 2003. 
  
 Agreement 
  
 NOW, THEREFORE, in consideration of the foregoing, the mutual promises herein made, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is mutually agreed as follows: 
  
 1.    Pelion’s Payment of Deferred Payments.    The Consultant agrees that Pelion has until November 1, 2003 to pay $32,000 to the Consultant, which amount represents the Deferred
Payments. No interest shall accrue on such amount. 
  
 2.    General.    This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and assigns. This Agreement shall not be assigned
without the prior written consent of the other Parties. For the convenience of the Parties and to facilitate the execution of this Agreement, any number of counterparts hereof may be executed and each such executed counterpart shall be deemed to be
an original instrument. The headings of sections hereunder are for convenience and reference only, and shall not be deemed a part of this Agreement. No delay or failure on the part of a Party to exercise any right, power or privilege hereunder shall
operate as a waiver thereof, nor shall any waiver on the part of a Party of any right, power or privilege hereunder. This Agreement sets forth the Parties’ final and entire agreement with respect to its subject matter and supersedes any and all
prior understandings and agreements. This Agreement shall not be modified or amended in any fashion except by an instrument in writing signed by the Parties. All representations, warranties, covenants and agreements of the Parties contained in this
Agreement, or in any instrument, certificate, exhibit or other writing provided for in it, shall survive the execution of this Agreement and the consummation of the transactions contemplated herein. This Agreement shall be governed by and construed
in accordance with the laws of the State of Colorado (without regard to principles of conflicts of laws) applicable to contracts made and to be performed within such state. 

  
 The parties hereto have caused this Agreement to be duly executed as of the
Effective Date. 
  
 
	  
	 
	  	 	 /s/    BOB M. PERRY
        
 

	  	 	 Bob M. Perry
  
 
	  
 PELION SYSTEMS, INC.
 
	 
	 By:
 	 	 /s/    THOMAS PLUNKETT      
 

	  	 	 Its: Chief Executive Officer
 

 
 

 2EXHIBIT 4.1.2
                                                                  Execution Copy

                             DATED 23 SEPTEMBER 2002

                         GRANITE FINANCE FUNDING LIMITED
                                   as Funding

                                     - AND -

                           GRANITE MORTGAGES 02-2 PLC
                                as Current Issuer

                                     - AND -

                              THE BANK OF NEW YORK
                               as Security Trustee

                                     - AND -

                                 CITIBANK, N.A.
                                  as Agent Bank

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

                      ISSUER INTERCOMPANY LOAN CONFIRMATION

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

                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                                   REF: 550787

<PAGE>

                                Table of Contents

                                                                            PAGE
                                                                            ----

1.       Interpretation.......................................................1

2.       Intercompany Loan Terms and Conditions...............................2

3.       The Current Issuer Intercompany Loan.................................2

4.       Interest.............................................................2

5.       Repayment............................................................3

6.       Certain Fees, etc....................................................3

7.       Additional Covenants.................................................5

8.       Declaration of Trust.................................................5

9.       Addresses............................................................5

SCHEDULE 1  CONDITIONS PRECEDENT IN RESPECT OF DRAWDOWN.......................8

                                       i
<PAGE>

THIS AGREEMENT is dated 23 September 2002 between:

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

(2)     GRANITE MORTGAGES 02-2 PLC (registered in England and Wales No.
        4482804), a public limited company incorporated under the laws of
        England and Wales whose registered office is at Fifth Floor, 100 Wood
        Street, London EC2V 7EX as Current Issuer;

(3)     THE BANK OF NEW YORK, whose offices are at One Canada Square, 48th
        Floor, London E14 5AL in its capacity as Security Trustee; and

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

IT IS AGREED as follows:

1.      INTERPRETATION

1.1     The provisions of:

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

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

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

1.2     SPECIFIC TERMS: Unless the context otherwise requires, references in the
        Intercompany Loan Terms and Conditions to:

        "CLOSING DATE" shall mean 23 September 2002;

        "INTERCOMPANY LOAN" shall mean the Current Issuer Intercompany Loan;

        "INTERCOMPANY LOAN AGREEMENT" shall mean the Current Issuer Intercompany
        Loan Agreement;

        "INTERCOMPANY LOAN CONFIRMATION" shall mean this Current Issuer
        Intercompany Loan Confirmation;

                                       1
<PAGE>

        "ISSUER" shall mean the Current Issuer;

        "ISSUER TRANSACTION ACCOUNTS" shall mean the Current Issuer Transaction
        Accounts; and

        "NOTES" shall mean the Current Issuer Notes.

