Document:

Exhibit 4.5.2

                            Dated 22 September 2004
                            -----------------------

                        GRANITE FINANCE FUNDING LIMITED
                                  as Funding

                             THE BANK OF NEW YORK
                              as Security Trustee

                          GRANITE MORTGAGES 04-3 PLC
                               as Current Issuer

                               NORTHERN ROCK PLC
                   as Current Issuer Start-up Loan Provider

                                    - and -

                                    OTHERS

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                           ISSUER DEED OF ACCESSION
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                          SIDLEY AUSTIN BROWN & WOOD
                               WOOLGATE EXCHANGE
                             25 BASINGHALL STREET
                                LONDON EC2V 5HA
                            TELEPHONE 020 7360 3600
                            FACSIMILE 020 7626 7937

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                                   CONTENTS

1.   Interpretation...........................................................3

2.   Representations and Warranties...........................................3

3.   Accession................................................................4

4.   Funding Security.........................................................5

5.   Title Guarantee..........................................................6

6.   Application..............................................................6

7.   Scope of the Funding Deed of Charge......................................6

8.   Notices and Acknowledgements.............................................7

9.   Amendment to the Funding Priority of Payments............................8

10.  Notices and Demands......................................................8

11.  Non Petition Covenant...................................................11

12.  Third Party Rights......................................................11

13.  Execution in Counterparts...............................................11

14.  Governing Law and Jurisdiction; Appropriate Forum.......................12

15.  Process Agents..........................................................12

SCHEDULE I  Utilisation of Issuer Reserves...................................19
APPENDIX 1 Amended and Restated Funding Priority of Payments.................21

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THIS DEED OF ACCESSION is made on 22 September 2004

BETWEEN:

(1)   GRANITE FINANCE FUNDING LIMITED (registered number 79308), a private
      limited liability company incorporated under the laws of Jersey whose
      London branch (registered overseas company number FCO22999 and branch
      number BR005916) is at 69 Park Lane, Croydon CR9 1TQ;

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

(3)   THE BANK OF NEW YORK, a New York banking corporation whose London branch
      address is at 48th Floor, One Canada Square, London E14 5AL United
      Kingdom, (1) in its separate capacities as Note Trustee in respect of
      the Previous Issuers and (2) in its capacity as note trustee under the
      Current Issuer Trust Deed and the Current Issuer Deed of Charge (the
      "Current Issuer Note Trustee", which expression shall include such
      person and all other persons for the time being acting as the note
      trustee or note trustees pursuant to those deeds);

(4)   GRANITE MORTGAGES 01-1 PLC (registered number 4129652), 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;

(5)   GRANITE MORTGAGES 01-2 PLC (registered number 4270015), 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;

(6)   GRANITE MORTGAGES 02-1 PLC (registered number 4340767), 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;

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

(8)   GRANITE MORTGAGES 03-1 PLC (registered number 4598035), 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;

(9)   GRANITE MORTGAGES 03-2 PLC (registered number 4684567), 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;

(10)  GRANITE MORTGAGES 03-3 PLC (registered number 4823268), 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;

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(11)  GRANITE MORTGAGES 04-1 PLC (registered number 4959572), a public limited
      company incorporated under the laws of England and Wales whose
      registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX;

(12)  GRANITE MORTGAGES 04-2 PLC (registered number 5057377), 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;

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

(14)  NORTHERN ROCK PLC (registered number 03273685), a public limited company
      incorporated under the laws of England and Wales whose registered office
      is at Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL in its
      capacity as (1) Cash Manager (2) Account Bank and (3) Funding GIC
      Provider;

(15)  LLOYDS TSB BANK PLC, acting through its office at City Office, Bailey
      Drive, Gillingham Business Park, Kent ME8 0LS, in its capacity as
      Account Bank and acting through its office at 25 Monument Street, London
      EC3R 8BQ in its capacity as (1) Funding GIC Provider (2) Stand-by
      Funding GIC Provider and (3) Stand-by Account Bank;

(16)  MOURANT & CO. CAPITAL (SPV) LIMITED, a private limited company
      incorporated under the laws of England and Wales whose registered office
      is at 69 Park Lane, Croydon CR9 1TQ, in its capacity as Corporate
      Services Provider;

(17)  NORTHERN ROCK PLC (registered number 03273685), acting through its
      office at Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL, in
      its capacity (1) as the Previous Start-up Loan Provider, and (2) as
      Current Issuer Start-up Loan Provider; and

(18)  GRANITE MORTGAGES 04-3 PLC (registered number 5168395), 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.

NOW THIS DEED OF ACCESSION WITNESSES AS FOLLOWS

WHEREAS:

(A)   Pursuant to the terms of the Current Issuer Intercompany Loan
      Confirmation, the Current Issuer has agreed to make available to Funding
      the Current Issuer Intercompany Loan.

(B)   Pursuant to the terms of the Current Issuer Start-up Loan Agreement, the
      Current Issuer Start-up Loan Provider has agreed to grant to Funding the
      Current Issuer Start-up Loan.

(C)   This Deed is supplemental to the Funding Deed of Charge, pursuant to
      which Funding agreed to provide the Security Trustee with the benefit of
      the security described in the

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      Funding Deed of Charge to secure Funding's obligations to the Funding
      Secured Creditors.

(D)   The terms of the Funding Deed of Charge permit Funding to secure its
      obligations to a New Funding Secured Creditor thereunder and (where such
      New Funding Secured Creditor is a New Issuer) permit Funding to create
      certain Security Interests in favour of the Security Trustee for the
      benefit of such New Funding Secured Creditor.

(E)   The Current Issuer Start-up Loan Provider and the Current Issuer, each
      of whom is a New Funding Secured Creditor, have agreed to enter into
      this Deed of Accession (this "Deed") to accede to the provisions of the
      Funding Deed of Charge.

(F)   The Current Issuer Note Trustee has agreed to enter into this Deed to
      accede to the provisions of the Funding Deed of Charge.

(G)   The Funding Secured Creditors have agreed to enter into this Deed to,
      among other things, acknowledge and agree to such accessions, permit any
      consequential changes to the Funding Priority of Payments set out in
      Part I, Part II and Part III of Schedule 3 of the Funding Deed of Charge
      as are required and any other amendment as may be required to give
      effect to this Deed and to acknowledge the Security Interests created
      hereunder.

1.    Interpretation

      The provisions of:

      (a)   the Master Definitions Schedule as amended and restated by (and
            appearing in Appendix 1 to) the Master Definitions Schedule Ninth
            Amendment Deed made on 22 September 2004 between, among others,
            the Seller, Funding and the Mortgages Trustee, and

      (b)   the Issuer Master Definitions Schedule signed for the purposes of
            identification by Sidley Austin Brown & Wood and Allen & Overy LLP
            on 22 September 2004,

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

2.    Representations and Warranties

2.1   The Current Issuer hereby represents and warrants to the Security
      Trustee and each of the Funding Secured Creditors in respect of itself
      that as of the date of this Deed:

      (a)   pursuant to the terms of the Current Issuer Intercompany Loan
            Agreement, Funding has agreed to pay to the Current Issuer fees,
            interest and principal in accordance with the terms of the Current
            Issuer Intercompany Loan Agreement; and

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      (b)   the Current Issuer Intercompany Loan Agreement expressly provides
            that all amounts due from Funding thereunder are to be secured by
            or pursuant to the Funding Deed of Charge.

2.2   The Current Issuer Start-up Loan Provider hereby represents and warrants
      to the Security Trustee and each of the Funding Secured Creditors in
      respect of itself that as of the date of this Deed:

      (a)   Funding has agreed to pay interest and repay principal to the
            Current Issuer Start-up Loan Provider in accordance with the terms
            of the Current Issuer Start-up Loan Agreement; and

      (b)   the Current Issuer Start-up Loan Agreement expressly provides that
            all amounts due from Funding thereunder are to be secured by or
            pursuant to the Funding Deed of Charge.

2.3   Funding hereby represents and warrants to the Security Trustee and each
      of the Funding Secured Creditors that as at the date of this Deed, the
      conditions to incurring further secured financial indebtedness set out
      in Clause 2.2 (New Intercompany Loan Agreements) of the Intercompany
      Loan Terms and Conditions are satisfied.

3.    Accession

3.1   In consideration of the Current Issuer New Funding Secured Creditors
      being accepted as Funding Secured Creditors for the purposes of the
      Funding Deed of Charge by the parties thereto as from the date of this
      Deed, each of the Current Issuer New Funding Secured Creditors:

      (a)   confirms that as from the date of this Deed, it will become and
            intends to be a party to the Funding Deed of Charge as a Funding
            Secured Creditor;

      (b)   undertakes to comply with and be bound by all of the provisions of
            the Master Definitions Schedule and the Current Issuer Master
            Definitions Schedule (as the same may be amended, varied or
            restated from time to time) and the Funding Deed of Charge in its
            capacity as a Funding Secured Creditor, as if it had been an
            original party thereto;

      (c)   undertakes to perform, comply with and be bound by all of the
            provisions of the Funding Deed of Charge in its capacity as a
            Funding Secured Creditor, as if it had been an original party
            thereto including, without limitation, Clause 20.3 (Funding
            Secured Creditors), Clause 8.3 (Funding Post-Enforcement Priority
            of Payments), Clause 8.6 (Security Trustee Rights upon
            Enforcement) and Clause 6 (Restrictions on Exercise of Certain
            Rights); and

      (d)   agrees that the Security Trustee shall be the Security Trustee of
            the Funding Deed of Charge for all Funding Secured Creditors upon
            and subject to the terms set out in the Funding Deed of Charge.

3.2   The Current Issuer Note Trustee:

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      (a)   confirms that as of the date of this Deed, it becomes and intends
            to be party to the Funding Deed of Charge; and

      (b)   agrees to comply with and be bound by the provisions of the
            Funding Deed of Charge relating to the Note Trustee and agrees
            that all references to the Note Trustee in the Funding Deed of
            Charge and this Deed shall be construed as including the note
            trustee under the Current Issuer Deed of Charge and Current Issuer
            Trust Deed.

4.    Funding Security

4.1   Funding, by way of first fixed security for the payment or discharge of
      that portion of the Funding Secured Obligations which represent the
      obligations and liabilities of Funding to the Current Issuer under the
      Current Issuer Intercompany Loan Agreement, subject to Clause 4 (Release
      of Funding Charged Property) of the Funding Deed of Charge, hereby:

      (a)   assigns by way of first fixed security to the Security Trustee for
            the benefit of the Current Issuer all of its right, title, benefit
            and interest, present and future, in, to and under:

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

            (ii)  the Funding (Current Issuer) Guaranteed Investment Contract,

            including all rights to receive payment of any amounts which may
            become payable to Funding thereunder and all payments received by
            Funding thereunder including, without limitation, all rights to
            serve notices and/or make demands thereunder and/or to take such
            steps as are required to cause payments to become due and payable
            thereunder and all rights of action in respect of any breach
            thereof and all rights to receive damages or obtain relief in
            respect thereof and the proceeds of any of the foregoing, TO HOLD
            the same unto the Security Trustee absolutely;

      (b)   assigns by way of first fixed security in favour of the Security
            Trustee for the benefit of the Current Issuer all of its rights,
            title, benefit and interest, present and future, in and to all
            monies now or at any time hereafter standing to the credit of the
            Funding (Current Issuer) GIC Account and the debts represented by
            them together with all rights and claims relating or attached
            thereto including, without limitation, the right to interest and
            the proceeds of any of the foregoing, TO HOLD the same unto the
            Security Trustee absolutely; and

      (c)   charges by way of first fixed security to the Security Trustee for
            the benefit of the Current Issuer all of its right, title, benefit
            and interest, present and future in, to and under any Authorised
            Investment purchased using monies standing to the credit of the
            Funding (Current Issuer) GIC Account and all rights in respect of
            or ancillary to such Authorised Investments, including the right
            to income and the proceeds of any of the foregoing, TO HOLD the
            same unto the Security Trustee absolutely.

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4.2   (a)   Funding, by way of first fixed security for the payment or
            discharge of the Funding Secured Obligations, subject to Clause 4
            (Release of Funding Charged Property) of the Funding Deed of
            Charge, hereby assigns to the Security Trustee, save to the extent
            that the same may be situate in Jersey at any relevant time, all
            of its right, title, benefit and interest, present and future, in,
            to and under the Current Issuer Start-up Loan Agreement,
            including, without limitation, all rights to receive payment of
            any amounts which may become payable to Funding thereunder and all
            payments received by Funding thereunder, all rights to serve
            notices and/or make demands thereunder and/or to take such steps
            as are required to cause payments to become due and payable
            thereunder, all rights of action in respect of any breach thereof
            and all rights to receive damages or obtain relief in respect
            thereof and the proceeds of any of the foregoing, TO HOLD the same
            unto the Security Trustee absolutely.

      (b)   To the intent that the Security Trustee shall have a security
            interest in accordance with the Jersey Security Law (and as
            secured party for the purposes of such law) for the payment or
            discharge of the Funding Secured Obligations, subject to Clause 4
            (Release of Funding Charged Property) of the Funding Deed of
            Charge, Funding (as debtor for the purposes of the Jersey Security
            Law) hereby assigns, to the extent that the same may be situate in
            Jersey at any relevant time to the Security Trustee all of its
            right, title, benefit and interest, present and future, in, to and
            under the Current Issuer Start-up Loan Agreement, including,
            without limitation, all rights to receive payment of any amounts
            which may become payable to Funding thereunder and all payments
            received by Funding thereunder, all rights to serve notices and/or
            make demands thereunder and/or to take such steps as are required
            to cause payments to become due and payable thereunder, all rights
            of action in respect of any breach thereof and all rights to
            receive damages or obtain relief in respect thereof and the
            proceeds of any of the foregoing, TO HOLD the same unto the
            Security Trustee absolutely.

5.    Title Guarantee

      Each of the dispositions of, assignments of and charges over, property
      effected in or pursuant to Clause 4 (Funding Security) is made with full
      title guarantee.

6.    Application

      Prior to and following enforcement of the Funding Security all amounts
      at any time held by Funding, the Cash Manager or the Security Trustee in
      respect of the security created under this Deed shall be held and/or
      applied by such person subject to and in accordance with the relevant
      provisions of the Funding Deed of Charge.

7.    Scope of the Funding Deed of Charge

      Funding, the Current Issuer New Funding Secured Creditors and the
      Funding Secured Creditors (including the Security Trustee) hereby agree
      that for the relevant purposes under the Funding Deed of Charge and the
      Master Definitions Schedule:

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      (a)   the Current Issuer Intercompany Loan Agreement shall be treated as
            a Funding Transaction Document;

      (b)   the Current Issuer Start-up Loan Agreement shall be treated as a
            Funding Transaction Document;

      (c)   the Funding (Current Issuer) Bank Account Agreement shall be
            treated as a Funding Transaction Document;

      (d)   the Funding (Current Issuer) Guaranteed Investment Contract shall
            be treated as a Funding Transaction Document;

      (e)   the property and assets of Funding expressed to be assigned or
            charged pursuant to this Deed shall constitute Funding Charged
            Property; and

      (f)   each of the Current Issuer New Funding Secured Creditors shall be
            treated as a Funding Secured Creditor.

8.    Notices and Acknowledgements

      (a)   The execution of this Deed by the Current Issuer New Funding
            Secured Creditors shall constitute notice to such Current Issuer
            New Funding Secured Creditors of the assignments made by Funding
            pursuant to Clause 3 (Funding Security) of the Funding Deed of
            Charge. The execution of this Deed by each other Funding Secured
            Creditor shall constitute notice to such Funding Secured Creditor
            of the assignments made by Funding pursuant to this Deed.

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

      (c)   Notwithstanding the assignments and charges granted pursuant to
            Clause 3 (Funding Security) of the Funding Deed of Charge or
            pursuant to this Deed, the parties hereto acknowledge that,
            subject as provided otherwise in the Funding Deed of Charge, each
            Funding Secured Creditor and each other party to any Funding
            Transaction Document may continue to make all payments becoming
            due to Funding under any Funding Transaction Document in the
            manner envisaged by such Funding Transaction Document until the
            receipt of written notice from the Security Trustee or any
            Receiver requiring payments to be made otherwise.

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9.    Amendment to the Funding Priority of Payments

      The Funding Secured Creditors agree to amend and restate the Funding
      Priority of Payments set out in Part I and Part II of Schedule 3 of the
      Funding Deed of Charge in accordance with Appendix 1 hereto.

10.   Amendment to Clause 6.9 of the Funding Deed of Charge

      The Funding Secured Creditors agree to amend Clause 6.9 (Utilisation of
      Issuer Reserves) of the Funding Deed of Charge by the insertion of:

      (a)   "and further subject to any provisos set forth in (in the case of
            the First Issuer) Schedule 5 (Utilisation of Issuer Reserves) or,
            in the case of any New Issuer, Schedule I to the relevant Deed of
            Accession"

            in the second line of Clause 6.9 after the words:

            "Funding and the Cash Manager shall procure that, subject to and
            in accordance with the Funding Priority of Payments";

      (b)   ", if any,"

            in the third line of Clause 6.9 after the words:

            ", amounts standing to the credit of the Issuer Reserve Fund
            Ledger or the Issuer Liquidity Reserve Ledger";

      (c)   ", for so long as such Issuer's Intercompany Loan remains
            outstanding,"

            in the fourth line of Clause 6.9 after the words:

            "of any Issuer shall"; and

      (d)   "provided, however, that, as set forth in Rule (3) of the Rules
            for application of Funding Available Revenue Receipts, on the
            Payment Date following the repayment in full of the Intercompany
            Loan of the First Issuer or any New Issuer and provided that
            Funding has no further liability under the relevant Intercompany
            Loan Agreement, subject to any limits or conditions on the
            purposes for which the related Issuer Reserve Fund or Issuer
            Liquidity Reserve Fund, if any, may be utilised as set out in the
            Funding Deed of Charge, any remaining amounts standing to the
            credit of the Issuer Reserve Fund Ledger and the Issuer Liquidity
            Reserve Ledger, if any, of that Issuer will constitute additional
            Funding Available Revenue Receipts for the purpose of items (N)
            through (Q) of the Funding Pre-Enforcement Revenue Priority of
            Payments and may be utilised by Funding in paying any other
            liability of Funding (including, without limitation, payment of
            interest and principal amounts due to each Start-up Loan Provider
            under the relevant Start-up Loan Agreement and payment of any
            Deferred Contribution due to the Mortgages Trustee under the
            Mortgages Trust Deed), in each case, subject to and in accordance
            with the relevant Funding Priority of Payments."

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            at the end of Clause 6.9,

            so that Clause 6.9 of the Funding Deed of Charge is restated as
            set out in Appendix 2 hereto (but in the event of any
            inconsistency between this Clause 10 and Appendix 2 hereto, this
            Clause 10 shall govern).