2.      INTERCOMPANY LOAN TERMS AND CONDITIONS

        Each of the parties to this Agreement agrees that the Intercompany Loan
        Terms and Conditions signed by Funding, the Security Trustee and the
        Agent Bank for the purposes of identification on 26 March 2001 (as the
        same has been and may be amended, varied, novated or supplemented from
        time to time by the parties thereto) and the provisions set out therein
        shall form part of this Agreement and shall be binding on the parties to
        this Agreement as if they had been expressly set out herein. References
        in this Agreement to "THIS AGREEMENT" shall be construed accordingly.

3.      THE CURRENT ISSUER INTERCOMPANY LOAN

3.1     GRANT OF CURRENT ISSUER INTERCOMPANY LOAN: On and subject to the terms
        of this Agreement, the Current Issuer hereby grants an Intercompany Loan
        to Funding as follows:

        (a)     the maximum amount available for utilisation under that
                Intercompany Loan shall be (pound)2,748,444,620; and

        (b)     for all purposes the Outstanding Principal Amount of the
                Intercompany Loan and principal amount outstanding and payable
                and/or repayable in respect of that Intercompany Loan shall be:

                (i)     the total amount utilised in respect of that
                        Intercompany Loan multiplied by 100%, less

                (ii)    the aggregate principal amounts repaid in respect of the
                        Intercompany Loan in accordance with the Intercompany
                        Loan Agreement.

3.2     CONDITIONS PRECEDENT: Save as the Current Issuer may otherwise agree,
        the Current Issuer Intercompany Loan will not be available for
        utilisation unless the Current Issuer has confirmed to Funding (with a
        copy of such confirmation to the Security Trustee) that it or its
        advisers have received all the information and documents listed in
        Schedule 1 in form and substance satisfactory to the Current Issuer.

4.      INTEREST

4.1     PAYMENT SUBJECT TO TERMS OF THE CURRENT ISSUER CASH MANAGEMENT
        AGREEMENT: The terms and conditions of this Clause 4 are to be read in
        conjunction with the provisions of Part 3 of Schedule 2 to the Current
        Issuer Cash Management Agreement, as the same may be amended or varied
        from time to time in accordance with the provisions thereof.

4.2     PAYMENT OF INTEREST: Subject to Clause 4 of the Intercompany Loan Terms
        and Conditions, on each Payment Date Funding will pay to the Current
        Issuer for same

                                       2
<PAGE>

        day value to the Current Issuer Sterling Account an amount of interest
        equal to the amount of interest required by the Current Issuer on such
        Payment Date (or such other date on which an amount of interest is
        payable by the Current Issuer) to fund (by payment to any Swap Provider
        or otherwise) the amount payable by the Current Issuer on such Payment
        Date (or such other date on which an amount of interest is payable by
        the Current Issuer) on the Current Issuer Notes and certain other
        amounts (including an amount equal to the Current Issuer's retained
        profit) as specified in and in accordance with the Current Issuer
        Priority of Payments as calculated by the Current Issuer Cash Manager on
        the Distribution Date that immediately precedes such Payment Date and
        communicated by the Current Issuer Cash Manager to the Agent Bank by the
        close of business on such Distribution Date. For the avoidance of doubt,
        amounts paid by Funding to the Current Issuer pursuant to this Clause
        4.2 shall constitute payment of interest on the Current Issuer
        Intercompany Loan.

4.3     INTEREST PERIODS: The first Interest Period shall commence on (and
        include) the Closing Date and end on (but exclude) the Payment Date
        falling in January 2003. Each subsequent Interest Period shall commence
        on (and include) a Payment Date and end on (but exclude) the following
        Payment Date.

5.      REPAYMENT

5.1     PAYMENT SUBJECT TO TERMS OF THE CURRENT ISSUER CASH MANAGEMENT
        AGREEMENT: The terms and conditions of this Clause 5 are to be read in
        conjunction with the provisions of Part 4 of Schedule 2 to the Current
        Issuer Cash Management Agreement, as the same may be amended or varied
        from time to time in accordance with the provisions thereof.