11.   Amendment to Schedule 5 to the Funding Deed of Charge

      The Funding Secured Creditors agree to amend Schedule 5 to the Funding
      Deed of Charge (Utilisation of Issuer Reserves) by (i) replacing the
      full stop with a semicolon at the end of clauses 1.1 and 2.1(b) of
      Schedule 5 to the Funding Deed of Charge and (ii) the insertion of the
      following paragraphs:

      (a)   "PROVIDED THAT, as set forth in Rule (3) of the Rules for
            application of Funding Available Revenue Receipts, on the Payment
            Date following the repayment in full of the First Issuer
            Intercompany Loan and provided that Funding has no further
            liability under the Intercompany Loan Agreement for the First
            Issuer, subject to any limits or conditions on the purposes for
            which the First Issuer Reserve Fund may be utilised as set out in
            the Funding Deed of Charge, any remaining amounts standing to the
            credit of the First Issuer Reserve Fund Ledger will constitute
            additional Funding Available Revenue Receipts for the purpose of
            items (N) through (Q) of the Funding Pre-Enforcement Revenue
            Priority of Payments and may be utilised by Funding in paying any
            other liability of Funding (including, without limitation, payment
            of interest and principal amounts due to the Start-up Loan
            Provider for the First Issuer under the Start-up Loan Agreement
            for the First Issuer and payment of any Deferred Contribution due
            to the Mortgages Trustee under the Mortgages Trust Deed), in each
            case subject to and in accordance with the relevant Funding
            Priority of Payments."

            as a proviso at the end of clause 1.1 of Schedule 5 to the Funding
            Deed of Charge; and

      (b)   "PROVIDED THAT, as set forth in Rule (3) of the Rules for
            application of Funding Available Revenue Receipts, on the Payment
            Date following the repayment in full of the First Issuer
            Intercompany Loan and provided that Funding has no further
            liability under the Intercompany Loan Agreement for the First
            Issuer, subject to any limits or conditions on the purposes for
            which the First Issuer Liquidity Reserve Fund may be utilised as
            set out in the Funding Deed of Charge, any remaining amounts
            standing to the credit of the First Issuer Liquidity Reserve
            Ledger, if any, will constitute additional Funding Available
            Revenue Receipts for the purpose of items (N) through (Q) of the
            Funding Pre-Enforcement Revenue Priority of Payments and may be
            utilised by Funding in paying any other liability of Funding
            (including, without limitation, payment of interest and principal
            amounts due to the Start-up Loan Provider for the First Issuer
            under the Start-up Loan Agreement for the First Issuer and payment
            of any Deferred Contribution due to the Mortgages Trustee under
            the Mortgages Trust Deed), in each case subject to and in
            accordance with the relevant Funding Priority of Payments."

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            as a proviso at the end of clause 2.1 of Schedule 5 to the Funding
            Deed of Charge,

            so that Schedule 5 to the Funding Deed of Charge is restated as
            set out in Appendix 3 hereto (but in the event of any
            inconsistency between this Clause 11 and Appendix 3 hereto, this
            Clause 11 shall govern).

12.   Notices and Demands

      Any notice or communication under or in connection with this Deed shall
      be given in the manner and at the times set out in Clause 24 (Notices)
      of the Funding Deed of Charge. For the purposes of such Clause 24
      (Notices), as at the date of this Deed the relevant contact details for
      the Current Issuer are:

            Granite Mortgages 04-3 plc
            Fifth Floor
            100 Wood Street
            London EC2V  7EX

            For the attention of:     The Company Secretary

            Telephone:                +44 020 7606 5451
            Facsimile:                +44 020 7606 0643

      and for the Current Issuer Start-up Loan Provider, Northern Rock as an
      Account Bank and Funding GIC Provider are:

            Northern Rock PLC
            Northern Rock House
            Gosforth
            Newcastle upon Tyne
            NE3 4PL

            For the attention of:     The Group Secretary

            Facsimile:                +44 (0)191 213 2203

      and for the Current Issuer Note Trustee are:

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

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

            Facsimile:               +44 (020) 7964 6399

      and for the Funding GIC Provider and the Stand-by Funding GIC Provider:

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            Lloyds TSB Bank plc
            25 Gresham Street
            London EC2V 7HN

            For the attention of:     Jason Eperon (Manager,
                                      Financial Institutions &
                                      International Trade Finance)

            Facsimile:                020 7661 4790

      and for the Stand-by Account Bank are:

            Lloyds TSB Bank plc
            25 Gresham Street
            London EC2V 7HN

            For the attention of:     Jason Eperon (Manager,
                                      Financial Institutions &
                                      International Trade Finance)

            Facsimile:                020 7661 4790

13.   Non Petition Covenant

      Each of the parties hereto hereby agrees that it shall not institute
      against Funding, the Mortgages Trustee or any Issuer any winding-up,
      administration, insolvency or similar proceedings in any jurisdiction
      for so long as any sum is outstanding under any Intercompany Loan
      Agreement of any Issuer or for two years plus one day since the last day
      on which any such sum was outstanding provided that the Security Trustee
      may prove or lodge a claim in the event of a liquidation initiated by
      any other person. The provisions of Clause 6 (Restrictions on Exercise
      of Certain Rights) of the Funding Deed of Charge shall prevail in the
      event that and to the extent that they conflict with the provisions of
      this Clause.

14.   Third Party Rights

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

15.   Execution in Counterparts

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

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16.   Governing Law and Jurisdiction; Appropriate Forum

16.1  This Deed is governed by and shall be construed in accordance with
      English law save that those parts of this Deed concerned with the
      creation, subsistence or enforcement of Jersey Security Interests shall
      be governed by and in accordance with Jersey law.

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

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

17.   Process Agents

      Funding irrevocably and unconditionally appoints Mourant & Co. Capital
      (SPV) Limited at 69 Park Lane, Croydon CR9 1TQ or otherwise at the
      registered office of Mourant & Co. Capital (SPV) Limited for the time
      being as its agent for service of process in England in respect of any
      proceedings in respect of this Agreement and undertakes that in the
      event of Mourant & Co. Capital (SPV) Limited ceasing so to act it will
      appoint another person with a registered office in London as its agent
      for service of process.

                                      12
<PAGE>

DULY EXECUTED AND DELIVERED AS A DEED by each of the parties hereto or on its
behalf on the date appearing on page one.

<TABLE>
<CAPTION>
<S>                                                     <C>
Funding

Executed by
GRANITE FINANCE FUNDING LIMITED
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        Director
and by another of its directors/its secretary
                                                        Name______________________________________________

                                                          By______________________________________________
                                                            Director/Secretary

                                                        Name______________________________________________

The Security Trustee, the Note Trustee in respect of the Previous Issuers
and the Current Issuer Note Trustee

Executed by
THE BANK OF NEW YORK
as its deed as follows:                                    By______________________________________________
Signed for and on its behalf by one of its duly              Director
authorised signatories
                                                         Name______________________________________________

Executed by
GRANITE MORTGAGES 01-1 PLC
as its deed as follows:                                    By______________________________________________
Signed for and on its behalf by one of its directors         for and on behalf of LDC Securitisation
and by another of its directors/its secretary                Director No.1 Ltd

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

                                                           By______________________________________________
                                                             for and on behalf of LDC Securitisation
                                                             Director No.2 Ltd

                                                         Name Sharon Tyson
                                                             ----------------------------------------------
</TABLE>

                                      13
<PAGE>

<TABLE>
<CAPTION>
<S>                                                     <C>
Executed by
GRANITE MORTGAGES 01-2 PLC
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        for and on behalf of LDC Securitisation
and by another of its directors/its secretary               Director No.1 Ltd

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

                                                          By______________________________________________
                                                            for and on behalf of LDC Securitisation
                                                            Director No.2 Ltd

                                                        Name Sharon Tyson
                                                            ----------------------------------------------

Executed by
GRANITE MORTGAGES 02-1 PLC
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        for and on behalf of LDC Securitisation
and by another of its directors/its secretary               Director No.1 Ltd

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

                                                          By______________________________________________
                                                            for and on behalf of LDC Securitisation
                                                            Director No.2 Ltd

                                                        Name Sharon Tyson
                                                            ----------------------------------------------

Executed by
GRANITE MORTGAGES 02-2 PLC
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        for and on behalf of LDC Securitisation
and by another of its directors/its secretary               Director No.1 Ltd

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

                                                          By______________________________________________
                                                            for and on behalf of LDC Securitisation
                                                            Director No.2 Ltd

                                                        Name Sharon Tyson
                                                            ----------------------------------------------
</TABLE>

                                      14
<PAGE>

<TABLE>
<CAPTION>
<S>                                                     <C>

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

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

                                                          By______________________________________________
                                                            for and on behalf of LDC Securitisation
                                                            Director No.2 Ltd

                                                        Name Sharon Tyson
                                                            ----------------------------------------------

Executed by
GRANITE MORTGAGES 03-2 PLC
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        for and on behalf of LDC Securitisation
and by another of its directors/its secretary               Director No.1 Ltd

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

                                                          By______________________________________________
                                                            for and on behalf of LDC Securitisation
                                                            Director No.2 Ltd

                                                        Name Sharon Tyson
                                                            ----------------------------------------------

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

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

                                                          By______________________________________________
                                                            for and on behalf of LDC Securitisation
                                                            Director No.2 Ltd

                                                        Name Sharon Tyson
                                                            ----------------------------------------------
</TABLE>

                                      15
<PAGE>

<TABLE>
<CAPTION>
<S>                                                     <C>
Executed by
GRANITE MORTGAGES 04-1 PLC
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        for and on behalf of LDC Securitisation
and by another of its directors/its secretary               Director No.1 Ltd

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

                                                          By______________________________________________
                                                            for and on behalf of LDC Securitisation
                                                            Director No.2 Ltd

                                                        Name Sharon Tyson
                                                            ----------------------------------------------

Executed by
GRANITE MORTGAGES 04-2 PLC
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        for and on behalf of LDC Securitisation
and by another of its directors/its secretary               Director No.1 Ltd

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

                                                          By______________________________________________
                                                            for and on behalf of LDC Securitisation
                                                            Director No.2 Ltd

                                                        Name Sharon Tyson
                                                            ----------------------------------------------

Current Issuer

Executed by
GRANITE MORTGAGES 04-3 PLC
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        for and on behalf of LDC Securitisation
and by another of its directors/its secretary               Director No.1 Ltd

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

                                                          By______________________________________________
                                                            for and on behalf of LDC Securitisation
                                                            Director No.2 Ltd

                                                        Name Sharon Tyson
                                                            ----------------------------------------------
</TABLE>

                                      16
<PAGE>

<TABLE>
<CAPTION>
<S>                                                     <C>
The Cash Manager, the Previous Start-up Loan Provider
the Current Issuer Start-up Loan Provider, an Account Bank and
the Funding GIC Provider

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

</TABLE>

Signature  ______________________________________________
           Witness

Full name  ______________________________________________
Occupation Solicitor
           ----------------------------------------------
Address    c/o Sidley Austin Brown & Wood
           ----------------------------------------------
           Woolgate Exchange
           ----------------------------------------------
           25 Basinghall Street
           ----------------------------------------------
           London EC2V 5HA
           ----------------------------------------------

                                      17
<PAGE>

The Corporate Services Provider
<TABLE>
<CAPTION>
<S>                                                     <C>
Executed by
MOURANT & CO. CAPITAL (SPV) LIMITED
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        Director
and by another of its directors/its secretary
                                                        Name______________________________________________

                                                          By______________________________________________
                                                            Director/Secretary

                                                        Name______________________________________________

An Account Bank, Funding GIC Provider,
the Stand-by Account Bank and the Stand-by
Funding GIC Provider

Executed by
LLOYDS TSB BANK PLC
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its duly             Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                        Name______________________________________________

Signature  ______________________________________________
           Witness

Full name  ______________________________________________
Occupation Solicitor
           ----------------------------------------------
Address    c/o Sidley Austin Brown & Wood
           ----------------------------------------------
           Woolgate Exchange
           ----------------------------------------------
           25 Basinghall Street
           ----------------------------------------------
           London EC2V 5HA
           ----------------------------------------------

The Mortgages Trustee

Executed by
GRANITE FINANCE TRUSTEES LIMITED
as its deed as follows:                                   By______________________________________________
Signed for and on its behalf by one of its directors        Director
and by another of its directors/its secretary
                                                        Name______________________________________________

                                                          By______________________________________________
                                                            Director/Secretary

                                                        Name______________________________________________
</TABLE>

                                      18
<PAGE>

                                  SCHEDULE I

                        Utilisation of Issuer Reserves

Reserves for Current Issuer

1.    Current Issuer Reserve Fund:

1.1   Prior to enforcement of the Current Issuer Security, the Current Issuer
      Reserve Fund shall only be applied on any Payment Date to increase that
      portion of Funding Available Revenue Receipts which are allocated to the
      Current Issuer to make payments of interest and fees due under the
      Current Issuer Intercompany Loan;

      PROVIDED THAT, as set forth in Rule (3) of the Rules for application of
      Funding Available Revenue Receipts, on the Payment Date following the
      repayment in full of the Current Issuer Intercompany Loan and provided
      that Funding has no further liability under the Intercompany Loan
      Agreement for the Current Issuer, subject to any limits or conditions on
      the purposes for which the Current Issuer Reserve Fund may be utilised
      as set out in the Funding Deed of Charge, any remaining amounts standing
      to the credit of the Current Issuer Reserve Fund Ledger will constitute
      additional Funding Available Revenue Receipts for the purpose of items
      (N) through (Q) of the Funding Pre-Enforcement Revenue Priority of
      Payments and may be utilised by Funding in paying any other liability of
      Funding (including, without limitation, payment of interest and
      principal amounts due to the Current Issuer Start-up Loan Provider under
      the Current Issuer Start-up Loan Agreement and payment of any Deferred
      Contribution due to the Mortgages Trustee under the Mortgages Trust
      Deed), in each case subject to and in accordance with the relevant
      Funding Priority of Payments.

1.2   Following enforcement of the Current Issuer Security, to the extent not
      applied on a Payment Date in accordance with 1.1 above, amounts standing
      to the credit of the Current Issuer Reserve Fund Ledger shall only be
      applied in making payments of principal due under the Current Issuer
      Intercompany Loan (but not in respect of any other Intercompany Loan of
      any other Issuer).

2.    Current Issuer Liquidity Reserve Fund:

2.1   Prior to enforcement of the Current Issuer Security, the Current Issuer
      Liquidity Reserve Fund (if any is required to be established) shall only
      be applied on any Payment Date to:

      (a)   help meet any deficit in Funding Available Revenue Receipts which
            are allocated to the Current Issuer to pay amounts due under the
            Current Issuer Intercompany Loan, but only to the extent necessary
            to fund the payment by the Current Issuer of interest and fees due
            on the relevant Payment Date in respect of the Class A Notes
            and/or the Class B Notes and to credit the Class A Principal
            Deficiency Sub Ledger; and

      (b)   (provided that there are no Class A Notes outstanding) help meet
            any deficit in Funding Available Revenue Receipts which are
            allocated to the Current Issuer to pay interest and fees due on
            the Current Issuer Intercompany Loan;

                                      19
<PAGE>

      PROVIDED THAT, as set forth in Rule (3) of the Rules for application of
      Funding Available Revenue Receipts, on the Payment Date following the
      repayment in full of the Current Issuer Intercompany Loan and provided
      that Funding has no further liability under the Intercompany Loan
      Agreement for the Current Issuer, subject to any limits or conditions on
      the purposes for which the Current Issuer Liquidity Reserve Fund may be
      utilised as set out in the Funding Deed of Charge, any remaining amounts
      standing to the credit of the Current Issuer Liquidity Reserve Ledger,
      if any, will constitute additional Funding Available Revenue Receipts
      for the purpose of items (N) through (Q) of the Funding Pre-Enforcement
      Revenue Priority of Payments and may be utilised by Funding in paying
      any other liability of Funding (including, without limitation, payment
      of interest and principal amounts due to the Current Issuer Start-up
      Loan Provider under the relevant Current Issuer Start-up Loan Agreement
      and payment of any Deferred Contribution due to the Mortgages Trustee
      under the Mortgages Trust Deed), in each case subject to and in
      accordance with the relevant Funding Priority of Payments.

2.2   Following enforcement of the Current Issuer Security, to the extent not
      applied on a Payment Date in accordance with 2.1 above, amounts standing
      to the credit of the Current Issuer Liquidity Reserve Ledger shall only
      be applied in making payments of principal due under the Current Issuer
      Intercompany Loan (but not in respect of any other Intercompany Loan of
      any other Issuer).

                                      20
<PAGE>

                                  APPENDIX 1
               Amended and Restated Funding Priority of Payments

                                    Part I

             Funding Pre-Enforcement Revenue Priority of Payments

Distribution of Funding Available Revenue Receipts prior to Enforcement of the
Funding Security

On each Payment Date or, in respect of amounts due to third parties by Funding
under paragraph (B), when due, prior to enforcement of the Funding Security,
the Cash Manager will, subject to the rules for application of Funding
Available Revenue Receipts (set out below), apply Group 1 Available Revenue
Receipts, Group 2 Available Revenue Receipts and amounts standing to the
credit of the Funding Expense Sub-Ledger, as applicable, in the following
order of priority (the "Funding Pre-Enforcement Revenue Priority of
Payments"):

      (A)   first, to pay amounts due to the Security Trustee (together with
            interest and (to the extent not already inclusive) VAT on those
            amounts) and to provide for any amounts due or to become due
            during the following Interest Period to the Security Trustee,
            under the Funding Deed of Charge or any other Transaction
            Document;

      (B)   second, to pay amounts due to any third party creditors of Funding
            (other than those referred to later in this order of priority of
            payments or in the Funding Pre-enforcement Principal Priority of
            Payments) of which the Cash Manager has notice prior to the
            relevant Payment Date, which amounts have been incurred without
            breach by Funding of the Transaction Documents to which it is a
            party (and for which payment has not been provided for elsewhere)
            and to provide for any such amounts expected to become due and
            payable by Funding during the following Interest Period and to pay
            or discharge any liability of Funding for corporation tax on any
            chargeable income or gain of Funding;

      (C)   third, towards payment of amounts due to the Cash Manager under
            the Cash Management Agreement (together with (to the extent not
            already inclusive) VAT on those amounts);

      (D)   fourth, in no order of priority among them, but in proportion to
            the respective amounts due, towards payment of amounts, if any,
            due to (i) the Account Bank under the terms of the Bank Account
            Agreement (ii) to the Stand-by Account Bank under the terms of the
            Stand-by Bank Account Agreement and (iii) to the Corporate
            Services Provider under the terms of the Corporate Services
            Agreement;

      (E)   fifth, to pay, in no order of priority among them, to each Issuer
            an amount up to its Issuer Allocable Revenue Receipts in respect
            of interest and fees due on that Issuer's Intercompany Loan but
            not exceeding the aggregate amount of,

                                      21
<PAGE>

            and to be applied in the amounts and priorities set forth in, the
            Issuer Pre-Liquidity Payments for that Issuer;

      (F)   sixth, to pay, in no order of priority among them, such amount for
            each Issuer up to its Issuer Allocable Revenue Receipts as is
            necessary to replenish the Issuer Liquidity Reserve Fund, if any,
            established in respect of that Issuer up to the Issuer Liquidity
            Reserve Required Amount (but only to the extent that monies have
            been drawn from the relevant Issuer Liquidity Reserve Fund to pay
            interest and fees due under the relevant Intercompany Loan and
            only to replenish the Issuer Liquidity Reserve Fund of an Issuer
            to the extent that there are Class A Notes issued by the such
            Issuer outstanding on such Payment Date);

      (G)   seventh, to pay, in no order of priority among them, to each
            Issuer an amount up to its Issuer Allocable Revenue Receipts in
            respect of interest and fees due on that Issuer's Intercompany
            Loan but not exceeding the aggregate amount of, and to be applied
            in the amounts and priorities set forth in, the Issuer
            Post-Liquidity Payments for that Issuer;

      (H)   eighth, to pay, in no order of priority among them, such amount
            for each Issuer up to its Issuer Allocable Revenue Receipts as is
            necessary to fund the Issuer Reserve Fund established in respect
            of that Issuer up to the Issuer Reserve Required Amount or to
            replenish such Issuer Reserve Fund up to the related Issuer
            Reserve Required Amount (to the extent that monies have been drawn
            from such Issuer Reserve Fund to pay interest and fees under the
            relevant Intercompany Loan) or if an Arrears or Step-Up Trigger
            Event has occurred, to credit the Issuer Reserve Fund Ledger with
            the applicable Issuer Reserve Additional Amount;

      (I)   ninth, to pay in no order of priority among them, to each Issuer
            an amount up to its Issuer Allocable Revenue Receipts in respect
            of interest, principal (in the case of the Special Repayment
            Notes) and fees due on that Issuer's Intercompany Loan but not
            exceeding the aggregate amount of, and to be applied in the
            amounts and priorities set forth in, the Issuer Pre-Reserve
            Payments for that Issuer;

      (J)   tenth, in no order of priority among them, from Issuer Allocable
            Revenue Receipts, to credit the Funding Reserve Ledger in an
            amount up to the Funding Reserve Required Amount or if a Funding
            Step-Up Trigger Event has occurred to credit the Funding Reserve
            Ledger with the Funding Reserve Additional Amount;

      (K)   eleventh, to pay to each Issuer, in no order of priority among
            them but in proportion to the respective amounts due, an amount up
            to its Issuer Allocable Revenue Receipts in respect of interest
            and fees due on that Issuer's Intercompany Loan but not exceeding
            the aggregate amount of, and to be applied in the amounts and
            priorities set forth in, the Issuer Post-Reserve Payments for that
            Issuer;

      (L)   twelfth, in no order of priority among them, but in proportion to
            the respective amounts due, from Issuer Allocable Revenue
            Receipts, towards payment of

                                      22
<PAGE>

            interest and principal amounts due to each Issuer Start-up Loan
            Provider under the relevant Issuer Start-up Loan Agreement;

      (M)   thirteenth, in no order of priority among them, but in proportion
            to the respective amounts due, to pay to each Issuer an amount up
            to its Issuer Allocable Revenue Receipts in respect of interest
            and fees and any other amount (if any) due on that Issuer's
            Intercompany Loan but not exceeding the aggregate amount of, and
            to be applied in the amounts and priorities set forth in, the
            Issuer Post Start-up Payments for that Issuer;

      (N)   fourteenth, to the extent required, to apply on the Payment Date
            for Group 1 Issuers, Group 1 Available Revenue Receipts remaining
            or, on the Payment Date for Group 2 Issuers, Group 2 Available
            Revenue Receipts remaining, as applicable, in the priorities set
            forth in items (E) through (M) above;

      (O)   fifteenth, towards payment to Funding of an amount equal to 0.01%
            per annum of the Funding Available Revenue Receipts (excluding,
            for this purpose, amounts standing to the credit of the Funding
            Reserve Ledger), which amount will be retained by Funding as
            profit less corporation tax in respect of those profits provided
            for or paid at item (B) above;

      (P)   sixteenth, towards payment of any Deferred Contribution due to the
            Mortgages Trustee pursuant to the terms of the Mortgages Trust
            Deed; and

      (Q)   last, towards payment to the shareholders of Funding of any
            dividend declared by Funding.

PROVIDED THAT no amount will be applied in replenishing any of the reserve
funds held by Funding in respect of an Issuer under paragraphs (F) and/or (H)
above following an enforcement of the Issuer Security relating to that Issuer.

For the avoidance of doubt, references to the Issuer Allocable Revenue
Receipts for a particular Issuer in items (E) through (M) (inclusive) above
shall be reduced by any amounts already allocated to that Issuer in the above
Priority of Payments on that Payment Date.

Rules for application of Funding Available Revenue Receipts

(1)  (A)  Subject as provided in paragraphs (2) through (9) below, the portion
of Issuer Allocable Revenue Receipts for all Group 1 Issuers remaining after
item (M) of the Funding Pre-Enforcement Revenue Priority of Payments, together
with any additional Funding Available Revenue Receipts under paragraph (3)
below, shall constitute "Group 1 Shared Issuer Revenue Receipts". Group 1
Shared Issuer Revenue Receipts will be reallocated by the Cash Manager on a
Payment Date for Group 1 Issuers in accordance with item (N) of the Funding
Pre-Enforcement Revenue Priority of Payments and will continue to be
distributed on such Payment Date in accordance with items (E) through (M) of
the Funding Pre-Enforcement Revenue Priority of Payments until there are no
remaining amounts of Group 1 Shared Issuer Revenue Receipts to be reallocated
and distributed on such Payment Date. Any limitation restricting a payment to
an Issuer to the amount up to that Issuer's Issuer Allocable Revenue Receipts
shall not apply for the purpose of the reallocation of Group 1 Shared Issuer
Revenue Receipts by the Cash Manager on a Payment Date in accordance with this
rule. If there is more than one Group 1 Issuer that is entitled to Group 1
Shared Issuer

                                      23
<PAGE>

Revenue Receipts then each such Group 1 Issuer will be reallocated a portion
of the Group 1 Shared Issuer Revenue Receipts equal to:

<TABLE>
<CAPTION>
<S>                                                 <C>
                                                    Outstanding Principal Balance of
                                                    the Intercompany Loan of such Group 1 Issuer
Amount of Shared Group 1 Issuer Revenue Receipts x ----------------------------------------------
                                                    Aggregate Outstanding Principal Balance of
                                                    the Intercompany Loans of all Group 1 Issuers
</TABLE>

(B) Subject as provided in paragraphs (2) through (4) below, the portion of
Issuer Allocable Revenue Receipts for all Group 2 Issuers remaining after item
(M) of the Funding Pre-Enforcement Revenue Priority of Payments, together with
any additional Funding Available Revenue Receipts under paragraph (3) below,
shall constitute "Group 2 Shared Issuer Revenue Receipts". Group 2 Shared
Issuer Revenue Receipts will be reallocated by the Cash Manager on a Payment
Date for Group 2 Issuers distributed on such Payment Date in accordance with
item (N) of the Funding Pre-Enforcement Revenue Priority of Payments and will
continue to be distributed on such Payment Date in accordance with items (E)
through (M) of the Funding Pre-Enforcement Revenue Priority of Payments until
there are no remaining amounts of Group 2 Shared Issuer Revenue Receipts to be
reallocated and distributed on such Payment Date. Any limitation restricting a
payment to an Issuer to the amount up to that Issuer's Issuer Allocable
Revenue Receipts shall not apply for the purpose of the reallocation of Group
2 Shared Issuer Revenue Receipts by the Cash Manager on a Payment Date in
accordance with this rule. If there is more than one Group 2 Issuer that is
entitled to Group 2 Shared Issuer Revenue Receipts, then each such Group 2
Issuer will be reallocated a portion of Shared Issuer Revenue Receipts equal
to:

<TABLE>
<CAPTION>
<S>                                                 <C>
                                                    Outstanding Principal Balance of

                                                    the Intercompany Loan of such Group 2 Issuer
Amount of Shared Group 2 Issuer Revenue Receipts x ----------------------------------------------
                                                    Aggregate Outstanding Principal Balance of

                                                    the Intercompany Loans of all Group 2 Issuers
</TABLE>

(2)   No Issuer shall be entitled to or shall receive any amount of Issuer
      Allocable Revenue Receipts from Funding on a Payment Date on which such
      Issuer is not required by that Issuer to make a payment on that date in
      accordance with the relevant Issuer Pre-Enforcement Revenue Priority of
      Payments or other relevant Issuer Priority of Payments which applies to
      that Issuer on that date, and the Cash Manager will take account of all
      of the funds which are or will become available to that Issuer on that
      Payment Date and which constitute Issuer Available Revenue Receipts
      (including any payments due under any Swap Agreement and any interest or
      other income received or to be received) for that Issuer for the purpose
      of making this determination.

(3)   Unless and until the Intercompany Loan of any Issuer has been repaid in
      full and Funding has no further liability under the relevant
      Intercompany Loan Agreement, amounts standing to the credit of the
      Issuer Reserve Fund Ledger and the Issuer Liquidity Reserve Ledger, if
      any, established by Funding for that Issuer may only be utilised by
      Funding in making payments due under that Issuer's Intercompany Loan

                                      24
<PAGE>

      and may not be used in or towards the payment of any other liability of
      Funding. On the Payment Date following the repayment in full of the
      Intercompany Loan of that Issuer and provided that Funding has no
      further liability in respect of the relevant Intercompany Loan
      Agreement, any remaining amounts standing to the credit of the Issuer
      Reserve Fund Ledger and the Issuer Liquidity Reserve Ledger, if any, of
      that Issuer will constitute additional Funding Available Revenue
      Receipts for the purpose of paragraphs (N) through (Q) of the Funding
      Pre-Enforcement Revenue Priority of Payments and may be utilised by
      Funding in paying any other liability of Funding subject to and in
      accordance with the relevant Funding Priority of Payments.

(4)   If on any Payment Date any Issuer Allocable Revenue Receipts and/or any
      Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer Revenue
      Receipts, as applicable, are paid to an Issuer and are applied by that
      Issuer, in reducing any deficiency recorded on the Issuer Principal
      Deficiency Ledger of that Issuer (but only to the extent that any
      deficiency which has arisen as a result of (i) losses on the Mortgage
      Loans allocated by Funding to the Issuer and/or (ii) the application of
      Funding Available Principal Receipts to fund the Issuer Liquidity
      Reserve Fund of the Issuer, but not as a result of any other principal
      deficiency of the Issuer), then the Issuer Allocable Revenue Receipts
      and/or Group 1 Shared Issuer Revenue Receipts or Group 2 Shared Issuer
      Revenue Receipts, as applicable, so applied shall constitute repayments
      of principal under the relevant Intercompany Loan and shall reduce the
      Outstanding Principal Balance of that Intercompany Loan accordingly.

      To the extent that (a) an amount payable to an Issuer pursuant to the
      Funding Pre-Enforcement Revenue Priority of Payments on any Payment Date
      would, in accordance with the Issuer Pre-Enforcement Revenue Priority of
      Payments relating to the Issuer, be credited by the Issuer to its Issuer
      Principal Deficiency Ledger, and (b) the amount to be treated as
      principal as a result of making such credit would result in the Issuer
      Available Principal Receipts of that Issuer on that Payment Date being
      in excess of the Principal Amount to be repaid by that Issuer in respect
      of its Notes on that Payment Date, then an amount equal to that excess
      shall be reapplied by Funding as Group 1 Available Principal Receipts or
      Group 2 Available Principal Receipts, as applicable.

(5)   The Cash Manager will distribute Group 1 Available Revenue Receipts only
      on each Payment Date for Group 1 Issuers and Group 2 Available Revenue
      Receipts only on each Payment Date for Group 2 Issuers. Group 1
      Available Revenue Receipts and Group 2 Available Revenue Receipts will
      be applied (subject to paragraph (7) below) to pay amounts set forth in
      paragraphs (E)-(R) of the Funding Pre-Enforcement Revenue Priority of
      Payments and (D)-(G) of the Funding Post-Enforcement Priority of
      Payments.

(6)   All references to an "Issuer" or "Issuers" in the Funding
      Pre-Enforcement Revenue Priority of Payments shall be construed to refer
      to an Issuer or Issuers in Group 1 on a Payment Date for Group 1 Issuers
      and in Group 2 on a Payment Date for Group 2 Issuers.

(7)   On Payment Dates for both Group 1 Issuers and Group 2 Issuers, the Cash
      Manager will apply amounts standing to the credit of the Funding Expense
      Sub-Ledger on the immediately preceding Distribution Date to pay the
      amounts set forth in paragraphs

                                      25
<PAGE>

      (A)-(D) of the Funding Pre-Enforcement Revenue Priority of Payments and
      paragraph (A)-(C) of the Funding Post-Enforcement Priority of Payments.

(8)   To the extent that on any Payment Date for Group 1 Issuers or Payment
      Date for Group 2 Issuers amounts standing to the credit of the Funding
      Expense Sub-Ledger distributed pursuant to paragraph (7) above are
      insufficient to pay all amounts described in such paragraph (7), then
      the Cash Manager will apply amounts standing to the credit of the
      Funding Reserve Ledger to meet such a shortfall. To the extent that on
      any Payment Date amounts standing to the credit of the Funding Reserve
      Ledger and applied pursuant to the preceding sentence are insufficient
      to pay all amounts described in paragraph (7) above, then the Cash
      Manager will apply on the Payment Date for Group 1 Issuers, Group 1
      Available Revenue Receipts or on the Payment Date for Group 2 Issuers,
      Group 2 Available Revenue Receipts, as applicable, to pay such amounts.
      To the extent that amounts standing to the credit of the Funding Reserve
      Ledger are applied to pay any amounts described in paragraph (7) above
      then the amounts standing to the credit of the Funding Reserve Ledger as
      at the Distribution Date immediately preceding the relevant Payment Date
      (unless such Payment Date is also a Funding Reserve Adjustment Date, in
      which case the relevant date will be the Distribution Date immediately
      preceding the immediately preceding Payment Date) above shall be deemed
      to have been reduced by the amount applied to pay amounts described in
      paragraph 7 above.

(9)   Group 1 Available Revenue Receipts may not be used to make payments to
      Group 2 Issuers and Group 2 Available Revenue Receipts may not be used
      to make payments to Group 1 Issuers.

                                      26
<PAGE>

                                    Part II

            Funding Pre-Enforcement Principal Priority of Payments

On each Payment Date prior to enforcement of the Funding Security, the Cash
Manager will, subject to the rules for application of Funding Available
Principal Receipts set forth below, apply Group 1 Available Principal Receipts
or Group 2 Available Principal Receipts, as applicable, as follows (the
"Funding Pre-Enforcement Principal Priority of Payments"):

(1)   On each Payment Date for Group 1 Issuers, Group 1 Available Principal
      Receipts to each Group 1 Issuer in the following order of priority:

      (A)   first, to fund or replenish, as the case may be, the Issuer
            Liquidity Reserve Fund, if any, of each Group 1 Issuer up to the
            Issuer Liquidity Reserve Required Amount but only from and to the
            extent of the Issuer Allocable Principal Receipts for that Issuer;

      (B)   second, to pay to (or, if required under that Issuer's
            Intercompany Loan, set aside for) each Group 1 Issuer an amount up
            to its Issuer Allocable Principal Receipts in respect of principal
            due (or, if required under that Issuer's Intercompany Loan, to
            become due) on that Issuer's Intercompany Loan, which shall be an
            amount up to the aggregate amount of, and shall be applied in the
            amounts and priorities set forth in, the Issuer Principal Payments
            for that Issuer;

      (C)   third, to pay to (or, if required under that Issuer's Intercompany
            Loan, set aside for) each Group 1 Issuer an amount up to its
            allocable portion of Group 1 Shared Issuer Principal Receipts in
            respect of principal due (or, if required under that Issuer's
            Intercompany Loan, to become due) on that Issuer's Intercompany
            Loan, which in the case of that Group 1 Issuer shall be an amount
            up to the aggregate amount of, and shall be applied in the amounts
            and priorities set forth in, the Issuer Principal Payments for
            that Issuer until there are no remaining Group 1 Available
            Principal Receipts on such Payment Date; and

      (D)   last, to credit any remaining amounts to the Funding Principal
            Ledger.

(2)   On each Payment Date for Group 2 Issuers, Group 2 Available Principal
      Receipts to each Group 2 Issuer in the following order of priority:

      (A)   first, to fund (either initially or to replenish, as the case may
            be) the Issuer Liquidity Reserve Fund, if any, of each Group 2
            Issuer up to the Issuer Liquidity Reserve Required Amount but only
            from and to the extent of the Issuer Allocable Principal Receipts
            for that Issuer;

      (B)   second, to pay to (or, if required under that Issuer's
            Intercompany Loan, set aside for) each Group 2 Issuer an amount up
            to its Issuer Allocable Principal Receipts in respect of principal
            due (or, if required under that Issuer's Intercompany Loan, to
            become due) on that Issuer's Intercompany Loan, which shall be an
            amount up to the aggregate amount of, and shall be applied

                                      27
<PAGE>

            in the amounts and priorities set forth in, the Issuer Principal
            Payments for that Issuer;

      (C)   third, to pay to (or, if required under the Issuer's Intercompany
            Loan, set aside for) each Group 2 Issuer an amount up to its
            allocable portion of Group 2 Shared Issuer Principal Receipts in
            respect of principal due (or, if required under that Issuer's
            Intercompany Loan, to become due) on that Issuer's Intercompany
            Loan, which in the case of that Group 2 Issuer shall be an amount
            up to the aggregate amount of, and shall be applied in the amounts
            and priorities set forth in, the Issuer Principal Payments for
            that Issuer until there are no remaining Group 2 Available
            Principal Receipts on such Payment Date; and

      (D)   last, to credit any remaining amounts to the Funding Principal
            Ledger;

PROVIDED THAT no amount will be applied in replenishing the Issuer Liquidity
Reserve Fund held by Funding in respect of an Issuer under paragraphs (1)(A)
or (2)(A) above following an enforcement of the Issuer Security relating to
that Issuer,

Rules for application of Funding available principal receipts

(1)   (A)   On the Distribution Date immediately preceding a Payment Date
            for Group 1 Issuers, the Cash Manager will calculate the "Issuer
            Allocable Principal Receipts" for each such Issuer in respect of
            the relevant Payment Date which, subject as provided in paragraphs
            (2) through (8) below, is for any Issuer an amount which is equal
            to the sum of:

      (a)   the aggregate of:

            (i)   for any Group 1 Issuer, the amount, if any, by which the
                  Issuer Liquidity Reserve Fund relating to that Issuer will
                  be less than the Issuer Liquidity Reserve Required Amount in
                  each case prior to the distribution of Group 1 Available
                  Principal Receipts on the Payment Date for Group 1 Issuers
                  immediately succeeding such Distribution Date; and

            (ii)  for any Group 1 Issuer which has a Money Market Note still
                  outstanding up to the amount equal to the Controlled
                  Amortization Amount due on such Money Market Note, if any,
                  on the Payment Date for Group 1 Issuers immediately
                  succeeding such Distribution Date; and

      (b)   for any Group 1 Issuer, an amount equal to the lesser of:

            (i)   (only if relevant) the principal amount due on the
                  Intercompany Loan of such Issuer which is an amount equal to
                  the Controlled Amortisation Amount due, if any, on the
                  Payment Date for Group 1 Issuers immediately succeeding such
                  Distribution Date (excluding any amount calculated in
                  accordance with paragraph 1(A)(a)); and

                                      28
<PAGE>

            (ii)  an amount equal to:

<TABLE>
<CAPTION>
<S>               <C>                                                       <C>
                  Group 1 Available Principal Receipts minus the aggregate      Outstanding Principal Balance on such
                  amount under (1)(A)(a) above in respect of the relevant    x  Group 1 Issuer's Intercompany Loan
                  Issuer on such Payment Date                                   -------------------------------------------
                                                                                    Aggregate Outstanding Principal
                                                                                 Balance of all Intercompany Loans of
                                                                                           Group 1 Issuers
</TABLE>

      (B)   On the Distribution Date immediately preceding a Payment Date for
            Group 2 Issuers, the Cash Manager will calculate the "Issuer
            Allocable Principal Receipts" for each such Issuer in respect of
            the relevant Payment Date which, subject as provided in paragraphs
            (2) through (8) below, is an amount which is equal to the sum of:

      (a)   the aggregate of:

            (i)   for any Group 2 Issuer, the amount, if any, by which the
                  Issuer Liquidity Reserve Fund relating to that Issuer will
                  be less than the Issuer Liquidity Reserve Required Amount in
                  each case prior to the distribution of Group 2 Available
                  Principal Receipts on the Payment Date for Group 2 Issuers
                  immediately succeeding such Distribution Date; and

            (ii)  for any Group 2 Issuer which has a Money Market Note still
                  outstanding, up to the amount equal to the Controlled
                  Amortization Amount due on each Money Market Note, if any,
                  on the Payment Date for Group 2 Issuers immediately
                  succeeding such Distribution Date; and

      (b)   for any Group 2 Issuer, an amount equal to the lesser of:

            (i)   (only if relevant) the principal amount due on the
                  Intercompany Loan of such Issuer which is an amount equal to
                  the Controlled Amortization Amount due, if any, on the
                  Payment Date for Group 2 Issuers immediately succeeding such
                  Distribution Date (excluding any amount calculated in
                  accordance with paragraph 1(B)(a)); and

<TABLE>
<CAPTION>
<S>               <C>                                                       <C>
                  Group 2 Available Principal Receipts minus the aggregate      Outstanding Principal Balance on such
                  amount under (1)(B)(a) above in respect of the relevant    x  Group 2 Issuer's Intercompany Loan
                  Issuer on such Payment Date                                   -------------------------------------------
                                                                                    Aggregate Outstanding Principal
                                                                                 Balance of all Intercompany Loans of
                                                                                           Group 2 Issuers
</TABLE>

      PROVIDED THAT,

            (a)   subject as provided in paragraphs (2) through (8) below, for
                  the purpose only of determining the amount of Issuer
                  Allocable Principal Receipts which may be allocated and paid
                  to the relevant Group 1 Issuer or Group 2 Issuer (but not to
                  any other Issuer) in accordance with this paragraph (1),
                  following an enforcement of the Issuer Security relating to
                  that Issuer the amount so determined may be increased to the
                  extent of the aggregate of any amounts standing to the
                  credit of the Issuer Liquidity Reserve Ledger, if any, and
                  the Issuer

                                      29
<PAGE>

                  Reserve Fund Ledger of that Issuer remaining on the relevant
                  Payment Date after the application of such reserve funds in
                  accordance with the Funding Pre-Enforcement Revenue Priority
                  of Payments; and

            (b)   for the purposes only of determining the amount of Group 1
                  Shared Issuer Principal Receipts and Group 2 Shared Issuer
                  Principal Receipts in accordance with paragraph (6) below,
                  Issuer Allocable Principal Receipts (in respect of a Group 1
                  Issuer) shall be an amount equal to the amount calculated in
                  accordance with paragraphs 1(A)(a) and (1)(A)(b)(ii) and
                  paragraph (1)(A)(b)(i) shall not apply and (in respect of a
                  Group 2 Issuer) shall be an amount equal to the amount
                  calculated in accordance with paragraphs (1)(B)(a) and
                  (1)(B)(b)(ii) above and paragraphs (1)(A)(b)(i) and
                  (1)(B)(b)(i) above shall not apply.