5.2     REPAYMENT: Subject to Clause 4 of the Intercompany Loan Terms and
        Conditions, on each Payment Date Funding will repay to the Current
        Issuer for same day value to the Current Issuer Sterling Account an
        amount of principal equal to the amount of principal required by the
        Current Issuer on such Payment Date (or such other date on which an
        amount of principal is payable by the Current Issuer) to fund (by
        payment to any Swap Provider or otherwise) the amount payable by the
        Current Issuer on such Payment Date (or such other date on which an
        amount of principal is payable by the Current Issuer on the Current
        Issuer Notes) on the Current Issuer Notes, as determined by the Current
        Issuer Cash Manager under the terms of the Current Issuer Cash
        Management Agreement on the Distribution Date that immediately precedes
        such Payment Date and communicated by the Current Issuer Cash Manager to
        the Agent Bank by the close of business on such Distribution Date.

5.3     ACKNOWLEDGEMENT OF NEW INTERCOMPANY LOANS: The Current Issuer hereby
        acknowledges and agrees that Funding has entered into Previous Issuer
        Intercompany Loan Agreements with Previous Issuers and that from time to
        time Funding may enter into other New Intercompany Loans with New
        Issuers and that the obligation of Funding to repay this Current Issuer
        Intercompany Loan will rank pari passu with the obligations of Funding
        to repay the Previous Issuer Intercompany Loans and any New Intercompany
        Loans.

6.      CERTAIN FEES, ETC.

6.1     FEE FOR PROVISION OF CURRENT ISSUER INTERCOMPANY LOAN: In addition to
        the interest

                                       3
<PAGE>

        and principal payments to be made by Funding under Clauses 4 and 5,
        respectively, on each Payment Date (or, in respect of the payment to be
        made as set forth in (a) below, on the Drawdown Date) or on any other
        date on which the Current Issuer notifies Funding, Funding shall pay to
        the Current Issuer for same day value to the relevant Current Issuer
        Transaction Account a fee for the provision of the Current Issuer
        Intercompany Loan (except that in the case of payments due under
        paragraphs (c), (e), (f) and (j) below, such payments shall be paid when
        due). Such fee shall be an amount or amounts in the aggregate equal to
        the following:

        (a)     the amount payable on the Drawdown Date as previously
                communicated to Funding by the Current Issuer;

        (b)     the fees, costs, charges, liabilities and expenses and any other
                amounts due and payable to the Note Trustee pursuant to the
                Current Issuer Trust Deed or any other Current Issuer
                Transaction Document, together with interest thereon as provided
                therein;

        (c)     the reasonable fees and expenses of any legal advisers,
                accountants and auditors appointed by the Current Issuer and
                properly incurred in their performance of their functions under
                the Current Issuer Transaction Documents which have fallen due;

        (d)     the fees, costs and expenses due and payable to the Paying
                Agents and the Agent Bank pursuant to the Current Issuer Paying
                Agent and Agent Bank Agreement and the fees, costs and expenses
                due and payable to the Transfer Agent and the Registrar;

        (e)     any amounts due and payable by the Current Issuer to the Inland
                Revenue in respect of the Current Issuer's liability to United
                Kingdom corporation tax (insofar as payment is not satisfied by
                the surrender of group relief or out of the profits, income or
                gains of the Current Issuer and subject to the terms of the
                Current Issuer Deed of Charge) or any other Taxes payable by the
                Current Issuer;

        (f)     the fees, costs, charges, liabilities and expenses due and
                payable to the Current Issuer Account Bank pursuant to the
                Current Issuer Bank Account Agreement (if any);

        (g)     the fees, costs, charges, liabilities and expenses due and
                payable to the Current Issuer Cash Manager pursuant to the
                Current Issuer Cash Management Agreement;

        (h)     any termination payment due and payable by the Current Issuer to
                a Current Issuer Swap Provider pursuant to a Current Issuer Swap
                Agreement;

        (i)     the fees, costs, charges, liabilities and expenses due and
                payable to the Current Issuer Corporate Services Provider
                pursuant to the Current Issuer Corporate Services Agreement; and

        (j)     any other amounts due or overdue (including amounts due or
                overdue in respect of stamp duty and issuer, registration and
                documentary taxes or other