      (2)   If the Notes of any Issuer have become immediately due and payable
            as a result of the service of a Note Enforcement Notice or if the
            Intercompany Loan of any Issuer and the other Intercompany Loans
            of any other Issuers have become immediately due and payable as a
            result of the service of an Intercompany Loan Enforcement Notice
            or otherwise on any Payment Date following the occurrence of any
            Asset Trigger Event, principal payments in respect of any
            Intercompany Loan may be made in excess of any Controlled
            Amortisation Amount and paragraphs (1)(A)(a) and 1(A)(b)(i) (in
            respect of a Group 1 Issuer), or paragraphs (1)(B)(a) and
            1(B)(b)(i) above (in respect of a Group 2 Issuer) shall no longer
            apply in relation to that Issuer and the amount of Issuer
            Allocable Principal Receipts payable to that Issuer on the
            relevant Payment Date may not exceed the amount determined under
            paragraphs (1)(A)(b)(ii) and (1)(B)(b)(ii) above (save that no
            deduction shall be made from Funding Available Principal Receipts)
            but subject always to any increase in that amount as a result of
            the utilisation of the Issuer Reserve Fund and the Issuer
            Liquidity Reserve Fund (if any) following enforcement of the
            Issuer Security relating to that Issuer as provided in that
            paragraph. Following the occurrence of any Non-Asset Trigger Event
            (but prior to the occurrence of an Asset Trigger Event), (1) the
            reference in paragraph (1)(A)(a)(ii) and (1)(B)(a)(ii) above to
            the "Controlled Amortization Amount due on such Money Market Note"
            shall be deemed to refer to the "Outstanding Principal Balance of
            such Money Market Note", and (2) paragraph (1)(A)(b)(i) above (in
            respect of a Group 1 Issuer), or paragraph (1)(B)(b)(i) above (in
            respect of a Group 2 Issuer) shall no longer apply in relation to
            the relevant Issuer and the amount of Issuer Allocable Principal
            Receipts payable to that Issuer on the relevant Payment Date may
            not exceed the amount determined under paragraph (1)(A)(b)(ii)
            above (in respect of a Group 1 Issuer) and (1)(B)(b)(ii) above (in
            respect of a Group 2 Issuer, subject to the same qualifications
            set forth in the immediately preceding paragraph.

      (3)   For the purpose of determining the amount of Issuer Allocable
            Principal Receipts and/or any Group 1 Shared Issuer Principal
            Receipts or Group 2 Shared Issuer Principal Receipts which may be
            paid to any Issuer on a Payment Date pursuant to paragraph (1)
            above or paragraph (6) below, the Outstanding Principal Balance of
            the relevant Intercompany Loan shall be deemed to be reduced by
            the amount of:

                                      30
<PAGE>

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

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

            Further, Issuer Allocable Principal Receipts, which may be paid to
            any Issuer on a Payment Date, will be reduced and held in the
            Principal Ledger to the extent that the application of that
            principal by the relevant Issuer would create or increase a
            principal deficiency in respect of a higher-ranking Class of Notes
            issued by such Issuer.

      (4)   The amount of Funding Available Principal Receipts payable to each
            Issuer on a Payment Date will be reduced by an amount equal to the
            aggregate of the Issuer Available Revenue Receipts of that Issuer
            which are to be applied on that Payment Date in reducing
            deficiencies recorded on the Issuer Principal Deficiency Ledgers,
            but only to the extent that the Issuer Available Revenue Receipts
            which are to be so applied on that Payment Date would not
            otherwise be payable as principal on the relevant Notes on such
            Payment Date.

      (5)   No Issuer shall be entitled to, or shall receive on a Payment
            Date, any amount of Issuer Allocable Principal Receipts from
            Funding which is not required by that Issuer to make a payment on
            that date in accordance with the relevant Issuer Pre-Enforcement
            Principal Priority of Payments or otherwise to make a payment of
            principal on the Notes.

      (6)   (A)   The portion of Issuer Allocable Principal Receipts
                  (calculated in accordance with paragraph 1(A)(b)(ii) above),
                  if any, not required to be applied by a Group 1 Issuer to
                  pay principal on the Notes on a Payment Date for Group 1
                  Issuers together with the portion of Issuer Allocable
                  Principal Receipts relating to all other Group 1 Issuers not
                  required to be so applied by such other Group 1 Issuers (or
                  otherwise required to be set aside by Funding for any Group
                  1 Issuer) on that Payment Date (excluding the amount of any
                  Group 1 Issuer Reserve Fund or Issuer Liquidity Reserve Fund
                  (if any) of any Group 1 Issuer), shall constitute "Group 1
                  Shared Issuer Principal Receipts". Group 1 Shared Issuer
                  Principal Receipts will be reallocated by the Cash Manager
                  and distributed on such Payment Date among the Group 1
                  Issuers until there are no remaining amounts of Group 1
                  Shared Issuer Principal Receipts to be reallocated and
                  distributed on such Payment Date. Save as provided in
                  paragraph (2) above, if there is more than one Group 1
                  Issuer that is entitled to Group 1 Shared Issuer Principal
                  Receipts, then each such Issuer will be reallocated a
                  portion of the Group 1 Shared Issuer Principal Receipts
                  equal to:

                                      31
<PAGE>

<TABLE>
<CAPTION>
<S>                                                  <C>
                                                     Outstanding Principal Balance of
                                                     the Intercompany Loan of such Group 1 Issuer
amount of Shared Group 1 Issuer Principal Receipts x ----------------------------------------------
                                                     Aggregate Outstanding Principal Balance of
                                                     the Intercompany Loans of all Group 1 Issuers
</TABLE>

            (B)   The portion of Issuer Allocable Principal Receipts
                  (calculated in accordance with paragraph (1)(B)(b)(ii)
                  above), if any, not required to be applied by a Group 2
                  Issuer to pay principal of the Notes on a Payment Date for
                  Group 2 Issuers together with the portion of Issuer
                  Allocable Principal Receipts relating to all other Group 2
                  Issuers not required to be so applied by such other Group 2
                  Issuers (or otherwise required to be set aside by Funding
                  for any Group 2 Issuer) on that Payment Date (excluding the
                  amount of any Issuer Reserve Fund or Issuer Liquidity
                  Reserve Fund (if any) of any Group 2 Issuer) shall
                  constitute "Group 2 Shared Issuer Principal Receipts". Group
                  2 Shared Issuer Principal Receipts will be reallocated by
                  the Cash Manager and distributed on such Payment Date among
                  the Group 2 Issuers until there are no remaining amounts of
                  Group 2 Shared Issuer Principal Receipts to be reallocated
                  and distributed on such Payment Date. Save as provided in
                  paragraph (2) above, if there is more than one Group 2
                  Issuer that is entitled to Group 2 Shared Issuer Principal
                  Receipts, then each such Group 2 Issuer will be reallocated
                  a portion of the Group 2 Shared Issuer Principal Receipts
                  equal to:

<TABLE>
<CAPTION>
<S>                                                  <C>
                                                     Outstanding Principal Balance of
                                                     the Intercompany Loan of such Group 2 Issuer
amount of Shared Group 2 Issuer Principal Receipts x ----------------------------------------------
                                                     Aggregate Outstanding Principal Balance of
                                                     the Intercompany Loans of all Group 2 Issuers
</TABLE>

      (7)   The repayment of any Intercompany Loan prior to the occurrence of
            a Trigger Event, enforcement of the Issuer Security by the Note
            Trustee under the relevant Issuer Deed of Charge or enforcement of
            the Funding Security by the Security Trustee under the Funding
            Deed of Charge will be made in accordance with the terms of the
            relevant Intercompany Loan Agreement.

      (8)   The Cash Manager will distribute only Group 1 Available Principal
            Receipts on each Payment Date for Group 1 Issuers and only Group 2
            Available Principal Receipts on each Payment Date for Group 2
            Issuers. No payment may be made to Group 1 Issuers from Group 2
            Available Principal Receipts and no payment may be made to Group 2
            Issuers from Group 2 Available Principal Receipts.

                                      32
<PAGE>

                                   Part III

                 Funding Post-Enforcement Priority of Payments

At any time after the security created under the Funding Deed of Charge has
become enforceable in accordance with Clause 7.2 (Enforceable) thereof and
provided that the Intercompany Loan Enforcement Notice has not been withdrawn,
all Funding Available Revenue Receipts, Funding Available Principal Receipts
and all other monies paid to or received or recovered by or on behalf of
Funding or the Security Trustee or any Receiver appointed on its behalf,
including all proceeds following any sale, realisation or enforcement of the
security created under the Funding Deed of Charge and all amounts not
previously distributed and/or standing to the credit of any Funding Bank
Account and all monies standing to the credit of the Funding Reserve Ledger
(if any) shall (if not already received by the Security Trustee) be paid to
and held by the Security Trustee on trust to apply the same (save to the
extent required otherwise by applicable law) in accordance with the rules and
the order of priority of the Funding Post-Enforcement Priority of Payments.

The Security Trustee (or the Cash Manager on its behalf) will, subject to the
rules for application of Funding Available Principal Receipts and Funding
Available Revenue Receipts set out in Part I and Part II of this Schedule,
apply all such amounts received or recovered following enforcement of the
Funding Security on each Payment Date in accordance with the following order
of priority (the "Funding Post-Enforcement Priority of Payments"):

      (A)   first, from amounts standing to the credit of the Funding Expense
            Sub-Ledger in respect of such Payment Date, to pay amounts due to
            the Security Trustee and any Receiver appointed by the Security
            Trustee, together with interest and (to the extent not already
            inclusive) VAT on those amounts, and to provide for any amounts
            due or to become due to the Security Trustee and the Receiver in
            the following Interest Period under the Funding Deed of Charge or
            any other Transaction Document;

      (B)   second, from amounts standing to the credit of the Funding Expense
            Sub-Ledger in respect of such Payment Date, towards payment of
            amounts due and payable to the Cash Manager and any costs,
            charges, liabilities and expenses then due or to become due and
            payable to the Cash Manager under the Cash Management Agreement,
            together with (to the extent not already inclusive) VAT on those
            amounts;

      (C)   third, from amounts standing to the credit of the Funding Expense
            Sub-Ledger in respect of such Payment Date, (in no order of
            priority among them but in proportion to the respective amounts
            due) towards payment of amounts (if any) due to (i) the Account
            Bank under the terms of the Bank Account Agreement, (ii) to the
            Stand-by Account Bank under the Stand-by Bank Account Agreement
            and (iii) to the Corporate Services Provider under the Corporate
            Services Agreement;

      (D)   fourth,

            (1)   from Group 1 Available Revenue Receipts and Group 1
                  Available Principal Receipts in respect of each Payment Date
                  for Group 1

                                      33
<PAGE>

                  Issuers, (in no order of priority among them but in
                  proportion to the respective amounts due) to each Group 1
                  Issuer its share of Issuer Allocable Revenue Receipts and
                  Issuer Allocable Principal Receipts towards payment of
                  amounts of interest, principal and fees due to such Group 1
                  Issuer under such Issuer's Intercompany Loan Agreement,
                  which in the case of that Issuer shall be up to the
                  aggregate amount of the amounts, and shall be applied in the
                  amounts and priorities, as set forth in the Issuer
                  Post-Enforcement Priority of Payments for that Issuer;

            (2)   from Group 2 Available Revenue Receipts and Group 2
                  Available Principal Receipts in respect of each Payment Date
                  for Group 2 Issuers (in no order of priority among them but
                  in proportion to the respective amounts due) to each Group 2
                  Issuer its Issuer Allocable Revenue Receipts and Issuer
                  Allocable Principal Receipts, respectively, towards payment
                  of amounts of interest, principal and fees due to such Group
                  2 Issuer under such Issuer's Intercompany Loan Agreement,
                  which in the case of that Group 2 Issuer shall be up to the
                  aggregate of the amounts, and shall be applied in the
                  amounts and priorities, as set forth in the Issuer
                  Post-Enforcement Priority of Payments for that Issuer;

      (E)   fifth,

            (1)   from Group 1 Available Revenue Receipts and Group 1
                  Available Principal Receipts in respect of each Payment Date
                  for Group 1 Issuers, towards payment of amounts due to each
                  Issuer Start-Up Loan Provider under the relevant Issuer
                  Start-up Loan Agreement for each Group 1 Issuer;

            (2)   from Group 2 Available Revenue Receipts and Group 2
                  Available Principal Receipts in respect of each Payment Date
                  for Group 2 Issuers, towards the payment of amounts due to
                  each Issuer Start-up Loan Provider under the relevant Issuer
                  Start-up Loan Agreement for each Group 2 Issuer;

      (F)   sixth, from any remaining Funding Available Revenue Receipts
            (being the remaining Group 1 Available Revenue Receipts, the Group
            1 Available Principal Receipts, the Group 2 Available Revenue
            Receipts and the Group 2 Available Principal Receipts) in respect
            of such Payment Date, towards payment of any Deferred Contribution
            due to the Mortgages Trustee under the Mortgages Trust Deed; and

      (G)   last, to pay any amount remaining following the application of
            principal and revenue set forth in paragraphs (A) through (F)
            above, to Funding;

PROVIDED THAT, to the extent that there is a shortfall in the amounts standing
to the credit of the Funding Expense Sub-Ledger, amounts payable under (A)
through (C) above may also be paid from Group 1 Available Revenue Receipts or
Group 2 Available Revenue Receipts as applicable to the relevant Payment Date.

                                      34
<PAGE>

                                  APPENDIX 2

         Amended and Restated Clause 6.9 of the Funding Deed of Charge

6.9   Utilisation of Issuer Reserves: Funding and the Cash Manager shall
      procure that, subject to and in accordance with the Funding Priority of
      Payments and further subject to any provisos set forth in (in the case
      of the First Issuer) Schedule 5 (Utilisation of Issuer Reserves) or, in
      the case of any New Issuer, Schedule I to the relevant Deed of
      Accession, amounts standing to the credit of the Issuer Reserve Fund
      Ledger or the Issuer Liquidity Reserve Ledger, if any, of any Issuer
      shall, for so long as such Issuer's Intercompany Loan remains
      outstanding, only be debited for the purpose of making payments falling
      due under the Intercompany Loan Agreement of such Issuer and then only
      for the purposes specified in (in the case of the First Issuer) Schedule
      5 (Utilisation of Issuer Reserves) or, in the case on any New Issuer,
      Schedule I to the Deed of Accession; provided, however, that, as set
      forth in Rule (3) of the Rules for application of Funding Available
      Revenue Receipts, on the Payment Date following the repayment in full of
      the Intercompany Loan of the First Issuer or any New Issuer and provided
      that Funding has no further liability under the relevant Intercompany
      Loan Agreement, subject to any limits or conditions on the purposes for
      which the related Issuer Reserve Fund or Issuer Liquidity Reserve Fund,
      if any, may be utilised as set out in the Funding Deed of Charge, any
      remaining amounts standing to the credit of the Issuer Reserve Fund
      Ledger and the Issuer Liquidity Reserve Ledger, if any, of that Issuer
      will constitute additional Funding Available Revenue Receipts for the
      purpose of items (N) through (Q) of the Funding Pre-Enforcement Revenue
      Priority of Payments and may be utilised by Funding in paying any other
      liability of Funding (including, without limitation, payment of interest
      and principal amounts due to each Start-up Loan Provider under the
      relevant Start-up Loan Agreement and payment of any Deferred
      Contribution due to the Mortgages Trustee under the Mortgages Trust
      Deed), in each case, subject to and in accordance with the relevant
      Funding Priority of Payments.

                                      35
<PAGE>

                                  APPENDIX 3

         Amended and Restated Schedule 5 to the Funding Deed of Charge

                                  SCHEDULE 5

                        Utilisation of Issuer Reserves

1.    First Issuer Reserve Fund:

1.1   Prior to enforcement of the First Issuer Security, the First Issuer
      Reserve Fund shall only be applied on any Payment Date to increase that
      portion of Funding Available Revenue Receipts which are allocated to the
      First Issuer to make payments of interest and fees due under the Current
      Issuer Intercompany Loan;

      PROVIDED THAT, as set forth in Rule (3) of the Rules for application of
      Funding Available Revenue Receipts, on the Payment Date following the
      repayment in full of the First Issuer Intercompany Loan and provided
      that Funding has no further liability under the Intercompany Loan
      Agreement for the First Issuer, subject to any limits or conditions on
      the purposes for which the First Issuer Reserve Fund may be utilised as
      set out in the Funding Deed of Charge, any remaining amounts standing to
      the credit of the First Issuer Reserve Fund Ledger will constitute
      additional Funding Available Revenue Receipts for the purpose of items
      (N) through (Q) of the Funding Pre-Enforcement Revenue Priority of
      Payments and may be utilised by Funding in paying any other liability of
      Funding (including, without limitation, payment of interest and
      principal amounts due to the Start-up Loan Provider for the First Issuer
      under the Start-up Loan Agreement for the First Issuer and payment of
      any Deferred Contribution due to the Mortgages Trustee under the
      Mortgages Trust Deed), in each case subject to and in accordance with
      the relevant Funding Priority of Payments.

1.2   Following enforcement of the First Issuer Security, to the extent not
      applied on a Payment Date in accordance with 1.1 above, amounts standing
      to the credit of the First Issuer Reserve Fund Ledger shall only be
      applied in making payments of principal due under the First Issuer
      Intercompany Loan (but not in respect of any other Intercompany Loan of
      any New Issuer) to fund payments of principal due on the First Issuer
      Notes on any Payment Date.

2.    First Issuer Liquidity Reserve Fund:

2.1   Prior to enforcement of the First Issuer Security, the First Issuer
      Liquidity Reserve Fund (if any is required to be established) shall only
      be applied on any Payment Date to:

      (a)   increase that portion of Funding Available Revenue Receipts which
            are allocated to the First Issuer to pay amounts due under the
            First Issuer Intercompany Loan, but only to the extent necessary
            to fund the payment by the First Issuer of interest and fees due
            on the relevant Payment Date in respect of the Class A Notes
            and/or the Class B Notes and to credit the Class A Principal
            Deficiency Sub Ledger; and

                                      36
<PAGE>

      (b)   (provided that there are no Class A Notes outstanding) increase
            Funding Available Revenue Receipts which are allocated to the
            First Issuer to pay interest and fees due on the First Issuer
            Intercompany Loan;

      PROVIDED THAT, as set forth in Rule (3) of the Rules for application of
      Funding Available Revenue Receipts, on the Payment Date following the
      repayment in full of the First Issuer Intercompany Loan and provided
      that Funding has no further liability under the Intercompany Loan
      Agreement for the First Issuer, subject to any limits or conditions on
      the purposes for which the First Issuer Liquidity Reserve Fund may be
      utilised as set out in the Funding Deed of Charge, any remaining amounts
      standing to the credit of the First Issuer Liquidity Reserve Ledger, if
      any, will constitute additional Funding Available Revenue Receipts for
      the purpose of items (N) through (Q) of the Funding Pre-Enforcement
      Revenue Priority of Payments and may be utilised by Funding in paying
      any other liability of Funding (including, without limitation, payment
      of interest and principal amounts due to the Start-up Loan Provider for
      the First Issuer under the Start-up Loan Agreement for the First Issuer
      and payment of any Deferred Contribution due to the Mortgages Trustee
      under the Mortgages Trust Deed), in each case subject to and in
      accordance with the relevant Funding Priority of Payments.

2.2   Following enforcement of the First Issuer Security, to the extent not
      applied on a Payment Date in accordance with 2.1 above, amounts standing
      to the credit of the First Issuer Liquidity Reserve Ledger shall only be
      applied in making payments of principal due under the First Issuer
      Intercompany Loan (but not in respect of any other Intercompany Loan of
      any New Issuer) in order to fund payments of principal due on the First
      Issuer Notes on any Payment Date.

                                      37Exhibit 4.6.1

                            Dated 22 September 2004
                            -----------------------

                          GRANITE MORTGAGES 04-3 PLC
                               as Current Issuer

                                      and

                             THE BANK OF NEW YORK
                                as Note Trustee

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

                               ISSUER TRUST DEED

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

                          SIDLEY AUSTIN BROWN & WOOD
                               WOOLGATE EXCHANGE
                             25 BASINGHALL STREET
                                LONDON EC2V 5HA
                            TELEPHONE 020 7360 3600
                            FACSIMILE 020 7626 7937

<PAGE>

                            CROSS-REFERENCE TABLE*

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

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

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

                                      i
<PAGE>

                               Table of Contents
Clause                                                                    Page

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SCHEDULE 1 FORMS OF GLOBAL NOTE CERTIFICATES................................40
SCHEDULE 2 FORMS OF INDIVIDUAL NOTE CERTIFICATES............................85
SCHEDULE 3 CURRENT ISSUER CONDITIONS OF THE NOTES..........................119
SCHEDULE 4 PROVISIONS FOR MEETINGS OF NOTEHOLDERS..........................120

                                      ii
<PAGE>

THIS ISSUER TRUST DEED is made on 22 September 2004

BETWEEN:

(1)  GRANITE MORTGAGES 04-3 PLC (registered number 5168395) a public limited
     company incorporated under the laws of England and Wales whose registered
     office is at Fifth Floor, 100 Wood Street, London EC2V 7EX as Current
     Issuer; and

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

WHEREAS:

(A)  By a resolution of a duly authorised Board of Directors of the Current
     Issuer passed on 15 September 2004 the Current Issuer authorised the
     creation and issue of the Current Issuer Notes.

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

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

1.   Definitions

1.1  The provisions of:

     (a)  the Master Definitions Schedule as amended and restated by (and
          appearing as Appendix 1 to) the Master Definitions Schedule Ninth
          Amendment Deed made on 22 September, 2004 between, among others, the
          Seller, Funding and the Mortgages Trustee, and

     (b)  the Issuer Master Definitions Schedule signed for the purposes of
          identification by Sidley Austin Brown & Wood and Allen & Overy LLP
          on 22 September, 2004,

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

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

1.2  All references in these presents:

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

                                      1
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                      2
<PAGE>

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

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

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

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

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

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

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

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

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

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

2.   Covenant to Repay etc.

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

     (a) the Series 1 Class A1 Notes is limited to US$981,400,000;

     (b) the Series 1 Class A2 Notes is limited to (Euro)494,000,000;

     (c)  the Series 1 Class A3 Notes is limited to US$1,248,100,000;

     (d)  the Series 1 Class B Notes is limited to US$59,200,000;

                                      3
<PAGE>

     (e)  the Series 1 Class M Notes is limited to US$31,400,000;

     (f)  the Series 1 Class C Notes is limited to US$62,700,000;

     (g)  the Series 2 Class A1 Notes is limited to US$713,700,000;

     (h)  the Series 2 Class A2 Notes is limited to (Euro)800,150,000];

     (i)  the Series 2 Class B Notes is limited to (Euro)74,400,000;

     (j)  the Series 2 Class M Notes is limited to (Euro)57,900,000;

     (k)  the Series 2 Class C Notes is limited to (Euro)139,050,000;

     (l)  the Series 3 Class A1 Notes is limited to (GBP)411,250,000;

     (m)  the Series 3 Class A2 Notes is limited to (GBP)600,000,000;

     (n)  the Series 3 Class B Notes is limited to (GBP)54,350,000;

     (o)  the Series 3 Class M Notes is limited to (GBP)42,250,000; and

     (p)  the Series 3 Class C Notes is limited to (GBP)99,450,000.

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

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

     (b)  if any payment of principal or interest in respect of the Current
          Issuer Notes or any of them is made after the due date, payment
          shall be deemed not to have been made until either the full amount
          is paid to the Noteholders or, if earlier, the seventh day after
          notice has been given to the Noteholders in accordance

                                      4
<PAGE>

          with the Current Issuer Conditions that the full amount has been
          received by the Note Trustee or the Paying Agents, to the extent
          that there is a failure in the subsequent payment to Noteholders
          under the Current Issuer Conditions;

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

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

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

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

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

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

          (i)  to act thereafter, and until otherwise instructed by the Note
               Trustee, as Agents respectively of the Note Trustee on the
               terms provided in the Current Issuer Paying Agent and Agent
               Bank Agreement (with consequential amendments as necessary and
               save that the Note Trustee's liability under any provisions
               thereof for the indemnification, remuneration and payment of
               out-of-pocket expenses of the Agents

                                      5
<PAGE>

               shall be limited to the amounts for the time being held by the
               Note Trustee on the trusts of these presents relating to the
               Current Issuer Notes and available for such purpose) and
               thereafter to hold all Note Certificates and all sums,
               documents and records held by them in respect of Current Issuer
               Notes on behalf of the Note Trustee; and/or

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

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

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

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

3.   Form, Issue and Deposit of Note Certificates

3.1  Global Note Certificates:

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

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

                                      6
<PAGE>

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

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

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

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

     (a)  (i) (in the case of the Dollar Global Note Certificates) DTC has
          notified the Current Issuer that it is at any time unwilling or
          unable to continue as, or has ceased to be, a clearing agency
          registered under the Exchange Act, and a

                                      7
<PAGE>

          successor to DTC registered as a clearing agency under the Exchange
          Act is not able to be appointed by the Current Issuer within 90 days
          of such notification; or (ii) (in the case of the Euro Global Note
          Certificates and the Sterling Global Note Certificates) both
          Euroclear and Clearstream, Luxembourg are closed for business for a
          continuous period of 14 days (other than by reason of holiday,
          statutory or otherwise) or announce an intention permanently to
          cease business and do so cease to do business and no alternative
          clearing system satisfactory to the Note Trustee is available; or

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

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

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

1.4  Form of Individual Note Certificates: The Individual Note Certificates
     shall be printed or typewritten in accordance with all applicable legal
     and stock exchange requirements and be in the form or substantially in
     the relevant form set out in Schedule 2 (Forms of Individual Note
     Certificates). Individual Note Certificates will be in the denominations,
     and transferable in units, of (i) US$100,000 and integral multiples of
     US$1,000 in excess thereof (in the case of the Dollar Notes) and (ii)
     (GBP)50,000 and integral multiples of (GBP)1,000 in excess thereof (in
     the case of the Sterling Notes) (iii) (Euro)50,000 and integral multiples
     of (Euro)1,000 in excess thereof (in the case of the Euro Notes) each,
     shall be serially numbered and shall be endorsed with the relevant
     Current Issuer Conditions and a form of transfer in the form or
     substantially in the relevant form also set out in Schedule 2 (Forms of
     Individual Note Certificates). Title to the Individual Note Certificates
     shall only pass by and upon the registration in the Register in respect
     thereof in accordance with the provisions of the Current Issuer Paying
     Agent and Agent Bank Agreement. The Individual Note Certificates shall be
     issued only in registered form and signed manually or in facsimile by a
     person duly authorised by or on behalf of the Current Issuer and the
     Current Issuer shall procure that the Individual Note Certificates shall
     be authenticated by or on behalf of the Registrar. Each Individual Note
     Certificate so executed and authenticated shall be a binding and valid
     obligation of the Current Issuer notwithstanding that such duly
     authorised person no longer holds that office at the time the Registrar
     authenticates the relevant Individual Note Certificate.

                                      8
<PAGE>

3.5  Indemnity: If the Current Issuer is obliged to issue or procure the issue
     of any Individual Note Certificate pursuant to Clause 3.3 (Individual
     Note Certificates) but fails to do so within 30 days of the occurrence of
     the relevant event described in Clause 3.3 (Individual Note
     Certificates), then the Current Issuer shall indemnify the Note Trustee
     and the relevant Noteholders and keep them indemnified against any loss
     or damage incurred by any of them if the amount received by the Note
     Trustee or the relevant Noteholders in respect of the Current Issuer
     Notes is less than the amount that would have been received had
     Individual Note Certificates been issued in accordance with Clause 3.4
     (Form of Individual Note Certificates). If and for so long as the Current
     Issuer discharges its obligations under this indemnity, the breach by the
     Current Issuer of the provisions of Clause 3.4 (Form of Individual Note
     Certificates) shall be deemed to be cured ab initio.

4.   Covenant of Compliance

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

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

5.   Covenants by the Current Issuer

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

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

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

     (c)  Noteholder Information: send to the Note Trustee two copies of every
          balance sheet, profit and loss account, report, circular and notice
          of general meeting and every other document issued or sent to its
          shareholders or holders

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<PAGE>

          of securities other than its shareholders (including the
          Noteholders) (or any class of them) as soon as practicable after the
          issue or publication thereof;

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

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

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

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

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

                                      10
<PAGE>

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

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

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

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

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

                                      11
<PAGE>

          Registrar or Principal Paying Agent (as the case may be) has been
          appointed on terms previously approved in writing by the Note
          Trustee;

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

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

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

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

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

                                      12
<PAGE>

     (s)  Exercise of Redemption Rights: subject to paragraph (t) below, in
          the event that any notice of prepayment of the Current Issuer
          Intercompany Loan is given under Clause 8 (Prepayment) of the
          Intercompany Loan Terms and Conditions, the Current Issuer shall
          exercise its right to redeem the Current Issuer Notes on the same
          Payment Date under Condition 5(D) (Optional Redemption in Full) or,
          as applicable, Condition 5(E) (Optional Redemption for Tax and other
          Reasons);

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

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

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

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

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

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

                                      13
<PAGE>

          States as determined under United States income tax principles, and
          will not (and will use its best efforts to procure that any
          affiliate of the Current Issuer, including Funding, will not) take
          any position that would contradict the treatment of the Current
          Issuer Notes as indebtedness for United States federal income tax
          purposes;

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

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

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

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

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

     (ee) Information Regarding Noteholders: pursuant to Section 312(a) of the
          Trust Indenture Act, furnish or cause to be furnished to the Note
          Trustee on 31st March and 30th September of each year, commencing
          31st March 2005, and at such other times as the Note Trustee may
          request in writing, all information in the possession or control of
          the Current Issuer or of any of its Paying Agents as to the names
          and addresses of the Noteholders, and requiring the Note

                                      14
<PAGE>

          Trustee to preserve, in as current a form as is reasonably
          practicable, all such information so furnished to it;

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

     (gg) Protection of Security: promptly after the execution and delivery of
          these presents and each supplement hereto, pursuant to Section
          314(b) of the Trust Indenture Act furnish to the Note Trustee an
          Opinion of Counsel stating that in the opinion of such counsel,
          appropriate steps have been taken to protect the security interests
          of the Note Trustee in the Current Issuer Charged Property under the
          Current Issuer Deed of Charge and reciting the details of such
          action, or stating that in the opinion of such counsel no such
          action is necessary; and the Current Issuer shall furnish annually
          to the Note Trustee, not more than three (3) months after the
          anniversary of the signing of this Deed, commencing with calendar
          year 2005, an Opinion of Counsel stating either that, in the opinion
          of such counsel, (i) such action has been taken as is necessary for
          the proper protection of the security interests of the Note Trustee
          in the Current Issuer Charged Property under the Current Issuer Deed
          of Charge and reciting the details of such action or (ii) no such
          action is necessary for any of such purposes;

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

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

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

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

6.   Enforcement

6.1  Proceedings: At any time after the occurrence of a Note Event of Default,
     the Note

                                      15
<PAGE>

     Trustee may, at its discretion and without notice (and in compliance with
     Section 317(a) of the Trust Indenture Act), recover judgment in its own
     name and as trustee of an express trust against the Current Issuer for
     the whole amount of principal and interest remaining unpaid; institute
     such proceedings and/or take other action against or in relation to the
     Current Issuer or any other person as it may think fit to enforce the
     obligations of the Current Issuer under these presents, the Current
     Issuer Notes and/or any of the other Current Issuer Transaction Documents
     but it shall not be bound to take such action save as provided in Clause
     7 (Proceedings, Actions and Indemnification).

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

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

7.   Proceedings, Actions and Indemnification

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

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

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

     (c)  in either case it shall have been indemnified and/or secured to its
          satisfaction against all liabilities, proceedings, claims, demands,
          costs, charges and

                                      16
<PAGE>

          expenses to which it may thereby become liable or which may be
          incurred by it in connection therewith,

     provided that:

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

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

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

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

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

                                      17
<PAGE>

     Conditions.

8.   Application of Moneys etc.

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

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

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

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

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

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<PAGE>

     and in accordance with the Current Issuer Paying Agent and Agent Bank
     Agreement.

9.   Remuneration and Indemnification of Note Trustee

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

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

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

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

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

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

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

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<PAGE>

     (a)  the negotiation, preparation and execution of, the exercise of its
          powers and discretions and the performance of its duties under these
          presents and any other Current Issuer Transaction Documents
          including, but not limited to legal and travelling expenses; and

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

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

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

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

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

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

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

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

9.8  Interest: Subject as provided in Clause 9.9 (Payment), all sums payable
     by the Current Issuer under this Clause 9 (Remuneration and
     Indemnification of Note

                                      20
<PAGE>

     Trustee) shall be payable on demand or, in the case of any remuneration
     payable under Clause 9.1 (Normal Remuneration) on the due date specified
     therein and shall carry interest at the rate per annum, which is one per
     cent. per annum above the base rate from time to time of the National
     Westminster Bank Plc from the date on which they were paid, charged or
     incurred by the Note Trustee or, in the case of remuneration, the due
     date for payment thereof, to the date of actual payment, and in all other
     cases shall (if not paid on the date specified in such demand or, if
     later, within three days after such demand and, in either case, the Note
     Trustee so requires) carry interest at such rate from the date specified
     in such demand.

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

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

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

10.  Supplement to the Trustee Acts

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

10.2 Reliance on Information:

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

                                      21
<PAGE>

          shall not be authentic provided that such error or lack of
          authenticity is not manifest.

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

10.3 Powers and Duties:

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

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

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

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

                                      22
<PAGE>

          Note Trustee or might have been discovered upon examination, inquiry
          or investigation and whether or not capable of remedy.

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

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

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

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

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

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

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

     (l)  The Note Trustee shall not be liable or responsible for any loss,
          cost, damage, expense or inconvenience which may result from
          anything done or omitted to

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<PAGE>

          be done by it under these presents or under any of the other Current
          Issuer Transaction Documents save where the same arises as a result
          of the Note Trustee's fraud, wilful default or negligence.

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

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

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

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

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

          (i)  without prejudice to the provisions of sub-paragraph (ii) below
               where it is required to have regard to the interests of the
               Noteholders, it shall have regard to the interests of the
               Noteholders as a class and, in particular but without prejudice
               to the generality of the foregoing, shall not have regard to,
               or be in any way liable for, the consequences of any

                                      24
<PAGE>

               exercise thereof for any individual Noteholder resulting from
               their being domiciled or resident or otherwise connected with
               or subject to the jurisdiction of, any particular territory or
               any political sub-division thereof and the Note Trustee shall
               not be entitled to require, nor shall any Noteholder be
               entitled to claim, from the Current Issuer, the Note Trustee or
               any other person any indemnification or payment in respect of
               any tax consequence of any such exercise upon individual
               Noteholders;

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

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

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

     (s)  The Note Trustee may, in the conduct of its trust business, instead
          of acting personally, employ and pay an agent on any terms, whether
          or not a lawyer or other professional person, to transact or
          conduct, or concur in transacting or

                                      25
<PAGE>

          conducting, any business and to do or concur in doing all acts
          required to be done by the Note Trustee (including the receipt and
          payment of monies).

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

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

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

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

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

                                      26
<PAGE>

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

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

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

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

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

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

                                      27
<PAGE>

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

     (ff) The Note Trustee shall not be liable to the Current Issuer or any
          Noteholder by reason of having accepted as valid or not having
          rejected any entry on the Register later found to be forged or not
          authentic and can assume for all purposes in relation hereto that
          any entry on the Register is correct.

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

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

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

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

     (kk) The Note Trustee shall comply with Trust Indenture Act Section
          311(a), excluding any creditor relationship listed in Trust
          Indenture Act Section 311(b). A Note Trustee who has resigned or
          been removed shall be subject to

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          Trust Indenture Act Section 311(a) to the extent indicated therein.
          The provisions of Trust Indenture Act Section 311 shall apply to the
          Current Issuer as the obligor of the Current Issuer Notes.

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

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

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

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

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

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

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

     (ss) The Note Trustee shall have no liability whatsoever for any loss,
          cost, damages or expenses directly or indirectly suffered or
          incurred by a person as

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<PAGE>

          a result of the delivery by the Note Trustee to the Current Issuer
          or to any other party to the Current Issuer Transaction Documents of
          a certificate as to material prejudice pursuant to the Current
          Issuer Conditions or any Current Issuer Transaction Documents on the
          basis of an opinion formed by it in good faith.

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

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

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

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

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

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

10.7   Delivery of Certificates: The Note Trustee shall have no liability
       whatsoever for any loss, cost damages or expenses directly or
       indirectly suffered or incurred by the

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<PAGE>

       Current Issuer, any Noteholder or any other person as a result of the
       delivery by the Note Trustee of a certificate, or the omission by it to
       deliver a certificate, to the Current Issuer as to material prejudice,
       or the basis of an opinion formed by it in good faith.

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

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

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

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

10.12  Note Trustee Liable for Negligence etc.: Notwithstanding any other
       provision of

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<PAGE>

       these presents, in compliance with Section 315(d) of the Trust
       Indenture Act, none of the provisions of these presents shall, in any
       case in which the Note Trustee has failed to show the degree of care
       and diligence required of it as trustee under these presents (including
       any requirement under the Trust Indenture Act), having regard to the
       provisions of these presents conferring on the Note Trustee any powers,
       authorities or discretions, relieve the Note Trustee from or indemnify
       the Note Trustee against any liabilities which by virtue of any rule of
       law (including any provision of the Trust Indenture Act) would
       otherwise attach to it in respect of any negligence, default, breach of
       duty or breach of trust of which it may be guilty in relation to its
       duties under these presents.