                                       4
<PAGE>

                taxes of a similar nature) by the Current Issuer to third
                parties including the Rating Agencies and the amounts paid by
                the Current Issuer under the Current Issuer Subscription
                Agreement and the Current Issuer Underwriting Agreement
                (excluding, for these purposes, the Noteholders) other than
                amounts specified in paragraphs (a) to (i) above,

        together with, (i) in respect of taxable supplies made to the Current
        Issuer, any amount in respect of any VAT or similar tax payable in
        respect thereof against production of a valid tax invoice; and (ii) in
        respect of taxable supplies made to a person other than the Current
        Issuer, any amount in respect of any Irrecoverable VAT or similar tax
        payable in respect thereof (against production of a copy of the relevant
        tax invoice), and to be applied subject to and in accordance with the
        provisions of the Current Issuer Pre-Enforcement Revenue Priority of
        Payments in the Current Issuer Cash Management Agreement.

6.2     SET-OFF: Funding and each of the other parties to this Agreement agree
        that the Current Issuer shall be entitled to set-off those amounts due
        and payable by Funding pursuant to this Clause 6 on the Closing Date
        against the amount to be advanced by the Current Issuer to Funding under
        the Current Issuer Intercompany Loan on the Closing Date.

7.      ADDITIONAL COVENANTS

        Funding undertakes to establish the Current Issuer Liquidity Reserve
        Fund, and an appropriate ledger therefor, on behalf of the Current
        Issuer should the long-term, unsecured, unsubordinated and unguaranteed
        debt obligations of the Seller cease to be rated at least A3 by Moody's
        or A- by Fitch (unless Moody's or Fitch, as applicable, confirms the
        then current ratings of the Current Issuer Notes will not be adversely
        affected by such ratings downgrade). Any such Current Issuer Liquidity
        Reserve Fund and such Current Issuer Liquidity Reserve Ledger shall be
        established and maintained in accordance with the provisions of the Cash
        Management Agreement.

8.      DECLARATION OF TRUST

        The Current Issuer declares the Security Trustee, and the Security
        Trustee hereby declares itself, trustee of all the covenants,
        undertakings, rights, powers, authorities and discretions in, under or
        in connection with this Agreement for the Current Issuer Secured
        Creditors in respect of the Current Issuer Secured Obligations owed to
        each of them respectively upon and subject to the terms and conditions
        of the Current Issuer Deed of Charge.

9.      ADDRESSES

        The addresses referred to in Clause 18.4 (Notices) of the Intercompany
        Loan Terms and Conditions are as follows:

        THE SECURITY TRUSTEE:

        For the attention of: Corporate Trust (Global Structured Finance)

                                       5
<PAGE>

         Address:                   The Bank of New York
                                    One Canada Square, 48th Floor
                                    London E14 5AL

         Facsimile:                 +44 207 964 6061 / +44 207 964 6399

         THE CURRENT ISSUER:

         For the attention of:      The Company Secretary

         Address:                   Granite Mortgages 02-2 plc
                                    Fifth Floor
                                    100 Wood Street
                                    London EC2V 7EX

         Telephone:                 +44 207 606 5451

         Facsimile:                 +44 207 606 0643

         FUNDING:

         For the attention of:      The Company Secretary

         Address:                   Granite Finance Funding Limited
                                    4th Floor
                                    35 New Bridge Street
                                    Blackfriars
                                    London  EC4V 6BW

         Telephone:                 +44 207 332 6161

         Facsimile:                 +44 207 332 6199

         RATING AGENCIES:

         MOODY'S:                   Moody's Investors Services Limited
                                    2 Minster Court, 1st Floor
                                    Mincing Lane
                                    London  EC3R 7XB

         For the attention of:      Head of Monitoring Group, Structured Finance

         Telephone:                 +44 207 772 5434

         Facsimile:                 +44 207 772 5400

         S&P:                       Standard and Poor's
                                    Garden House
                                    18 Finsbury Circus
                                    London  EC2M 7NJ

         For the attention of:      Andre Vollmann

                                       6
<PAGE>

         Telephone:                 +44 207 826 3855

         Facsimile:                 +44 207 826 3598

         FITCH:                     Fitch Ratings Ltd.
                                    Eldon House
                                    2 Eldon Street
                                    London  EC2M 7UA

         For the attention of:      European Structured Finance Surveillance

         Telephone:                 +44 207 417 6271

         Facsimile:                 +44 207 417 6262

IN WITNESS WHEREOF the parties have caused this Agreement to be duly executed on
the day and year appearing on page 1.

                                       7
<PAGE>

                                   SCHEDULE 1

                   CONDITIONS PRECEDENT IN RESPECT OF DRAWDOWN

1.      AUTHORISATIONS

        (a)     A copy of the memorandum and articles of association and
                certificate of incorporation of Funding.

        (b)     A copy of a resolution of the board of directors of Funding
                authorising the entry into, and the execution and performance
                of, each of the Current Issuer Transaction Documents to which
                Funding is a party and authorising specified persons to execute
                those on its behalf.

        (c)     A certificate of a director of Funding certifying:

                (i)     that each document delivered under this paragraph 1 of
                        Schedule 1 is correct, complete and in full force and
                        effect as at a date no later than the date of the
                        Current Issuer Intercompany Loan Confirmation and, if
                        such certificate is dated other than on the Drawdown
                        date, undertaking to notify the Current Issuer (with a
                        copy of such certification to the Security Trustee) if
                        that position should change prior to the Drawdown Date;
                        and

                (ii)    as to the identity and specimen signatures of the
                        directors and signatories of Funding.

2.      SECURITY

        (a)     The Deed of Accession to the Funding Deed of Charge duly
                executed by the parties thereto.

3.      LEGAL OPINION

        Legal opinions of:

        (a)     Sidley Austin Brown & Wood, English legal advisers to the
                Seller, the Current Issuer and Funding, addressed to the
                Security Trustee; and

        (b)     Sidley Austin Brown & Wood LLP, U.S. legal advisers to the
                Seller, the Current Issuer and Funding, addressed to the
                Security Trustee.

4.      TRANSACTION DOCUMENTS

        Duly executed copies of:

        (a)     the Current Issuer Deed of Charge;

        (b)     the Current Issuer Trust Deed;

        (c)     the Cash Management Agreement;

                                       8
<PAGE>

        (d)     the Global Note Certificates;

        (e)     the Current Issuer Corporate Services Agreement;

        (f)     the Current Issuer Currency Swap Agreements;

        (g)     the Current Issuer Basis Rate Swap Agreement;

        (h)     the Bank Account Agreement;

        (i)     the Collection Bank Agreement;

        (j)     the Third Amended and Restated Master Definitions Schedule and
                the Current Issuer Master Definitions Schedule;

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

        (l)     the Current Issuer Start-up Loan Agreement;

        (m)     the Mortgage Sale Agreement;

        (n)     the Mortgages Trust Deed;

        (o)     the Administration Agreement;

        (p)     the Mortgages Trustee Guaranteed Investment Contract;

        (q)     the Funding Guaranteed Investment Contract;

        (r)     the Funding (Current Issuer) Guaranteed Investment Contract;

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

        (t)     the Current Issuer Subscription Agreement;

        (u)     the Current Issuer Underwriting Agreement;

        (v)     the Seller Power of Attorney;

        (w)     the Funding Deed of Charge;

        (x)     the Deed of Accession to the Funding Deed of Charge;

        (y)     the Current Issuer Cash Management Agreement;

        (z)     the Funding (Current Issuer) Bank Account Agreement; and

        (aa)    the Current Issuer Bank Account Agreement.

5.      BOND DOCUMENTATION

        (a)     Confirmation that the Current Issuer Notes have been issued and
                the subscription proceeds received by the Current Issuer; and

                                       9
<PAGE>

        (b)     Copy of the Prospectus and the Offering Circular.

6.      MISCELLANEOUS

        A solvency certificate from Funding signed by two directors of Funding
        in or substantially in the form set out in Schedule 2 (Solvency
        Certificate) to the Intercompany Loan Terms and Conditions.

                                       10
<PAGE>

                                 EXECUTION PAGE

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

Name: NIGEL BRADLEY

Title: DIRECTOR

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

Name: CARL FLINN

Title: ALTERNATE DIRECTOR

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

Name: KATE RUSSELL

Title: ASSISTANT VICE PRESIDENT

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

Name: DAVID MARES

Title: VICE PRESIDENT

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