11.    Modification and Waiver

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

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

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<PAGE>

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

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

12.    Entitlement to Treat holder as owner

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

13.    Currency Indemnity

13.1   Currency and Indemnity: The sole currency of account and payment (the
       "Contractual Currency") for all sums payable by the Current Issuer
       under or in connection with these presents, the Current Issuer Notes
       and the other Current Issuer Secured Obligations including damages is
       (a) in relation to any class of Current Issuer Notes, the currency in
       which such class of Current Issuer Notes is denominated and

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<PAGE>

       (b) in relation to Clauses 9.1 (Normal Remuneration), 9.2 (Extra
       Remuneration), 9.3 (Failure to Agree), 9.4 (Expenses), 9.5 (Indemnity),
       9.7 (VAT) and 9.8 (Interest), pounds sterling. An amount received or
       recovered in a currency other than the Contractual Currency (whether as
       a result of, or of the enforcement of, a judgment or order of a court
       of any jurisdiction, in the winding-up or dissolution of the Current
       Issuer or otherwise), by the Note Trustee or any Noteholder or other
       Current Issuer Secured Creditors in respect of any sum expressed to be
       due to it from the Current Issuer will only discharge the Current
       Issuer to the extent of the Contractual Currency amount which the
       recipient is able to purchase with the amount so received or recovered
       in that other currency on the date of that receipt or recovery (or, if
       it is not practicable to make that purchase on that date, on the first
       date on which it is practicable to do so). If the Contractual Currency
       amount is less than the Contractual Currency amount expressed to be due
       to the recipient under these presents or the Current Issuer Notes, or
       the other Current Issuer Transaction Documents the Current Issuer will
       indemnify the recipient against any loss sustained by it as a result.
       In any event, the Current Issuer will indemnify the recipient against
       the cost of making any such purchase.

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

14.    Appointment, Removal and Retirement of Note Trustee

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

14.2   Eligibility and Disqualification: This Deed shall always have a Note
       Trustee which shall be eligible to act as Note Trustee under Trust
       Indenture Act Sections 310(a)(1) and 310(a)(2). The Note Trustee shall
       have a combined capital and surplus of at least $50,000,000 as set
       forth in its most recent published annual report of condition. If the

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<PAGE>

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

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

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

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

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

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

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

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<PAGE>

14.5   Retirement or Removal of Note Trustee: Subject as provided in Clause
       14.6 (Retirement or Removal not Effective), any Note Trustee for the
       time being of this Deed may retire at any time upon giving not less
       than three months' prior notice in writing to the Current Issuer
       without assigning any reason therefor and without being responsible for
       any costs resulting from such retirement. The Noteholders may by
       Extraordinary Resolution of each class of Noteholders remove any
       trustee or trustees for the time being of these presents

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

15.    Trust Indenture Act Prevails

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

16.    Certificates and Opinions

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

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

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

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

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<PAGE>

       include:

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

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

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

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

17.    Release of Collateral

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

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

17.3   No Impairment: Whenever any property is to be released from the
       security

                                      37
<PAGE>

       constituted by the Current Issuer Deed of Charge, the Current Issuer
       shall also furnish to the Note Trustee an Officer's Certificate
       certifying or stating the opinion of each person signing such
       certificate that in the opinion of such person the proposed release
       will not impair the security under the Current Issuer Deed of Charge in
       contravention of the provisions hereof.

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

18.    Rights Cumulative

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

19.    Notices

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

       (a)    in the case of the Current Issuer, to Granite Mortgages 04-3 plc
              c/o Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile
              number 020 7606 0643) for the attention of The Company Secretary
              with a copy to Northern Rock plc, Northern Rock House, Gosforth,
              Newcastle upon Tyne NE3 4PL (facsimile number 0191 213 2203) for
              the attention of the Group Secretary;

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

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

                                      38
<PAGE>

19.2   Communications by Noteholders with other Noteholders: Noteholders may
       communicate pursuant to Trust Indenture Act Section 312(b) with other
       Noteholders with respect to their rights under these presents or the
       Current Issuer Notes. The Current Issuer and the Note Trustee shall
       have the protection of Trust Indenture Act Section 312(c).

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

20.    Third Party Rights

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

21.    Execution in Counterparts; Severability

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

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

22.    Governing Law and Jurisdiction; Appropriate Forum

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

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

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

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

                                      39
<PAGE>

                                  SCHEDULE 1
                       FORMS OF GLOBAL NOTE CERTIFICATES

                          GRANITE MORTGAGES 04-3 PLC
           (Incorporated with limited liability in England and Wales
                       with registered number 5168395)

                  SERIES 1 CLASS [o] GLOBAL NOTE CERTIFICATE

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

1.     Introduction

       This Series 1 Class [o] Global Note Certificate is issued in respect of
       the US$[o] Series 1 Class [o] Floating Rate Notes due [o] (the "Notes")
       of Granite Mortgages 04-3 plc (the "Current Issuer"), and is limited to
       the aggregate principal amount of

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

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that:

                                  CEDE & CO.

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

                                [o] US Dollars

                                   (US$[o])

                                      40
<PAGE>

       in aggregate principal amount of the Notes.

4.     Promise to pay

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

5.     Exchange for Individual Note Certificates

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

6.     Delivery of Individual Note Certificates

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

                                      41
<PAGE>

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

7.     Payments

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

8.     Conditions apply

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

9.     Tax Treatment

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

10.    Notices

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

11.    Determination of Entitlement

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

12.    Authentication

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

13.    Definitions

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

                                      42
<PAGE>

14.    Rights of Third Parties

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

15.    Governing law

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

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

                                      43
<PAGE>

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

                                      44
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Global Note Certificate, hereby transfers to....................
of.............................................................................
................................................................................
US$ ............................... in principal amount of the US$[amount]
Series 1 Class [o] Floating Rate Notes due [maturity] (the "Notes") of Granite
Mortgages 04-3 plc (the "Current Issuer") and irrevocably requests and
authorises Citibank, N.A., in its capacity as Registrar in relation to the
Notes (or any successor to Citibank, N.A., in its capacity as such) to effect
the relevant transfer by means of appropriate entries in the Register kept by
it.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to US$100,000 or an
       integral multiple of U.S.$1,000 in excess thereof.

                                      45
<PAGE>

[Attached to the Global Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                                  REGISTRAR
            [Name]                                        [Name]
          [Address]                                     [Address]

PAYING AGENTS AND TRANSFER AGENT

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

                                      46
<PAGE>

                        FORM OF GLOBAL NOTE CERTIFICATE

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

                                      47
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
           (Incorporated with limited liability in England and Wales
                       with registered number 5168395)

                   SERIES 1 CLASS A2 GLOBAL NOTE CERTIFICATE

                                 representing
            (Euro)[o] Series 1 Class A2 Floating Rate Notes due [o]

1.     Introduction

       This Series 1 Class A2 Global Note Certificate is issued in respect of
       the (Euro)[o] Series 1 Class A2 Floating Rate Notes due [o] (the
       "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer"), and is
       limited to the aggregate principal amount of

                                   [o] Euro
                                  ((Euro)[o])

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that:

                             CITIVIC NOMINEES LTD.

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

                                   [o] Euro

                                  ((Euro)[o])

       in aggregate principal amount of the Notes.

                                      48
<PAGE>

4.     Promise to pay

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

5.     Exchange for Individual Note Certificates

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

6.     Delivery of Individual Note Certificates

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

                                      49
<PAGE>

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

7.     Payments

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

8.     Conditions apply

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

9.     Notices

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

10.    Determination of Entitlement

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

11.    Authentication

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

12.    Definitions

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

13.    Rights of Third Parties

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

                                      50
<PAGE>

14.    Governing law

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

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

                                      51
<PAGE>

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

                                      52
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  ........................,  being the  registered  holder of
this Global Note Certificate, hereby transfers to .............................
................................................................................
of ............................................................................
................................................................................
........................, (Euro)  ................................  in principal
amount of the (Euro)[amount] Series 1 Class A2 Floating Rate Notes due
[maturity] (the "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer")
and irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to (Euro)50,000 or an
       integral multiple of (Euro)1,000 in excess thereof.

                                      53
<PAGE>

[Attached to the Global Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR
           [Name]                                 [Name]
          [Address]                             [Address]

PAYING AGENTS AND TRANSFER AGENT

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

                                      54
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                   SERIES 2 CLASS A1 GLOBAL NOTE CERTIFICATE

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

1.     Introduction

       This Series 2 Class A1 Global Note Certificate is issued in respect of
       the US$[o] Series 2 Class A1 Floating Rate Notes due [o] (the "Notes")
       of Granite Mortgages 04-3 plc (the "Current Issuer"), and is limited to
       the aggregate principal amount of

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

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that:

                                  CEDE & CO.

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

                                [o] US Dollars

                                   (US$[o])

       in aggregate principal amount of the Notes.

                                      55
<PAGE>

4.     Promise to pay

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

5.     Exchange for Individual Note Certificates

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

6.     Delivery of Individual Note Certificates

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

                                      56
<PAGE>

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

7.     Payments

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

8.     Conditions apply

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

9.     Tax Treatment

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

10.    Notices

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

11.    Determination of Entitlement

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

12.    Authentication

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

13.    Definitions

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

                                      57
<PAGE>

14.    Rights of Third Parties

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

15.    Governing law

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

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

                                      58
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

                                      59
<PAGE>

FORM OF TRANSFER

FOR VALUE  RECEIVED  ..................,  being the  registered  holder of this
Global Note Certificate, hereby transfers to...................................
of.............................................................................
................................................................................
US$ ..................................... in principal amount of the
US$[amount] Series 2 Class A1 Floating Rate Notes due [maturity] (the "Notes")
of Granite Mortgages 04-3 plc (the "Current Issuer") and irrevocably requests
and authorises Citibank, N.A., in its capacity as Registrar in relation to the
Notes (or any successor to Citibank, N.A., in its capacity as such) to effect
the relevant transfer by means of appropriate entries in the Register kept by
it.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to US$100,000 or an
       integral multiple of U.S.$1,000 in excess thereof.

                                      60
<PAGE>

[Attached to the Global Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                          REGISTRAR
           [Name]                                 [Name]
          [Address]                             [Address]

PAYING AGENTS AND TRANSFER AGENT

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

                                      61
<PAGE>

                        FORM OF GLOBAL NOTE CERTIFICATE

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

                                      62
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                  SERIES 2 CLASS [o] GLOBAL NOTE CERTIFICATE

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

1.     Introduction

       This Series 2 Class [o] Global Note Certificate is issued in respect of
       the (Euro)[o] Series 2 Class [o] Floating Rate Notes due [o] (the
       "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer"), and is
       limited to the aggregate principal amount of

                                   [o] Euro
                                  ((Euro)[o])

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that:

                             CITIVIC NOMINEES LTD.

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

                                   [o] Euro

                                  ((Euro)[o])

       in aggregate principal amount of the Notes.

4.     Promise to pay

                                      63
<PAGE>

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

5.     Exchange for Individual Note Certificates

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

6.     Delivery of Individual Note Certificates

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

                                      64
<PAGE>

       which commercial banks are open for business in the city in which the
       Registrar has its Specified Office.

7.     Payments

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

8.     Conditions apply

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

9.     Notices

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

10.    Determination of Entitlement

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

11.    Authentication

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

12.    Definitions

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

13.    Rights of Third Parties

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

14.    Governing law

                                      65
<PAGE>

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

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

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

                                      66
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ............................, being the registered holder of
this Global Note Certificate, hereby transfers to

of

.................., (Euro) .............................. in principal amount of
the (Euro)[amount] Series 2 Class [o] Floating Rate Notes due [maturity] (the
"Notes") of Granite Mortgages 04-3 plc (the "Current Issuer") and irrevocably
requests and authorises Citibank, N.A., in its capacity as Registrar in
relation to the Notes (or any successor to Citibank, N.A., in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
Register kept by it.

Dated:

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to (Euro)50,000 or an
       integral multiple of (Euro)1,000 in excess thereof.

                                      67
<PAGE>

[Attached to the Global Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                          REGISTRAR
           [Name]                                 [Name]
          [Address]                             [Address]

PAYING AGENTS AND TRANSFER AGENT

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

                                      68
<PAGE>

                       FORM OF GLOBAL NOTE CERTIFICATE

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

                                      69
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                  SERIES 3 CLASS [o] GLOBAL NOTE CERTIFICATE

                                 representing
            (GBP)[o] Series 3 Class [o] Floating Rate Notes due [o]

1.     Introduction

       This Series 3 Class [o] Global Note Certificate is issued in respect of
       the (GBP)[o] Series 3 Class [o] Floating Rate Notes due [o] (the
       "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer"), and is
       limited to the aggregate principal amount of

                              [o] Pounds Sterling
                                  ((GBP)[o])

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that:

                             CITIVIC NOMINEES LTD.

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

                              [o] Pounds Sterling

                                  ((GBP)[o])

       in aggregate principal amount of the Notes.

                                      70
<PAGE>

4.     Promise to pay

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

5.     Exchange for Individual Note Certificates

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

6.     Delivery of Individual Note Certificates

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

                                      71
<PAGE>

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

7.     Payments

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

8.     Conditions apply

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

9.     Notices

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

10.    Determination of Entitlement

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

11.    Authentication

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

12.    Definitions

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

13.    Rights of Third Parties

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

                                      72
<PAGE>

14.    Governing law

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

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

                                      73
<PAGE>

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

                                      74
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ........................, being the registered holder of
this Global Note Certificate, hereby transfers to .............................
................................................................................
of.............................................................................
................................................................................
................................................................................
.................., (GBP) ..................................... in principal
amount of the (GBP)[amount] Series 3 Class [o] Floating Rate Notes due
[maturity] (the "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer")
and irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to (GBP)50,000 or an
       integral multiple of (GBP)1,000 in excess thereof.

                                      75
<PAGE>

[Attached to the Global Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                          REGISTRAR
           [Name]                                 [Name]
          [Address]                             [Address]

PAYING AGENTS AND TRANSFER AGENT

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

                                      76
<PAGE>

                        FORM OF GLOBAL NOTE CERTIFICATE

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

                                      77
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                   SERIES 3 CLASS A2 GLOBAL NOTE CERTIFICATE

                                 representing
             (GBP) [o] Series 3 Class A2 Fixed Rate Notes due [o]

1.     Introduction

       This Series 3 Class A2 Global Note Certificate is issued in respect of
       the (GBP) [o] Series 3 Class A2 Fixed Rate Notes due [o] (the "Notes")
       of Granite Mortgages 04-3 plc (the "Current Issuer"), and is limited to
       the aggregate principal amount of

                              [o] Pounds Sterling
                                  ((GBP)[o])

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that:

                             CITIVIC NOMINEES LTD.

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

                              [o] Pounds Sterling

                                  ((GBP)[o])

       in aggregate principal amount of the Notes.

                                      78
<PAGE>

4.     Promise to pay

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

5.     Exchange for Individual Note Certificates

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

6.     Delivery of Individual Note Certificates

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

                                      79
<PAGE>

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

7.     Payments

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

8.     Conditions apply

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

9.     Notices

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

10.    Determination of Entitlement

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

11.    Authentication

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

12.    Definitions

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

13.    Rights of Third Parties

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

                                      80
<PAGE>

14.    Governing law

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

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

                                      81
<PAGE>

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o] 2004.

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

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

<PAGE>

FORM OF TRANSFER

FOR  VALUE  RECEIVED  .....................,  being  the  registered  holder of
this Global Note Certificate, hereby transfers to .............................
................................................................................
of ............................................................................
................................................................................
................................................................................
...................................., (GBP).................... in principal
amount of the (GBP)[amount] Series 3 Class A2 Fixed Rate Notes due [maturity]
(the "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer") and
irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to (GBP)50,000 or an
       integral multiple of (GBP)1,000 in excess thereof.

                                      82
<PAGE>

[Attached to the Global Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                          REGISTRAR
           [Name]                                 [Name]
          [Address]                             [Address]

PAYING AGENTS AND TRANSFER AGENT

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

                                      84
<PAGE>

                                  SCHEDULE 2

                     FORMS OF INDIVIDUAL NOTE CERTIFICATES

-------------------------------------------------------------------------------
 US$[1,000/10,000]   [ISIN]  [CUSIP]  [COMMON CODE]  [SERIES]  [SERIAL NO.]
-------------------------------------------------------------------------------

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                SERIES 1 CLASS [o] INDIVIDUAL NOTE CERTIFICATE

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

1.     Introduction

       This Series 1 Class [o] Individual Note Certificate is issued in
       respect of the US$[o] Series 1 Class [o] Floating Rate Notes due [o]
       (the "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer"),
       limited to the aggregate principal amount of

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

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that

                                 [Noteholder]

       is the person registered in the register maintained by the Registrar in
       relation to the Notes (the "Register") as the duly registered holder
       (the "Holder") of Notes represented from time to time by this
       Individual Note Certificate in the aggregate principal amount of:

                                      85
<PAGE>

                                    US$[o]

                         US Dollars [amount in words]

       in aggregate principal amount of the Notes.

4.     Promise to pay

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

5.     Payments

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

6.     Conditions apply

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

7.     Determination of Entitlement

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

8.     Authentication

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

                                      86
<PAGE>

9.     Tax Treatment

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

10.    Definitions

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

11.    Rights of Third Parties

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

12.    Governing law

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

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

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o].

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

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

                                      87
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  .........................,  being the registered  holder of
this Individual Note Certificate, hereby transfers to .........................
................................................................................
of ............................................................................
................................................................................
.............................., US$  ........................................ in
principal amount of the US$[amount] Series 1 Class [o] Floating Rate Notes due
[maturity] (the "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer")
and irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agency and Agent Bank Agreement.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to US$100,000 or an
       integral multiple of U.S.$1,000 in excess thereof.

                                      88
<PAGE>

[Attached to the Individual Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                      REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                      89
<PAGE>

                      FORM OF INDIVIDUAL NOTE CERTIFICATE

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

                                      90
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                 SERIES 1 CLASS A2 INDIVIDUAL NOTE CERTIFICATE

                                 representing
            (Euro)[o] Series 1 Class A2 Floating Rate Notes Due [o]

1.     Introduction

       This Series 1 Class A2 Individual Note Certificate is issued in respect
       of the (Euro)[o] Series 1 Class A2 Floating Rate Notes due [o] (the
       "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer"), limited
       to the aggregate principal amount of

                                   [o] Euro
                                  ((Euro)[o])

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that

                                 [Noteholder]

       is the person registered in the register maintained by the Registrar in
       relation to the Notes (the "Register") as the duly registered holder
       (the "Holder") of Notes represented from time to time by this
       Individual Note Certificate in the aggregate principal amount of:

                                      91
<PAGE>

                                   (Euro)[o]

                             Euro[amount in words]

                  in aggregate principal amount of the Notes.

4.     Promise to pay

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

5.     Payments

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

6.     Conditions apply

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

7.     Determination of Entitlement

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

8.     Authentication

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

9.     Definitions

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

                                      92
<PAGE>

10.    Rights of Third Parties

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

11.    Governing law

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

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

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o].

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

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

                                      93
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  ...................................,  being the  registered
holder of this Individual Note Certificate, hereby transfers to ...............
................................................................................
of ............................................................................
...............................................................................,
(Euro) ..................................... in principal amount of the
(Euro)[amount] Series 1 Class A2 Floating Rate Notes due [maturity] (the
"Notes") of Granite Mortgages 04-3 plc (the "Current Issuer") and irrevocably
requests and authorises Citibank, N.A., in its capacity as Registrar in
relation to the Notes (or any successor to Citibank, N.A., in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agent and Agent Bank Agreement.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to (Euro)50,000 or an
       integral multiple of (Euro)1,000 in excess thereof.

                                      94
<PAGE>

[Attached to the Individual Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT               REGISTRAR
     [Name]                           [Name]
   [Address]                         [Address]

PAYING AGENTS AND TRANSFER AGENT

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

                                      95
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                 SERIES 2 CLASS A1 INDIVIDUAL NOTE CERTIFICATE

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

1.     Introduction

       This Series 2 Class A1 Individual Note Certificate is issued in respect
       of the US$[o] Series 2 Class A1 Floating Rate Notes due [o] (the
       "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer"), limited
       to the aggregate principal amount of

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

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that

                                 [Noteholder]

       is the person registered in the register maintained by the Registrar in
       relation to the Notes (the "Register") as the duly registered holder
       (the "Holder") of Notes represented from time to time by this
       Individual Note Certificate in the aggregate principal amount of:

                                      96
<PAGE>

                                    US$[o]

                         US Dollars [amount in words]

       in aggregate principal amount of the Notes.

4.     Promise to pay

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

5.     Payments

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

6.     Conditions apply

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

7.     Determination of Entitlement

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

8.     Authentication

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

                                      97
<PAGE>

9.     Tax Treatment

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

10.    Definitions

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

11.    Rights of Third Parties

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

12.    Governing law

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

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

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o].

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

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

                                      98
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED .............................,  being the registered holder
of this Individual Note Certificate, hereby transfers to ......................
................................................................................
of ............................................................................
...............................................................................,
US$ ..................................... in principal amount of the
US$[amount] Series 2 Class A1 Floating Rate Notes due [maturity] (the "Notes")
of Granite Mortgages 04-3 plc (the "Current Issuer") and irrevocably requests
and authorises Citibank, N.A., in its capacity as Registrar in relation to the
Notes (or any successor to Citibank, N.A., in its capacity as such) to effect
the relevant transfer by means of appropriate entries in the Register kept by
it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agent and Agent Bank Agreement.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to US$100,000 or an
       integral multiple of US$1,000 in excess thereof.

                                      99
<PAGE>

[Attached to the Individual Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                  REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                     100
<PAGE>

                      FORM OF INDIVIDUAL NOTE CERTIFICATE

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

                                     101
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                SERIES 2 CLASS [o] INDIVIDUAL NOTE CERTIFICATE

                                 representing
           (Euro)[o] Series 2 Class [o] Floating Rate Notes Due [o]

1.     Introduction

       This Series 2 Class [o] Individual Note Certificate is issued in
       respect of the (Euro)[o] Series 2 Class [o] Floating Rate Notes due [o]
       (the "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer"),
       limited to the aggregate principal amount of

                                   [o] Euro
                                  ((Euro)[o])

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that

                                 [Noteholder]

       is the person registered in the register maintained by the Registrar in
       relation to the Notes (the "Register") as the duly registered holder
       (the "Holder") of Notes represented from time to time by this
       Individual Note Certificate in the aggregate principal amount of:

                                     102
<PAGE>

                                   (Euro)[o]

                             Euro[amount in words]

       in aggregate principal amount of the Notes.

4.     Promise to pay

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

5.     Payments

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

6.     Conditions apply

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

7.     Determination of Entitlement

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

8.     Authentication

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

9.     Definitions

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

                                     103
<PAGE>

10.    Rights of Third Parties

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

11.    Governing law

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

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

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o].

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

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

                                     104
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  ......................,  being the  registered  holder of
this Individual Note Certificate, hereby transfers to .........................
................................................................................
of ............................................................................
................................................................................
......................, (Euro) ............................. in principal amount
of the (Euro)[amount] Series 2 Class [o] Floating Rate Notes due [maturity]
(the "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer") and
irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agent and Agent Bank Agreement.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to (Euro)50,000 or an
       integral multiple of (Euro)1,000 in excess thereof.

                                     105
<PAGE>

[Attached to the Individual Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                           REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                     106
<PAGE>

                      FORM OF INDIVIDUAL NOTE CERTIFICATE

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

                                     107
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                SERIES 3 CLASS [o] INDIVIDUAL NOTE CERTIFICATE

                                 representing
           (GBP) [o] Series 3 Class [o] Floating Rate Notes Due [o]

1.     Introduction

       This Series 3 Class [o] Individual Note Certificate is issued in
       respect of the (GBP) [o] Series 3 Class [o] Floating Rate Notes due [o]
       (the "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer"),
       limited to the aggregate principal amount of

                              [o] Pounds Sterling
                                  ((GBP)[o])

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that

                                 [Noteholder]

       is the person registered in the register maintained by the Registrar in
       relation to the Notes (the "Register") as the duly registered holder
       (the "Holder") of Notes represented from time to time by this
       Individual Note Certificate in the aggregate principal amount of:

                                   (GBP) [o]

                                     108
<PAGE>

                       Pounds Sterling [amount in words]

       in aggregate principal amount of the Notes.

4.     Promise to pay

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

5.     Payments

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

6.     Conditions apply

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

7.     Determination of Entitlement

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

8.     Authentication

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

9.     Definitions

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

                                     109
<PAGE>

10.    Rights of Third Parties

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

11.    Governing law

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

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

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o].

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

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

                                     110
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  ........................,  being the  registered  holder of
this Individual Note Certificate, hereby transfers to..........................
of ............................................................................
................................................................................
..............................,  (GBP) ...........................  in principal
amount of the (GBP) [amount] Series 3 Class [o] Floating Rate Notes due
[maturity] (the "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer")
and irrevocably requests and authorises Citibank, N.A., in its capacity as
Registrar in relation to the Notes (or any successor to Citibank, N.A., in its
capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agent and Agent Bank Agreement.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to (GBP)50,000 or an
       integral multiple of (GBP)1,000 in excess thereof.

                                     111
<PAGE>

[Attached to the Individual Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                          REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

                                     112
<PAGE>

                      FORM OF INDIVIDUAL NOTE CERTIFICATE

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

                                     113
<PAGE>

                          GRANITE MORTGAGES 04-3 PLC
        (Incorporated with limited liability in England and Wales with
                          registered number 5168395)

                 SERIES 3 CLASS A2 INDIVIDUAL NOTE CERTIFICATE

                                 representing
             (GBP) [o] Series 3 Class A2 Fixed Rate Notes Due [o]

1.     Introduction

       This Series 3 Class A2 Individual Note Certificate is issued in respect
       of the (GBP) [o] Series 3 Class A2 Fixed Rate Notes due [o] (the
       "Notes") of Granite Mortgages 04-3 plc (the "Current Issuer"), limited
       to the aggregate principal amount of

                              [o] Pounds Sterling
                                  ((GBP)[o])

       The Notes are constituted by, are subject to, and have the benefit of,
       a trust deed dated 22 September 2004 (as amended or supplemented from
       time to time, the "Current Issuer Trust Deed") between the Current
       Issuer and The Bank of New York as trustee (the trustee for the time
       being thereof being herein called the "Note Trustee") and are the
       subject of a paying agent and agent bank agreement dated 22 September
       2004 (as amended or supplemented from time to time, the "Current Issuer
       Paying Agent and Agent Bank Agreement") between the Current Issuer, the
       Principal Paying Agent, the Agent Bank, Citibank, N.A. as registrar
       (the "Registrar", which expression includes any successor registrar
       appointed from time to time in connection with the Notes), the Transfer
       Agent, the US Paying Agent and the Note Trustee.

2.     References to Conditions

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

3.     Registered Holder

       This is to certify that

                                 [Noteholder]

       is the person registered in the register maintained by the Registrar in
       relation to the Notes (the "Register") as the duly registered holder
       (the "Holder") of Notes represented from time to time by this
       Individual Note Certificate in the aggregate principal amount of:

                                   (GBP) [o]

                                     114
<PAGE>

                       Pounds Sterling [amount in words]

       in aggregate principal amount of the Notes.

4.     Promise to pay

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

5.     Payments

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

6.     Conditions apply

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

7.     Determination of Entitlement

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

8.     Authentication

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

9.     Definitions

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

                                     115
<PAGE>

10.    Rights of Third Parties

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

11.    Governing law

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

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

GRANITE MORTGAGES 04-3 PLC

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

ISSUED in London, England on [o].

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

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

                                     116
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED  ...................,  being the  registered  holder of this
Individual Note Certificate, hereby transfers to...............................
of ............................................................................
................................................................................
..........................,  (GBP) ........................  in principal amount
of the (GBP) [amount] Series 3 Class A2 Fixed Rate Notes due [maturity] (the
"Notes") of Granite Mortgages 04-3 plc (the "Current Issuer") and irrevocably
requests and authorises Citibank, N.A., in its capacity as Registrar in
relation to the Notes (or any successor to Citibank, N.A., in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agent and Agent Bank Agreement.

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

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

Notes

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

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

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

(c)    Any transfer of Notes shall be in an amount equal to (GBP)50,000 or an
       integral multiple of (GBP)1,000 in excess thereof.

                                     117
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[Attached to the Individual Note Certificate:]

       [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                REGISTRAR

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

PAYING AGENTS AND TRANSFER AGENT

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

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                                  SCHEDULE 3
                    CURRENT ISSUER CONDITIONS OF THE NOTES

                                     119
<PAGE>

                                  SCHEDULE 4
                    PROVISIONS FOR MEETINGS OF NOTEHOLDERS

1     (A)   Definitions

            As used in this Schedule the following expressions shall have the
            following meanings unless the context otherwise requires:

            "Basic Terms Modification" means any of the following matters,
            namely:

            (i)   any reduction or cancellation of the amount payable or,
                  where applicable, any modification, except where such
                  modification is in the opinion of the Note Trustee bound to
                  result in an increase, of the method of calculating the
                  amount payable or any modification of the date of payment
                  or, where applicable, of the method of calculating the date
                  of payment in respect of any principal, premium or interest
                  in respect of the Current Issuer Notes;

            (ii)  any alteration in the priority in which payments are made to
                  Noteholders pursuant to any Current Issuer Priority of
                  Payments;

            (iii) any alteration of the currency in which payments under the
                  Current Issuer Notes are to be made;

            (iv)  any alteration of the quorum or majority required to pass an
                  Extraordinary Resolution in respect of any such Basic Terms
                  Modification; and

            (v)   any alteration of this proviso or the proviso to paragraph 6
                  below;

            "Block Voting Instruction" shall mean, in relation to any Meeting,
            an English language document issued by the Registrar and dated in
            which:

            (a)   it is certified that:

                  (i)   certain specified Current Issuer Notes (each a
                        "Blocked Note") have been blocked in an account with a
                        clearing system and will not be released until the
                        conclusion of the Meeting and that the holder of each
                        Blocked Note or a duly authorised person on its behalf
                        has instructed the Registrar that the votes
                        attributable to such Blocked Note are to be cast in a
                        particular way on each resolution to be put to the
                        Meeting; or

                  (ii)  each registered holder of such Current Issuer Notes or
                        a duly authorised person on its behalf has instructed
                        the Registrar that the vote(s) attributable to the
                        Current Issuer Note or Current Issuer Notes so held
                        (each a "Relevant Note") should be cast in a
                        particular way in relation to the resolution or
                        resolutions to be put to such Meeting or any adjourned
                        such Meeting;

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                  (iii) and in each case that, all such instructions are,
                        during the period commencing 48 hours prior to the
                        time for which such Meeting or any such adjourned
                        Meeting is convened and ending at the conclusion or
                        adjournment thereof, neither revocable nor capable of
                        amendment;

            (b)   the aggregate principal amount of the Blocked Notes and
                  Relevant Notes so held are listed distinguishing with regard
                  to each such resolution between those in respect of which
                  instructions have been given as aforesaid that the votes
                  attributable thereto should be cast in favour of the
                  resolution and those in respect of which instructions have
                  been so given that the votes attributable thereto should be
                  cast against the resolution; and

            (c)   one or more persons named in such document is or are
                  authorised and instructed by such Registrar to cast the
                  votes attributable to such Blocked Note and Relevant Notes
                  so listed in accordance with the instructions referred to in
                  (a) above as set out in such document;

            "Chairman" means, in relation to any Meeting, the individual who
            takes the chair in accordance with paragraph 4 (Chairman);

            "Extraordinary Resolution" means (a) a resolution passed at a
            Meeting duly convened and held in accordance with the provisions
            of this Schedule 4 by a majority consisting of not less than
            three-fourths of the persons voting thereat upon a show of hands
            or if a poll is duly demanded by a majority consisting of not less
            than three-fourths of the votes cast on such poll or (b) a
            resolution in writing signed by or on behalf of all the
            Noteholders of a particular class of Current Issuer Notes which
            resolution may be contained in one document or several documents
            in like form each signed by or on behalf of one or more of the
            relevant Noteholders;

            "Form of Proxy" means, in relation to any Meeting, a document in
            the English language available from the Registrar signed by a
            Noteholder or, in the case of a corporation, executed under its
            seal or signed on its behalf by a duly authorised officer of the
            corporation and delivered to the Registrar not later than 48 hours
            before the time fixed for such Meeting, appointing one or more
            persons who is or are authorised and instructed to vote in respect
            of the Current Issuer Notes held by such Noteholder;

            "Meeting" shall mean a meeting of Noteholders (whether originally
            convened or reviewed following an adjournment);

            "Proxy" means, in relation to any Meeting, a person appointed to
            vote under a Block Voting Instruction or a Form of Proxy other
            than:

            (a)   any such person whose appointment has been revoked and in
                  relation to whom the Registrar has been notified in writing
                  of such revocation by the time which is 48 hours before the
                  time fixed for such Meeting; and

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            (b)   any such person appointed to vote at a Meeting which has
                  been adjourned for want of a quorum and who has not been
                  re-appointed to vote at a Meeting when it is resumed;

            "Current Issuer Notes" and "Noteholders" shall mean:

            (a)   in connection with a Meeting of Senior Noteholders, Senior
                  Notes and Senior Noteholders, respectively;

            (b)   in connection with a Meeting of Mezzanine Noteholders,
                  Mezzanine Notes and Mezzanine Noteholders respectively;

            (c)   in connection with a Meeting of the Class M Noteholders,
                  Class M Notes and Class M Noteholders respectively; and

            (d)   in connection with a Meeting of Junior Noteholders, Junior
                  Notes and Junior Noteholders respectively;

            "Written Resolution" means a resolution in writing signed by or on
            behalf of all holders of a class of Current Issuer Notes who for
            the time being are entitled to receive notice of a Meeting in
            accordance with the provisions of this Schedule, whether contained
            in one document or several documents in the same form, each signed
            by or on behalf of one or more such holders of the relevant class
            of Current Issuer Notes;

            "24 hours" means a period of 24 hours including all or part of a
            day upon which banks are open for business in both the place where
            the relevant Meeting is to be held and in each of the places where
            the Paying Agents have their Specified Offices (disregarding for
            this purpose the day upon which such Meeting is to be held) and
            such period shall be extended by one period or, to the extent
            necessary, more periods of 24 hours until there is included as
            aforesaid all or part of a day upon which banks are open for
            business in all of the places as aforesaid; and

            "48 hours" means 2 consecutive periods of 24 hours.

(B)   Issue of Block Voting Instructions

      The holder of a Current Issuer Note may require the Registrar to issue a
      Block Voting Instruction by arranging (to the satisfaction of the
      Registrar) for such Current Issuer Note to be blocked in an account with
      a clearing system not later than 48 hours before the time fixed for the
      relevant Meeting. The holder of a Current Issuer Note may require the
      Registrar to issue a Block Voting Instruction by delivering to the
      Registrar written instructions not later than 48 hours before the time
      fixed for the relevant Meeting. Any holder of a Current Issuer Note may
      obtain an uncompleted and unexecuted Form of Proxy from the Registrar. A
      Block Voting Instruction and a Form of Proxy cannot be outstanding
      simultaneously in respect of the same Current Issuer Note.

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(C)   References to Blocking/Release of Current Issuer Notes

      Where Current Issuer Notes are represented by Global Note Certificates
      or are held in individual certificated form within a Clearing System)
      references to blocking or release, of Current Issuer Notes shall be
      construed in accordance with the usual practices (including blocking the
      relevant account) of the relevant Clearing System.

(D)   Issue of Forms of Proxy

      (i)   A holder of Current Issuer Notes may obtain an uncompleted and
            unexecuted Form of Proxy from the Registrar.

      (ii)  Any holder of Current Issuer Notes which is a corporation may by
            resolution of its directors or other governing body authorise any
            person to act as its representative (a "Representative") in
            connection with any Meeting.

      (iii) Any Proxy or Representative shall, so long as such appointment
            remains in force, be deemed for all purposes in connection with
            the relevant Meeting, to be the holder of the Current Issuer Notes
            to which such appointment relates and the holder of the Current
            Issuer Notes shall be deemed for such purposes not to be the
            holder.

2.    Convening of Meeting

      The Current Issuer or the Note Trustee may convene a Meeting at any
      time, and the Note Trustee shall be obliged to do so subject to it being
      indemnified to its satisfaction upon a request in writing of Noteholders
      holding not less than one-tenth in principal amount of the outstanding
      Current Issuer Notes of any class or classes entitled to vote and, if
      the Current Issuer defaults for a period of seven days in convening such
      a Meeting, the same may be convened by the Note Trustee or the
      requisitionists. Every such Meeting shall be held on such date and at
      such time and place as the Note Trustee may appoint or approve.

3.    Notice

      At least 21 days' notice (exclusive of the day on which the notice is
      given and the day on which the Meeting is to be held) specifying the
      place, day and hour of Meeting shall be given to the Noteholders or, as
      the case may be the Noteholders of any class of Current Issuer Notes
      entitled to vote, the Paying Agents, the Agent Bank and the Registrar
      prior to any Meeting. Such notice, which shall be in the English
      language, shall state generally the nature of the business to be
      transacted at the Meeting thereby convened and shall specify the terms
      of any resolution to be proposed. Such notice shall include statements,
      if applicable, to the effect that (a) Current Issuer Notes may be
      blocked in clearing systems for the purposes of appointing Proxies under
      Block Voting Instructions until 48 hours before the time fixed for the
      Meeting and (b) a Noteholder may appoint a Proxy either (i) under a
      Block Voting Instruction by delivering written instructions to the
      Registrar or (ii) by executing and delivering a Form of Proxy to the
      Specified Office of the Registrar, in either case until 48 hours before
      the time fixed for the Meeting. A copy of the notice shall be sent by
      post to the Note Trustee (unless the Meeting is convened by the Note
      Trustee) and, to the Current Issuer (unless the Meeting is convened by
      the Current Issuer).

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4.    Chairman

      A person (who may, but need not be, a Noteholder) nominated in writing
      by the Note Trustee shall be entitled to take the chair at the relevant
      Meeting, but if no such nomination is made or if at any Meeting the
      person nominated shall not be present within 15 minutes after the time
      appointed for holding the Meeting the Noteholders present shall choose
      one of their number to be Chairman, failing which the Current Issuer may
      appoint a Chairman. The Chairman of an adjourned Meeting need not be the
      same person as was Chairman of the Meeting from which the adjournment
      took place.

5.    Quorum

      Subject as provided in the Current Issuer Conditions:

      (a)   any such Meeting of two or more persons present holding Current
            Issuer Notes or being Proxies or Representatives and holding or
            representing in the aggregate not less than one-twentieth of the
            principal amount of the Current Issuer Notes of the relevant class
            or classes for the time being outstanding (or, at any adjourned
            Meeting, two or more persons being or representing Noteholders
            whatever the aggregate Principal Amount Outstanding of the Current
            Issuer Notes of the relevant class or classes) shall (except for
            the purpose of passing an Extraordinary Resolution) form a quorum
            for the transaction of business and no business (other than the
            choosing of a Chairman) shall be transacted at any Meeting unless
            the requisite quorum be present at the commencement of the
            relevant business;

      (b)   the quorum at any such Meeting for passing an Extraordinary
            Resolution other than an Extraordinary Resolution to sanction a
            Basic Term Modification shall (subject as provided below) be two
            or more persons present holding or representing Current Issuer
            Notes or being Proxies or Representatives and holding or
            representing in the aggregate more than half of the aggregate
            principal amount of the Current Issuer Notes outstanding (as
            defined in Clause 1.6 of the Current Issuer Trust Deed) of the
            Current Issuer Notes of the relevant class of classes (or, at any
            adjourned Meeting, two or more persons being or representing
            Noteholders whatever the aggregate principal amount of the Current
            Issuer Notes outstanding (as defined in Clause 1.6 of the Current
            Issuer Trust Deed) of the relevant class or classes so held or
            represented); or

      (c)   at any Meeting the business of which includes the passing of an
            Extraordinary Resolution to sanction a Basic Terms Modification,
            the quorum for passing the requisite Extraordinary Resolution
            shall be two or more persons present holding Current Issuer Notes
            or being Proxies or Representatives and holding or representing in
            the aggregate not less than three quarters in aggregate principal
            amount of the Current Issuer Notes outstanding (as defined in
            Clause 1.6 of the Current Issuer Trust Deed) of the relevant class
            or classes (or, at any adjourned Meeting, two or more persons
            present holding or representing in the aggregate not less than one
            quarter in aggregate principal amount of the Current Issuer Notes
            outstanding (as defined in Clause 1.6 of the Current Issuer Trust
            Deed) of the relevant class or classes);

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            Provided always that so long as at least the relevant fraction of
            the aggregate Principal Amount Outstanding of the relevant class
            of Current Issuer Notes referred to in sub-paragraph (a), (b) or
            (c) above, as the case may be, is represented by a Global Note
            Certificate or a single Individual Note Certificate, a single
            person being a Proxy or Representative of such class of Current
            Issuer Notes represented thereby shall be deemed to be two persons
            for the purpose of forming a quorum.

6.    Adjournment for want of quorum

      If within 15 minutes (or such longer period not exceeding 30 minutes as
      the Chairman may decide) after the time appointed for any Meeting a
      quorum is not present for the transaction of any particular business,
      then, subject and without prejudice to the transaction of the business
      (if any) for which a quorum is present:

      (a)   if convened upon the requisition of Noteholders, the Meeting shall
            be dissolved; and

      (b)   in any other case, the Meeting shall stand adjourned to the same
            day in the next week (or if such day is a public holiday the next
            succeeding Business Day) at the same time and place (except in the
            case of a Meeting at which an Extraordinary Resolution is to be
            proposed in which case it shall stand adjourned for such period,
            being not less than 13 clear days nor more than 42 clear days, and
            to such place as may be appointed by the Chairman either at or
            subsequent to such Meeting and approved by the Note Trustee).

      Provided, however, that, if within 15 minutes (or such longer period not
      exceeding 30 minutes as the Chairman may decide) after the time
      appointed for any adjourned Meeting a quorum is not present for the
      transaction of any particular business, then, subject and without
      prejudice to the transaction of the business (if any) for which a quorum
      is present, the Meeting shall be dissolved as no Meeting may be
      adjourned more than once for want of a quorum.

7.    Notice following Adjournment

      Notice of any adjourned Meeting at which an Extraordinary Resolution is
      to be submitted shall be given in the same manner as notice of an
      original Meeting as provided in paragraph 3 above, but as if 10 days
      notice (exclusive of the day on which the notice is given and the day on
      which the Meeting is to be resumed) were substituted for the 21 days
      notice as provided in paragraph 3 above, and such notice shall
      specifically state the relevant quorum requirements which will apply
      when the Meeting resumes. Subject as aforesaid it shall not be necessary
      to give any notice of an adjourned Meeting.

8.    Show of hands

      Every question submitted to a Meeting shall be decided in the first
      instance by a show of hands and in case of equality of votes the
      Chairman shall both on a show of hands and on a poll have a casting vote
      in addition to the vote or votes (if any) to which he may be entitled as
      a Noteholder or as a Proxy or as a Representative.

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9.    Chairman's declaration

      At any Meeting, unless a poll is (before or on the declaration of the
      result of the show of hands) validly demanded by the Chairman, the
      Current Issuer, the Note Trustee or any person present holding a
      Individual Note Certificate or being a Proxy or Representative (whatever
      the principal amount of the Current Issuer Notes so held or represented
      by him) a declaration by the Chairman that a resolution has been carried
      or carried by a particular majority or lost or not carried by a
      particular majority shall be conclusive evidence of the fact without
      proof of the number or proportion of the votes recorded in favour of or
      against such resolution.

10.   Poll

      Subject to paragraph 12 (Limitation on Adjournments) below, if at such
      Meeting a poll is demanded it shall be taken in such manner and subject
      as hereinafter provided either at once or after an adjournment as the
      Chairman directs and the result of such poll shall be deemed to be the
      resolution of the Meeting at which the poll was demanded as at the date
      of the taking of the poll. The demand for a poll shall not prevent the
      continuance of the Meeting for the transaction of any business other
      than the motion on which the poll has been demanded.

11.   Adjourned Meeting

      The Chairman may with the consent of (and shall if directed by) any such
      Meeting adjourn the same from time to time and from place to place, but
      no business shall be transacted at any adjourned Meeting except business
      which might lawfully (but for lack of required quorum) have been
      transacted at the Meeting from which the adjournment took place.

12.   Limitation on Adjournments

      Any poll demanded at any adjourned Meeting on the election of a Chairman
      or on any question of adjournment shall be taken at the Meeting without
      adjournment.

13.   Participation

      Any Proxy and/or Representative, the Note Trustee and its lawyers and
      financial advisers and any director, officer or employee of a
      corporation being a trustee of the Current Issuer Trust Deed and any
      director or officer of the Current Issuer and its lawyers and financial
      advisers, the Registrar, and any other person authorised so to do by the
      Meeting or the Note Trustee may attend and speak at any Meeting. Save as
      aforesaid, but without prejudice to the definition of "Principal Amount
      Outstanding", no person shall be entitled to attend and speak nor shall
      any person be entitled to vote at any Meeting or join with others in
      requesting the convening of such a Meeting or to exercise the rights
      conferred on the Noteholders by Clause 7 (Proceedings, Actions and
      Indemnification) of the Current Issuer Trust Deed unless he either
      produces a Note Certificate or is a Proxy or a Representative or is the
      holder of an Individual Note Certificate or Individual Note
      Certificates. No person shall be entitled to vote at any Meeting in
      respect of Current Issuer Notes held by, for the benefit of, or on
      behalf of, the Current Issuer or the Borrowers. Nothing herein shall
      prevent any of the Proxies named in any Block Voting Instruction or Form
      of Proxy or any

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      Representative from being a director, officer or representative of or
      otherwise connected with the Current Issuer.

14.   Votes

      Subject as provided in paragraph 13 (Participation) hereof at any
      Meeting:

      (a)   on a show of hands every person who is present in person and is a
            holder of Current Issuer Notes or is a Proxy or Representative
            shall have one vote; and

      (b)   on a poll every such person who is so present shall have one vote
            in respect of each US$1,000 (in the case of the Dollar Notes) or
            (GBP)1,000 (in the case of the Sterling Notes) or (Euro)1,000 (in
            the case of the Euro Notes) in Principal Amount Outstanding of the
            Current Issuer Notes in respect of which he is a Proxy or
            Representative or in respect of which he is the holder.

      Without prejudice to the obligations of the proxies named in any Block
      Voting Instruction or Form of Proxy any person entitled to more than one
      vote need not use all his votes or cast all the votes to which he is
      entitled in the same way.

15.   Proxies need not be Noteholders

      The Proxies named in any Block Voting Instruction or Form of Proxy and
      representatives need not be Noteholders.

16.   Deposit of votes

      Each Block Voting Instruction together (if so requested by the Note
      Trustee) with proof satisfactory to the Note Trustee of its due
      execution on behalf of the Registrar and each Form of Proxy shall be
      deposited by the Registrar at such place as the Note Trustee shall
      approve not less than 24 hours before the time appointed for holding the
      Meeting or adjourned Meeting at which the Proxies named in the Block
      Voting Instruction or Form of Proxy propose to vote and in default the
      Block Voting Instruction or Form of Proxy shall not be treated as valid
      unless the Chairman decides otherwise before such Meeting or adjourned
      Meeting proceeds to business. A notarially certified copy of each Block
      Voting Instruction and Form of Proxy shall be deposited with the Note
      Trustee before the commencement of the Meeting or adjourned Meeting but
      the Note Trustee shall not thereby be obliged to investigate or be
      concerned with the validity of or the authority of the Proxies named in
      any such Block Voting Instruction or Form of Proxy.

17.   Validity of Votes by Proxies

      Any vote by a Proxy given in accordance with the terms of a Block Voting
      Instruction or Form of Proxy shall be valid notwithstanding the previous
      revocation or amendment of the Block Voting Instruction or the Form of
      Proxy or of any of the Noteholders' instructions pursuant to which it
      was executed provided that no intimation in writing of such revocation
      or amendment shall have been received from the Noteholder by the
      Registrar by the time being 24 hours before the time appointed for
      holding the Meeting or adjourned Meeting at which the Block Voting
      Instruction or Form of Proxy is to be used. Unless revoked, any
      appointment of a Proxy under a Block Voting Instruction or Form of Proxy
      in relation to a Meeting shall remain in force in relation to any
      resumption of such Meeting following an adjournment; provided, however,
      that no such appointment of a Proxy in relation to a Meeting originally
      convened which has been adjourned for want of a quorum shall remain in

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      force in relation to such Meeting when it is resumed. Any person
      appointed to vote at such a Meeting must be re-appointed under a Block
      Voting Instruction or Form of Proxy to vote at the Meeting when it is
      resumed.

18.   Record Date

      The Current Issuer may fix a record date for the purposes of any Meeting
      or any resumption thereof following its adjournment for want of a quorum
      provided that such record date is not more than 10 days prior to the
      time fixed for such Meeting or (as the case may be) its resumption. The
      person in whose name a Current Issuer Note is registered in the Register
      on the record date at close of business in the city in which the
      Registrar has its Specified Office shall be deemed to be the holder of
      such Current Issuer Note for the purposes of such Meeting and
      notwithstanding any subsequent transfer of such Current Issuer Note or
      entries in the Register; and provided that any Proxy appointed pursuant
      to a Form of Proxy shall so long as such appointment remains in force,
      be deemed for all purposes in connection with any Meeting or proposed
      Meeting specified in such appointment, to be the holder of the Current
      Issuer Note to which such appointment relates and the holder of the
      Current Issuer Note shall be deemed for the purposes not to be the
      holder.

19.   Powers

      Subject always to the provisions of Clause 11 (Modification and Waiver)
      of the Current Issuer Trust Deed and the Current Issuer Conditions, a
      Meeting shall, in addition to the powers hereinbefore given, have the
      following powers exercisable only by Extraordinary Resolution (subject
      to the provisions relating to quorum contained in paragraphs 5 (Quorum)
      and 6 (Adjournment for want of Quorum) above) namely:

      (A)   power to sanction any compromise or arrangement proposed to be
            made between the Current Issuer, the Note Trustee, any appointee
            of the Note Trustee and the Noteholders or any of them;

      (B)   power to sanction any abrogation, modification, compromise or
            arrangement in respect of the rights of the Note Trustee, any
            appointee of the Note Trustee, the Noteholders or the Current
            Issuer against any other or others of them or against any other
            party to any of the Current Issuer Transaction Documents or
            against any of their property whether such rights shall arise
            under the Current Issuer Trust Deed, any other Current Issuer
            Transaction Document or otherwise;

      (C)   power to assent to any modification of the provisions of the
            Current Issuer Conditions, the Current Issuer Trust Deed or any
            other Current Issuer Transaction Document which shall be proposed
            by the Current Issuer, the Note Trustee, or any Noteholder or any
            other person;

      (D)   power to give any authority or sanction which under the provisions
            of the Current Issuer Conditions or the Current Issuer Trust Deed
            is required to be given by Extraordinary Resolution;

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      (E)   power to appoint any persons (whether Noteholders or not) as a
            committee or committees to represent the interests of the
            Noteholders and to confer upon such committee or committees any
            powers or discretions which the Noteholders could themselves
            exercise by Extraordinary Resolution;

      (F)   power to approve of a person to be appointed a trustee and power
            to remove any trustee or trustees for the time being of the
            Current Issuer Trust Deed;

      (G)   power to discharge or exonerate the Note Trustee and/or any
            appointee of the Note Trustee from all liability in respect of any
            act or omission for which the Note Trustee and/or such appointee
            may have become responsible under the Current Issuer Trust Deed;

      (H)   power to remove any trustee;

      (I)   power to authorise the Note Trustee and/or any appointee of the
            Note Trustee to concur in and execute and do all such deeds,
            instruments, acts and things as may be necessary to carry out and
            give effect to any Extraordinary Resolution;

      (J)   power to sanction any scheme or proposal for the exchange or sale
            of the Current Issuer Notes for or the conversion of the Current
            Issuer Notes into or the cancellation of the Current Issuer Notes
            in consideration of shares, stock, notes, bonds, debentures,
            debenture stock and/or other obligations and/or notes of the
            Current Issuer or any other company formed or to be formed, or for
            or into or in consideration of cash, or partly for or into or in
            consideration of such shares, stock, notes, bonds, debentures,
            debenture stock and/or other obligations and/or notes as aforesaid
            and partly for or into or in consideration of cash and for the
            appointment of some person with power on behalf of the Noteholders
            to execute an instrument of transfer of the Individual Note
            Certificates held by them in favour of the persons with or to whom
            the Current Issuer Notes are to be exchanged or sold respectively,

      provided, however, that:

      (i)   no Extraordinary Resolution of the Senior Noteholders or the
            Mezzanine Noteholders or the Class M Noteholders or the Junior
            Noteholders to sanction a Basic Terms Modification shall be
            effective for any purpose unless it shall have been sanctioned by
            an Extraordinary Resolution of (aa) (in the case of an
            Extraordinary Resolution of the Senior Noteholders) the Mezzanine
            Noteholders, the Class M Noteholders and the Junior Noteholders or
            (bb) (in the case of an Extraordinary Resolution of the Mezzanine
            Noteholders) the Senior Noteholders (to the extent that any Senior
            Notes are then outstanding), the Class M Noteholders and the
            Junior Noteholders or (cc) (in the case of an Extraordinary
            Resolution of the Class M Noteholders) the Senior Noteholders, the
            Mezzanine Noteholders (to the extent that any Senior Notes and/or
            Mezzanine Notes are then outstanding) and the Junior Noteholders,
            or (dd) (in the case of an Extraordinary Resolution of the Junior
            Noteholders) the Senior Noteholders, the Class M Noteholders and
            the Mezzanine Noteholders (to the extent that any Senior Notes,
            Class M Notes and/or Mezzanine Notes are then outstanding).

                                     129
<PAGE>

      (ii)  subject as provided above in relation to an Extraordinary
            Resolution concerning a Basic Terms Modification, no Extraordinary
            Resolution of the Mezzanine Noteholders shall be effective for any
            purpose while any Senior Notes remain outstanding unless either
            (aa) the Note Trustee is of the opinion that it will not be
            materially prejudicial to the interests of any or all of the
            Senior Noteholders or (bb) it is sanctioned by an Extraordinary
            Resolution of the Senior Noteholders.

      (iii) subject as provided above in relation to an Extraordinary
            Resolution concerning a Basic Terms Modification, no Extraordinary
            Resolution of the Class M Noteholders shall be effective for any
            purpose while any Senior Notes or Mezzanine Notes remain
            outstanding unless either (aa) the Note Trustee is of the opinion
            that it will not be materially prejudicial to the interests of any
            or all of the Senior Noteholders and/or Mezzanine Noteholders (as
            the case may be) or (bb) it is sanctioned by an Extraordinary
            Resolution of the Senior Noteholders and/or Mezzanine Noteholders.

      (iv)  subject as provided above in relation to an Extraordinary
            Resolution concerning a Basic Terms Modification, no Extraordinary
            Resolution of the Junior Noteholders shall be effective for any
            purpose while any Senior Notes, Mezzanine Notes or Class M Notes
            remain outstanding unless either (aa) the Note Trustee is of the
            opinion that it will not be materially prejudicial to the
            interests of any or all of the Senior Noteholders, the Mezzanine
            Noteholders and/or the Class M Noteholders (as the case may be) or
            (bb) it is sanctioned by an Extraordinary Resolution of the Senior
            Noteholders, the Mezzanine Noteholders and/or the Class M
            Noteholders (as the case may be).

20.   Extraordinary Resolution binds all Noteholders

      Subject to the provisos to paragraph 19 (Powers), any Extraordinary
      Resolution passed at a Meeting duly convened and held in accordance with
      the Current Issuer Trust Deed shall be binding upon the Noteholders of
      all classes whether present or not present at such Meeting and whether
      or not voting and each of them shall be bound to give effect thereto
      accordingly and the passing of any such Extraordinary Resolution shall
      be conclusive evidence that the circumstances justify the passing
      thereof. Notice of the result of the voting on any Extraordinary
      Resolution duly considered by the Noteholders shall be given by the
      Current Issuer to the Noteholders in accordance with Condition 14
      (Notice to Noteholders) within 14 days of such result being known
      provided that the non-publication of such notice shall not invalidate
      such result.

21.   Senior Notes

      Notwithstanding the foregoing, the following additional provisions shall
      apply to Senior Notes:

      (i)   a single Meeting of the holders of all series of Senior Notes may
            be held whether or not there is a conflict of interest between the
            holders of such Senior Notes;

      (ii)  there shall be no provision for a Meeting of the holders of one
            series only of the Senior Notes; and

                                     130
<PAGE>

      (iii) as the Senior Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Senior Note denominated in
            Dollars or Euro shall be converted into Sterling at the relevant
            Dollar Currency Swap Rate or Euro Currency Swap Rate, as the case
            may be.

22.   Mezzanine Notes

      Notwithstanding the foregoing, the following additional provisions shall
      apply to Mezzanine Notes:

      (i)   a single Meeting of the holders of all series of Mezzanine Notes
            may be held whether or not there is a conflict of interest between
            the holders of such Mezzanine Notes;

      (ii)  there shall be no provision for a Meeting of the holders of one
            series only of the Mezzanine Notes; and

      (iii) as the Mezzanine Notes are not all denominated in the same
            currency, the Principal Amount Outstanding of any Mezzanine Note
            denominated in Dollars or Euro shall be converted into Sterling at
            the relevant Dollar Currency Swap Rate or Euro Currency Swap Rate,
            as the case may be.

23.   Class M Notes

      Notwithstanding the foregoing, the following additional provisions shall
      apply to Class M Notes:

      (i)   a single Meeting of the holders of all series of the Class M Notes
            may be held whether or not there is a conflict of interest between
            the holders of such Class M Notes;

      (ii)  there shall be no provision for a Meeting of the holders of one
            series only of the Class M Notes; and

      (iii) as the Class M Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Class M Note denominated
            in US Dollars or Euro shall be converted into Sterling at the
            relevant Dollar Currency Swap Rate or the Euro Currency Swap Rate,
            as the case may be.

24.   Junior Notes

      Notwithstanding the foregoing, the following additional provisions shall
      apply to Junior Notes

      (i)   a single Meeting of the holders of all series of Junior Notes may
            be held whether or not there is a conflict of interest between the
            holders of such Junior Notes;

      (ii)  there shall be no provision for a Meeting of the holders of one
            series only of the Junior Notes; and

                                     131
<PAGE>

      (iii) as the Junior Notes are not all denominated in the same currency,
            the Principal Amount Outstanding of any Junior Note denominated in
            Dollars or Euro shall be converted into Sterling at the relevant
            Dollar Currency Swap Rate or Euro Currency Swap Rate, as the case
            may be.

25.   Minutes

      Minutes of all resolutions and proceedings at every Meeting shall be
      made and entered in books to be from time to time provided for that
      purpose by the Current Issuer and any such minutes as aforesaid if
      purporting to be signed by the Chairman of the Meeting at which such
      resolutions were passed or proceedings transacted shall be conclusive
      evidence of the matters therein contained and until the contrary is
      proved every such Meeting in respect of the proceedings of which minutes
      have been made shall be deemed to have been duly held and convened and
      all resolutions passed or proceedings transacted thereat to have been
      duly passed or transacted.

26.   Further Regulations

      Subject to all other provisions of the Current Issuer Trust Deed, the
      Note Trustee may without the consent of the Current Issuer or the
      Noteholders:-

      (i)   prescribe such further regulations regarding the requisitioning
            and/or the holding of Meetings of Noteholders and attendance and
            voting thereat as the Note Trustee may in its sole discretion
            think fit; and

      (ii)  interpret the Current Issuer Conditions in the context of the more
            detailed provisions set out herein.

                                     132
<PAGE>

                                EXECUTION PAGE

The Current Issuer
Executed by
GRANITE MORTGAGES 04-3 PLC
as its deed as follows:              By
Signed for and on its                     -------------------------------------
behalf by one of its directors            for and on behalf of LDC
and by another of its directors/its       Securitisation Director No.1 Limited
secretary
                                     Name Clive Rakestrow
                                          -------------------------------------

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

                                     Name Sharon Tyson
                                          -------------------------------------

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

                                     133

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